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Equity markets have seen a strong rally on the back of strong flows from foreign investors and hopes of the NDA-led coalition coming back to power. The Nifty has moved up from 10,488 on Dec 10, 2018 to 11,672 on April 9, gaining 11.7 per cent in the period. Funds that bet on banks and financial services managed to outperform during this period. ET takes a look at five equity mutual fund schemes that stayed ahead of the rest in this period.AUM: Rs 516 croreFund Manager: Neelotpal SahaiTop 3 holding: HDFC Bank Return: 13.14 per centA MULTICAP fund with 45-50 stocks in its portfolio, the scheme has a mix of large, mid and small cap stocks. The scheme is overweight banking and financial with a weight of 40 per cent against its benchmark weight of 34 per cent. Stocks like Yes Bank, HDFC Bank, ICICI bank, Bharat Financial helped the fund generate alpha for investors.AUM: Rs 164 croreFund Manager: Prashasta SethTop 3 holding: HDFC bank, Merck, InfosysReturn: 16.33 per centTHE FUND manager runs a concentrated portfolio of high conviction 28-30 stocks. The fund is market cap agnostic and there is no restriction on sectors that it can invest in. Companies which find a place in the portfolio are ones with earnings growth, cash generating capital light business model, high ROCE, ROE and attractive valuation relative to its peers. Picks like HDFC Bank, SBI, Tech Mahindra helped it come up with high returns.AUM: Rs 7,445 croreFund Manager: Anand Radhakrishnan & Roshi JainTop 3 holding: HDFC bank, ICICI Bank, SBIReturn: 13.84 per centA CONCENTRATED fund with high conviction bets, the fund manager invests in a maximum of 30 stocks in the portfolio. The top 10 stocks account for as much as 61 per cent of the portfolio with the top four bets from the banking space. Stocks like Axis, SBI and Ujjivan have buoyed the fund performance in this period.AUM: Rs 3,580 croreFund Manager: R SrinivasanTop 3 holding: HDFC Bank, P&G Hygiene, SBIReturn: 13.11 per centFINANCIAL PLANNERS like this fund as its run by the same fund manager since its inception in 2009. The fund manager has a concentrated portfolio of 25-30 stocks, such as Divi’s Lab and InterGlobe Aviation, with the top 10 holdings accounting for 50-55 per cent of the portfolio. The fund manager does not hesitate taking higher exposure to stocks with high conviction. The fund has a 55 per cent exposure to large caps with the balance 45 per cent in mid and small cap stocks.AUM: Rs 22,503 croreFund Manager: Prashant JainTop 3 holding: SBI, ICICI bank, InfosysReturn: 12.95 per centA LARGE cap oriented scheme that focuses on high quality companies many of which are the largest players in their respective sector. The top 10 positions include giants like SBI, ICICI Bank, Infosys, SBI, Reliance, HDFC bank and L&T. Going ahead, the fund manager is bullish on corporate banks, utilities and capex with the top 10 positions accounting for 61 per cent of the portfolio. Staying away from consumer names, lower weight to pharma and overweight corporate banks has helped the fund performance. Summarise this report in a few sentences.
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equity markets have seen a strong rally on the back of strong flows from foreign investors. fund managers that bet on banks and financial services managed to outperform. ET takes a look at five equity mutual fund schemes that stayed ahead of the rest. the top 10 stocks account for as much as 61 per cent of the portfolio. a swiss fund has a portfolio of a total of 88 stocks in its portfolio.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Equity markets have seen a strong rally on the back of strong flows from foreign investors and hopes of the NDA-led coalition coming back to power. The Nifty has moved up from 10,488 on Dec 10, 2018 to 11,672 on April 9, gaining 11.7 per cent in the period. Funds that bet on banks and financial services managed to outperform during this period. ET takes a look at five equity mutual fund schemes that stayed ahead of the rest in this period.AUM: Rs 516 croreFund Manager: Neelotpal SahaiTop 3 holding: HDFC Bank Return: 13.14 per centA MULTICAP fund with 45-50 stocks in its portfolio, the scheme has a mix of large, mid and small cap stocks. The scheme is overweight banking and financial with a weight of 40 per cent against its benchmark weight of 34 per cent. Stocks like Yes Bank, HDFC Bank, ICICI bank, Bharat Financial helped the fund generate alpha for investors.AUM: Rs 164 croreFund Manager: Prashasta SethTop 3 holding: HDFC bank, Merck, InfosysReturn: 16.33 per centTHE FUND manager runs a concentrated portfolio of high conviction 28-30 stocks. The fund is market cap agnostic and there is no restriction on sectors that it can invest in. Companies which find a place in the portfolio are ones with earnings growth, cash generating capital light business model, high ROCE, ROE and attractive valuation relative to its peers. Picks like HDFC Bank, SBI, Tech Mahindra helped it come up with high returns.AUM: Rs 7,445 croreFund Manager: Anand Radhakrishnan & Roshi JainTop 3 holding: HDFC bank, ICICI Bank, SBIReturn: 13.84 per centA CONCENTRATED fund with high conviction bets, the fund manager invests in a maximum of 30 stocks in the portfolio. The top 10 stocks account for as much as 61 per cent of the portfolio with the top four bets from the banking space. Stocks like Axis, SBI and Ujjivan have buoyed the fund performance in this period.AUM: Rs 3,580 croreFund Manager: R SrinivasanTop 3 holding: HDFC Bank, P&G Hygiene, SBIReturn: 13.11 per centFINANCIAL PLANNERS like this fund as its run by the same fund manager since its inception in 2009. The fund manager has a concentrated portfolio of 25-30 stocks, such as Divi’s Lab and InterGlobe Aviation, with the top 10 holdings accounting for 50-55 per cent of the portfolio. The fund manager does not hesitate taking higher exposure to stocks with high conviction. The fund has a 55 per cent exposure to large caps with the balance 45 per cent in mid and small cap stocks.AUM: Rs 22,503 croreFund Manager: Prashant JainTop 3 holding: SBI, ICICI bank, InfosysReturn: 12.95 per centA LARGE cap oriented scheme that focuses on high quality companies many of which are the largest players in their respective sector. The top 10 positions include giants like SBI, ICICI Bank, Infosys, SBI, Reliance, HDFC bank and L&T. Going ahead, the fund manager is bullish on corporate banks, utilities and capex with the top 10 positions accounting for 61 per cent of the portfolio. Staying away from consumer names, lower weight to pharma and overweight corporate banks has helped the fund performance. Summarise this report in a few sentences." summarise in a few sentences.
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President Donald Trump on Friday took a series of actions to ensure availability of medical resources and equipment to fight the global pandemic, as the number of COVID-19 cases in the US surpassed 100,000, with more than 1,500 dead. "My administration is taking new action to ensure that America has the medical resources and equipment needed to fight the global pandemic. It has been a brutal pandemic for over 150 countries all over the world," Trump told reporters at a White House news conference. Trump has roped in Army Corps of Engineers to build hospitals all over the country, activated the ready reserve components of the Armed Forces and invoked the Defense Production Act to compel General Motors to accept, perform and prioritize federal contracts for ventilators. In the next 100 days, he said, the government will either make or get in some form over 100,000 additional units. "My administration is marshalling the full power of the American government, and we will do that, and that is what we have done, and we will continue to do it until our war is won. Economic, scientific, medical, military, and homeland security all of this to vanquish the virus," he said. The US is working to sign contracts immediately with the major ventilator companies in the country, including General Electrics, Philips, Medtronic, Hamilton, Zole, and Redmed. Boeing CEO, Dave Calhoun, informed President Trump they will be producing and donating face shields to help medical professionals on the front lines of the coronavirus pandemic. Boeing is also offering the use of their Dreamlifter cargo plane -- the largest aircraft in the world - for distribution of products all over the country. Boeing will dedicate up to three planes to the mission of flying medical supplies. Each plane can carry 63,000 pounds of cargo per flight. Earlier in the day, Trump signed into law the historic USD 2 trillion rescue package to help the Americans and secure the country's economy ravaged by the coronavirus pandemic. The legislation among other things gives USD 3,400 for most of the American families of four, and billions of dollars' worth of financial assistance to small and medium businesses, and big corporations like Boeing. "We've never signed a bill of that magnitude and you know incredibly it was 96 to nothing in the Senate, and it was essentially the same thing in Congress," Trump said. The US Senate had passed the coronavirus stimulus bill with a massive 96-0 votes on Thursday. On Friday, Apple launched a new tool created in partnership with Centers for Disease Control, the Coronavirus Task Force, and FEMA. Trump said his administration is actively planning the next phase in an all-out war against this horrible virus. "We are now testing nearly 100,000 patients per day, more than anybody in the world, and we've now, as of even a couple of weeks ago, tested more than any other country in the world, and our capacity continues to grow," he said. Widespread surveillance testing will allow them to monitor the spread of the virus and were doing that quite accurately, he said. This surveillance testing, he said, will soon enable the administration to publish updated guidelines for state and local leaders. "We want every county and region in the country to have the underground evidence that they need to determine that mitigation measures that are right for them," he said, adding that each location is different. Responding to questions, Trump said he wants the state governors to be appreciative of the work being done by his administration, in particular Vice President Mike Pence, who is leading the White House Task Force on Coronavirus. Also read: Coronavirus: China Prez Xi Jinping calls for global war against COVID-19, proposes tariff cuts Also read: Confirmed coronavirus cases in USA surpass China and Italy Summarise this report in a few sentences.
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president Donald Trump takes a series of actions to ensure availability of medical resources. he invokes the defense production act to compel gm to accept federal contracts for ventilators. the president also signed into law the historic USD 2 trillion rescue package. the bill gives USD 3,400 for most of the american families of four, and billions of dollars' worth of financial assistance.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "President Donald Trump on Friday took a series of actions to ensure availability of medical resources and equipment to fight the global pandemic, as the number of COVID-19 cases in the US surpassed 100,000, with more than 1,500 dead. "My administration is taking new action to ensure that America has the medical resources and equipment needed to fight the global pandemic. It has been a brutal pandemic for over 150 countries all over the world," Trump told reporters at a White House news conference. Trump has roped in Army Corps of Engineers to build hospitals all over the country, activated the ready reserve components of the Armed Forces and invoked the Defense Production Act to compel General Motors to accept, perform and prioritize federal contracts for ventilators. In the next 100 days, he said, the government will either make or get in some form over 100,000 additional units. "My administration is marshalling the full power of the American government, and we will do that, and that is what we have done, and we will continue to do it until our war is won. Economic, scientific, medical, military, and homeland security all of this to vanquish the virus," he said. The US is working to sign contracts immediately with the major ventilator companies in the country, including General Electrics, Philips, Medtronic, Hamilton, Zole, and Redmed. Boeing CEO, Dave Calhoun, informed President Trump they will be producing and donating face shields to help medical professionals on the front lines of the coronavirus pandemic. Boeing is also offering the use of their Dreamlifter cargo plane -- the largest aircraft in the world - for distribution of products all over the country. Boeing will dedicate up to three planes to the mission of flying medical supplies. Each plane can carry 63,000 pounds of cargo per flight. Earlier in the day, Trump signed into law the historic USD 2 trillion rescue package to help the Americans and secure the country's economy ravaged by the coronavirus pandemic. The legislation among other things gives USD 3,400 for most of the American families of four, and billions of dollars' worth of financial assistance to small and medium businesses, and big corporations like Boeing. "We've never signed a bill of that magnitude and you know incredibly it was 96 to nothing in the Senate, and it was essentially the same thing in Congress," Trump said. The US Senate had passed the coronavirus stimulus bill with a massive 96-0 votes on Thursday. On Friday, Apple launched a new tool created in partnership with Centers for Disease Control, the Coronavirus Task Force, and FEMA. Trump said his administration is actively planning the next phase in an all-out war against this horrible virus. "We are now testing nearly 100,000 patients per day, more than anybody in the world, and we've now, as of even a couple of weeks ago, tested more than any other country in the world, and our capacity continues to grow," he said. Widespread surveillance testing will allow them to monitor the spread of the virus and were doing that quite accurately, he said. This surveillance testing, he said, will soon enable the administration to publish updated guidelines for state and local leaders. "We want every county and region in the country to have the underground evidence that they need to determine that mitigation measures that are right for them," he said, adding that each location is different. Responding to questions, Trump said he wants the state governors to be appreciative of the work being done by his administration, in particular Vice President Mike Pence, who is leading the White House Task Force on Coronavirus. Also read: Coronavirus: China Prez Xi Jinping calls for global war against COVID-19, proposes tariff cuts Also read: Confirmed coronavirus cases in USA surpass China and Italy Summarise this report in a few sentences." summarise in a few sentences.
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NEW DELHI: Over 25 stocks including Abbott India, Apollo Tyres Britannia Industries , Chambal Fertilizers & Chemicals and Escorts hit fresh 52-week highs on NSE during Friday's trade.Stocks such as Future Lifestyle Fashions, Firstsource Solutions, HIL, IPCA Laboratories, Kotak Mahindra Bank, Nestle India Orient Press , Pidilite Industries, Ramco Cements, Shakti Pumps (India) and Tech Mahindra also figured among the stocks that hit fresh 52-week highs during Friday's trade.Equity benchmarks were in the positive terrain tracking global cues.Investor sentiment got a boost after industrial production grew faster than 7 per cent for the fourth month running in February while consumer inflation moderated to a five-month low in March, providing a double boost for the economy. IIP growth was 7.4 per cent in January while consumer inflation stood at 4.44 per cent in February.The NSE Nifty index was trading 45 points up at 10,504, while the BSE Sensex was up 165 points at 34,266 around 10:40 am (IST).Among the 50 stocks in the Nifty50 pack, 39 were trading in the green, while 11 were in the red.Adani Ports SEZ, Indiabulls Housing Finance, Hindalco Industries , Bharti Infratel and Dr Reddy's Labs were among the top gainers in the Nifty pack.However, HCL Tech , BPCL, Hindustan Unilever, Bajaj Finserv and Larsen & Toubro were among the top losers in the Nifty index. Summarise this report in a few sentences.
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over 25 stocks hit fresh 52-week highs on NSE during friday's trade. investors got a boost after industrial production grew faster than 7 per cent for the fourth month running in February. consumer inflation moderated to a five-month low in march, providing a double boost for the economy. among the 50 stocks in the Nifty pack, 39 were trading in the green, while 11 were in the red.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "NEW DELHI: Over 25 stocks including Abbott India, Apollo Tyres Britannia Industries , Chambal Fertilizers & Chemicals and Escorts hit fresh 52-week highs on NSE during Friday's trade.Stocks such as Future Lifestyle Fashions, Firstsource Solutions, HIL, IPCA Laboratories, Kotak Mahindra Bank, Nestle India Orient Press , Pidilite Industries, Ramco Cements, Shakti Pumps (India) and Tech Mahindra also figured among the stocks that hit fresh 52-week highs during Friday's trade.Equity benchmarks were in the positive terrain tracking global cues.Investor sentiment got a boost after industrial production grew faster than 7 per cent for the fourth month running in February while consumer inflation moderated to a five-month low in March, providing a double boost for the economy. IIP growth was 7.4 per cent in January while consumer inflation stood at 4.44 per cent in February.The NSE Nifty index was trading 45 points up at 10,504, while the BSE Sensex was up 165 points at 34,266 around 10:40 am (IST).Among the 50 stocks in the Nifty50 pack, 39 were trading in the green, while 11 were in the red.Adani Ports SEZ, Indiabulls Housing Finance, Hindalco Industries , Bharti Infratel and Dr Reddy's Labs were among the top gainers in the Nifty pack.However, HCL Tech , BPCL, Hindustan Unilever, Bajaj Finserv and Larsen & Toubro were among the top losers in the Nifty index. Summarise this report in a few sentences." summarise in a few sentences.
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RBI Governor Shaktikanta Das Press Conference | Highlights: The Reserve Bank of India today announced several monetary easing measures, including extending moratorium on loan repayments by another three months, and an emergency cut in the policy repo rate. Governor Shaktikanta Das today said that the Monetary Policy Committee, after an unscheduled meeting, cut policy repo rate by 40 basis points to 4.0%. The RBI Monetary Policy Committee voted unanimously for reduction in the policy repo rate, while voted 5:1 in favour of the quantum of the cut, Shaktikanta Das said. Consequently, the reverse repo rate now stands reduced to 3.35%, while the MSF rate is down to 4.25%. To ease the financial stress on people and businesses, Shaktikanta Das said that the RBI has also allowed deferment of repayments of loans and working capital by another three months from June 1 to August 31 due to lockdown extension. Shaktikanta Das, while laying out the economic conditions prevailing in India amid the ongoing coronavirus crisis, also said that food inflation may remain under supply side shock, and that the elevated level of inflation in pulses is ‘worrisome’. RBI’s announcement follows the mega Rs 21 lakh crore economic package announced by the Narendra Modi government recently. In the wake of the ongoing coronavirus pandemic, RBI has so far announced various liquidity and monetary measures, totalling an economic value worth Rs 8 lakh crore. Meanwhile, FY21 GDP is expected to remain in negative due to the coronavirus pandemic. Live Blog Highlights Expected contraction of the GDP is worrisome The expected contraction of the GDP is worrisome emanating from a significant drop in private consumption. While the RBI has taken steps to boost liquidity, one of the real challenges remains boosting of demand which we hope that subsequent announcements will address. – Shishir Baijal, Chairman & Managing Director, Knight Frank India Long-standing real estate industry demand for a one-time restructuring of loans could have been a major relief The extension on the moratorium and improved terms will provide a breather to industry and household borrowers alike. It would have been a big respite if the long-standing real estate industry demand for a one-time restructuring of loans were allowed along with the measures announced today – Shishir Baijal, Chairman & Managing Director, Knight Frank India India’s repo rate cut is in-line with the rate cuts announced by developed economies like the USA and UK We are delighted with the reduction in prime lending rates announced today by the RBI. With a cumulative 115 basis point rate cut by RBI as a response to the impact of COVID -19, we are in line with the rate cuts announced by developed economies like the USA (150 bps) and UK (65 bps). Given the backdrop of an unprecedented economic situation, we are happy that the RBI has reduced the key policy rate and taken note of rate cut transmission to borrowers – Shishir Baijal, Chairman & Managing Director, Knight Frank India Fall in reverse repo rate would serve as a disincentive to banks In view of the large issues at the primary for the rest of the year from both central and state governments, the likely gains at the long end may come with elevated risks. The fall in the reverse repo rate would serve as a disincentive to banks who hold huge sums of liquidity to look at alternatives including gilts – Joseph Thomas, Head of Research – Emkay Wealth Management Interest rates across the curve will move lower from the current levels The potential reduction in the cost of funds and the extension of the moratorium will be supportive of financial stability which is of extreme importance as of today. We expect the rates across the curve to move lower from the current levels, though on a risk-adjusted basis, the short to medium term would hold a better value for long term investor portfolios – Joseph Thomas, Head of Research – Emkay Wealth Management RBI’s repo rate cut is in-line with expectations of market The further cut in the repo rate by the RBI is more or less in line with expectations by the majority of the market participants. The cut has been effected considering the fact that there is growing economic and financial stress on account of the pandemic involving all major sectors of economic activity – Joseph Thomas, Head of Research – Emkay Wealth Management More reforms needed to support economy India would need more measures on a continuous basis on both fiscal and monetary front to revive the economy from the current phase of negative growth – Rajat Rajgarhia, MD & CEO, Institutional Equities, Motilal Oswal Financial Services Lowering cost of capital is some relief in these times RBI continues to support the monetary front by doing out of turn MPC meets to cut rates. Lowering the cost of capital is some relief in these times. Moratorium extension was expected, considering the economic activity levels – Rajat Rajgarhia, MD & CEO, Institutional Equities, Motilal Oswal Financial Services Markets will be focused on further steps by RBI to safeguard banking system Given the various dislocations that can emerge in the financial sector, markets will be focused on further steps by the RBI to safeguard the banking system (and broader financial system) – Suvodeep Rakshit, Vice President and Senior Economist, Kotak Institutional Equities Broader markets will focus on liquidity measures and regulatory measures The extension of the moratorium bodes well. However, broader markets will focus on liquidity measures such as the path of OMO purchases (preferably a calendar) and regulatory measures to ensure both liquidity and solvency concerns are adequately addressed – Suvodeep Rakshit, Vice President and Senior Economist, Kotak Institutional Equities Space for some further rate cut though the efficacy of rate cuts will progressively be lower The RBI’s decision continues to indicate that they remain proactive. With the indication that the growth will be negative, we continue to see space for some further rate cut though the efficacy of rate cuts will progressively be lower – Suvodeep Rakshit, Vice President and Senior Economist, Kotak Institutional Equities Extension of moratorium period, other factors will help more than repo rate cut Other factors, apart from repo rate cut, will have a bigger implication on the economy on an immediate basis – Indranil Pan, Cheif Economist, IDFC Bank, told Financial Express Online. Repo rate cut may not immediately help “I think the other factors will have a bigger implication on the economy on an immediate basis. The repo rate cut may not immediately help, though in terms of easing the interest rates on consumers, it might,” Indranil Pan, Cheif Economist, IDFC Bank, told Financial Express Online. Banks may get hit in the short term Rate cut and reverse repo rate cuts are moves in the right direction but risk aversion by banks is still there. Some restructuring of the loans news would have been a step in the right direction which the market was awaiting. Broadly it may be better for companies but banks may get hit in the short term. Overall the bonds rallied with yield on old 10y benchmark falling 15bps in a knee jerk reaction. Rupee moves are fairly muted since we have huge selling interest by nationalized banks, likely on behalf of RBI at 75.85 levels. Of course the equities and banks initial reaction is negative – Abhishek Goenka, Founder & CEO, IFA Global. RBI’s today’s announcement is in the right direction and eases the liquidity situation with export and import companies ‘It was indeed a good policy by RBI. Extension of moratorium and converting the interest into term loans which essentially increases the payback cycle, swap facility for Exim banks, an extension of import payments and increasing the exporters’ length of credit to 15 months from one year steps in the right direction and eases the liquidity situation with export and import companies,’ said Abhishek Goenka, Founder & CEO, IFA Global. Rate cut of 40 bps is in-line with expectations “Rate cut of 40 bps in line with expectations as also the extension of loan moratorium. The measure to convert the moratorium interest payment into a term loan payable in the course of FY21 is the most important announcement. This can reduce NPA, at least in the next 12 months. The additional liquidity measures remain rather muted. The RBI also remains circumspect on growth and inflation outlook.” — Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers Agri & allied activities: A beacon of hope Amid the challenging time, agri & allied activities are a beacon of hope as the rainfall is expected to be normal – RBI Governor Shaktikanta Das. RBI may fashion new instruments to deal with coronavirus crisis RBI will continue to be vigilant, will use all instruments, and fashion new ones to deal with the coronavirus crisis – Shaktikanta Das Inflation outlook highly uncertain Supply shock to food prices may show persistence in the next few months, depending on the state of the lockdown and time taken to restore supply chains after the lockdown. GDP growth in FY21 is expected to contract Even as it was expected that India and China would not see a contraction in their GDP, RBI Governor Shaktikanta Das said that GDP growth in FY21 is expected to remain in the negative territory, though expect some pick-up in growth in the second half. RBI had earlier annoucned three months moratorium, deferment of interest payments, etc The Reserve Bank had earlier announced three months moratorium, deferment of interest payments on working capital facilities, easing of working capital requirements, relaxation in timelines for resolution of stressed assets. RBI Governor sets goals Shaktikanta Das said that he is announcing these measures with following goals: To keep financial system sound, liquid and smoothly functioning To ensure access to finance to those who tend to get excluded from the financial markets To preserve financial stability High price of pulses is worrisome The elevated level of pulses inflation is worrisome, immediate step-up of open market sales can cool down cereal prices – Shaktikanta Das Voluntary retention route for FPIs RBI announced voluntary retention route for FPIs and allowed extension of 3 months to meet 75% utilisation of investment limits. Outward remittances against normal imports brought to 12 months In order to manage importers’ operative cycle, outward remittances against normal imports into India, is brought to 6 months from 12 month Margins for working capital to be restored to original level Lending institutions permitted to restore margins for working capital to original level by March 31, 2021 – RBI Governor RBI defers working capital Deferment of working capital during 6 months will be converted into term loan which can be repaid by March 2021 – RBI Limit of group exposure limit increased Group exposure limit of banks will be increased from 25% to 30% – RBI RBI announces consolidated sinking fund RBI Governor ease state government’s compliance by consolidated sinking fund. RBI Governor Shaktikanta Das extends the moratorium period by 3 months To ease the financial stress RBI Governor Shaktikanta Das has extended the moratorium period by another three months from June 1 to August 31 due to lockdown extension. Rs15000 crore to EXIM banks RBI allocates Rs15000 crore to EXIM banks to avail US dollar swap facility. Maximum permissible period of pre and post shipment of credits increased from 1 year to 15 months. The deepening of contraction in trade activities has hampered India. Maximum permissible period of pre and post shipment of credits increased from 1 year to 15 months. Measures on market, exports & imports, debt servicing, etc to be announced today These measure to be announced today: improve functioning of market support exports and imports relief on debt servicing steps to ease the financial constraints of state governments Monetary transmission is swift Monetary transmission for banks has been working out swiftly – Shaktikanta Das GDP is estimated to contract in current fiscal . Significant damage to India’s GDP is expected. GDP in FY21 to stay in negative territory – Shaktikanta Das Combination of fiscal, monetary, and administrative measures will help economy revive in the H2 The combination of fiscal, monetary, and administrative measures will help economy revive in the H2 but downside risks remain significant. Headline inflation will ease only after half year Headline inflation will remain firm in H1FY21. By Q3 and Q4, it is expected that inflation will ease due to base effects. Highly uncertain inflation outlook The inflation outlook is highly uncertain. Supply chock in April will persist for the next coming months – RBI Governor. Merchandise exports slumped to the worst level in 30 years India’s merchandise exports slumped to the worst level in 30 years as coronavirus crisis paralysed demand across the globe – Shaktikanta Das MPC unanimously voted for 40 basis points cut in repo rate Shaktikanta Das said that MPC voted unanimously to policy repo rate reduction of 40 basis points. Summarise this report in a few sentences.
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RBI Governor Shaktikanta Das today announced several monetary easing measures, including extending moratorium on loan repayments by another three months. the RBI Monetary Policy Committee, after an unscheduled meeting, cut policy repo rate by 40 basis points to 4.0%. reverse repo rate now stands reduced to 3.35%, while the MSF rate is down to 4.25%.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "RBI Governor Shaktikanta Das Press Conference | Highlights: The Reserve Bank of India today announced several monetary easing measures, including extending moratorium on loan repayments by another three months, and an emergency cut in the policy repo rate. Governor Shaktikanta Das today said that the Monetary Policy Committee, after an unscheduled meeting, cut policy repo rate by 40 basis points to 4.0%. The RBI Monetary Policy Committee voted unanimously for reduction in the policy repo rate, while voted 5:1 in favour of the quantum of the cut, Shaktikanta Das said. Consequently, the reverse repo rate now stands reduced to 3.35%, while the MSF rate is down to 4.25%. To ease the financial stress on people and businesses, Shaktikanta Das said that the RBI has also allowed deferment of repayments of loans and working capital by another three months from June 1 to August 31 due to lockdown extension. Shaktikanta Das, while laying out the economic conditions prevailing in India amid the ongoing coronavirus crisis, also said that food inflation may remain under supply side shock, and that the elevated level of inflation in pulses is ‘worrisome’. RBI’s announcement follows the mega Rs 21 lakh crore economic package announced by the Narendra Modi government recently. In the wake of the ongoing coronavirus pandemic, RBI has so far announced various liquidity and monetary measures, totalling an economic value worth Rs 8 lakh crore. Meanwhile, FY21 GDP is expected to remain in negative due to the coronavirus pandemic. Live Blog Highlights Expected contraction of the GDP is worrisome The expected contraction of the GDP is worrisome emanating from a significant drop in private consumption. While the RBI has taken steps to boost liquidity, one of the real challenges remains boosting of demand which we hope that subsequent announcements will address. – Shishir Baijal, Chairman & Managing Director, Knight Frank India Long-standing real estate industry demand for a one-time restructuring of loans could have been a major relief The extension on the moratorium and improved terms will provide a breather to industry and household borrowers alike. It would have been a big respite if the long-standing real estate industry demand for a one-time restructuring of loans were allowed along with the measures announced today – Shishir Baijal, Chairman & Managing Director, Knight Frank India India’s repo rate cut is in-line with the rate cuts announced by developed economies like the USA and UK We are delighted with the reduction in prime lending rates announced today by the RBI. With a cumulative 115 basis point rate cut by RBI as a response to the impact of COVID -19, we are in line with the rate cuts announced by developed economies like the USA (150 bps) and UK (65 bps). Given the backdrop of an unprecedented economic situation, we are happy that the RBI has reduced the key policy rate and taken note of rate cut transmission to borrowers – Shishir Baijal, Chairman & Managing Director, Knight Frank India Fall in reverse repo rate would serve as a disincentive to banks In view of the large issues at the primary for the rest of the year from both central and state governments, the likely gains at the long end may come with elevated risks. The fall in the reverse repo rate would serve as a disincentive to banks who hold huge sums of liquidity to look at alternatives including gilts – Joseph Thomas, Head of Research – Emkay Wealth Management Interest rates across the curve will move lower from the current levels The potential reduction in the cost of funds and the extension of the moratorium will be supportive of financial stability which is of extreme importance as of today. We expect the rates across the curve to move lower from the current levels, though on a risk-adjusted basis, the short to medium term would hold a better value for long term investor portfolios – Joseph Thomas, Head of Research – Emkay Wealth Management RBI’s repo rate cut is in-line with expectations of market The further cut in the repo rate by the RBI is more or less in line with expectations by the majority of the market participants. The cut has been effected considering the fact that there is growing economic and financial stress on account of the pandemic involving all major sectors of economic activity – Joseph Thomas, Head of Research – Emkay Wealth Management More reforms needed to support economy India would need more measures on a continuous basis on both fiscal and monetary front to revive the economy from the current phase of negative growth – Rajat Rajgarhia, MD & CEO, Institutional Equities, Motilal Oswal Financial Services Lowering cost of capital is some relief in these times RBI continues to support the monetary front by doing out of turn MPC meets to cut rates. Lowering the cost of capital is some relief in these times. Moratorium extension was expected, considering the economic activity levels – Rajat Rajgarhia, MD & CEO, Institutional Equities, Motilal Oswal Financial Services Markets will be focused on further steps by RBI to safeguard banking system Given the various dislocations that can emerge in the financial sector, markets will be focused on further steps by the RBI to safeguard the banking system (and broader financial system) – Suvodeep Rakshit, Vice President and Senior Economist, Kotak Institutional Equities Broader markets will focus on liquidity measures and regulatory measures The extension of the moratorium bodes well. However, broader markets will focus on liquidity measures such as the path of OMO purchases (preferably a calendar) and regulatory measures to ensure both liquidity and solvency concerns are adequately addressed – Suvodeep Rakshit, Vice President and Senior Economist, Kotak Institutional Equities Space for some further rate cut though the efficacy of rate cuts will progressively be lower The RBI’s decision continues to indicate that they remain proactive. With the indication that the growth will be negative, we continue to see space for some further rate cut though the efficacy of rate cuts will progressively be lower – Suvodeep Rakshit, Vice President and Senior Economist, Kotak Institutional Equities Extension of moratorium period, other factors will help more than repo rate cut Other factors, apart from repo rate cut, will have a bigger implication on the economy on an immediate basis – Indranil Pan, Cheif Economist, IDFC Bank, told Financial Express Online. Repo rate cut may not immediately help “I think the other factors will have a bigger implication on the economy on an immediate basis. The repo rate cut may not immediately help, though in terms of easing the interest rates on consumers, it might,” Indranil Pan, Cheif Economist, IDFC Bank, told Financial Express Online. Banks may get hit in the short term Rate cut and reverse repo rate cuts are moves in the right direction but risk aversion by banks is still there. Some restructuring of the loans news would have been a step in the right direction which the market was awaiting. Broadly it may be better for companies but banks may get hit in the short term. Overall the bonds rallied with yield on old 10y benchmark falling 15bps in a knee jerk reaction. Rupee moves are fairly muted since we have huge selling interest by nationalized banks, likely on behalf of RBI at 75.85 levels. Of course the equities and banks initial reaction is negative – Abhishek Goenka, Founder & CEO, IFA Global. RBI’s today’s announcement is in the right direction and eases the liquidity situation with export and import companies ‘It was indeed a good policy by RBI. Extension of moratorium and converting the interest into term loans which essentially increases the payback cycle, swap facility for Exim banks, an extension of import payments and increasing the exporters’ length of credit to 15 months from one year steps in the right direction and eases the liquidity situation with export and import companies,’ said Abhishek Goenka, Founder & CEO, IFA Global. Rate cut of 40 bps is in-line with expectations “Rate cut of 40 bps in line with expectations as also the extension of loan moratorium. The measure to convert the moratorium interest payment into a term loan payable in the course of FY21 is the most important announcement. This can reduce NPA, at least in the next 12 months. The additional liquidity measures remain rather muted. The RBI also remains circumspect on growth and inflation outlook.” — Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stock Brokers Agri & allied activities: A beacon of hope Amid the challenging time, agri & allied activities are a beacon of hope as the rainfall is expected to be normal – RBI Governor Shaktikanta Das. RBI may fashion new instruments to deal with coronavirus crisis RBI will continue to be vigilant, will use all instruments, and fashion new ones to deal with the coronavirus crisis – Shaktikanta Das Inflation outlook highly uncertain Supply shock to food prices may show persistence in the next few months, depending on the state of the lockdown and time taken to restore supply chains after the lockdown. GDP growth in FY21 is expected to contract Even as it was expected that India and China would not see a contraction in their GDP, RBI Governor Shaktikanta Das said that GDP growth in FY21 is expected to remain in the negative territory, though expect some pick-up in growth in the second half. RBI had earlier annoucned three months moratorium, deferment of interest payments, etc The Reserve Bank had earlier announced three months moratorium, deferment of interest payments on working capital facilities, easing of working capital requirements, relaxation in timelines for resolution of stressed assets. RBI Governor sets goals Shaktikanta Das said that he is announcing these measures with following goals: To keep financial system sound, liquid and smoothly functioning To ensure access to finance to those who tend to get excluded from the financial markets To preserve financial stability High price of pulses is worrisome The elevated level of pulses inflation is worrisome, immediate step-up of open market sales can cool down cereal prices – Shaktikanta Das Voluntary retention route for FPIs RBI announced voluntary retention route for FPIs and allowed extension of 3 months to meet 75% utilisation of investment limits. Outward remittances against normal imports brought to 12 months In order to manage importers’ operative cycle, outward remittances against normal imports into India, is brought to 6 months from 12 month Margins for working capital to be restored to original level Lending institutions permitted to restore margins for working capital to original level by March 31, 2021 – RBI Governor RBI defers working capital Deferment of working capital during 6 months will be converted into term loan which can be repaid by March 2021 – RBI Limit of group exposure limit increased Group exposure limit of banks will be increased from 25% to 30% – RBI RBI announces consolidated sinking fund RBI Governor ease state government’s compliance by consolidated sinking fund. RBI Governor Shaktikanta Das extends the moratorium period by 3 months To ease the financial stress RBI Governor Shaktikanta Das has extended the moratorium period by another three months from June 1 to August 31 due to lockdown extension. Rs15000 crore to EXIM banks RBI allocates Rs15000 crore to EXIM banks to avail US dollar swap facility. Maximum permissible period of pre and post shipment of credits increased from 1 year to 15 months. The deepening of contraction in trade activities has hampered India. Maximum permissible period of pre and post shipment of credits increased from 1 year to 15 months. Measures on market, exports & imports, debt servicing, etc to be announced today These measure to be announced today: improve functioning of market support exports and imports relief on debt servicing steps to ease the financial constraints of state governments Monetary transmission is swift Monetary transmission for banks has been working out swiftly – Shaktikanta Das GDP is estimated to contract in current fiscal . Significant damage to India’s GDP is expected. GDP in FY21 to stay in negative territory – Shaktikanta Das Combination of fiscal, monetary, and administrative measures will help economy revive in the H2 The combination of fiscal, monetary, and administrative measures will help economy revive in the H2 but downside risks remain significant. Headline inflation will ease only after half year Headline inflation will remain firm in H1FY21. By Q3 and Q4, it is expected that inflation will ease due to base effects. Highly uncertain inflation outlook The inflation outlook is highly uncertain. Supply chock in April will persist for the next coming months – RBI Governor. Merchandise exports slumped to the worst level in 30 years India’s merchandise exports slumped to the worst level in 30 years as coronavirus crisis paralysed demand across the globe – Shaktikanta Das MPC unanimously voted for 40 basis points cut in repo rate Shaktikanta Das said that MPC voted unanimously to policy repo rate reduction of 40 basis points. Summarise this report in a few sentences." summarise in a few sentences.
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No matter what the season is, the humble umbrella is proving to be a Kerala village’s chief weapon against the deadly COVID-19 virus. Having tested umbrellas as an effective instrument for social distancing in peak summer, Thanneermukkom in the coastal district of Alappuzha hopes to reap benefits from the unique project in the rainy season that starts in June and lasts for three months. The motto is ‘Open Your Umbrella, Come Rain, Shine or Pandemic,’ said P S Jyothis, president of Thanneermukkom Panchayat that has 23 wards. In a month’s time, the administration distributed 6,000 umbrellas at a subsidised rate through the anti-poverty Kudumbashree project led by women. Already, the scenic village has found a place in the world’s health map, thanks to the civic body’s exemplary fight against the coronavirus through various measures. The model, which blends administrative acumen with community participation, stems from a unique feature that guarantees further efficacy for all seasons. The panchayat mandates every resident holds an umbrella while going out. “Open umbrellas guarantee a minimum distance of one metre between two people,” said Finance Minister Dr T M Thomas Isaac, the Alappuzha MLA, who suggested the idea. According to Minister for Local Self Government, A C Moideen, who inaugurated the umbrella venture, “It ensures social distancing. That is key to checking COVID-19.” The civic body’s target is to reach 10,000 umbrellas. That will equal the total number of households in the tourist village with a population of close to 50,000. It isn’t just umbrellas that have won Thanneermukkom special appreciation from the government. As the global pandemic has pressed a nation-wide lockdown that is into its third month, the panchayat inspires people, educational institutions, medical professionals, businesses and farmers to join its mission against COVID-19. Food and Civil Supplies Minister P Thilothaman hailed the panchayat’s sustained implementation of job schemes during a recent visit to scenic Thanneermukkom along the countrys longest lake, Vembanad. The whole anti-coronavirus exercise began in early February with the ‘Hanky Revolution’. That refers to the distribution of kerchiefs and soaps to school children in the panchayat. Alongside, classes began on ways to use hand-wash and strict cleanliness habits. The Hanky Revolution was the first major initiative in the panchayat’s fight against the virus after Kerala reported India’s first COVID-19 case (in Thrissur) on January 30. “Even before it, we started discussions on countering the disease,” recalled Jyothis. On January 29, the panchayat’s weekly meeting of medical officers along with health inspectors and workers decided to form a steering committee. Thus was launched a five-member panel that had a 24×7 COVID-19 helpdesk with a toll-free number. Subsequently, Kudumbashree workers formed ward-level WhatsApp groups. “They would hold meetings, where pamphlets were distributed. Awareness about COVID-19 was further spread to drivers of auto-rickshaws and taxis,” said Jyothis. Health workers began giving classes on quarantine guidelines. Families and neighbours will alert authorities about people having arrived from places faraway. “Overall, 316 people who recently moved in, were brought under observation. Of them, 58 came from abroad. All of them get routine assistance from health workers,” Jyothis said. The panchayat also did a survey of its people living outside Kerala/India, and readied the contact details of all the 1,140 expatriates. Minister Thilothaman, who is also local (Cherthala) legislator, attended meetings of the panchayat’s core committee. The returnees are happy, as those on observation (currently 19) are being supplied with essential goods and even gifts, besides books. “We have a monitoring committee comprising 13 volunteers,” said A Ajmal, coordinator for anti-COVID-19 operations in Thanneermukkom. As Alappuzha district’s first panchayat to open a COVID-19 Care Centre, Thanneermukkom has developed a system for disposal of medical waste. Special drives that insist wearing of facemasks continue, even as the police and revenue officials at the district border are strict in checking road travellers. A paramedical institute in Cherthala manufactures and markets sanitizers, while students of an engineering college in Thiruvananthapuram came up with low-cost portable ventilators. The Fire Force spearheads disinfection of markets and roads. Ayurveda doctors distribute pills that can boost body immunity. The panchayat also launched a mission to boost farming, by distributing 300 kits of seeds and saplings in each of the 23 wards. The next round will see each house getting 50 vegetable plants. Summarise this report in a few sentences.
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the umbrella project is proving to be a chief weapon against the deadly COVID-19 virus. the panchayat mandates every resident holds an umbrella while going out. the project is aimed at ensuring social distancing for all seasons. the panchayat has already distributed 6,000 umbrellas at a subsidised rate. the village has already found a place in the world's health map.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "No matter what the season is, the humble umbrella is proving to be a Kerala village’s chief weapon against the deadly COVID-19 virus. Having tested umbrellas as an effective instrument for social distancing in peak summer, Thanneermukkom in the coastal district of Alappuzha hopes to reap benefits from the unique project in the rainy season that starts in June and lasts for three months. The motto is ‘Open Your Umbrella, Come Rain, Shine or Pandemic,’ said P S Jyothis, president of Thanneermukkom Panchayat that has 23 wards. In a month’s time, the administration distributed 6,000 umbrellas at a subsidised rate through the anti-poverty Kudumbashree project led by women. Already, the scenic village has found a place in the world’s health map, thanks to the civic body’s exemplary fight against the coronavirus through various measures. The model, which blends administrative acumen with community participation, stems from a unique feature that guarantees further efficacy for all seasons. The panchayat mandates every resident holds an umbrella while going out. “Open umbrellas guarantee a minimum distance of one metre between two people,” said Finance Minister Dr T M Thomas Isaac, the Alappuzha MLA, who suggested the idea. According to Minister for Local Self Government, A C Moideen, who inaugurated the umbrella venture, “It ensures social distancing. That is key to checking COVID-19.” The civic body’s target is to reach 10,000 umbrellas. That will equal the total number of households in the tourist village with a population of close to 50,000. It isn’t just umbrellas that have won Thanneermukkom special appreciation from the government. As the global pandemic has pressed a nation-wide lockdown that is into its third month, the panchayat inspires people, educational institutions, medical professionals, businesses and farmers to join its mission against COVID-19. Food and Civil Supplies Minister P Thilothaman hailed the panchayat’s sustained implementation of job schemes during a recent visit to scenic Thanneermukkom along the countrys longest lake, Vembanad. The whole anti-coronavirus exercise began in early February with the ‘Hanky Revolution’. That refers to the distribution of kerchiefs and soaps to school children in the panchayat. Alongside, classes began on ways to use hand-wash and strict cleanliness habits. The Hanky Revolution was the first major initiative in the panchayat’s fight against the virus after Kerala reported India’s first COVID-19 case (in Thrissur) on January 30. “Even before it, we started discussions on countering the disease,” recalled Jyothis. On January 29, the panchayat’s weekly meeting of medical officers along with health inspectors and workers decided to form a steering committee. Thus was launched a five-member panel that had a 24×7 COVID-19 helpdesk with a toll-free number. Subsequently, Kudumbashree workers formed ward-level WhatsApp groups. “They would hold meetings, where pamphlets were distributed. Awareness about COVID-19 was further spread to drivers of auto-rickshaws and taxis,” said Jyothis. Health workers began giving classes on quarantine guidelines. Families and neighbours will alert authorities about people having arrived from places faraway. “Overall, 316 people who recently moved in, were brought under observation. Of them, 58 came from abroad. All of them get routine assistance from health workers,” Jyothis said. The panchayat also did a survey of its people living outside Kerala/India, and readied the contact details of all the 1,140 expatriates. Minister Thilothaman, who is also local (Cherthala) legislator, attended meetings of the panchayat’s core committee. The returnees are happy, as those on observation (currently 19) are being supplied with essential goods and even gifts, besides books. “We have a monitoring committee comprising 13 volunteers,” said A Ajmal, coordinator for anti-COVID-19 operations in Thanneermukkom. As Alappuzha district’s first panchayat to open a COVID-19 Care Centre, Thanneermukkom has developed a system for disposal of medical waste. Special drives that insist wearing of facemasks continue, even as the police and revenue officials at the district border are strict in checking road travellers. A paramedical institute in Cherthala manufactures and markets sanitizers, while students of an engineering college in Thiruvananthapuram came up with low-cost portable ventilators. The Fire Force spearheads disinfection of markets and roads. Ayurveda doctors distribute pills that can boost body immunity. The panchayat also launched a mission to boost farming, by distributing 300 kits of seeds and saplings in each of the 23 wards. The next round will see each house getting 50 vegetable plants. Summarise this report in a few sentences." summarise in a few sentences.
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Franklin Templeton Trustee Services on Thursday held an extraordinary general meeting (EGM) to approve granting indemnity to the directors of the company in connection with winding up of six debt schemes of the fund house. The notice for the 26th EGM stated that in accordance with the articles of association of Franklin Templeton Trustee Services (the company), the company shall indemnify all directors to the fullest extent permitted by such articles and applicable law, in connection with liability that any of them may incur in connection with the decision to wind-up six debt schemes of Franklin Templeton Mutual Fund, India taken on April 23, 2020. In April, Franklin Templeton Mutual Fund decided to shut six debt schemes in April due to significantly reduced liquidity in the Indian bond markets for most debt securities and unprecedented levels of redemptions following the novel coronavirus outbreak and lockdown. Later on May 28, the fund houses had announced an e-voting process and unit holders meeting to seek approval for the same. Voting was scheduled to take place between June 9 and June 11, and the unit holder meet on June 12. However, the fund house suspended the e-voting and unit holder meeting after the Gujarat High Court dismissed Franklin Templeton MF’s plea to vacate the relief granted by the court of June 3. The HC on June 3 stayed the e-voting and unit holder’s meeting. A Franklin Templeton spokesperson said, “We confirm that a notice has been issued to an extra-ordinary general meeting of the members of Franklin Templeton Trustee Services with regard to indemnification of the directors of the company. It is standard practice to offer directors and officers indemnification in the performance of their duties.” Summarise this report in a few sentences.
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the notice for the 26th EGM stated that in accordance with the articles of association of Franklin Templeton Trustee Services (the company), the company shall indemnify all directors. in connection with liability that any of them may incur in connection with the decision to wind-up six debt schemes of the fund house. in April, Franklin Templeton Mutual Fund decided to shut six debt schemes in April due to significantly reduced liquidity in the Indian bond markets.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Franklin Templeton Trustee Services on Thursday held an extraordinary general meeting (EGM) to approve granting indemnity to the directors of the company in connection with winding up of six debt schemes of the fund house. The notice for the 26th EGM stated that in accordance with the articles of association of Franklin Templeton Trustee Services (the company), the company shall indemnify all directors to the fullest extent permitted by such articles and applicable law, in connection with liability that any of them may incur in connection with the decision to wind-up six debt schemes of Franklin Templeton Mutual Fund, India taken on April 23, 2020. In April, Franklin Templeton Mutual Fund decided to shut six debt schemes in April due to significantly reduced liquidity in the Indian bond markets for most debt securities and unprecedented levels of redemptions following the novel coronavirus outbreak and lockdown. Later on May 28, the fund houses had announced an e-voting process and unit holders meeting to seek approval for the same. Voting was scheduled to take place between June 9 and June 11, and the unit holder meet on June 12. However, the fund house suspended the e-voting and unit holder meeting after the Gujarat High Court dismissed Franklin Templeton MF’s plea to vacate the relief granted by the court of June 3. The HC on June 3 stayed the e-voting and unit holder’s meeting. A Franklin Templeton spokesperson said, “We confirm that a notice has been issued to an extra-ordinary general meeting of the members of Franklin Templeton Trustee Services with regard to indemnification of the directors of the company. It is standard practice to offer directors and officers indemnification in the performance of their duties.” Summarise this report in a few sentences." summarise in a few sentences.
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Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year. It's a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold. Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers. Bitcoin is within sight of its all-time peak of just under $20,000 hit in December 2017. It debuted in 2011 at zero and was last trading at $18,415. Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said. "I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal." Estes predicts bitcoin could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94% correlation with the price of bitcoin. Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership. Those numbers though are a head-scratcher for Toronto-based Kevin Muir, an independent proprietary trader. "Any hedge fund model on bitcoin is rubbish. You can't model a mania," Muir said. "Is it plausible? For sure. It's a mania. But does anyone actually have a clue? Not a chance." DEARTH OF SUPPLY Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded new bitcoins. Its technology was designed to cut the reward for miners in half every four years, a move meant to curb inflation. In May, bitcoin went through a third "halving," which reduced the rate at which new coins are created, restricting supply. That halving has kickstarted bitcoin's renewed ascent. Square's Cash App and PayPal, which recently launched a crypto service to its more than 300 million users, have been scooping up all new bitcoins, hedge fund Pantera Capital said in its letter to investors on Friday. That has caused a bitcoin shortage and has driven the rally in the last few weeks. BIG FUNDS BUYING? The so-called whale index, which counts addresses or wallets holding at least 1,000 bitcoins, is at an all-time high, said Phil Bonello, research director at digital asset manager Grayscale. Bonello said more than 2,200 addresses were linked to large bitcoin holders, up 37% from 1,600 in 2018, suggesting that institutional money has stormed in. Investors like Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, BlackRock Inc's chief investment officer of global fixed income, have recently touted bitcoin. Retail investors though are still mostly sidelined due to the pandemic's effect on the economy. But with the entry of Square and PayPal, Lennard Neo, head of research at crypto index fund provider Stack Funds, expects a deluge of retail demand more intense than in 2017. Neo forecasts bitcoin to reach $60,000-$80,000 by the end of 2021. Tempus Inc currency trader Juan Perez was unimpressed, even shocked, with all the lofty forecasts and said a bet on bitcoin at $100,000 next year would be a bet on the collapse of the global financial system. "Governments around the world won't let that happen. They will not let fiat currencies collapse just like that," Perez said. Summarise this report in a few sentences.
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bitcoin investors are betting the virtual currency could more than quintuple to $100,000. skeptics believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold. bitcoin is within sight of its all-time peak of just under $20,000 hit in December 2017. a skeptic says bitcoin is a speculative asset rather than a store of value like gold.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year. It's a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold. Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers. Bitcoin is within sight of its all-time peak of just under $20,000 hit in December 2017. It debuted in 2011 at zero and was last trading at $18,415. Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said. "I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal." Estes predicts bitcoin could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94% correlation with the price of bitcoin. Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership. Those numbers though are a head-scratcher for Toronto-based Kevin Muir, an independent proprietary trader. "Any hedge fund model on bitcoin is rubbish. You can't model a mania," Muir said. "Is it plausible? For sure. It's a mania. But does anyone actually have a clue? Not a chance." DEARTH OF SUPPLY Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded new bitcoins. Its technology was designed to cut the reward for miners in half every four years, a move meant to curb inflation. In May, bitcoin went through a third "halving," which reduced the rate at which new coins are created, restricting supply. That halving has kickstarted bitcoin's renewed ascent. Square's Cash App and PayPal, which recently launched a crypto service to its more than 300 million users, have been scooping up all new bitcoins, hedge fund Pantera Capital said in its letter to investors on Friday. That has caused a bitcoin shortage and has driven the rally in the last few weeks. BIG FUNDS BUYING? The so-called whale index, which counts addresses or wallets holding at least 1,000 bitcoins, is at an all-time high, said Phil Bonello, research director at digital asset manager Grayscale. Bonello said more than 2,200 addresses were linked to large bitcoin holders, up 37% from 1,600 in 2018, suggesting that institutional money has stormed in. Investors like Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, BlackRock Inc's chief investment officer of global fixed income, have recently touted bitcoin. Retail investors though are still mostly sidelined due to the pandemic's effect on the economy. But with the entry of Square and PayPal, Lennard Neo, head of research at crypto index fund provider Stack Funds, expects a deluge of retail demand more intense than in 2017. Neo forecasts bitcoin to reach $60,000-$80,000 by the end of 2021. Tempus Inc currency trader Juan Perez was unimpressed, even shocked, with all the lofty forecasts and said a bet on bitcoin at $100,000 next year would be a bet on the collapse of the global financial system. "Governments around the world won't let that happen. They will not let fiat currencies collapse just like that," Perez said. Summarise this report in a few sentences." summarise in a few sentences.
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LONDON: Oil prices fell on Thursday, hit by another record build-up in US crude inventories and the US Federal Reserve's projections that the world's biggest economy would shrink 6.5 per cent this year. Brent crude futures erased Wednesday's gains, falling 3.6 per cent, or $1.50, to $40.23 a barrel by 0802 GMT. US West Texas Intermediate ( WTI ) crude dropped 4 per cent, or $1.57, to $38.03 a barrel.With demand risks back at the forefront, both benchmarks are set for their worst daily drop in two weeks.US crude inventories rose unexpectedly by 5.7 million barrels in the week to June 5 to 538.1 million barrels - a record - as imports were boosted by the arrival of supplies bought by refiners when Saudi Arabia flooded the market in March and April, Energy Information Administration (EIA) data showed.It also showed gasoline stockpiles grew more than expected to 258.7 million barrels. Distillate stockpiles, which include diesel and heating oil, rose by 1.6 million barrels, although the increase was smaller than in previous weeks.Adding pressure to prices, the US Federal Reserve said US unemployment was set to reach 9.3 per cent at the end of 2020 and said it would take years to fall back, while interest rates were expected to stay near zero at least through next year.Total US coronavirus cases topped 2 million on Wednesday, with new infections rising slightly after five weeks of declines, according to a Reuters analysis. Summarise this report in a few sentences.
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crude futures fell 3.6%, or $1.50, to $40.23 a barrel by 0802 GMT. US west Texas Intermediate crude dropped 4%, or $1.57, to $38.03 a barrel. both benchmarks set for worst daily drop in two weeks. inventories rose unexpectedly by 5.7 million barrels in week to June 5.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "LONDON: Oil prices fell on Thursday, hit by another record build-up in US crude inventories and the US Federal Reserve's projections that the world's biggest economy would shrink 6.5 per cent this year. Brent crude futures erased Wednesday's gains, falling 3.6 per cent, or $1.50, to $40.23 a barrel by 0802 GMT. US West Texas Intermediate ( WTI ) crude dropped 4 per cent, or $1.57, to $38.03 a barrel.With demand risks back at the forefront, both benchmarks are set for their worst daily drop in two weeks.US crude inventories rose unexpectedly by 5.7 million barrels in the week to June 5 to 538.1 million barrels - a record - as imports were boosted by the arrival of supplies bought by refiners when Saudi Arabia flooded the market in March and April, Energy Information Administration (EIA) data showed.It also showed gasoline stockpiles grew more than expected to 258.7 million barrels. Distillate stockpiles, which include diesel and heating oil, rose by 1.6 million barrels, although the increase was smaller than in previous weeks.Adding pressure to prices, the US Federal Reserve said US unemployment was set to reach 9.3 per cent at the end of 2020 and said it would take years to fall back, while interest rates were expected to stay near zero at least through next year.Total US coronavirus cases topped 2 million on Wednesday, with new infections rising slightly after five weeks of declines, according to a Reuters analysis. Summarise this report in a few sentences." summarise in a few sentences.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit Talking to ET Now,, Independent Analyst, says if you have to be in the NBFC sector, Chola is probably one of the better buys.Edited excerpts:It is largely true but as you yourself mentioned it is not as if you were the best performing market on the way up for the last couple of months. So, we do not necessarily have to wear the crown of being the best performing on the way down as well. That said, the major issue remains that we are in a synchronised global market and I do not think that we will step way out of line and given what the Indian government is doing which is to make ourselves more and more pre 1991 in terms of its protectionism, I would think that if we actually go down that road, then one could argue that there may be a difference but then it will be at a much lower level than where we are right now.Even the other ones were clearly focused on the domestic market. One cannot argue that consumption related stocks are anything to do with other than the Indian market but you are right. Now obviously the focus seems to have moved to a little more industrial activity rather than the consumer activity. So far, FMCG and banking essentially were consumer led because you were not talking about corporate banking at all. Now, there is some chance that you are looking at a revival of some kind in the economy especially at the industrial level and therefore the likes of M&HCV, etc, have started move and it is possible that that may translate into better activity in the industrial space.Clearly infrastructure related areas continue to remain interesting because of the government spend. What we are also looking at if you look at the earnings growth this year, you are looking at actually the corporate facing banks supposedly showing better earnings is at least what the analysts are forecasting. So, you have to look at those areas now and hope that that is where you will make you next level of earnings from.As I just mentioned I think the most analysts are now factoring in the fact that much of the earnings growth this year in the financials will come through from public sector banks. BOB has only one issue that the leadership is up for retirement and unless they get an extension there will be a problem but one assumes that the government did not put up a new leadership only for three years. So if that extension comes through, the numbers are looking quite interesting because if you assume that the provisions have been made largely, you are looking at almost a 14-15% ROE next year and the stock is trading at just over one time book value.Clearly that will mean that there is significant upside that can be possible in a stock like BOB. The SBI numbers are a little more disappointing because clearly the RBI divergence is not something that I like very much. Eventually, if the economy were to revive, then SBI cannot be left far behind but between the two, my vote would go to BOB if we have to make a choice.So long as the protection continues to remain for the Indian steel manufacturers, they are mandated to make money. The only thing they can do is something stupid like going and buying very aggressively one of the companies which is being put up by the banks for sale. If Tata Steel does it, yet again which they have done in the past and over pays for something like Essar Steel for example. That can be a dampener but otherwise on pure performance, with the kind of protection that the government has given them, it will be difficult for them to screw up.Well, yes. I think you know as I said the CV cycle is the one that seems to be the most robust among the auto sector and Chola is clearly leveraged very well to that and executing extremely well. I think there is a good chance that Chola will continue to outperform. Their execution has been very good. There is no particular reason to assume that they will flounder from here. Valuations are a little stretched but no more than any of the other NBFCs. If you have to be in the NBFC sector, Chola is probably one of the better buys.But you are promoting them to next level of the school. So, there is still an upside there. You can go out and lend again and make sure that you bring the next set of NPAs. You know the logic of public sector banks today needs to be examined very closely.You could assume that there was a time when you needed the banks to be more egalitarian and do some social lending and make sure that the penetration was far deeper. Today with private sector banks with a whole sort of small banks, midsized banks, special purpose banks, payment banks there is no particular need for penetration in terms of public sector banks having to carry their burden.More importantly if you continue to use them and to treat them like a regular bank and expect them to do the same things that a private sector bank would do, then there is absolutely no case to be made. So, either the government has to be clear that the public sector banks are carrying a social purpose and therefore you should not be applying the same logic or the same yardstick for measurement and therefore NPAs should be fine because if you are going to give money away to the farmers, for example, and do not expect it to be paid back, there is no point worrying about the NPAs or for that matter for the MSMEs.But if you are going to hold them to the same standard as private sector banks then you know the best thing to do would be to get rid a lot of them. Summarise this report in a few sentences.
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independent analyst says if you have to be in the NBFC sector, Chola is probably one of the better buys. he says the focus seems to have moved to a little more industrial activity rather than the consumer activity. he says the leadership is not a good fit for the NBFC sector and the NBFC sector. he says the NBFC sector is a good fit for the NBFC sector and the NBFC sector.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit Talking to ET Now,, Independent Analyst, says if you have to be in the NBFC sector, Chola is probably one of the better buys.Edited excerpts:It is largely true but as you yourself mentioned it is not as if you were the best performing market on the way up for the last couple of months. So, we do not necessarily have to wear the crown of being the best performing on the way down as well. That said, the major issue remains that we are in a synchronised global market and I do not think that we will step way out of line and given what the Indian government is doing which is to make ourselves more and more pre 1991 in terms of its protectionism, I would think that if we actually go down that road, then one could argue that there may be a difference but then it will be at a much lower level than where we are right now.Even the other ones were clearly focused on the domestic market. One cannot argue that consumption related stocks are anything to do with other than the Indian market but you are right. Now obviously the focus seems to have moved to a little more industrial activity rather than the consumer activity. So far, FMCG and banking essentially were consumer led because you were not talking about corporate banking at all. Now, there is some chance that you are looking at a revival of some kind in the economy especially at the industrial level and therefore the likes of M&HCV, etc, have started move and it is possible that that may translate into better activity in the industrial space.Clearly infrastructure related areas continue to remain interesting because of the government spend. What we are also looking at if you look at the earnings growth this year, you are looking at actually the corporate facing banks supposedly showing better earnings is at least what the analysts are forecasting. So, you have to look at those areas now and hope that that is where you will make you next level of earnings from.As I just mentioned I think the most analysts are now factoring in the fact that much of the earnings growth this year in the financials will come through from public sector banks. BOB has only one issue that the leadership is up for retirement and unless they get an extension there will be a problem but one assumes that the government did not put up a new leadership only for three years. So if that extension comes through, the numbers are looking quite interesting because if you assume that the provisions have been made largely, you are looking at almost a 14-15% ROE next year and the stock is trading at just over one time book value.Clearly that will mean that there is significant upside that can be possible in a stock like BOB. The SBI numbers are a little more disappointing because clearly the RBI divergence is not something that I like very much. Eventually, if the economy were to revive, then SBI cannot be left far behind but between the two, my vote would go to BOB if we have to make a choice.So long as the protection continues to remain for the Indian steel manufacturers, they are mandated to make money. The only thing they can do is something stupid like going and buying very aggressively one of the companies which is being put up by the banks for sale. If Tata Steel does it, yet again which they have done in the past and over pays for something like Essar Steel for example. That can be a dampener but otherwise on pure performance, with the kind of protection that the government has given them, it will be difficult for them to screw up.Well, yes. I think you know as I said the CV cycle is the one that seems to be the most robust among the auto sector and Chola is clearly leveraged very well to that and executing extremely well. I think there is a good chance that Chola will continue to outperform. Their execution has been very good. There is no particular reason to assume that they will flounder from here. Valuations are a little stretched but no more than any of the other NBFCs. If you have to be in the NBFC sector, Chola is probably one of the better buys.But you are promoting them to next level of the school. So, there is still an upside there. You can go out and lend again and make sure that you bring the next set of NPAs. You know the logic of public sector banks today needs to be examined very closely.You could assume that there was a time when you needed the banks to be more egalitarian and do some social lending and make sure that the penetration was far deeper. Today with private sector banks with a whole sort of small banks, midsized banks, special purpose banks, payment banks there is no particular need for penetration in terms of public sector banks having to carry their burden.More importantly if you continue to use them and to treat them like a regular bank and expect them to do the same things that a private sector bank would do, then there is absolutely no case to be made. So, either the government has to be clear that the public sector banks are carrying a social purpose and therefore you should not be applying the same logic or the same yardstick for measurement and therefore NPAs should be fine because if you are going to give money away to the farmers, for example, and do not expect it to be paid back, there is no point worrying about the NPAs or for that matter for the MSMEs.But if you are going to hold them to the same standard as private sector banks then you know the best thing to do would be to get rid a lot of them. Summarise this report in a few sentences." summarise in a few sentences.
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Item 3. Legal Proceedings From time to time, the Company is a party to, or otherwise involved in, legal proceedings arising in the normal course of business. As of the date of this report, except as described below, the Company is not aware of any proceedings, threatened or pending, against it which, if determined adversely, would have a material effect on its business, results of operations, cash flows or financial position. On September 20, 2018, Anthony Pepe, individually and on behalf of a class, filed with the United States District Court for the District of New Jersey a complaint against the Company, certain current and former executive officers and directors of the Company and the other defendants named therein for violation of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder. The class consists of the persons and entities who purchased the Company’s common stock during the period from September 23, 2013 through September 7, 2018. Pepe also alleges violation of other sections of the Exchange Act by the defendants named in the complaint other than the Company. Pepe seeks damages, pre-judgment and post-judgment interest, reasonable attorneys’ fees, expert fees and other costs. On January 16, 2019, Ms. Susan Church, a stockholder of the Company, filed with the United States District Court for the Western District of Washington a derivative suit against certain current and former executive officers and directors of the Company alleging breach of fiduciary duties, unjust enrichment, waste of corporate assets, and violations of the rules governing proxy solicitation. Church seeks, among other things, money damages, disgorgement of profits from alleged wrongful conduct, including cash bonuses, pre-judgment and post-judgment interest, reasonable attorneys’ fees, expert fees and other costs. Liberty Insurance Underwriters Inc. filed suit against us in federal court in Delaware seeking a declaratory judgment that it is not liable to defend us in the class and derivative litigation. The insurance company also is claiming it is entitled to recover $1 million it advanced to us in connection with the SEC investigation. We have retained counsel to defend us which has filed an answer to the complaint. On September 7, 2018, the SEC filed with the United States District Court for the Southern District of New York a complaint against Dr. Philip Frost, a director and principal stockholder of the Company, a trust Dr. Frost controls and OPKO Health, Inc., a stockholder of the Company, of which Dr. Frost is the Chief Executive Officer, as well as other defendants named therein. On January 10, 2019, the District Court entered final judgments against these defendants on their consent without admitting or denying the allegations set forth in the complaint. Dr. Frost was permanently enjoined from violating a certain anti-fraud provision of the Securities Act of 1933, future violations of Section 13(d) of the Exchange Act and Rule 13d-1(a) thereunder and participating in penny stock offerings subject to certain exceptions. November 2017, Lee Pederson, a former Biozone lawyer, filed a lawsuit in Minnesota against co-defendants the Company, Dr. Phillip Frost, OPKO Heath, Inc. and Brian Keller for various allegations. On September 13, 2018, the United States District Court granted the Company and its co-defendants’ motion to dismiss Pederson’s amended complaint. Subsequent to September 30, 2018, Pederson filed a notice of appeal with the United States Court of Appeals for the Eighth Circuit on October 11, 2018. The plaintiff’s appeal was denied and the dismissal affirmed. While the Company intends to defend itself vigorously from the claims in the aforementioned disputes, it is unable to predict the outcome of these legal proceedings. Any potential loss as a result of these legal proceedings cannot be reasonably estimated. As a result, the Company has not recorded a loss contingency for any of the aforementioned claims. Item 4. Summarise this report in a few sentences.
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Legal Proceedings is a summary of the legal proceedings the Company is involved in, including a class action lawsuit, a derivative suit, a suit from an insurance company, and a suit from a former Biozone lawyer. The Company intends to defend itself vigorously, but cannot predict the outcome of these proceedings. No loss contingency has been recorded for any of the claims.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Item 3. Legal Proceedings From time to time, the Company is a party to, or otherwise involved in, legal proceedings arising in the normal course of business. As of the date of this report, except as described below, the Company is not aware of any proceedings, threatened or pending, against it which, if determined adversely, would have a material effect on its business, results of operations, cash flows or financial position. On September 20, 2018, Anthony Pepe, individually and on behalf of a class, filed with the United States District Court for the District of New Jersey a complaint against the Company, certain current and former executive officers and directors of the Company and the other defendants named therein for violation of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder. The class consists of the persons and entities who purchased the Company’s common stock during the period from September 23, 2013 through September 7, 2018. Pepe also alleges violation of other sections of the Exchange Act by the defendants named in the complaint other than the Company. Pepe seeks damages, pre-judgment and post-judgment interest, reasonable attorneys’ fees, expert fees and other costs. On January 16, 2019, Ms. Susan Church, a stockholder of the Company, filed with the United States District Court for the Western District of Washington a derivative suit against certain current and former executive officers and directors of the Company alleging breach of fiduciary duties, unjust enrichment, waste of corporate assets, and violations of the rules governing proxy solicitation. Church seeks, among other things, money damages, disgorgement of profits from alleged wrongful conduct, including cash bonuses, pre-judgment and post-judgment interest, reasonable attorneys’ fees, expert fees and other costs. Liberty Insurance Underwriters Inc. filed suit against us in federal court in Delaware seeking a declaratory judgment that it is not liable to defend us in the class and derivative litigation. The insurance company also is claiming it is entitled to recover $1 million it advanced to us in connection with the SEC investigation. We have retained counsel to defend us which has filed an answer to the complaint. On September 7, 2018, the SEC filed with the United States District Court for the Southern District of New York a complaint against Dr. Philip Frost, a director and principal stockholder of the Company, a trust Dr. Frost controls and OPKO Health, Inc., a stockholder of the Company, of which Dr. Frost is the Chief Executive Officer, as well as other defendants named therein. On January 10, 2019, the District Court entered final judgments against these defendants on their consent without admitting or denying the allegations set forth in the complaint. Dr. Frost was permanently enjoined from violating a certain anti-fraud provision of the Securities Act of 1933, future violations of Section 13(d) of the Exchange Act and Rule 13d-1(a) thereunder and participating in penny stock offerings subject to certain exceptions. November 2017, Lee Pederson, a former Biozone lawyer, filed a lawsuit in Minnesota against co-defendants the Company, Dr. Phillip Frost, OPKO Heath, Inc. and Brian Keller for various allegations. On September 13, 2018, the United States District Court granted the Company and its co-defendants’ motion to dismiss Pederson’s amended complaint. Subsequent to September 30, 2018, Pederson filed a notice of appeal with the United States Court of Appeals for the Eighth Circuit on October 11, 2018. The plaintiff’s appeal was denied and the dismissal affirmed. While the Company intends to defend itself vigorously from the claims in the aforementioned disputes, it is unable to predict the outcome of these legal proceedings. Any potential loss as a result of these legal proceedings cannot be reasonably estimated. As a result, the Company has not recorded a loss contingency for any of the aforementioned claims. Item 4. Summarise this report in a few sentences." summarise in a few sentences.
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New Delhi: Up to a fourth of your contribution to the employees’ provident fund (EPF) may go into equities if a plan being considered by the country’s retirement fund manager bears fruit. Currently, the Employees Provident Fund Organisation (EPFO) invests 15% of contributions in equities and the rest in debt. According to two people aware of the matter, EPFO is considering allowing employees with higher salaries to route 25% of their PF contribution into stocks, while retaining the 15% cap for low-income employees. “We have discussed the proposal a couple of times in recent months. In the next finance and investment advisory committee meeting, the issue will be taken up again," said Prabhakar Banasure, a member of the committee. “The choice is a logical requirement in investment decisions," he added. If the proposal takes effect, this will be a departure from the EPFO’s one-size-fits-all policy for investing retirement savings of millions of subscribers. The rethink comes as provident fund subscribers are seeking better returns even as returns from debt investments remain low. The move, if its goes through, will also help EPFO take on competition from the National Pension System, which allows subscribers to invest up to 50% of their savings in equities. The second of the two people cited earlier, who declined to be named, said that since many EPFO subscribers are not familiar with the stock market, increasing their equity exposure may not be advisable. “Hence this differential equity treatment proposal," this person added. EPFO started investing in equity through exchange-traded funds from August 2015. It started by investing 5% of contributions, and has since raised it to 15%. The rest go into debt market instruments such as government securities, private sector bonds and bank fixed deposits. EPFO has annual accruals of over Rs1.2 trillion and has total assets under management worth Rs11 trillion. Of its 50 million active subscribers, official estimates suggest that around 75% earn up to Rs15,000 a month. But it’s the rest who contribute the bulk of the retirement fund manager’s annual savings corpus. As of January 2018, EPFO has an equity exposure of Rs44,000 crore. Greater equity exposure may will also mean more domestic funds in the stock market, a sweetener for a market which is already on a high for the past couple of years. Every month, EPFO subscribers contribute 12% of their basic salary as a mandatory EPF contribution to build a retirement corpus, with a matching 12% contributed by employers. “Debt market, going forward, may not give us the best returns and increasing equity exposure may help beat the shortfall. A well-earning subscriber thinks of creating a retirement corpus which will offer better inflation-adjusted return in the long term; here, 25% exposure could be a good starting point," the second person said. “The low-income employees may continue to invest 15% in stocks and the rest in debt and continue to get a stable assured return without taking a risk. With time, EPFO needs to evolve as an asset manager," he added. Experts agree. “In long-term financial asset allocation, we advise clients to take up to 60% equity exposure. As an asset manager, EPFO needs to think aggressive. It has to give choice to its subscribers. That’s the need of the hour," said Jitendra P.S. Solanki, a certified financial adviser. “Low-income subscribers, however, should not be exposed to a higher equity risk as they are not financially literate enough. You give them the choice of assured return and well-earning subscribers a different choice. This 15% exposure for all needs to change and I believe it will only go up," Solanki added. The second person cited above said equity had given better returns over the last two-and-a-half years—over 16%, compared to less than 8% from the debt market. In fact, EPFO booked a profit of over ₹ 1,000 crore earlier this month, allowing it to buffer its earnings shortfall and potentially maintain the 8.65% interest payout in 2017-18, Mint reported on 12 February. 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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employees' provident fund organisation (EPFO) invests 15% of contributions in equities and the rest in debt. currently, the fund manager invests 15% of contributions in equities and the rest in debt. if the proposal takes effect, this will be a departure from the EPFO's one-size-fits-all policy for investing retirement savings of millions of subscribers.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "New Delhi: Up to a fourth of your contribution to the employees’ provident fund (EPF) may go into equities if a plan being considered by the country’s retirement fund manager bears fruit. Currently, the Employees Provident Fund Organisation (EPFO) invests 15% of contributions in equities and the rest in debt. According to two people aware of the matter, EPFO is considering allowing employees with higher salaries to route 25% of their PF contribution into stocks, while retaining the 15% cap for low-income employees. “We have discussed the proposal a couple of times in recent months. In the next finance and investment advisory committee meeting, the issue will be taken up again," said Prabhakar Banasure, a member of the committee. “The choice is a logical requirement in investment decisions," he added. If the proposal takes effect, this will be a departure from the EPFO’s one-size-fits-all policy for investing retirement savings of millions of subscribers. The rethink comes as provident fund subscribers are seeking better returns even as returns from debt investments remain low. The move, if its goes through, will also help EPFO take on competition from the National Pension System, which allows subscribers to invest up to 50% of their savings in equities. The second of the two people cited earlier, who declined to be named, said that since many EPFO subscribers are not familiar with the stock market, increasing their equity exposure may not be advisable. “Hence this differential equity treatment proposal," this person added. EPFO started investing in equity through exchange-traded funds from August 2015. It started by investing 5% of contributions, and has since raised it to 15%. The rest go into debt market instruments such as government securities, private sector bonds and bank fixed deposits. EPFO has annual accruals of over Rs1.2 trillion and has total assets under management worth Rs11 trillion. Of its 50 million active subscribers, official estimates suggest that around 75% earn up to Rs15,000 a month. But it’s the rest who contribute the bulk of the retirement fund manager’s annual savings corpus. As of January 2018, EPFO has an equity exposure of Rs44,000 crore. Greater equity exposure may will also mean more domestic funds in the stock market, a sweetener for a market which is already on a high for the past couple of years. Every month, EPFO subscribers contribute 12% of their basic salary as a mandatory EPF contribution to build a retirement corpus, with a matching 12% contributed by employers. “Debt market, going forward, may not give us the best returns and increasing equity exposure may help beat the shortfall. A well-earning subscriber thinks of creating a retirement corpus which will offer better inflation-adjusted return in the long term; here, 25% exposure could be a good starting point," the second person said. “The low-income employees may continue to invest 15% in stocks and the rest in debt and continue to get a stable assured return without taking a risk. With time, EPFO needs to evolve as an asset manager," he added. Experts agree. “In long-term financial asset allocation, we advise clients to take up to 60% equity exposure. As an asset manager, EPFO needs to think aggressive. It has to give choice to its subscribers. That’s the need of the hour," said Jitendra P.S. Solanki, a certified financial adviser. “Low-income subscribers, however, should not be exposed to a higher equity risk as they are not financially literate enough. You give them the choice of assured return and well-earning subscribers a different choice. This 15% exposure for all needs to change and I believe it will only go up," Solanki added. The second person cited above said equity had given better returns over the last two-and-a-half years—over 16%, compared to less than 8% from the debt market. In fact, EPFO booked a profit of over ₹ 1,000 crore earlier this month, allowing it to buffer its earnings shortfall and potentially maintain the 8.65% interest payout in 2017-18, Mint reported on 12 February. 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." summarise in a few sentences.
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live bse live nse live Volume Todays L/H More × Biocon Biologics, the subsidiary of biopharmaceutical company Biocon, will be looking for another round of private equity funding as it plans to launch its IPO in the near future. "We might raise little more private equity prior to IPO. This basically gives an idea of where we believe we can unlock the value in terms of Biocon Biologics in the next few years," Kiran Mazumdar-Shaw, Chairperson of Biocon, told CNBC-TV18. Steep valuation After the latest fund raising, Biocon Biologics alone now constitutes about 60 percent of parent Biocon's market capitalisation of around $5 billion. The contract research subsidiary Syngene, excluding minority shareholders stake, is valued at $1.4 billion and the residuary business of Biocon business, that includes small molecules and domestic formulations, is now valued at $600 million. Analysts estimate the valuation of Biocon Biologics at more than 10 times, with anticipated revenues of Rs 2,000 crore in FY20. Biocon's revenue at the end of FY19 was at Rs 5,658.8 crore, of which 27 percent or Rs 1,528 crore was contributed by the biologics division. The steep valuation of a subsidiary that wasn't in existence just a year ago has come as a surprise. Biocon Biologic was carved out as subsidiary, with research and development, manufacturing and distribution functions of biosimiars in April last year. The company said this was done to create a vertically integrated biologics company, with an intention to unlock value and give investors a pure-play investment opportunity in biologics. The company did the same for its contract research arm Syngene, by raising private equity money and then followed by an IPO, giving exit to the investors. Syngene, which was listed in August 2015, raised Rs 550 crore. The IPO was subscribed 32 times. Incidentally, True North was an investor in Syngene before it was listed. Biosimilar story unfolding Analysts say the valuation is based on the expectation of Biocon delivering its biosimilar growth story. The company has set an aspiration target of $1 billion by FY22 for its biologics division. The company has a product pipeline of 28 molecules, including 11 with Mylan, several with Sandoz, and is developing many independently The US launches of biosimilar drugs trastuzumab and insulin glargine (approval expected in March 2020), continued growth in existing developed and emerging markets, the launches of insulin aspart and bevacizumab in various markets, and enhanced of market share of biosimilars are the key levers that the company is banking on to achieve a $1 billion target. But some analysts are cautious about the valuation; and revenue projections Biocon is making. "We expect another round of PE investment in the company that could result in Biocon stake dropping to 90 percent before a potential listing of the subsidiary over the coming 12-24 months," said Kotak Securities in its latest research note. "The PE investment was widely anticipated, though we still struggle to see a need for funding in Biocon Biologics, particularly given the management’s ambitious $1 bn revenue aspiration for the segment by FY2022. We believe expectations from biosimilars pipeline remain elevated, and see risks of potential disappointments as evidenced by Neulasta, Herceptin (US) as well as EU launches," the note added. Summarise this report in a few sentences.
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biocon biologics is the subsidiary of biopharmaceutical company Biocon. it plans to launch its IPO in the near future. analysts estimate the valuation of Biocon Biologics at more than 10 times. the company has set an aspiration target of $1 billion by FY22 for its biologics division. a spokesman for biocon says it is "very optimistic" about the company's future.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "live bse live nse live Volume Todays L/H More × Biocon Biologics, the subsidiary of biopharmaceutical company Biocon, will be looking for another round of private equity funding as it plans to launch its IPO in the near future. "We might raise little more private equity prior to IPO. This basically gives an idea of where we believe we can unlock the value in terms of Biocon Biologics in the next few years," Kiran Mazumdar-Shaw, Chairperson of Biocon, told CNBC-TV18. Steep valuation After the latest fund raising, Biocon Biologics alone now constitutes about 60 percent of parent Biocon's market capitalisation of around $5 billion. The contract research subsidiary Syngene, excluding minority shareholders stake, is valued at $1.4 billion and the residuary business of Biocon business, that includes small molecules and domestic formulations, is now valued at $600 million. Analysts estimate the valuation of Biocon Biologics at more than 10 times, with anticipated revenues of Rs 2,000 crore in FY20. Biocon's revenue at the end of FY19 was at Rs 5,658.8 crore, of which 27 percent or Rs 1,528 crore was contributed by the biologics division. The steep valuation of a subsidiary that wasn't in existence just a year ago has come as a surprise. Biocon Biologic was carved out as subsidiary, with research and development, manufacturing and distribution functions of biosimiars in April last year. The company said this was done to create a vertically integrated biologics company, with an intention to unlock value and give investors a pure-play investment opportunity in biologics. The company did the same for its contract research arm Syngene, by raising private equity money and then followed by an IPO, giving exit to the investors. Syngene, which was listed in August 2015, raised Rs 550 crore. The IPO was subscribed 32 times. Incidentally, True North was an investor in Syngene before it was listed. Biosimilar story unfolding Analysts say the valuation is based on the expectation of Biocon delivering its biosimilar growth story. The company has set an aspiration target of $1 billion by FY22 for its biologics division. The company has a product pipeline of 28 molecules, including 11 with Mylan, several with Sandoz, and is developing many independently The US launches of biosimilar drugs trastuzumab and insulin glargine (approval expected in March 2020), continued growth in existing developed and emerging markets, the launches of insulin aspart and bevacizumab in various markets, and enhanced of market share of biosimilars are the key levers that the company is banking on to achieve a $1 billion target. But some analysts are cautious about the valuation; and revenue projections Biocon is making. "We expect another round of PE investment in the company that could result in Biocon stake dropping to 90 percent before a potential listing of the subsidiary over the coming 12-24 months," said Kotak Securities in its latest research note. "The PE investment was widely anticipated, though we still struggle to see a need for funding in Biocon Biologics, particularly given the management’s ambitious $1 bn revenue aspiration for the segment by FY2022. We believe expectations from biosimilars pipeline remain elevated, and see risks of potential disappointments as evidenced by Neulasta, Herceptin (US) as well as EU launches," the note added. Summarise this report in a few sentences." summarise in a few sentences.
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In a major reshuffle of the Narendra Modi-led government, Piyush Goyal has been temporarily assigned the additional responsibility of handling finance ministry, in addition to managing the railways and coal ministries. Notably, Goyal assumes additional charge as Arun Jaitley, who underwent a renal transplant surgery on Monday, recovers. Assigning Finance Ministry to Piyush Goyal during Arun Jaitley’s indisposition is a sign of an enhanced trust in his capabilities to handle such a high-profile responsibility, even as he retains heavyweight portfolios like Railways and Coal. Notably, Piyush Goyal had got a leg-up Goyal during the Cabinet reshuffle last September when he was elevated to Cabinet rank and assigned the politically important Railways Ministry. The recent announcement of 100% village electrification by the Narendra Modi-led government in some of the remotest and inaccessible parts of the country, the roll out of the power sector reform (UDAY), the success of the world’s largest LED bulb distribution programme (UJALA) for energy efficiency, are some of his major notable achievements. A chartered accountant, and a former investment banker, has held several important positions in his party, including being the treasurer and head of the BJP’s Information Communication Campaign Committee where he oversaw the publicity and advertising campaign of the party including the social media outreach for the Indian General Elections 2014. Notably, he also served on the Board of India’s largest commercial bank, the State Bank of India and Bank of Baroda, according to his website. Notably, Goyal was a member of the Standing Committee on Finance and the Consultative Committee for the Ministry of Defence. As he takes on the additional charge, one of the major challenges will be to restore the health of the banking sector. The government has already taken various steps in this regard including the massive PSU bank recapitalisation programme. Further, even as the economy recovers from the shocks due to structural reforms such as GST and demonetisation, Goyal will have to carry take steps to iron out glitches in the new indirect tax regime. Summarise this report in a few sentences.
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piyush goyal has been temporarily assigned the additional responsibility of handling finance ministry. he also manages the railways and coal ministries. he assumes additional charge as arun jaitley, who underwent a renal transplant surgery on monday, recovers. he has also been a member of the Standing Committee on finance and the Consultative Committee for the ministry of defence.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "In a major reshuffle of the Narendra Modi-led government, Piyush Goyal has been temporarily assigned the additional responsibility of handling finance ministry, in addition to managing the railways and coal ministries. Notably, Goyal assumes additional charge as Arun Jaitley, who underwent a renal transplant surgery on Monday, recovers. Assigning Finance Ministry to Piyush Goyal during Arun Jaitley’s indisposition is a sign of an enhanced trust in his capabilities to handle such a high-profile responsibility, even as he retains heavyweight portfolios like Railways and Coal. Notably, Piyush Goyal had got a leg-up Goyal during the Cabinet reshuffle last September when he was elevated to Cabinet rank and assigned the politically important Railways Ministry. The recent announcement of 100% village electrification by the Narendra Modi-led government in some of the remotest and inaccessible parts of the country, the roll out of the power sector reform (UDAY), the success of the world’s largest LED bulb distribution programme (UJALA) for energy efficiency, are some of his major notable achievements. A chartered accountant, and a former investment banker, has held several important positions in his party, including being the treasurer and head of the BJP’s Information Communication Campaign Committee where he oversaw the publicity and advertising campaign of the party including the social media outreach for the Indian General Elections 2014. Notably, he also served on the Board of India’s largest commercial bank, the State Bank of India and Bank of Baroda, according to his website. Notably, Goyal was a member of the Standing Committee on Finance and the Consultative Committee for the Ministry of Defence. As he takes on the additional charge, one of the major challenges will be to restore the health of the banking sector. The government has already taken various steps in this regard including the massive PSU bank recapitalisation programme. Further, even as the economy recovers from the shocks due to structural reforms such as GST and demonetisation, Goyal will have to carry take steps to iron out glitches in the new indirect tax regime. Summarise this report in a few sentences." summarise in a few sentences.
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MUMBAI: Lupin on Tuesday reported a net loss of Rs 777.60 crore for the quarter ended March as the Mumbai-based drug maker had to make a one-time impairment provision towards its acquisition of Gavis Pharma.Lupin took a hit worth Rs 1,464.35 crore on US-based Gavis, which it acquired in 2015 for $880 million (Rs 5,610 crore then). Consolidated revenue stood at Rs 4,033 crore, a 5.2% drop from Rs 4,253 crore in the same quarter last year.Lupin’s North America sales fell 21.1% year on year to Rs 1,499 crore in the fourth quarter.“We took a one-time impairment on the Gavis acquisition in line with the changed market conditions, in particular with the opioids in the US,” said Nilesh Gupta, managing director at Lupin Pharma.But the firm’s Ebitda for Q4 rose 3.3% to Rs 853.60 crore from Rs 826.70 crore in the yearago quarter. “We have made meaningful strides in our complex generics pipeline, made progress on the speciality build across the US, Europe and Japan and have had strong growth in the emerging markets, especially India,” Gupta said.Lupin’s board recommended a dividend of Rs 5 per equity share of the face value of Rs 2 each for the fiscal. “Our near-term priorities are resolution of the warning letter on Goa and Indore Unit 2, successful commercialisation of Solosec in the US, and executing on meaningful product launches,” Gupta said.Shares of Lupin on Tuesday closed at Rs 750, marginally down by 0.46%. Summarise this report in a few sentences.
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the drug maker reported a net loss of Rs 777.60 crore for the quarter ended March. it took a hit worth Rs 1,464.35 crore on US-based Gavis. Lupin’s North America sales fell 21.1% year on year to Rs 1,499 crore. but the firm’s Ebitda for Q4 rose 3.3% to Rs 853.60 crore from Rs 826.70 crore in the yearago quarter.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "MUMBAI: Lupin on Tuesday reported a net loss of Rs 777.60 crore for the quarter ended March as the Mumbai-based drug maker had to make a one-time impairment provision towards its acquisition of Gavis Pharma.Lupin took a hit worth Rs 1,464.35 crore on US-based Gavis, which it acquired in 2015 for $880 million (Rs 5,610 crore then). Consolidated revenue stood at Rs 4,033 crore, a 5.2% drop from Rs 4,253 crore in the same quarter last year.Lupin’s North America sales fell 21.1% year on year to Rs 1,499 crore in the fourth quarter.“We took a one-time impairment on the Gavis acquisition in line with the changed market conditions, in particular with the opioids in the US,” said Nilesh Gupta, managing director at Lupin Pharma.But the firm’s Ebitda for Q4 rose 3.3% to Rs 853.60 crore from Rs 826.70 crore in the yearago quarter. “We have made meaningful strides in our complex generics pipeline, made progress on the speciality build across the US, Europe and Japan and have had strong growth in the emerging markets, especially India,” Gupta said.Lupin’s board recommended a dividend of Rs 5 per equity share of the face value of Rs 2 each for the fiscal. “Our near-term priorities are resolution of the warning letter on Goa and Indore Unit 2, successful commercialisation of Solosec in the US, and executing on meaningful product launches,” Gupta said.Shares of Lupin on Tuesday closed at Rs 750, marginally down by 0.46%. Summarise this report in a few sentences." summarise in a few sentences.
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During our recent interaction with Steffen Knapp, Director, Volkswagen India, we got an insight of what the new normal means for the company, the expected impact on sales and if the lockdown will affect the timelines of the upcoming launches. The automotive industry being one of the most manufacturing intensive industries has been really hard hit by the effects of Coronavirus. In order to understand the long-term effects of the lockdown and the virus on the sector, Express Drives spoke to Steffen Knapp, Director, Volkswagen India. From understanding the new normal to the expected impact on sales and new model launches Steffen provided a deep insight into many topics. He also told us if the development of the Volkswagen Taigun will be affected by this Coronavirus crisis or not. Express Drives: Many people have been asking us this – Once car companies get back to business, once the dealerships open, car buying is going to be a very different experience. So what can people expect once the lockdown ends and how will people buy cars? Steffen Knapp: I think it would be a dramatic change. We have summarised the activities we are doing under the slogan, “Safe and Sanitized” journey. In this journey, you have to go on multiple routes. The obvious route is digitizing your complete sales and service funnel even deeper. We just announced that you can book your cars online along with service appointments and online appointments. So just to describe what that means, you go online, choose your preferred dealer and make a decision where it is a bring-and-drop service. Then you put in the date after which your date and appointment are verified. Your vehicle will be taken away from you and there will be a first inspection done around the car. This will be recorded on video and will be sent to the customer along with the changes required during the service. You have to confirm these changes and then this job is done in the car, and the car is brought back to you. A lot of the processes we are implementing are contactless because customers are lacking confidence at the moment. Apart from this, what we are doing is we have sent out strict guidelines to our partners in terms of sanitization. So all the touchpoints are going to be sanitized. The ones which are frequently touched are to be sanitized every hour. For instance, all our employees wear masks and gloves. We will have a regular temperature measurement for our employees. The entire process, hence, pf going to a dealership will be completely clean and sanitized. That is essential in order to bring back the business as it was before the crisis. So here are the two main streams under the summarization of “Safe and Sanitized”. First is the online push, which is clearly necessary today and at the same time it’s important to focus on the premises where we are working, where we are servicing, and selling vehicles. The people who are working with us need to be completely sanitized. We have launched online premises recently and have trained our complete sales and service force accordingly. You just spoke about the online services that you came up with. What is your expectation from online or the digital part of the business? How do you see that growing and what kind of contribution do you see that making to the overall business? It was close to zero and the past and in the car business, in particular, people tend to go to the dealership. They inform themselves, for instance, via our website or other publications, take their decision in a lot of cases remotely, and then they come and look and have to tangibly touch the vehicle. So the classical transaction was done in the dealership, during the negotiations, and then they came to a conclusion. I personally look at some examples we have in the group. In Sweden for instance, 15% of all car sales are done online, in our group. So I expect this to go into similar lines. So we will go around 15% in particular in the beginning when Covid-19 is still very visual for everybody. People are scared. We will see that a lot of business will be done there and I think it will be around 15% in the coming years. In the next few months, people are going to be concerned about the virus. Do you see that as an opportunity wherein people will want to buy more personal vehicles? Yes, definitely! That’s a huge opportunity and especially given the experience we have in China. Individual mobility is growing tremendously to the extent that we have more traffic jams in the cities because people tend to use their own vehicles and they are looking out for accessible individual mobility. So I think in India, we will see a major push in the used car business because at this time people are also scared about their financials. They are scared of their salary, their jobs, and businesses. I think they will rather look at accessible individual mobility and I think there is a chance for two-wheelers. We will also see growth in the used car and in particular from my point of view in terms of accessible mobility. The Polo, for instance in the small car category and in particular as a used car, where we believe Volkswagen has been working extensively and we will see this growing tremendously. And this is no miracle analytics. It is exactly what we see in China. It is exactly the same pattern. You have three trends. I mentioned it already. It’s the need for sanitization, a clean process. You will see the online space growing tremendously and we see individual mobility coming back. So used car is the segment where you see most of this growth going initially? Yes. All accessible solutions like leasing solutions, like residual value, financing models where you can either reduce the necessity to purchase or you go into models where you have small monthly installments. There is the Volkswagen secure concept wherein basically we are guaranteeing a certain residual value after three years. And with this model, we are able to reduce the monthly installment by more than 30%. That is interesting for customers because their outflow of liquidity is not that big. So these kinds of models will be popular in the new car space going forward along with a lot of financing offers. Attractive financing offers are important because customers will be cautious about the investments, clearly in such an environment which we see right now. Once the carmakers get back to selling cars given the fact that the last two months have been really bad, can they expect some great offers in terms of discounts? I personally don’t believe that. You will see interesting offers. You will see the value of us and the industry, but one can’t have to forget that our industry has been hit hard. We have nothing to give for free because, at the end of the day, we also have to safeguard our companies. And if we start going all bananas with discount levels and so on, I think this would be the wrong signal and it is financially not viable for us. For Volkswagen, I can say that we will not do this as we are clearly determined on the residual value. We are a reliable brand and this is what we always want to be. What we will definitely do is that we will offer a very interesting value proposition, be it financial solutions, be it a good car at a good value. And we will offer obviously a very safe journey, not only in the handling of the process like we described before but also in the used car. So in the used car arena, you will have interesting offers from us, like fully refurbished cars with an additional year of warranty, sanitized vehicles and this is a process, a fair business model for the customer. So I don’t think that the industry will push out tremendous discounts. You know, it’s also not recommendable, to be honest. Is the launch timeline for the upcoming SUV is going to be affected by this crisis of a few months? No. We have launched the Tiguan All Space in March. All the vehicles are in the country so fortunately, before the end of the last financial year, we had imported the Tiguan AllSpace as well as the Tiguan. So once the lockdown is over, we will deliver these vehicles accordingly to our dealerships. So there is no change in strategy. And the third SUV is the Taigun, which is the first product of India 2.0, which is so far on track to meet all its requirements. There will be an additional SUV coming and that is also on track so far. What is your expectation from the government in terms of the policy? What can it do to immediately propel the auto sector? I’m a big supporter of a free economy and means that we as a player in the market have to provide interesting offers to our customers. That’s clear. So I’m not saying that it’s the task of the Government to fix everything. That’s not my policy. I think a Government has two objectives. First, they have to make sure that the complete framework of doing business has to be stable so that we can plan because, in our business, our investments are always long-term and huge. So my first recommendation is to be really clear about what you do, be clear how you are coming back to normality. If not directly to the industry but definitely for the small and medium companies. It’s a big portion of the Indian population being dependent on SME and MSMEs so we have to give them some relaxation, be it in taxes, be it in giving easy access to liquidity in order to overcome this crisis. There are a lot of customers coming out of this group because they are employed in small companies. We have only a small portion of big players in India who are employing a lot of people. I think there must be some initiatives taking place. Secondly, if I look at the importance of the auto industry in India, it is 7% of the gross domestic product and also, there is a high proportion of exports, which are bringing money into the country. Our association SIAM and FADA have written multiple letters to the government and proposed multiples ideas. Scrappage policy is something that is not only helping us as an industry but is also helping the environment. You get old clunkers out of the roads and you get new cars with the latest technologies on the road. At the same time, the government is also running the GST on those vehicles. So that’s an interesting proposition and I always believe it should be a win-win situation. So these are the three elements what are really for me. For me, it is really required to announce a clear plan, not to change it frequently, make it on time because to build up a supply chain, one needs to get the people back from their home villages into the factories and it’s not an easy thing. How do you see the sales and growth turning out to be at the end of the year? There will be no growth and everything here depends on the speed we can pick up again. Also, we do a lot of scenarios. We have five scenarios. We’re looking at the curves from countries that are ahead of us. So for instance, in China, six weeks after the lockdown opened, they were back to 90% of their pre-COVID-19 workshop business. So it resumed in six weeks’ time but it is impossible in India for things to be that fast. We think most likely not but you never know. Not a lot of customers are refraining from purchasing a vehicle. The intention is the same. They only think that what has changed is the budget. So they are not prepared to pay so much more. So I can tell you it’s very difficult analytics and very difficult planning. I will give you an example. In 2019, in the last quarter, I was not expecting better car sales than in 2018. I was not expecting that the market goes back to 2018 levels but what happened! We actually sold 1100 more cars in the last quarter than we expected. You cannot take two or three months of no sales and have no hit. So, to put it in a nutshell, it is very difficult to predict. I think we will see a hit clearly but we don’t know where the scope is. Summarise this report in a few sentences.
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During our recent interaction with Steffen Knapp, Director, Volkswagen India, we got an insight into what the new normal means for the company. he also gave an insight into the expected impact on sales and new model launches. also gave an insight into if the development of the Volkswagen Taigun will be affected by this crisis. he also told us if the development of the Volkswagen Taigun will be affected by this crisis or not.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "During our recent interaction with Steffen Knapp, Director, Volkswagen India, we got an insight of what the new normal means for the company, the expected impact on sales and if the lockdown will affect the timelines of the upcoming launches. The automotive industry being one of the most manufacturing intensive industries has been really hard hit by the effects of Coronavirus. In order to understand the long-term effects of the lockdown and the virus on the sector, Express Drives spoke to Steffen Knapp, Director, Volkswagen India. From understanding the new normal to the expected impact on sales and new model launches Steffen provided a deep insight into many topics. He also told us if the development of the Volkswagen Taigun will be affected by this Coronavirus crisis or not. Express Drives: Many people have been asking us this – Once car companies get back to business, once the dealerships open, car buying is going to be a very different experience. So what can people expect once the lockdown ends and how will people buy cars? Steffen Knapp: I think it would be a dramatic change. We have summarised the activities we are doing under the slogan, “Safe and Sanitized” journey. In this journey, you have to go on multiple routes. The obvious route is digitizing your complete sales and service funnel even deeper. We just announced that you can book your cars online along with service appointments and online appointments. So just to describe what that means, you go online, choose your preferred dealer and make a decision where it is a bring-and-drop service. Then you put in the date after which your date and appointment are verified. Your vehicle will be taken away from you and there will be a first inspection done around the car. This will be recorded on video and will be sent to the customer along with the changes required during the service. You have to confirm these changes and then this job is done in the car, and the car is brought back to you. A lot of the processes we are implementing are contactless because customers are lacking confidence at the moment. Apart from this, what we are doing is we have sent out strict guidelines to our partners in terms of sanitization. So all the touchpoints are going to be sanitized. The ones which are frequently touched are to be sanitized every hour. For instance, all our employees wear masks and gloves. We will have a regular temperature measurement for our employees. The entire process, hence, pf going to a dealership will be completely clean and sanitized. That is essential in order to bring back the business as it was before the crisis. So here are the two main streams under the summarization of “Safe and Sanitized”. First is the online push, which is clearly necessary today and at the same time it’s important to focus on the premises where we are working, where we are servicing, and selling vehicles. The people who are working with us need to be completely sanitized. We have launched online premises recently and have trained our complete sales and service force accordingly. You just spoke about the online services that you came up with. What is your expectation from online or the digital part of the business? How do you see that growing and what kind of contribution do you see that making to the overall business? It was close to zero and the past and in the car business, in particular, people tend to go to the dealership. They inform themselves, for instance, via our website or other publications, take their decision in a lot of cases remotely, and then they come and look and have to tangibly touch the vehicle. So the classical transaction was done in the dealership, during the negotiations, and then they came to a conclusion. I personally look at some examples we have in the group. In Sweden for instance, 15% of all car sales are done online, in our group. So I expect this to go into similar lines. So we will go around 15% in particular in the beginning when Covid-19 is still very visual for everybody. People are scared. We will see that a lot of business will be done there and I think it will be around 15% in the coming years. In the next few months, people are going to be concerned about the virus. Do you see that as an opportunity wherein people will want to buy more personal vehicles? Yes, definitely! That’s a huge opportunity and especially given the experience we have in China. Individual mobility is growing tremendously to the extent that we have more traffic jams in the cities because people tend to use their own vehicles and they are looking out for accessible individual mobility. So I think in India, we will see a major push in the used car business because at this time people are also scared about their financials. They are scared of their salary, their jobs, and businesses. I think they will rather look at accessible individual mobility and I think there is a chance for two-wheelers. We will also see growth in the used car and in particular from my point of view in terms of accessible mobility. The Polo, for instance in the small car category and in particular as a used car, where we believe Volkswagen has been working extensively and we will see this growing tremendously. And this is no miracle analytics. It is exactly what we see in China. It is exactly the same pattern. You have three trends. I mentioned it already. It’s the need for sanitization, a clean process. You will see the online space growing tremendously and we see individual mobility coming back. So used car is the segment where you see most of this growth going initially? Yes. All accessible solutions like leasing solutions, like residual value, financing models where you can either reduce the necessity to purchase or you go into models where you have small monthly installments. There is the Volkswagen secure concept wherein basically we are guaranteeing a certain residual value after three years. And with this model, we are able to reduce the monthly installment by more than 30%. That is interesting for customers because their outflow of liquidity is not that big. So these kinds of models will be popular in the new car space going forward along with a lot of financing offers. Attractive financing offers are important because customers will be cautious about the investments, clearly in such an environment which we see right now. Once the carmakers get back to selling cars given the fact that the last two months have been really bad, can they expect some great offers in terms of discounts? I personally don’t believe that. You will see interesting offers. You will see the value of us and the industry, but one can’t have to forget that our industry has been hit hard. We have nothing to give for free because, at the end of the day, we also have to safeguard our companies. And if we start going all bananas with discount levels and so on, I think this would be the wrong signal and it is financially not viable for us. For Volkswagen, I can say that we will not do this as we are clearly determined on the residual value. We are a reliable brand and this is what we always want to be. What we will definitely do is that we will offer a very interesting value proposition, be it financial solutions, be it a good car at a good value. And we will offer obviously a very safe journey, not only in the handling of the process like we described before but also in the used car. So in the used car arena, you will have interesting offers from us, like fully refurbished cars with an additional year of warranty, sanitized vehicles and this is a process, a fair business model for the customer. So I don’t think that the industry will push out tremendous discounts. You know, it’s also not recommendable, to be honest. Is the launch timeline for the upcoming SUV is going to be affected by this crisis of a few months? No. We have launched the Tiguan All Space in March. All the vehicles are in the country so fortunately, before the end of the last financial year, we had imported the Tiguan AllSpace as well as the Tiguan. So once the lockdown is over, we will deliver these vehicles accordingly to our dealerships. So there is no change in strategy. And the third SUV is the Taigun, which is the first product of India 2.0, which is so far on track to meet all its requirements. There will be an additional SUV coming and that is also on track so far. What is your expectation from the government in terms of the policy? What can it do to immediately propel the auto sector? I’m a big supporter of a free economy and means that we as a player in the market have to provide interesting offers to our customers. That’s clear. So I’m not saying that it’s the task of the Government to fix everything. That’s not my policy. I think a Government has two objectives. First, they have to make sure that the complete framework of doing business has to be stable so that we can plan because, in our business, our investments are always long-term and huge. So my first recommendation is to be really clear about what you do, be clear how you are coming back to normality. If not directly to the industry but definitely for the small and medium companies. It’s a big portion of the Indian population being dependent on SME and MSMEs so we have to give them some relaxation, be it in taxes, be it in giving easy access to liquidity in order to overcome this crisis. There are a lot of customers coming out of this group because they are employed in small companies. We have only a small portion of big players in India who are employing a lot of people. I think there must be some initiatives taking place. Secondly, if I look at the importance of the auto industry in India, it is 7% of the gross domestic product and also, there is a high proportion of exports, which are bringing money into the country. Our association SIAM and FADA have written multiple letters to the government and proposed multiples ideas. Scrappage policy is something that is not only helping us as an industry but is also helping the environment. You get old clunkers out of the roads and you get new cars with the latest technologies on the road. At the same time, the government is also running the GST on those vehicles. So that’s an interesting proposition and I always believe it should be a win-win situation. So these are the three elements what are really for me. For me, it is really required to announce a clear plan, not to change it frequently, make it on time because to build up a supply chain, one needs to get the people back from their home villages into the factories and it’s not an easy thing. How do you see the sales and growth turning out to be at the end of the year? There will be no growth and everything here depends on the speed we can pick up again. Also, we do a lot of scenarios. We have five scenarios. We’re looking at the curves from countries that are ahead of us. So for instance, in China, six weeks after the lockdown opened, they were back to 90% of their pre-COVID-19 workshop business. So it resumed in six weeks’ time but it is impossible in India for things to be that fast. We think most likely not but you never know. Not a lot of customers are refraining from purchasing a vehicle. The intention is the same. They only think that what has changed is the budget. So they are not prepared to pay so much more. So I can tell you it’s very difficult analytics and very difficult planning. I will give you an example. In 2019, in the last quarter, I was not expecting better car sales than in 2018. I was not expecting that the market goes back to 2018 levels but what happened! We actually sold 1100 more cars in the last quarter than we expected. You cannot take two or three months of no sales and have no hit. So, to put it in a nutshell, it is very difficult to predict. I think we will see a hit clearly but we don’t know where the scope is. Summarise this report in a few sentences." summarise in a few sentences.
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By Ambassador Anil Trigunayat Even though the Corona Virus epidemic has virtually brought the world to a halt it has not been able to dent the deep manipulations and geopolitical competition. The most recent one witnessed was during the OPEC+ meeting on March 9, which saw the divergent approaches and assessments of the Saudi led Oil Producing Countries’ Cartel and their hitherto cohabitation with another major oil producer partner in Russia. The agreement to stabilise price and production has been held rather well since 2016 by OPEC+ countries so far. Given the fact that a huge adverse Corona impact on economies of major hydrocarbons consuming countries like China and India led to reduced and depressed demand for petroleum products, the Saudis wanted to cut the production to maintain the price stability. But more than expected production cuts i.e. additional cuts of 1.5 mbpd was unacceptable to Russians. Possibly they could have agreed to extend the existing curbs until the end of 2020.The oil-producing countries have had their own self-inflicted problems with declining prices and their budgetary calculations coming under stress which they could ill afford any further. This is further accentuated by their armed interventions, proxy wars, misadventures and regional competition from Yemen to Lebanon that costs a lot to their economies. Hence, they wanted to keep oil production at lower levels to hold the prices steady. But Russia thought otherwise since it did not want its market share to drop further. It wants to regain and retain its market share and destinations. In recent years the whole Oil dynamic has changed as the USA, with its increasing Shale production by 4.5 mn barrels a day, has become a real competitor to all other producers. Russia has faced increasing US unilateral sanctions and isolationism subjecting its economic woes to further accentuate. It also lost its status as the largest oil producer in 2018 which it intends to regain. Moreover, its political problems and Ukraine issue with the West has cast an economic shadow which it intends to overcome. Recently President Trump was critical of the German -Russia pipeline project and even threatened sanctions on that. President Putin decried and urged that ” US Sanctions against #NordStream should be lifted. There are no grounds for imposing them. If the sanctions remain, it will mean that there is only one motive -to ensure competitive advantage for their LNG. It is done at the expense of European consumers”. Just last week the US sanctioned a subsidiary of Russian Rosneft for working with Maduro regime in Venezuela. For Russia Western European markets including Germany, Netherlands, Poland, Belarus and Finland is very important and it supplies over 70% of its oil and gas production to them. Next market increasing in importance has been China which gets over 10% of Russian exports through secured fast pipelines like the Eastern Siberia Pacific Ocean Pipeline. Although China imports a great deal from Iran and Saudi Arabia and some other countries its strategic dependence on Russia for energy supplies is a given This spat and the decision did have a direct impact on the global oil prices that went down by $ 11 to $35 a barrel which was the biggest drop in prices in a day since 1991. In order to get back at Russia, the Saudi Aramco was asked to enhance production by one million barrels a day taking it to 13 mn barrels per day and they made diplomatic outreach to assure larger supplies to their traditional markets including India. Although Russia maintained that it can withstand oil prices of up to the US $ 25-$30 per barrel for a decade or so the Gulf countries usually budget for US$ 60 a barrel. Although the Russians depend on the oil exports to the tune of 36 per cent of their budget compared to Saudi’s oil revenue share of nearly 65 per cent, in budgetary requirements Saudi oil production cost is barely $3-5 the lowest that along with huge sovereign wealth and reserves give them an edge. Similarly Brent Crude fell by 25% and the American WTI crude hit its lowest to US$29 per barrel. It wreaked havoc on the markets globally in the ensuing price war as Saudi Arabia offered discounts of US$6-8 to secure a larger market share by aggressive outreach to dispense with its spare capacity. The global production is far outpacing the demand and hence a huge glut in the market and competition even to replace the more expensive US shale share. In fact, the US Shale producer companies have been hugely debt-ridden and it is difficult for them to compete with traditional oil & gas supplies especially when the price and cost of production differential is nearly 50 per cent. US shale companies may be forced to cut production due to price differential. Major US oil companies also saw their shares slashed down and a repeat of 2014-16 appears to be on the anvil. Americans have got the message and their Energy Department claimed that the “State Actors” are trying to manipulate and shock the oil markets and urged the Russians to work for orderly energy markets. Russia, which has regained its influence in the Middle East post-Syria, had developed a cosier relationship especially with Saudi Arabia and UAE due to changing geopolitics and US induced hiatus and apparent disinterest in the Middle East, will have to perhaps somehow recover the bonhomie since Saudis are also trying to diversify their economies as per Vision 2030 of Prince Salman (MBS) where Russians and Chinese have much more to gain through collaboration The situation is somewhat favourable for the emerging economies as their oil import bills in the short term will be significantly reduced providing them with a breather from the downturn in their economies. But their export markets especially in the oil-rich stressed economies will see a depressed demand. In several cases this may impact the expat labour and workforce coming especially from India and other Asian countries as they might see further layoffs. Moreover, the uncertainty and volatility in the medium and long term is not good for the producer countries either as their target markets will look at more reliable and cost competitive options in renewable and alternate energy options. India has already placed a huge emphasis and carved out a plan through its Solar mission and International Solar Alliance initiative to produce clean and green energy. Besides, there is a greater emphasis on Electrical Vehicles. In any case the Reliance Industries, which has a strategic partnership with Aramco, has decided to lift an additional 2mn barrels. India could well use the surplus cheaper available crude for its strategic reserves while the bounty lasts. It would be an opportune time for the consumer countries like China, India, Japan, South Korea and some European countries to join hands to create either a Buyer’s Cartel or an informal grouping so that their negotiating position and predictability increases. The war of the Titans will take a huge toll on the global economy which is already in a downturn and hence efforts are on to bring about some sense among the key stakeholders to reinitiate the dialogue between OPEC and Russia and perhaps the US – the new kid on the block. All will have to devise understandings so that a healthy competition does not lead to a free for all scenarios where all will be losers. Meanwhile, signs of a thaw are missing among the OPEC+ even though the sides maintain that their “doors are open”. (The author is Distinguished Fellow, VIF. Views expressed are personal.) Summarise this report in a few sentences.
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the OPEC+ meeting on march 9 saw the divergent approaches and assessments of the Saudi led oil producing countries’ cartel. the agreement to stabilise price and production has been held rather well since 2016 by OPEC+ countries. the u.s. has increased its Shale production by 4.5 mn barrels a day. it also lost its status as the largest oil producer in 2018 which it intends to regain.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "By Ambassador Anil Trigunayat Even though the Corona Virus epidemic has virtually brought the world to a halt it has not been able to dent the deep manipulations and geopolitical competition. The most recent one witnessed was during the OPEC+ meeting on March 9, which saw the divergent approaches and assessments of the Saudi led Oil Producing Countries’ Cartel and their hitherto cohabitation with another major oil producer partner in Russia. The agreement to stabilise price and production has been held rather well since 2016 by OPEC+ countries so far. Given the fact that a huge adverse Corona impact on economies of major hydrocarbons consuming countries like China and India led to reduced and depressed demand for petroleum products, the Saudis wanted to cut the production to maintain the price stability. But more than expected production cuts i.e. additional cuts of 1.5 mbpd was unacceptable to Russians. Possibly they could have agreed to extend the existing curbs until the end of 2020.The oil-producing countries have had their own self-inflicted problems with declining prices and their budgetary calculations coming under stress which they could ill afford any further. This is further accentuated by their armed interventions, proxy wars, misadventures and regional competition from Yemen to Lebanon that costs a lot to their economies. Hence, they wanted to keep oil production at lower levels to hold the prices steady. But Russia thought otherwise since it did not want its market share to drop further. It wants to regain and retain its market share and destinations. In recent years the whole Oil dynamic has changed as the USA, with its increasing Shale production by 4.5 mn barrels a day, has become a real competitor to all other producers. Russia has faced increasing US unilateral sanctions and isolationism subjecting its economic woes to further accentuate. It also lost its status as the largest oil producer in 2018 which it intends to regain. Moreover, its political problems and Ukraine issue with the West has cast an economic shadow which it intends to overcome. Recently President Trump was critical of the German -Russia pipeline project and even threatened sanctions on that. President Putin decried and urged that ” US Sanctions against #NordStream should be lifted. There are no grounds for imposing them. If the sanctions remain, it will mean that there is only one motive -to ensure competitive advantage for their LNG. It is done at the expense of European consumers”. Just last week the US sanctioned a subsidiary of Russian Rosneft for working with Maduro regime in Venezuela. For Russia Western European markets including Germany, Netherlands, Poland, Belarus and Finland is very important and it supplies over 70% of its oil and gas production to them. Next market increasing in importance has been China which gets over 10% of Russian exports through secured fast pipelines like the Eastern Siberia Pacific Ocean Pipeline. Although China imports a great deal from Iran and Saudi Arabia and some other countries its strategic dependence on Russia for energy supplies is a given This spat and the decision did have a direct impact on the global oil prices that went down by $ 11 to $35 a barrel which was the biggest drop in prices in a day since 1991. In order to get back at Russia, the Saudi Aramco was asked to enhance production by one million barrels a day taking it to 13 mn barrels per day and they made diplomatic outreach to assure larger supplies to their traditional markets including India. Although Russia maintained that it can withstand oil prices of up to the US $ 25-$30 per barrel for a decade or so the Gulf countries usually budget for US$ 60 a barrel. Although the Russians depend on the oil exports to the tune of 36 per cent of their budget compared to Saudi’s oil revenue share of nearly 65 per cent, in budgetary requirements Saudi oil production cost is barely $3-5 the lowest that along with huge sovereign wealth and reserves give them an edge. Similarly Brent Crude fell by 25% and the American WTI crude hit its lowest to US$29 per barrel. It wreaked havoc on the markets globally in the ensuing price war as Saudi Arabia offered discounts of US$6-8 to secure a larger market share by aggressive outreach to dispense with its spare capacity. The global production is far outpacing the demand and hence a huge glut in the market and competition even to replace the more expensive US shale share. In fact, the US Shale producer companies have been hugely debt-ridden and it is difficult for them to compete with traditional oil & gas supplies especially when the price and cost of production differential is nearly 50 per cent. US shale companies may be forced to cut production due to price differential. Major US oil companies also saw their shares slashed down and a repeat of 2014-16 appears to be on the anvil. Americans have got the message and their Energy Department claimed that the “State Actors” are trying to manipulate and shock the oil markets and urged the Russians to work for orderly energy markets. Russia, which has regained its influence in the Middle East post-Syria, had developed a cosier relationship especially with Saudi Arabia and UAE due to changing geopolitics and US induced hiatus and apparent disinterest in the Middle East, will have to perhaps somehow recover the bonhomie since Saudis are also trying to diversify their economies as per Vision 2030 of Prince Salman (MBS) where Russians and Chinese have much more to gain through collaboration The situation is somewhat favourable for the emerging economies as their oil import bills in the short term will be significantly reduced providing them with a breather from the downturn in their economies. But their export markets especially in the oil-rich stressed economies will see a depressed demand. In several cases this may impact the expat labour and workforce coming especially from India and other Asian countries as they might see further layoffs. Moreover, the uncertainty and volatility in the medium and long term is not good for the producer countries either as their target markets will look at more reliable and cost competitive options in renewable and alternate energy options. India has already placed a huge emphasis and carved out a plan through its Solar mission and International Solar Alliance initiative to produce clean and green energy. Besides, there is a greater emphasis on Electrical Vehicles. In any case the Reliance Industries, which has a strategic partnership with Aramco, has decided to lift an additional 2mn barrels. India could well use the surplus cheaper available crude for its strategic reserves while the bounty lasts. It would be an opportune time for the consumer countries like China, India, Japan, South Korea and some European countries to join hands to create either a Buyer’s Cartel or an informal grouping so that their negotiating position and predictability increases. The war of the Titans will take a huge toll on the global economy which is already in a downturn and hence efforts are on to bring about some sense among the key stakeholders to reinitiate the dialogue between OPEC and Russia and perhaps the US – the new kid on the block. All will have to devise understandings so that a healthy competition does not lead to a free for all scenarios where all will be losers. Meanwhile, signs of a thaw are missing among the OPEC+ even though the sides maintain that their “doors are open”. (The author is Distinguished Fellow, VIF. Views expressed are personal.) Summarise this report in a few sentences." summarise in a few sentences.
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A drop in Google ad sales steadied in April and some consumers returned to using the search engine for shopping in addition to finding novel coronavirus information, parent Alphabet Inc said on Tuesday, sparking an 8% rally in shares. The share rally to $1,329.81 after hours brought the stock almost back to where it started the year. Some financial and advertising analysts had estimated ad sales declines of up to 20% in the coming quarters, with hotels, airlines, film studios and other big spenders cutting ad buys because of the coronavirus pandemic. But Alphabet said search ads, its most lucrative business, saw revenue decline by a mid-teens percentage in late March compared with a year earlier and that the slowdown did not worsen this month. The company also is working to lure money from advertisers that normally sponsor sporting events canceled by the coronavirus. "While, obviously, there's an impact on the economy and we're not immune to that, the engagement from advertisers across our products and with our teams has been very robust," Alphabet Chief Executive Sundar Pichai told analysts on Tuesday. Alphabet Chief Financial Officer Ruth Porat still warned that she anticipated "the second quarter will be a difficult one" because the early April trends may not hold. But Nicole Perrin, an analyst at ad consultancy eMarketer, said the first-quarter results matched "relatively optimistic scenarios" and left her "cautiously optimistic" about the current quarter. Alphabet's overall revenue in the first quarter was $41.2 billion, up 13% compared with the same period last year. The average estimate among financial analysts tracked by Refinitiv was $40.29 billion, up 10.87%, expecting the slowest growth since 11.1% in the second quarter of 2015. Alphabet was the first major U.S. internet services company to report first-quarter results, offering a preview of what other companies might report in coming days. Shares of Google's top rival in ad sales Facebook Inc, which had been down 8.6% this year entering Tuesday, rose 3% after hours. Microsoft Corp rose 1.2% in extended trading after rising 10.7% this year, and Apple Inc rose 0.6% after entering Tuesday down 3.3%. Shares of Amazon.com Inc, up 28.6% this year as shoppers turn to it amid lockdowns, were up 1.25% after Alphabet's results. VIRUS CHALLENGES A booming economy and rising internet usage have driven Google to record revenues in the last few years. But the virus has split those two trends, with consumer spending now plunging and reliance on internet services surging. While Google tools including Duo video chatting and YouTube have become essential to many users this year, the company largely does not charge for them and instead generates revenue selling ad tools as well as links, banners and commercials on its services and those of partners. But more than 26 million people have filed for unemployment during the last month in United States, Google's largest market for ad sales, erasing all of the country's job gains in the last decade. Google's ads business generated about 83% of Alphabet's revenue last year. It tends to flow with the broader economy, which explains Alphabet's slower revenue growth in the first quarter. Google ad sales in the first quarter were $33.8 billion, with about 73% coming from search and 12% from YouTube. "YouTube provided an upside surprise, with growth actually accelerating despite the impact on ad budgets from the lockdowns," said James Cordwell, analyst at Atlantic Equities. Revenue from YouTube grew 33.5%, slightly faster than during the previous quarter. But Porat warned that the growth rate had slowed to the "high single digits" by late March and continued to decline in April for ads that were not meant to immediately spark a consumer purchase. The company did not release the number of paid subscribers for YouTube services, after revealing it had 20 million last quarter. About 5.5% of Alphabet's revenue last year came from cloud services for which Google charges businesses, schools and governments. This year, the company has extended various free offers to aid customers affected by the pandemic. The cloud business generated $2.8 billion in revenue, up 52% from a year ago. Alphabet's total costs and expenses rose about 12% from a year ago to $33.2 billion, down from around 20% jumps in recent quarters. Porat said first-quarter expenses included an increased reserve to account for clients unable to pay bills because of the virus. With usage of Google's services up but sales down, the company has pared hiring, marketing, office expansions and other spending plans. Google just three months ago had said it would be spending heavily to add staff for its cloud business and other areas where it is challenging to unseat dominant competitors. Alphabet's first-quarter profit was $6.8 billion, or $9.87 per share, compared with the analysts' average estimate of $7.21 billion, or $10.40 per share. Also read: Tariff issue: US cautions India against 'Google tax', asks to 'strongly' reconsider Also read: Google parent Alphabet Inc paid Sundar Pichai $281 million in compensation in 2019 Summarise this report in a few sentences.
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google ad sales dropped in April, but the slowdown did not worsen this month. some analysts had estimated ad sales declines of up to 20% in coming quarters. but search ads revenue declined by a mid-teens percentage in late march. the company is also trying to lure money from advertisers that sponsor sporting events canceled by the virus.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "A drop in Google ad sales steadied in April and some consumers returned to using the search engine for shopping in addition to finding novel coronavirus information, parent Alphabet Inc said on Tuesday, sparking an 8% rally in shares. The share rally to $1,329.81 after hours brought the stock almost back to where it started the year. Some financial and advertising analysts had estimated ad sales declines of up to 20% in the coming quarters, with hotels, airlines, film studios and other big spenders cutting ad buys because of the coronavirus pandemic. But Alphabet said search ads, its most lucrative business, saw revenue decline by a mid-teens percentage in late March compared with a year earlier and that the slowdown did not worsen this month. The company also is working to lure money from advertisers that normally sponsor sporting events canceled by the coronavirus. "While, obviously, there's an impact on the economy and we're not immune to that, the engagement from advertisers across our products and with our teams has been very robust," Alphabet Chief Executive Sundar Pichai told analysts on Tuesday. Alphabet Chief Financial Officer Ruth Porat still warned that she anticipated "the second quarter will be a difficult one" because the early April trends may not hold. But Nicole Perrin, an analyst at ad consultancy eMarketer, said the first-quarter results matched "relatively optimistic scenarios" and left her "cautiously optimistic" about the current quarter. Alphabet's overall revenue in the first quarter was $41.2 billion, up 13% compared with the same period last year. The average estimate among financial analysts tracked by Refinitiv was $40.29 billion, up 10.87%, expecting the slowest growth since 11.1% in the second quarter of 2015. Alphabet was the first major U.S. internet services company to report first-quarter results, offering a preview of what other companies might report in coming days. Shares of Google's top rival in ad sales Facebook Inc, which had been down 8.6% this year entering Tuesday, rose 3% after hours. Microsoft Corp rose 1.2% in extended trading after rising 10.7% this year, and Apple Inc rose 0.6% after entering Tuesday down 3.3%. Shares of Amazon.com Inc, up 28.6% this year as shoppers turn to it amid lockdowns, were up 1.25% after Alphabet's results. VIRUS CHALLENGES A booming economy and rising internet usage have driven Google to record revenues in the last few years. But the virus has split those two trends, with consumer spending now plunging and reliance on internet services surging. While Google tools including Duo video chatting and YouTube have become essential to many users this year, the company largely does not charge for them and instead generates revenue selling ad tools as well as links, banners and commercials on its services and those of partners. But more than 26 million people have filed for unemployment during the last month in United States, Google's largest market for ad sales, erasing all of the country's job gains in the last decade. Google's ads business generated about 83% of Alphabet's revenue last year. It tends to flow with the broader economy, which explains Alphabet's slower revenue growth in the first quarter. Google ad sales in the first quarter were $33.8 billion, with about 73% coming from search and 12% from YouTube. "YouTube provided an upside surprise, with growth actually accelerating despite the impact on ad budgets from the lockdowns," said James Cordwell, analyst at Atlantic Equities. Revenue from YouTube grew 33.5%, slightly faster than during the previous quarter. But Porat warned that the growth rate had slowed to the "high single digits" by late March and continued to decline in April for ads that were not meant to immediately spark a consumer purchase. The company did not release the number of paid subscribers for YouTube services, after revealing it had 20 million last quarter. About 5.5% of Alphabet's revenue last year came from cloud services for which Google charges businesses, schools and governments. This year, the company has extended various free offers to aid customers affected by the pandemic. The cloud business generated $2.8 billion in revenue, up 52% from a year ago. Alphabet's total costs and expenses rose about 12% from a year ago to $33.2 billion, down from around 20% jumps in recent quarters. Porat said first-quarter expenses included an increased reserve to account for clients unable to pay bills because of the virus. With usage of Google's services up but sales down, the company has pared hiring, marketing, office expansions and other spending plans. Google just three months ago had said it would be spending heavily to add staff for its cloud business and other areas where it is challenging to unseat dominant competitors. Alphabet's first-quarter profit was $6.8 billion, or $9.87 per share, compared with the analysts' average estimate of $7.21 billion, or $10.40 per share. Also read: Tariff issue: US cautions India against 'Google tax', asks to 'strongly' reconsider Also read: Google parent Alphabet Inc paid Sundar Pichai $281 million in compensation in 2019 Summarise this report in a few sentences." summarise in a few sentences.
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As the merciless stocks selloff eroded massive value from every equity investor portfolio, Dalal Street fund managers for the rich turned it into an opportunity to overhaul their portfolios, getting rid of the dud stocks and picking up steady performers at dirt cheap prices.As blue chips lost 30-40 per cent of values, Indian PMS managers even booked losses in certain bets, in some cases going up to 25 per cent, as they tried to keep some powder dry. Aveek Mitra , Founder & CEO at Aveksat Financial Advisory says he has managed to keep a substantial amount of cash, and that does not mean he has exited many positions profitably.“We have booked losses up to 20-25 per cent and came out of the market, because we thought it is better to survive for tomorrow than try to see what the market is doing,” he said.Mitra says stock valuations hold no meaning at this point. He would deploy the money only after the market has found its bottom.Several Nifty50 stocks have fallen up to 77 per cent. Index stocks IndusInd Bank Tata Motors , Vedanta, Zee Entertainment, Hindalco, Axis Bank and Bajaj Finserv have taken heaviest blows in this selloff, eroding over half of their value till now.As valuations of these stocks have come down sharply, Nifty50 now trades at a price-to-earnings ratio of 18 times, down from 28 times it quoted at its peak level at the start of the year.Similarly, the price-to-book value for the index has come down to 2.35 from 3.75 in December end. Amit Jeswani of Stallion Asset, whose midcap-focused portfolio is down 17 per cent year to date, has also booked losses. He said he does so even in a rising market when there is an opportunity to switch to better stocks.“There is no one in this world who would not have made mistakes in a bull market. The only way to correct them is now. You switch out of your mistakes and get into better stocks. You should switch even if you have to book losses. Because if you are booking losses on one counter, you are also buying another at a discount,” he said.Jeswani shared a simple formula to get rich: ride out two bull and two bear markets in next 10-15 years and you will make a lot of money.He advised investors to buy debt-free, consumer-oriented companies, for whom they think the ongoing problem would not last beyond one quarter and growth will be back from the next quarter.Only three Nifty stocks are in the positive for this calendar year – Hindustan Unilever, Dr Reddy’s Laboratories and Nestle India.Ajay Bodke, CEO-PMS at Prabhudas Lilladher and G Chokkalingam, Founder of Equinomics Research also underlined the importance of cutting losses.“The biggest problem with retail investors is that they hesitate to book losses. If there is a systematic risk or stock-specific risk, one should not hesitate to book losses. What is important is the opportunity cost of money, not your cost price,” Chokkalingam said.An opportunity cost refers to the returns that one could have earned had s/he invested the money in another instrument.Bodke blamed the recency effect for such human behaviour. He said investors always think of the price they bought a stock at, but not the price where it can go to. Summarise this report in a few sentences.
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a number of fund managers have booked losses in the stock market. some have booked losses up to 25 per cent. amit jeswani of a midcap-focused portfolio is down 17 per cent. he says he does so even in a rising market when there is an opportunity to switch. he says he has been able to keep a substantial amount of cash.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "As the merciless stocks selloff eroded massive value from every equity investor portfolio, Dalal Street fund managers for the rich turned it into an opportunity to overhaul their portfolios, getting rid of the dud stocks and picking up steady performers at dirt cheap prices.As blue chips lost 30-40 per cent of values, Indian PMS managers even booked losses in certain bets, in some cases going up to 25 per cent, as they tried to keep some powder dry. Aveek Mitra , Founder & CEO at Aveksat Financial Advisory says he has managed to keep a substantial amount of cash, and that does not mean he has exited many positions profitably.“We have booked losses up to 20-25 per cent and came out of the market, because we thought it is better to survive for tomorrow than try to see what the market is doing,” he said.Mitra says stock valuations hold no meaning at this point. He would deploy the money only after the market has found its bottom.Several Nifty50 stocks have fallen up to 77 per cent. Index stocks IndusInd Bank Tata Motors , Vedanta, Zee Entertainment, Hindalco, Axis Bank and Bajaj Finserv have taken heaviest blows in this selloff, eroding over half of their value till now.As valuations of these stocks have come down sharply, Nifty50 now trades at a price-to-earnings ratio of 18 times, down from 28 times it quoted at its peak level at the start of the year.Similarly, the price-to-book value for the index has come down to 2.35 from 3.75 in December end. Amit Jeswani of Stallion Asset, whose midcap-focused portfolio is down 17 per cent year to date, has also booked losses. He said he does so even in a rising market when there is an opportunity to switch to better stocks.“There is no one in this world who would not have made mistakes in a bull market. The only way to correct them is now. You switch out of your mistakes and get into better stocks. You should switch even if you have to book losses. Because if you are booking losses on one counter, you are also buying another at a discount,” he said.Jeswani shared a simple formula to get rich: ride out two bull and two bear markets in next 10-15 years and you will make a lot of money.He advised investors to buy debt-free, consumer-oriented companies, for whom they think the ongoing problem would not last beyond one quarter and growth will be back from the next quarter.Only three Nifty stocks are in the positive for this calendar year – Hindustan Unilever, Dr Reddy’s Laboratories and Nestle India.Ajay Bodke, CEO-PMS at Prabhudas Lilladher and G Chokkalingam, Founder of Equinomics Research also underlined the importance of cutting losses.“The biggest problem with retail investors is that they hesitate to book losses. If there is a systematic risk or stock-specific risk, one should not hesitate to book losses. What is important is the opportunity cost of money, not your cost price,” Chokkalingam said.An opportunity cost refers to the returns that one could have earned had s/he invested the money in another instrument.Bodke blamed the recency effect for such human behaviour. He said investors always think of the price they bought a stock at, but not the price where it can go to. Summarise this report in a few sentences." summarise in a few sentences.
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Agriculture and allied activities are likely to see 2.5% growth in FY21 as the effects of the pandemic on the sector, thus far, have been varied because these activities are not a homogeneous group, each having its own set of dynamics, said rating agency Crisil. Gross value added (GVA) in India’s agriculture and allied sectors grew 4% in FY20 while the sector’s average growth in the past six years was about 3.2%. “Growth in agriculture and allied activities this fiscal hinges on a bumper food grains production. A normal monsoon will be critical, too. Horticulture might have to bear some burnt because of perishability. Livestock is an important fall-back in times crop output volatility,” Crisil said in a research report, authored by its chief economist Dharmakirti Joshi and senior economist Adhish Verma. While the share of crops in the agriculture sector’s gross value added (GVA) is the largest (59.2%) — agriculture crops (30%) and horticulture (29.2%) — it is also the most volatile in terms of performance as it is the only sub-sector that showed negative performance during some years in the past decade, the report said. Livestock, though only half the size of crops, plays a crucial role in driving the agricultural GVA growth, in which it has 26.6% share. Its role attains prominence particularly in years when crops take a hit, Crisil said. Milk, which comprises the biggest chunk of livestock (66.2% share), is expected to do well. “Fortunately, milk consumption from the household segment has remained largely stable despite the lockdown. Demand from the hotels/restaurants/catering segment (which contributes 15-20% to total milk consumption) has certainly collapsed, but is expected to pick up gradually once the lockdown is lifted. Moreover, the current slowdown in consumption demand is being dealt with by converting liquid milk into skimmed milk powder (SMP),” it said. But, meat, eggs, fisheries and aquaculture are likely to face a prolonged impact, as there is a tendency to reduce consumption of non-vegetarian food during the pandemic. A fall in exports in these commodities too is expected to hem in demand. “With the contribution of these items (meat, eggs, fisheries and aquaculture) in the agriculture and allied activities sector being relatively lower (33.8% share in livestock output), the overall agricultural growth may stay resilient,” Crisil said. It has also identified any likely impact of locust attacks on crops as a risk factor. The impact of recent locust attack on agriculture output is not a worry for now, as rabi crops have been harvested and a full-fledged kharif sowing is yet to begin, it said and added that standing horticulture crops, which was not harvested because of problems in selling, have reportedly been attacked. “Measures to control the locust attack are needed on a war footing, as the kharif sowing season is approaching fast,” it said. Agriculture and allied sectors could be the Indian economy’s only bright spot in a year when the Covid-19 pandemic has slammed the brakes on industry and services, Crisil said. It has recently predicted the economy to shrink by 5% in the current fiscal while previously it had projected a growth of 1.8%. The overall GDP grew 4.2% in FY20, according to the official data. Summarise this report in a few sentences.
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agriculture and allied activities likely to see 2.5% growth in FY21. growth hinges on bumper food grains production. a normal monsoon will be critical, too. milk, which comprises biggest chunk of livestock, is expected to do well. but, meat, eggs, fisheries and aquaculture are likely to face a prolonged impact. a fall in exports in these commodities too is expected to hem in demand.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Agriculture and allied activities are likely to see 2.5% growth in FY21 as the effects of the pandemic on the sector, thus far, have been varied because these activities are not a homogeneous group, each having its own set of dynamics, said rating agency Crisil. Gross value added (GVA) in India’s agriculture and allied sectors grew 4% in FY20 while the sector’s average growth in the past six years was about 3.2%. “Growth in agriculture and allied activities this fiscal hinges on a bumper food grains production. A normal monsoon will be critical, too. Horticulture might have to bear some burnt because of perishability. Livestock is an important fall-back in times crop output volatility,” Crisil said in a research report, authored by its chief economist Dharmakirti Joshi and senior economist Adhish Verma. While the share of crops in the agriculture sector’s gross value added (GVA) is the largest (59.2%) — agriculture crops (30%) and horticulture (29.2%) — it is also the most volatile in terms of performance as it is the only sub-sector that showed negative performance during some years in the past decade, the report said. Livestock, though only half the size of crops, plays a crucial role in driving the agricultural GVA growth, in which it has 26.6% share. Its role attains prominence particularly in years when crops take a hit, Crisil said. Milk, which comprises the biggest chunk of livestock (66.2% share), is expected to do well. “Fortunately, milk consumption from the household segment has remained largely stable despite the lockdown. Demand from the hotels/restaurants/catering segment (which contributes 15-20% to total milk consumption) has certainly collapsed, but is expected to pick up gradually once the lockdown is lifted. Moreover, the current slowdown in consumption demand is being dealt with by converting liquid milk into skimmed milk powder (SMP),” it said. But, meat, eggs, fisheries and aquaculture are likely to face a prolonged impact, as there is a tendency to reduce consumption of non-vegetarian food during the pandemic. A fall in exports in these commodities too is expected to hem in demand. “With the contribution of these items (meat, eggs, fisheries and aquaculture) in the agriculture and allied activities sector being relatively lower (33.8% share in livestock output), the overall agricultural growth may stay resilient,” Crisil said. It has also identified any likely impact of locust attacks on crops as a risk factor. The impact of recent locust attack on agriculture output is not a worry for now, as rabi crops have been harvested and a full-fledged kharif sowing is yet to begin, it said and added that standing horticulture crops, which was not harvested because of problems in selling, have reportedly been attacked. “Measures to control the locust attack are needed on a war footing, as the kharif sowing season is approaching fast,” it said. Agriculture and allied sectors could be the Indian economy’s only bright spot in a year when the Covid-19 pandemic has slammed the brakes on industry and services, Crisil said. It has recently predicted the economy to shrink by 5% in the current fiscal while previously it had projected a growth of 1.8%. The overall GDP grew 4.2% in FY20, according to the official data. Summarise this report in a few sentences." summarise in a few sentences.
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Sharekhan, a subsidiary of BNP Paribas, on Tuesday announced the launch of its new discount brokerage platform. The full-service broking firm, however, did not divulge details about the name of the new subsidiary. It announced that Project Leapp will be the first phase towards launching the discount broking category through a new subsidiary company. The new discount brokerage is likely to be launched in the September ending quarter of the financial year 2021 after the broking firm finishes the process of beta testing. The beta company will allow 100 alpha traders and investors to test the platform in the live market mode. On the basis of first in, first win the selected 100 alpha traders and investors will have to give Rs 5 lakh as margin and will receive one year of brokerage for free as a welcome gift. “The 100 alpha traders and investors can test the new platform in live-market mode including many innovations on Watchlist, Detail Quotes, Orders and Reports and give their feedback to the ‘founding senior leadership team’ of Project Leapp,” the brokerage said in its statement. Jaideep Arora, chief executive officer, Sharekhan by BNP Paribas, said, “Our approach is to have separate companies and brands for discount broking versus full service as we believe that given India’s low penetration in equity markets there is a lot of relevance for both subcategories to grow.” Summarise this report in a few sentences.
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project leapp will be the first phase towards launching the discount broking category through a new subsidiary company. the beta company will allow 100 alpha traders and investors to test the platform in the live market mode. the selected 100 alpha traders and investors will have to give Rs 5 lakh as margin and will receive one year of brokerage for free as a welcome gift.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Sharekhan, a subsidiary of BNP Paribas, on Tuesday announced the launch of its new discount brokerage platform. The full-service broking firm, however, did not divulge details about the name of the new subsidiary. It announced that Project Leapp will be the first phase towards launching the discount broking category through a new subsidiary company. The new discount brokerage is likely to be launched in the September ending quarter of the financial year 2021 after the broking firm finishes the process of beta testing. The beta company will allow 100 alpha traders and investors to test the platform in the live market mode. On the basis of first in, first win the selected 100 alpha traders and investors will have to give Rs 5 lakh as margin and will receive one year of brokerage for free as a welcome gift. “The 100 alpha traders and investors can test the new platform in live-market mode including many innovations on Watchlist, Detail Quotes, Orders and Reports and give their feedback to the ‘founding senior leadership team’ of Project Leapp,” the brokerage said in its statement. Jaideep Arora, chief executive officer, Sharekhan by BNP Paribas, said, “Our approach is to have separate companies and brands for discount broking versus full service as we believe that given India’s low penetration in equity markets there is a lot of relevance for both subcategories to grow.” Summarise this report in a few sentences." summarise in a few sentences.
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File image Maharashtra Chief Minister Uddhav Thackeray will meet captains of the industry here on Tuesday to get their "inputs and expectations" to make the state's economy reach the $1 trillion (Rs 72 lakh crore at current exchange rate) mark in the next few years. This will be the first such meeting that Thackeray will hold with top industrialists since assuming office on November 28, an official said. "The chief minister will be focusing on pending issues of companies and their expectations from the government. If the state's economy has to reach the $1 trillion mark, inputs and expectations of industries are valuable. Hence, the CM has called this meeting," the official said. The size of the state's economy is a little over $400 billion currently. Summarise this report in a few sentences.
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Maharashtra chief minister to meet with industry captains on Tuesday. he will get their "inputs and expectations" to make state's economy reach $1 trillion. the size of the state's economy is a little over $400 billion currently. the chief minister's office is expected to hold the meeting in january. a state official says the meeting will be the first since taking office in november.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "File image Maharashtra Chief Minister Uddhav Thackeray will meet captains of the industry here on Tuesday to get their "inputs and expectations" to make the state's economy reach the $1 trillion (Rs 72 lakh crore at current exchange rate) mark in the next few years. This will be the first such meeting that Thackeray will hold with top industrialists since assuming office on November 28, an official said. "The chief minister will be focusing on pending issues of companies and their expectations from the government. If the state's economy has to reach the $1 trillion mark, inputs and expectations of industries are valuable. Hence, the CM has called this meeting," the official said. The size of the state's economy is a little over $400 billion currently. Summarise this report in a few sentences." summarise in a few sentences.
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Investors gained Rs 7.69 lakh crore today as Sensex posted its biggest single day gain in (terms of points) on rise in global markets buoyed by the slowing of coronavirus cases across the world. Market capitalisation on BSE rose to Rs 116.36 lakh crore today compared to the previous session's market cap of Rs 108.67 lakh crore. That led the market cap to rise by Rs 7.69 lakh crore. While Sensex closed 2,476 points higher at 30,067, Nifty gained 708 points or 8.76% to 8,792. All Sensex and Nifty stocks closed in the green. However, Sensex is still down 27.12% or 11,186 points since the beginning of this year. Similarly, Nifty has lost 27.75% or 3,376 points during the same period as coronavirus crisis roiled global markets since February this year. Meanwhile, IndusInd Bank (22%), Axis Bank (19%) and M&M (14.44%) were the top Sensex gainers. On Nifty, IndusInd Bank (25%), Axis Bank (20.14%) and Grasim (15%) were the top gainers. S Ranganathan, Head of Research at LKP Securities said, "Bulls took bears to task today with a salute of more than 700 points on the NIFTY. MSCI changes, Under Ownership in Pharmaceuticals and support from Financials, culminated the stellar day in favour of the Bulls". Share Market Update: Sensex logs biggest single-day gain, rises 2,476 points; Nifty at 8,792 Number of stocks hitting upper circuit on BSE stood at 453 against 202 falling to their lower circuits today. Market breadth was positive with 1,843 stocks ending higher against 539 closing lower on BSE. 194 stocks were unchanged. NSE VIX, the volatility gauge of Indian market, closed 6.33% lower at 51.80. Deepak Jasani, Head of Retail Research at HDFC Securities said, "Indian equity markets began the shortened week on a decisive note, staging their biggest one-day gain since May 2009. Nifty gained 8.7 percent to end at 8,792. Technically, the Nifty has rebounded well after forming a higher bottom at 8,056. On upmoves, it could face resistance at 9,039, while 8,678 could offer support for the near term. Indian markets could join South Korea, Philippines and Indonesia in rising 20% plus from recent bottom when it touches 9,013 (Nifty). " Global markets rallied today on hopes the peak of the coronavirus pandemic surge may come soon. France's CAC 40 rose nearly 4.0% to 4,518.21 in early trading, while Germany's DAX jumped 4.5% to 10,530.95. Britain's FTSE 100 added 2.6% to 5,728.94. US shares were set to drift higher with Dow futures gaining 2.9% to 23,140. S&P 500 futures rose 2.7% to 2,716.12. In Asia, Japan's benchmark Nikkei 225 gained 2.0% to finish at 18,950.18 ahead of Prime Minister Shinzo Abe's announcement of a state of emergency in Tokyo and six other regions. Tata Motors share price climbs over 5% despite weak March sales Overnight, the S&P 500 climbed 175.03, or 7%, to 2,663.68, and nearly all the stocks in the index were higher. It more than recovered all its losses from the prior week, when the government reported a record number of layoffs sweeping the economy. The Dow Jones Industrial Average shot up 1,627.46 points, or 7.7%, to 22,679.99, and the Nasdaq rose 540.15, or 7.3%, to 7,913.24. Summarise this report in a few sentences.
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Sensex posted biggest single day gain in terms of points. market cap on BSE rose to Rs 116.36 lakh crore. Nifty gained 708 points or 8.76% to 8,792. Sensex is still down 27.12% or 11,186 points since the beginning of this year. Sensex is still down 27.12% or 11,186 points.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Investors gained Rs 7.69 lakh crore today as Sensex posted its biggest single day gain in (terms of points) on rise in global markets buoyed by the slowing of coronavirus cases across the world. Market capitalisation on BSE rose to Rs 116.36 lakh crore today compared to the previous session's market cap of Rs 108.67 lakh crore. That led the market cap to rise by Rs 7.69 lakh crore. While Sensex closed 2,476 points higher at 30,067, Nifty gained 708 points or 8.76% to 8,792. All Sensex and Nifty stocks closed in the green. However, Sensex is still down 27.12% or 11,186 points since the beginning of this year. Similarly, Nifty has lost 27.75% or 3,376 points during the same period as coronavirus crisis roiled global markets since February this year. Meanwhile, IndusInd Bank (22%), Axis Bank (19%) and M&M (14.44%) were the top Sensex gainers. On Nifty, IndusInd Bank (25%), Axis Bank (20.14%) and Grasim (15%) were the top gainers. S Ranganathan, Head of Research at LKP Securities said, "Bulls took bears to task today with a salute of more than 700 points on the NIFTY. MSCI changes, Under Ownership in Pharmaceuticals and support from Financials, culminated the stellar day in favour of the Bulls". Share Market Update: Sensex logs biggest single-day gain, rises 2,476 points; Nifty at 8,792 Number of stocks hitting upper circuit on BSE stood at 453 against 202 falling to their lower circuits today. Market breadth was positive with 1,843 stocks ending higher against 539 closing lower on BSE. 194 stocks were unchanged. NSE VIX, the volatility gauge of Indian market, closed 6.33% lower at 51.80. Deepak Jasani, Head of Retail Research at HDFC Securities said, "Indian equity markets began the shortened week on a decisive note, staging their biggest one-day gain since May 2009. Nifty gained 8.7 percent to end at 8,792. Technically, the Nifty has rebounded well after forming a higher bottom at 8,056. On upmoves, it could face resistance at 9,039, while 8,678 could offer support for the near term. Indian markets could join South Korea, Philippines and Indonesia in rising 20% plus from recent bottom when it touches 9,013 (Nifty). " Global markets rallied today on hopes the peak of the coronavirus pandemic surge may come soon. France's CAC 40 rose nearly 4.0% to 4,518.21 in early trading, while Germany's DAX jumped 4.5% to 10,530.95. Britain's FTSE 100 added 2.6% to 5,728.94. US shares were set to drift higher with Dow futures gaining 2.9% to 23,140. S&P 500 futures rose 2.7% to 2,716.12. In Asia, Japan's benchmark Nikkei 225 gained 2.0% to finish at 18,950.18 ahead of Prime Minister Shinzo Abe's announcement of a state of emergency in Tokyo and six other regions. Tata Motors share price climbs over 5% despite weak March sales Overnight, the S&P 500 climbed 175.03, or 7%, to 2,663.68, and nearly all the stocks in the index were higher. It more than recovered all its losses from the prior week, when the government reported a record number of layoffs sweeping the economy. The Dow Jones Industrial Average shot up 1,627.46 points, or 7.7%, to 22,679.99, and the Nasdaq rose 540.15, or 7.3%, to 7,913.24. Summarise this report in a few sentences." summarise in a few sentences.
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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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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "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." summarise in a few sentences.
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UK Chancellor of the Exchequer Rishi Sunak, who had pledged to do "whatever it takes" to save people's jobs and livelihoods through the coronavirus pandemic, on Friday unveiled an "unprecedented" wage boost to his COVID-19 rescue package. Britain's Indian-origin finance minister announced that the UK government would pay 80 per cent of wages for employees not working, up to 2,500 pounds a month. "Today I can announce for the first time in our history the government is going to step in and pay people's wages," he said, addressing the daily Downing Street briefing alongside British Prime Minister Boris Johnson. "We said we would stand together with the British people and we meant it," he said. A coronavirus job retention scheme will mean companies will be able to contact the tax department, HMRC, for a grant to provide most of the wages for people who are not working but are kept on payrolls. And, the Coronavirus Business Interruption Scheme will be interest free for 12 months, rather than six months as initially planned, with loans available from Monday. In order to provide "further cashflow support", the Chancellor said he will defer the next quarter of VAT payments. He described the government's planned economic response as the most "comprehensive" in the world. He said: "I know that people are worried about losing their jobs, about not being able to pay the rent or mortgage, about not having enough set by for food and bills. I know that some people in the last few days have already lost their jobs. You will not face this alone. But getting through this will require a collective national effort." Speaking directly to businesses, he added: "The government is doing its best to stand behind you and I'm asking you to do your best to stand behind our workers. When this is over, and it will be over, and remember the many small acts of kindness done by us and to us. We want to look back on this time and remember how we thought first of others and acted with decency." Sunak had already tabled an estimated 350-million pounds loan and grants package to assist struggling businesses through the crisis. On Thursday, he held further roundtables to work out an employment and wage subsidy package to try to protect millions of jobs. Business groups and union leaders held late night discussions with the Chancellor to push for help to pay wages and prevent businesses from collapsing and wiping out thousands of jobs. "We are working round the clock to deliver further support to individuals and families whose jobs and incomes will be affected by COVID-19 and to do so urgently," said Sunak, in reference to his latest set of meetings. "We are in this together, and will all have to play our part," he said. During his weekly briefing from Downing Street on Thursday, British Prime Minister Boris Johnson had indicated that Sunak was working on further help to be announced on Friday as he urged struggling businesses to "stick by their employees, because we're all going to need them". Carolyn Fairbairn, Director-General of the Confederation of British Industry, said: "Firms will do all they can to help employees through these unprecedented times. But the exponential growth of the economic impact requires an urgent, bold new approach to protect pay and livelihoods. "The Chancellor's commitment to go further, at speed is right together we must deliver it within days, not weeks." The UK government said it has already announced expansions in eligibility for welfare support and a hardship fund to support the most vulnerable, as well as support to businesses to help with cash flow and paying wage bills. "As well as providing emergency support to business, it is essential that money goes into workers' pockets now. We must do whatever it takes to stop businesses going to the wall and workers being plunged into poverty," said Frances O'Grady, General Secretary of the Trades Union Congress. Mike Cherry, National Chairman of the Federation of Small Businesses, added: "It's vital that money is available on the front-line now. We have seen an escalation in the health response; now it is right for there to be an escalation in the economic response." One proposal said to be under discussion is for the UK to follow the lead of countries such as Denmark, where the government has promised to cover 75 per cent of salaries at private companies for three months, if they promise not to let staff go. The Bank of England has cut interest rates twice twice in a little over a week to try to provide support to the UK economy, while lenders are preparing to offer a three-month mortgage holiday to homeowners in financial difficulty due to the virus. Also read: Indian industry welcomes UK FM Rishi Sunak's coronavirus rescue package Also read: Coronavirus outbreak: UK says new ventilators to be approved by next week Also read: UK FM Rishi Sunak unveils 330-billion pound package to combat COVID-19 Summarise this report in a few sentences.
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Chancellor of the Exchequer unveils 'unprecedented' wage boost to COVID-19. he says the government will pay 80 per cent of wages for employees not working. he says the government will defer the next quarter of VAT payments. sunak has already tabled an estimated 350-million pounds loan and grants package.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "UK Chancellor of the Exchequer Rishi Sunak, who had pledged to do "whatever it takes" to save people's jobs and livelihoods through the coronavirus pandemic, on Friday unveiled an "unprecedented" wage boost to his COVID-19 rescue package. Britain's Indian-origin finance minister announced that the UK government would pay 80 per cent of wages for employees not working, up to 2,500 pounds a month. "Today I can announce for the first time in our history the government is going to step in and pay people's wages," he said, addressing the daily Downing Street briefing alongside British Prime Minister Boris Johnson. "We said we would stand together with the British people and we meant it," he said. A coronavirus job retention scheme will mean companies will be able to contact the tax department, HMRC, for a grant to provide most of the wages for people who are not working but are kept on payrolls. And, the Coronavirus Business Interruption Scheme will be interest free for 12 months, rather than six months as initially planned, with loans available from Monday. In order to provide "further cashflow support", the Chancellor said he will defer the next quarter of VAT payments. He described the government's planned economic response as the most "comprehensive" in the world. He said: "I know that people are worried about losing their jobs, about not being able to pay the rent or mortgage, about not having enough set by for food and bills. I know that some people in the last few days have already lost their jobs. You will not face this alone. But getting through this will require a collective national effort." Speaking directly to businesses, he added: "The government is doing its best to stand behind you and I'm asking you to do your best to stand behind our workers. When this is over, and it will be over, and remember the many small acts of kindness done by us and to us. We want to look back on this time and remember how we thought first of others and acted with decency." Sunak had already tabled an estimated 350-million pounds loan and grants package to assist struggling businesses through the crisis. On Thursday, he held further roundtables to work out an employment and wage subsidy package to try to protect millions of jobs. Business groups and union leaders held late night discussions with the Chancellor to push for help to pay wages and prevent businesses from collapsing and wiping out thousands of jobs. "We are working round the clock to deliver further support to individuals and families whose jobs and incomes will be affected by COVID-19 and to do so urgently," said Sunak, in reference to his latest set of meetings. "We are in this together, and will all have to play our part," he said. During his weekly briefing from Downing Street on Thursday, British Prime Minister Boris Johnson had indicated that Sunak was working on further help to be announced on Friday as he urged struggling businesses to "stick by their employees, because we're all going to need them". Carolyn Fairbairn, Director-General of the Confederation of British Industry, said: "Firms will do all they can to help employees through these unprecedented times. But the exponential growth of the economic impact requires an urgent, bold new approach to protect pay and livelihoods. "The Chancellor's commitment to go further, at speed is right together we must deliver it within days, not weeks." The UK government said it has already announced expansions in eligibility for welfare support and a hardship fund to support the most vulnerable, as well as support to businesses to help with cash flow and paying wage bills. "As well as providing emergency support to business, it is essential that money goes into workers' pockets now. We must do whatever it takes to stop businesses going to the wall and workers being plunged into poverty," said Frances O'Grady, General Secretary of the Trades Union Congress. Mike Cherry, National Chairman of the Federation of Small Businesses, added: "It's vital that money is available on the front-line now. We have seen an escalation in the health response; now it is right for there to be an escalation in the economic response." One proposal said to be under discussion is for the UK to follow the lead of countries such as Denmark, where the government has promised to cover 75 per cent of salaries at private companies for three months, if they promise not to let staff go. The Bank of England has cut interest rates twice twice in a little over a week to try to provide support to the UK economy, while lenders are preparing to offer a three-month mortgage holiday to homeowners in financial difficulty due to the virus. Also read: Indian industry welcomes UK FM Rishi Sunak's coronavirus rescue package Also read: Coronavirus outbreak: UK says new ventilators to be approved by next week Also read: UK FM Rishi Sunak unveils 330-billion pound package to combat COVID-19 Summarise this report in a few sentences." summarise in a few sentences.
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Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index ended the session with nearly 2 per cent gains on Wednesday. The 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. While the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. It ended the session at 9,553, up 173 points or 1.84 per cent. As many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent, followed by HCL Tech, M&M, HDFC Bank and State Bank of India (SBI). On the other hand, the pack of laggards was led by Axis Bank, down 3.63 per cent. Asian Paint, Hindustan Unilever (HUL), Titan and IndusInd Bank were among other losers on the Sensex. Barring Nifty FMCG and Nifty Pharma, all the sectoral indices ended the session in positive territory. Nifty Metal index was top sectoral gainer with a growth of 3.74 per cent, led by SAIL, Hindalco Industries and Jindal Steel. Moody’s Investors Service on Tuesday slashed India’s growth forecast to 0.2 per cent for the 2020 calendar year from the earlier projection of 2.5 per cent released in March. Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody’s in its Global Macro Outlook 2020-21 (April 2020 Update) projected that all G-20 advanced economies would contract by 5.8 per cent in 2020. Summarise this report in a few sentences.
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the 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. while the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. as many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index ended the session with nearly 2 per cent gains on Wednesday. The 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. While the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. It ended the session at 9,553, up 173 points or 1.84 per cent. As many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent, followed by HCL Tech, M&M, HDFC Bank and State Bank of India (SBI). On the other hand, the pack of laggards was led by Axis Bank, down 3.63 per cent. Asian Paint, Hindustan Unilever (HUL), Titan and IndusInd Bank were among other losers on the Sensex. Barring Nifty FMCG and Nifty Pharma, all the sectoral indices ended the session in positive territory. Nifty Metal index was top sectoral gainer with a growth of 3.74 per cent, led by SAIL, Hindalco Industries and Jindal Steel. Moody’s Investors Service on Tuesday slashed India’s growth forecast to 0.2 per cent for the 2020 calendar year from the earlier projection of 2.5 per cent released in March. Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody’s in its Global Macro Outlook 2020-21 (April 2020 Update) projected that all G-20 advanced economies would contract by 5.8 per cent in 2020. Summarise this report in a few sentences." summarise in a few sentences.
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The Reserve Bank Governor Shaktikanta Das on Friday said there are a few slivers of brightness amidst the encircling gloom and hoped that India will stage a sharp V-shaped recovery in 2021-22 as projected by the International Monetary Fund (IMF). Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward. The IMF has projected sizable V-shaped recoveries for 2021, close to 9 percentage points for global GDP. It expects India to record a sharp turnaround and resume its pre-Covid pre-slowdown trajectory by growing at 7.4 per cent in 2021-22. The RBI Governor said, over the last three weeks, there have been a few data releases on domestic developments (including on factory output), but they are too disjointed to allow a comprehensive assessment of the state of the economy. “Yet, there are a few slivers of brightness amidst the encircling gloom,” he said, and cited his March 27 statement on continuing resilience of agriculture and allied activities on the back of all-time highs in the production of food grains and horticulture, with huge buffer stocks of rice and wheat far in excess of the buffer norms. He further said that by April 10, pre-monsoon kharif sowing had begun strongly, with acreage of paddy the principal kharif crop up by 37 per cent in comparison with the last season. States such as West Bengal, Telangana, Odisha, Assam, Karnataka and Chhattisgarh are leading in sowing activity despite the lockdown. On April 15, the India Meteorological Department (IMD) forecast a normal south west monsoon for the 2020 season, with rainfall expected to be 100 per cent of the long period average. “These early developments bode well for rural demand, supported as they are by accelerating fertiliser production up to February 2020,” Das said. The robust growth of 21.3 per cent in tractor sales up to February 2020 – as against a contraction of 0.5 per cent in April-February last year ? may provide an offset to farm labour shortages on account of the lockdown, he added. He, however noted the index of industrial production (IIP) for February showing that industrial output accelerated to its highest rate in seven months actually does not capture the impact of Covid-19. Latest data on exports too has turned out to be much more severe than during the global financial crisis. The governor further said that in the period ahead, inflation could recede even further, barring supply disruption shocks and may even settle well below the target of 4 per cent by the second half of 2020-21. “Such an outlook would make policy space available to address the intensification of risks to growth and financial stability brought on by COVID-19. This space needs to be used effectively and in time,” Das said. In its February bi-monthly monetary policy, the RBI had projected the GDP growth for 2020-21 at 6 per cent. In the next monetary policy released in late March, the RBI said the implied real GDP growth of 4.7 per cent for fourth quarter of 2019-20 in the second advance estimates of the National Statistics Office within the annual estimate of 5 per cent for the year as a whole “is now at risk from the pandemic’s impact on the economy”. As regards the outlook for 2020-21, RBI had said (March 27) that apart from the continuing resilience of agriculture and allied activities, most other sectors of the economy will be adversely impacted by the pandemic, depending upon its intensity, spread and duration. If Covid-19 is prolonged and supply chain disruptions get accentuated, the global slowdown could deepen, with adverse implications for India, it had said, while sharply slashing the key lending rate by 75 basis points to 4.4 per cent. Global financial markets remain volatile, and emerging market economies are grappling with capital outflows and volatile exchange rates. Crude oil prices remain in a state of flux, despite the agreement on production cuts by OPEC plus countries. Summarise this report in a few sentences.
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softening inflation would make available more policy space to the central bank. softening inflation would make available more policy space to the central bank. softening inflation would make available more policy space to the central bank. the IMF has projected sizable V-shaped recoveries for 2021. it expects India to record a sharp turnaround and resume its pre-Covid pre-slowdown trajectory by growing at 7.4% in 2021-22.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The Reserve Bank Governor Shaktikanta Das on Friday said there are a few slivers of brightness amidst the encircling gloom and hoped that India will stage a sharp V-shaped recovery in 2021-22 as projected by the International Monetary Fund (IMF). Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward. The IMF has projected sizable V-shaped recoveries for 2021, close to 9 percentage points for global GDP. It expects India to record a sharp turnaround and resume its pre-Covid pre-slowdown trajectory by growing at 7.4 per cent in 2021-22. The RBI Governor said, over the last three weeks, there have been a few data releases on domestic developments (including on factory output), but they are too disjointed to allow a comprehensive assessment of the state of the economy. “Yet, there are a few slivers of brightness amidst the encircling gloom,” he said, and cited his March 27 statement on continuing resilience of agriculture and allied activities on the back of all-time highs in the production of food grains and horticulture, with huge buffer stocks of rice and wheat far in excess of the buffer norms. He further said that by April 10, pre-monsoon kharif sowing had begun strongly, with acreage of paddy the principal kharif crop up by 37 per cent in comparison with the last season. States such as West Bengal, Telangana, Odisha, Assam, Karnataka and Chhattisgarh are leading in sowing activity despite the lockdown. On April 15, the India Meteorological Department (IMD) forecast a normal south west monsoon for the 2020 season, with rainfall expected to be 100 per cent of the long period average. “These early developments bode well for rural demand, supported as they are by accelerating fertiliser production up to February 2020,” Das said. The robust growth of 21.3 per cent in tractor sales up to February 2020 – as against a contraction of 0.5 per cent in April-February last year ? may provide an offset to farm labour shortages on account of the lockdown, he added. He, however noted the index of industrial production (IIP) for February showing that industrial output accelerated to its highest rate in seven months actually does not capture the impact of Covid-19. Latest data on exports too has turned out to be much more severe than during the global financial crisis. The governor further said that in the period ahead, inflation could recede even further, barring supply disruption shocks and may even settle well below the target of 4 per cent by the second half of 2020-21. “Such an outlook would make policy space available to address the intensification of risks to growth and financial stability brought on by COVID-19. This space needs to be used effectively and in time,” Das said. In its February bi-monthly monetary policy, the RBI had projected the GDP growth for 2020-21 at 6 per cent. In the next monetary policy released in late March, the RBI said the implied real GDP growth of 4.7 per cent for fourth quarter of 2019-20 in the second advance estimates of the National Statistics Office within the annual estimate of 5 per cent for the year as a whole “is now at risk from the pandemic’s impact on the economy”. As regards the outlook for 2020-21, RBI had said (March 27) that apart from the continuing resilience of agriculture and allied activities, most other sectors of the economy will be adversely impacted by the pandemic, depending upon its intensity, spread and duration. If Covid-19 is prolonged and supply chain disruptions get accentuated, the global slowdown could deepen, with adverse implications for India, it had said, while sharply slashing the key lending rate by 75 basis points to 4.4 per cent. Global financial markets remain volatile, and emerging market economies are grappling with capital outflows and volatile exchange rates. Crude oil prices remain in a state of flux, despite the agreement on production cuts by OPEC plus countries. Summarise this report in a few sentences." summarise in a few sentences.
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London: Britain on Saturday published the text of its narrow trade agreement with the European Union just five days before it exits one of the world's biggest trading blocs in its most momentous global shift since the loss of empire. The text includes a 1,246-page trade document, as well as accords on nuclear energy, exchanging classified information, civil nuclear energy and a series of joint declarations. The "Draft EU-UK Trade and Cooperation Agreement" means that from 2300 GMT on Dec. 31, when Britain finally leaves the European Union's single market and customs union, there will be no tariffs or quotas on the movement of goods originating in either place between the United Kingdom and the EU. Prime Minister Boris Johnson cast the deal as the final implementation of the will of the British people who voted 52-48% for Brexit in a 2016 referendum, while Europe's leaders said it was time to leave Brexit behind. Michael Gove, a senior British minister who campaigned alongside Johnson to leave the EU, said the deal would allow Britain to put some of the divisions of the nearly five-year Brexit crisis behind it. "Friendships have been strained, families were divided and our politics has been rancorous and, at times, ugly," Gove wrote in The Times. "We can develop a new pattern of friendly cooperation with the EU, a special relationship if you will, between sovereign equals," Gove said. The Brexit referendum exposed a United Kingdom divided about much more than the European Union, and has fueled soul-searching about everything from secession and immigration to capitalism, empire and modern Britishness. Such musings amid the political crisis over Brexit have left allies puzzled by a country, the world's No. 6 economy and a pillar of the NATO alliance, that was for decades touted as a confident pillar of Western economic and political stability. BREXIT DEAL The two sides finally clinched a trade deal on Christmas Eve that explicitly recognises that trade and investment require conditions for "a level playing field for open and fair competition." If, though, there are "significant divergences" on rules between the two sides, then they can "rebalance" the agreement. Each side will have an independent subsidy control adjudicator, though it was not immediately clear which body would do this in Britain, which had insisted on being free of any jurisdiction by the European Court of Justice. On services, which comprise up to 80% of Britain's economy, the two sides simply commit "to establish a favourable climate for the development of trade and investment between them". On fishing rights, Johnson agreed to a 5-1/2 year period to phase in new rules on what EU boats can catch in British waters, after which there will be annual consultations on the EU catch. Britain will no longer take part in security sharing organisations and databases such as Europol, Eurojust and SIS-II, though there will be some cooperation for the exchange of passenger information and DNA, fingerprints and vehicle registration data. The text includes many detailed annexes including on rules of origin, fish, the wine trade, medicines, chemicals and security data cooperation. EU states are now working to implement the deal by Jan. 1 through a fast-track procedure known as "provisional application". However, the European Commission said in publishing the treaty that the fast-track approach would hold only until end-February as the European Parliament's consent - expected in the first weeks of 2021 - is still needed to permanently apply it. For the text of the draft deal: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/948104/EU-UK_Trade_and_Cooperation_Agreement_24.12.2020.pdf (Writing by by Guy Faulconbridge, Additional reporting by Elizabeth Piper and Gabriela Baczynska; Editing by Mark Heinrich) 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. Summarise this report in a few sentences.
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the text of the trade agreement includes accords on nuclear energy and nuclear energy. the deal is the final implementation of the will of the British people who voted for Brexit. the two sides finally clinched a trade deal on christmas eve. the deal will leave the single market and customs union at 2300 GMT on dec 31. a senior minister says the deal will allow Britain to put some of the divisions of the crisis behind it.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "London: Britain on Saturday published the text of its narrow trade agreement with the European Union just five days before it exits one of the world's biggest trading blocs in its most momentous global shift since the loss of empire. The text includes a 1,246-page trade document, as well as accords on nuclear energy, exchanging classified information, civil nuclear energy and a series of joint declarations. The "Draft EU-UK Trade and Cooperation Agreement" means that from 2300 GMT on Dec. 31, when Britain finally leaves the European Union's single market and customs union, there will be no tariffs or quotas on the movement of goods originating in either place between the United Kingdom and the EU. Prime Minister Boris Johnson cast the deal as the final implementation of the will of the British people who voted 52-48% for Brexit in a 2016 referendum, while Europe's leaders said it was time to leave Brexit behind. Michael Gove, a senior British minister who campaigned alongside Johnson to leave the EU, said the deal would allow Britain to put some of the divisions of the nearly five-year Brexit crisis behind it. "Friendships have been strained, families were divided and our politics has been rancorous and, at times, ugly," Gove wrote in The Times. "We can develop a new pattern of friendly cooperation with the EU, a special relationship if you will, between sovereign equals," Gove said. The Brexit referendum exposed a United Kingdom divided about much more than the European Union, and has fueled soul-searching about everything from secession and immigration to capitalism, empire and modern Britishness. Such musings amid the political crisis over Brexit have left allies puzzled by a country, the world's No. 6 economy and a pillar of the NATO alliance, that was for decades touted as a confident pillar of Western economic and political stability. BREXIT DEAL The two sides finally clinched a trade deal on Christmas Eve that explicitly recognises that trade and investment require conditions for "a level playing field for open and fair competition." If, though, there are "significant divergences" on rules between the two sides, then they can "rebalance" the agreement. Each side will have an independent subsidy control adjudicator, though it was not immediately clear which body would do this in Britain, which had insisted on being free of any jurisdiction by the European Court of Justice. On services, which comprise up to 80% of Britain's economy, the two sides simply commit "to establish a favourable climate for the development of trade and investment between them". On fishing rights, Johnson agreed to a 5-1/2 year period to phase in new rules on what EU boats can catch in British waters, after which there will be annual consultations on the EU catch. Britain will no longer take part in security sharing organisations and databases such as Europol, Eurojust and SIS-II, though there will be some cooperation for the exchange of passenger information and DNA, fingerprints and vehicle registration data. The text includes many detailed annexes including on rules of origin, fish, the wine trade, medicines, chemicals and security data cooperation. EU states are now working to implement the deal by Jan. 1 through a fast-track procedure known as "provisional application". However, the European Commission said in publishing the treaty that the fast-track approach would hold only until end-February as the European Parliament's consent - expected in the first weeks of 2021 - is still needed to permanently apply it. For the text of the draft deal: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/948104/EU-UK_Trade_and_Cooperation_Agreement_24.12.2020.pdf (Writing by by Guy Faulconbridge, Additional reporting by Elizabeth Piper and Gabriela Baczynska; Editing by Mark Heinrich) 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. Summarise this report in a few sentences." summarise in a few sentences.
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rakesh ranjan | भाषा | Updated: 22 Jul 2020, 5:05 pm सेबी प्रमुख अजय त्यागी ने कहा कि महामारी के बावजूद कंपनियों ने पहली तिमाही में दो लाख करोड़ रुपये से अधिक की पूंजी जुटाई. Summarise this report in a few sentences.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "rakesh ranjan | भाषा | Updated: 22 Jul 2020, 5:05 pm सेबी प्रमुख अजय त्यागी ने कहा कि महामारी के बावजूद कंपनियों ने पहली तिमाही में दो लाख करोड़ रुपये से अधिक की पूंजी जुटाई. Summarise this report in a few sentences." summarise in a few sentences.
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Due to the lockdown extension to contain the spread of the coronavirus, Volvo has extended warranties for customers till May 31. Volvo Cars India has announced that it has extended warranties for customers who have been affected by the lockdown. The Indian government has imposed a nationwide lockdown from March 24, and it has been extended further till May 3. The lockdown was imposed to contain the spread of the coronavirus. Volvo has announced that if a Volvo customer’s warranty would expire between March 22, 2020, and May 3, they will be allowed to avail their warranties up till May 31. Charles Frump – Managing Director, Volvo Car India Managing Director said, “The health and safety of our employees and customers are of paramount importance for us. We fully support the Government’s lockdown initiative in order to curtail the spread of COVID-19, during the lockdown some of our customers may have faced warranty issues and we are happy to extend the warranty till 31st May 2020 for customers whose warranty ends between 22nd March and 3rd May 2020.” In March 2020, Volvo has closed all its dealerships and manufacturing as well due to the lockdown. The brand had announced that its management teams would continue to work from home. Volvo also said that it is continuously assessing the situation and will take appropriate measures when required. Many other automakers have also announced their extension of warranties for customers who may be impacted by the COVID-19 lockdown in India. Brands like Hyundai, Audi, Maruti Suzuki, Hero MotoCorp and others are offering relief benefits to customers who may need to avail warranties during the lockdown period. With the extension of warranties, customers impacted can breathe a sigh of relief. Due to the coronavirus lockdown, the automotive industry took a massive hit, over and above the slump in sales that it witnessed in the last 15 months. Since late March 2020, production and dealerships are not in operation which is said to add to the woes for the India automotive industry and the economy as a whole. Summarise this report in a few sentences.
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the lockdown was imposed to contain the spread of the coronavirus. the lockdown was imposed from march 24 and extended further till may 3. if a customer’s warranty would expire between March 22, 2020, and May 3, they will be allowed to avail their warranties up till may 31. in march 2020, Volvo has closed all its dealerships and manufacturing due to the lockdown.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Due to the lockdown extension to contain the spread of the coronavirus, Volvo has extended warranties for customers till May 31. Volvo Cars India has announced that it has extended warranties for customers who have been affected by the lockdown. The Indian government has imposed a nationwide lockdown from March 24, and it has been extended further till May 3. The lockdown was imposed to contain the spread of the coronavirus. Volvo has announced that if a Volvo customer’s warranty would expire between March 22, 2020, and May 3, they will be allowed to avail their warranties up till May 31. Charles Frump – Managing Director, Volvo Car India Managing Director said, “The health and safety of our employees and customers are of paramount importance for us. We fully support the Government’s lockdown initiative in order to curtail the spread of COVID-19, during the lockdown some of our customers may have faced warranty issues and we are happy to extend the warranty till 31st May 2020 for customers whose warranty ends between 22nd March and 3rd May 2020.” In March 2020, Volvo has closed all its dealerships and manufacturing as well due to the lockdown. The brand had announced that its management teams would continue to work from home. Volvo also said that it is continuously assessing the situation and will take appropriate measures when required. Many other automakers have also announced their extension of warranties for customers who may be impacted by the COVID-19 lockdown in India. Brands like Hyundai, Audi, Maruti Suzuki, Hero MotoCorp and others are offering relief benefits to customers who may need to avail warranties during the lockdown period. With the extension of warranties, customers impacted can breathe a sigh of relief. Due to the coronavirus lockdown, the automotive industry took a massive hit, over and above the slump in sales that it witnessed in the last 15 months. Since late March 2020, production and dealerships are not in operation which is said to add to the woes for the India automotive industry and the economy as a whole. Summarise this report in a few sentences." summarise in a few sentences.
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New Delhi: Maharashtra should open up for business, the Centre’s economic package is “insignificant” and the Uddhav Thackeray-led government is running “smoothly”, Nationalist Congress Party chief Sharad Pawar told ET in a telephonic interview.Pawar, the veteran politician considered to be the stabilising force in the Shiv Sena-Congress-NCP coalition in Maharashtra, also said the Covid-19 situation is “turning around” in the state and that the state government is in talks with industry leaders about reopening business activities.Maharashtra is India’s richest state and also the most severely Covid-hit. “I don’t know what the Centre has in mind. But, I think, we have to now start opening up and working more and more. It is important for the business, industry, factories, workforce and economy as a whole to resume more activities even as we are fighting the pandemic,” Pawar said. “We are holding talks among ourselves (coalition allies) and consulting captains of industry and experts on how can we move forward,” he said.Major cities like Mumbai have seen fewer relaxations than metros like Delhi and Bengaluru.On the recent economic measures announced by the Bhartiya Janta Party ( BJP ) government at the Centre, Pawar said: “Most of those announcements were about banks and other financial institutions offering loans and credits. There was hardly any concrete stimulus package to help any sector, including business. Package failed expectations.”On Maharashtra politics, Pawar staunchly defended CM Thackeray who has faced criticism for the situation in the state. “Uddhav Thackeray is new to the government and legislature…he has many experienced ministers in his cabinet, from Shiv Sena, NCP and Congress. I must say Thackeray has emerged as a good CM and a good team leader. He holds regular consultations with coalition partners and the CM himself spends long hours attending to his duties,” Sharad Pawar said.“All the parties (Shiv Sena, NCP and Congress) are working together and our government is, and will, run smoothly. No question about any instability here. The last few days’ talks about troubles in the coalition and the buzz about the dismissal of the government came from the press conferences being held by a BJP leader ( Devendra Fadnavis ).” Summarise this report in a few sentences.
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nationalist congress party chief says state should open up for business. he says the economic package is "insignificant" and the government is running "smoothly". pawar staunchly defends CM Thackeray who has faced criticism for the situation. he said the state government is in talks with industry leaders about reopening.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "New Delhi: Maharashtra should open up for business, the Centre’s economic package is “insignificant” and the Uddhav Thackeray-led government is running “smoothly”, Nationalist Congress Party chief Sharad Pawar told ET in a telephonic interview.Pawar, the veteran politician considered to be the stabilising force in the Shiv Sena-Congress-NCP coalition in Maharashtra, also said the Covid-19 situation is “turning around” in the state and that the state government is in talks with industry leaders about reopening business activities.Maharashtra is India’s richest state and also the most severely Covid-hit. “I don’t know what the Centre has in mind. But, I think, we have to now start opening up and working more and more. It is important for the business, industry, factories, workforce and economy as a whole to resume more activities even as we are fighting the pandemic,” Pawar said. “We are holding talks among ourselves (coalition allies) and consulting captains of industry and experts on how can we move forward,” he said.Major cities like Mumbai have seen fewer relaxations than metros like Delhi and Bengaluru.On the recent economic measures announced by the Bhartiya Janta Party ( BJP ) government at the Centre, Pawar said: “Most of those announcements were about banks and other financial institutions offering loans and credits. There was hardly any concrete stimulus package to help any sector, including business. Package failed expectations.”On Maharashtra politics, Pawar staunchly defended CM Thackeray who has faced criticism for the situation in the state. “Uddhav Thackeray is new to the government and legislature…he has many experienced ministers in his cabinet, from Shiv Sena, NCP and Congress. I must say Thackeray has emerged as a good CM and a good team leader. He holds regular consultations with coalition partners and the CM himself spends long hours attending to his duties,” Sharad Pawar said.“All the parties (Shiv Sena, NCP and Congress) are working together and our government is, and will, run smoothly. No question about any instability here. The last few days’ talks about troubles in the coalition and the buzz about the dismissal of the government came from the press conferences being held by a BJP leader ( Devendra Fadnavis ).” Summarise this report in a few sentences." summarise in a few sentences.
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ITEM 3. LEGAL PROCEEDINGS As a result of the merger with the Federal Home Loan Bank of Seattle in 2015 (Seattle Bank) (the Merger), we have been involved in certain legal proceedings initiated by the Seattle Bank against various entities relating to its purchases and subsequent impairments of certain private-label MBS. The private-label MBS litigation is described below. After consultation with legal counsel, other than the private-label MBS litigation, we do not believe any legal proceedings to which we are a party could have a material impact on our financial condition, results of operations, or cash flows. Private-Label MBS Litigation As the Seattle Bank previously reported, in December of 2009, it filed 11 complaints in the Superior Court of Washington for King County relating to private-label MBS that it purchased from various dealers and financial institutions in an aggregate original principal amount of approximately $4 billion. The Seattle Bank’s complaints under Washington State law requested rescission of its purchases of the securities and repurchases of the securities by the defendants for the original purchase prices plus eight percent per annum (plus related costs), minus distributions on the securities received by the Seattle Bank. The Seattle Bank asserted that the defendants made untrue statements and omitted important information in connection with their sales of the securities to the Seattle Bank. Of the 11 cases initially filed, one has been dismissed, two have been settled in part and dismissed in part, and eight have been settled. We appealed the one complete dismissal and two partial dismissals covering the claims related to five certificates across three different cases. The appellate court affirmed the dismissal of the claims related to four certificates in December 2017 and affirmed the dismissal of the remaining certificate in May 2018. In January 2018, we filed petitions for discretionary review of the appellate court’s rulings in December 2017 related to four of the certificates with the Washington Supreme Court. On May 3, 2018, the Court granted those petitions. The aggregate consideration paid for these four certificates is $567 million. Oral arguments were heard on October 9, 2018. In June 2018, we filed a petition for discretionary review of the appellate court’s ruling in May 2018 on the fifth certificate. The aggregate consideration paid for that one certificate is $200 million. On October 3, 2019, the Washington Supreme Court reversed the judgment of the appellate court on the four certificates covered by our petition of January 2018 and reinstated our claims on those four certificates. Trials for the two cases relating to these reinstated claims have been scheduled for July and August of 2020. With respect to the fifth certificate, on January 30, 2020, the Washington Supreme Court remanded the case to the appellate court for reconsideration in light of the Court’s reversal on the claims for the other four certificates. Litigation Settlement Gains Litigation settlement gains are considered realized and recorded when we receive cash or assets that are readily convertible to known amounts of cash or claims to cash. In addition, litigation settlement gains are considered realizable and recorded when we enter into a signed agreement that is not subject to appeal, where the counterparty has the ability to pay, and the amount to be received can be reasonably estimated. Prior to being realized or realizable, we consider potential litigation settlement gains to be gain contingencies, and therefore they are not recorded on the Statements of Income. We record legal expenses related to litigation settlements as incurred in other expenses on the Statements of Income with the exception of certain legal expenses related to litigation settlement awards that are contingent based fees for the attorneys representing the Bank. We incur and recognize these contingent based legal fees only when litigation settlement awards are realized, at which time these fees are netted against the gains recognized on the litigation settlement. During 2019 and 2018, we did not record any net gains on litigation settlements. During 2017, we recognized $21 million in net gains on litigation settlements. ITEM 4. Summarise this report in a few sentences.
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MINE SAFETY DISCLOSURE
This text is about the legal proceedings that the Federal Home Loan Bank of Seattle has been involved in since its merger in 2015. The Bank has filed 11 complaints in the Superior Court of Washington for King County relating to private-label MBS that it purchased from various dealers and financial institutions. One case has been dismissed, two have been settled in part and dismissed in part, and eight have been settled. The Bank appealed the dismissals and the appellate court affirmed the dismissals. The Bank then filed petitions for discretionary review with the Washington Supreme Court, which reversed the judgment of the appellate court on four certificates and remanded the case to the appellate court for reconsideration on the fifth certificate. During 2019 and 2018, no net gains on litigation settlements were recorded, and in 2017, the Bank recognized $21 million in net gains on litigation settlements.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "ITEM 3. LEGAL PROCEEDINGS As a result of the merger with the Federal Home Loan Bank of Seattle in 2015 (Seattle Bank) (the Merger), we have been involved in certain legal proceedings initiated by the Seattle Bank against various entities relating to its purchases and subsequent impairments of certain private-label MBS. The private-label MBS litigation is described below. After consultation with legal counsel, other than the private-label MBS litigation, we do not believe any legal proceedings to which we are a party could have a material impact on our financial condition, results of operations, or cash flows. Private-Label MBS Litigation As the Seattle Bank previously reported, in December of 2009, it filed 11 complaints in the Superior Court of Washington for King County relating to private-label MBS that it purchased from various dealers and financial institutions in an aggregate original principal amount of approximately $4 billion. The Seattle Bank’s complaints under Washington State law requested rescission of its purchases of the securities and repurchases of the securities by the defendants for the original purchase prices plus eight percent per annum (plus related costs), minus distributions on the securities received by the Seattle Bank. The Seattle Bank asserted that the defendants made untrue statements and omitted important information in connection with their sales of the securities to the Seattle Bank. Of the 11 cases initially filed, one has been dismissed, two have been settled in part and dismissed in part, and eight have been settled. We appealed the one complete dismissal and two partial dismissals covering the claims related to five certificates across three different cases. The appellate court affirmed the dismissal of the claims related to four certificates in December 2017 and affirmed the dismissal of the remaining certificate in May 2018. In January 2018, we filed petitions for discretionary review of the appellate court’s rulings in December 2017 related to four of the certificates with the Washington Supreme Court. On May 3, 2018, the Court granted those petitions. The aggregate consideration paid for these four certificates is $567 million. Oral arguments were heard on October 9, 2018. In June 2018, we filed a petition for discretionary review of the appellate court’s ruling in May 2018 on the fifth certificate. The aggregate consideration paid for that one certificate is $200 million. On October 3, 2019, the Washington Supreme Court reversed the judgment of the appellate court on the four certificates covered by our petition of January 2018 and reinstated our claims on those four certificates. Trials for the two cases relating to these reinstated claims have been scheduled for July and August of 2020. With respect to the fifth certificate, on January 30, 2020, the Washington Supreme Court remanded the case to the appellate court for reconsideration in light of the Court’s reversal on the claims for the other four certificates. Litigation Settlement Gains Litigation settlement gains are considered realized and recorded when we receive cash or assets that are readily convertible to known amounts of cash or claims to cash. In addition, litigation settlement gains are considered realizable and recorded when we enter into a signed agreement that is not subject to appeal, where the counterparty has the ability to pay, and the amount to be received can be reasonably estimated. Prior to being realized or realizable, we consider potential litigation settlement gains to be gain contingencies, and therefore they are not recorded on the Statements of Income. We record legal expenses related to litigation settlements as incurred in other expenses on the Statements of Income with the exception of certain legal expenses related to litigation settlement awards that are contingent based fees for the attorneys representing the Bank. We incur and recognize these contingent based legal fees only when litigation settlement awards are realized, at which time these fees are netted against the gains recognized on the litigation settlement. During 2019 and 2018, we did not record any net gains on litigation settlements. During 2017, we recognized $21 million in net gains on litigation settlements. ITEM 4. Summarise this report in a few sentences." summarise in a few sentences.
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When the coronavirus outbreak in China disrupted global smartphone production in February, Samsung looked set to weather the crisis better than most thanks to its limited exposure there and launches of pricey 5G phones. Its fortunes are reversing. The world's biggest smartphone vendor, Samsung Electronics Co in full, warned on Wednesday of a significant drop in mobile earnings in the second quarter, as recession fears dampen demand for high-end models and carriers in major markets delay the rollouts of fast 5G networks. The COVID-19 pandemic is hitting all vendors hard. But Samsung's strategy of focusing on 5G in advanced markets like Europe and the United States - it captured nearly three-quarters of global 5G phone sales last year - plus dwindling market share in some emerging markets could put it in a deeper quagmire. By contrast, American arch-rival Apple Inc now looks better positioned as China, which accounts for roughly 15 percent of its revenues has reopened shops. By contrast, the reopening has had limited upside for Samsung as the country accounts for a small fraction of its business; it does not break out China revenue, but it accounts for less than 1 percent of its phone shipments. 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 Apple, whose lack of a 5G model has been seen as a key disadvantage versus Samsung, has also launched a new budget iPhone SE model that many analysts predict will prove popular among consumers in a recession. The California-based tech giant reports quarterly results on Thursday. SECOND QUARTER Samsung's total smartphone shipments fell by 18 percent in the first quarter from a year earlier. But a higher proportion of premium and 5G phone shipments, as well as lower marketing costs, helped profits rise 17 percent at its mobile division, which includes phones and mobile network equipment. Profits were resilient in first quarter when the industry impact from COVID-19 was largely down to the outbreak in China, analysts said. However the company faces deep pain in the second quarter which will show the hit to its business from the spread of the virus in Europe and the United States, its strongholds for premium phones, they added. "The problem is Samsung's mobile business will be really bad," said Park Sung-soon, an analyst at Cape Investment & Securities. "It will recover in the second half, but not as strongly as Apple." Lee Jong-min, a Samsung vice president, touched on the difficulties on Wednesday. "Although there are signs that the spread of the coronavirus in North America and Europe is slowing down, it is too soon to be relieved," he told analysts. "Also, as it takes some time for the economy to recover, it is difficult to forecast how much of a demand drop we will see in the second quarter." 'HEARTBREAKING' Samsung said the deployment of 5G networks were being delayed in India, the United States and Europe because of lockdown measures there. In China, it expects a boost in 5G spending due to government stimulus measures, but analysts say the policies will benefit local rivals such as Huawei Technologies and Xiaomi Corp more. In India, where smartphone shipments jumped 12 percent in the first quarter despite the impact of a nationwide lockdown in the final week of March, Samsung further ceded market share, becoming No.3 vendor after China's Xiaomi and Vivo. Samsung is set to face further competition in those two markets, not just from Chinese rivals but also Apple, which launched lower-priced $399 SE model this month. Samsung's CEO Koh Dong-jin said in late March that it aimed to reclaim its No.1 position in India by offering a wider range of models. The company also plans to boost sales of premium models in China, he added, describing its sluggish sales there as "heartbreaking". Samsung said on Wednesday it would also boost offerings of mid and lower-end 5G models globally, while launching new premium models as scheduled in the second half of the year, including the Note and a foldable phone. Some analysts are nonetheless worried about the company's prospects this year. "While I am concerned about overall mobile demand, I am more worried about (Samsung's) flagship phones, as the chances they will sell well in advanced markets are fading," said Kim Ro-ko, at Hana Financial Investment. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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the world's biggest smartphone vendor, Samsung Electronics Co in full, warned on Wednesday of a significant drop in mobile earnings in the second quarter. recession fears dampen demand for high-end models and carriers delay the rollouts of fast 5G networks. but Samsung's strategy of focusing on 5G in advanced markets like Europe and the united states could put it in a deeper quagmire.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "When the coronavirus outbreak in China disrupted global smartphone production in February, Samsung looked set to weather the crisis better than most thanks to its limited exposure there and launches of pricey 5G phones. Its fortunes are reversing. The world's biggest smartphone vendor, Samsung Electronics Co in full, warned on Wednesday of a significant drop in mobile earnings in the second quarter, as recession fears dampen demand for high-end models and carriers in major markets delay the rollouts of fast 5G networks. The COVID-19 pandemic is hitting all vendors hard. But Samsung's strategy of focusing on 5G in advanced markets like Europe and the United States - it captured nearly three-quarters of global 5G phone sales last year - plus dwindling market share in some emerging markets could put it in a deeper quagmire. By contrast, American arch-rival Apple Inc now looks better positioned as China, which accounts for roughly 15 percent of its revenues has reopened shops. By contrast, the reopening has had limited upside for Samsung as the country accounts for a small fraction of its business; it does not break out China revenue, but it accounts for less than 1 percent of its phone shipments. 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 Apple, whose lack of a 5G model has been seen as a key disadvantage versus Samsung, has also launched a new budget iPhone SE model that many analysts predict will prove popular among consumers in a recession. The California-based tech giant reports quarterly results on Thursday. SECOND QUARTER Samsung's total smartphone shipments fell by 18 percent in the first quarter from a year earlier. But a higher proportion of premium and 5G phone shipments, as well as lower marketing costs, helped profits rise 17 percent at its mobile division, which includes phones and mobile network equipment. Profits were resilient in first quarter when the industry impact from COVID-19 was largely down to the outbreak in China, analysts said. However the company faces deep pain in the second quarter which will show the hit to its business from the spread of the virus in Europe and the United States, its strongholds for premium phones, they added. "The problem is Samsung's mobile business will be really bad," said Park Sung-soon, an analyst at Cape Investment & Securities. "It will recover in the second half, but not as strongly as Apple." Lee Jong-min, a Samsung vice president, touched on the difficulties on Wednesday. "Although there are signs that the spread of the coronavirus in North America and Europe is slowing down, it is too soon to be relieved," he told analysts. "Also, as it takes some time for the economy to recover, it is difficult to forecast how much of a demand drop we will see in the second quarter." 'HEARTBREAKING' Samsung said the deployment of 5G networks were being delayed in India, the United States and Europe because of lockdown measures there. In China, it expects a boost in 5G spending due to government stimulus measures, but analysts say the policies will benefit local rivals such as Huawei Technologies and Xiaomi Corp more. In India, where smartphone shipments jumped 12 percent in the first quarter despite the impact of a nationwide lockdown in the final week of March, Samsung further ceded market share, becoming No.3 vendor after China's Xiaomi and Vivo. Samsung is set to face further competition in those two markets, not just from Chinese rivals but also Apple, which launched lower-priced $399 SE model this month. Samsung's CEO Koh Dong-jin said in late March that it aimed to reclaim its No.1 position in India by offering a wider range of models. The company also plans to boost sales of premium models in China, he added, describing its sluggish sales there as "heartbreaking". Samsung said on Wednesday it would also boost offerings of mid and lower-end 5G models globally, while launching new premium models as scheduled in the second half of the year, including the Note and a foldable phone. Some analysts are nonetheless worried about the company's prospects this year. "While I am concerned about overall mobile demand, I am more worried about (Samsung's) flagship phones, as the chances they will sell well in advanced markets are fading," said Kim Ro-ko, at Hana Financial Investment. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences." summarise in a few sentences.
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Agriculture and allied activities are likely to see 2.5% growth in FY21 as the effects of the pandemic on the sector, thus far, have been varied because these activities are not a homogeneous group, each having its own set of dynamics, said rating agency Crisil. Gross value added (GVA) in India’s agriculture and allied sectors grew 4% in FY20 while the sector’s average growth in the past six years was about 3.2%. “Growth in agriculture and allied activities this fiscal hinges on a bumper food grains production. A normal monsoon will be critical, too. Horticulture might have to bear some burnt because of perishability. Livestock is an important fall-back in times crop output volatility,” Crisil said in a research report, authored by its chief economist Dharmakirti Joshi and senior economist Adhish Verma. While the share of crops in the agriculture sector’s gross value added (GVA) is the largest (59.2%) — agriculture crops (30%) and horticulture (29.2%) — it is also the most volatile in terms of performance as it is the only sub-sector that showed negative performance during some years in the past decade, the report said. Livestock, though only half the size of crops, plays a crucial role in driving the agricultural GVA growth, in which it has 26.6% share. Its role attains prominence particularly in years when crops take a hit, Crisil said. Milk, which comprises the biggest chunk of livestock (66.2% share), is expected to do well. “Fortunately, milk consumption from the household segment has remained largely stable despite the lockdown. Demand from the hotels/restaurants/catering segment (which contributes 15-20% to total milk consumption) has certainly collapsed, but is expected to pick up gradually once the lockdown is lifted. Moreover, the current slowdown in consumption demand is being dealt with by converting liquid milk into skimmed milk powder (SMP),” it said. But, meat, eggs, fisheries and aquaculture are likely to face a prolonged impact, as there is a tendency to reduce consumption of non-vegetarian food during the pandemic. A fall in exports in these commodities too is expected to hem in demand. “With the contribution of these items (meat, eggs, fisheries and aquaculture) in the agriculture and allied activities sector being relatively lower (33.8% share in livestock output), the overall agricultural growth may stay resilient,” Crisil said. It has also identified any likely impact of locust attacks on crops as a risk factor. The impact of recent locust attack on agriculture output is not a worry for now, as rabi crops have been harvested and a full-fledged kharif sowing is yet to begin, it said and added that standing horticulture crops, which was not harvested because of problems in selling, have reportedly been attacked. “Measures to control the locust attack are needed on a war footing, as the kharif sowing season is approaching fast,” it said. Agriculture and allied sectors could be the Indian economy’s only bright spot in a year when the Covid-19 pandemic has slammed the brakes on industry and services, Crisil said. It has recently predicted the economy to shrink by 5% in the current fiscal while previously it had projected a growth of 1.8%. The overall GDP grew 4.2% in FY20, according to the official data. Summarise this report in a few sentences.
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agriculture and allied activities likely to see 2.5% growth in FY21. growth hinges on bumper food grains production. a normal monsoon will be critical, too. milk, which comprises biggest chunk of livestock, is expected to do well. but, meat, eggs, fisheries and aquaculture are likely to face a prolonged impact. a fall in exports in these commodities too is expected to hem in demand.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Agriculture and allied activities are likely to see 2.5% growth in FY21 as the effects of the pandemic on the sector, thus far, have been varied because these activities are not a homogeneous group, each having its own set of dynamics, said rating agency Crisil. Gross value added (GVA) in India’s agriculture and allied sectors grew 4% in FY20 while the sector’s average growth in the past six years was about 3.2%. “Growth in agriculture and allied activities this fiscal hinges on a bumper food grains production. A normal monsoon will be critical, too. Horticulture might have to bear some burnt because of perishability. Livestock is an important fall-back in times crop output volatility,” Crisil said in a research report, authored by its chief economist Dharmakirti Joshi and senior economist Adhish Verma. While the share of crops in the agriculture sector’s gross value added (GVA) is the largest (59.2%) — agriculture crops (30%) and horticulture (29.2%) — it is also the most volatile in terms of performance as it is the only sub-sector that showed negative performance during some years in the past decade, the report said. Livestock, though only half the size of crops, plays a crucial role in driving the agricultural GVA growth, in which it has 26.6% share. Its role attains prominence particularly in years when crops take a hit, Crisil said. Milk, which comprises the biggest chunk of livestock (66.2% share), is expected to do well. “Fortunately, milk consumption from the household segment has remained largely stable despite the lockdown. Demand from the hotels/restaurants/catering segment (which contributes 15-20% to total milk consumption) has certainly collapsed, but is expected to pick up gradually once the lockdown is lifted. Moreover, the current slowdown in consumption demand is being dealt with by converting liquid milk into skimmed milk powder (SMP),” it said. But, meat, eggs, fisheries and aquaculture are likely to face a prolonged impact, as there is a tendency to reduce consumption of non-vegetarian food during the pandemic. A fall in exports in these commodities too is expected to hem in demand. “With the contribution of these items (meat, eggs, fisheries and aquaculture) in the agriculture and allied activities sector being relatively lower (33.8% share in livestock output), the overall agricultural growth may stay resilient,” Crisil said. It has also identified any likely impact of locust attacks on crops as a risk factor. The impact of recent locust attack on agriculture output is not a worry for now, as rabi crops have been harvested and a full-fledged kharif sowing is yet to begin, it said and added that standing horticulture crops, which was not harvested because of problems in selling, have reportedly been attacked. “Measures to control the locust attack are needed on a war footing, as the kharif sowing season is approaching fast,” it said. Agriculture and allied sectors could be the Indian economy’s only bright spot in a year when the Covid-19 pandemic has slammed the brakes on industry and services, Crisil said. It has recently predicted the economy to shrink by 5% in the current fiscal while previously it had projected a growth of 1.8%. The overall GDP grew 4.2% in FY20, according to the official data. Summarise this report in a few sentences." summarise in a few sentences.
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Real estate developers in India raised more funds from primary markets in the first half of 2019 than they did in a decade. As of June, the developers raised about Rs 10,023 crore from the primary markets through two qualified institutional placements (QIPs) and a real estate investment trust (REIT) initial public offering (IPO), marking an eightfold increase over 2018 and the most in the past decade, according Prime Database. “Equity market instruments got more attention from large real estate companies in the last two years as investors showed a strong preference for organized branded real estate developers with low debt levels and a positive track record of execution," said Subhrajit Roy, executive director and head, equity capital market origination at Kotak Investment Banking. “Besides, commercial real estate has seen a strong growth trend contributing to the investors’ interest in subscribing to the recent QIPs issued by realty firms, especially those with a presence in Delhi NCR, Mumbai, and Bengaluru," he said. Real estate companies that had so far fulfilled most of their funding requirements through non-banking financial companies (NBFCs) and secondary markets are now finding primary markets an attractive route for raising capital with Indian corporate bond markets facing their worst slowdown in a decade. The pace of growth for Indian bond markets had been slowing since 2017 and marked its lowest rate in more than a decade in May at 9.7%, Bloomberg reported in June citing its economics index. Investor sentiment in the secondary market, already shaken since the Infrastructure Leasing and Financial Services (IL&FS) crisis in September 2018, soured further after mortgage lender, Dewan Housing Finance Corp. Ltd delayed interest payments on its outstanding bonds. This has led to a liquidity crunch making it expensive for NBFCs and, in turn, real estate companies to borrow funds from secondary markets. However, even as equity investments in real estate companies are peaking, the interest is restricted to large firms with low debt levels. “It was after the implementation of the Real Estate (Regulation and Development) Act (RERA) that investors’ faith returned in large companies with strong balance sheets, but there are still a lot of developers in the market that remain cash strapped and are finding it tough to raise funds. That itself indicates that there will be major consolidation in the sector," said Girish Nadkarni, managing director at Motilal Oswal Investment Banking. “What we are also seeing is that promoters of large firms are being able to make the most of equity markets as stock prices have recovered and valuations have become reasonably better, making it easier for them to raise funds via equity capital markets," he said. In March, Blackstone-backed Embassy Office Parks REIT raised Rs 4,750 crore through India’s first REIT, while DLF raised around Rs 3,200 crore through a QIP, followed by another QIP by Godrej Properties that raised Rs 2,100 crore from the primary markets. Such issuances, according to Salil Pitale, joint managing director and co-chief executive officer at Axis Capital, will only increase as the recent QIPs by big brands such as DLF and Godrej Properties will give a positive fillip to good brands within the real estate space to tap the primary markets. Agreeing with Pitale, Nadkarni at Motilal Oswal said “As investors make money on QIPs of large real estate firms and their risk appetite increases, more mid-market players with strong balance sheets, along with some of those who want to raise funds to refinance their debt requirements, will also hit the primary markets." Summarise this report in a few sentences.
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developers raised about Rs 10,023 crore from primary markets in the first half of 2019. this is an eightfold increase over 2018 and the most in the past decade. the pace of growth for Indian bond markets had been slowing since 2017. investors are finding primary markets an attractive route for raising capital. the pace of growth for Indian bond markets had been slowing since 2017.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Real estate developers in India raised more funds from primary markets in the first half of 2019 than they did in a decade. As of June, the developers raised about Rs 10,023 crore from the primary markets through two qualified institutional placements (QIPs) and a real estate investment trust (REIT) initial public offering (IPO), marking an eightfold increase over 2018 and the most in the past decade, according Prime Database. “Equity market instruments got more attention from large real estate companies in the last two years as investors showed a strong preference for organized branded real estate developers with low debt levels and a positive track record of execution," said Subhrajit Roy, executive director and head, equity capital market origination at Kotak Investment Banking. “Besides, commercial real estate has seen a strong growth trend contributing to the investors’ interest in subscribing to the recent QIPs issued by realty firms, especially those with a presence in Delhi NCR, Mumbai, and Bengaluru," he said. Real estate companies that had so far fulfilled most of their funding requirements through non-banking financial companies (NBFCs) and secondary markets are now finding primary markets an attractive route for raising capital with Indian corporate bond markets facing their worst slowdown in a decade. The pace of growth for Indian bond markets had been slowing since 2017 and marked its lowest rate in more than a decade in May at 9.7%, Bloomberg reported in June citing its economics index. Investor sentiment in the secondary market, already shaken since the Infrastructure Leasing and Financial Services (IL&FS) crisis in September 2018, soured further after mortgage lender, Dewan Housing Finance Corp. Ltd delayed interest payments on its outstanding bonds. This has led to a liquidity crunch making it expensive for NBFCs and, in turn, real estate companies to borrow funds from secondary markets. However, even as equity investments in real estate companies are peaking, the interest is restricted to large firms with low debt levels. “It was after the implementation of the Real Estate (Regulation and Development) Act (RERA) that investors’ faith returned in large companies with strong balance sheets, but there are still a lot of developers in the market that remain cash strapped and are finding it tough to raise funds. That itself indicates that there will be major consolidation in the sector," said Girish Nadkarni, managing director at Motilal Oswal Investment Banking. “What we are also seeing is that promoters of large firms are being able to make the most of equity markets as stock prices have recovered and valuations have become reasonably better, making it easier for them to raise funds via equity capital markets," he said. In March, Blackstone-backed Embassy Office Parks REIT raised Rs 4,750 crore through India’s first REIT, while DLF raised around Rs 3,200 crore through a QIP, followed by another QIP by Godrej Properties that raised Rs 2,100 crore from the primary markets. Such issuances, according to Salil Pitale, joint managing director and co-chief executive officer at Axis Capital, will only increase as the recent QIPs by big brands such as DLF and Godrej Properties will give a positive fillip to good brands within the real estate space to tap the primary markets. Agreeing with Pitale, Nadkarni at Motilal Oswal said “As investors make money on QIPs of large real estate firms and their risk appetite increases, more mid-market players with strong balance sheets, along with some of those who want to raise funds to refinance their debt requirements, will also hit the primary markets." Summarise this report in a few sentences." summarise in a few sentences.
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India has entered the list of 10 countries worst hit by the novel coronavirus after record spike in the number of cases for four consecutive days, pushing the tally of infections to over 1.38 lakh, surpassing Iran, according to the John Hopkins University data. The country registered 154 deaths and a record jump of 6,977 cases in the last 24 hours, taking the nationwide tally to 1,38,845 and death toll to 4,021 on Monday with some experts attributing the spike in cases to the lockdown relaxations, including partial resumption of rail services and road transport along with the return of the migrant workers, while others say the rise in cases is due to enhanced testing capacity in the country. Domestic passenger flights also resumed operations on Monday after a gap of two months. India is the tenth most affected nation by the pandemic after US, Russia, UK, Spain, Italy, Brazil, Germany, Turkey and France, as per the JHU data. The country has recorded 6,088, 6,654, 6,767 and 6977 on May 22, 23, 24 and 25 respectively. Also, the number of RT-PCR tests for detection of COVID-19 in the country crossed the 30-lakh mark on Monday. Commenting on the partial resumption of rail and road transport services, Dr Chandrakant S Pandav, former president of Indian Public Health Association and Indian Association of Preventive and social medicine said these relaxations will create an enabling environment for the coronavirus infection to flourish. “Now, the government will have to ensure strong surveillance and monitoring so as to curb the infection which otherwise will overwhelm the healthcare system,” said Pandav, former HOD of the Centre for Community Medicine at AIIMS. However, Professor K Srinath Reddy, president of the Public Health Foundation of India said an increase in the number of cases reflects both an increase in testing rates and an increase in spread. “What we need to see is the number of new tests performed per day and the number of new cases that were identified from them. We also have to see if the testing criteria have remained the same between the two periods of comparison”We may open up gradually but will have to continue case detection, contact tracing and follow personal protection measures as vigorously as possible,” he added. Noted lung surgeon Dr Arvind Kumar cautioned that given the COVID-19 situation right now, “India is heading towards a very chaotic situation from here on”. “The rate at which the thousands of cases are being reported per day, we will be moving upwards in the top 10 countries bracket which we have entered now,” he said. Kumar, who works at the Sir Ganga Ram Hospital here, said, the first lockdown and to a certain extent second phase of lockdown were “managed well”. “However, from third lockdown onwards, a series of disastrous steps have been taken by authorities, from opening of liquor shops and then resuming of flights from today. If the flights were not resumed for another two weeks, what harm would have happened, “he asked. Kumar warned that by end of June, “India is going to see a massive surge in the number of cases”. Dr Vikas Maurya, Additional Director and head of pulmonology, at Fortis Hospital, Shalimar Bagh here, said, “with the reopening of economy, we will see a surge for sure in the initial period”. “Whether that surge will abate or continue to rise, will depend on how the situation is managed by the authorities at all levels, and how people behave in public at large,” he said. “This lockdown hopefully has taught people to be more disciplined, practice social distancing, and so, future scenario will also depend on how our demographically diverse population behaves,” the doctor said. Maurya cautioned that if the cases do not abate in few weeks, the lockdown should be imposed again, “otherwise things will go out of control” The first two phases of the lockdown led to 14-29 lakh COVID-19 cases being averted while the number of lives saved in that period was between 37,000 and 78,000, the government said on Friday citing various studies, and asserted that the unprecedented shutdown has paid “rich dividends” in the fight against the pandemic. The number of active COVID-19 cases climbed to 77,103 on Monday while 57,720 people have recovered and one patient has migrated, it said. “Thus, around 41.57 per cent patients have recovered so far,” a senior health ministry official said.”Through a graded, pre-emptive and proactive approach, the government is taking several steps along with the states and UTs for prevention, containment and management of COVID-19. These are being regularly reviewed and monitored at the highest level,” the ministry said on Monday. The total 4,021 fatalities include 1,635 deaths from Maharashtra followed by Gujarat with 858 deaths, Madhya Pradesh 290, West Bengal 272, Delhi 261, Rajasthan 63, Uttar Pradesh 161,Tamil Nadu 111 and Andhra Pradesh 56. Mahrashtra has reported 50,231 COVID-19 cases, highest in the country, and is followed by Tamil Nadu (16,277), Gujarat (14,056), Delhi (13,418), Rajasthan (7,028), Madhya Pradesh (6,665) and Uttar Pradesh (6,268), West Bengal (3,667), Andhra Pradesh (2,823) and Bihar (2,587). Summarise this report in a few sentences.
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india registers 154 deaths and a record jump of 6,977 cases in the last 24 hours. the country registered 154 deaths and a death toll of 4,021 on monday. experts say the spike in cases is due to the lockdown relaxations. domestic passenger flights also resumed operations on Monday after a gap of two months. a spokesman for the swiss-based swiss-based swiss-based swiss-based
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "India has entered the list of 10 countries worst hit by the novel coronavirus after record spike in the number of cases for four consecutive days, pushing the tally of infections to over 1.38 lakh, surpassing Iran, according to the John Hopkins University data. The country registered 154 deaths and a record jump of 6,977 cases in the last 24 hours, taking the nationwide tally to 1,38,845 and death toll to 4,021 on Monday with some experts attributing the spike in cases to the lockdown relaxations, including partial resumption of rail services and road transport along with the return of the migrant workers, while others say the rise in cases is due to enhanced testing capacity in the country. Domestic passenger flights also resumed operations on Monday after a gap of two months. India is the tenth most affected nation by the pandemic after US, Russia, UK, Spain, Italy, Brazil, Germany, Turkey and France, as per the JHU data. The country has recorded 6,088, 6,654, 6,767 and 6977 on May 22, 23, 24 and 25 respectively. Also, the number of RT-PCR tests for detection of COVID-19 in the country crossed the 30-lakh mark on Monday. Commenting on the partial resumption of rail and road transport services, Dr Chandrakant S Pandav, former president of Indian Public Health Association and Indian Association of Preventive and social medicine said these relaxations will create an enabling environment for the coronavirus infection to flourish. “Now, the government will have to ensure strong surveillance and monitoring so as to curb the infection which otherwise will overwhelm the healthcare system,” said Pandav, former HOD of the Centre for Community Medicine at AIIMS. However, Professor K Srinath Reddy, president of the Public Health Foundation of India said an increase in the number of cases reflects both an increase in testing rates and an increase in spread. “What we need to see is the number of new tests performed per day and the number of new cases that were identified from them. We also have to see if the testing criteria have remained the same between the two periods of comparison”We may open up gradually but will have to continue case detection, contact tracing and follow personal protection measures as vigorously as possible,” he added. Noted lung surgeon Dr Arvind Kumar cautioned that given the COVID-19 situation right now, “India is heading towards a very chaotic situation from here on”. “The rate at which the thousands of cases are being reported per day, we will be moving upwards in the top 10 countries bracket which we have entered now,” he said. Kumar, who works at the Sir Ganga Ram Hospital here, said, the first lockdown and to a certain extent second phase of lockdown were “managed well”. “However, from third lockdown onwards, a series of disastrous steps have been taken by authorities, from opening of liquor shops and then resuming of flights from today. If the flights were not resumed for another two weeks, what harm would have happened, “he asked. Kumar warned that by end of June, “India is going to see a massive surge in the number of cases”. Dr Vikas Maurya, Additional Director and head of pulmonology, at Fortis Hospital, Shalimar Bagh here, said, “with the reopening of economy, we will see a surge for sure in the initial period”. “Whether that surge will abate or continue to rise, will depend on how the situation is managed by the authorities at all levels, and how people behave in public at large,” he said. “This lockdown hopefully has taught people to be more disciplined, practice social distancing, and so, future scenario will also depend on how our demographically diverse population behaves,” the doctor said. Maurya cautioned that if the cases do not abate in few weeks, the lockdown should be imposed again, “otherwise things will go out of control” The first two phases of the lockdown led to 14-29 lakh COVID-19 cases being averted while the number of lives saved in that period was between 37,000 and 78,000, the government said on Friday citing various studies, and asserted that the unprecedented shutdown has paid “rich dividends” in the fight against the pandemic. The number of active COVID-19 cases climbed to 77,103 on Monday while 57,720 people have recovered and one patient has migrated, it said. “Thus, around 41.57 per cent patients have recovered so far,” a senior health ministry official said.”Through a graded, pre-emptive and proactive approach, the government is taking several steps along with the states and UTs for prevention, containment and management of COVID-19. These are being regularly reviewed and monitored at the highest level,” the ministry said on Monday. The total 4,021 fatalities include 1,635 deaths from Maharashtra followed by Gujarat with 858 deaths, Madhya Pradesh 290, West Bengal 272, Delhi 261, Rajasthan 63, Uttar Pradesh 161,Tamil Nadu 111 and Andhra Pradesh 56. Mahrashtra has reported 50,231 COVID-19 cases, highest in the country, and is followed by Tamil Nadu (16,277), Gujarat (14,056), Delhi (13,418), Rajasthan (7,028), Madhya Pradesh (6,665) and Uttar Pradesh (6,268), West Bengal (3,667), Andhra Pradesh (2,823) and Bihar (2,587). Summarise this report in a few sentences." summarise in a few sentences.
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India’s computer software/services and IT enabled services (ITeS) has grown by 3.83 per cent to USD 111 billion during 2016-17. It was USD 107 billion in 2015-16, the Electronics and Computer Software Export Promotion Council (ESC) said in its estimates. USA remains the top destination of India’s export of software/ services, accounting for 57 per cent in India’s total exports in 2016-17, ESC said. In value terms, it translates into USD 63.51 billion as compared to USD 61.51 billion in 2015-16, the findings said. The UK remains top second top destination with a share of 18 per cent. In value terms, it works out to USD 20 billion, followed by Singapore (USD 4.43 billion). The major findings of the Statistical Year Book of ESC were highlighted by Nalin Kohli, Chairman, Indiasoft Organizing Committee and past Chairman, ESC, during its release at the inaugural session of the India soft 2018 here. Over 400 foreign buyers and 200 Indian exhibitors attended the event, according to the organisers. Kohli said the IndiaSoft 2018 has taken stock of the impediments of penetrating into software and services markets into emerging markets like Japan, Africa and Latin America. The consensus was that India should try to get orders being placed by countries in the region directly instead of working as vendors and sub-contractors to the multinational corporations, he said. On the future strategy of the ESC to create alternative markets for software exports and services, DK Sareen, Executive Director, ESC said the basic objective of Indiasoft was to reduce the dependence on a single market and to make forays into alternative markets. “Over a period of time, we have reduced the dependence on the US market to close to 80 per cent to the current level of 57 per cent. We are confident that while India’s share of computer software and services in the world market would go up, our dependence on the US will come down over the years.” Summarise this report in a few sentences.
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india’s computer software/services and IT enabled services (ITeS) has grown by 3.83 per cent to USD 111 billion during 2016-17. it was USD 107 billion in 2015-16, the Electronics and Computer Software Export Promotion Council (ESC) said. USA remains the top destination of India’s export of software/ services, accounting for 57 per cent in 2016-17.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "India’s computer software/services and IT enabled services (ITeS) has grown by 3.83 per cent to USD 111 billion during 2016-17. It was USD 107 billion in 2015-16, the Electronics and Computer Software Export Promotion Council (ESC) said in its estimates. USA remains the top destination of India’s export of software/ services, accounting for 57 per cent in India’s total exports in 2016-17, ESC said. In value terms, it translates into USD 63.51 billion as compared to USD 61.51 billion in 2015-16, the findings said. The UK remains top second top destination with a share of 18 per cent. In value terms, it works out to USD 20 billion, followed by Singapore (USD 4.43 billion). The major findings of the Statistical Year Book of ESC were highlighted by Nalin Kohli, Chairman, Indiasoft Organizing Committee and past Chairman, ESC, during its release at the inaugural session of the India soft 2018 here. Over 400 foreign buyers and 200 Indian exhibitors attended the event, according to the organisers. Kohli said the IndiaSoft 2018 has taken stock of the impediments of penetrating into software and services markets into emerging markets like Japan, Africa and Latin America. The consensus was that India should try to get orders being placed by countries in the region directly instead of working as vendors and sub-contractors to the multinational corporations, he said. On the future strategy of the ESC to create alternative markets for software exports and services, DK Sareen, Executive Director, ESC said the basic objective of Indiasoft was to reduce the dependence on a single market and to make forays into alternative markets. “Over a period of time, we have reduced the dependence on the US market to close to 80 per cent to the current level of 57 per cent. We are confident that while India’s share of computer software and services in the world market would go up, our dependence on the US will come down over the years.” Summarise this report in a few sentences." summarise in a few sentences.
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(Image: Reuters) Goldman Sachs Group Inc will honor job and internship offers to 1,460 Indian graduates and students this summer, the equivalent of a quarter of its workforce in the country, forging ahead with expansion plans despite uncertainties due to the COVID-19 pandemic. Gunjan Samtani, who heads the bank in India, told Reuters in an interview this week that about half of those were offers for full-time jobs at the bank's technology centre in Bengaluru, now its second-biggest office globally. The rest are internships. He also said the bank was putting in place contingency plans that could allow it to move 40 percent - 50 percent of its workforce in India back to its offices when the country's stringent lockdown ends. His pledge on hiring runs contrary to signs that both domestic and international companies in the country's massive tech and banking outsourcing industry are withdrawing offers as they tighten their belts for a slide into recession. "We are honoring each and every commitment that we make to our incoming interns and our college grads," Samtani 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 US and European banks have postponed decisions about staff cuts for now, saying they are unsure how long the coronavirus outbreak will hurt the economy and are worried about being unprepared if business suddenly snaps back. Banks have also shown little appetite for hiring after a first quarter when Goldman's US peers put aside billions of dollars against a wave of potential loan defaults. A spokesman for Goldman stressed that the Indian graduates were existing offers the bank was honoring and not new hires. He said the bank was still recruiting globally, but proceeding more cautiously in light of the crisis. Over the past decade, large US banks and financial institutions including JPMorgan and Wells Fargo have established a large presence in low-cost destinations like India, hiring thousands of graduates and experienced executives across technology, finance, accounting and human resources. Goldman last year launched a $250-million office campus in Bengaluru that can seat up to 9,000 employees. The facility currently houses roughly 5,500 workers. Staff work across a variety of functions including technology, finance and human resources, while also providing support for business lines such as trading and the consumer banking business, Marcus. The Indian government shut down the country in March, forcing most people to work from home. Prime Minister Narendra Modi said on Monday he would look to ease restrictions despite a continuing acceleration in the number of coronavirus cases. Samtani, who joined Goldman Sachs nearly a decade ago in New York, after stints with Citigroup Inc, UBS and Bear Stearns, said 98 percent of his staff were working from home in some 150 Indian cities and his strategy for the months ahead included a substantial element of working from home. The first batch of interns and full-time employees joined the firm in Bengaluru on May 4, with the remaining interns and graduates to join by July. All will initially be brought in virtually. Summarise this report in a few sentences.
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goldman sk will honor job and internship offers to 1,460 Indian graduates and students this summer. bank is putting in place contingency plans that could allow it to move 40 percent - 50 percent of its workforce in india back to its offices. 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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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "(Image: Reuters) Goldman Sachs Group Inc will honor job and internship offers to 1,460 Indian graduates and students this summer, the equivalent of a quarter of its workforce in the country, forging ahead with expansion plans despite uncertainties due to the COVID-19 pandemic. Gunjan Samtani, who heads the bank in India, told Reuters in an interview this week that about half of those were offers for full-time jobs at the bank's technology centre in Bengaluru, now its second-biggest office globally. The rest are internships. He also said the bank was putting in place contingency plans that could allow it to move 40 percent - 50 percent of its workforce in India back to its offices when the country's stringent lockdown ends. His pledge on hiring runs contrary to signs that both domestic and international companies in the country's massive tech and banking outsourcing industry are withdrawing offers as they tighten their belts for a slide into recession. "We are honoring each and every commitment that we make to our incoming interns and our college grads," Samtani 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 US and European banks have postponed decisions about staff cuts for now, saying they are unsure how long the coronavirus outbreak will hurt the economy and are worried about being unprepared if business suddenly snaps back. Banks have also shown little appetite for hiring after a first quarter when Goldman's US peers put aside billions of dollars against a wave of potential loan defaults. A spokesman for Goldman stressed that the Indian graduates were existing offers the bank was honoring and not new hires. He said the bank was still recruiting globally, but proceeding more cautiously in light of the crisis. Over the past decade, large US banks and financial institutions including JPMorgan and Wells Fargo have established a large presence in low-cost destinations like India, hiring thousands of graduates and experienced executives across technology, finance, accounting and human resources. Goldman last year launched a $250-million office campus in Bengaluru that can seat up to 9,000 employees. The facility currently houses roughly 5,500 workers. Staff work across a variety of functions including technology, finance and human resources, while also providing support for business lines such as trading and the consumer banking business, Marcus. The Indian government shut down the country in March, forcing most people to work from home. Prime Minister Narendra Modi said on Monday he would look to ease restrictions despite a continuing acceleration in the number of coronavirus cases. Samtani, who joined Goldman Sachs nearly a decade ago in New York, after stints with Citigroup Inc, UBS and Bear Stearns, said 98 percent of his staff were working from home in some 150 Indian cities and his strategy for the months ahead included a substantial element of working from home. The first batch of interns and full-time employees joined the firm in Bengaluru on May 4, with the remaining interns and graduates to join by July. All will initially be brought in virtually. Summarise this report in a few sentences." summarise in a few sentences.
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New Delhi: Countries should take steps to speed up the recovery process as they overcome the Covid-19 health crisis, the World Bank said in its Global Economic Prospects report , which was partly released on Tuesday.Apart from short-term measures to address the health emergency and core public services, the multilateral development bank advised countries to focus on comprehensive policies that boost long-term growth and improve governance and business environment.“The scope and speed with which the Covid-19 pandemic and economic shutdowns have devastated the poor are unprecedented in modern times,” said World Bank group president David Malpass. “Current estimates show that 60 million people could be pushed into extreme poverty in 2020.”The report called for targeted stimulus measures since economic resilience of many countries will depend on their ability to build and retain more human and physical capital during the recovery.India is opening up after a lockdown of about two months. The government has announced a ₹20 lakh crore package to counter the economic impact of the coronavirus outbreak and the lockdown. Analysts have said more is needed to get the economy back on track.The latest World Bank report highlights the importance of allocating new capital toward sectors that are productive in new post-pandemic structures. “To succeed in this, countries will need reforms that allow capital and labor to adjust relatively fast—by speeding the resolution of disputes, reducing regulatory barriers, and reforming the costly subsidies, monopolies and protected state-owned enterprises that have slowed development,” Malpass said in his foreword to the report.According to the bank, the pandemic will have a lasting damage on economies through lower investment, erosion of physical and human capital, and a retreat from global trade and supply linkages.“When the pandemic struck, many emerging and developing economies were already vulnerable due to record-high debt levels and much weaker growth,” said Ceyla Pazarbasioglu, group vice president for equitable growth, finance and institutions at the World Bank, emphasising the impact on emerging economies.In its South Asia Economic Focus report in April, the World Bank had projected India’s growth at 1.5-2.8% in FY21 and projected the fiscal deficit to widen to 9% of GDP.“During the mitigation period, countries should focus on sustaining economic activity with targeted support to provide liquidity to households, firms and government essential services.” Summarise this report in a few sentences.
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the world bank says countries should focus on comprehensive policies that boost long-term growth. the scope and speed of the covid-19 pandemic and economic shutdowns have devastated the poor are unprecedented in modern times. the world bank says the pandemic will have a lasting damage on economies through lower investment, erosion of physical and human capital. the world bank has also warned that the world's financial crisis could lead to a global financial crisis.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "New Delhi: Countries should take steps to speed up the recovery process as they overcome the Covid-19 health crisis, the World Bank said in its Global Economic Prospects report , which was partly released on Tuesday.Apart from short-term measures to address the health emergency and core public services, the multilateral development bank advised countries to focus on comprehensive policies that boost long-term growth and improve governance and business environment.“The scope and speed with which the Covid-19 pandemic and economic shutdowns have devastated the poor are unprecedented in modern times,” said World Bank group president David Malpass. “Current estimates show that 60 million people could be pushed into extreme poverty in 2020.”The report called for targeted stimulus measures since economic resilience of many countries will depend on their ability to build and retain more human and physical capital during the recovery.India is opening up after a lockdown of about two months. The government has announced a ₹20 lakh crore package to counter the economic impact of the coronavirus outbreak and the lockdown. Analysts have said more is needed to get the economy back on track.The latest World Bank report highlights the importance of allocating new capital toward sectors that are productive in new post-pandemic structures. “To succeed in this, countries will need reforms that allow capital and labor to adjust relatively fast—by speeding the resolution of disputes, reducing regulatory barriers, and reforming the costly subsidies, monopolies and protected state-owned enterprises that have slowed development,” Malpass said in his foreword to the report.According to the bank, the pandemic will have a lasting damage on economies through lower investment, erosion of physical and human capital, and a retreat from global trade and supply linkages.“When the pandemic struck, many emerging and developing economies were already vulnerable due to record-high debt levels and much weaker growth,” said Ceyla Pazarbasioglu, group vice president for equitable growth, finance and institutions at the World Bank, emphasising the impact on emerging economies.In its South Asia Economic Focus report in April, the World Bank had projected India’s growth at 1.5-2.8% in FY21 and projected the fiscal deficit to widen to 9% of GDP.“During the mitigation period, countries should focus on sustaining economic activity with targeted support to provide liquidity to households, firms and government essential services.” Summarise this report in a few sentences." summarise in a few sentences.
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By Kushankur Dey The Interim Budget placed a strong focus on the rural and farm sectors. Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), every family owning not more than two hectares of cultivable land is entitled to receive Rs 6,000 per year via direct benefit transfer. It is likely to cover 12 crore small and marginal farmers and has annual budgetary allocation of Rs 75,000 crore. Each smallholder is entitled to receive the amount in a bank account in three tranches of Rs 2,000 each. Other benefits include interest-free crop loans up to Rs 3 lakh if farmers timely repay previous outstanding, 2-5% of interest subvention if crop is damaged by natural calamities and timely claim payout, and waiving off of insurance premium for major food and commercial crops. Animal husbandry and fisheries have been included under Kisan Credit Card and there is a provision of availing interest subvention based on frequency of repayment. Also read| Budget & MPC: Interim budget tries to strike a balance but the real story lies off balance sheet Overall, the Budget appears to be supportive of farm-based rural economy. But we need to understand far-reaching impacts. While PM-KISAN aims to cover small and marginal farmers (85% of farmer population), landless agricultural labourers and tenant farmers are left in the lurch. There are concerns at operational level—land record reconciliation, digitisation of land records, costs incurred in consolidation of land records. So, PM-KISAN may be seen as a consolation prize to debt-ridden and distressed farm families—it cannot trickle down ‘real’ benefits other than a meagre cash incentive to peasant economy. On the corollary, if beneficiary farmers wish to lease their lands to tenant farmers or keep their lands fallow for some time, are they eligible to receive cash benefits? Who will be accountable to check the opportunistic behaviour of farmers? In this case, monitoring costs can outstrip Budget provisions, as concerned state governments will have to deploy manpower to keep vigil on farmer fields, and pattern of their spending or consumption from the income support. PM-KISAN spelt out that furnishing a proper land record and bank account details is necessary to become a beneficiary. Land revenue and block agriculture offices are likely to be responsible for reconciliation and digitisation of land records. Except a few states, others are still lagging in this area. Also, bankers will be busy opening the already left-out farmers ‘no-frills’ accounts for direct benefit transfer. The mammoth drive of implementing PM-KISAN can increase opportunity costs of critical (human) resources, operational risks and, eventually, shoot up operating expenses and strain the fiscal health of concerned states. Take the case of interest subvention on timely repayment of crop loans and waiving off of premium. Consequences can worsen rural credit market, crop insurance businesses, and arrest the growth of farm sector. Will under-performing rural banks be able to direct credit to farm sector below the prime lending rate or cost of funds, and strive to maintain operating efficiency and drive for financial inclusion? What is the logic behind waiving off of crop insurance premium? Instead, underwriting processes related to crop loss assessment and claim payout need to be authentic and fastened by insurance agencies at the auspices of state governments. Agriculture is a state subject; the Centre shouldn’t interfere, other than creating an enabling environment through responsive bureaucracy—legal compliance, easing of doing business, market infrastructure, trade facilitation. In other words, the promise of the Budget for the farm sector shows a departure from reality, as pitfalls are many. It is plausible to infer the Budget has not brought rational, sustainable solutions to long-standing policy concerns for agrarian distress. From a rational viewpoint, farmers need to utilise agricultural inputs (land, water, crop protection chemicals) efficiently, and also allocate capital and farm resources to the market-led production schedule. The Centre should allow public and private institutions and market agencies to render services to the farm sector at a fair price. Remember, the goal should be to reduce poverty, ensure sustainable food security, and inclusive growth and wellbeing of farmers. Only this will alleviate the farm sector. Summarise this report in a few sentences.
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every family owning not more than two hectares of cultivable land is entitled to receive Rs 6,000 per year via direct benefit transfer. it is likely to cover 12 crore small and marginal farmers and has annual budgetary allocation of Rs 75,000 crore. other benefits include interest-free crop loans up to Rs 3 lakh if farmers timely repay previous outstanding. landless agricultural labourers and tenant farmers are left in the lurch.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "By Kushankur Dey The Interim Budget placed a strong focus on the rural and farm sectors. Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), every family owning not more than two hectares of cultivable land is entitled to receive Rs 6,000 per year via direct benefit transfer. It is likely to cover 12 crore small and marginal farmers and has annual budgetary allocation of Rs 75,000 crore. Each smallholder is entitled to receive the amount in a bank account in three tranches of Rs 2,000 each. Other benefits include interest-free crop loans up to Rs 3 lakh if farmers timely repay previous outstanding, 2-5% of interest subvention if crop is damaged by natural calamities and timely claim payout, and waiving off of insurance premium for major food and commercial crops. Animal husbandry and fisheries have been included under Kisan Credit Card and there is a provision of availing interest subvention based on frequency of repayment. Also read| Budget & MPC: Interim budget tries to strike a balance but the real story lies off balance sheet Overall, the Budget appears to be supportive of farm-based rural economy. But we need to understand far-reaching impacts. While PM-KISAN aims to cover small and marginal farmers (85% of farmer population), landless agricultural labourers and tenant farmers are left in the lurch. There are concerns at operational level—land record reconciliation, digitisation of land records, costs incurred in consolidation of land records. So, PM-KISAN may be seen as a consolation prize to debt-ridden and distressed farm families—it cannot trickle down ‘real’ benefits other than a meagre cash incentive to peasant economy. On the corollary, if beneficiary farmers wish to lease their lands to tenant farmers or keep their lands fallow for some time, are they eligible to receive cash benefits? Who will be accountable to check the opportunistic behaviour of farmers? In this case, monitoring costs can outstrip Budget provisions, as concerned state governments will have to deploy manpower to keep vigil on farmer fields, and pattern of their spending or consumption from the income support. PM-KISAN spelt out that furnishing a proper land record and bank account details is necessary to become a beneficiary. Land revenue and block agriculture offices are likely to be responsible for reconciliation and digitisation of land records. Except a few states, others are still lagging in this area. Also, bankers will be busy opening the already left-out farmers ‘no-frills’ accounts for direct benefit transfer. The mammoth drive of implementing PM-KISAN can increase opportunity costs of critical (human) resources, operational risks and, eventually, shoot up operating expenses and strain the fiscal health of concerned states. Take the case of interest subvention on timely repayment of crop loans and waiving off of premium. Consequences can worsen rural credit market, crop insurance businesses, and arrest the growth of farm sector. Will under-performing rural banks be able to direct credit to farm sector below the prime lending rate or cost of funds, and strive to maintain operating efficiency and drive for financial inclusion? What is the logic behind waiving off of crop insurance premium? Instead, underwriting processes related to crop loss assessment and claim payout need to be authentic and fastened by insurance agencies at the auspices of state governments. Agriculture is a state subject; the Centre shouldn’t interfere, other than creating an enabling environment through responsive bureaucracy—legal compliance, easing of doing business, market infrastructure, trade facilitation. In other words, the promise of the Budget for the farm sector shows a departure from reality, as pitfalls are many. It is plausible to infer the Budget has not brought rational, sustainable solutions to long-standing policy concerns for agrarian distress. From a rational viewpoint, farmers need to utilise agricultural inputs (land, water, crop protection chemicals) efficiently, and also allocate capital and farm resources to the market-led production schedule. The Centre should allow public and private institutions and market agencies to render services to the farm sector at a fair price. Remember, the goal should be to reduce poverty, ensure sustainable food security, and inclusive growth and wellbeing of farmers. Only this will alleviate the farm sector. Summarise this report in a few sentences." summarise in a few sentences.
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The Reserve Bank of India has turned to futures market to check the rupee 's plunge as the local unit hit all time low at 69.10 a dollar, dealers said.It is said to have sold over $500 million in July futures contract, a move that has helped the local unit to erase some of its early losses, they said.At 10.35 hours the rupee is trading at 68.97/$ versus 68.63 closed on Wednesday. It hit record low at 69.10 sliding past its earlier all time record low 68.86 touched on November 24, 2016.The central bank normally intervenes in the spot market to curb wild swings in the currency market. But such move increases or reduces rupee liquidity or available cash in the banking system distorting inflation dynamics and bond yields, two important factors for monetary policy framing.In the past few months the benchmark bond yields have been rising. It pierced the psychological mark at 8% raising overall borrowing costs. Such phenomenon calls for more open market operations (purchase), a market matrix that helps bringing down yields.Under OMO purchases, the RBI buys bonds infusing liquidity in the system. Now, if the central bank conducts spot market intervention to sell dollars and buy rupees, it nullifies the OMO effects reversing the liquidity."The intensity towards spot market intervention could low while futures market makes sense for the RBI," said a treasury head of a large bank.Also, the RBI does not want to show any desperation as the rupee weakening is apparently paints negative picture the country, that is going for general elections."All other emerging market currencies including Chinese yuan have lost value to the dollar with investors seeking safety of safe heaven US-backed asset.The rising crude prices too threatens to upset fiscal math for countries that meets their requirements through overseas shipments.Moreover, India tends to lose more after US administration warned of economic sanctions on countries importing oil from Iran, a major supplier for India. Summarise this report in a few sentences.
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rupee is trading at 68.97/$ versus 68.63 closed on Wednesday. it hit all time low at 69.10 sliding past its earlier all time record low 68.86. RBI normally intervenes in the spot market to curb wild swings in currency market. but such move increases or reduces rupee liquidity or available cash in the banking system.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The Reserve Bank of India has turned to futures market to check the rupee 's plunge as the local unit hit all time low at 69.10 a dollar, dealers said.It is said to have sold over $500 million in July futures contract, a move that has helped the local unit to erase some of its early losses, they said.At 10.35 hours the rupee is trading at 68.97/$ versus 68.63 closed on Wednesday. It hit record low at 69.10 sliding past its earlier all time record low 68.86 touched on November 24, 2016.The central bank normally intervenes in the spot market to curb wild swings in the currency market. But such move increases or reduces rupee liquidity or available cash in the banking system distorting inflation dynamics and bond yields, two important factors for monetary policy framing.In the past few months the benchmark bond yields have been rising. It pierced the psychological mark at 8% raising overall borrowing costs. Such phenomenon calls for more open market operations (purchase), a market matrix that helps bringing down yields.Under OMO purchases, the RBI buys bonds infusing liquidity in the system. Now, if the central bank conducts spot market intervention to sell dollars and buy rupees, it nullifies the OMO effects reversing the liquidity."The intensity towards spot market intervention could low while futures market makes sense for the RBI," said a treasury head of a large bank.Also, the RBI does not want to show any desperation as the rupee weakening is apparently paints negative picture the country, that is going for general elections."All other emerging market currencies including Chinese yuan have lost value to the dollar with investors seeking safety of safe heaven US-backed asset.The rising crude prices too threatens to upset fiscal math for countries that meets their requirements through overseas shipments.Moreover, India tends to lose more after US administration warned of economic sanctions on countries importing oil from Iran, a major supplier for India. Summarise this report in a few sentences." summarise in a few sentences.
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Following the negative global cues, headline indices BSE Sensex and Nifty 50 were trading nearly 2 per cent down on Tuesday on the back of growing fears of the second wave of coronavirus infections. The 30-share index Sensex breached the crucial 31,000-mark and hit a day’s low of 30,922. While the broader Nifty 50 index slipped below the psychological level of 9,100, to trade at 9,067. HDFC twins, Reliance Industries, ICICI Bank, Kotak Mahindra Bank contributed the most to the indices’ losses in the morning trade. Maruti Suzuki top Sensex loser: As many as 26 scrips out of 30 Sensex stocks were trading in the negative territory with Maruti Suzuki as the top Sensex loser, even as automaker commenced production. The stock was down 4.26 per cent to Rs 4,722 apiece. It was followed by HDFC Bank, Tatat Steel, HDFC, Asian Paints and ICICI Bank. Corporate earnings today: Havells, IndiaMart, Syngene, Bandhan Bank and Nestle India are among 11 companies which are scheduled to announce their March quarter earnings on Tuesday. HCL Tech gains half a per cent: In the 30-share pack, NTPC was the top gainer with a growth of 0.58 per cent followed by HCL Tech (up 0.30 per cent), Titan (up 0.13 per cent) and TCS (up 0.05). Nifty Bank drops 3%: All the 11 sectoral indices were trading in the negative territory. Nifty Bank index was down over 3 per cent or 600 points dragged by RBL Bank, HDFC Bank and Bandhan Bank. While Nifty Pharma index also slipped into red with Piramal Enterprises, Biocon and Dr Reddy’s Laboratories as top losers. Coronavirus cases spike in India: Total coronavirus cases in India has surpassed the 70,000-mark while the death toll is approaching 2300-mark in the country, according to the government data. As COVID-19 cases are increasing in India, Prime Minister Narendra Modi has hinted that nationwide lockdown may be extended beyond May 17. Global markets: Asian shares slumped on Tuesday on growing worries about the second wave of coronavirus infections. MSCI’s broadest index of Asia Pacific shares outside of Japan stumbled more than 1%, Hong Kong’s Hang Seng index was down 1.4%. On Wall Street, the Dow Jones Industrial Average fell 0.45%, the S&P 500 gained 0.01% and the Nasdaq Composite added 0.78%. FII and DII data: Foreign institutional investors (FIIs) bought shares worth Rs 534.87 crore, while domestic institutional investors (DIIs) sold shares worth Rs 821.6 crore on Tuesday, according to the data available on the NSE. Summarise this report in a few sentences.
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Sensex and nifty 50 both trading nearly 2% down on the back of negative global cues. broader indices slipped below psychological level of 9,100 to trade at 9,067. maruti Suzuki was top loser, even as automaker commenced production. total coronavirus cases in india has surpassed the 70,000-mark.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Following the negative global cues, headline indices BSE Sensex and Nifty 50 were trading nearly 2 per cent down on Tuesday on the back of growing fears of the second wave of coronavirus infections. The 30-share index Sensex breached the crucial 31,000-mark and hit a day’s low of 30,922. While the broader Nifty 50 index slipped below the psychological level of 9,100, to trade at 9,067. HDFC twins, Reliance Industries, ICICI Bank, Kotak Mahindra Bank contributed the most to the indices’ losses in the morning trade. Maruti Suzuki top Sensex loser: As many as 26 scrips out of 30 Sensex stocks were trading in the negative territory with Maruti Suzuki as the top Sensex loser, even as automaker commenced production. The stock was down 4.26 per cent to Rs 4,722 apiece. It was followed by HDFC Bank, Tatat Steel, HDFC, Asian Paints and ICICI Bank. Corporate earnings today: Havells, IndiaMart, Syngene, Bandhan Bank and Nestle India are among 11 companies which are scheduled to announce their March quarter earnings on Tuesday. HCL Tech gains half a per cent: In the 30-share pack, NTPC was the top gainer with a growth of 0.58 per cent followed by HCL Tech (up 0.30 per cent), Titan (up 0.13 per cent) and TCS (up 0.05). Nifty Bank drops 3%: All the 11 sectoral indices were trading in the negative territory. Nifty Bank index was down over 3 per cent or 600 points dragged by RBL Bank, HDFC Bank and Bandhan Bank. While Nifty Pharma index also slipped into red with Piramal Enterprises, Biocon and Dr Reddy’s Laboratories as top losers. Coronavirus cases spike in India: Total coronavirus cases in India has surpassed the 70,000-mark while the death toll is approaching 2300-mark in the country, according to the government data. As COVID-19 cases are increasing in India, Prime Minister Narendra Modi has hinted that nationwide lockdown may be extended beyond May 17. Global markets: Asian shares slumped on Tuesday on growing worries about the second wave of coronavirus infections. MSCI’s broadest index of Asia Pacific shares outside of Japan stumbled more than 1%, Hong Kong’s Hang Seng index was down 1.4%. On Wall Street, the Dow Jones Industrial Average fell 0.45%, the S&P 500 gained 0.01% and the Nasdaq Composite added 0.78%. FII and DII data: Foreign institutional investors (FIIs) bought shares worth Rs 534.87 crore, while domestic institutional investors (DIIs) sold shares worth Rs 821.6 crore on Tuesday, according to the data available on the NSE. Summarise this report in a few sentences." summarise in a few sentences.
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The rapidly growing novel coronavirus pandemic is so far having little impact on the global food supply chain, but that could change for the worse and soon if anxiety-driven panic by major food importers takes hold, the World Food Programme (WFP) has said. In a new report, “COVID-19: Potential impact on the world’s poorest people: A WFP analysis of the economic and food security implications of the pandemic”, the UN agency said global markets for basic cereals are well-supplied and prices generally low. However, given the highly globalised nature of food production and supply, commodities need to move from the world’s ‘breadbaskets’ to where they are consumed and the novel coronavirus-related containment measures are starting to make this more challenging. “Disruptions are so far minimal; food supply is adequate, and markets are relatively stable,” WFP Senior Spokesperson Elizabeth Byrs said, noting that global cereal stocks are at comfortable levels and the outlook for wheat and other staple crops is positive for the rest of the year. “But we may soon expect to see disruptions in food supply chains,” she said, explaining that if big importers lose confidence in the reliable flow of basic food commodities, panic buying could ensue, driving prices up. A grain market analyst at the Food and Agriculture Organisation (FAO), quoted anonymously in the report, said the problem is not supply, but “a behavioural change over food security”. “What if bulk buyers think they can’t get wheat or rice shipments in May or June? That is what could lead to a global food supply crisis,” the analyst said. For low-income countries, the consequences could be devastating, with long-term repercussions, with coping strategies coming at the expense of such essential services as health and education. It recalled that when a food price crisis struck in 2008, the world’s poorest households ? which typically spend the largest share of income on food ? suffered disproportionately. Using the economic pillar of the Proteus food security index – and taking into account dependency on primary commodities such as fuel, ores and metals for export earnings – the report said that countries in Africa and the Middle East are most vulnerable. Africa accounts for the majority of the almost 212 million people in the world who are chronically food insecure and the 95 million who live amidst acute food insecurity, the report said. Byrs said labour shortages could disrupt the production and processing of labour-intensive crops in particularly, especially in vulnerable countries in sub-Saharan Africa. Other potential sources of disruption include blockages along transport routes ? a particular concern for fresh produce ? and quarantine measures that could impede farmers’ access to markets. Going forward, the WFP report said, it is essential to monitor food prices and markets, and to transparently disseminate information ? thus helping to strengthen government policies while also averting public panic, and social unrest. It said that in places where food insecurity is caused by restricted access, rather than lack of availability, cash-based transfers — which can often be made through contactless solutions — should be considered as a standard response. “Planning in-kind food assistance is essential,” the report said, noting that supply chain disruptions are likely to affect higher-value items first. Such items involve more tiers of suppliers, human interaction and dependency on few suppliers ? putting specialized nutritious food more at risk than staples, it said. Summarise this report in a few sentences.
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new report says global markets for basic cereals are well-supplied. but commodities need to move from 'breadbaskets' to where they are consumed. fears that panic buying could ensue if major importers lose confidence. if fears are not overcome, prices could rise, causing a global food supply crisis. 212 million people in the world are chronically food insecure.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The rapidly growing novel coronavirus pandemic is so far having little impact on the global food supply chain, but that could change for the worse and soon if anxiety-driven panic by major food importers takes hold, the World Food Programme (WFP) has said. In a new report, “COVID-19: Potential impact on the world’s poorest people: A WFP analysis of the economic and food security implications of the pandemic”, the UN agency said global markets for basic cereals are well-supplied and prices generally low. However, given the highly globalised nature of food production and supply, commodities need to move from the world’s ‘breadbaskets’ to where they are consumed and the novel coronavirus-related containment measures are starting to make this more challenging. “Disruptions are so far minimal; food supply is adequate, and markets are relatively stable,” WFP Senior Spokesperson Elizabeth Byrs said, noting that global cereal stocks are at comfortable levels and the outlook for wheat and other staple crops is positive for the rest of the year. “But we may soon expect to see disruptions in food supply chains,” she said, explaining that if big importers lose confidence in the reliable flow of basic food commodities, panic buying could ensue, driving prices up. A grain market analyst at the Food and Agriculture Organisation (FAO), quoted anonymously in the report, said the problem is not supply, but “a behavioural change over food security”. “What if bulk buyers think they can’t get wheat or rice shipments in May or June? That is what could lead to a global food supply crisis,” the analyst said. For low-income countries, the consequences could be devastating, with long-term repercussions, with coping strategies coming at the expense of such essential services as health and education. It recalled that when a food price crisis struck in 2008, the world’s poorest households ? which typically spend the largest share of income on food ? suffered disproportionately. Using the economic pillar of the Proteus food security index – and taking into account dependency on primary commodities such as fuel, ores and metals for export earnings – the report said that countries in Africa and the Middle East are most vulnerable. Africa accounts for the majority of the almost 212 million people in the world who are chronically food insecure and the 95 million who live amidst acute food insecurity, the report said. Byrs said labour shortages could disrupt the production and processing of labour-intensive crops in particularly, especially in vulnerable countries in sub-Saharan Africa. Other potential sources of disruption include blockages along transport routes ? a particular concern for fresh produce ? and quarantine measures that could impede farmers’ access to markets. Going forward, the WFP report said, it is essential to monitor food prices and markets, and to transparently disseminate information ? thus helping to strengthen government policies while also averting public panic, and social unrest. It said that in places where food insecurity is caused by restricted access, rather than lack of availability, cash-based transfers — which can often be made through contactless solutions — should be considered as a standard response. “Planning in-kind food assistance is essential,” the report said, noting that supply chain disruptions are likely to affect higher-value items first. Such items involve more tiers of suppliers, human interaction and dependency on few suppliers ? putting specialized nutritious food more at risk than staples, it said. Summarise this report in a few sentences." summarise in a few sentences.
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States with good primary healthcare system have fared better in containing the spread of COVID-19, biotechnology industry veteran Kiran Mazumdar-Shaw said on Tuesday. The Executive Chairperson of bio-pharmaceuticals company, Biocon Ltd, also hit out at people not wearing face-masks in public places and said they don’t understand the gravity of the disease. She called for a behavioural change in people with enhanced focus on discipline and cleanliness. Citing Karnataka and Kerala, Mazumdar-Shaw said they have managed the COVID-19 well as they have got a very good primary health care ecosystem. Kerala is a shining example of this. She also said that Thailand is able to contain any epidemic as it has an excellent primary healthcare structure. People in countries like Japan, Vietnam and Thailand wear face-masks all the time in public places even before the COVID-19 pandemic. And then, they are naturally very clean people, disciplined. India will have to become a cleaner country , she told PTI. What better time than now to focus much more on initiatives like Swachh Bharat and practices such as wearing masks and cleaning hands, she said. According to her, the coronavirus is breaking out in very dense and poor clusters in India. So, poverty and density of population seem to be a combination, which really allows the virus to spread. Also read| Check Coronavirus latest updates here: One has to do mass testing in those areas, and isolate and quarantine anyone testing positive. India has no option but to open up the economy with safeguards like temperature checks, mask wearing, physical distancing. When restrictions are removed, the number of COVID-19 cases is bound to increase and it s not a cause for worry. Mortality rate is what we really need to focus on . Mazumdar-Shaw said this is the time to decentralise responsibilities and empower district administrations to manage the disease by tracing, tracking, isolating and treating infected people. While one cannot lift the lockdown in places where there is a huge surge in cases, she said all cities should not be declared as red-zones. For example, wards (there are 200 of them in Bengaluru) which are hot-spots should be sealed off while the rest of the areas should be opened up. She is finding that uneducated in villages are following the rules like wearing of masks in public places more than the educated in urban areas. If you go to cities, our people are useless, they are supposed to be educated and they don’t even wear a mask. For a country like India, you need strict discipline , Mazumdar-Shaw said, adding, penalty should be mandatorily imposed for spitting in public and not wearing masks. Somehow, we don’t care, we are not disciplined, and everyone thinks I am fine, I am safe, nothing will happen to me, they don’t even understand what this viral infection is about. Nobody can say that they are safe from the virus, she said. It is a behavioural change that we need. And to bring about this kind of behavioural change is tough but at least there is a fear factor that will bring this behavioural change, Mazumdar-Shaw added. Summarise this report in a few sentences.
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biotechnology industry veteran Kiran Mazumdar-Shaw said states with good primary healthcare system have fared better in containing the spread of COVID-19. she also hit out at people not wearing face-masks in public places and said they don’t understand the gravity of the disease. she said this is the time to decentralise responsibilities and empower district administrations to manage the disease.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "States with good primary healthcare system have fared better in containing the spread of COVID-19, biotechnology industry veteran Kiran Mazumdar-Shaw said on Tuesday. The Executive Chairperson of bio-pharmaceuticals company, Biocon Ltd, also hit out at people not wearing face-masks in public places and said they don’t understand the gravity of the disease. She called for a behavioural change in people with enhanced focus on discipline and cleanliness. Citing Karnataka and Kerala, Mazumdar-Shaw said they have managed the COVID-19 well as they have got a very good primary health care ecosystem. Kerala is a shining example of this. She also said that Thailand is able to contain any epidemic as it has an excellent primary healthcare structure. People in countries like Japan, Vietnam and Thailand wear face-masks all the time in public places even before the COVID-19 pandemic. And then, they are naturally very clean people, disciplined. India will have to become a cleaner country , she told PTI. What better time than now to focus much more on initiatives like Swachh Bharat and practices such as wearing masks and cleaning hands, she said. According to her, the coronavirus is breaking out in very dense and poor clusters in India. So, poverty and density of population seem to be a combination, which really allows the virus to spread. Also read| Check Coronavirus latest updates here: One has to do mass testing in those areas, and isolate and quarantine anyone testing positive. India has no option but to open up the economy with safeguards like temperature checks, mask wearing, physical distancing. When restrictions are removed, the number of COVID-19 cases is bound to increase and it s not a cause for worry. Mortality rate is what we really need to focus on . Mazumdar-Shaw said this is the time to decentralise responsibilities and empower district administrations to manage the disease by tracing, tracking, isolating and treating infected people. While one cannot lift the lockdown in places where there is a huge surge in cases, she said all cities should not be declared as red-zones. For example, wards (there are 200 of them in Bengaluru) which are hot-spots should be sealed off while the rest of the areas should be opened up. She is finding that uneducated in villages are following the rules like wearing of masks in public places more than the educated in urban areas. If you go to cities, our people are useless, they are supposed to be educated and they don’t even wear a mask. For a country like India, you need strict discipline , Mazumdar-Shaw said, adding, penalty should be mandatorily imposed for spitting in public and not wearing masks. Somehow, we don’t care, we are not disciplined, and everyone thinks I am fine, I am safe, nothing will happen to me, they don’t even understand what this viral infection is about. Nobody can say that they are safe from the virus, she said. It is a behavioural change that we need. And to bring about this kind of behavioural change is tough but at least there is a fear factor that will bring this behavioural change, Mazumdar-Shaw added. Summarise this report in a few sentences." summarise in a few sentences.
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By: Ashutosh Sinha The selloff in March was severe. The rebound in April was no less spectacular. But can the rally extend its reach into May, as several worries begin to resurface? Since hitting the recent low on March 23, the bulls helped Dow gallop 30 percent in April, the best monthly gain since 1987. The first trading day of May was different. The markets trimmed the rally with a 600-point fall, which could set the trend for May. A series of other disparate events could see the optimism generated by ‘awesome April’ fading. Second wave of infections There is a growing fear of a second wave of infections, which was highlighted in The Lancet (https://www.thelancet.com/ journals/lancet/article/ PIIS0140-6736(20)30845-X/ fulltext). Several countries from Australia, are already experiencing a second wave of infection, according to Channel News Asia (https://www.channelnewsasia. com/news/asia/asia-pacific- covid-19-coronavirus-second- wave-infections-12566132). Extended lockdown worries China, South Korea, Thailand are some countries where there have been simmering worries. The extension of the lockdown in Asian countries like Malaysia, Indonesia, India, and Singapore has only added to the aggravated fears. Several countries in Europe also extended the lockdown into May. All this could mean that businesses could be hit hard, the travel ban could be extended or countries may defer the pace at which the lockdown was being withdrawn. The lockdown in Germany is being eased (http://www.rfi.fr/en/europe/ 20200424-germany-prepares-for- covid-19-second-wave-as- lockdown-begins-to-ease- coronavirus-merkel) as the country is prepared to face the second wave of infections. Weak economic data Markets are already grappling with weak economic data. Q1 GDP in the US contracted by 4.8 percent while the Eurozone GDP contracted by 3.8 percent. The markets now have a sense of the gravity of the situation. If some countries are hit by a second wave of infections or some have to extend their lockdown, things could potentially get worse. Muted earnings growth Tech has been the only savior for the investors, with Google, Microsoft, and some of their peers exuding confidence since the evidence of increase in demand for cloud services. To use the metaphor, these stocks have been on fire, so have the staples stocks. But consumer sentiment could be hit hard and if it extends to the US markets, it can spell disaster. Conventional belief in the markets has it that “a panic bottom is not broken”. Investors will be clinging on to that belief for now. Fisc worry for nations Countries are feeling the heat of the COVID-19 impact. Markets in GCC countries saw several indices losing ground in trading on Sunday, the first day of the week. Saudi Arabia’s Tadawul Index, the largest stock market in the region fell by six percent, its biggest fall in two months. Other markets in the region faced the same (https://www.khaleejtimes.com/ business/markets/uae-gcc- markets-slump-saudi-stocks- down-by-6). On Monday, the index recovered smartly but the cat may have been set among the pigeons (https://liveindex.org/ tadawul-all-share). Saudi Arabia’s Finance Minister has said that the country will take strict measures to deal with the economic impact of COVID-19 (https://in.news.yahoo.com/ saudi-strict-painful-measures- deal-171255423.html). Jordan’s Prime Minister has also confessed that their finances are under strain. As the impact of COVID-19 unfolds, investors fear that the fault lines in the economies of other countries may be exposed too, which could slow down spending further. Trade war again? Worse, just as the trade war between the US and China was off the front pages, the two countries are again engaged in an exchange of words. This time it is about the origins of the coronavirus. President Donald Trump could be mulling trade action (https://www.moneycontrol.com/ news/world/donald-trump- threatens-new-tariffs-on- china-as-us-mulls-retaliatory- action-over-virus-5210271.html ), according to this Reuters report. Several options were already being considered. Another round of tde war could spell trouble for the markets. Berkshire Hathaway’s quarterly loss reported last week was digested by the market. It appeared to be lesser optimism in the words chosen by Chairman Warren Buffett as he spoke to the investors. While it may not have a direct bearing on the markets, it does dampen the spirits for the millions who weigh each word of what he says. April was a time when the fury of the March selloff was forgotten by the investors. In the new month, things could be different. The conventional belief in the markets is ‘when it’s May, it is time to go away’. Investors will be hoping, this time, things could be different. Summarise this report in a few sentences.
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the bulls helped the Dow gallop 30 percent in April, the best monthly gain since 1987. the first trading day of may was different - the markets trimmed the rally with a 600-point fall. a series of other disparate events could see the optimism generated by ‘awesome April’ fading. a growing fear of a second wave of infections is highlighted in the Lancet.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "By: Ashutosh Sinha The selloff in March was severe. The rebound in April was no less spectacular. But can the rally extend its reach into May, as several worries begin to resurface? Since hitting the recent low on March 23, the bulls helped Dow gallop 30 percent in April, the best monthly gain since 1987. The first trading day of May was different. The markets trimmed the rally with a 600-point fall, which could set the trend for May. A series of other disparate events could see the optimism generated by ‘awesome April’ fading. Second wave of infections There is a growing fear of a second wave of infections, which was highlighted in The Lancet (https://www.thelancet.com/ journals/lancet/article/ PIIS0140-6736(20)30845-X/ fulltext). Several countries from Australia, are already experiencing a second wave of infection, according to Channel News Asia (https://www.channelnewsasia. com/news/asia/asia-pacific- covid-19-coronavirus-second- wave-infections-12566132). Extended lockdown worries China, South Korea, Thailand are some countries where there have been simmering worries. The extension of the lockdown in Asian countries like Malaysia, Indonesia, India, and Singapore has only added to the aggravated fears. Several countries in Europe also extended the lockdown into May. All this could mean that businesses could be hit hard, the travel ban could be extended or countries may defer the pace at which the lockdown was being withdrawn. The lockdown in Germany is being eased (http://www.rfi.fr/en/europe/ 20200424-germany-prepares-for- covid-19-second-wave-as- lockdown-begins-to-ease- coronavirus-merkel) as the country is prepared to face the second wave of infections. Weak economic data Markets are already grappling with weak economic data. Q1 GDP in the US contracted by 4.8 percent while the Eurozone GDP contracted by 3.8 percent. The markets now have a sense of the gravity of the situation. If some countries are hit by a second wave of infections or some have to extend their lockdown, things could potentially get worse. Muted earnings growth Tech has been the only savior for the investors, with Google, Microsoft, and some of their peers exuding confidence since the evidence of increase in demand for cloud services. To use the metaphor, these stocks have been on fire, so have the staples stocks. But consumer sentiment could be hit hard and if it extends to the US markets, it can spell disaster. Conventional belief in the markets has it that “a panic bottom is not broken”. Investors will be clinging on to that belief for now. Fisc worry for nations Countries are feeling the heat of the COVID-19 impact. Markets in GCC countries saw several indices losing ground in trading on Sunday, the first day of the week. Saudi Arabia’s Tadawul Index, the largest stock market in the region fell by six percent, its biggest fall in two months. Other markets in the region faced the same (https://www.khaleejtimes.com/ business/markets/uae-gcc- markets-slump-saudi-stocks- down-by-6). On Monday, the index recovered smartly but the cat may have been set among the pigeons (https://liveindex.org/ tadawul-all-share). Saudi Arabia’s Finance Minister has said that the country will take strict measures to deal with the economic impact of COVID-19 (https://in.news.yahoo.com/ saudi-strict-painful-measures- deal-171255423.html). Jordan’s Prime Minister has also confessed that their finances are under strain. As the impact of COVID-19 unfolds, investors fear that the fault lines in the economies of other countries may be exposed too, which could slow down spending further. Trade war again? Worse, just as the trade war between the US and China was off the front pages, the two countries are again engaged in an exchange of words. This time it is about the origins of the coronavirus. President Donald Trump could be mulling trade action (https://www.moneycontrol.com/ news/world/donald-trump- threatens-new-tariffs-on- china-as-us-mulls-retaliatory- action-over-virus-5210271.html ), according to this Reuters report. Several options were already being considered. Another round of tde war could spell trouble for the markets. Berkshire Hathaway’s quarterly loss reported last week was digested by the market. It appeared to be lesser optimism in the words chosen by Chairman Warren Buffett as he spoke to the investors. While it may not have a direct bearing on the markets, it does dampen the spirits for the millions who weigh each word of what he says. April was a time when the fury of the March selloff was forgotten by the investors. In the new month, things could be different. The conventional belief in the markets is ‘when it’s May, it is time to go away’. Investors will be hoping, this time, things could be different. Summarise this report in a few sentences." summarise in a few sentences.
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The global economy could shrink by up to 1 percent in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5 percent growth, the UN has said, warning that it may contract even further if restrictions on the economic activities are extended without adequate fiscal responses. The analysis by the UN Department of Economic and Social Affairs (DESA) said the COVID-19 pandemic is disrupting global supply chains and international trade. With nearly 100 countries closing national borders during the past month, the movement of people and tourism flows have come to a screeching halt. "Millions of workers in these countries are facing the bleak prospect of losing their jobs. Governments are considering and rolling out large stimulus packages to avert a sharp downturn of their economies which could potentially plunge the global economy into a deep recession. In the worst-case scenario, the world economy could contract by 0.9 percent in 2020," the DESA said, adding that the world economy had contracted by 1.7 percent during the global financial crisis in 2009. It added that the contraction could be even higher if governments fail to provide income support and help boost consumer spending. The analysis noted that before the outbreak of the COVID-19, world output was expected to expand at a modest pace of 2.5 percent in 2020, as reported in the World Economic Situation and Prospects 2020. Taking into account rapidly changing economic conditions, the UN DESA's World Economic Forecasting Model has estimated best and worst-case scenarios for global growth in 2020. In the best-case scenario — with moderate declines in private consumption, investment and exports and offsetting increases in government spending in the G-7 countries and China — global growth would fall to 1.2 percent in 2020. "In the worst-case scenario, the global output would contract by 0.9 percent — instead of growing by 2.5 percent — in 2020," it said, adding that the scenario is based on demand-side shocks of different magnitudes to China, Japan, South Korea, the US and the EU, as well as an oil price decline of 50 percent against our baseline of $61 per barrel. The severity of the economic impact will largely depend on two factors - the duration of restrictions on the movement of people and economic activities in major economies; and the actual size and efficacy of fiscal responses to the crisis. “A well-designed fiscal stimulus package, prioritising health spending to contain the spread of the virus and providing income support to households most affected by the pandemic would help to minimise the likelihood of a deep economic recession,” it said. According to the forecast, lockdowns in Europe and North America are hitting the service sector hard, particularly industries that involve physical interactions such as retail trade, leisure and hospitality, recreation and transportation services. Collectively, such industries account for more than a quarter of all jobs in these economies. The DESA said as businesses lose revenue, unemployment is likely to increase sharply, transforming a supply-side shock to a wider demand-side shock for the economy. Against this backdrop, the UN-DESA is joining a chorus of voices across the UN system calling for well-designed fiscal stimulus packages which prioritize health spending and support households most affected by the pandemic. “Urgent and bold policy measures are needed, not only to contain the pandemic and save lives, but also to protect the most vulnerable in our societies from economic ruin and to sustain economic growth and financial stability,” Under-Secretary-General for Economic and Social Affairs Liu Zhenmin said. The analysis also warns that the adverse effects of prolonged economic restrictions in developed economies will soon spill over to developing countries via trade and investment channels. A sharp decline in consumer spending in the European Union and the United States will reduce imports of consumer goods from developing countries. “Developing countries, particularly those dependent on tourism and commodity exports, face heightened economic risks. Global manufacturing production could contract significantly, and the plummeting number of travellers is likely to hurt the tourism sector in small island developing States, which employs millions of low-skilled workers,” it said. Meanwhile, the decline in commodity-related revenues and a reversal of capital flows are increasing the likelihood of debt distress for many nations. Governments may be forced to curtail public expenditure at a time when they need to ramp up spending to contain the pandemic and support consumption and investment. UN Chief Economist and Assistant Secretary-General for Economic Development Elliot Harris said the collective goal must be a resilient recovery which puts the planet back on a sustainable track. “We must not lose sight how it is affecting the most vulnerable population and what that means for sustainable development,” he said. The alarms raised by UN-DESA echo another report, released on March 31, in which UN experts issued a broad appeal for a “large-scale, coordinated, comprehensive multilateral response” amounting to at least 10 percent of global gross domestic product (GDP). According to estimates by the Johns Hopkins University, confirmed coronavirus cases across the world now stand at over 932,600 and over 42,000 deaths. Summarise this report in a few sentences.
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the global economy could shrink by up to 1 percent in 2020 due to the coronavirus pandemic. the contraction could be even higher if governments fail to provide income support and help boost consumer spending. the best-case scenario is with moderate declines in private consumption, investment and exports. in the worst-case scenario, the global output would contract by 0.9 percent — instead of growing by 2.5 percent — in 2020.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The global economy could shrink by up to 1 percent in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5 percent growth, the UN has said, warning that it may contract even further if restrictions on the economic activities are extended without adequate fiscal responses. The analysis by the UN Department of Economic and Social Affairs (DESA) said the COVID-19 pandemic is disrupting global supply chains and international trade. With nearly 100 countries closing national borders during the past month, the movement of people and tourism flows have come to a screeching halt. "Millions of workers in these countries are facing the bleak prospect of losing their jobs. Governments are considering and rolling out large stimulus packages to avert a sharp downturn of their economies which could potentially plunge the global economy into a deep recession. In the worst-case scenario, the world economy could contract by 0.9 percent in 2020," the DESA said, adding that the world economy had contracted by 1.7 percent during the global financial crisis in 2009. It added that the contraction could be even higher if governments fail to provide income support and help boost consumer spending. The analysis noted that before the outbreak of the COVID-19, world output was expected to expand at a modest pace of 2.5 percent in 2020, as reported in the World Economic Situation and Prospects 2020. Taking into account rapidly changing economic conditions, the UN DESA's World Economic Forecasting Model has estimated best and worst-case scenarios for global growth in 2020. In the best-case scenario — with moderate declines in private consumption, investment and exports and offsetting increases in government spending in the G-7 countries and China — global growth would fall to 1.2 percent in 2020. "In the worst-case scenario, the global output would contract by 0.9 percent — instead of growing by 2.5 percent — in 2020," it said, adding that the scenario is based on demand-side shocks of different magnitudes to China, Japan, South Korea, the US and the EU, as well as an oil price decline of 50 percent against our baseline of $61 per barrel. The severity of the economic impact will largely depend on two factors - the duration of restrictions on the movement of people and economic activities in major economies; and the actual size and efficacy of fiscal responses to the crisis. “A well-designed fiscal stimulus package, prioritising health spending to contain the spread of the virus and providing income support to households most affected by the pandemic would help to minimise the likelihood of a deep economic recession,” it said. According to the forecast, lockdowns in Europe and North America are hitting the service sector hard, particularly industries that involve physical interactions such as retail trade, leisure and hospitality, recreation and transportation services. Collectively, such industries account for more than a quarter of all jobs in these economies. The DESA said as businesses lose revenue, unemployment is likely to increase sharply, transforming a supply-side shock to a wider demand-side shock for the economy. Against this backdrop, the UN-DESA is joining a chorus of voices across the UN system calling for well-designed fiscal stimulus packages which prioritize health spending and support households most affected by the pandemic. “Urgent and bold policy measures are needed, not only to contain the pandemic and save lives, but also to protect the most vulnerable in our societies from economic ruin and to sustain economic growth and financial stability,” Under-Secretary-General for Economic and Social Affairs Liu Zhenmin said. The analysis also warns that the adverse effects of prolonged economic restrictions in developed economies will soon spill over to developing countries via trade and investment channels. A sharp decline in consumer spending in the European Union and the United States will reduce imports of consumer goods from developing countries. “Developing countries, particularly those dependent on tourism and commodity exports, face heightened economic risks. Global manufacturing production could contract significantly, and the plummeting number of travellers is likely to hurt the tourism sector in small island developing States, which employs millions of low-skilled workers,” it said. Meanwhile, the decline in commodity-related revenues and a reversal of capital flows are increasing the likelihood of debt distress for many nations. Governments may be forced to curtail public expenditure at a time when they need to ramp up spending to contain the pandemic and support consumption and investment. UN Chief Economist and Assistant Secretary-General for Economic Development Elliot Harris said the collective goal must be a resilient recovery which puts the planet back on a sustainable track. “We must not lose sight how it is affecting the most vulnerable population and what that means for sustainable development,” he said. The alarms raised by UN-DESA echo another report, released on March 31, in which UN experts issued a broad appeal for a “large-scale, coordinated, comprehensive multilateral response” amounting to at least 10 percent of global gross domestic product (GDP). According to estimates by the Johns Hopkins University, confirmed coronavirus cases across the world now stand at over 932,600 and over 42,000 deaths. Summarise this report in a few sentences." summarise in a few sentences.
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The Trump administration is not afraid of a trade war with China but this is not its objective, US Treasury Secretary Steven Mnuchin said today. “As President (Donald) Trump said, we're not afraid of a trade war, but that's not our objective,” Mnuchin told Fox News during an interview. Last week, Trump initiated a series of actions against unfair trade practices of China, including taking steps to impose additional tariffs on a number of Chinese items amounting to USD 60 billion. The US has trade deficit of USD 500 billion per annum. China has said it would retaliate. “I've had very productive conversations with the vice premier. He came to Washington. We've communicated several times since then. We continue to have a discussion the other night,” he said. “We're working on a pathway to see if we can reach an agreement as to what fair trade is for them to open up their markets, reduce their tariffs, stop forced technology transfer. These are all the things we want to do. But in a negotiation, you have to be prepared to take action. And that's what President Trump is doing,” Mnuchin said. The recent actions by the Trump administration, he said is unlikely to have a big impact on the market. “I don't expect to see a big impact on the economy. We've been very careful in how we're doing this and what we're doing,” he said. “What we're doing is long-term very good for the economy, which it is pressing for free and fair trade. And to the extent that China is willing to open up their markets, which they're making all the right directions on. But if they open up their markets, it's an enormous opportunity for US companies,” Mnuchin said. Summarise this report in a few sentences.
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the US has a trade deficit of USD 500 billion per annum. the recent actions by the Trump administration is unlikely to have a big impact on the market. "we're doing is long-term very good for the economy," he says. he says if China opens up their markets, it's an enormous opportunity for US companies. he says the government is not afraid of a trade war.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The Trump administration is not afraid of a trade war with China but this is not its objective, US Treasury Secretary Steven Mnuchin said today. “As President (Donald) Trump said, we're not afraid of a trade war, but that's not our objective,” Mnuchin told Fox News during an interview. Last week, Trump initiated a series of actions against unfair trade practices of China, including taking steps to impose additional tariffs on a number of Chinese items amounting to USD 60 billion. The US has trade deficit of USD 500 billion per annum. China has said it would retaliate. “I've had very productive conversations with the vice premier. He came to Washington. We've communicated several times since then. We continue to have a discussion the other night,” he said. “We're working on a pathway to see if we can reach an agreement as to what fair trade is for them to open up their markets, reduce their tariffs, stop forced technology transfer. These are all the things we want to do. But in a negotiation, you have to be prepared to take action. And that's what President Trump is doing,” Mnuchin said. The recent actions by the Trump administration, he said is unlikely to have a big impact on the market. “I don't expect to see a big impact on the economy. We've been very careful in how we're doing this and what we're doing,” he said. “What we're doing is long-term very good for the economy, which it is pressing for free and fair trade. And to the extent that China is willing to open up their markets, which they're making all the right directions on. But if they open up their markets, it's an enormous opportunity for US companies,” Mnuchin said. Summarise this report in a few sentences." summarise in a few sentences.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit It is very interesting how much the market has recovered from its lows. Generally, markets are forward looking; so investors like us are feeling a little more positive. A little while ago, futures were positive but now they have gone into negative territory for tomorrow. Some of the governors are believing that the death level is plateauing although at the moment, the hospitals and healthcare providers are just totally maxed out.I guess I have to be negative but in the same sense that market stock prices are volatile and I am not sure that the relatively favourable news we had today and in the United States is necessarily a trend. We all want to be positive but here in California, for example, we are going to continue having shelters and places to make good and it would not surprise me if that is extended and there are many many businesses that just cannot survive this.Like you said, it is evident but there is no deal as far as I know. But if you look at it, WTI went down to just over $19 and 27 cents at its trough and it is already 40% higher at around $27.12 at the moment; so it is a significant recovery. The problem is that the demand is way down. So we have a situation at least in the United States where there is so much supply that there are a lot of articles talking about no more room to store oil. So we are now into a classical and an unusually low level of demand and it is unclear how fast that is going to snap back. So that is really impairing oil prices no matter what kind of deals are going to be cut. Summarise this report in a few sentences.
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a little while ago, futures were positive but now they have gone into negative territory. a little while ago, futures were positive but now they have gone into negative territory. a little while ago, futures were positive but now they have gone into negative territory. a little while ago, futures were positive but now they have gone into negative territory.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit It is very interesting how much the market has recovered from its lows. Generally, markets are forward looking; so investors like us are feeling a little more positive. A little while ago, futures were positive but now they have gone into negative territory for tomorrow. Some of the governors are believing that the death level is plateauing although at the moment, the hospitals and healthcare providers are just totally maxed out.I guess I have to be negative but in the same sense that market stock prices are volatile and I am not sure that the relatively favourable news we had today and in the United States is necessarily a trend. We all want to be positive but here in California, for example, we are going to continue having shelters and places to make good and it would not surprise me if that is extended and there are many many businesses that just cannot survive this.Like you said, it is evident but there is no deal as far as I know. But if you look at it, WTI went down to just over $19 and 27 cents at its trough and it is already 40% higher at around $27.12 at the moment; so it is a significant recovery. The problem is that the demand is way down. So we have a situation at least in the United States where there is so much supply that there are a lot of articles talking about no more room to store oil. So we are now into a classical and an unusually low level of demand and it is unclear how fast that is going to snap back. So that is really impairing oil prices no matter what kind of deals are going to be cut. Summarise this report in a few sentences." summarise in a few sentences.
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UP govt must take steps to manage diabetes during pregnancy The programme for the prevention and control of diabetes during pregnancy has suffered a setback in Uttar Pradesh because the government has been unable to finalise, for months, a tender for 75gm glucose pouches that a previous vendor was supplying for Rs 9.9 each, a person associated with it said. This not only puts at risk the lives of expectant mothers with diabetes and their babies, but they are also likely to develop health complications later in life. We spoke to Usha Gangwar, general manager (Maternal Health), National Health Mission, UP, and sent her email queries on September 17, but got no response despite reminders. Full story Summarise this report in a few sentences.
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UP govt has been unable to finalise a tender for 75gm glucose pouches. this puts at risk the lives of expectant mothers with diabetes and their babies. they are also likely to develop health complications later in life. a previous vendor was supplying the pouches for Rs 9.9 each. a spokesman for the UP government said the tender was pending.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "UP govt must take steps to manage diabetes during pregnancy The programme for the prevention and control of diabetes during pregnancy has suffered a setback in Uttar Pradesh because the government has been unable to finalise, for months, a tender for 75gm glucose pouches that a previous vendor was supplying for Rs 9.9 each, a person associated with it said. This not only puts at risk the lives of expectant mothers with diabetes and their babies, but they are also likely to develop health complications later in life. We spoke to Usha Gangwar, general manager (Maternal Health), National Health Mission, UP, and sent her email queries on September 17, but got no response despite reminders. Full story Summarise this report in a few sentences." summarise in a few sentences.
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Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared. The private sector lender had reported a net profit of Rs? 1,505.06 crore in the same quarter of the previous financial year. Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing. Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore. On consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period. Income increased to Rs 20,786.23 crore in the latest quarter from Rs 18,950.85 crore in the same period a year ago. Gross non performing assets (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent by the year- ago same period. Net NPAs or bad loans too came down to 1.56 per cent from 2.06 per cent. The bank said the extent to which the COVID-19 pandemic will impact the bank’s provision on assets will depend on the future developments, which are highly uncertain. Among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government mandated or elected by the bank, will also impact the provisions. It said the pandemic has affected the world economy including that of India, leading to significant decline and volatility in financial markets and decline in economic activities. Axis Bank stock closed 6.61 per cent higher at Rs 455.55 on the BSE. Summarise this report in a few sentences.
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private sector lender had reported a net profit of Rs? 1,505.06 crore in the same quarter of the previous financial year. provisioning for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. on consolidated basis also posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Axis Bank on Tuesday reported a standalone net loss of Rs 1,387.78 crore for March quarter of 2019-20 as provisioning for bad loans and contingencies soared. The private sector lender had reported a net profit of Rs? 1,505.06 crore in the same quarter of the previous financial year. Income during the latest quarter stood at Rs 20,219.57 crore. It was Rs 18,324.31 crore in the year-ago period, Axis Bank said in a regulatory filing. Provisions for bad loans and contingencies in the fourth quarter of the last fiscal were at Rs 7,730.02 crore. In the year-ago quarter the provisions stood at Rs 2,711.43 crore. On consolidated basis also, the lender posted a net loss of Rs 1,250.09 crore during the quarter ended March 2020. There was a net profit of Rs 1,677.90 crore in the year-ago period. Income increased to Rs 20,786.23 crore in the latest quarter from Rs 18,950.85 crore in the same period a year ago. Gross non performing assets (NPAs) fell to 4.86 per cent of the gross advances as on March 31, 2020 from 5.26 per cent by the year- ago same period. Net NPAs or bad loans too came down to 1.56 per cent from 2.06 per cent. The bank said the extent to which the COVID-19 pandemic will impact the bank’s provision on assets will depend on the future developments, which are highly uncertain. Among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government mandated or elected by the bank, will also impact the provisions. It said the pandemic has affected the world economy including that of India, leading to significant decline and volatility in financial markets and decline in economic activities. Axis Bank stock closed 6.61 per cent higher at Rs 455.55 on the BSE. Summarise this report in a few sentences." summarise in a few sentences.
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US President Donald Trump said on November 2 that he will likely make a deal with China on trade, adding that a lot of progress had been made to resolve the two countries' differences but warning that he still may impose more tariffs on Chinese goods. Trump, speaking to reporters in Washington just two hours after his top economic adviser expressed caution about US-China trade relations, said: "China very much wants to make a deal." "We've had a very good discussion with China, we're getting much closer to doing something," Trump said before departing the White House for a campaign event. "I spoke with President Xi (Jinping) yesterday. They very much want to make a deal," Trump said. "I think we'll make a deal with China, and I think it will be a very fair deal for everybody, but it will be a good deal for the United States." Trump said he will discuss trade with Xi when the two meet for dinner on the sidelines of the G20 leaders' summit at the end of November in Buenos Aires, Argentina. His administration has demanded that Beijing make sweeping changes to its policies on intellectual property protections, technology transfers, industrial subsidies and domestic market access, along with steps to reduce a $375 billion US goods trade deficit with China. Trump said a deal with China would also be good for Beijing. "If we can open up China and make it fair, for the first time ever -- this should have done years ago by other presidents but it wasn't -- I am very much willing to do it. But China very much wants to make a deal," he said. Trump's comments came a day after a phone call with Xi that he described as "very good.". The president's remarks helped U.S. stocks to trim their losses on a day that started with market optimism over a Bloomberg report quoting unnamed sources as saying that Trump had ordered his cabinet to draw up terms for a China trade deal. But by midday, shares had turned negative, weighed down by Apple's disappointing earnings forecast and comments from White House economic adviser Larry Kudlow that he was less optimistic than previously about a deal between Washington and Beijing. Kudlow, speaking on CNBC, contradicted the Bloomberg report and added: "There's no mass movement, there's no huge thing. We're not on the cusp of a deal." Trump administration officials have said US-China trade talks cannot resume until Beijing outlines specific actions it would take to meet US demands for sweeping changes to policies on technology transfers, industrial subsidies and market access. Trump said that if a deal is not made with China, he could impose tariffs on another $267 billion in Chinese imports into the United States, adding that China's economy had "been hit very hard" by previous U.S. tariffs. The United States has imposed tariffs on $250 billion worth of Chinese goods so far, while China has retaliated with $110 billion worth of tariffs on U.S. goods. The Trump administration also has taken action to hit the Chinese semiconductor industry, indicting two companies accused of stealing trade secrets and banning US software and equipment exports to one of them. Summarise this report in a few sentences.
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president says he will likely make a deal with china on trade. he says progress has been made but he still may impose more tariffs on china. he says he will discuss trade with Xi when the two meet for dinner on the sidelines of the g20 summit. a report quoting unnamed sources said that Trump had ordered his cabinet to draw up terms for a trade deal.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "US President Donald Trump said on November 2 that he will likely make a deal with China on trade, adding that a lot of progress had been made to resolve the two countries' differences but warning that he still may impose more tariffs on Chinese goods. Trump, speaking to reporters in Washington just two hours after his top economic adviser expressed caution about US-China trade relations, said: "China very much wants to make a deal." "We've had a very good discussion with China, we're getting much closer to doing something," Trump said before departing the White House for a campaign event. "I spoke with President Xi (Jinping) yesterday. They very much want to make a deal," Trump said. "I think we'll make a deal with China, and I think it will be a very fair deal for everybody, but it will be a good deal for the United States." Trump said he will discuss trade with Xi when the two meet for dinner on the sidelines of the G20 leaders' summit at the end of November in Buenos Aires, Argentina. His administration has demanded that Beijing make sweeping changes to its policies on intellectual property protections, technology transfers, industrial subsidies and domestic market access, along with steps to reduce a $375 billion US goods trade deficit with China. Trump said a deal with China would also be good for Beijing. "If we can open up China and make it fair, for the first time ever -- this should have done years ago by other presidents but it wasn't -- I am very much willing to do it. But China very much wants to make a deal," he said. Trump's comments came a day after a phone call with Xi that he described as "very good.". The president's remarks helped U.S. stocks to trim their losses on a day that started with market optimism over a Bloomberg report quoting unnamed sources as saying that Trump had ordered his cabinet to draw up terms for a China trade deal. But by midday, shares had turned negative, weighed down by Apple's disappointing earnings forecast and comments from White House economic adviser Larry Kudlow that he was less optimistic than previously about a deal between Washington and Beijing. Kudlow, speaking on CNBC, contradicted the Bloomberg report and added: "There's no mass movement, there's no huge thing. We're not on the cusp of a deal." Trump administration officials have said US-China trade talks cannot resume until Beijing outlines specific actions it would take to meet US demands for sweeping changes to policies on technology transfers, industrial subsidies and market access. Trump said that if a deal is not made with China, he could impose tariffs on another $267 billion in Chinese imports into the United States, adding that China's economy had "been hit very hard" by previous U.S. tariffs. The United States has imposed tariffs on $250 billion worth of Chinese goods so far, while China has retaliated with $110 billion worth of tariffs on U.S. goods. The Trump administration also has taken action to hit the Chinese semiconductor industry, indicting two companies accused of stealing trade secrets and banning US software and equipment exports to one of them. Summarise this report in a few sentences." summarise in a few sentences.
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NEW DELHI : Prime Minister Narendra Modi said the Group of 20 (G20) major economies has an important role to play in tackling the global coronavirus crisis as its housebound leaders prepared to meet for a ‘virtual summit’ on Thursday to agree on a coordinated response. “The #G20 has an important global role to play in addressing the Covid-19 pandemic. I look forward to productive discussions tomorrow at the #G20VirtualSummit, being coordinated by the Saudi G20 Presidency," Modi said in a Twitter post on Wednesday. The leaders have a huge task on hand: the Covid-19 contagion that surfaced in China in December has roiled global stock markets and caused major disruption across sectors. On Tuesday, International Monetary Fund (IMF) managing director Kristalina Georgieva warned that the global economy could be staring at a recession as bad as or worse than the one during the global financial crisis of 2008. According to a statement from Saudi Arabia, “King Salman bin Abdulaziz Al Saud will chair the meeting to advance a coordinated global response to the Covid-19 pandemic and its human and economic implications." G20 members will be joined by leaders from invited countries including Spain, Jordan, Singapore and Switzerland, as well as the IMF, United Nations, World Bank Group, the World Health Organization and World Trade Organization, the Food and Agriculture Organization, the Financial Stability Board, the International Labour Organization and the Organization for Economic Cooperation and Development. Regional organizations will be represented by Vietnam, the chair of the Association of South-East Asian Nations; South Africa, the chair of the African Union; the United Arab Emirates, the chair of the Gulf Cooperation Council; and Rwanda, the chair of the New Partnership for Africa’s Development. Separately, “Prime Minister Shri @narendramodi had a telephone conversation with President Putin today. Both leaders exchanged views on the situation regarding Covid-19 pandemic," the Indian embassy in Russia said in a Twitter post. Russia is one of the members of the G20. At a meeting of G20 finance ministers earlier this week, the grouping agreed to develop a joint action plan in response to the Covid-19 outbreak, which will outline the individual and collective actions that G20 member states will undertake to contain the pandemic. “Furthermore, G20 finance ministers and governors discussed ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries, amid the Covid-19 pandemic," Saudi Arabia had said earlier this week. Saudi Arabia currently holds the rotating presidency of G20 and will chair the meeting this year. Covid-19 has led to a serious downturn, akin to an “economic tsunami", in the global economy and the extent of economic damage caused by the pandemic will depend on the trajectory of the virus and how quickly governments respond, Moody’s Analytics said on Tuesday. The virtual meeting of G20 leaders comes after a telephone conversation between Modi and Saudi Crown Prince Mohammed bin Salman last week. The two leaders spoke of the joint effort on the part of the world’s developed and developing economies. Modi also discussed the matter with Australian Prime Minister Scott Morrison. Since its emergence in December, Covid-19 has claimed over 19,600 lives. 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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housebound leaders to meet for 'virtual summit' on Thursday. they will agree on a coordinated response to the covid-19 pandemic. covid-19 contagion surfaced in china in December. it has roiled global stock markets and caused major disruption across sectors. 'i look forward to productive discussions tomorrow at the #G20VirtualSummit, being coordinated by the Saudi G20 Presidency'
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "NEW DELHI : Prime Minister Narendra Modi said the Group of 20 (G20) major economies has an important role to play in tackling the global coronavirus crisis as its housebound leaders prepared to meet for a ‘virtual summit’ on Thursday to agree on a coordinated response. “The #G20 has an important global role to play in addressing the Covid-19 pandemic. I look forward to productive discussions tomorrow at the #G20VirtualSummit, being coordinated by the Saudi G20 Presidency," Modi said in a Twitter post on Wednesday. The leaders have a huge task on hand: the Covid-19 contagion that surfaced in China in December has roiled global stock markets and caused major disruption across sectors. On Tuesday, International Monetary Fund (IMF) managing director Kristalina Georgieva warned that the global economy could be staring at a recession as bad as or worse than the one during the global financial crisis of 2008. According to a statement from Saudi Arabia, “King Salman bin Abdulaziz Al Saud will chair the meeting to advance a coordinated global response to the Covid-19 pandemic and its human and economic implications." G20 members will be joined by leaders from invited countries including Spain, Jordan, Singapore and Switzerland, as well as the IMF, United Nations, World Bank Group, the World Health Organization and World Trade Organization, the Food and Agriculture Organization, the Financial Stability Board, the International Labour Organization and the Organization for Economic Cooperation and Development. Regional organizations will be represented by Vietnam, the chair of the Association of South-East Asian Nations; South Africa, the chair of the African Union; the United Arab Emirates, the chair of the Gulf Cooperation Council; and Rwanda, the chair of the New Partnership for Africa’s Development. Separately, “Prime Minister Shri @narendramodi had a telephone conversation with President Putin today. Both leaders exchanged views on the situation regarding Covid-19 pandemic," the Indian embassy in Russia said in a Twitter post. Russia is one of the members of the G20. At a meeting of G20 finance ministers earlier this week, the grouping agreed to develop a joint action plan in response to the Covid-19 outbreak, which will outline the individual and collective actions that G20 member states will undertake to contain the pandemic. “Furthermore, G20 finance ministers and governors discussed ways for stepping up coordinated efforts by bilateral and multilateral creditors to address the risks of debt vulnerabilities, especially in low-income countries, amid the Covid-19 pandemic," Saudi Arabia had said earlier this week. Saudi Arabia currently holds the rotating presidency of G20 and will chair the meeting this year. Covid-19 has led to a serious downturn, akin to an “economic tsunami", in the global economy and the extent of economic damage caused by the pandemic will depend on the trajectory of the virus and how quickly governments respond, Moody’s Analytics said on Tuesday. The virtual meeting of G20 leaders comes after a telephone conversation between Modi and Saudi Crown Prince Mohammed bin Salman last week. The two leaders spoke of the joint effort on the part of the world’s developed and developing economies. Modi also discussed the matter with Australian Prime Minister Scott Morrison. Since its emergence in December, Covid-19 has claimed over 19,600 lives. 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." summarise in a few sentences.
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NEW DELHI: Former chief economic adviser Arvind Subramanian on Wednesday said the FRBM Act will probably have to be revised by the end of the year as India will witness a sharp decline in GDP growth due to the COVID-19 crisis.Addressing a webinar organised by EY India, Subramanian further said while labour reforms were necessary, the way they have been done by some states have undermined basic protections to workers, especially in light of the migrant crisis."It is going to be a very very difficult economic year. We should brace ourselves for a sharp decline in GDP growth."We should also brace ourselves for the fact that India's deficit almost certainly will be double digit. India's fiscal situation is going to be very, very difficult," he said.Subramanian, currently a visiting professor at Harvard University, further said reviving the financial sector is going to be critical for stimulating economic growth.Talking about India's current macroeconomic situation amid the COVID-19 pandemic, he said the Fiscal Responsibility and Budget Management (FRBM) Act and terms of reference of the 15th Finance Commission will probably have to be revised and updated."Compared to the Budget 2020-21, I think the facts have changed. We will probably have to revise, and update Budget numbers, the FRBM framework and the terms of reference of the 15th Finance Commission at the end of the year," Subramanian emphasised.The FRBM Act of 2003 seeks to reduce the country's fiscal deficit through financial discipline.He also pointed out that due to the Rs 20 lakh crore economic package announced by the government to mitigate the impact of the COVID-19 pandemic, India's debt-to-GDP will rise to 85 per cent.The eminent economist also noted that the pandemic in India is not under control."Developing countries are much more vulnerable and have less fiscal space than advanced economies. Lockdown has been much more severe on developing countries," he said.Noting that India entered into lockdown when its economy was already slowing, Subramanian said, "It will take a lot of hard work for India to again start growing at 6 per cent."The former CEA also said the pandemic and the lockdown have made the case for Universal Basic Income (UBI) stronger.Talking about labour reforms, Subramanian said it is true that India's labour laws required change."But these labour reforms have probably undermined basic protections which are absolutely critical," he said.In recent weeks, various state governments, including Uttar Pradesh and Gujarat, have either made amendments or proposed changes to existing labour laws as part of larger efforts to help businesses hit hard by the COVID-19 pandemic.Subramanian observed that it is not clear whether these kind of tweaks will be attractive enough for investors because they will say if things can be so drastically changed in one direction, then what is the guarantee that they will not be reversed equally suddenly?"I think... action like this may not generate the kind of long term trust and credibility in policy that are required to take advantage," he opined.He also said the Insolvency and Bankruptcy Code (IBC) needs some modifications as due to the coronavirus-induced lockdown many firms will go bankrupt."We also need bad bank in select sectors," he added.Subramanian also pointed out that India must shed its protectionist attitude and become an exporting economy."Unless India's exports grow at 15 per cent, we won't get 8 per cent growth. For that, we should reverse some of the protectionist measures taken. "If we turn protectionist, I don't know how can we be an exporting power. Self-sufficient exporting powerhouse is an oxymoron," he said.The former CEA also termed the Centre's decision to allow states to borrow 200 basis points more than their fiscal deficit ceiling as an 'IMF-like programme'."In the height of a pandemic, putting such conditions may not be the right thing to do. Asking states to carry out power sector reforms is desirable but this may not be the right time," he argued. Summarise this report in a few sentences.
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former chief economic adviser says FRBM Act will probably have to be revised. he says a sharp decline in GDP growth is likely due to the COVID-19 crisis. he says reviving the financial sector is going to be critical for stimulating economic growth. he says the pandemic in india is not under control. he says a'revolution' is needed to tackle the migrant crisis.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "NEW DELHI: Former chief economic adviser Arvind Subramanian on Wednesday said the FRBM Act will probably have to be revised by the end of the year as India will witness a sharp decline in GDP growth due to the COVID-19 crisis.Addressing a webinar organised by EY India, Subramanian further said while labour reforms were necessary, the way they have been done by some states have undermined basic protections to workers, especially in light of the migrant crisis."It is going to be a very very difficult economic year. We should brace ourselves for a sharp decline in GDP growth."We should also brace ourselves for the fact that India's deficit almost certainly will be double digit. India's fiscal situation is going to be very, very difficult," he said.Subramanian, currently a visiting professor at Harvard University, further said reviving the financial sector is going to be critical for stimulating economic growth.Talking about India's current macroeconomic situation amid the COVID-19 pandemic, he said the Fiscal Responsibility and Budget Management (FRBM) Act and terms of reference of the 15th Finance Commission will probably have to be revised and updated."Compared to the Budget 2020-21, I think the facts have changed. We will probably have to revise, and update Budget numbers, the FRBM framework and the terms of reference of the 15th Finance Commission at the end of the year," Subramanian emphasised.The FRBM Act of 2003 seeks to reduce the country's fiscal deficit through financial discipline.He also pointed out that due to the Rs 20 lakh crore economic package announced by the government to mitigate the impact of the COVID-19 pandemic, India's debt-to-GDP will rise to 85 per cent.The eminent economist also noted that the pandemic in India is not under control."Developing countries are much more vulnerable and have less fiscal space than advanced economies. Lockdown has been much more severe on developing countries," he said.Noting that India entered into lockdown when its economy was already slowing, Subramanian said, "It will take a lot of hard work for India to again start growing at 6 per cent."The former CEA also said the pandemic and the lockdown have made the case for Universal Basic Income (UBI) stronger.Talking about labour reforms, Subramanian said it is true that India's labour laws required change."But these labour reforms have probably undermined basic protections which are absolutely critical," he said.In recent weeks, various state governments, including Uttar Pradesh and Gujarat, have either made amendments or proposed changes to existing labour laws as part of larger efforts to help businesses hit hard by the COVID-19 pandemic.Subramanian observed that it is not clear whether these kind of tweaks will be attractive enough for investors because they will say if things can be so drastically changed in one direction, then what is the guarantee that they will not be reversed equally suddenly?"I think... action like this may not generate the kind of long term trust and credibility in policy that are required to take advantage," he opined.He also said the Insolvency and Bankruptcy Code (IBC) needs some modifications as due to the coronavirus-induced lockdown many firms will go bankrupt."We also need bad bank in select sectors," he added.Subramanian also pointed out that India must shed its protectionist attitude and become an exporting economy."Unless India's exports grow at 15 per cent, we won't get 8 per cent growth. For that, we should reverse some of the protectionist measures taken. "If we turn protectionist, I don't know how can we be an exporting power. Self-sufficient exporting powerhouse is an oxymoron," he said.The former CEA also termed the Centre's decision to allow states to borrow 200 basis points more than their fiscal deficit ceiling as an 'IMF-like programme'."In the height of a pandemic, putting such conditions may not be the right thing to do. Asking states to carry out power sector reforms is desirable but this may not be the right time," he argued. Summarise this report in a few sentences." summarise in a few sentences.
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The use of batteries for energy storage is expected to grow faster than that of other flexible assets in the period to 2030 and beyond, as renewable energy generation expands, consultancy Wood Mackenzie said in research published on Wednesday. Battery storage will increase to 26 gigawatts (GW) by 2030 from 3 GW in 2020 across the five major European power markets, Britain, Germany, France, Italy and Spain, WoodMac forecast in the findings, which were aimed at investors in energy systems. The study of European power system flexibility assessed the longevity of traditional technologies to offset supply and demand imbalances on networks - which must maintain a constant voltage level to avoid crashes - versus batteries, which are still a small market segment. Demand for flexibility will increase with the closure of older thermal and nuclear power stations and the transition to wind and solar plants and electric vehicles, which will make massive and sudden demands on grids. The more than eight-fold growth in battery storage would outpace that of existing flexible assets - namely pumped storage plants, cross-border interconnectors and gas "peakers" - where capacity is seen increasing to 205 GW by 2030 from a current 122 GW, the research showed. The latter, made by companies such as Wartsila (WRT1V.HE) or Sembcorp (SCIL.SI), are fast engines that provide bursts of power at short notice. "Gas peakers will compete for more market share in the 2020s. They will have a good decade complementing the renewable power system," said WoodMac analyst Rory McCarthy. "But by 2030, battery storage gets so cheap, it will be difficult to see more net addition for peakers," he added. Related gas, tax and carbon emissions costs would go up for operators of peakers, while the cost of batteries had already fallen by 85% since 2010, he said. Looking ahead to 2040, WoodMac pegged likely European battery storage capacity at 89 GW, and that of the other three technologies combined at 265 GW. Also read: Lufthansa reports net loss of 2.1 billion euros in Q1 as coronavirus slams travel industry Also read: Coronavirus lockdown: Power consumption declines 14% to 103 billion units in May Summarise this report in a few sentences.
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battery storage will increase to 26 gigawatts (GW) by 2030 from 3 GW in 2020. demand for flexibility will increase with closure of older thermal and nuclear power stations. demand for flexibility will increase with transition to wind and solar plants. pumped storage plants, cross-border interconnectors and gas "peakers" will compete for more market share in the 2020s.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The use of batteries for energy storage is expected to grow faster than that of other flexible assets in the period to 2030 and beyond, as renewable energy generation expands, consultancy Wood Mackenzie said in research published on Wednesday. Battery storage will increase to 26 gigawatts (GW) by 2030 from 3 GW in 2020 across the five major European power markets, Britain, Germany, France, Italy and Spain, WoodMac forecast in the findings, which were aimed at investors in energy systems. The study of European power system flexibility assessed the longevity of traditional technologies to offset supply and demand imbalances on networks - which must maintain a constant voltage level to avoid crashes - versus batteries, which are still a small market segment. Demand for flexibility will increase with the closure of older thermal and nuclear power stations and the transition to wind and solar plants and electric vehicles, which will make massive and sudden demands on grids. The more than eight-fold growth in battery storage would outpace that of existing flexible assets - namely pumped storage plants, cross-border interconnectors and gas "peakers" - where capacity is seen increasing to 205 GW by 2030 from a current 122 GW, the research showed. The latter, made by companies such as Wartsila (WRT1V.HE) or Sembcorp (SCIL.SI), are fast engines that provide bursts of power at short notice. "Gas peakers will compete for more market share in the 2020s. They will have a good decade complementing the renewable power system," said WoodMac analyst Rory McCarthy. "But by 2030, battery storage gets so cheap, it will be difficult to see more net addition for peakers," he added. Related gas, tax and carbon emissions costs would go up for operators of peakers, while the cost of batteries had already fallen by 85% since 2010, he said. Looking ahead to 2040, WoodMac pegged likely European battery storage capacity at 89 GW, and that of the other three technologies combined at 265 GW. Also read: Lufthansa reports net loss of 2.1 billion euros in Q1 as coronavirus slams travel industry Also read: Coronavirus lockdown: Power consumption declines 14% to 103 billion units in May Summarise this report in a few sentences." summarise in a few sentences.
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Vivriti Capital, the Chennai-headquartered online enterprise debt platform and a non-deposit taking NBFC, has raised $50 million (Rs 350 crore) in Series-B funding from LGT Lightstone Aspada. The latest round comes in less than 10 months since its Series-A funding from US-based Creation Investments. The latest round takes the total equity raised by the company to $100 million. Avendus Capital was the sole financial advisor to this deal. Founded by Gaurav Kumar and Vineet Sukumar in 2017, Vivriti owns the proprietary enterprise debt deal and value discovery online platform-CredAvenue. The tech enabled platform connects high quality debt issuers and investors in an efficient manner, offers credit underwriting solutions, analytical models, cutting-edge structuring solutions and automated execution workflows. Conceived with the mission to scale up the Indian debt capital markets by making it more broad-based, inclusive and efficient, the platform today counts over 2,000 users. CredAvenue, since inception, has facilitated deal flows of over Rs 25,000 crore. Major banks, NBFCs, SFBs, mutual fund houses, DFIs and Family Offices constitute the key participants on the platform. We’ve achieved tremendous growth in the last 12 months. We’ve seen significant scale across debt products and the business volumes crossed Rs 25,000 crore in overall debt flow. This investment from Lightstone will be used to significantly ramp up the technology and analytical engine powering the online marketplace and to shore up the balance sheet lending of the company, thereby serving many more clients on our platform in the coming year,” said co-founders Gaurav Kumar and Vineet Sukumar in a joint statement. Summarise this report in a few sentences.
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Vivriti Capital has raised $50 million (Rs 350 crore) in Series-B funding from LGT Lightstone Aspada. the latest round takes the total equity raised by the company to $100 million. Vivriti owns the proprietary enterprise debt deal and value discovery online platform-CredAvenue. the platform counts over 2,000 users. since inception, CredAvenue has facilitated deal flows of over Rs 25,000 crore.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Vivriti Capital, the Chennai-headquartered online enterprise debt platform and a non-deposit taking NBFC, has raised $50 million (Rs 350 crore) in Series-B funding from LGT Lightstone Aspada. The latest round comes in less than 10 months since its Series-A funding from US-based Creation Investments. The latest round takes the total equity raised by the company to $100 million. Avendus Capital was the sole financial advisor to this deal. Founded by Gaurav Kumar and Vineet Sukumar in 2017, Vivriti owns the proprietary enterprise debt deal and value discovery online platform-CredAvenue. The tech enabled platform connects high quality debt issuers and investors in an efficient manner, offers credit underwriting solutions, analytical models, cutting-edge structuring solutions and automated execution workflows. Conceived with the mission to scale up the Indian debt capital markets by making it more broad-based, inclusive and efficient, the platform today counts over 2,000 users. CredAvenue, since inception, has facilitated deal flows of over Rs 25,000 crore. Major banks, NBFCs, SFBs, mutual fund houses, DFIs and Family Offices constitute the key participants on the platform. We’ve achieved tremendous growth in the last 12 months. We’ve seen significant scale across debt products and the business volumes crossed Rs 25,000 crore in overall debt flow. This investment from Lightstone will be used to significantly ramp up the technology and analytical engine powering the online marketplace and to shore up the balance sheet lending of the company, thereby serving many more clients on our platform in the coming year,” said co-founders Gaurav Kumar and Vineet Sukumar in a joint statement. Summarise this report in a few sentences." summarise in a few sentences.
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Drug major Lupin plans to approach the US health regulator for re-inspection of its manufacturing plants in Goa, Pithampur (Madhya Pradesh) and Somerset (US) in the next few months. The company's Unit 2 manufacturing plant in Pithampur, along with its Goa site, is under the US Food and Drug Administration's (USFDA) warning letter since November 2017 for violation of current goods manufacturing practices. The US drug regulator, after inspecting the two sites, had expressed concerns over quality-control procedures that include handling of out-of-specification results and conducting hold-time studies. The Somerset (New Jersey) plant, on the other hand, is currently under the official action indicated (OAI) status, which means the USFDA may withhold approvals of pending applications or supplements from the facility. "As far as Goa (plant) is concerned, we completed our final update about 3-4 months ago. As we had shared earlier, in March/April, we were going to go back to FDA for a reinspection. There are some additional enhancements that we've been implementing at the site. In the next couple of months, we plan to go back to FDA and be ready for a re-inspection," Lupin Ltd Managing Director Nilesh Gupta said in an analyst call. Pithampur re-inspection will follow shortly after that, he added. Gupta said the company undertook a detailed implementation programme at the facility to come up with required changes. "I think in the next couple of months, Goa, and very shortly after that, Pithampur would be ready for reinspection. Probably even before Goa, Somerset would be ready for reinspection," he noted. Gupta said the company wanted to complete further enhancement of systems before approaching the FDA for a re-inspection. The regulatory action by the USFDA has impacted several new approvals, thus affecting the company's business in various regions including the US that remains the single-largest pharmaceutical market globally. Lupin's Goa plant manufactures oral dosage forms with a capacity of more than nine billion units per annum. It supplies more than 100 products to various regulated markets like the US and the EU. Pithampur Unit-2, on the other hand, produces oral formulations and sterile ophthalmics. The Somerset plant came under the control of Mumbai-based drug firm as part of its acquisition of Gavis Pharmaceuticals in 2015. Also Read: Coronavirus update: Loss of smell and taste added as likely symptoms for COVID-19 Also Read: Jio Platforms to raise Rs 4,547 crore from TPG; ninth investment in past seven weeks Summarise this report in a few sentences.
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Lupin plans to approach the US health regulator for re-inspection of its manufacturing plants. the company's manufacturing plants in goa, pithampur and Somerset are under USFDA warning. the company's goa plant manufactures oral dosage forms with a capacity of more than nine billion units per annum. the company's pithampur plant is under the official action indicated (OAI) status.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Drug major Lupin plans to approach the US health regulator for re-inspection of its manufacturing plants in Goa, Pithampur (Madhya Pradesh) and Somerset (US) in the next few months. The company's Unit 2 manufacturing plant in Pithampur, along with its Goa site, is under the US Food and Drug Administration's (USFDA) warning letter since November 2017 for violation of current goods manufacturing practices. The US drug regulator, after inspecting the two sites, had expressed concerns over quality-control procedures that include handling of out-of-specification results and conducting hold-time studies. The Somerset (New Jersey) plant, on the other hand, is currently under the official action indicated (OAI) status, which means the USFDA may withhold approvals of pending applications or supplements from the facility. "As far as Goa (plant) is concerned, we completed our final update about 3-4 months ago. As we had shared earlier, in March/April, we were going to go back to FDA for a reinspection. There are some additional enhancements that we've been implementing at the site. In the next couple of months, we plan to go back to FDA and be ready for a re-inspection," Lupin Ltd Managing Director Nilesh Gupta said in an analyst call. Pithampur re-inspection will follow shortly after that, he added. Gupta said the company undertook a detailed implementation programme at the facility to come up with required changes. "I think in the next couple of months, Goa, and very shortly after that, Pithampur would be ready for reinspection. Probably even before Goa, Somerset would be ready for reinspection," he noted. Gupta said the company wanted to complete further enhancement of systems before approaching the FDA for a re-inspection. The regulatory action by the USFDA has impacted several new approvals, thus affecting the company's business in various regions including the US that remains the single-largest pharmaceutical market globally. Lupin's Goa plant manufactures oral dosage forms with a capacity of more than nine billion units per annum. It supplies more than 100 products to various regulated markets like the US and the EU. Pithampur Unit-2, on the other hand, produces oral formulations and sterile ophthalmics. The Somerset plant came under the control of Mumbai-based drug firm as part of its acquisition of Gavis Pharmaceuticals in 2015. Also Read: Coronavirus update: Loss of smell and taste added as likely symptoms for COVID-19 Also Read: Jio Platforms to raise Rs 4,547 crore from TPG; ninth investment in past seven weeks Summarise this report in a few sentences." summarise in a few sentences.
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After eight years of inaction, the offshore hydrocarbon assets in Krishna Godavari (KG) Basin -- owned by Reliance Industries, BP Plc and Niko -- will see a flush of investments for reviving natural gas production. RIL and BP announced on Thursday that they sanctioned 'satellite cluster' projects to begin investments. The 'satellite cluster' is one of the three projects, others are R Series and MJ1, in the Block KG D6 integrated development. 'R-Series' deep-water gas fields was sanctioned in June 2017. The government oversight panel, headed by the Directorate General of Hydrocarbons (DGH), had approved the Rs 40,000 crore investment plan for developing three sets of discoveries in the KG D6 block in February. RIL will invest about Rs 24,000 crore, while its partners BP and Niko Resources will contribute Rs 12,000 crore and Rs 4,000 crore, respectively. The production is expected to start from 2022, a company official said. Mukesh Ambani, Chairman and Managing Director of RIL, said in a press statement: "This development supports the country's imminent need of increasing domestic gas supply and is a firm step towards making India a gas-based economy." Bob Dudley, BP Group Chief Executive said: "Reliance and BP are able to develop these discovered gas resources efficiently and economically." RIL had put together multiple revival plans but failed to recover the gas trapped inside the difficult deep-water terrain in the Bay of Bengal. It roped in British giant BP Plc, which took 30 per cent stake in all of its hydrocarbon assets in a $7-billion deal in 2011, to arrest the production slide. Since formation of RIL-BP partnership in 2011, they have invested Rs 13,000 crore in deep-water exploration and production until now. In addition to the D55 gas discovery announced in 2013, they jointly worked to sustain production from the geologically complex reservoirs in D1, D3 and D26 fields on Block KGD6. However, they failed to increase the production from the old fields, which stands at 5 million standard cubic metres a day (mscmd) now vis-a-vis its peak of 60 mscmd in 2010. The companies plan to produce 30-35 mscmd of gas from the new fields of KG D6, which consists of the R-Series, Satellites and MJ1. "For the development of R-Series, the companies have issued the tender and received bids from sub-contractors. We will be able to start work from next year, since the favourable weather for working is available only for four months in a year in the east coast, between January and April. For the development of satellite cluster, we will invite bids from sub-contractors to start the work," say the officials. RIL is also looking at the options to optimise the existing offshore infrastructure facilities in KG basin to reduce costs. RIL and its partners had, in 2016, withdrawn some of its arbitrations against the government to be eligible for the gas price revisions. The Modi government was unwilling to heed RIL's demand for arbitration in revising gas price since 2014. The government then revised the price to $5.6 per million British thermal unit (mBtu) from $4.2 for gas producers in India, except for RIL. RIL officials expect that the withdrawal of arbitration will help the company to claim the revised price of gas from the new fields. Summarise this report in a few sentences.
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offshore hydrocarbon assets in Krishna Godavari (KG) Basin to see a flush of investments.'satellite cluster' is one of the three projects, others are R Series and MJ1. government oversight panel had approved the Rs 40,000 crore investment plan in February. production is expected to start from 2022, a company official said.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "After eight years of inaction, the offshore hydrocarbon assets in Krishna Godavari (KG) Basin -- owned by Reliance Industries, BP Plc and Niko -- will see a flush of investments for reviving natural gas production. RIL and BP announced on Thursday that they sanctioned 'satellite cluster' projects to begin investments. The 'satellite cluster' is one of the three projects, others are R Series and MJ1, in the Block KG D6 integrated development. 'R-Series' deep-water gas fields was sanctioned in June 2017. The government oversight panel, headed by the Directorate General of Hydrocarbons (DGH), had approved the Rs 40,000 crore investment plan for developing three sets of discoveries in the KG D6 block in February. RIL will invest about Rs 24,000 crore, while its partners BP and Niko Resources will contribute Rs 12,000 crore and Rs 4,000 crore, respectively. The production is expected to start from 2022, a company official said. Mukesh Ambani, Chairman and Managing Director of RIL, said in a press statement: "This development supports the country's imminent need of increasing domestic gas supply and is a firm step towards making India a gas-based economy." Bob Dudley, BP Group Chief Executive said: "Reliance and BP are able to develop these discovered gas resources efficiently and economically." RIL had put together multiple revival plans but failed to recover the gas trapped inside the difficult deep-water terrain in the Bay of Bengal. It roped in British giant BP Plc, which took 30 per cent stake in all of its hydrocarbon assets in a $7-billion deal in 2011, to arrest the production slide. Since formation of RIL-BP partnership in 2011, they have invested Rs 13,000 crore in deep-water exploration and production until now. In addition to the D55 gas discovery announced in 2013, they jointly worked to sustain production from the geologically complex reservoirs in D1, D3 and D26 fields on Block KGD6. However, they failed to increase the production from the old fields, which stands at 5 million standard cubic metres a day (mscmd) now vis-a-vis its peak of 60 mscmd in 2010. The companies plan to produce 30-35 mscmd of gas from the new fields of KG D6, which consists of the R-Series, Satellites and MJ1. "For the development of R-Series, the companies have issued the tender and received bids from sub-contractors. We will be able to start work from next year, since the favourable weather for working is available only for four months in a year in the east coast, between January and April. For the development of satellite cluster, we will invite bids from sub-contractors to start the work," say the officials. RIL is also looking at the options to optimise the existing offshore infrastructure facilities in KG basin to reduce costs. RIL and its partners had, in 2016, withdrawn some of its arbitrations against the government to be eligible for the gas price revisions. The Modi government was unwilling to heed RIL's demand for arbitration in revising gas price since 2014. The government then revised the price to $5.6 per million British thermal unit (mBtu) from $4.2 for gas producers in India, except for RIL. RIL officials expect that the withdrawal of arbitration will help the company to claim the revised price of gas from the new fields. Summarise this report in a few sentences." summarise in a few sentences.
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With a 4.3% contraction in September, the growth in the index of industrial production (IIP) was the worst in the last eight years. The decline in September was steeper than the 1.4% contraction reported in August, after 27 months of expansion. Even core sector output contracted to 5.2% in September, posting its worst performance in 14 years, suggesting that the economy may have slumped further in the second quarter of the current financial year. Within the IIP, growth rates of manufacturing, electricity, primary goods, and infra & construction recorded their worst performance in the current (2011-12) series. Mining output shrank 8.5% in September while electricity generation contracted 2.6% in the month. Production of primary goods shrank 5.1% while that of intermediate goods reported an uptick of 7%. The contraction was most marked for segments dependent on bank funding such as capital goods and durables. Of the 23 categories within manufacturing, only six registered growth in September and the rest contracted. Output of capital goods, an indicator of investment activity, contracted to 20.7% year-on-year in September, the eleventh month in a row barring December last year. The second quarter GDP growth—figure is to be released on November 29—may be lower than the six-year low of 5% in the June quarter. Reserve Bank of India has lowered its FY20 annual growth forecast to 6.1% from 6.8% estimated earlier. Even Moody’s had slashed India’s economic growth forecast for 2019-20 to 5.8% from an earlier estimate of 6.2% and has downgraded India’s outlook to negative from stable. Summarise this report in a few sentences.
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growth in the index of industrial production (IIP) was the worst in the last eight years. even core sector output contracted to 5.2% in September, posting its worst performance in 14 years. mining output shrank 8.5% in September while electricity generation contracted 2.6% in the month. production of primary goods shrank 5.1% while that of intermediate goods reported an uptick of 7%.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "With a 4.3% contraction in September, the growth in the index of industrial production (IIP) was the worst in the last eight years. The decline in September was steeper than the 1.4% contraction reported in August, after 27 months of expansion. Even core sector output contracted to 5.2% in September, posting its worst performance in 14 years, suggesting that the economy may have slumped further in the second quarter of the current financial year. Within the IIP, growth rates of manufacturing, electricity, primary goods, and infra & construction recorded their worst performance in the current (2011-12) series. Mining output shrank 8.5% in September while electricity generation contracted 2.6% in the month. Production of primary goods shrank 5.1% while that of intermediate goods reported an uptick of 7%. The contraction was most marked for segments dependent on bank funding such as capital goods and durables. Of the 23 categories within manufacturing, only six registered growth in September and the rest contracted. Output of capital goods, an indicator of investment activity, contracted to 20.7% year-on-year in September, the eleventh month in a row barring December last year. The second quarter GDP growth—figure is to be released on November 29—may be lower than the six-year low of 5% in the June quarter. Reserve Bank of India has lowered its FY20 annual growth forecast to 6.1% from 6.8% estimated earlier. Even Moody’s had slashed India’s economic growth forecast for 2019-20 to 5.8% from an earlier estimate of 6.2% and has downgraded India’s outlook to negative from stable. Summarise this report in a few sentences." summarise in a few sentences.
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Even as the RBI permits banks to trade in offshore currency derivative market it is high time to allow local residents buying dollar-denominated bonds, said Rahul Banerjee, founder -Bondevealue Pte, Singapore.“Like the liberalization of the Non-deliverable Forwards (NDF) markets yesterday, perhaps measures could be introduced to all residents to buy USD bonds subject to a limit,” he said.Top-rated sovereign-backed Indian company bond prices dropped 0.10-0.60 percent a day after rating company Moody’s cut New Delhi’s sovereign rating to a rank above the high-yield category. Some of those companies included State Bank of India, NTPC, Indian Railways Finance Corporation, Exim Bank, Rural Electrification Corp.“The market has shrugged of the downgrade as it was expected,” said Banerjee.Over the past few months, we have seen many sovereigns have been downgraded by rating agencies, he said.Moody’s rating downgrade did not spring any surprise among market participants as everyone expected it. A few weeks ago, Moody’s Investors Services held a global conference call where many investors participated only to conclude that a rating downgrade was imminent.The latest worry is if there is any further revision in rating grade. Unlike Moody’s, S&P and Fitch did not raise India’s rating grade by a notch above the lowest rank in the Investment Grade two and a half years ago. With latest cut, all rating grades are now at the precipice of junk rating or High Yield.A downgrade by any of the rating agencies from here on will cause borrowing costs to sharply increase, will also cause heavy forex outflows, Banerjee said. Summarise this report in a few sentences.
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top-rated sovereign-backed Indian company bond prices dropped 0.10-0.60 percent a day after rating company Moody's cut new Delhi’s sovereign rating to a rank above the high-yield category. a downgrade by any of the rating agencies from here on will cause borrowing costs to sharply increase, will also cause heavy forex outflows.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Even as the RBI permits banks to trade in offshore currency derivative market it is high time to allow local residents buying dollar-denominated bonds, said Rahul Banerjee, founder -Bondevealue Pte, Singapore.“Like the liberalization of the Non-deliverable Forwards (NDF) markets yesterday, perhaps measures could be introduced to all residents to buy USD bonds subject to a limit,” he said.Top-rated sovereign-backed Indian company bond prices dropped 0.10-0.60 percent a day after rating company Moody’s cut New Delhi’s sovereign rating to a rank above the high-yield category. Some of those companies included State Bank of India, NTPC, Indian Railways Finance Corporation, Exim Bank, Rural Electrification Corp.“The market has shrugged of the downgrade as it was expected,” said Banerjee.Over the past few months, we have seen many sovereigns have been downgraded by rating agencies, he said.Moody’s rating downgrade did not spring any surprise among market participants as everyone expected it. A few weeks ago, Moody’s Investors Services held a global conference call where many investors participated only to conclude that a rating downgrade was imminent.The latest worry is if there is any further revision in rating grade. Unlike Moody’s, S&P and Fitch did not raise India’s rating grade by a notch above the lowest rank in the Investment Grade two and a half years ago. With latest cut, all rating grades are now at the precipice of junk rating or High Yield.A downgrade by any of the rating agencies from here on will cause borrowing costs to sharply increase, will also cause heavy forex outflows, Banerjee said. Summarise this report in a few sentences." summarise in a few sentences.
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India and the US will likely hold a meeting on July 14 to deepen bilateral trade, with commerce and industry minister Piyush Goyal and US commerce secretary Wilbur Ross scheduled to join in for talks through a video conference, a source told FE. While an announcement of a limited trade deal, which has been in the works for a few months now, is unlikely at this stage as both the countries are still busy fighting the Covid-19 pandemic, the meeting comes at a crucial time when India is firming up a comprehensive strategy to target “non-essential” and sub-standard imports, particularly from China. Before the pandemic, India had planned to wrap up the “limited” deal with the US first and then explore the feasibility of a broader free trade agreement (FTA) after the American presidential elections in November, sources had said earlier. But the pandemic seems to have delayed the plan. The India-US CEOs Forum is also expected to hold a meet on July 14 to further bolster their engagement, said the source. While there has been no official word on the meeting yet, Goyal recently said he could meet his American counterpart in the middle of July. The meeting also comes close on the heels of the US launching a probe against India and nine others, including the EU and the UK, for imposing or considering a 2% digital services tax (equalisation levey) with potential to hurt American companies. India is also finalising a draft e-commerce policy, an area of immense interest to the US. Softening its stance on mandatory local data storage proposed in an earlier draft policy, the new draft policy has suggested a comprehensive, periodic audit of the storage locations of players like Amazon, Flipkart and those that store Indian users’ data abroad, said the source. However, these players will have to build in adequate safeguards at the specified storage locations as well to ensure privacy of the user isn’t compromised. The US had earlier raised concerns over mandatory local storage, among others. The US recently moved to suspend the issuance of new non-immigrant visas, especially for skilled professionals until December 31. The US has been impressing on India to reduce its “high” tariffs on a range of products, including high-end mobiles phones and bikes. It’s seeking greater and easier access to the Indian markets in agricutlure, dairy, medical equipment, among others. For its part, India is pitching for an exemption from the extra duty imposed by the US on steel and aluminium, resumption of duty-free export benefits for some Indian goods under the so-called Generalised System of Preferences (GSP) as well as greater market access for its products in sectors ranging from agriculture, automobile and auto components to engineering. India’s exports to the US, its largest market, touched $52.4 billion in 2018-19, while imports were to the tune of $35.5 billion. Its trade surplus with the US has been shrinking in recent years, as it has stated importing oil and gas from the largest economy, something that India has been highlighting in bilateral talks. According to the US government data, New Delhi’s trade surplus with Washington eased to $21.3 billion in 2018 from $22.9 billion in 2017. In contrast, China’s trade surplus with the US widened further to a record $419.2 billion last year from $375.6 billion in 2017, despite the tariff war between the top two economies. Summarise this report in a few sentences.
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the meeting is expected to take place on July 14. commerce and industry minister Piyush goyal and commerce secretary Wilbur Ross are scheduled to join in for talks. the meeting comes at a crucial time when India is firming up a comprehensive strategy to target ‘non-essential’ and sub-standard imports, particularly from china. the meeting comes on the heels of the US launching a probe against India and nine others, including the EU and the UK.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "India and the US will likely hold a meeting on July 14 to deepen bilateral trade, with commerce and industry minister Piyush Goyal and US commerce secretary Wilbur Ross scheduled to join in for talks through a video conference, a source told FE. While an announcement of a limited trade deal, which has been in the works for a few months now, is unlikely at this stage as both the countries are still busy fighting the Covid-19 pandemic, the meeting comes at a crucial time when India is firming up a comprehensive strategy to target “non-essential” and sub-standard imports, particularly from China. Before the pandemic, India had planned to wrap up the “limited” deal with the US first and then explore the feasibility of a broader free trade agreement (FTA) after the American presidential elections in November, sources had said earlier. But the pandemic seems to have delayed the plan. The India-US CEOs Forum is also expected to hold a meet on July 14 to further bolster their engagement, said the source. While there has been no official word on the meeting yet, Goyal recently said he could meet his American counterpart in the middle of July. The meeting also comes close on the heels of the US launching a probe against India and nine others, including the EU and the UK, for imposing or considering a 2% digital services tax (equalisation levey) with potential to hurt American companies. India is also finalising a draft e-commerce policy, an area of immense interest to the US. Softening its stance on mandatory local data storage proposed in an earlier draft policy, the new draft policy has suggested a comprehensive, periodic audit of the storage locations of players like Amazon, Flipkart and those that store Indian users’ data abroad, said the source. However, these players will have to build in adequate safeguards at the specified storage locations as well to ensure privacy of the user isn’t compromised. The US had earlier raised concerns over mandatory local storage, among others. The US recently moved to suspend the issuance of new non-immigrant visas, especially for skilled professionals until December 31. The US has been impressing on India to reduce its “high” tariffs on a range of products, including high-end mobiles phones and bikes. It’s seeking greater and easier access to the Indian markets in agricutlure, dairy, medical equipment, among others. For its part, India is pitching for an exemption from the extra duty imposed by the US on steel and aluminium, resumption of duty-free export benefits for some Indian goods under the so-called Generalised System of Preferences (GSP) as well as greater market access for its products in sectors ranging from agriculture, automobile and auto components to engineering. India’s exports to the US, its largest market, touched $52.4 billion in 2018-19, while imports were to the tune of $35.5 billion. Its trade surplus with the US has been shrinking in recent years, as it has stated importing oil and gas from the largest economy, something that India has been highlighting in bilateral talks. According to the US government data, New Delhi’s trade surplus with Washington eased to $21.3 billion in 2018 from $22.9 billion in 2017. In contrast, China’s trade surplus with the US widened further to a record $419.2 billion last year from $375.6 billion in 2017, despite the tariff war between the top two economies. Summarise this report in a few sentences." summarise in a few sentences.
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New orders for US-made goods suffered a record decline in March and could sink further as disruptions from the novel coronavirus fracture supply chains and depress exports. The Commerce Department said on Monday factory orders dropped 10.3 percent, the largest decrease since the series started in 1992. Data for February was revised down to show orders dipping 0.1 percent instead of being unchanged as previously reported. Economists polled by Reuters had forecast factory orders would tumble 9.7 percent in March. Factory orders decreased 2.8 percent year-on-year in March. Unfilled orders at factories dropped 2.0 percent in March after nudging up 0.1 percent in the prior month. Inventories at factories fell 0.8 percent in March after declining 0.4 percent in February. Shipments of manufactured goods decreased 5.2 percent in March after slipping 0.3 percent in the prior month. Manufacturing, which accounts for 11 percent of US economic activity, is, together with the rest of the economy, reeling from nationwide lockdowns to slow the spread of COVID-19, the respiratory illness caused by the virus. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show The Institute for Supply Management (ISM) reported on Friday that its measure of national factory activity dropped to an 11-month low in April. The ISM's forward-looking new orders sub-index plumbed to levels last seen in December 2008. Manufacturing was already under pressure from the Trump administration's trade war with China. Manufacturing output declined in the first quarter at its sharpest pace in 11 years. Business investment has contracted for four straight quarters. The longest economic expansion in US history ended in the first quarter, with gross domestic product declining at its steepest pace since the 2007-2009 Great Recession. TRANSPORTATION ORDERS SINK Though some parts of the country have started reopening, economists say it would take at least two years to bring the economy back to pre-coronavirus levels. They expect a wave of bankruptcies and a long period of high unemployment. At least 30 million Americans have filed claims for unemployment benefits since mid-March when state and local government ordered nonessential workers to stay at home to slow the spread of COVID-19. In March, transportation equipment orders plunged 41.3 percent after increasing 4.6 percent in the prior month. Orders were weighed down by a 296.2 percent dive in demand for civilian aircraft and parts. Though Boeing said its aircraft orders rose in March relative to February, it also reported big cancellations of its troubled 737 MAX jetliner, which has been grounded since March 2019 following two fatal crashes. There was a 65.3 percent decline in orders for ships and boats in March. Motor vehicle and parts orders dropped 6.7 percent in March. That offset a 63.7 percent surge in orders for defense aircraft and parts. Machinery orders fell 0.5 percent in March after decreasing 1.1 percent in February. But orders for electrical equipment, appliances and components orders increased 0.8 percent in March. The government also reported that orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans on equipment, dipped 0.1 percent in March instead of edging up 0.1 percent as reported last month. Shipments of core capital goods, which are used to calculate business equipment spending in the GDP report, fell 0.2 percent in March as previously reported. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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new orders for US-made goods suffer a record decline in march. factory orders dropped 10.3 percent, the largest decrease since the series started in 1992. manufacturing is reeling from nationwide lockdowns to slow the spread of COVID-19. 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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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "New orders for US-made goods suffered a record decline in March and could sink further as disruptions from the novel coronavirus fracture supply chains and depress exports. The Commerce Department said on Monday factory orders dropped 10.3 percent, the largest decrease since the series started in 1992. Data for February was revised down to show orders dipping 0.1 percent instead of being unchanged as previously reported. Economists polled by Reuters had forecast factory orders would tumble 9.7 percent in March. Factory orders decreased 2.8 percent year-on-year in March. Unfilled orders at factories dropped 2.0 percent in March after nudging up 0.1 percent in the prior month. Inventories at factories fell 0.8 percent in March after declining 0.4 percent in February. Shipments of manufactured goods decreased 5.2 percent in March after slipping 0.3 percent in the prior month. Manufacturing, which accounts for 11 percent of US economic activity, is, together with the rest of the economy, reeling from nationwide lockdowns to slow the spread of COVID-19, the respiratory illness caused by the virus. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show The Institute for Supply Management (ISM) reported on Friday that its measure of national factory activity dropped to an 11-month low in April. The ISM's forward-looking new orders sub-index plumbed to levels last seen in December 2008. Manufacturing was already under pressure from the Trump administration's trade war with China. Manufacturing output declined in the first quarter at its sharpest pace in 11 years. Business investment has contracted for four straight quarters. The longest economic expansion in US history ended in the first quarter, with gross domestic product declining at its steepest pace since the 2007-2009 Great Recession. TRANSPORTATION ORDERS SINK Though some parts of the country have started reopening, economists say it would take at least two years to bring the economy back to pre-coronavirus levels. They expect a wave of bankruptcies and a long period of high unemployment. At least 30 million Americans have filed claims for unemployment benefits since mid-March when state and local government ordered nonessential workers to stay at home to slow the spread of COVID-19. In March, transportation equipment orders plunged 41.3 percent after increasing 4.6 percent in the prior month. Orders were weighed down by a 296.2 percent dive in demand for civilian aircraft and parts. Though Boeing said its aircraft orders rose in March relative to February, it also reported big cancellations of its troubled 737 MAX jetliner, which has been grounded since March 2019 following two fatal crashes. There was a 65.3 percent decline in orders for ships and boats in March. Motor vehicle and parts orders dropped 6.7 percent in March. That offset a 63.7 percent surge in orders for defense aircraft and parts. Machinery orders fell 0.5 percent in March after decreasing 1.1 percent in February. But orders for electrical equipment, appliances and components orders increased 0.8 percent in March. The government also reported that orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans on equipment, dipped 0.1 percent in March instead of edging up 0.1 percent as reported last month. Shipments of core capital goods, which are used to calculate business equipment spending in the GDP report, fell 0.2 percent in March as previously reported. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences." summarise in a few sentences.
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ITEM 3 LEGAL PROCEEDINGS In the ordinary course of business, we may be involved in legal proceedings from time to time. As of the date hereof, except as set forth herein, there are no known legal proceedings against the Company. No governmental agency has instituted proceedings, served, or threatened the Company with any complaints. On March 26, 2019, a shareholder derivative complaint was filed in the United States District Court for the Southern District of New York against the Company, as well as four of its current directors, styled Heng Ren Silk Road Investments LLC, Heng Ren Investments LP, derivatively on behalf of Sino Agro Food Inc. v. Sino Agro Food Inc., Lee Yip Kun Solomon, Tan Poay Teik, Chen Bor Hann, Lim Chang Soh, and Sino Agro Food Inc., as the nominal defendant (Case No.: 1:19-cv-02680) (the “Complaint”). No hearings have been scheduled as of the date hereof. The Complaint alleges violations of securities laws and state law, breaches of fiduciary duties (including gross mismanagement of the Company) by the individual defendants, a material default of its obligations under a commercial loan agreement, misleading and false statements (including material omissions) by the individual defendants, and unauthorized issuance of new shares of Common Stock to pay debts that, in the view of the plaintiffs, has diluted shareholder ownership and oppressed shareholders of the Company (the litigated claims). The Company and the individual defendants believe that these claims are without merit and intend to vigorously defend against the Complaint. Based on the Company’s assessment of the facts underlying the claims, the uncertainty of litigation, and the preliminary stage of the case, the Company cannot estimate the reasonably possible loss or range of loss that may result from this action. However, an unfavorable outcome may have a material adverse effect on our business, financial condition and results of operations. On July 23, 2020, the Court issued an Order (the “Order”) preliminarily approving settlement, authorizing notice and scheduling the settlement hearing for the Complaint. Under the terms of the Order, among other things, within 10 calendar days of the Order (i) the Company shall provide notice of the Settlement by filing with the SEC a Form 8-K, which shall include as exhibits (A) the Notice of Proposed Settlement of Shareholder Derivative Litigation (the “Notice”) and (B) the Settlement, (ii) counsel for the Plaintiffs shall file the Notice via a national wire service and (iii) the Company shall make available on its corporate website the Form 8-K and exhibits for the time period set forth in the Order. In addition, the Order scheduled a settlement hearing for October 13, 2020 to consider whether to grant final approval to the Settlement. The Settlement contains no admission of wrongdoing. The Company has always maintained and continues to believe that it did not engage in any wrongdoing or otherwise commit any violation of federal or state securities laws or other laws. - 40 - On October 13th 2020, the Court granted the final approval to the Settlement of Shareholder Derivative Litigation and dismissed the Shareholder Derivative Litigation with prejudice. The Court found that the terms of the settlement are fair, reasonable and adequate as to each of the parties, and hereby approved the Settlement in all respects and as of October 13th 2020 SIAF, Lee Solomon Yip Kun, Tan Poay Teil, Chen Bor Hann and Lim Chang Soh have, fully, finally and forever released, relinquished, discharged and dismissed with prejudice from the litigated claims. ITEM 4 Summarise this report in a few sentences.
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On March 26, 2019, a shareholder derivative complaint was filed in the United States District Court for the Southern District of New York against the Company and four of its current directors. The Complaint alleged violations of securities laws and state law, breaches of fiduciary duties, misleading and false statements, and unauthorized issuance of new shares of Common Stock. The Company and the individual defendants believed the claims to be without merit and intended to vigorously defend against the Complaint. On October 13th 2020, the Court granted the final approval to the Settlement of Shareholder Derivative Litigation and dismissed the Shareholder Derivative Litigation with prejudice. The Court found that the terms of the settlement were fair, reasonable and adequate, and the Company and the individual defendants were released from the litigated claims.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "ITEM 3 LEGAL PROCEEDINGS In the ordinary course of business, we may be involved in legal proceedings from time to time. As of the date hereof, except as set forth herein, there are no known legal proceedings against the Company. No governmental agency has instituted proceedings, served, or threatened the Company with any complaints. On March 26, 2019, a shareholder derivative complaint was filed in the United States District Court for the Southern District of New York against the Company, as well as four of its current directors, styled Heng Ren Silk Road Investments LLC, Heng Ren Investments LP, derivatively on behalf of Sino Agro Food Inc. v. Sino Agro Food Inc., Lee Yip Kun Solomon, Tan Poay Teik, Chen Bor Hann, Lim Chang Soh, and Sino Agro Food Inc., as the nominal defendant (Case No.: 1:19-cv-02680) (the “Complaint”). No hearings have been scheduled as of the date hereof. The Complaint alleges violations of securities laws and state law, breaches of fiduciary duties (including gross mismanagement of the Company) by the individual defendants, a material default of its obligations under a commercial loan agreement, misleading and false statements (including material omissions) by the individual defendants, and unauthorized issuance of new shares of Common Stock to pay debts that, in the view of the plaintiffs, has diluted shareholder ownership and oppressed shareholders of the Company (the litigated claims). The Company and the individual defendants believe that these claims are without merit and intend to vigorously defend against the Complaint. Based on the Company’s assessment of the facts underlying the claims, the uncertainty of litigation, and the preliminary stage of the case, the Company cannot estimate the reasonably possible loss or range of loss that may result from this action. However, an unfavorable outcome may have a material adverse effect on our business, financial condition and results of operations. On July 23, 2020, the Court issued an Order (the “Order”) preliminarily approving settlement, authorizing notice and scheduling the settlement hearing for the Complaint. Under the terms of the Order, among other things, within 10 calendar days of the Order (i) the Company shall provide notice of the Settlement by filing with the SEC a Form 8-K, which shall include as exhibits (A) the Notice of Proposed Settlement of Shareholder Derivative Litigation (the “Notice”) and (B) the Settlement, (ii) counsel for the Plaintiffs shall file the Notice via a national wire service and (iii) the Company shall make available on its corporate website the Form 8-K and exhibits for the time period set forth in the Order. In addition, the Order scheduled a settlement hearing for October 13, 2020 to consider whether to grant final approval to the Settlement. The Settlement contains no admission of wrongdoing. The Company has always maintained and continues to believe that it did not engage in any wrongdoing or otherwise commit any violation of federal or state securities laws or other laws. - 40 - On October 13th 2020, the Court granted the final approval to the Settlement of Shareholder Derivative Litigation and dismissed the Shareholder Derivative Litigation with prejudice. The Court found that the terms of the settlement are fair, reasonable and adequate as to each of the parties, and hereby approved the Settlement in all respects and as of October 13th 2020 SIAF, Lee Solomon Yip Kun, Tan Poay Teil, Chen Bor Hann and Lim Chang Soh have, fully, finally and forever released, relinquished, discharged and dismissed with prejudice from the litigated claims. ITEM 4 Summarise this report in a few sentences." summarise in a few sentences.
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MUMBAI: Local political uncertainty, a string of share sales and weak sentiment in global equities dragged down India’s stock markets on Friday with benchmark indices posting their biggest single-day fall since February 2.Domestic investors trimmed equity holdings ahead of March 31, when the zero-taxation regime for long-term capital gains from equities ends.The Sensex declined 509.54 points, or 1.51 per cent, to close at 33,176. The Nifty dropped 165 points, or 1.59 per cent, to close at 10,195.15. Out of 30 Sensex stocks , 26 ended weak while four ended higher. The Volatility Index, or VIX, soared 6.2 per cent, suggesting traders expect risks to the market to remain in the near-term.While concerns for the market so far have mostly emanated from the US, investors are beginning to worry about the changes in the domestic political equations. The exit of Telugu Desam Party (TDP), a key ally of the BJP in the National Democratic Alliance, coupled with BJP’s defeat in the UP bypolls, has shaken the confidence of market participants.“Domestic politics is seeing some uncertain moments which is making investors nervous,” said Mahesh Patil, chief investment officer — equities, Birla Sun Life Mutual Fund. “There is also a constant supply of paper that’s taking away the liquidity and uncertainty about the public sector banks.”The rush of initial public offers (IPO) in March worth at least Rs 15,000 crore from companies such as ICICI Securities and Bandhan among others before the financial year ends on March 31, is draining away a portion of the money from the secondary market. Brokers said some of the companies are looking to complete the IPO before March 31 to buck the long-term capital gains tax applicable from April 1. Many individual investors too are selling a portion of shares and equity mutual funds before the deadline to avoid paying 10 per cent tax on their holdings held for more than a year, said brokers.Domestic institutions including mutual funds and insurers were sellers of Rs 770.5 crore on Friday, according to provisional data.Their foreign counterparts sold shares worth Rs 150 crore.The broader market too ended weak but the losses were lower compared to bluechips. The midand small-cap indices were down roughly 1 per cent. Losers outnumbered gainers 1,835: 859 on the BSE.Elsewhere in Asia, markets ended weak as continued political chaos in the US added to existing concerns over the country’s trade war.The latest trigger for uncertainty were reports that special counsel Robert Mueller, tasked to investigate meddling by Russian intelligence agencies in the 2016 US probe, is investigating documents related to Donald Trump’s businesses.Earlier this week, Trump’s top economic adviser Gary Cohn resigned after the country sought to impose tariffs on steel and aluminium imports. The move spooked investors, who are worried that the US is leaning towards protectionism.Next week, the focus is likely to be on the US Federal Reserve , which will be holding its first rate-setting meeting under the new chairman Jerome Powell.The American central bank is expected to raise a key policy rate by 0.25 per cent at its March 20 -21 meeting. Investors will watch out for Fed’s remarks on inflation and the job market for clues on direction of interest rates. Summarise this report in a few sentences.
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Sensex fell 509.54 points, or 1.51 per cent, to close at 33,176. the nifty dropped 165 points, or 1.59 per cent, to close at 10,195.15. out of 30 Sensex stocks, 26 ended weak while four ended higher. the volatility index, or VIX, soared 6.2 per cent.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "MUMBAI: Local political uncertainty, a string of share sales and weak sentiment in global equities dragged down India’s stock markets on Friday with benchmark indices posting their biggest single-day fall since February 2.Domestic investors trimmed equity holdings ahead of March 31, when the zero-taxation regime for long-term capital gains from equities ends.The Sensex declined 509.54 points, or 1.51 per cent, to close at 33,176. The Nifty dropped 165 points, or 1.59 per cent, to close at 10,195.15. Out of 30 Sensex stocks , 26 ended weak while four ended higher. The Volatility Index, or VIX, soared 6.2 per cent, suggesting traders expect risks to the market to remain in the near-term.While concerns for the market so far have mostly emanated from the US, investors are beginning to worry about the changes in the domestic political equations. The exit of Telugu Desam Party (TDP), a key ally of the BJP in the National Democratic Alliance, coupled with BJP’s defeat in the UP bypolls, has shaken the confidence of market participants.“Domestic politics is seeing some uncertain moments which is making investors nervous,” said Mahesh Patil, chief investment officer — equities, Birla Sun Life Mutual Fund. “There is also a constant supply of paper that’s taking away the liquidity and uncertainty about the public sector banks.”The rush of initial public offers (IPO) in March worth at least Rs 15,000 crore from companies such as ICICI Securities and Bandhan among others before the financial year ends on March 31, is draining away a portion of the money from the secondary market. Brokers said some of the companies are looking to complete the IPO before March 31 to buck the long-term capital gains tax applicable from April 1. Many individual investors too are selling a portion of shares and equity mutual funds before the deadline to avoid paying 10 per cent tax on their holdings held for more than a year, said brokers.Domestic institutions including mutual funds and insurers were sellers of Rs 770.5 crore on Friday, according to provisional data.Their foreign counterparts sold shares worth Rs 150 crore.The broader market too ended weak but the losses were lower compared to bluechips. The midand small-cap indices were down roughly 1 per cent. Losers outnumbered gainers 1,835: 859 on the BSE.Elsewhere in Asia, markets ended weak as continued political chaos in the US added to existing concerns over the country’s trade war.The latest trigger for uncertainty were reports that special counsel Robert Mueller, tasked to investigate meddling by Russian intelligence agencies in the 2016 US probe, is investigating documents related to Donald Trump’s businesses.Earlier this week, Trump’s top economic adviser Gary Cohn resigned after the country sought to impose tariffs on steel and aluminium imports. The move spooked investors, who are worried that the US is leaning towards protectionism.Next week, the focus is likely to be on the US Federal Reserve , which will be holding its first rate-setting meeting under the new chairman Jerome Powell.The American central bank is expected to raise a key policy rate by 0.25 per cent at its March 20 -21 meeting. Investors will watch out for Fed’s remarks on inflation and the job market for clues on direction of interest rates. Summarise this report in a few sentences." summarise in a few sentences.
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pradeep yadav | PTI | Updated: 30 Jan 2020, 3:41 pm 2018 के मुकाबले 2019 में सोने का भाव करीब 24 फीसदी ज्यादा रहा है. 2019 के अंत में सोने का भाव 39,000 रुपये प्रति दस ग्राम से ऊपर रहा Summarise this report in a few sentences.
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pradeep yadav: 'i am a big fan of pradeep yadav' 'i am a big fan of pradeep yadav' 'i am a big fan of pradeep yadav' 'i am a big fan of pradeep yadav'
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "pradeep yadav | PTI | Updated: 30 Jan 2020, 3:41 pm 2018 के मुकाबले 2019 में सोने का भाव करीब 24 फीसदी ज्यादा रहा है. 2019 के अंत में सोने का भाव 39,000 रुपये प्रति दस ग्राम से ऊपर रहा Summarise this report in a few sentences." summarise in a few sentences.
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The German economy, Europe’s biggest, is expected to shrink by nearly 10 percent in the second quarter as the coronavirus paralyses the country, leading research institutes warned Wednesday. “The corona pandemic will trigger a serious recession in Germany,” the six think tanks including Ifo, DIW and RWI said in their annual spring report. Gross domestic product likely contracted by 1.9 percent in the first three months of 2020, and is set to shrink by a whopping 9.8 percent year-on-year in the second quarter as companies feel the pain from widespread shutdowns. The second-quarter plunge is twice as big as seen during the 2008-2009 financial crisis and marks the steepest fall since the institutes’ records began in 1970, the report noted. Over the full year, Germany’s economy is predicted to contract by 4.2 percent. Their forecast is in line with German Economy Minister Peter Altmaier’s recent assessment that the economy would contract by around five percent in 2020. Germany’s “Wise Men” council of economic experts last week issued a similar forecast, predicting a drop in GDP of between 2.8 and 5.4 percent this year. “After 10 years of growth we will experience a recession this year,” Altmaier said in response to Tuesday’s report. He warned that the pace of the economic recovery would depend on when the measures to restrict people’s movements “for the protection of lives and health” can be scaled back. Like countries around the world, the German government has taken drastic steps to stem the spread of the virus, keeping millions of people at home, closing schools and shops and shutting down factories Berlin has unveiled an eye-watering 1.1 trillion euro rescue package to cushion the blow for companies and employees, even suspending a constitutional balanced-budget rule to ramp up its response. The package includes state guarantees for loans to businesses, easier access to benefits for workers placed on reduced hours, and direct support for the hardest-hit firms. But even with the unprecedented measures, the six institutes warned that the recession “would leave its mark” on the job market. Germany has long enjoyed record-low unemployment of around five percent, and German workers with their relatively high wages have for years been a key driver of the country’s growth via domestic consumption. Unemployment could climb to 5.9 percent report this year, the institutes said. The number of workers on shorter hours meanwhile is expected to hit 2.4 million, as giants like Lufthansa, Volkswagen, BMW and Puma join a slew of companies taking up a government scheme that tops up the pay of affected employees. Looking ahead, the institutes said Germany with its bulging state coffers was “well positioned” to cope with the economic slump and should bounce back in “the medium term”. For 2021, the institutes expect Germany to notch up growth of 5.8 percent. The German government will unveil its official projections for the economy on April 29. Summarise this report in a few sentences.
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the german economy is expected to shrink by nearly 10 percent in the second quarter. the drop is twice as big as seen during the 2008-2009 financial crisis. over the full year, german economy is predicted to contract by 4.2 percent. the government has taken drastic steps to stem the spread of the virus. but institutes warn the recession "would leave its mark" on the job market.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The German economy, Europe’s biggest, is expected to shrink by nearly 10 percent in the second quarter as the coronavirus paralyses the country, leading research institutes warned Wednesday. “The corona pandemic will trigger a serious recession in Germany,” the six think tanks including Ifo, DIW and RWI said in their annual spring report. Gross domestic product likely contracted by 1.9 percent in the first three months of 2020, and is set to shrink by a whopping 9.8 percent year-on-year in the second quarter as companies feel the pain from widespread shutdowns. The second-quarter plunge is twice as big as seen during the 2008-2009 financial crisis and marks the steepest fall since the institutes’ records began in 1970, the report noted. Over the full year, Germany’s economy is predicted to contract by 4.2 percent. Their forecast is in line with German Economy Minister Peter Altmaier’s recent assessment that the economy would contract by around five percent in 2020. Germany’s “Wise Men” council of economic experts last week issued a similar forecast, predicting a drop in GDP of between 2.8 and 5.4 percent this year. “After 10 years of growth we will experience a recession this year,” Altmaier said in response to Tuesday’s report. He warned that the pace of the economic recovery would depend on when the measures to restrict people’s movements “for the protection of lives and health” can be scaled back. Like countries around the world, the German government has taken drastic steps to stem the spread of the virus, keeping millions of people at home, closing schools and shops and shutting down factories Berlin has unveiled an eye-watering 1.1 trillion euro rescue package to cushion the blow for companies and employees, even suspending a constitutional balanced-budget rule to ramp up its response. The package includes state guarantees for loans to businesses, easier access to benefits for workers placed on reduced hours, and direct support for the hardest-hit firms. But even with the unprecedented measures, the six institutes warned that the recession “would leave its mark” on the job market. Germany has long enjoyed record-low unemployment of around five percent, and German workers with their relatively high wages have for years been a key driver of the country’s growth via domestic consumption. Unemployment could climb to 5.9 percent report this year, the institutes said. The number of workers on shorter hours meanwhile is expected to hit 2.4 million, as giants like Lufthansa, Volkswagen, BMW and Puma join a slew of companies taking up a government scheme that tops up the pay of affected employees. Looking ahead, the institutes said Germany with its bulging state coffers was “well positioned” to cope with the economic slump and should bounce back in “the medium term”. For 2021, the institutes expect Germany to notch up growth of 5.8 percent. The German government will unveil its official projections for the economy on April 29. Summarise this report in a few sentences." summarise in a few sentences.
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RBI Governor Urjit Patel Tuesday committed to a parliamentary committee to give in writing his views on some of the controversial issues, which may include the government citing never-used powers to get the central bank on the discussion table, said sources. Patel, who appeared before the 31-member Parliamentary Standing Committee on Finance, said the economy would get a boost from oil prices cooling off from four-year highs and said fundamentals were “robust”, they said. The RBI Governor also told the Members of Parliament that credit growth was 15 per cent and the impact of November 2016 demonetisation has a transient impact on the economy. Patel was earlier scheduled to appear before the panel on November 12. He, however, did not answer specific questions on the government invoking Section 7 of the RBI Act, NPAs, the autonomy of the central bank and other contentious issues, sources said. Sources said Patel made a presentation about the state of the economy as well about the world economy to the committee and several members asked questions. His views on the economy were “optimistic”. “He stayed clear of controversial questions like government invoking special powers, instead he gave intelligent replies without saying anything,” they said. Members also asked questions on the implementation of the Basel III capital adequacy norms for banks. To this, a source said the Governor replied that adherence to the global norms was India’s commitment to G-20 nations. Another source said that as there were a large number of questions, the Governor was asked to file written replies in 10-15 days. The RBI Governor appeared before the panel days after the RBI’s face-off with the finance ministry over issues ranging from the appropriate size of reserves to be maintained by the central bank to easing of lending norms for small and medium enterprises. Former prime minister Manmohan Singh is also a member of the committee headed by senior Congress leader and former Union minister M Veerappa Moily. India’s banking system, particularly state-owned banks, are grappling with huge bad loans. Recently, there has been a liquidity crisis for the important NBFC sector following re-payment default by IL&FS. Summarise this report in a few sentences.
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RBI Governor Urjit Patel appeared before the 31-member Parliamentary Standing Committee on Finance. he said the economy would get a boost from oil prices cooling off from four-year highs and said fundamentals were 'robust'. he did not answer specific questions on the government invoking Section 7 of the RBI Act, NPAs, the autonomy of the central bank and other contentious issues.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "RBI Governor Urjit Patel Tuesday committed to a parliamentary committee to give in writing his views on some of the controversial issues, which may include the government citing never-used powers to get the central bank on the discussion table, said sources. Patel, who appeared before the 31-member Parliamentary Standing Committee on Finance, said the economy would get a boost from oil prices cooling off from four-year highs and said fundamentals were “robust”, they said. The RBI Governor also told the Members of Parliament that credit growth was 15 per cent and the impact of November 2016 demonetisation has a transient impact on the economy. Patel was earlier scheduled to appear before the panel on November 12. He, however, did not answer specific questions on the government invoking Section 7 of the RBI Act, NPAs, the autonomy of the central bank and other contentious issues, sources said. Sources said Patel made a presentation about the state of the economy as well about the world economy to the committee and several members asked questions. His views on the economy were “optimistic”. “He stayed clear of controversial questions like government invoking special powers, instead he gave intelligent replies without saying anything,” they said. Members also asked questions on the implementation of the Basel III capital adequacy norms for banks. To this, a source said the Governor replied that adherence to the global norms was India’s commitment to G-20 nations. Another source said that as there were a large number of questions, the Governor was asked to file written replies in 10-15 days. The RBI Governor appeared before the panel days after the RBI’s face-off with the finance ministry over issues ranging from the appropriate size of reserves to be maintained by the central bank to easing of lending norms for small and medium enterprises. Former prime minister Manmohan Singh is also a member of the committee headed by senior Congress leader and former Union minister M Veerappa Moily. India’s banking system, particularly state-owned banks, are grappling with huge bad loans. Recently, there has been a liquidity crisis for the important NBFC sector following re-payment default by IL&FS. Summarise this report in a few sentences." summarise in a few sentences.
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Mumbai: Calling for a collaborative approach among stakeholders, Tata Motors MD and CEO Guenter Butschek on Saturday said there are new challenges for the automotive industry in the restart phase of the economy. "Now that we are in the restart phase, new challenges like growing virus cases and acute shortage of labour have come up. The end of the lockdown doesn't necessarily mean that we are post-COVID, because it is still there, it can possibly create more intermittent disruptions," Butschek said.He was speaking at the 60th annual convention of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi on Saturday.Stating that COVID-19 has placed extraordinary, unprecedented demand on the industry, he stated that the pandemic hit the industry at a time when it was managing transition from the BS-IV fuel emission norms to BS-VI in a new fiscal while battling the extremely low activity and subdued demand in 2019-20.The impact has been nothing short than devastating, he added.He said that supply chain disruption has been a significant problem for the automakers globally in this crisis along with funding issues, a slump in demand, among others."Collaboration in this new environment are equally important between sour suppliers and strategic partners and OEMs," he said, while emphasising the need for working together.Butschek said that the industry is seeing green shoots in the sub-sectors of industry in the last two months since the gradual opening of the economy.The Tata Motors chief said that Prime Minister Narendra Modi 's Aatmanirbhar Bharat is aimed at taking India to the next level, repositioning India as a global hub by not only focussing and leveraging the Indian market but also going global.To achieve this, auto component makers being a key part of the whole automotive eco-system industry has a role to play, he said."We must stretch beyond products and focus on building design. We need to make the design in India and then Make-in-India.With the frugal approach to production in India, we will have the opportunity to take on the global supply chain," Butschek said."If we would like to become a global hub, we just can't be the global hub for manufacturing leveraging the scale of market or labour cost," he said. Summarise this report in a few sentences.
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butschek says there are new challenges for the automotive industry in the restart phase of the economy. he says the industry is seeing green shoots in the last two months since the gradual opening of the economy. butschek says the government is aiming to take India to the next level by repositioning it as a global hub. he says the government is focusing on repositioning India as a global hub by leveraging the Indian market.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Mumbai: Calling for a collaborative approach among stakeholders, Tata Motors MD and CEO Guenter Butschek on Saturday said there are new challenges for the automotive industry in the restart phase of the economy. "Now that we are in the restart phase, new challenges like growing virus cases and acute shortage of labour have come up. The end of the lockdown doesn't necessarily mean that we are post-COVID, because it is still there, it can possibly create more intermittent disruptions," Butschek said.He was speaking at the 60th annual convention of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi on Saturday.Stating that COVID-19 has placed extraordinary, unprecedented demand on the industry, he stated that the pandemic hit the industry at a time when it was managing transition from the BS-IV fuel emission norms to BS-VI in a new fiscal while battling the extremely low activity and subdued demand in 2019-20.The impact has been nothing short than devastating, he added.He said that supply chain disruption has been a significant problem for the automakers globally in this crisis along with funding issues, a slump in demand, among others."Collaboration in this new environment are equally important between sour suppliers and strategic partners and OEMs," he said, while emphasising the need for working together.Butschek said that the industry is seeing green shoots in the sub-sectors of industry in the last two months since the gradual opening of the economy.The Tata Motors chief said that Prime Minister Narendra Modi 's Aatmanirbhar Bharat is aimed at taking India to the next level, repositioning India as a global hub by not only focussing and leveraging the Indian market but also going global.To achieve this, auto component makers being a key part of the whole automotive eco-system industry has a role to play, he said."We must stretch beyond products and focus on building design. We need to make the design in India and then Make-in-India.With the frugal approach to production in India, we will have the opportunity to take on the global supply chain," Butschek said."If we would like to become a global hub, we just can't be the global hub for manufacturing leveraging the scale of market or labour cost," he said. Summarise this report in a few sentences." summarise in a few sentences.
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By Ankur Mishra and Malini Bhupta, At the start of the year, the banking system was bracing for a big shock. But nine months into the pandemic and after some very careful assessment of stress, things don’t look so bad. In an interview, KV Kamath, chairman of the RBI expert committee on resolution framework for Covid-19-related stress, tells Ankur Mishra and Malini Bhupta that while there will be takers for the moratorium, at the corporate end things won’t be as severe as he thought. Kamath also said there are limits on growth of private sector banks. Excerpts: Nine months into the pandemic, how has India fared? At an individual level, things got reset by early April. By April-end, my mood was positive that things were happening. When we saw the May numbers, we were seeing this change also at the corporate level as they were putting together capabilities to deliver in terrible conditions. It was clear that the white-collar services sector could work from home. The big doubt was if manufacturing could come back. Interestingly, by June, corporate India’s mood was far more bullish as they had gotten their supply chains working. A large part of India was under lockdown, but manufacturing was working and agriculture was strong. While the first quarter (Q1) was virtually shut down, things were getting back to normal in June. What happened in the second quarter (Q2) was a pleasant surprise to me, even though I had expected things were going to look good from June onwards. Collections have improved but bounce rates remain high as many are not able to pay EMIs. What is the extent of pain that remains? At the retail customer end, there is a lot of discipline, unlike 2006-07, when the customer thought not paying back was an option. This time around, retail borrowers are working to maintain their (credit) scores. I would guess that there will be takers for the moratorium. At the corporate end, it won’t be as severe as we thought. The regulator believes that more banks are needed. Do we need more banks or better regulations to regulate existing banks? We need both. Let’s look at the size of the economy. I will stick to what I said on the internal working group and the Reserve Bank has the final call. The working group puts out very interesting metrics. If you look at China’s banking assets to GDP, it is 170%. In India, it is 70%. We need much more from the banking system. Our existing banks can grow but there is a limit to bank growth. Any bank growing beyond 15-17% is a red signal for a regulator. When you grow at that pace, the propensity to make mistakes is significantly higher than normal rates. The second point being made in the paper is that you have a skewed banking system. In the last few years, larger part of lending happened from a few private banks. A large part of capital raising too was in the private sector and that came from the market. For public sector banks, capital came from the government, barring a few PSU banks. My interpretation is that there are limits on growth of the private sector banks. They cannot grow at the pace required to support the economy. So, you could have a problem going forward. Do you think we have hit the bottom of the rate cut cycle or there is a further room for the rate cut? I would think as long as we have the connect between inflation and interest rates, we probably are at the bottom. I was very encouraged by the stand taken by RBI governor who maintained an accommodative stance. I am sure any policy maker reserves the right to correct the situation, if required. To me, this is a happy state of affairs, where home loan is available at 7%. I think this is a good phase to be in, and it will provide momentum. Many small and large corporates often complain about the higher interest rates at which they have to borrow. If India wants to be competitive and well capitalised after the turmoil, high capital cost is going to be a constraint. How would you suggest to fix this problem? This is been a major problem in several contexts. In China, lending is around 5% to a prime customer. Consequently, interest on deposit is 2.5%. In China, a retail borrower gets money at around 6%. In India, indeed, 12% used to be the borrowing rate for a retail borrower or a corporate borrower. If an asset goes bad in China and the borrower has taken money at 6%, it will take 12 years for the carrying cost of this asset to become double of what it was. In 12 years, you can logically expect there will be one or two economic cycles, which will allow the asset to be taken out of the system. In India, you juxtapose 12% interest rate, instead of 6%, and your asset’s carrying value doubles in six years. So, you now have an NPA (non-performing asset) which doubled in six years, compared to China. Now, six years is hardly one economic cycle. You do not have an economic cycle whereby you could have set the asset right. I would want to start with the first principle. The general philosophy is that you cannot bring interest rates below inflation. Though I see elsewhere for a short period, the rates have been significantly lower than the inflation rates. For example, after the 1997 South East Asian crisis, interest rates were significantly lower than Inflation. There is another, very sensitive aspect. Can you really afford to bring down the depositor’s rate? The worry actually is the retirees and people who are dependent on interest income. There is an interesting solution. Why don’t you make targeted benefit transfer to these people? What you are targeting then is providing the difference between interest rates they would have got earlier and what they are getting now. By doing this, you are bringing down the systemic interest costs, which will increase systemic profits, and thereby tax collections. These incremental tax collections should defray the benefits transfer. So there is a solution, somebody will have to think through this, and see whether it can be implemented or not. Technology-wise it is absolutely implementable. Is it time for infra banks? Yes. That would mean that you have an infra bank. You can give it whatever label you have. My only suggestion would be that we ought to have a significant capital. If you are looking at large outlay, it needs to have a capital to take that exposure. And secondly, it should put checks and balances from Day One. It could have a government support. So, we move to a situation where you have an implementing agency, which is a special purpose vehicle of the government. Therefore, given the growth of the insurance companies and growth in technology, it is right time for infrastructure banks. Summarise this report in a few sentences.
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nine months into the pandemic, the banking system was bracing for a big shock. but after careful assessment of stress, things don't look so bad. at the corporate end things won't be as severe as we thought. the regulator believes that more banks are needed. 'we need both', says agrawal. 'we need to be able to do what we do best,' says agrawal.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "By Ankur Mishra and Malini Bhupta, At the start of the year, the banking system was bracing for a big shock. But nine months into the pandemic and after some very careful assessment of stress, things don’t look so bad. In an interview, KV Kamath, chairman of the RBI expert committee on resolution framework for Covid-19-related stress, tells Ankur Mishra and Malini Bhupta that while there will be takers for the moratorium, at the corporate end things won’t be as severe as he thought. Kamath also said there are limits on growth of private sector banks. Excerpts: Nine months into the pandemic, how has India fared? At an individual level, things got reset by early April. By April-end, my mood was positive that things were happening. When we saw the May numbers, we were seeing this change also at the corporate level as they were putting together capabilities to deliver in terrible conditions. It was clear that the white-collar services sector could work from home. The big doubt was if manufacturing could come back. Interestingly, by June, corporate India’s mood was far more bullish as they had gotten their supply chains working. A large part of India was under lockdown, but manufacturing was working and agriculture was strong. While the first quarter (Q1) was virtually shut down, things were getting back to normal in June. What happened in the second quarter (Q2) was a pleasant surprise to me, even though I had expected things were going to look good from June onwards. Collections have improved but bounce rates remain high as many are not able to pay EMIs. What is the extent of pain that remains? At the retail customer end, there is a lot of discipline, unlike 2006-07, when the customer thought not paying back was an option. This time around, retail borrowers are working to maintain their (credit) scores. I would guess that there will be takers for the moratorium. At the corporate end, it won’t be as severe as we thought. The regulator believes that more banks are needed. Do we need more banks or better regulations to regulate existing banks? We need both. Let’s look at the size of the economy. I will stick to what I said on the internal working group and the Reserve Bank has the final call. The working group puts out very interesting metrics. If you look at China’s banking assets to GDP, it is 170%. In India, it is 70%. We need much more from the banking system. Our existing banks can grow but there is a limit to bank growth. Any bank growing beyond 15-17% is a red signal for a regulator. When you grow at that pace, the propensity to make mistakes is significantly higher than normal rates. The second point being made in the paper is that you have a skewed banking system. In the last few years, larger part of lending happened from a few private banks. A large part of capital raising too was in the private sector and that came from the market. For public sector banks, capital came from the government, barring a few PSU banks. My interpretation is that there are limits on growth of the private sector banks. They cannot grow at the pace required to support the economy. So, you could have a problem going forward. Do you think we have hit the bottom of the rate cut cycle or there is a further room for the rate cut? I would think as long as we have the connect between inflation and interest rates, we probably are at the bottom. I was very encouraged by the stand taken by RBI governor who maintained an accommodative stance. I am sure any policy maker reserves the right to correct the situation, if required. To me, this is a happy state of affairs, where home loan is available at 7%. I think this is a good phase to be in, and it will provide momentum. Many small and large corporates often complain about the higher interest rates at which they have to borrow. If India wants to be competitive and well capitalised after the turmoil, high capital cost is going to be a constraint. How would you suggest to fix this problem? This is been a major problem in several contexts. In China, lending is around 5% to a prime customer. Consequently, interest on deposit is 2.5%. In China, a retail borrower gets money at around 6%. In India, indeed, 12% used to be the borrowing rate for a retail borrower or a corporate borrower. If an asset goes bad in China and the borrower has taken money at 6%, it will take 12 years for the carrying cost of this asset to become double of what it was. In 12 years, you can logically expect there will be one or two economic cycles, which will allow the asset to be taken out of the system. In India, you juxtapose 12% interest rate, instead of 6%, and your asset’s carrying value doubles in six years. So, you now have an NPA (non-performing asset) which doubled in six years, compared to China. Now, six years is hardly one economic cycle. You do not have an economic cycle whereby you could have set the asset right. I would want to start with the first principle. The general philosophy is that you cannot bring interest rates below inflation. Though I see elsewhere for a short period, the rates have been significantly lower than the inflation rates. For example, after the 1997 South East Asian crisis, interest rates were significantly lower than Inflation. There is another, very sensitive aspect. Can you really afford to bring down the depositor’s rate? The worry actually is the retirees and people who are dependent on interest income. There is an interesting solution. Why don’t you make targeted benefit transfer to these people? What you are targeting then is providing the difference between interest rates they would have got earlier and what they are getting now. By doing this, you are bringing down the systemic interest costs, which will increase systemic profits, and thereby tax collections. These incremental tax collections should defray the benefits transfer. So there is a solution, somebody will have to think through this, and see whether it can be implemented or not. Technology-wise it is absolutely implementable. Is it time for infra banks? Yes. That would mean that you have an infra bank. You can give it whatever label you have. My only suggestion would be that we ought to have a significant capital. If you are looking at large outlay, it needs to have a capital to take that exposure. And secondly, it should put checks and balances from Day One. It could have a government support. So, we move to a situation where you have an implementing agency, which is a special purpose vehicle of the government. Therefore, given the growth of the insurance companies and growth in technology, it is right time for infrastructure banks. Summarise this report in a few sentences." summarise in a few sentences.
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The sharp fall in bank fixed deposits rates and rising retail inflation is hurting risk-averse investors, especially the retired people. The country’s largest lender, State Bank of India, is offering an interest rate of 4.9% for tenure of one year to less than two years, for example. As retail inflation (CPI) was 7.61% in October, the real rate is negative 2.71%. Post-tax (at 31.2%), the real rates will fall further to negative 4.24%. So, what should investors do as the value of their fixed deposits erodes? Some are investing in stocks or equity mutual funds. However, equity funds have reported outflow for the fifth consecutive month in November because of profit booking. Investors are looking at open-ended debt funds and short-duration and corporate bond funds are gaining traction. Higher rates by some banks. While interest rates offered by most banks are around 5% for tenure of one year, there are some who are offering higher rates of 6.5% for similar tenure. The rates vary because lenders that are considered safe can raise deposits even at lower interest rates as compared with those banks that are not considered very safe. The latter will have to offer higher rates to garner deposits from the public. Experts say investors who are willing to take on some risk can look at banks offering higher interest rates. They have to keep in mind the risks such as cap on withdrawals as was the case with Yes Bank which was put under a moratorium and a large part of the deposits remained inaccessible for some time. If you are not comfortable taking on these risks, better go for safer banks. Tenure of fixed deposits Investors prefer fixed deposits because of assured returns, high liquidity and ease of investment. So, in order to cut reinvestment risks, many depositors prefer to invest in FDs of higher tenure of five to 10 years. However, in the current scenario depositors should invest for three to four years and avoid tenures of one to two years. Experts say bank deposits rates may have bottomed and are likely to remain at these levels for a while till growth picks up. Risk-averse investors should look at small savings schemes like 5-year National Savings Certificates which currently offer 6.8% interest rate; post office 5-year Monthly Income scheme (6.6%); Kisan Vikas Patra (6.9%) or a 5-year post office fixed deposit at 6.7%. In fact, post office term deposits rates are higher than bank deposits across all tenures. Company deposits While it may be tempting to invest in company deposits which offer 150 to 250 basis points higher interest rates than bank deposits, depositors must consider risks of default on payment of interest and even the principal amount. For three year corporate deposits, Bajaj Finserv is offering 6.6%, Mahindra Finance 6.3% and Shriram Transport Finance Corp 8.15%.Company fixed deposits are unsecured loans, where repayment of principal and interest are not guaranteed. In case of any default or delay, investors have little recourse as is the case with DHFL. So, an investor must understand all the risks before investing in any company deposits for higher returns. Summarise this report in a few sentences.
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fall in bank fixed deposits rates and rising retail inflation hurting investors. some are investing in stocks or equity mutual funds. equity funds have reported outflow for the fifth consecutive month. investors are looking at open-ended debt funds and short-duration and corporate bond funds are gaining traction. higher rates by some banks. while interest rates offered by most banks are around 5% for tenure of one year, there are some who are offering higher rates of 6.5% for similar tenure.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The sharp fall in bank fixed deposits rates and rising retail inflation is hurting risk-averse investors, especially the retired people. The country’s largest lender, State Bank of India, is offering an interest rate of 4.9% for tenure of one year to less than two years, for example. As retail inflation (CPI) was 7.61% in October, the real rate is negative 2.71%. Post-tax (at 31.2%), the real rates will fall further to negative 4.24%. So, what should investors do as the value of their fixed deposits erodes? Some are investing in stocks or equity mutual funds. However, equity funds have reported outflow for the fifth consecutive month in November because of profit booking. Investors are looking at open-ended debt funds and short-duration and corporate bond funds are gaining traction. Higher rates by some banks. While interest rates offered by most banks are around 5% for tenure of one year, there are some who are offering higher rates of 6.5% for similar tenure. The rates vary because lenders that are considered safe can raise deposits even at lower interest rates as compared with those banks that are not considered very safe. The latter will have to offer higher rates to garner deposits from the public. Experts say investors who are willing to take on some risk can look at banks offering higher interest rates. They have to keep in mind the risks such as cap on withdrawals as was the case with Yes Bank which was put under a moratorium and a large part of the deposits remained inaccessible for some time. If you are not comfortable taking on these risks, better go for safer banks. Tenure of fixed deposits Investors prefer fixed deposits because of assured returns, high liquidity and ease of investment. So, in order to cut reinvestment risks, many depositors prefer to invest in FDs of higher tenure of five to 10 years. However, in the current scenario depositors should invest for three to four years and avoid tenures of one to two years. Experts say bank deposits rates may have bottomed and are likely to remain at these levels for a while till growth picks up. Risk-averse investors should look at small savings schemes like 5-year National Savings Certificates which currently offer 6.8% interest rate; post office 5-year Monthly Income scheme (6.6%); Kisan Vikas Patra (6.9%) or a 5-year post office fixed deposit at 6.7%. In fact, post office term deposits rates are higher than bank deposits across all tenures. Company deposits While it may be tempting to invest in company deposits which offer 150 to 250 basis points higher interest rates than bank deposits, depositors must consider risks of default on payment of interest and even the principal amount. For three year corporate deposits, Bajaj Finserv is offering 6.6%, Mahindra Finance 6.3% and Shriram Transport Finance Corp 8.15%.Company fixed deposits are unsecured loans, where repayment of principal and interest are not guaranteed. In case of any default or delay, investors have little recourse as is the case with DHFL. So, an investor must understand all the risks before investing in any company deposits for higher returns. Summarise this report in a few sentences." summarise in a few sentences.
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live bse live nse live Volume Todays L/H More × Bajaj Auto clocked revenues of nearly Rs 30,000 crore during FY20 to become the highest income generator in the two- and three-wheeler categories. Bajaj sailed past Hero MotoCorp which had held onto the position of being the company with the biggest turnover for more than 10 years. Bajaj’s fall of 1.4 percent in the revenue from operations to Rs 29,919 crore during FY20, as compared to FY19, was lower than Hero’s which reported a drop of 14 percent in revenue from operations to Rs 28,836 crore in FY20 compared to FY19. In addition to sales from motorcycles Bajaj Auto’s turnover also includes revenues from the three-wheeler business. Hero MotoCorp, however, does not make three-wheelers but it sells scooters which Bajaj Auto stopped making a decade ago. Bajaj Auto saw 8 percent decline in sales volumes during FY20 to 4.61 million units while Hero MotoCorp reported 18 percent decline in volumes to 6.39 million during the same year, as per data shared by both the companies. Since the majority of Hero’s volumes comes from the domestic market it maintained its position as the market leader in the two-wheeler space in India during FY20. Bajaj finished fourth in the domestic two-wheeler market one-third of which is controlled by scooters. Honda Motorcycle and Scooter India and TVS Motor Company are the second and third largest two-wheeler sellers, respectively. Despite a volume difference of more than 1.78 million units Bajaj Auto was able to clock higher revenue than Hero MotoCorp. A major reason behind this is the export play of Bajaj. The Pune-based company exported 47 percent of its production last year which was much higher than 41 percent clocked in FY19. The 79 export markets of Bajaj Auto including markets in Africa, Latin America, South Asia and Middle East report higher revenues and richer margins than in India. Since December 2019 Bajaj’s exports have been higher than domestic sales. Bajaj also makes KTM and Husqvarna branded bikes for India and export markets. In comparison, Hero MotoCorp exported less than 3 percent of its production during 2019, lower than earlier years. Hero is present in 40 countries including Sri Lanka, Bangladesh, Nepal, Nigeria, Columbia. As much as 75 percent of Hero’s sales come from the low priced models such as Splendor, HF Dawn and Passion. Rakesh Sharma, Executive Director, Bajaj Auto, said, “While FY 2019-20 was a challenging year, we note that not only have we emerged as the overall leader in our segment, we have also put in place several initiatives that will build momentum. Despite the uncertainties surrounding the immediate future, we are confident that our strategic path will serve our ambitions of global leadership and business success.” Summarise this report in a few sentences.
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Bajaj Auto clocked revenues of nearly Rs 30,000 crore during FY20. it beat Hero MotoCorp which had held onto the position of being the company with the biggest turnover for more than 10 years. the company exported 47 percent of its production last year which was much higher than 41 percent clocked in FY19. the company also makes KTM and Husqvarna branded bikes for India and export markets.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "live bse live nse live Volume Todays L/H More × Bajaj Auto clocked revenues of nearly Rs 30,000 crore during FY20 to become the highest income generator in the two- and three-wheeler categories. Bajaj sailed past Hero MotoCorp which had held onto the position of being the company with the biggest turnover for more than 10 years. Bajaj’s fall of 1.4 percent in the revenue from operations to Rs 29,919 crore during FY20, as compared to FY19, was lower than Hero’s which reported a drop of 14 percent in revenue from operations to Rs 28,836 crore in FY20 compared to FY19. In addition to sales from motorcycles Bajaj Auto’s turnover also includes revenues from the three-wheeler business. Hero MotoCorp, however, does not make three-wheelers but it sells scooters which Bajaj Auto stopped making a decade ago. Bajaj Auto saw 8 percent decline in sales volumes during FY20 to 4.61 million units while Hero MotoCorp reported 18 percent decline in volumes to 6.39 million during the same year, as per data shared by both the companies. Since the majority of Hero’s volumes comes from the domestic market it maintained its position as the market leader in the two-wheeler space in India during FY20. Bajaj finished fourth in the domestic two-wheeler market one-third of which is controlled by scooters. Honda Motorcycle and Scooter India and TVS Motor Company are the second and third largest two-wheeler sellers, respectively. Despite a volume difference of more than 1.78 million units Bajaj Auto was able to clock higher revenue than Hero MotoCorp. A major reason behind this is the export play of Bajaj. The Pune-based company exported 47 percent of its production last year which was much higher than 41 percent clocked in FY19. The 79 export markets of Bajaj Auto including markets in Africa, Latin America, South Asia and Middle East report higher revenues and richer margins than in India. Since December 2019 Bajaj’s exports have been higher than domestic sales. Bajaj also makes KTM and Husqvarna branded bikes for India and export markets. In comparison, Hero MotoCorp exported less than 3 percent of its production during 2019, lower than earlier years. Hero is present in 40 countries including Sri Lanka, Bangladesh, Nepal, Nigeria, Columbia. As much as 75 percent of Hero’s sales come from the low priced models such as Splendor, HF Dawn and Passion. Rakesh Sharma, Executive Director, Bajaj Auto, said, “While FY 2019-20 was a challenging year, we note that not only have we emerged as the overall leader in our segment, we have also put in place several initiatives that will build momentum. Despite the uncertainties surrounding the immediate future, we are confident that our strategic path will serve our ambitions of global leadership and business success.” Summarise this report in a few sentences." summarise in a few sentences.
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ET Analysis New Delhi: Prime Minister Narendra Modi ’s Independence Day address this year had a strong strategic underpinning compared to previous years, laying out quite clearly the direction in which his government intended to proceed — both in the context of the Covid-19 challenge and beyond, as well as the Chinese aggression on India’s northern frontier.The most important strategic clarity came on the government’s new mantra of self-reliance or Atmanirbhar Bharat . Modi made it clear that self-reliance didn’t mean shutting doors on the world but altering the terms of engagement to become part of global value chains His point: read Make in India as Make for the world. At one level, it can be argued that India has been aspiring to this objective for a while now, so what’s new?The short answer is now it’s a matter of strategic priority, prompted by not just the pandemic but also Chinese actions in Ladakh . Until now, despite being on the receiving end on the economic side, India never wanted to project itself as being in direct competition with China, largely because the strategic purpose was to emphasise more on the complementarities than the differences.That veil has now lifted. The PM on Independence Day framed Indian intent to emerge as an alternative to China on the world stage by looking to contribute to the world economy.“Today, the world is interconnected and interdependent. So, it is the need of the hour that a vast country like India should increase its contribution to the world economy,” he said, adding that the way to do so is by being self-reliant.This brings us to the next important strategic message from the speech — India is now in a hurry and is not going to wait for trade deals to fructify but actually seek out companies willing to invest in India. When the PM said despite the corona pandemic, top companies in the world are “turning to India”, he in effect was trying to capture the opportunity for India from the growing international anger against China.The political and strategic significance of that message is essentially economic in nature, which is that he intends to make all structural changes necessary for companies to work in India — from policy reforms to amending laws.The third important strategic message was mapping the imminent military threats, when he said India is fighting against both “terrorism (Pakistan) and expansionism (China)” for which it needs to be “strong powerful and safe”. This will require major initiatives in the defence sector to overcome deficiencies, reduce dependencies and build capabilities to fight on two fronts, if not more.The security forecast remains grim and the PM was upfront about it. The last key strategic message was on upholding democracy which he sought to underline by stating that elections in Jammu & Kashmir will be held soon as the delimitation process is completed.While this could create its own complications in the Valley, it clearly was a step forward from the situation where political detentions had created huge doubts over whether the democratic process had hit a long pause after the withdrawal of Article 370.In sum, the PM’s August 15 speech sought to provide an approach to address the challenges arising from a rapidly changing economic and security context for India. It’s too early to pass judgments, but what’s clear is the urgency of the present situation has compelled a realignment of priorities in which India’s external environment will guide its internal choices and policy-making more often than it appears. Summarise this report in a few sentences.
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prime minister Narendra Modi's Independence Day address had a strong strategic underpinning compared to previous years. the most important strategic clarity came on the government’s new mantra of self-reliance or Atmanirbhar Bharat. the third important strategic message was mapping the imminent military threats, when he said he would not be able to take the'sea of war'
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "ET Analysis New Delhi: Prime Minister Narendra Modi ’s Independence Day address this year had a strong strategic underpinning compared to previous years, laying out quite clearly the direction in which his government intended to proceed — both in the context of the Covid-19 challenge and beyond, as well as the Chinese aggression on India’s northern frontier.The most important strategic clarity came on the government’s new mantra of self-reliance or Atmanirbhar Bharat . Modi made it clear that self-reliance didn’t mean shutting doors on the world but altering the terms of engagement to become part of global value chains His point: read Make in India as Make for the world. At one level, it can be argued that India has been aspiring to this objective for a while now, so what’s new?The short answer is now it’s a matter of strategic priority, prompted by not just the pandemic but also Chinese actions in Ladakh . Until now, despite being on the receiving end on the economic side, India never wanted to project itself as being in direct competition with China, largely because the strategic purpose was to emphasise more on the complementarities than the differences.That veil has now lifted. The PM on Independence Day framed Indian intent to emerge as an alternative to China on the world stage by looking to contribute to the world economy.“Today, the world is interconnected and interdependent. So, it is the need of the hour that a vast country like India should increase its contribution to the world economy,” he said, adding that the way to do so is by being self-reliant.This brings us to the next important strategic message from the speech — India is now in a hurry and is not going to wait for trade deals to fructify but actually seek out companies willing to invest in India. When the PM said despite the corona pandemic, top companies in the world are “turning to India”, he in effect was trying to capture the opportunity for India from the growing international anger against China.The political and strategic significance of that message is essentially economic in nature, which is that he intends to make all structural changes necessary for companies to work in India — from policy reforms to amending laws.The third important strategic message was mapping the imminent military threats, when he said India is fighting against both “terrorism (Pakistan) and expansionism (China)” for which it needs to be “strong powerful and safe”. This will require major initiatives in the defence sector to overcome deficiencies, reduce dependencies and build capabilities to fight on two fronts, if not more.The security forecast remains grim and the PM was upfront about it. The last key strategic message was on upholding democracy which he sought to underline by stating that elections in Jammu & Kashmir will be held soon as the delimitation process is completed.While this could create its own complications in the Valley, it clearly was a step forward from the situation where political detentions had created huge doubts over whether the democratic process had hit a long pause after the withdrawal of Article 370.In sum, the PM’s August 15 speech sought to provide an approach to address the challenges arising from a rapidly changing economic and security context for India. It’s too early to pass judgments, but what’s clear is the urgency of the present situation has compelled a realignment of priorities in which India’s external environment will guide its internal choices and policy-making more often than it appears. Summarise this report in a few sentences." summarise in a few sentences.
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Gold prices eased from a four-week high on Tuesday, as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related deaths. FUNDAMENTALS * Spot gold was down 0.2% at $1,657.67 per ounce, as of 0110 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8% on Monday. * U.S. gold futures rose 1.7% to $1,723. * The dollar was holding close to a near two-week high scaled in the previous session. 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 * Asian markets looked poised on Tuesday to attempt another day of gains after stocks rallied on signs of easing coronavirus deaths, as oil prices resumed their decline on doubts about a potential Saudi-Russian pact to cut output. * Central banks have been turning to quantitative easing (QE), or large-scale purchases of government bonds and other financial assets to pump money into the economy. * The Federal Reserve on Monday moved to bolster a new small-business lending program by allowing banks to turn those loans over to the U.S. central bank for cash, easing concerns among banks about getting stuck holding the low interest loans. * A near total closure of U.S. businesses as authorities try to control the spread of the virus could make U.S. economic data unreliable in the coming months and harder to get a clearer picture of the severity of the recession caused by the virus. * Japanese Prime Minister Shinzo Abe pledged on Monday to roll out an unprecedented economic stimulus package, equal to 20% of economic output, as his government vowed to take "all steps" to battle the deepening fallout from the coronavirus. * The virus is the European Union's biggest ever challenge and member-states must show greater solidarity so that the bloc can emerge stronger from the economic crisis unleashed by the pandemic, German Chancellor Angela Merkel said on Monday. * Meanwhile, India's gold imports plunged more than 73% year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the outbreak squeezed retail demand, a government source said on Monday. * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.54% to 984.26 tonnes on Monday. * Palladium rose 0.8% to $2,172.53 per ounce, while platinum was steady at $735.26. * Silver edged up 0.1% to $14.99 an ounce, having touched a more than three-week high earlier in the session. Summarise this report in a few sentences.
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gold prices ease from four-week high on Tuesday. dollar was holding close to near two-week high scaled in the previous session. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine is a vaccine that is given to healthy people and vulnerable sections.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Gold prices eased from a four-week high on Tuesday, as the U.S. dollar and global equities strengthened on signs of a slowdown in coronavirus-related deaths. FUNDAMENTALS * Spot gold was down 0.2% at $1,657.67 per ounce, as of 0110 GMT, after rising to a four-week high earlier in the session. The metal climbed 2.8% on Monday. * U.S. gold futures rose 1.7% to $1,723. * The dollar was holding close to a near two-week high scaled in the previous session. 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 * Asian markets looked poised on Tuesday to attempt another day of gains after stocks rallied on signs of easing coronavirus deaths, as oil prices resumed their decline on doubts about a potential Saudi-Russian pact to cut output. * Central banks have been turning to quantitative easing (QE), or large-scale purchases of government bonds and other financial assets to pump money into the economy. * The Federal Reserve on Monday moved to bolster a new small-business lending program by allowing banks to turn those loans over to the U.S. central bank for cash, easing concerns among banks about getting stuck holding the low interest loans. * A near total closure of U.S. businesses as authorities try to control the spread of the virus could make U.S. economic data unreliable in the coming months and harder to get a clearer picture of the severity of the recession caused by the virus. * Japanese Prime Minister Shinzo Abe pledged on Monday to roll out an unprecedented economic stimulus package, equal to 20% of economic output, as his government vowed to take "all steps" to battle the deepening fallout from the coronavirus. * The virus is the European Union's biggest ever challenge and member-states must show greater solidarity so that the bloc can emerge stronger from the economic crisis unleashed by the pandemic, German Chancellor Angela Merkel said on Monday. * Meanwhile, India's gold imports plunged more than 73% year-on-year in March to their lowest in 6-1/2 years as record domestic prices and a lockdown to curb the outbreak squeezed retail demand, a government source said on Monday. * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.54% to 984.26 tonnes on Monday. * Palladium rose 0.8% to $2,172.53 per ounce, while platinum was steady at $735.26. * Silver edged up 0.1% to $14.99 an ounce, having touched a more than three-week high earlier in the session. Summarise this report in a few sentences." summarise in a few sentences.
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Chinese state media on Monday lashed out at U.S. President Donald Trump’s trade policies in an unusually personal attack, even as they sought to reassure investors about the health of China’s economy as growth concerns roiled its financial markets. China’s strictly controlled news outlets have frequently rebuked the United States and the Trump administration as the trade conflict has escalated, but they have largely refrained from specifically targeting Trump. The latest criticism from the overseas edition of the ruling Communist Party’s People’s Daily newspaper singled out Trump, saying he was starring in his own “street fighter-style deceitful drama of extortion and intimidation”. Trump’s desire for others to play along with his drama is “wishful thinking”, a commentary on the paper’s front page said, arguing that the United States had escalated trade friction with China and turned international trade into a “zero-sum game”. “Governing a country is not like doing business,” the paper said, adding that Trump’s actions imperilled the national credibility of the United States. The heated dispute between the world’s two biggest economies has roiled financial markets including stocks, currencies and the global trade of commodities from soybeans to coal in recent months. The United States and China implemented tariffs on $34 billion worth of each other’s goods in July. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already said it will match immediately. On Friday, China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States worth $60 billion. That move was in response to the Trump administration’s proposal of a 25-percent tariff on $200 billion worth of Chinese imports. STOCK MARKET SWINGS The paper’s vitriol follows Trump’s comments on Twitter from Saturday in which he boasted that his strategy of placing steep tariffs on Chinese imports was “working far better than anyone ever anticipated”, and that Beijing was now talking to the United States about trade. Trump cited losses in China’s stock market as he predicted the U.S. market could “go up dramatically” once trade deals were renegotiated. In Monday morning trade, China’s stocks swung in and out of positive territory and its currency was stable as investors weighed the impact of the latest volley in the Sino-U.S. trade war, and as Beijing made moves to shore up the country’s tumbling yuan currency. But a flurry of articles in Chinese state media emphasised the resilience of China’s economy and downplayed concerns about the impact of the Sino-U.S. trade war. “Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S.-China trade dispute. They expect solid economic growth momentum amid policy fine-tuning,” an article in the official English-language China Daily newspaper said, citing Chinese economists. On Friday, the People’s Bank of China said it would require banks to keep reserves equivalent to 20 percent of their clients’ foreign exchange forwards positions from Monday, in a move to stabilise the yuan. “Leading China’s economy on a stable and far-reaching path, we have confidence and determination,” another commentary in the main edition of the People’s Daily said. Trump has threatened tariffs on over $500 billion in Chinese goods, covering virtually all U.S. imports from the Asian giant, demanding that Beijing make fundamental changes to its policies on intellectual property protection, technology transfers and subsidies for high technology industries. The nationalist Global Times, responding in an editorial late on Sunday to White House economic adviser Larry Kudlow’s remarks that China should not underestimate Trump’s resolve, said China did not fear “sacrificing short-term interests”. “China has time to fight to the end. Time will prove that the U.S. eventually makes a fool of itself,” the Global Times said. Summarise this report in a few sentences.
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china's strictly controlled news outlets have frequently rebuked the u.s. and the Trump administration as the trade conflict has escalated. they have largely refrained from specifically targeting Trump. the overseas edition of the ruling Communist Party’s People’s Daily singled out Trump. he said he was starring in his own "street fighter-style deceitful drama of extortion and intimidation"
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Chinese state media on Monday lashed out at U.S. President Donald Trump’s trade policies in an unusually personal attack, even as they sought to reassure investors about the health of China’s economy as growth concerns roiled its financial markets. China’s strictly controlled news outlets have frequently rebuked the United States and the Trump administration as the trade conflict has escalated, but they have largely refrained from specifically targeting Trump. The latest criticism from the overseas edition of the ruling Communist Party’s People’s Daily newspaper singled out Trump, saying he was starring in his own “street fighter-style deceitful drama of extortion and intimidation”. Trump’s desire for others to play along with his drama is “wishful thinking”, a commentary on the paper’s front page said, arguing that the United States had escalated trade friction with China and turned international trade into a “zero-sum game”. “Governing a country is not like doing business,” the paper said, adding that Trump’s actions imperilled the national credibility of the United States. The heated dispute between the world’s two biggest economies has roiled financial markets including stocks, currencies and the global trade of commodities from soybeans to coal in recent months. The United States and China implemented tariffs on $34 billion worth of each other’s goods in July. Washington is expected to soon implement tariffs on an additional $16 billion of Chinese goods, which China has already said it will match immediately. On Friday, China’s finance ministry unveiled new sets of additional tariffs on 5,207 goods imported from the United States worth $60 billion. That move was in response to the Trump administration’s proposal of a 25-percent tariff on $200 billion worth of Chinese imports. STOCK MARKET SWINGS The paper’s vitriol follows Trump’s comments on Twitter from Saturday in which he boasted that his strategy of placing steep tariffs on Chinese imports was “working far better than anyone ever anticipated”, and that Beijing was now talking to the United States about trade. Trump cited losses in China’s stock market as he predicted the U.S. market could “go up dramatically” once trade deals were renegotiated. In Monday morning trade, China’s stocks swung in and out of positive territory and its currency was stable as investors weighed the impact of the latest volley in the Sino-U.S. trade war, and as Beijing made moves to shore up the country’s tumbling yuan currency. But a flurry of articles in Chinese state media emphasised the resilience of China’s economy and downplayed concerns about the impact of the Sino-U.S. trade war. “Market participants foresee a relatively stable Chinese currency in the near term, without fear of impacts from the U.S.-China trade dispute. They expect solid economic growth momentum amid policy fine-tuning,” an article in the official English-language China Daily newspaper said, citing Chinese economists. On Friday, the People’s Bank of China said it would require banks to keep reserves equivalent to 20 percent of their clients’ foreign exchange forwards positions from Monday, in a move to stabilise the yuan. “Leading China’s economy on a stable and far-reaching path, we have confidence and determination,” another commentary in the main edition of the People’s Daily said. Trump has threatened tariffs on over $500 billion in Chinese goods, covering virtually all U.S. imports from the Asian giant, demanding that Beijing make fundamental changes to its policies on intellectual property protection, technology transfers and subsidies for high technology industries. The nationalist Global Times, responding in an editorial late on Sunday to White House economic adviser Larry Kudlow’s remarks that China should not underestimate Trump’s resolve, said China did not fear “sacrificing short-term interests”. “China has time to fight to the end. Time will prove that the U.S. eventually makes a fool of itself,” the Global Times said. Summarise this report in a few sentences." summarise in a few sentences.
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Ravindra Rao COMEX gold trades moderately higher near USD 1,690/oz after a sharp 2.6 percent decline in previous session. Gold inched up amid some dip buying as price managed to hold near the key USD 1,680/oz level. Also supporting price is US-China tensions, continuing protests in US, stimulus measures by central banks and governments along with rising virus cases globally. Mixed Chinese trade and Japanese GDP data also shows challenges to major economies. Japan’s GDP was revised from -0.9 percent to -0.6 percent as against forecast of -0.5 percent. China’s trade surplus widened, however, sharp drop in imports shows weaker demand for commodities. However, weighing on gold price is upbeat US non-farm payrolls data which has given further boost to US and global equity markets which were already rallying on expectations that lifting of virus related restrictions and stimulus measures may revive growth. The US economy unexpectedly added 2.509 million jobs in May after suffering record losses in the prior month. Optimism about US economy also brought a halt to recent losses in US dollar, however, the US currency remains under pressure by reduced safe haven buying. ETF outflows also shows weakening investor interest amid improving global outlook. Gold holdings with SPDR ETF fell by 4.09 tonnes to 1128.11 tonnes, second consecutive decline. Holdings with the fund hit April 2013 high earlier last week. Gold may continue to witness choppy trade as market players assess persisting risks in form of rising virus cases, uneven economic recovery and geopolitical issues against prospect of economic activity picking up. However, the general bias may be on the downside unless we see a major correction in equity markets. Most Base metals on LME, barring Aluminum, trade with a weaker bias in early trades today after witnessing sharp rally last week. On weaker note weighing on the prices is profit taking as the recent rally across metals pack seems overdone. Also weighing on the prices is doubts over future demand especially from major consumer China and US amid lingering US-China tensions and ongoing protests in US. The downside may, however, be capped amid upbeat risk appetite as is evident from sharp gains in global equity indices tracking optimism over reopening of global economies along with expectation of more stimulus by major economies to spur growth and weakness in US Dollar. Further cues may come in from economic data from Euro Zone along with comments by ECB Chief Lagarde and its impact on US Dollar. Also focus may continue to be on virus related development along with development over US-China tensions, unrest in US and comments by central bank and its impact on movement in US Dollar as well as global sentiment. NYMEX crude surged more than 2 percent to hit a session high of USD 40.44/bbl today, the highest level since March 6, but has retreated to trade near USD 39.5/bbl. Crude corrected amid some profit taking after rally to fresh three month highs above the key USD 40/bbl level. Weighing on price are concerns that higher price may reduce the pace of production cuts. As per Rystad Energy estimates “a bit more than 300,000 bpd” of shut in US oil production has come back online due to sharp rebound in price. Also weighing on price are easing supply concerns relating to Libya. Meanwhile, market players are also trying to assess OPEC’s production cut deal. OPEC and allies held a video-conference on Saturday and decided to extend the current deeper production cuts by a month. OPEC’s April deal called for 9.7 million barrels per day production cut in May and June followed by a reduced cut of 7.7 mn bpd from July onwards. The group has now decided to extend the current 9.7 million bpd to July. Mexico has however refrained from extending the cuts so actual cut in July may be 9.6 million bpd. Meanwhile, the deal also calls for all the nations who have not complied fully to the deal so far to compensate for in the months of July, August and September. OPEC’s production cut extension is positive for crude price but largely expected. The one month extension and the regular review show uncertainty about compliance by some countries. Meanwhile, the small extension also shows that the group does not want to continue with deeper production cuts for long given the pickup in economic activity. However, supporting crude price is optimism about US economy amid upbeat non-farm payrolls data. Also supporting crude price are supply disruption caused by storm activity in Atlantic. Decline in US crude oil rig count also shows weaker production interest. The number of rigs drilling for crude fell by 16 to 206 rigs, lowest since June 2009. Crude oil has turned choppy after break above USD 40/bbl and as OPEC’s decision was largely expected it is better to wait for a corrective dip to enter into long positions. The author is VP- Head Commodity Research at Kotak Securities 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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gold trades moderately higher near USD 1,680/oz after a sharp 2.6 percent decline in previous session. also supporting price is US-China tensions, continuing protests in US, stimulus measures by central banks and governments. mixed Chinese trade and Japanese GDP data also shows challenges to major economies. however, weighing on gold price is upbeat US non-farm payrolls data which has given further boost to equity markets.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Ravindra Rao COMEX gold trades moderately higher near USD 1,690/oz after a sharp 2.6 percent decline in previous session. Gold inched up amid some dip buying as price managed to hold near the key USD 1,680/oz level. Also supporting price is US-China tensions, continuing protests in US, stimulus measures by central banks and governments along with rising virus cases globally. Mixed Chinese trade and Japanese GDP data also shows challenges to major economies. Japan’s GDP was revised from -0.9 percent to -0.6 percent as against forecast of -0.5 percent. China’s trade surplus widened, however, sharp drop in imports shows weaker demand for commodities. However, weighing on gold price is upbeat US non-farm payrolls data which has given further boost to US and global equity markets which were already rallying on expectations that lifting of virus related restrictions and stimulus measures may revive growth. The US economy unexpectedly added 2.509 million jobs in May after suffering record losses in the prior month. Optimism about US economy also brought a halt to recent losses in US dollar, however, the US currency remains under pressure by reduced safe haven buying. ETF outflows also shows weakening investor interest amid improving global outlook. Gold holdings with SPDR ETF fell by 4.09 tonnes to 1128.11 tonnes, second consecutive decline. Holdings with the fund hit April 2013 high earlier last week. Gold may continue to witness choppy trade as market players assess persisting risks in form of rising virus cases, uneven economic recovery and geopolitical issues against prospect of economic activity picking up. However, the general bias may be on the downside unless we see a major correction in equity markets. Most Base metals on LME, barring Aluminum, trade with a weaker bias in early trades today after witnessing sharp rally last week. On weaker note weighing on the prices is profit taking as the recent rally across metals pack seems overdone. Also weighing on the prices is doubts over future demand especially from major consumer China and US amid lingering US-China tensions and ongoing protests in US. The downside may, however, be capped amid upbeat risk appetite as is evident from sharp gains in global equity indices tracking optimism over reopening of global economies along with expectation of more stimulus by major economies to spur growth and weakness in US Dollar. Further cues may come in from economic data from Euro Zone along with comments by ECB Chief Lagarde and its impact on US Dollar. Also focus may continue to be on virus related development along with development over US-China tensions, unrest in US and comments by central bank and its impact on movement in US Dollar as well as global sentiment. NYMEX crude surged more than 2 percent to hit a session high of USD 40.44/bbl today, the highest level since March 6, but has retreated to trade near USD 39.5/bbl. Crude corrected amid some profit taking after rally to fresh three month highs above the key USD 40/bbl level. Weighing on price are concerns that higher price may reduce the pace of production cuts. As per Rystad Energy estimates “a bit more than 300,000 bpd” of shut in US oil production has come back online due to sharp rebound in price. Also weighing on price are easing supply concerns relating to Libya. Meanwhile, market players are also trying to assess OPEC’s production cut deal. OPEC and allies held a video-conference on Saturday and decided to extend the current deeper production cuts by a month. OPEC’s April deal called for 9.7 million barrels per day production cut in May and June followed by a reduced cut of 7.7 mn bpd from July onwards. The group has now decided to extend the current 9.7 million bpd to July. Mexico has however refrained from extending the cuts so actual cut in July may be 9.6 million bpd. Meanwhile, the deal also calls for all the nations who have not complied fully to the deal so far to compensate for in the months of July, August and September. OPEC’s production cut extension is positive for crude price but largely expected. The one month extension and the regular review show uncertainty about compliance by some countries. Meanwhile, the small extension also shows that the group does not want to continue with deeper production cuts for long given the pickup in economic activity. However, supporting crude price is optimism about US economy amid upbeat non-farm payrolls data. Also supporting crude price are supply disruption caused by storm activity in Atlantic. Decline in US crude oil rig count also shows weaker production interest. The number of rigs drilling for crude fell by 16 to 206 rigs, lowest since June 2009. Crude oil has turned choppy after break above USD 40/bbl and as OPEC’s decision was largely expected it is better to wait for a corrective dip to enter into long positions. The author is VP- Head Commodity Research at Kotak Securities 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." summarise in a few sentences.
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Expect income to be disrupted in the most vulnerable sections of the society, says ED & CIO, HDFC AMC.You are right. I do have a value bias and you could say I have been one on a few occasions earlier than one would have liked to be. But what is value investing? It is simply saying that I want to buy a business that is strong, that is well-managed and at a price which I believe is lower than the fair value. The discovery of fair value at times is a function of the environment in the market and this time around value investing has struggled for longer than what we had anticipated.Initially, it was driven by the elongation of the corporate NPA cycle and the delay in resolutions in the IBC. When we made good progress around that, we were hit with this. Look at what has happened to many NBFCs and small banks. They have lost 70-80% value and in many cases, the permanent damage to those values is more than in the large banks which will come back pretty strong. So I think it is returns delayed and not returns denied and clearly this tests the patience of our investors or people like me and this is one of the difficulties in investing, especially in a benchmark situation.Let us go back 10 or 12 years and think about what were the hot sectors and what were the most preferred or the least preferred sectors? Utilities 10-12 years back was the most preferred sector and surprisingly, FMCG and pharmaceuticals which were the least preferred sectors. People willingly and happily bought these utilities at two times, three times price to book and they did not want to participate in FMCG and pharmaceutical companies in low double digit or high double digit multiples. That is when my funds did the opposite. We bypassed the whole infra boom and the subsequent pain and we were significantly overweight consumers, pharma etc. It caused a lot of pain in 2007 but the next few years were extremely strong. Today what is happening is, you have just the opposite situation. We have seen these FMCG companies go up from 12 to 20 PEs to all the way up to 70-80 PEs and on the other hand, the utilities have steadily moved down from two times or three times price to book to below book and the dividend yields on the utility space are now in many cases one time bond yields and in a few cases two times and in some cases possibly 2.5-3 times the dividend yields.Let us not forget that the environment that we are facing; one, it is of low interest rates and both the government and the RBI will keep on trying to push interest rates lower because it will make life easier for the borrowers, for the companies, for consumption and for the government itself. When interest rates move that low, it is supportive of high dividend yield stocks and these dividend yields are growing. So if you look at the per capita power consumption in India, it is a fraction of the world. So I think power in India represents a growing business and it is not a typical utility that they will not grow. If you look at the growth rates of these companies in the past and the future, they are quite respectable.On the other hand, what is the real impact of wages and on livelihoods? One is of course corporate profits and stock markets but the bigger issue here is that the share of the bottom half of Indian households in India have a 15% share of the GDP; that is it. So what that means is the monthly income of these people is Rs 25,000 a month. Now just imagine what is happening to retail, construction, service sectors, to SMEs and MSMEs. There will be a significant social impact. Incomes will be disrupted in the most vulnerable sections of the society. And unfortunately, over the last two decades because of the easy availability of small ticket retail loans and because of the propensity to consume, the savings with the lower income groups is much lower compared to what they used to be 10 or 20 years back.So I think because of the real impact on incomes, because of the fear of the uncertain environment and also because you may have EMIs to service, there will be a sharp cutback on consumption. And I think some people feel that FMCG is just basic; it is not discretionary at all. I do not think that is entirely true. To spend a few hundred rupees on an expensive chocolate or a biscuit or a juice or shampoo or deo or a skin whitening cream. These may not be discretionary for the middle and the high income groups but remember these are mass market products. There are tens of crores of customers consuming these and the incomes of many of them are going to be impacted. So these products become discretionary for those income groups especially at times like these. My view is let us see how things play out. I am also very keenly watching this. I think the growth in this space will be disappointing compared to what the expectations are and it does not justify the very rich multiples that this sector is trading at. But I would again like to revisit this with you after six or nine months. By then I think we will have greater clarity on this issue.If you see the last few years, the growth itself was in single digits. If you look at the two-wheeler sales growth or the four wheeler sales growth in the best of economic conditions, it was in single digits. And I think for some of these companies, a fair part of the earnings are also coming from other income. In fact in some cases, it could be as much as 30-40%. As you rightly said, they have cash on the balance sheets.I think this sector will feel the maximum pain in the current year. One, as you got into the current year itself, the sales were weak for the last few years and quarters. Number two, this a high fixed cost business at least in pockets and I am clubbing the auto ancillaries also in this space. So when volumes drop 20-30-40%, I do not think anyone has a clear sense on how much volumes will drop but they will drop quite sharply. While the other income component is very good for the balance sheet, at least for the larger companies, what will also happen is while you were earning 8-9% return on that cash, it is likely to fall to 4%. So the other income component will also take a hit. If you build in these kinds of numbers and even if you build in reasonable recovery, let us assume that next year life moves back to where it was in FY 20; even then the valuations are reasonable and are not screaming buys.However, the risks are considerable because it is a very big assumption that the volume comes back to where we were last year. Please understand the impact on wages is real and I do not think once companies get used to lower costs, they will let go of those costs. And when I speak with companies, the impact on wages is significant and auto at the end of the day is a discretionary product. There would be a very small section of people who can afford to buy an automobile; a two wheeler or four wheeler but who do not have one and because of the need to keep social distance, that demand may be there and in next few months, those who were contemplating to buy have not been able to buy. So in the next few months, we could see a surge in sales. Current indications are not that but it is possible. But I would like to wait for some more time before I can take a view on the likely revival in automobiles. Summarise this report in a few sentences.
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ed & cio: value investing is simply buying a business that is strong, well-managed. he says he has been a value bias on a few occasions earlier than one would have liked. ed & cio: 'value investing is a matter of finding a business that is strong' he says 'value investing' is a way of identifying the true value of a business.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Expect income to be disrupted in the most vulnerable sections of the society, says ED & CIO, HDFC AMC.You are right. I do have a value bias and you could say I have been one on a few occasions earlier than one would have liked to be. But what is value investing? It is simply saying that I want to buy a business that is strong, that is well-managed and at a price which I believe is lower than the fair value. The discovery of fair value at times is a function of the environment in the market and this time around value investing has struggled for longer than what we had anticipated.Initially, it was driven by the elongation of the corporate NPA cycle and the delay in resolutions in the IBC. When we made good progress around that, we were hit with this. Look at what has happened to many NBFCs and small banks. They have lost 70-80% value and in many cases, the permanent damage to those values is more than in the large banks which will come back pretty strong. So I think it is returns delayed and not returns denied and clearly this tests the patience of our investors or people like me and this is one of the difficulties in investing, especially in a benchmark situation.Let us go back 10 or 12 years and think about what were the hot sectors and what were the most preferred or the least preferred sectors? Utilities 10-12 years back was the most preferred sector and surprisingly, FMCG and pharmaceuticals which were the least preferred sectors. People willingly and happily bought these utilities at two times, three times price to book and they did not want to participate in FMCG and pharmaceutical companies in low double digit or high double digit multiples. That is when my funds did the opposite. We bypassed the whole infra boom and the subsequent pain and we were significantly overweight consumers, pharma etc. It caused a lot of pain in 2007 but the next few years were extremely strong. Today what is happening is, you have just the opposite situation. We have seen these FMCG companies go up from 12 to 20 PEs to all the way up to 70-80 PEs and on the other hand, the utilities have steadily moved down from two times or three times price to book to below book and the dividend yields on the utility space are now in many cases one time bond yields and in a few cases two times and in some cases possibly 2.5-3 times the dividend yields.Let us not forget that the environment that we are facing; one, it is of low interest rates and both the government and the RBI will keep on trying to push interest rates lower because it will make life easier for the borrowers, for the companies, for consumption and for the government itself. When interest rates move that low, it is supportive of high dividend yield stocks and these dividend yields are growing. So if you look at the per capita power consumption in India, it is a fraction of the world. So I think power in India represents a growing business and it is not a typical utility that they will not grow. If you look at the growth rates of these companies in the past and the future, they are quite respectable.On the other hand, what is the real impact of wages and on livelihoods? One is of course corporate profits and stock markets but the bigger issue here is that the share of the bottom half of Indian households in India have a 15% share of the GDP; that is it. So what that means is the monthly income of these people is Rs 25,000 a month. Now just imagine what is happening to retail, construction, service sectors, to SMEs and MSMEs. There will be a significant social impact. Incomes will be disrupted in the most vulnerable sections of the society. And unfortunately, over the last two decades because of the easy availability of small ticket retail loans and because of the propensity to consume, the savings with the lower income groups is much lower compared to what they used to be 10 or 20 years back.So I think because of the real impact on incomes, because of the fear of the uncertain environment and also because you may have EMIs to service, there will be a sharp cutback on consumption. And I think some people feel that FMCG is just basic; it is not discretionary at all. I do not think that is entirely true. To spend a few hundred rupees on an expensive chocolate or a biscuit or a juice or shampoo or deo or a skin whitening cream. These may not be discretionary for the middle and the high income groups but remember these are mass market products. There are tens of crores of customers consuming these and the incomes of many of them are going to be impacted. So these products become discretionary for those income groups especially at times like these. My view is let us see how things play out. I am also very keenly watching this. I think the growth in this space will be disappointing compared to what the expectations are and it does not justify the very rich multiples that this sector is trading at. But I would again like to revisit this with you after six or nine months. By then I think we will have greater clarity on this issue.If you see the last few years, the growth itself was in single digits. If you look at the two-wheeler sales growth or the four wheeler sales growth in the best of economic conditions, it was in single digits. And I think for some of these companies, a fair part of the earnings are also coming from other income. In fact in some cases, it could be as much as 30-40%. As you rightly said, they have cash on the balance sheets.I think this sector will feel the maximum pain in the current year. One, as you got into the current year itself, the sales were weak for the last few years and quarters. Number two, this a high fixed cost business at least in pockets and I am clubbing the auto ancillaries also in this space. So when volumes drop 20-30-40%, I do not think anyone has a clear sense on how much volumes will drop but they will drop quite sharply. While the other income component is very good for the balance sheet, at least for the larger companies, what will also happen is while you were earning 8-9% return on that cash, it is likely to fall to 4%. So the other income component will also take a hit. If you build in these kinds of numbers and even if you build in reasonable recovery, let us assume that next year life moves back to where it was in FY 20; even then the valuations are reasonable and are not screaming buys.However, the risks are considerable because it is a very big assumption that the volume comes back to where we were last year. Please understand the impact on wages is real and I do not think once companies get used to lower costs, they will let go of those costs. And when I speak with companies, the impact on wages is significant and auto at the end of the day is a discretionary product. There would be a very small section of people who can afford to buy an automobile; a two wheeler or four wheeler but who do not have one and because of the need to keep social distance, that demand may be there and in next few months, those who were contemplating to buy have not been able to buy. So in the next few months, we could see a surge in sales. Current indications are not that but it is possible. But I would like to wait for some more time before I can take a view on the likely revival in automobiles. Summarise this report in a few sentences." summarise in a few sentences.
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live bse live nse live Volume Todays L/H More × Given that the markets are deeply oversold, April 2020 could reasonably be better and consolidate at or around current levels, Umesh Mehta, Head of Research, Samco Securities, tells Moneycontrol’s Kshitij Anand. Q. Another volatile week for Indian markets – with 8,055 as a base. What is causing the panic in the markets – is institutional selling causing all the panic in the markets? Why are the other factors which are contributing to this bloodbath on D-Street? A. Institutional selling is not a big worry at the moment as Foreign Institutional Investors (FII)/Foreign Portfolio Investors (FPI) selling is actually cooling off now. However, the big worry is uncertainty and the estimated time our economy would take to recover, in addition to how long this lockdown type situation prevails in combating the pandemic situation. In addition to the above, another big worry is of the United States economy which is still not under complete lockdown and the number of infected cases is multiplying. If in the future the US decides on a complete lockdown in order to contain the virus, then the global economic repercussions may be catastrophic as the US is the world’s largest consumer and a trickle-down effect on other economies would be first-hand. 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 but what are the other data points which investors should watch out for? A. The only data point investors and traders are currently tracking is the chart of rising coronavirus (COVID-19) cases in India and not the charts related to the stock market. Given that the markets are deeply oversold, April 2020 could reasonably be better and consolidate at or around current levels. 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 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 current situation is considered under abnormal periods and it is expected that the worst is largely priced in. Maruti Suzuki saw a decline of 47 percent while TVS Motor’s sales more than halved in March 2020 which indeed is abnormal. Once the lockdown is over, how soon the demand picks up is a bigger worry. Hence, it is expected that the government soon come up with the most awaited scrappage policy which would act as a trigger for the automobile sector. And, this at the current juncture, makes the sector a high-risk, and high-reward bet. Q. There is one advise which is echoed on D-Street is that one should stay with cash-rich companies. Do you agree with the statement, if yes, how will it help in dodging the COVID-19 bullet? A. Investors should stay away from consensus views. At this point in time, cash-rich, debt-free companies are largely available in the FMCG sector and they are still trading at record high valuations making them a very crowded trade. Instead, the ones with risk appetite should bet on financials, automobile, cement, paints sector wherein the demand only maybe temporarily postponed as compared to severe demand destruction for the long haul. Q. What should be the trading strategy of the coming week? A. The Nifty50 has retraced 61 percent from lows of 7,500 to highs of 9,050. Therefore, 8,000-8,200 levels should act as a support zone for a bounce-back rally which can take Nifty50 to 8,800-9,000 levels. It is advisable for traders to keep a stop loss below 8,000. Q. India’s Mcap-to-GDP ratio has now slipped below FY09 levels or below the 2008 financial crisis – do you think a bottom is near? It is at its lowest since FY06. It will be difficult to say that we are near the bottom but what is a good multi-bagger opportunity for the next five years if someone invests now? A. India Inc saw a robust investment momentum from private equity in 2018 for the second consecutive year with a total investment of $26.3 billion (BAIN & Company: India Private Equity Report 2019). Hence, the true market-cap to GDP ratio is slightly blurred as the PE inflows are not considered in the market-cap. Nonetheless, this ratio acts as one of the indicators to channelise investors to remain invested at current levels. One may note that these indicators do not assist in the short term timing of the market and investors should not just jump and buy solely on the fact that the ratio is so attractive. 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 new study has found that the market is oversold and could consolidate at or around current levels. the only data point investors and traders are currently tracking is the chart of rising coronavirus (COVID-19) cases in India. a vaccine works by mimicking a natural infection. it also helps quickly build herd immunity to put an end to the pandemic.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "live bse live nse live Volume Todays L/H More × Given that the markets are deeply oversold, April 2020 could reasonably be better and consolidate at or around current levels, Umesh Mehta, Head of Research, Samco Securities, tells Moneycontrol’s Kshitij Anand. Q. Another volatile week for Indian markets – with 8,055 as a base. What is causing the panic in the markets – is institutional selling causing all the panic in the markets? Why are the other factors which are contributing to this bloodbath on D-Street? A. Institutional selling is not a big worry at the moment as Foreign Institutional Investors (FII)/Foreign Portfolio Investors (FPI) selling is actually cooling off now. However, the big worry is uncertainty and the estimated time our economy would take to recover, in addition to how long this lockdown type situation prevails in combating the pandemic situation. In addition to the above, another big worry is of the United States economy which is still not under complete lockdown and the number of infected cases is multiplying. If in the future the US decides on a complete lockdown in order to contain the virus, then the global economic repercussions may be catastrophic as the US is the world’s largest consumer and a trickle-down effect on other economies would be first-hand. 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 but what are the other data points which investors should watch out for? A. The only data point investors and traders are currently tracking is the chart of rising coronavirus (COVID-19) cases in India and not the charts related to the stock market. Given that the markets are deeply oversold, April 2020 could reasonably be better and consolidate at or around current levels. 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 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 current situation is considered under abnormal periods and it is expected that the worst is largely priced in. Maruti Suzuki saw a decline of 47 percent while TVS Motor’s sales more than halved in March 2020 which indeed is abnormal. Once the lockdown is over, how soon the demand picks up is a bigger worry. Hence, it is expected that the government soon come up with the most awaited scrappage policy which would act as a trigger for the automobile sector. And, this at the current juncture, makes the sector a high-risk, and high-reward bet. Q. There is one advise which is echoed on D-Street is that one should stay with cash-rich companies. Do you agree with the statement, if yes, how will it help in dodging the COVID-19 bullet? A. Investors should stay away from consensus views. At this point in time, cash-rich, debt-free companies are largely available in the FMCG sector and they are still trading at record high valuations making them a very crowded trade. Instead, the ones with risk appetite should bet on financials, automobile, cement, paints sector wherein the demand only maybe temporarily postponed as compared to severe demand destruction for the long haul. Q. What should be the trading strategy of the coming week? A. The Nifty50 has retraced 61 percent from lows of 7,500 to highs of 9,050. Therefore, 8,000-8,200 levels should act as a support zone for a bounce-back rally which can take Nifty50 to 8,800-9,000 levels. It is advisable for traders to keep a stop loss below 8,000. Q. India’s Mcap-to-GDP ratio has now slipped below FY09 levels or below the 2008 financial crisis – do you think a bottom is near? It is at its lowest since FY06. It will be difficult to say that we are near the bottom but what is a good multi-bagger opportunity for the next five years if someone invests now? A. India Inc saw a robust investment momentum from private equity in 2018 for the second consecutive year with a total investment of $26.3 billion (BAIN & Company: India Private Equity Report 2019). Hence, the true market-cap to GDP ratio is slightly blurred as the PE inflows are not considered in the market-cap. Nonetheless, this ratio acts as one of the indicators to channelise investors to remain invested at current levels. One may note that these indicators do not assist in the short term timing of the market and investors should not just jump and buy solely on the fact that the ratio is so attractive. 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." summarise in a few sentences.
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Public Provident Fund taxability, PPF tax benefit under Section 80C: Taxpayers can claim deductions up to Rs 1.5 lakh under Section 80C of the Income Tax Act. Public Provident Fund (PPF) is one of the popular schemes that can help you claim this deduction but there are certain rules you should be aware of first. It is well-known that PPF comes in the “EEE” tax bracket, i.e., there is no tax on the amount invested in PPF account (subject to the maximum limit of Rs 1.5 lakh/year prescribed by Section 80C) interest earned and the amount withdrawn at the time of maturity. The maximum limit of Rs 1.5 lakh under Section 80C implies that you cannot claim deduction on the full amount when the sum of your total contribution in PPF account and other schemes allowed under this section of the Income Tax Act is more than Rs 1.5 lakh in a financial year. CA Abhishek Soni, Founder, tax2win.in, told FE Online today, “Section 80C covers many other tax-saving investments/ payments/ contributions like provident fund, life insurance premium, tuition fees, principal repayment of home loan, etc. but the amount of deduction is restricted to Rs.1,50,000.” “So if in case a taxpayer is making contributions to PF amounting Rs. 50,000 and PPF amounting Rs.1,20,000 then he can claim deduction u/s 80C for Rs.1,50,000 only even if his total contributions to specified avenues are Rs.1,70,000,” he added. ALSO READ | Public Provident Fund (PPF) vs ELSS: What Rs 5000/month may return in 3, 5, 10 years The lock-in period for PPF is 15 years. Soni said, “PPF is an attractive tax saving option from long term investment point of view.” PPF limit to increase? It is expected that in the upcoming Budget, the government may increase the Section 80C limit from Rs 1.5 lakh to Rs 2.5 lakh and also increase the maximum PPF deposit limit to Rs 2.5 lakh. “The deduction under Section 80C has remained static since Finance Act, 2014. The section is meant to provide relief to individuals for specified investments and expenditure, while at the same time channelize investments into areas that support the economy. However, over the years, the scope of this deduction has become too wide as compared to its very modest limit such as – life insurance premium, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, tuition fees, principal repayment of housing loan etc,” said Divya Baweja, Partner, Deloitte India. It is expected that there will be an increase in these limits in line with the increased cost of living. Currently, Section 80C allows a maximum deduction of INR 1.5 lakh from the gross total, which generally gets exhausted through Provident Fund (PF) contributions, tuition fee expenses, payment of housing loan principal and life insurance premium. As such, the exemption limit under Section 80C can be enhanced from INR 150,000 to INR 250,000 which would provide tax savings in the range of INR 20,000 to INR 30,000 depending upon the level of income,” he added. Alternatively, the government should carve out a separate deduction for expenses such as children’s tuition fees, life insurance premium and housing loan principal payments as compared to the investment-oriented items in that scope, Divya suggested. Summarise this report in a few sentences.
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public provident fund (PPF) is one of the popular schemes that can help you claim this deduction. there is no tax on the amount invested in PPF account (subject to the maximum limit of Rs 1.5 lakh/year prescribed by Section 80C) interest earned and the amount withdrawn at the time of maturity. the lock-in period for PPF is 15 years.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Public Provident Fund taxability, PPF tax benefit under Section 80C: Taxpayers can claim deductions up to Rs 1.5 lakh under Section 80C of the Income Tax Act. Public Provident Fund (PPF) is one of the popular schemes that can help you claim this deduction but there are certain rules you should be aware of first. It is well-known that PPF comes in the “EEE” tax bracket, i.e., there is no tax on the amount invested in PPF account (subject to the maximum limit of Rs 1.5 lakh/year prescribed by Section 80C) interest earned and the amount withdrawn at the time of maturity. The maximum limit of Rs 1.5 lakh under Section 80C implies that you cannot claim deduction on the full amount when the sum of your total contribution in PPF account and other schemes allowed under this section of the Income Tax Act is more than Rs 1.5 lakh in a financial year. CA Abhishek Soni, Founder, tax2win.in, told FE Online today, “Section 80C covers many other tax-saving investments/ payments/ contributions like provident fund, life insurance premium, tuition fees, principal repayment of home loan, etc. but the amount of deduction is restricted to Rs.1,50,000.” “So if in case a taxpayer is making contributions to PF amounting Rs. 50,000 and PPF amounting Rs.1,20,000 then he can claim deduction u/s 80C for Rs.1,50,000 only even if his total contributions to specified avenues are Rs.1,70,000,” he added. ALSO READ | Public Provident Fund (PPF) vs ELSS: What Rs 5000/month may return in 3, 5, 10 years The lock-in period for PPF is 15 years. Soni said, “PPF is an attractive tax saving option from long term investment point of view.” PPF limit to increase? It is expected that in the upcoming Budget, the government may increase the Section 80C limit from Rs 1.5 lakh to Rs 2.5 lakh and also increase the maximum PPF deposit limit to Rs 2.5 lakh. “The deduction under Section 80C has remained static since Finance Act, 2014. The section is meant to provide relief to individuals for specified investments and expenditure, while at the same time channelize investments into areas that support the economy. However, over the years, the scope of this deduction has become too wide as compared to its very modest limit such as – life insurance premium, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, tuition fees, principal repayment of housing loan etc,” said Divya Baweja, Partner, Deloitte India. It is expected that there will be an increase in these limits in line with the increased cost of living. Currently, Section 80C allows a maximum deduction of INR 1.5 lakh from the gross total, which generally gets exhausted through Provident Fund (PF) contributions, tuition fee expenses, payment of housing loan principal and life insurance premium. As such, the exemption limit under Section 80C can be enhanced from INR 150,000 to INR 250,000 which would provide tax savings in the range of INR 20,000 to INR 30,000 depending upon the level of income,” he added. Alternatively, the government should carve out a separate deduction for expenses such as children’s tuition fees, life insurance premium and housing loan principal payments as compared to the investment-oriented items in that scope, Divya suggested. Summarise this report in a few sentences." summarise in a few sentences.
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The Indian government is likely to seek to raise about 800 billion rupees ($11.21 billion) through the sale of state-owned assets in the next fiscal year, beginning April 1, two government sources with direct knowledge of budget discussions told Reuters on Tuesday The target, which is the same as for the current financial year, includes proceeds from the expected privatisation of loss-making national carrier Air India, and the sale of an insurer to be created by the merger of three state-owned firms, the sources said. It will also involve the sale of units in an exchange-traded fund consisting of minority stakes in about 20 state-owned companies, they said. Also Read: 7.32 lakh jobs created in Nov; employment up by 48% in formal sector: EPFO payroll data Finance Minister Arun Jaitley, who is currently in the United States for a medical check-up, is expected to announce the target while presenting an interim budget on Feb. 1, said one of the sources. The government could also sell shares in a number of state-owned companies through initial public offerings, the sources said. Possible candidates for these include Telecommunications Consultants India, Indian Railways' subsidiaries IRCTC, RailTel Corporation India and National Seeds Corporation (NSC), they added. The government has proposed merging three state-owned general insurance companies - National Insurance, Oriental Insurance and United Insurance - and then listing the single entity. The government failed to attract bidders for Air India when it tried to sell a majority stake in 2018. But the airline is now being restructured and to make it more attractive just over half of its debt will be placed in another company and will not be part of any future sale, one of the sources said. The receipts target could change if the government of Prime Minister Narendra Modi gets less of a mandate from voters in the next general election, which must be held by early May. Modi's ruling Bharatiya Janata Party lost some key state elections at the end of last year, opening up the possibility that it might lose power or only get returned by forming a coalition with some other parties. "The actual receipts from the privatisation programme will depend on how strong is the mandate of the next government, and its commitment to privatisation," said the first official, who declined to be named as the budget details are not public. If Modi got a strong mandate, the government could even consider selling majority stakes in some of India's many state-owned banks, the official said. Any change would be made in a full-year budget, likely to be presented in July. Behind Target There are also likely to be concerned about whether the government will be able to reach the goal. With about two months to go before the current year closes on March 31, the government has so far managed to raise only 351 billion rupees, about 43 per cent of the 800 billion targeted. And some of those receipts are the result of state-owned companies buying their own shares back from the government. The government sources said they expected there would be significant progress towards this year's target in the next few weeks. Also Read: BJP booked all chartered planes for Lok Sabha poll campaign: Congress "We have not asked the government to revise down the target this year," said the second official. The struggle to meet the current year's target has promoted some bankers and credit rating analysts to suggest the government would likely miss this year's budget target by around 200 billion rupees. In a note last week, Care Ratings said meeting the share sale target will be challenging for the government this year given the volatile conditions in the financial markets. Summarise this report in a few sentences.
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government likely to seek to raise about 800 billion rupees ($11.21 billion) through the sale of state-owned assets in the next fiscal year. the target includes proceeds from the expected privatisation of loss-making national carrier Air India. it will also involve the sale of an insurer to be created by the merger of three state-owned firms. the government has proposed merging three state-owned general insurance companies - national Insurance, Oriental Insurance and United Insurance.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The Indian government is likely to seek to raise about 800 billion rupees ($11.21 billion) through the sale of state-owned assets in the next fiscal year, beginning April 1, two government sources with direct knowledge of budget discussions told Reuters on Tuesday The target, which is the same as for the current financial year, includes proceeds from the expected privatisation of loss-making national carrier Air India, and the sale of an insurer to be created by the merger of three state-owned firms, the sources said. It will also involve the sale of units in an exchange-traded fund consisting of minority stakes in about 20 state-owned companies, they said. Also Read: 7.32 lakh jobs created in Nov; employment up by 48% in formal sector: EPFO payroll data Finance Minister Arun Jaitley, who is currently in the United States for a medical check-up, is expected to announce the target while presenting an interim budget on Feb. 1, said one of the sources. The government could also sell shares in a number of state-owned companies through initial public offerings, the sources said. Possible candidates for these include Telecommunications Consultants India, Indian Railways' subsidiaries IRCTC, RailTel Corporation India and National Seeds Corporation (NSC), they added. The government has proposed merging three state-owned general insurance companies - National Insurance, Oriental Insurance and United Insurance - and then listing the single entity. The government failed to attract bidders for Air India when it tried to sell a majority stake in 2018. But the airline is now being restructured and to make it more attractive just over half of its debt will be placed in another company and will not be part of any future sale, one of the sources said. The receipts target could change if the government of Prime Minister Narendra Modi gets less of a mandate from voters in the next general election, which must be held by early May. Modi's ruling Bharatiya Janata Party lost some key state elections at the end of last year, opening up the possibility that it might lose power or only get returned by forming a coalition with some other parties. "The actual receipts from the privatisation programme will depend on how strong is the mandate of the next government, and its commitment to privatisation," said the first official, who declined to be named as the budget details are not public. If Modi got a strong mandate, the government could even consider selling majority stakes in some of India's many state-owned banks, the official said. Any change would be made in a full-year budget, likely to be presented in July. Behind Target There are also likely to be concerned about whether the government will be able to reach the goal. With about two months to go before the current year closes on March 31, the government has so far managed to raise only 351 billion rupees, about 43 per cent of the 800 billion targeted. And some of those receipts are the result of state-owned companies buying their own shares back from the government. The government sources said they expected there would be significant progress towards this year's target in the next few weeks. Also Read: BJP booked all chartered planes for Lok Sabha poll campaign: Congress "We have not asked the government to revise down the target this year," said the second official. The struggle to meet the current year's target has promoted some bankers and credit rating analysts to suggest the government would likely miss this year's budget target by around 200 billion rupees. In a note last week, Care Ratings said meeting the share sale target will be challenging for the government this year given the volatile conditions in the financial markets. Summarise this report in a few sentences." summarise in a few sentences.
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The country’s leading lender SBI is upgrading its existing work-from-home policy to work-from-anywhere, as it gears up to adjust to the new challenges posed by COVID-19. On the business side, the focus of the bank in the days ahead would be on revisiting risk assessment and business procedures in addition to rapid adoption of digital technology, said State Bank of India’s annual report. This fiscal will be challenging as the full impact of the COVID-19 outbreak will be felt in this financial year. However, from the bank’s point of view, the true impact COVID pandemic must also consider the behavioral impact on Bank’s customers, and composition of portfolio, the report said. “For instance, likely job cuts and salary reductions will have relatively low level of stress on account of higher proportion of Govt/ Quasi Govt sector customers,” the report quoted SBI Chairman Rajnish Kumar as saying. As of now, only 21.8 per cent of the customers have availed the benefit of moratorium, it said and added that the bank was able to achieve 98 per cent branch operability as well as 91 per cent alternate channel operability during the period of lockdown. Nevertheless, an elaborate Business Continuity Plan (BCP) is in place to manage disruptions, said SBI. Business continuity hub branches have been identified to cater to customers in case of emergency and BCP sites identified to support essential backend services, it said. “With global acceptability of Work-from-Home (WFH) arrangements, the Bank is in process of upgrading its existing WFH policy to Work from Anywhere (WFA). “Productivity tools and technology are in already place to perform administrative work remotely,” Kumar said in the report. Furthermore, WFA reduces commute time that can be utilised for providing better services to customers as well as ensuring better work life balance. “WFA facility has already been rolled out across 19 foreign offices and soon domestic operations will also be covered. This is expected to drive down the operational cost for the Bank, besides ensuring better motivation and productivity for staff members,” the lender said. It further said the impact of COVID-19 outbreak on economy and financial markets has been dramatic and severe. However, COVID-19 pandemic has also opened opportunities for the banks. Reordering of global supply chains presents unique opportunity to India to position itself as manufacturing hub to meet global demand. To the extent state governments are able to secure such relocation of businesses from China; banks will see opportunities to expand business, it said. The report emphasised that rapid adoption of digital technology in response to the COVID-19 also augurs well from point of view of the banks as it may accelerate the adoption of digital offerings by the lenders. “In a nutshell, the outlook on Bank’s business and the economy will be conditional on time frame by which the virus is completely eliminated, and normalcy restored,” SBI said. The recently released fiscal stimulus package, its priorities and funding strategy will decide how banks will respond in the post-COVID scenario. “Bank will also have to revisit its risk management framework, its internal models of risk assessment and capital planning and business procedures to better adapt to new operating environment,” the report said. SBI had posted a net profit of Rs 14,488.11 crore for 2019-20, as compared to Rs 862.23 crore in FY2019. Summarise this report in a few sentences.
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focus of bank in days ahead would be on revisiting risk assessment and business procedures. full impact of COVID-19 outbreak will be felt in this financial year. but impact must also consider behavioral impact on Bank's customers. only 21.8 per cent of customers have availed benefit of moratorium. bank has elaborate Business Continuity Plan (BCP) in place to manage disruptions.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The country’s leading lender SBI is upgrading its existing work-from-home policy to work-from-anywhere, as it gears up to adjust to the new challenges posed by COVID-19. On the business side, the focus of the bank in the days ahead would be on revisiting risk assessment and business procedures in addition to rapid adoption of digital technology, said State Bank of India’s annual report. This fiscal will be challenging as the full impact of the COVID-19 outbreak will be felt in this financial year. However, from the bank’s point of view, the true impact COVID pandemic must also consider the behavioral impact on Bank’s customers, and composition of portfolio, the report said. “For instance, likely job cuts and salary reductions will have relatively low level of stress on account of higher proportion of Govt/ Quasi Govt sector customers,” the report quoted SBI Chairman Rajnish Kumar as saying. As of now, only 21.8 per cent of the customers have availed the benefit of moratorium, it said and added that the bank was able to achieve 98 per cent branch operability as well as 91 per cent alternate channel operability during the period of lockdown. Nevertheless, an elaborate Business Continuity Plan (BCP) is in place to manage disruptions, said SBI. Business continuity hub branches have been identified to cater to customers in case of emergency and BCP sites identified to support essential backend services, it said. “With global acceptability of Work-from-Home (WFH) arrangements, the Bank is in process of upgrading its existing WFH policy to Work from Anywhere (WFA). “Productivity tools and technology are in already place to perform administrative work remotely,” Kumar said in the report. Furthermore, WFA reduces commute time that can be utilised for providing better services to customers as well as ensuring better work life balance. “WFA facility has already been rolled out across 19 foreign offices and soon domestic operations will also be covered. This is expected to drive down the operational cost for the Bank, besides ensuring better motivation and productivity for staff members,” the lender said. It further said the impact of COVID-19 outbreak on economy and financial markets has been dramatic and severe. However, COVID-19 pandemic has also opened opportunities for the banks. Reordering of global supply chains presents unique opportunity to India to position itself as manufacturing hub to meet global demand. To the extent state governments are able to secure such relocation of businesses from China; banks will see opportunities to expand business, it said. The report emphasised that rapid adoption of digital technology in response to the COVID-19 also augurs well from point of view of the banks as it may accelerate the adoption of digital offerings by the lenders. “In a nutshell, the outlook on Bank’s business and the economy will be conditional on time frame by which the virus is completely eliminated, and normalcy restored,” SBI said. The recently released fiscal stimulus package, its priorities and funding strategy will decide how banks will respond in the post-COVID scenario. “Bank will also have to revisit its risk management framework, its internal models of risk assessment and capital planning and business procedures to better adapt to new operating environment,” the report said. SBI had posted a net profit of Rs 14,488.11 crore for 2019-20, as compared to Rs 862.23 crore in FY2019. Summarise this report in a few sentences." summarise in a few sentences.
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The government will release the GDP data for April-June quarter today. This data will confirm the extent of damage done to the Indian economy by coronavirus pandemic and subsequent lockdowns. Amid expected dismal GDP figures, the question is how bad the numbers will be. According to rating agencies and economists, the economy will shrink by 16-25 per cent in the April-June quarter. State Bank of India has predicted 16.5 per cent contraction in GDP in the first quarter, while CARE ratings said the economy could shrink by 20.2 per cent. Similarly, Barclays said the economy would contract by 25.5 per cent, while Goldman Sachs has said the Indian economy would see its worst performance by shrinking about 45 per cent in the first quarter. ICRA said the 'lockdown' quarter will see a GDP and GVA contraction at 25 per cent each YoY. India Ratings and Research also believes the severity of COVID-19-led business disruptions will lead to a negative growth of 17.03 per cent. Also read: India Q1 GDP preview: GDP estimates to be out today; economy may shrink to historic low In all, most economists and rating agencies have predicted GDP contraction of 16 and 25 per cent in the April-June quarter. If this turns out to be true, it will be the worst quarterly GDP numbers ever recorded since India started compiling GDP data on quarterly basis in 1996. As per the 'Economy Watch' report of consultancy firm EY India, Q1 will record the worst GDP growth in current financial year. However, the growth will see some rebound in Q2 and subsequent quarters. Also read: Which top economies have suffered worst GDP fall due to COVID-19? India's GDP growth was slowing even before COVID-19 outbreak. The country's GDP grew at 3.1 per cent in the final quarter of financial year 2019-20, lowest in 44 quarters. The overall growth for FY20 slumped to 4.2 per cent, which was also the lowest since FY09 when GDP was 3.09 per cent. Global economies have also seen the worst growth numbers in recent quarters. The United Kingdom (UK) reported the biggest decline in GDP among the world's top 20 economies with a 20.4 per cent contraction in Q1 and France's GDP shrank by a record 13.8 percent in Q2. Germany's GDP shrank 10.1 per cent in Q1, while Japan registered a de-growth of 7.6 percent in the April-June quarter. International Monetary Fund (IMF) has predicted the global economy will shrink by 4.9% in 2020 as business activities remain affected due to COVID-19. Also Read: India's GDP to contract by 16.5% in Q1 FY21: SBI report Also Read: Economists pitch for second round of stimulus worth 2% of GDP Summarise this report in a few sentences.
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the government will release the GDP data for the April-June quarter today. most economists and rating agencies have predicted contraction of 16 and 25 per cent. if this turns out to be true, it will be the worst quarterly GDP numbers ever recorded since india started compiling GDP data on quarterly basis in 1996. 'lockdown' quarter will see a GDP and GVA contraction at 25 per cent each YoY.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The government will release the GDP data for April-June quarter today. This data will confirm the extent of damage done to the Indian economy by coronavirus pandemic and subsequent lockdowns. Amid expected dismal GDP figures, the question is how bad the numbers will be. According to rating agencies and economists, the economy will shrink by 16-25 per cent in the April-June quarter. State Bank of India has predicted 16.5 per cent contraction in GDP in the first quarter, while CARE ratings said the economy could shrink by 20.2 per cent. Similarly, Barclays said the economy would contract by 25.5 per cent, while Goldman Sachs has said the Indian economy would see its worst performance by shrinking about 45 per cent in the first quarter. ICRA said the 'lockdown' quarter will see a GDP and GVA contraction at 25 per cent each YoY. India Ratings and Research also believes the severity of COVID-19-led business disruptions will lead to a negative growth of 17.03 per cent. Also read: India Q1 GDP preview: GDP estimates to be out today; economy may shrink to historic low In all, most economists and rating agencies have predicted GDP contraction of 16 and 25 per cent in the April-June quarter. If this turns out to be true, it will be the worst quarterly GDP numbers ever recorded since India started compiling GDP data on quarterly basis in 1996. As per the 'Economy Watch' report of consultancy firm EY India, Q1 will record the worst GDP growth in current financial year. However, the growth will see some rebound in Q2 and subsequent quarters. Also read: Which top economies have suffered worst GDP fall due to COVID-19? India's GDP growth was slowing even before COVID-19 outbreak. The country's GDP grew at 3.1 per cent in the final quarter of financial year 2019-20, lowest in 44 quarters. The overall growth for FY20 slumped to 4.2 per cent, which was also the lowest since FY09 when GDP was 3.09 per cent. Global economies have also seen the worst growth numbers in recent quarters. The United Kingdom (UK) reported the biggest decline in GDP among the world's top 20 economies with a 20.4 per cent contraction in Q1 and France's GDP shrank by a record 13.8 percent in Q2. Germany's GDP shrank 10.1 per cent in Q1, while Japan registered a de-growth of 7.6 percent in the April-June quarter. International Monetary Fund (IMF) has predicted the global economy will shrink by 4.9% in 2020 as business activities remain affected due to COVID-19. Also Read: India's GDP to contract by 16.5% in Q1 FY21: SBI report Also Read: Economists pitch for second round of stimulus worth 2% of GDP Summarise this report in a few sentences." summarise in a few sentences.
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TCS | The IT major will release its March quarter scorecard on April 16. Industry experts and brokerages expect the IT major to release a subdued set of numbers. The estimates of Kotak Institutional Equities show TCS' CC (constant currency) revenue growth of 0.6 percent QoQ and 4.9 percent YoY. live bse live nse live Volume Todays L/H More × Share price of Tata Consultancy Services (TCS) rose nearly 2 percent intraday Thursday as company completed its Rs 16,000-crore share buyback on September 21. The Mumbai-based company had in June this year announced buyback of up to 7.61 crore equity shares from existing shareholders at a price of Rs 2,100 per equity share with the overall consideration not exceeding Rs 16,000 crore. The tendering period for the buyback offer opened on September 6, 2018 and closed on September 21, 2018, TCS said in a regulatory filing. "(A total of) 7,61,90,476 equity shares were bought back under the buyback... The total amount utilised in the buyback is Rs 1,59,99,99,99,600, excluding transaction costs...," it added. The buyback offer saw subscription of approximately 1.47 times the maximum number of equity shares proposed to be bought back, it added. The filing said 4.97 crore shares held by Tata Sons, 26.65 lakh shares offered by RBC Emerging Markets Equity Fund and 26.31 lakh shares by Copthall Mauritius Investment Limited were accepted under the buyback. Pursuant to the buyback, 7,61,90,476 equity shares of the company were extinguished, it said. TCS had announced the mega buyback offer, its second in as many years, as part of its long-term capital allocation policy of returning excess cash to the shareholders. At 14:20 hrs Tata Consultancy Services was quoting at Rs 2,174.85, up Rs 33.40, or 1.56 percent. With inputs from PTI Summarise this report in a few sentences.
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analysts expect the IT major to release a subdued set of numbers. analysts say the company's CC (constant currency) revenue growth is 0.6 percent. the buyback of up to 7.61 crore equity shares from existing shareholders is the second in as many years. the buyback offer saw subscription of approximately 1.47 times the maximum number of equity shares proposed to be bought back.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "TCS | The IT major will release its March quarter scorecard on April 16. Industry experts and brokerages expect the IT major to release a subdued set of numbers. The estimates of Kotak Institutional Equities show TCS' CC (constant currency) revenue growth of 0.6 percent QoQ and 4.9 percent YoY. live bse live nse live Volume Todays L/H More × Share price of Tata Consultancy Services (TCS) rose nearly 2 percent intraday Thursday as company completed its Rs 16,000-crore share buyback on September 21. The Mumbai-based company had in June this year announced buyback of up to 7.61 crore equity shares from existing shareholders at a price of Rs 2,100 per equity share with the overall consideration not exceeding Rs 16,000 crore. The tendering period for the buyback offer opened on September 6, 2018 and closed on September 21, 2018, TCS said in a regulatory filing. "(A total of) 7,61,90,476 equity shares were bought back under the buyback... The total amount utilised in the buyback is Rs 1,59,99,99,99,600, excluding transaction costs...," it added. The buyback offer saw subscription of approximately 1.47 times the maximum number of equity shares proposed to be bought back, it added. The filing said 4.97 crore shares held by Tata Sons, 26.65 lakh shares offered by RBC Emerging Markets Equity Fund and 26.31 lakh shares by Copthall Mauritius Investment Limited were accepted under the buyback. Pursuant to the buyback, 7,61,90,476 equity shares of the company were extinguished, it said. TCS had announced the mega buyback offer, its second in as many years, as part of its long-term capital allocation policy of returning excess cash to the shareholders. At 14:20 hrs Tata Consultancy Services was quoting at Rs 2,174.85, up Rs 33.40, or 1.56 percent. With inputs from PTI Summarise this report in a few sentences." summarise in a few sentences.
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Creditors have withdrawn 26,518 insolvency cases involving defaults of as much as ₹9.33 lakh crore before their applications were admitted by the adjudicating authority since the Insolvency and Bankruptcy Code (IBC) came into force. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024, as India’s largest airline looks to court more business flyers and rival Air India on international routes, said people with knowledge of the matter. The initial public offering (IPO) market is in an unprecedented bull wave. Three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences.
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creditors have withdrawn 26,518 insolvency cases involving defaults of as much as 9.33 lakh crore. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024. the initial public offering (IPO) market is in an unprecedented bull wave. three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Creditors have withdrawn 26,518 insolvency cases involving defaults of as much as ₹9.33 lakh crore before their applications were admitted by the adjudicating authority since the Insolvency and Bankruptcy Code (IBC) came into force. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024, as India’s largest airline looks to court more business flyers and rival Air India on international routes, said people with knowledge of the matter. The initial public offering (IPO) market is in an unprecedented bull wave. Three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences." summarise in a few sentences.
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The world economy has traditionally been driven quite decisively by the USA, Japan, UK, Germany and probably France. In the last decade, the emerging markets, which have been clubbed as BRICS, have joined the league. These big countries have the numbers, and their success or failure can drive the global prospects quite decisively. Somewhere in this game are the small countries like Finland, Sweden, Norway, Singapore, etc, which are opposite in size but so dominate almost all the global indices in terms of performance that they form the contours of the storyline of the book ‘Too Small to Fail’ by James Breiding. The author starts off by arguing that large countries are difficult to govern because of several factors. As countries become big, it is difficult to address issues of inequality, employment, quality of life, delivery of services, etc. The smaller countries, in contrast, are more coherent in all these respects and governments are able to perform more efficiently. The crux is in creating an egalitarian society, which can be done if governments equalise the ‘prerequisites’ that are required for creating and maintaining such societies. This is done by delivering the same education to all children, as is the case in Finland where everyone goes to schools run by the government and where teachers are paid well. Therefore, everyone starts off at the same level and has the same opportunity. This is unlike countries like India, where an education in government schools permanently damages the prospects of children compared to the affluent, who exacerbate inequality by having access to global curricula and certificates. Similarly, Singapore is the epitome of health services where the entire structure is standardised with a pay-as-you-go model, which differentiates only the comfort and not quality. In fact, from a complex system that exists everywhere when doctors, insurance companies and hospitals have a perverse incentive to overcharge and under-deliver, the government streamlined the system so that everyone has access. It has set a model for others to emulate, though, admittedly, it is easier in a country of the size of Singapore where the population is low. The author then talks of Denmark which addressed the issue of environment by decongesting Copenhagen, which now has the largest number of cycles on the road. The incentive to own and drive cars, which exists everywhere as people become richer and like to buy even bigger and more expensive cars, was addressed by converting roads to lanes for only cycles, which gradually brought about this transformation. This has helped people stay fit and also helped to conserve the environment as pollution levels have come down considerably. Breiding then takes us through Israel, which given its rather vulnerable structure and political relations with neighbours, has used startups as the route to growth by combining incentives and environment to ensure that individuals took up innovation out of habit, which helped to create a strong economy. Countries like Australia and New Zealand more recently have followed a unique path to reduce crime. Given that shooting has been responsible for deaths of several people, the governments have announced schemes of buyback of weapons, which has worked as people get paid for returning their guns, which are then destroyed. This is a unique way to reduce the incidence of crime where rather than banning the ownership of guns, which leads to a black market and premium, a buyback actually rewards people for giving up such possessions. In fact, curiously, two interesting patterns followed by these small countries are that they have looked at manufacturing as a means to grow and, second, have or used principles of open economy and trade and have hence reaped the benefits of competition and specialisation. Hence while larger countries constantly get into the dialogue on protection of domestic markets, the smaller ones perforce follow free trade and allow the economic principles of comparative advantage to work their way through. They have created templates that can be followed where countries with limited access to raw materials can leverage trade to expand their economies and wealth. The author also points out that by following these rudimentary principles, these countries have managed to foster egalitarian societies where individual wealth is not overtly visible as the corporate owners can barely be distinguished from a common man. With the state virtually looking after education at an early age and health when it matters to most, which is old age, there is less incentive to accumulate extraordinary volumes of wealth as seen in other countries, which, in a way, maintains a semblance of modesty. This book will make policy-makers think hard about how to adapt these principles for larger countries. The idea of decentralisation is a step in this direction, but regional authorities need to foster these rules within their domain to make them work. Countries like India will never be able to close the bridge given that there is stark inequality, especially in education and health, which just exacerbates the future where the lesser privileged can never dream of getting out of their existing lifestyle. In fact, governance and democracy are also important factors that the author talks of, as there are several such smaller countries in Asia and Africa which do worse than even countries like India on social parameters due to highly corrupt regimes. Hence one would get a feeling that Breiding’s exposition are models for only a set of countries that have the will to improve and deliver, which, in turn, requires very high governance standards and focused attention. Madan Sabnavis is chief economist, CARE Ratings Book Details: Too Small to Fail: Why Some Small Nations Outperform Larger Ones and How They Are Reshaping the World R James Breiding Harper Business Rs 699, Pp 332 Summarise this report in a few sentences.
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the world economy has traditionally been driven decisively by the USA, Japan, UK, Germany and maybe France. in the last decade, the emerging markets, which have been clubbed as BRICS, have joined the league. these big countries have the numbers, and their success or failure can drive the global prospects quite decisively. the small countries dominate almost all the global indices in terms of performance.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The world economy has traditionally been driven quite decisively by the USA, Japan, UK, Germany and probably France. In the last decade, the emerging markets, which have been clubbed as BRICS, have joined the league. These big countries have the numbers, and their success or failure can drive the global prospects quite decisively. Somewhere in this game are the small countries like Finland, Sweden, Norway, Singapore, etc, which are opposite in size but so dominate almost all the global indices in terms of performance that they form the contours of the storyline of the book ‘Too Small to Fail’ by James Breiding. The author starts off by arguing that large countries are difficult to govern because of several factors. As countries become big, it is difficult to address issues of inequality, employment, quality of life, delivery of services, etc. The smaller countries, in contrast, are more coherent in all these respects and governments are able to perform more efficiently. The crux is in creating an egalitarian society, which can be done if governments equalise the ‘prerequisites’ that are required for creating and maintaining such societies. This is done by delivering the same education to all children, as is the case in Finland where everyone goes to schools run by the government and where teachers are paid well. Therefore, everyone starts off at the same level and has the same opportunity. This is unlike countries like India, where an education in government schools permanently damages the prospects of children compared to the affluent, who exacerbate inequality by having access to global curricula and certificates. Similarly, Singapore is the epitome of health services where the entire structure is standardised with a pay-as-you-go model, which differentiates only the comfort and not quality. In fact, from a complex system that exists everywhere when doctors, insurance companies and hospitals have a perverse incentive to overcharge and under-deliver, the government streamlined the system so that everyone has access. It has set a model for others to emulate, though, admittedly, it is easier in a country of the size of Singapore where the population is low. The author then talks of Denmark which addressed the issue of environment by decongesting Copenhagen, which now has the largest number of cycles on the road. The incentive to own and drive cars, which exists everywhere as people become richer and like to buy even bigger and more expensive cars, was addressed by converting roads to lanes for only cycles, which gradually brought about this transformation. This has helped people stay fit and also helped to conserve the environment as pollution levels have come down considerably. Breiding then takes us through Israel, which given its rather vulnerable structure and political relations with neighbours, has used startups as the route to growth by combining incentives and environment to ensure that individuals took up innovation out of habit, which helped to create a strong economy. Countries like Australia and New Zealand more recently have followed a unique path to reduce crime. Given that shooting has been responsible for deaths of several people, the governments have announced schemes of buyback of weapons, which has worked as people get paid for returning their guns, which are then destroyed. This is a unique way to reduce the incidence of crime where rather than banning the ownership of guns, which leads to a black market and premium, a buyback actually rewards people for giving up such possessions. In fact, curiously, two interesting patterns followed by these small countries are that they have looked at manufacturing as a means to grow and, second, have or used principles of open economy and trade and have hence reaped the benefits of competition and specialisation. Hence while larger countries constantly get into the dialogue on protection of domestic markets, the smaller ones perforce follow free trade and allow the economic principles of comparative advantage to work their way through. They have created templates that can be followed where countries with limited access to raw materials can leverage trade to expand their economies and wealth. The author also points out that by following these rudimentary principles, these countries have managed to foster egalitarian societies where individual wealth is not overtly visible as the corporate owners can barely be distinguished from a common man. With the state virtually looking after education at an early age and health when it matters to most, which is old age, there is less incentive to accumulate extraordinary volumes of wealth as seen in other countries, which, in a way, maintains a semblance of modesty. This book will make policy-makers think hard about how to adapt these principles for larger countries. The idea of decentralisation is a step in this direction, but regional authorities need to foster these rules within their domain to make them work. Countries like India will never be able to close the bridge given that there is stark inequality, especially in education and health, which just exacerbates the future where the lesser privileged can never dream of getting out of their existing lifestyle. In fact, governance and democracy are also important factors that the author talks of, as there are several such smaller countries in Asia and Africa which do worse than even countries like India on social parameters due to highly corrupt regimes. Hence one would get a feeling that Breiding’s exposition are models for only a set of countries that have the will to improve and deliver, which, in turn, requires very high governance standards and focused attention. Madan Sabnavis is chief economist, CARE Ratings Book Details: Too Small to Fail: Why Some Small Nations Outperform Larger Ones and How They Are Reshaping the World R James Breiding Harper Business Rs 699, Pp 332 Summarise this report in a few sentences." summarise in a few sentences.
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There is robust and broad-based revival in the Indian economy that coexists with macroeconomic challenges, chief economic adviser Arvind Subramanian, who presented the Economic Survey 2017-18 on Monday, said at an interaction. Edited excerpts:This has been an unusual year because of demonetisation and GST . This is well known... There are no surprises... If activity is picking up, inflationary pressure is mounting. You would say that you should actually have a pretty healthy consolidation. So that is what the cycle would dictate for next year. However, you also have to take into account the fact that you can’t make promises which are difficult to meet. Cycle (economic) calls for ambitious consolidation, but the political cycle calls for more modest consolidation.The Indian economy could have for about a period of 18 months benefited from lower interest rates, in the period when we had really high real interest rates and the economy was weak. But, now clearly the cycle has turned, inflationary pressures have re-emerged. So, stance of monetary policy naturally has to change.The broader point is that we have seen around the world that when asset prices go up very much they always tend to come back and so we have to be watchful. The higher prices go, our vigilance should increase correspondingly. Indian stock market boom is very different and make no mistake because it reflects a massive portfolio reallocation by investors, households away from gold, financial savings and real estate into stocks. Part of the reason this happened is because of policy actions, so this makes the Indian stock market very interesting but also that has to be monitored very carefully. (He refrained from calling it a bubble).We had thought that oil would not go above $55-60 per barrel. We have been proven wrong on that and we should admit that. There are two things that have contributed to that. We thought shale oil would come back to $50-55. So far it has not come back to the same extent we wanted to because shale producers are now more concerned about profit margins than expanding activity. It was completely unforeseeable thing. The ARAMCO listing is making oil prices much higher than they otherwise should be. I don’t want to get into geopolitics of that, but that’s what has contributed to that. The government is committed to its policy of deregulation. We know the rule of thumb: For every $10 increase in oil prices, GDP growth comes down by 0.2% to 0.3%, the current account deficit will deteriorate by 0.4% of the GDP, or $10 million. Inflation will also be higher by 0.2% to 0.3%. So, I think we need to watch oil prices very carefully.Whatever the borrowing that has been done by the Centre and especially the states, the market has misinterpreted. In the case of the states, for example, this year about Rs 40,000 crore is going to be financed through market borrowings. This is not financing new deficit, but just a change in financing away from NSSF (National Social Security Fund) towards market borrowing and that is not new deficit. That underlying borrowing that happened reflects a certain deficit, over and above that markets have potentially misinterpreted, especially what the states have been doing.There is a lot of discussion going on about UBI… I can bet within the next two years, at least one or two states will implement UBI. (Subramanian in the Economic Survey 2016-17 had mooted the idea of universal basic income that guarantees all citizens enough income to cover their basic needs and would be easier to administer than the current anti-poverty schemes, which are plagued by waste, corruption and abuse.)There is robust and broad-based revival in the Indian economy. The direction is very good, but the growth is still below potential. When we give a range between 7 and 7.5%, it is because there are factors working both ways. Unless we get more data I don’t want to assign probabilities to where we are going to be. There is a story of revival and that of macro challenges — both coexist. In a sense, the current macroeconomic conjecture is about both the story of revival and the story of risks. This duality of revival and risk, in some ways, reflects the current state of macroeconomic policy... If you look at the last four quarters, you will see that manufacturing export growth is about 11.3%, which is very healthy and broadly in line with where the world economy is going. So exports are driving growth, the temporary factors are receding. Private investment going forward will depend a lot on capacity utilisation and the progress under the Insolvency and Banking Code. Consumption is going to be a bit of a challenge due to rising oil prices going forward.Let’s always keep aside fiscal motivation for disinvestment and the real underlying efficiency reason for the same. I think that there is a strong case for underlying efficiency, or just stopping the bleeding. The government is aware of this…NITI Aayog came up with a list of recommendations.I think this is a classic dilemma: if PSUs are doing well you say it is national wealth, and when you are not doing well it is difficult to disinvest. The principle that we should expand strategic disinvestment for underlying micro efficiency reasons are compelling. Unviable banks have to be shrunk and (there should be) much more private sector participation in good banks.Climate change is a medium-term challenge. This year there are three or four distinct things that are going on in agriculture. We have actually seen a reduction in acreage under sowing both in kharif and rabi. It is not your typical surplus leading to large decline in prices. For some other crops, there have been a reduction in production. So, we need to have mechanism that would protect farmer against the downside.Last year we tried to do that in pulses with more effective procurement, effective changes in marketing, (and) post agriculture warehousing. Wage growth has not decelerated; it used to be at 7-8% until a few months ago but this year because the sowing has come down the demand of labour has come down.Over some horizon — may be 3-5 years — we can think, in principle, of having one rate, because we see the benefits of that are so compelling. In the short run, there is a case for simplification and greater rationalisation.You are going to see a big increase over time both in people who are not paying enough and new filers. The process of compliance is going to improve quite substantially. For such a disruptive change and teething challenges, collections have been very reasonable, almost robust. Summarise this report in a few sentences.
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the Indian economy is robust and broad-based, chief economic adviser says. the government is committed to its policy of deregulation. the government is committed to its policy of deregulation. the government is committed to its policy of deregulation. the government is committed to its policy of deregulation. the government is committed to its policy of deregulation. the government is committed to its policy of deregulation.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "There is robust and broad-based revival in the Indian economy that coexists with macroeconomic challenges, chief economic adviser Arvind Subramanian, who presented the Economic Survey 2017-18 on Monday, said at an interaction. Edited excerpts:This has been an unusual year because of demonetisation and GST . This is well known... There are no surprises... If activity is picking up, inflationary pressure is mounting. You would say that you should actually have a pretty healthy consolidation. So that is what the cycle would dictate for next year. However, you also have to take into account the fact that you can’t make promises which are difficult to meet. Cycle (economic) calls for ambitious consolidation, but the political cycle calls for more modest consolidation.The Indian economy could have for about a period of 18 months benefited from lower interest rates, in the period when we had really high real interest rates and the economy was weak. But, now clearly the cycle has turned, inflationary pressures have re-emerged. So, stance of monetary policy naturally has to change.The broader point is that we have seen around the world that when asset prices go up very much they always tend to come back and so we have to be watchful. The higher prices go, our vigilance should increase correspondingly. Indian stock market boom is very different and make no mistake because it reflects a massive portfolio reallocation by investors, households away from gold, financial savings and real estate into stocks. Part of the reason this happened is because of policy actions, so this makes the Indian stock market very interesting but also that has to be monitored very carefully. (He refrained from calling it a bubble).We had thought that oil would not go above $55-60 per barrel. We have been proven wrong on that and we should admit that. There are two things that have contributed to that. We thought shale oil would come back to $50-55. So far it has not come back to the same extent we wanted to because shale producers are now more concerned about profit margins than expanding activity. It was completely unforeseeable thing. The ARAMCO listing is making oil prices much higher than they otherwise should be. I don’t want to get into geopolitics of that, but that’s what has contributed to that. The government is committed to its policy of deregulation. We know the rule of thumb: For every $10 increase in oil prices, GDP growth comes down by 0.2% to 0.3%, the current account deficit will deteriorate by 0.4% of the GDP, or $10 million. Inflation will also be higher by 0.2% to 0.3%. So, I think we need to watch oil prices very carefully.Whatever the borrowing that has been done by the Centre and especially the states, the market has misinterpreted. In the case of the states, for example, this year about Rs 40,000 crore is going to be financed through market borrowings. This is not financing new deficit, but just a change in financing away from NSSF (National Social Security Fund) towards market borrowing and that is not new deficit. That underlying borrowing that happened reflects a certain deficit, over and above that markets have potentially misinterpreted, especially what the states have been doing.There is a lot of discussion going on about UBI… I can bet within the next two years, at least one or two states will implement UBI. (Subramanian in the Economic Survey 2016-17 had mooted the idea of universal basic income that guarantees all citizens enough income to cover their basic needs and would be easier to administer than the current anti-poverty schemes, which are plagued by waste, corruption and abuse.)There is robust and broad-based revival in the Indian economy. The direction is very good, but the growth is still below potential. When we give a range between 7 and 7.5%, it is because there are factors working both ways. Unless we get more data I don’t want to assign probabilities to where we are going to be. There is a story of revival and that of macro challenges — both coexist. In a sense, the current macroeconomic conjecture is about both the story of revival and the story of risks. This duality of revival and risk, in some ways, reflects the current state of macroeconomic policy... If you look at the last four quarters, you will see that manufacturing export growth is about 11.3%, which is very healthy and broadly in line with where the world economy is going. So exports are driving growth, the temporary factors are receding. Private investment going forward will depend a lot on capacity utilisation and the progress under the Insolvency and Banking Code. Consumption is going to be a bit of a challenge due to rising oil prices going forward.Let’s always keep aside fiscal motivation for disinvestment and the real underlying efficiency reason for the same. I think that there is a strong case for underlying efficiency, or just stopping the bleeding. The government is aware of this…NITI Aayog came up with a list of recommendations.I think this is a classic dilemma: if PSUs are doing well you say it is national wealth, and when you are not doing well it is difficult to disinvest. The principle that we should expand strategic disinvestment for underlying micro efficiency reasons are compelling. Unviable banks have to be shrunk and (there should be) much more private sector participation in good banks.Climate change is a medium-term challenge. This year there are three or four distinct things that are going on in agriculture. We have actually seen a reduction in acreage under sowing both in kharif and rabi. It is not your typical surplus leading to large decline in prices. For some other crops, there have been a reduction in production. So, we need to have mechanism that would protect farmer against the downside.Last year we tried to do that in pulses with more effective procurement, effective changes in marketing, (and) post agriculture warehousing. Wage growth has not decelerated; it used to be at 7-8% until a few months ago but this year because the sowing has come down the demand of labour has come down.Over some horizon — may be 3-5 years — we can think, in principle, of having one rate, because we see the benefits of that are so compelling. In the short run, there is a case for simplification and greater rationalisation.You are going to see a big increase over time both in people who are not paying enough and new filers. The process of compliance is going to improve quite substantially. For such a disruptive change and teething challenges, collections have been very reasonable, almost robust. Summarise this report in a few sentences." summarise in a few sentences.
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PUBG Mobile has emerged as the highest-grossing mobile game of 2020. The smash-hit battle royale has managed to outshine all other mobile games this year despite having a quite difficult time in India, one of the top markets. This latest data comes courtesy Sensor Tower, which is a credible app analytics firm. The Tencent-owned game raked in a revenue of close to $2.6 billion from both Google Play Store and Apple's App Store. The figure represents an increase of 64 per cent from last year. At the second spot is another Tencent-owned game called Honor of Kings. According to the data by Sensor Tower Store Intelligence, both PUBG Mobile and its rebranded version in China called Game For Peace, managed to accumulate the highest revenue from Play Store and App Store. This data, however, does not include the purchases made outside of Play Store on Android via third-party app marketplaces. This is great news for PUBG Mobile that was banned earlier this year in India over government's security fears. PUBG Mobile is published by Tencent Games for all markets but PUBG Corporation that developed the game snatched the publishing rights from the Chinese firm for India after the ban. PUBG Corporation established a separate entity in India called PUBG Mobile India to launch an eponymous game. The teasers for PUBG Mobile India were released during the Diwali week but its launch seems to have hit the roadblock. The government is said to be not budging to approve PUBG Mobile India to enter India's gaming market. But for what it is worth, PUBG Mobile is thriving globally. Honor of Kings, which secured the second spot, estimated about $2.5 billion in user spending this year, 42.8 per cent up from 2019. Interestingly, both PUBG Mobile and Honor of Kings belong to Tencent, a Chinese conglomerate. Niantic's Pokemon Go and Moon Active's Coin Master ranked at third and fourth spot in the charts, generating revenues of $1.2 billion and $1.1 billion, respectively. For Pokemon Go, 2020 has been its best year by far where it accumulated a revenue increase of 31.5 per cent. According to the analytics firm, the sudden increase in player spending was because of the various implementations in the game allowing for playing during the pandemic-induced lockdown. At the fifth spot is Roblox from Roblox Corporation accumulating close to $1.1 billion while the sixth spot has been secured by Mixi's Monster Strike that generated a revenue of $958 million this year. With the top five grossing games, the mobile game industry saw a momentous year, where the overall revenue exceeded those of previous years. "The five one-billion-dollar mobile games in 2020 surpasses the number seen in previous years," said Sensor Tower. A big part of this year saw people isolated inside their homes to fight the coronavirus pandemic. There were global lockdowns forcing people to spend most of their time at homes. Initially, the work from home setups were getting in place, leaving people time for other things, such as mobile gaming. Since smartphones today have matured to handle most games today across price categories, people spend a significant amount of time playing games on their phones. The in-app purchases increased significantly alongside. "So far in 2020, the global mobile games market has generated $75.4 billion, which is already up 19.5 percent from 2019." Summarise this report in a few sentences.
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PUBG Mobile has emerged as the highest-grossing mobile game of 2020. the game raked in a revenue of close to $2.6 billion from both Google Play Store and Apple's App Store. at the second spot is another Tencent-owned game called Honor of Kings. PUBG Mobile was banned earlier this year in india over government's security fears.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "PUBG Mobile has emerged as the highest-grossing mobile game of 2020. The smash-hit battle royale has managed to outshine all other mobile games this year despite having a quite difficult time in India, one of the top markets. This latest data comes courtesy Sensor Tower, which is a credible app analytics firm. The Tencent-owned game raked in a revenue of close to $2.6 billion from both Google Play Store and Apple's App Store. The figure represents an increase of 64 per cent from last year. At the second spot is another Tencent-owned game called Honor of Kings. According to the data by Sensor Tower Store Intelligence, both PUBG Mobile and its rebranded version in China called Game For Peace, managed to accumulate the highest revenue from Play Store and App Store. This data, however, does not include the purchases made outside of Play Store on Android via third-party app marketplaces. This is great news for PUBG Mobile that was banned earlier this year in India over government's security fears. PUBG Mobile is published by Tencent Games for all markets but PUBG Corporation that developed the game snatched the publishing rights from the Chinese firm for India after the ban. PUBG Corporation established a separate entity in India called PUBG Mobile India to launch an eponymous game. The teasers for PUBG Mobile India were released during the Diwali week but its launch seems to have hit the roadblock. The government is said to be not budging to approve PUBG Mobile India to enter India's gaming market. But for what it is worth, PUBG Mobile is thriving globally. Honor of Kings, which secured the second spot, estimated about $2.5 billion in user spending this year, 42.8 per cent up from 2019. Interestingly, both PUBG Mobile and Honor of Kings belong to Tencent, a Chinese conglomerate. Niantic's Pokemon Go and Moon Active's Coin Master ranked at third and fourth spot in the charts, generating revenues of $1.2 billion and $1.1 billion, respectively. For Pokemon Go, 2020 has been its best year by far where it accumulated a revenue increase of 31.5 per cent. According to the analytics firm, the sudden increase in player spending was because of the various implementations in the game allowing for playing during the pandemic-induced lockdown. At the fifth spot is Roblox from Roblox Corporation accumulating close to $1.1 billion while the sixth spot has been secured by Mixi's Monster Strike that generated a revenue of $958 million this year. With the top five grossing games, the mobile game industry saw a momentous year, where the overall revenue exceeded those of previous years. "The five one-billion-dollar mobile games in 2020 surpasses the number seen in previous years," said Sensor Tower. A big part of this year saw people isolated inside their homes to fight the coronavirus pandemic. There were global lockdowns forcing people to spend most of their time at homes. Initially, the work from home setups were getting in place, leaving people time for other things, such as mobile gaming. Since smartphones today have matured to handle most games today across price categories, people spend a significant amount of time playing games on their phones. The in-app purchases increased significantly alongside. "So far in 2020, the global mobile games market has generated $75.4 billion, which is already up 19.5 percent from 2019." Summarise this report in a few sentences." summarise in a few sentences.
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Agile decision-making skills, an optimistic outlook and an ability to learn from the past—a CEO must possess these certain traits to become a great leader. Yang Yuanqing, the chairman and CEO Lenovo has them all. The top boss (often referred to as YY) at the $43-billion Chinese PC and smart devices firm is firm in his belief that India is the go-to-market for the company’s future growth. “India is among Lenovo’s leading markets that include countries such as China, the US, Japan and Brazil. The Indian market will spur a new wave of growth for Lenovo in the coming years. We are optimistic that our India business will expand to $5-6 billion over the next few years, driven by growth across PC, smartphone and data centre verticals,” he said at a round table conference in Bengaluru early this month. It isn’t just India where Lenovo is reworking its strategy, it is reiventing itself as it aims to become a new-age firm of the Internet era. “From mostly making hardware to a combination of hardware and software services—from wearables and smartphones to tablets, PCs, servers and software and cloud services, we are diversifying in smart connected devices while maintaining a strong PC and server focus. We want to build Lenovo as the most innovative company in the world,” the Lenovo CEO said. Rahul Agarwal, managing director & CEO, Lenovo India, believes that the company’s ecosystem of devices and services supports that gameplan. Agarwal, who is a veteran at Lenovo/IBM and has held senior leadership positions within Lenovo, has been pursuing an aggressive strategy to capture a major share of the new-age mobility devices market comprising smartphones, tablets and convertibles. “India is one of the largest smartphone markets globally. We are growing at a healthy rate in the smartphone space and expect our growth trajectory to continue with the introduction of newer models.,” said Shashank Sharma, executive director and Asia Pacific leader, Lenovo Mobile Business Group and Motorola. “We have redesigned our products specifically for the Indian market. In the next few months, we intend to have a high profile launch of some of our smartphones under the Lenovo and Motorola brands in different price categories. We plan to have close to 1,000 Motorola branded stores (Moto hubs) across the country, up from the current 700.” Interestingly, Lenovo is pursuing a dual brand strategy in India—operating both Lenovo and Motorola brands. Lenovo is focused on technology and price while Motorola has a strong focus on innovation and new technology experiences. “This has given us the flexibility to offer a combination of premium, mainstream and affordable devices,” said Sharma. Agarwal said that the dual brand strategy has worked in Lenovo’s favour “by helping us maintain our separate identities. In the next two-three years, we will have a similar kind of success for our smartphone business like we had in the PC (personal computer) business.” He affirmed that Lenovo will unveil more affordable devices here. According to IDC, the current market share of Lenovo for PC and smart devices is 22.5%, while for tablets it stands at 29.3%. The data centre group stands at 4.7% and the Motorola market share stands at 6%. Lenovo is looking at a focused sales and marketing strategy to take on competition, especially from Chinese brands such as Xiaomi, OnePlus, Vivo and Oppo. “We can position Motorola in the offline space as a premium brand in India. And Lenovo in the online market space, positioning it more as an entry-level and mainstream brand. Now we have a clear branding strategy for both the products and a much stronger product portfolio targeted mainly towards the Indian consumer,” said Yuanqing, adding, “Our objective is to be the leading provider of smart devices in this smart Internet era.” Summarise this report in a few sentences.
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the top boss at the $43-billion Chinese PC and smart devices firm believes India is the go-to-market for the company’s future growth. the Indian market will spur a new wave of growth for the company in the coming years. the company is reiventing itself as it aims to become a new-age firm of the Internet era.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Agile decision-making skills, an optimistic outlook and an ability to learn from the past—a CEO must possess these certain traits to become a great leader. Yang Yuanqing, the chairman and CEO Lenovo has them all. The top boss (often referred to as YY) at the $43-billion Chinese PC and smart devices firm is firm in his belief that India is the go-to-market for the company’s future growth. “India is among Lenovo’s leading markets that include countries such as China, the US, Japan and Brazil. The Indian market will spur a new wave of growth for Lenovo in the coming years. We are optimistic that our India business will expand to $5-6 billion over the next few years, driven by growth across PC, smartphone and data centre verticals,” he said at a round table conference in Bengaluru early this month. It isn’t just India where Lenovo is reworking its strategy, it is reiventing itself as it aims to become a new-age firm of the Internet era. “From mostly making hardware to a combination of hardware and software services—from wearables and smartphones to tablets, PCs, servers and software and cloud services, we are diversifying in smart connected devices while maintaining a strong PC and server focus. We want to build Lenovo as the most innovative company in the world,” the Lenovo CEO said. Rahul Agarwal, managing director & CEO, Lenovo India, believes that the company’s ecosystem of devices and services supports that gameplan. Agarwal, who is a veteran at Lenovo/IBM and has held senior leadership positions within Lenovo, has been pursuing an aggressive strategy to capture a major share of the new-age mobility devices market comprising smartphones, tablets and convertibles. “India is one of the largest smartphone markets globally. We are growing at a healthy rate in the smartphone space and expect our growth trajectory to continue with the introduction of newer models.,” said Shashank Sharma, executive director and Asia Pacific leader, Lenovo Mobile Business Group and Motorola. “We have redesigned our products specifically for the Indian market. In the next few months, we intend to have a high profile launch of some of our smartphones under the Lenovo and Motorola brands in different price categories. We plan to have close to 1,000 Motorola branded stores (Moto hubs) across the country, up from the current 700.” Interestingly, Lenovo is pursuing a dual brand strategy in India—operating both Lenovo and Motorola brands. Lenovo is focused on technology and price while Motorola has a strong focus on innovation and new technology experiences. “This has given us the flexibility to offer a combination of premium, mainstream and affordable devices,” said Sharma. Agarwal said that the dual brand strategy has worked in Lenovo’s favour “by helping us maintain our separate identities. In the next two-three years, we will have a similar kind of success for our smartphone business like we had in the PC (personal computer) business.” He affirmed that Lenovo will unveil more affordable devices here. According to IDC, the current market share of Lenovo for PC and smart devices is 22.5%, while for tablets it stands at 29.3%. The data centre group stands at 4.7% and the Motorola market share stands at 6%. Lenovo is looking at a focused sales and marketing strategy to take on competition, especially from Chinese brands such as Xiaomi, OnePlus, Vivo and Oppo. “We can position Motorola in the offline space as a premium brand in India. And Lenovo in the online market space, positioning it more as an entry-level and mainstream brand. Now we have a clear branding strategy for both the products and a much stronger product portfolio targeted mainly towards the Indian consumer,” said Yuanqing, adding, “Our objective is to be the leading provider of smart devices in this smart Internet era.” Summarise this report in a few sentences." summarise in a few sentences.
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PayU India cofounder Nitin Gupta, who joined Ola Financial Services (OFS) in December 2017, has stepped down as its CEO, according to an email sent by Ola co-founder and CEO Bhavish Aggarwal to employees on Tuesday. “Nitin is a solid entrepreneur and in his two-plus years with us, has built a great foundation for our OFS business,” Aggarwal wrote in the email. OFS, which operates OlaMoney, will now be led by Ola’s Group CFO and interim UK operations head Harish Abhichandani as its interim CEO as well. Abhichandani was former CFO of Tata Teleservices and Flipkart before joining Ola around August 2017. “Harish has successfully donned the business hat as the Head of our UK operations as well in the past, in addition to the CFO role and I’m looking forward to working with him,” Aggarwal said in the email seen by Financial Express Online. Moreover, OFS also raised over Rs 200 crore from Matrix Partners and Falcon Edge as the company aims to grow its financial services business this year apart from cab-booking business, a person aware of the development told Financial Express Online. However, an Ola official denied confirming the fundraising. Also read: Looking up: E-commerce orders for Amazon, Flipkart, Snapdeal, others recover to near pre-Covid levels Ola had launched wallet app OlaMoney back in 2015 to take on players such as Paytm, FreeCharge, PhonePe etc. for payments, recharges, money transfers, and other services. Ola had last year in November reportedly moved the financial services arm out of the parent entity ANI Technologies to expand its offerings beyond the core business of transportation. “The financial services space in India and in our global markets is significantly underserved due to weak distribution, low trust, and complicated products. We have a once in a lifetime opportunity to change this with the reach and capabilities of our core ridesharing platform,” said Aggarwal. Ola is betting of pushing its financial services amid Covid times as the “need for product innovations in this space is even more relevant”. Summarise this report in a few sentences.
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PayU India cofounder Nitin Gupta has stepped down as its CEO. Ola co-founder and CEO Bhavish Aggarwal sent the email to employees. Ola is betting of pushing its financial services amid Covid times. the company also raised over Rs 200 crore from matrix partners and Falcon Edge. however, an Ola official denied confirming the fundraising.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "PayU India cofounder Nitin Gupta, who joined Ola Financial Services (OFS) in December 2017, has stepped down as its CEO, according to an email sent by Ola co-founder and CEO Bhavish Aggarwal to employees on Tuesday. “Nitin is a solid entrepreneur and in his two-plus years with us, has built a great foundation for our OFS business,” Aggarwal wrote in the email. OFS, which operates OlaMoney, will now be led by Ola’s Group CFO and interim UK operations head Harish Abhichandani as its interim CEO as well. Abhichandani was former CFO of Tata Teleservices and Flipkart before joining Ola around August 2017. “Harish has successfully donned the business hat as the Head of our UK operations as well in the past, in addition to the CFO role and I’m looking forward to working with him,” Aggarwal said in the email seen by Financial Express Online. Moreover, OFS also raised over Rs 200 crore from Matrix Partners and Falcon Edge as the company aims to grow its financial services business this year apart from cab-booking business, a person aware of the development told Financial Express Online. However, an Ola official denied confirming the fundraising. Also read: Looking up: E-commerce orders for Amazon, Flipkart, Snapdeal, others recover to near pre-Covid levels Ola had launched wallet app OlaMoney back in 2015 to take on players such as Paytm, FreeCharge, PhonePe etc. for payments, recharges, money transfers, and other services. Ola had last year in November reportedly moved the financial services arm out of the parent entity ANI Technologies to expand its offerings beyond the core business of transportation. “The financial services space in India and in our global markets is significantly underserved due to weak distribution, low trust, and complicated products. We have a once in a lifetime opportunity to change this with the reach and capabilities of our core ridesharing platform,” said Aggarwal. Ola is betting of pushing its financial services amid Covid times as the “need for product innovations in this space is even more relevant”. Summarise this report in a few sentences." summarise in a few sentences.
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Those asking that the stock markets be shut down need to rethink their demand. It is true investors have been bruised, and promoters’ wealth has been eroded—and, possibly, their collateral against loans is eroding—but, discontinuing trading means taking away an opportunity from those who want to buy or sell. That is patently unfair, and will add to the pressure when the markets finally open. The regulator’s measures aimed at reining in excessive speculation should do the trick. Short positions in the derivatives segment can no longer exceed the underlying value of cash holdings, or the collateral provided. That is a fair rule as it keeps the market safe. Also, market-wide position limits for the extremely volatile stocks—those that see an average daily variation of 15% during the week—have been halved. So, just about 10% of the market cap of a company would be traded, compared with 20% before this. In addition, the margins for trading in these stocks have been raised, which would make it costlier for traders. And, for good measure, the penalties for any breach are now five times higher. In fact, the regulator has hiked penalties—by up to ten times—for various breaches. Sebi has also upped the margins to 40%—in a phased manner—for volatile stocks in the cash segment, a fairly high level. One could always argue that Sebi needed to have stepped in earlier and contained the damage, but a demand to ban short-sales totally, as has been done in other markets, is not justified. With naked shorts now banned, there is no reason not to allow intra-day short-selling. As is well-accepted, day trading adds to the volumes, and large volumes are particularly critical at times like these. For all the volatility and the big crash, it must be said that no defaults have been reported so far. Those who have lost money have only themselves to blame. It was evident, even before the coronavirus pandemic, that stocks were hugely over-valued, and that the benchmark indices were being driven up by just a dozen stocks. More than 80% of the stocks have lost value since early 2018, and the trend worsening over the past two years is not surprising since corporate earnings have been very poor. An FE Index that tracks how firms with a market capitalisation of Rs 1,000 crore plus have fared has done badly. The truth is, investors get carried away by fund managers, who are always talking up the market. Analysts, for their part, are often compelled to paint a picture that is rosier than it actually is, and brokerages need to get their clients to trade as much as possible so that they survive. But, the blame, for any loss, must ultimately lie with the investor who simply doesn’t believe in caveat emptor. A more cautious approach to investing would spare savers much grief. Summarise this report in a few sentences.
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short positions in derivatives segment can no longer exceed underlying value of cash. market-wide position limits for extremely volatile stocks have been halved. sebi has hiked penalties—by up to ten times—for various breaches. more than 80% of the stocks have lost value since early 2018,. a FE Index of 225 stocks has been lowered to a.1 level.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Those asking that the stock markets be shut down need to rethink their demand. It is true investors have been bruised, and promoters’ wealth has been eroded—and, possibly, their collateral against loans is eroding—but, discontinuing trading means taking away an opportunity from those who want to buy or sell. That is patently unfair, and will add to the pressure when the markets finally open. The regulator’s measures aimed at reining in excessive speculation should do the trick. Short positions in the derivatives segment can no longer exceed the underlying value of cash holdings, or the collateral provided. That is a fair rule as it keeps the market safe. Also, market-wide position limits for the extremely volatile stocks—those that see an average daily variation of 15% during the week—have been halved. So, just about 10% of the market cap of a company would be traded, compared with 20% before this. In addition, the margins for trading in these stocks have been raised, which would make it costlier for traders. And, for good measure, the penalties for any breach are now five times higher. In fact, the regulator has hiked penalties—by up to ten times—for various breaches. Sebi has also upped the margins to 40%—in a phased manner—for volatile stocks in the cash segment, a fairly high level. One could always argue that Sebi needed to have stepped in earlier and contained the damage, but a demand to ban short-sales totally, as has been done in other markets, is not justified. With naked shorts now banned, there is no reason not to allow intra-day short-selling. As is well-accepted, day trading adds to the volumes, and large volumes are particularly critical at times like these. For all the volatility and the big crash, it must be said that no defaults have been reported so far. Those who have lost money have only themselves to blame. It was evident, even before the coronavirus pandemic, that stocks were hugely over-valued, and that the benchmark indices were being driven up by just a dozen stocks. More than 80% of the stocks have lost value since early 2018, and the trend worsening over the past two years is not surprising since corporate earnings have been very poor. An FE Index that tracks how firms with a market capitalisation of Rs 1,000 crore plus have fared has done badly. The truth is, investors get carried away by fund managers, who are always talking up the market. Analysts, for their part, are often compelled to paint a picture that is rosier than it actually is, and brokerages need to get their clients to trade as much as possible so that they survive. But, the blame, for any loss, must ultimately lie with the investor who simply doesn’t believe in caveat emptor. A more cautious approach to investing would spare savers much grief. Summarise this report in a few sentences." summarise in a few sentences.
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The dollar traded just below a 16-month high versus a basket of peers, benefiting from save-haven flows as investors shunned riskier assets because of political uncertainties in Europe and fears of a global economic slowdown. Investor confidence has been eroded by bitter trade tensions between the United States and China, fears of a no-deal Brexit, and a standoff between Rome and the European Union over Italy’s deficit-deepening budget. Added to that litany is a view that corporate earnings growth has peaked amid rising borrowing costs. Shares on Wall Street tumbled on Monday with falls led by technology stocks. The bearish mood crept into Asian trade as well with the MSCI ex-Japan index falling 0.8 percent to trade at 477.5 on Tuesday. READ ALSO | Crude oil falls as Donald Trump raps OPEC’s supply cut plan, global markets skid The U.S. Federal Reserve is set to raise rates by 25 basis points in December, with two more hikes to follow by mid-2019, as wage pressures build in a booming economy.. The CME group’s FedWatch tool puts the probability of a December rate hike at 75 percent. The dollar index, a gauge of its value versus six major peers, traded at 97.60, sitting just shy of its 16-month high of 97.69 hit on Monday. “The dollar has broken out of a 17-month range on the back of safe-haven buying, led by falling equity prices as well as the heavy sell-offs in the euro and sterling,” said Nick Twidale, chief operating officer at Rakuten Securities. The Japanese yen was the only major currency to gain versus the dollar overnight as risk aversion caught hold of investors. It traded at 113.66 on Tuesday, as the greenback lost 0.16 percent versus the yen. The yen touched a six-week low of 114.20 on Monday before the safe-haven bids kicked in. The dollar has been preferred over the yen due to the diverging monetary policies of the Fed and the Bank of Japan, which is expected to retain its ultra-loose monetary policy settings for some time in the face stubbornly sluggish inflation. But analysts believe that the yen will strengthen thanks to its safe-haven status if global risk sentiment worsens. “The yen will now have a greater safe haven pull than the dollar if equities witness a further correction. We see dollar/yen downside in that scenario,” added Twidale. Sterling traded with a weak bias in early Asian trade at $1.2856. It has slipped against the dollar in the last three trading sessions and posted its largest percentage decline versus the dollar since Sept. 21 on Monday. Investor sentiment has weakened as doubts grow over Prime Minister Theresa May’s ability to win the backing of the European Union or her own party for a Brexit deal. With less than five months before Britain is due to leave the EU on March 29, negotiations are still stuck over how to prevent a return to a hard border between British-ruled Northern Ireland and EU member Ireland. Sterling bounced slightly from Monday’s intraday lows after the European Union’s chief Brexit negotiator said the main elements of an exit treaty text are ready to present to the British cabinet on Tuesday. The euro gained 0.1 percent to trade at $1.1227 on Tuesday, after tumbling more than one percent versus the dollar on . The standoff between Rome and Brussels over Italy’s free spending budget and wide fiscal deficit has put immense strain on the single currency, which has having lost 5.9 percent of its value over the last six months. The European Commission rejected Italy’s 2019 budget last month, saying it flouted a previous commitment to lower the country’s deficit. Italy is expected to submit a revised version of its budget on Tuesday, keeping euro traders active. Summarise this report in a few sentences.
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dollar traded just shy of its 16-month high of 97.69 on monday. investors shunned riskier assets because of political uncertainties in Europe. the dollar has been preferred over the yen due to diverging monetary policies. but analysts believe the dollar is a better bet for investors. the yen is the only major currency to gain versus the dollar.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The dollar traded just below a 16-month high versus a basket of peers, benefiting from save-haven flows as investors shunned riskier assets because of political uncertainties in Europe and fears of a global economic slowdown. Investor confidence has been eroded by bitter trade tensions between the United States and China, fears of a no-deal Brexit, and a standoff between Rome and the European Union over Italy’s deficit-deepening budget. Added to that litany is a view that corporate earnings growth has peaked amid rising borrowing costs. Shares on Wall Street tumbled on Monday with falls led by technology stocks. The bearish mood crept into Asian trade as well with the MSCI ex-Japan index falling 0.8 percent to trade at 477.5 on Tuesday. READ ALSO | Crude oil falls as Donald Trump raps OPEC’s supply cut plan, global markets skid The U.S. Federal Reserve is set to raise rates by 25 basis points in December, with two more hikes to follow by mid-2019, as wage pressures build in a booming economy.. The CME group’s FedWatch tool puts the probability of a December rate hike at 75 percent. The dollar index, a gauge of its value versus six major peers, traded at 97.60, sitting just shy of its 16-month high of 97.69 hit on Monday. “The dollar has broken out of a 17-month range on the back of safe-haven buying, led by falling equity prices as well as the heavy sell-offs in the euro and sterling,” said Nick Twidale, chief operating officer at Rakuten Securities. The Japanese yen was the only major currency to gain versus the dollar overnight as risk aversion caught hold of investors. It traded at 113.66 on Tuesday, as the greenback lost 0.16 percent versus the yen. The yen touched a six-week low of 114.20 on Monday before the safe-haven bids kicked in. The dollar has been preferred over the yen due to the diverging monetary policies of the Fed and the Bank of Japan, which is expected to retain its ultra-loose monetary policy settings for some time in the face stubbornly sluggish inflation. But analysts believe that the yen will strengthen thanks to its safe-haven status if global risk sentiment worsens. “The yen will now have a greater safe haven pull than the dollar if equities witness a further correction. We see dollar/yen downside in that scenario,” added Twidale. Sterling traded with a weak bias in early Asian trade at $1.2856. It has slipped against the dollar in the last three trading sessions and posted its largest percentage decline versus the dollar since Sept. 21 on Monday. Investor sentiment has weakened as doubts grow over Prime Minister Theresa May’s ability to win the backing of the European Union or her own party for a Brexit deal. With less than five months before Britain is due to leave the EU on March 29, negotiations are still stuck over how to prevent a return to a hard border between British-ruled Northern Ireland and EU member Ireland. Sterling bounced slightly from Monday’s intraday lows after the European Union’s chief Brexit negotiator said the main elements of an exit treaty text are ready to present to the British cabinet on Tuesday. The euro gained 0.1 percent to trade at $1.1227 on Tuesday, after tumbling more than one percent versus the dollar on . The standoff between Rome and Brussels over Italy’s free spending budget and wide fiscal deficit has put immense strain on the single currency, which has having lost 5.9 percent of its value over the last six months. The European Commission rejected Italy’s 2019 budget last month, saying it flouted a previous commitment to lower the country’s deficit. Italy is expected to submit a revised version of its budget on Tuesday, keeping euro traders active. Summarise this report in a few sentences." summarise in a few sentences.
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Silver Lake Partners’ — one of the biggest private equity firms — investment of $750 million in Reliance Industries’ Jio Platforms is a sign of global technology investors’ confidence on the Indian digital ecosystem and its growth potential. The fact that Reliance has managed to garner a second tranche of equity investment within 10 days of Facebook’s $5.7 billion round, that too at a 12.5 percent premium, is an indication of company’s growth prospects, readiness and trajectory. With the Silver Lake investment, Jio Platform’s valuation of $65.95 billion, forms 53 percent of the total Reliance Industries’ valuation of $121 billion. Clearly, Jio is evolving into a significant player within the group. For Silver Lake, this investment and deal is beneficial in three key areas. First, India is one of the biggest and fastest growing digital and Internet economies in the world, and with a significant headroom for growth. In the last couple of years, this market has witnessed several Chinese companies and their products enter and grow exponentially. Beyond communication, services such as media consumption, creation, digital commerce, gaming, productivity, etc., have only recently been introduced to mass market consumers in India. With this infusion, Silver Lake manages to invest in a growing market right at the inflection point of its digital economy take-off. Also in its a leading player, who is not only well versed, but is also fast getting well-equipped to evolve into an end-to-end digital company catering to India at mass market scale. Second, with garnering over 370 million 4G mobile subscribers in three-and-a-half years, after launching the mobile services business as a challenger (as the market already had a billion-plus subscribers), Reliance Jio has proven its significant brand building, distribution and operations prowess. This makes the company a valuable partner and bet from Silver Lake’s point of view. Investments, especially private investments, into technology companies in India, in the recent years, have focused on the operational capabilities and execution mindset of the founding teams, instead of on the technology innovation(s). Almost all the heavily-capitalised technology startups in India are ‘India versions’ of global companies, with significant operations ramp up, and are seldom technology innovators or IP (Intellectual Property) builders. From this standpoint, the Jio Platforms has already proven its growth capabilities. Third, for any foreign company or investor focused on India, the need to be on the right side of policy is a big part of their success in this country. In recent years, Reliance Jio has been careful enough to take all the right decisions in this space. For Reliance Jio, garnering investments to the tune of $6.5 billion from two of the biggest players in their respective fields, in a pandemic-struck, chaotic economic environment is a significant achievement. This will help the Reliance group to provide confidence to its existing shareholders on its ability to attract global players, along with growth potential. This could also pave way for other global investors to view the Indian market and players favourably, despite the economic slump. One of the biggest technology-focused PE firms with a strong portfolio which includes players such as Twitter, AirBnB, Alibaba, Dell Technologies, ANT Financials, Expedia, Waymo, etc., is a great partner for Reliance Jio. It can learn from the biggest and best from around the world. From technology innovations, platforms, products, solutions, digital consumer behaviour and key learnings from around the world, both the Facebook and Silver Lake partnerships are significantly beneficial for the company. For both the players, a huge potential is in figuring out ‘Data Monetisation’. Globally, it is still early days of monetising data. Nobody has yet cracked a model for end-to-end value generation and capitalisation of data and its myriad forms and offerings. India, the biggest and fastest growing smartphone and Internet economies, is the right and ripe playground for experimenting multiple techno-commercial offerings and pick the best that suits the needs and ambitions of both the players. This partnership could also be a first step in that direction. Jayanth Kolla is Partner, Convergence Catalyst. Views are personal. Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. Summarise this report in a few sentences.
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silver lake invests $750 million in reliance's Jio Platforms. investment is a sign of global technology investors' confidence on the Indian digital ecosystem and its growth potential. reliance has garnered a second tranche of equity investment within 10 days of facebook's $5.7 billion round. a second tranche of equity investment is an indication of company's growth prospects, readiness and trajectory.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Silver Lake Partners’ — one of the biggest private equity firms — investment of $750 million in Reliance Industries’ Jio Platforms is a sign of global technology investors’ confidence on the Indian digital ecosystem and its growth potential. The fact that Reliance has managed to garner a second tranche of equity investment within 10 days of Facebook’s $5.7 billion round, that too at a 12.5 percent premium, is an indication of company’s growth prospects, readiness and trajectory. With the Silver Lake investment, Jio Platform’s valuation of $65.95 billion, forms 53 percent of the total Reliance Industries’ valuation of $121 billion. Clearly, Jio is evolving into a significant player within the group. For Silver Lake, this investment and deal is beneficial in three key areas. First, India is one of the biggest and fastest growing digital and Internet economies in the world, and with a significant headroom for growth. In the last couple of years, this market has witnessed several Chinese companies and their products enter and grow exponentially. Beyond communication, services such as media consumption, creation, digital commerce, gaming, productivity, etc., have only recently been introduced to mass market consumers in India. With this infusion, Silver Lake manages to invest in a growing market right at the inflection point of its digital economy take-off. Also in its a leading player, who is not only well versed, but is also fast getting well-equipped to evolve into an end-to-end digital company catering to India at mass market scale. Second, with garnering over 370 million 4G mobile subscribers in three-and-a-half years, after launching the mobile services business as a challenger (as the market already had a billion-plus subscribers), Reliance Jio has proven its significant brand building, distribution and operations prowess. This makes the company a valuable partner and bet from Silver Lake’s point of view. Investments, especially private investments, into technology companies in India, in the recent years, have focused on the operational capabilities and execution mindset of the founding teams, instead of on the technology innovation(s). Almost all the heavily-capitalised technology startups in India are ‘India versions’ of global companies, with significant operations ramp up, and are seldom technology innovators or IP (Intellectual Property) builders. From this standpoint, the Jio Platforms has already proven its growth capabilities. Third, for any foreign company or investor focused on India, the need to be on the right side of policy is a big part of their success in this country. In recent years, Reliance Jio has been careful enough to take all the right decisions in this space. For Reliance Jio, garnering investments to the tune of $6.5 billion from two of the biggest players in their respective fields, in a pandemic-struck, chaotic economic environment is a significant achievement. This will help the Reliance group to provide confidence to its existing shareholders on its ability to attract global players, along with growth potential. This could also pave way for other global investors to view the Indian market and players favourably, despite the economic slump. One of the biggest technology-focused PE firms with a strong portfolio which includes players such as Twitter, AirBnB, Alibaba, Dell Technologies, ANT Financials, Expedia, Waymo, etc., is a great partner for Reliance Jio. It can learn from the biggest and best from around the world. From technology innovations, platforms, products, solutions, digital consumer behaviour and key learnings from around the world, both the Facebook and Silver Lake partnerships are significantly beneficial for the company. For both the players, a huge potential is in figuring out ‘Data Monetisation’. Globally, it is still early days of monetising data. Nobody has yet cracked a model for end-to-end value generation and capitalisation of data and its myriad forms and offerings. India, the biggest and fastest growing smartphone and Internet economies, is the right and ripe playground for experimenting multiple techno-commercial offerings and pick the best that suits the needs and ambitions of both the players. This partnership could also be a first step in that direction. Jayanth Kolla is Partner, Convergence Catalyst. Views are personal. Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. Summarise this report in a few sentences." summarise in a few sentences.
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By Ashok Gulati & Harsh Wardhan As Prime Minister Modi announced an all-India lockdown for three weeks to break the chain of Covid-19, one could see the extent of the threat. It reminded one of the 1918 Spanish flu, which infected 500 million people globally when the world’s population was just 1.8 billion, killed 50 million, of which the largest deaths (estimated 14-18 million) were in India. Obviously, the PM did not want to take any chances. And, he was right. But, this lockdown also led to pandemonium. Migrant labourers from Mumbai, Delhi, and other metros left in herds for their homes in Bihar, Jharkhand, UP, etc. God forbid, if some of them were already infected, this virus will go to every nook and corner of the country, with hardly any facilities to even test its existence in rural areas. Relief measures followed. A welfare package of Rs 1.7 lakh crore was announced by the finance minister. This is too small to cope with the onslaught of this virus. We believe, the final package, including compensation for business losses, will be at least Rs 5-6 lakh crore, if not more. How does one finance this cost? Windfall gains from crude price crash, diverting all subsidies and some development funds, CSR funds of the private sector and invoking India’s corporate leaders to come forward, deficit financing, and even a clarion call by the PM to all those in the organised sector with fixed salaries (say, above Rs 50,000/month) to voluntarily contribute at least 10% of their salaries for combating the spillover effects of this virus. But here, we focus on handling food supply lines, ensuring that people don’t go hungry, but also that they don’t crowd a few selling points, which can become hotspots of spreading the virus. Food is essential and, as they say, no army can march on an empty stomach even for a few days. Those who are confined within the ‘Laxman Rekha’ of their homes graze more often in the kitchen. While the government has already announced that beneficiaries of the public distribution system can avail of three months ration in one go, the challenge is to ensure that Fair Price Shops deliver this in an orderly manner, and that their own supply lines remain intact. Home (street) delivery would be ideal in such times to avoid crowding at one place. This is where civil society, with due safety gears, can play a role. From NGOs and Resident Welfare Associations to religious organisations and paramilitary forces, all can be engaged in orderly and safe distribution of food, both pre-cooked and fresh. Those NGOs with experience in food preparation and distribution (the likes of Akshaya Patra) can be at the forefront to guide the local authorities. The challenge, however, is of supplying perishables like fruits and vegetables, milk, and so on. All these need to move on mobile vans in packaged conditions from street to street. The weekly haats/markets need to be temporarily suspended, lest they become viral spreading centres, as everyone touches and feels the quality of vegetables when buying in crowded vegetable markets. Sabzi walas can work with civil society organisations as well as e-commerce players to do this job in a safe manner. This is about handling the retail distribution, be it of grains, or of fresh food. But, these retail distribution lines need to be seamlessly linked to wholesale supply lines of food. Luckily, government godowns are overflowing with wheat and rice—about 77 MMT on March 1, against a buffer stock norm of 21.4 MMT on April 1. And, procurement operations for rabi crops are just around the corner. FCI, and other procuring agencies need to be fully trained on safety precautions, and supplied safety gear, so that wholesale supply lines don’t get choked. Better to give farmers Rs 50/quintal per month as incentive to stagger bringing produce to the market, say after May 10. They need to be screened, trained, and given safety gear to handle food. Another big question is how to handle mandi operations for fresh produce in large APMC mandis, like Azadpur in Delhi, and Vashi in Mumbai, with due safety from the virus. These mandis are creaking from overload of produce, and a large labour force handling the produce without any modernisation or safety gears. The challenge of screening and providing safety kits to these workers becomes doubly daunting, but is critical to stop the spread of virus to every home. We don’t think we are fully prepared for that, and that should come up on as much a priority as the safety of frontline health warriors. Also, we should use this opportunity to suspend the APMC Act and encourage NGOs, civil society, and corporate houses, to directly procure from farmers. It is interesting to note that normally, in such times, prices of essential food items erupt. Paradoxically, in India, some food items, like chicken and eggs, have registered a sharp fall! In Gazipur mandi, Delhi, for example, broiler price declined from Rs 55/kg in January 2020 to Rs 24/kg in March. Egg prices have fallen from Rs 4/egg to Rs 1.95/egg in Namakkal over the same period. This also pushed maize prices down as poultry is largely packaged maize feed. The government may have to think of compensating poultry and maize farmers in due course. Finally, when things settle, it will be worth knowing how this virus spread all the way from Wuhan to Iran to Italy to Washington and the world. Who failed in their duty to blow the whistle and alert the world in time? Is it China, WHO or simple lethargy of the world to quickly respond to outbreak of such virus. We need better global governance for pandemics to avert the next crisis. (Gulati is Infosys Chair Professor for Agriculture & Wardhan is consultant, ICRIER. Views are personal) Summarise this report in a few sentences.
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the virus has spread to every nook and corner of the country. the government has announced a welfare package of Rs 1.7 lakh crore. this is too small to cope with the onslaught of this virus. the government is focusing on handling food supply lines. but it is also a challenge to ensure that fair price shops deliver this in an orderly manner.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "By Ashok Gulati & Harsh Wardhan As Prime Minister Modi announced an all-India lockdown for three weeks to break the chain of Covid-19, one could see the extent of the threat. It reminded one of the 1918 Spanish flu, which infected 500 million people globally when the world’s population was just 1.8 billion, killed 50 million, of which the largest deaths (estimated 14-18 million) were in India. Obviously, the PM did not want to take any chances. And, he was right. But, this lockdown also led to pandemonium. Migrant labourers from Mumbai, Delhi, and other metros left in herds for their homes in Bihar, Jharkhand, UP, etc. God forbid, if some of them were already infected, this virus will go to every nook and corner of the country, with hardly any facilities to even test its existence in rural areas. Relief measures followed. A welfare package of Rs 1.7 lakh crore was announced by the finance minister. This is too small to cope with the onslaught of this virus. We believe, the final package, including compensation for business losses, will be at least Rs 5-6 lakh crore, if not more. How does one finance this cost? Windfall gains from crude price crash, diverting all subsidies and some development funds, CSR funds of the private sector and invoking India’s corporate leaders to come forward, deficit financing, and even a clarion call by the PM to all those in the organised sector with fixed salaries (say, above Rs 50,000/month) to voluntarily contribute at least 10% of their salaries for combating the spillover effects of this virus. But here, we focus on handling food supply lines, ensuring that people don’t go hungry, but also that they don’t crowd a few selling points, which can become hotspots of spreading the virus. Food is essential and, as they say, no army can march on an empty stomach even for a few days. Those who are confined within the ‘Laxman Rekha’ of their homes graze more often in the kitchen. While the government has already announced that beneficiaries of the public distribution system can avail of three months ration in one go, the challenge is to ensure that Fair Price Shops deliver this in an orderly manner, and that their own supply lines remain intact. Home (street) delivery would be ideal in such times to avoid crowding at one place. This is where civil society, with due safety gears, can play a role. From NGOs and Resident Welfare Associations to religious organisations and paramilitary forces, all can be engaged in orderly and safe distribution of food, both pre-cooked and fresh. Those NGOs with experience in food preparation and distribution (the likes of Akshaya Patra) can be at the forefront to guide the local authorities. The challenge, however, is of supplying perishables like fruits and vegetables, milk, and so on. All these need to move on mobile vans in packaged conditions from street to street. The weekly haats/markets need to be temporarily suspended, lest they become viral spreading centres, as everyone touches and feels the quality of vegetables when buying in crowded vegetable markets. Sabzi walas can work with civil society organisations as well as e-commerce players to do this job in a safe manner. This is about handling the retail distribution, be it of grains, or of fresh food. But, these retail distribution lines need to be seamlessly linked to wholesale supply lines of food. Luckily, government godowns are overflowing with wheat and rice—about 77 MMT on March 1, against a buffer stock norm of 21.4 MMT on April 1. And, procurement operations for rabi crops are just around the corner. FCI, and other procuring agencies need to be fully trained on safety precautions, and supplied safety gear, so that wholesale supply lines don’t get choked. Better to give farmers Rs 50/quintal per month as incentive to stagger bringing produce to the market, say after May 10. They need to be screened, trained, and given safety gear to handle food. Another big question is how to handle mandi operations for fresh produce in large APMC mandis, like Azadpur in Delhi, and Vashi in Mumbai, with due safety from the virus. These mandis are creaking from overload of produce, and a large labour force handling the produce without any modernisation or safety gears. The challenge of screening and providing safety kits to these workers becomes doubly daunting, but is critical to stop the spread of virus to every home. We don’t think we are fully prepared for that, and that should come up on as much a priority as the safety of frontline health warriors. Also, we should use this opportunity to suspend the APMC Act and encourage NGOs, civil society, and corporate houses, to directly procure from farmers. It is interesting to note that normally, in such times, prices of essential food items erupt. Paradoxically, in India, some food items, like chicken and eggs, have registered a sharp fall! In Gazipur mandi, Delhi, for example, broiler price declined from Rs 55/kg in January 2020 to Rs 24/kg in March. Egg prices have fallen from Rs 4/egg to Rs 1.95/egg in Namakkal over the same period. This also pushed maize prices down as poultry is largely packaged maize feed. The government may have to think of compensating poultry and maize farmers in due course. Finally, when things settle, it will be worth knowing how this virus spread all the way from Wuhan to Iran to Italy to Washington and the world. Who failed in their duty to blow the whistle and alert the world in time? Is it China, WHO or simple lethargy of the world to quickly respond to outbreak of such virus. We need better global governance for pandemics to avert the next crisis. (Gulati is Infosys Chair Professor for Agriculture & Wardhan is consultant, ICRIER. Views are personal) Summarise this report in a few sentences." summarise in a few sentences.
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live bse live nse live Volume Todays L/H More × Consumer wellness firm Zydus Wellness has said it will take a three-pronged strategy to drive growth going forward. As a part of the strategy, the company would accelerate growth of core brands with innovations to focus on portfolio diversification and expansion with an aim to recruit new customers. Besides, it is planning differentiated propositions for the products supported by strong "Go To Market", Zydus Wellness said in an investors' presentation. The second pillar of the strategy is building scale in international business by focusing on South Asian Association for Regional Cooperation (SAARC) countries, the Middle East and Africa region and Southeast Asia region, it added. The company is also planning to enter new markets with relevant offering as part of expanding its geographical footprint, Zydus Wellness said. Leveraging mergers and acquisitions is the third part of the company's strategy to significantly grow scale. The firm has a successful track record of integrating acquisitions, and is also open to bolt-on acquisitions at the right time, it said. Summarise this report in a few sentences.
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the company will focus on diversification and expansion to recruit new customers. it is planning differentiated propositions for the products supported by strong "Go To Market" the second pillar of the strategy is building scale in international business. the company is also planning to enter new markets with relevant offering. leveraging mergers and acquisitions is the third part of the company's strategy.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "live bse live nse live Volume Todays L/H More × Consumer wellness firm Zydus Wellness has said it will take a three-pronged strategy to drive growth going forward. As a part of the strategy, the company would accelerate growth of core brands with innovations to focus on portfolio diversification and expansion with an aim to recruit new customers. Besides, it is planning differentiated propositions for the products supported by strong "Go To Market", Zydus Wellness said in an investors' presentation. The second pillar of the strategy is building scale in international business by focusing on South Asian Association for Regional Cooperation (SAARC) countries, the Middle East and Africa region and Southeast Asia region, it added. The company is also planning to enter new markets with relevant offering as part of expanding its geographical footprint, Zydus Wellness said. Leveraging mergers and acquisitions is the third part of the company's strategy to significantly grow scale. The firm has a successful track record of integrating acquisitions, and is also open to bolt-on acquisitions at the right time, it said. Summarise this report in a few sentences." summarise in a few sentences.
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Its been the Ides of February for public sector banks (PSBs). First, Bank of Baroda faced questions on business practices and customers in South Africa.Next, the State Bank of India declared a quarterly loss, its first in 17 years. Finally, Punjab National Bank announced a $1.8-billion fraud, the net liability of which to the bank (and the banking system) is yet to be determined. Three of the largest PSBs with negative news haveadded fresh decibel levels to the clamour for reform of PSBs.And “reform” in the context of PSB usually means one silver bullet — privatisation. From the commentariat to the mass media, the cause of outrage is simple. PSBs are a den of inefficiency and corruption, require taxpayer-funded bailouts periodically, and consequently reduce economic vitality. The solution, therefore, is simple: privatise the banks, save fiscal resources and let a dynamic private sector engender a cleaner, more efficient banking system to better support the economy.There is a way bad ideas tend to seep into consciousness, just like bad cholesterol into the body. Privatisation as a solution, even panacea, for India’s banking problem is one such spectacularly bad idea. Why? Let us look at some basic facts.The global financial crisis (GFC) in 2008 showed up in stark systemic measure what has been true for many decades – losses arising out of banking failures are “social” obligations, to be underwritten by taxpayers, irrespective of the ownership structure of banks.In 2008, a raft of European and American banks, all privately owned, had to be bailed out by governments. The list of institutions bailed out included some of the best known brands in the business. While 2008 is fresh in memory because of its global scale and impact, it was neither the first, nor did it end being the last. Japanese banks in the late 1980s, Korean banks in the late 1990s (post the Asian financial crisis) predated the 2008 crisis, where taxpayer money was used to bail out privately-owned banks in crisis. Since 2008, we have seen no let up. As recently as June 2017, the Italian government underwrote a $25 billion bailout of a bunch of banks, including Monte Dei Paschi, the fourth largest bank in Italy.Closer home, privately-owned Global Trust Bank and Bank of Rajasthan had to be rescued with state support. The reason for the above is quite simple — banking isn’t the same as soaps, or steel, or hotels.Banking failures have large social consequences given the deep financial linkages banks have with each other as well as with other parts of the economy — what is popularly known in economics jargon as “network externalities”. Above all, the presence of the “small depositor”, the proverbial last man in the queue, makes it politically impossible to let banks fail.Ergo, banking losses tend to be nationalised, almost always. The obvious question that begs itself therefore, how much merit is there in profits being private? Nationalising losses, privatising profits — could be termed as “reform” in some circles, but would be a mighty tough to sell in popular consciousness.The TARP or Troubled Assets Reconstruction Program strategy of the US government to bail out US banks in 2008 cost approximately $800 billion. How much has the Government of India spent, over the years, on PSB bailouts? How does it compare with the rest of the world? Contrary to the popular narrative, Indian banks (predominantly PSB) have required very little bailouts over the years, compared to the rest of the world. Both in terms of direct fiscal costs as well as indirect costs to the economy, banking bailouts in India have been quite modest in terms of their impact. An IMF Working Paper on Systemic Banking Crisis, covering all banking and sovereign crises between 1970 and 2011 brings out the data starkly.As can be seen in the table, average fiscal cost of bank bailouts across the world was 6.8% of GDP between 1970 and 2011. For emerging economies, the cost was 10% of GDP. For India, in the same period, bank bailouts cost far less than 1% of GDP, a negligible amount.The current PSB recapitalisation plan announced by the government, amounting to Rs 2.11 lakh crore over two years, would account for less than 0.5% of current year GDP, and less than 0.25% annualised for two years. Further, India’s bank bailouts have extracted far less cost out of the Indian economy than bank stress situations elsewhere.Typically, a systemic banking stress situation results in economic disruptions, run on the more vulnerable banks and a long period of economic deceleration. Japan went into a 30-year slowdown post the banking crisis in the late 1980s.US and Europe had multi-year slowdowns post GFC 2008. In almost all cases, financial markets saw massive disruptions and crisis of confidence that took many years to mend, reflecting in slow economic growth. India, on the other hand, suffered from very little disruption – either to financial markets or to economic growth.Despite a sticky systemic NPA issue with PSB for five years, we have had no run on a bank, no stress in the money markets and limited impact on growth.While there are many reasons for this, a big reason has been state ownership of the banking system. It has meant that bank liabilities have implicit sovereign guarantee, which maintained confidence of the markets in the banking system.The popular chestnut is that PSB are structurally vulnerable to poor governance, resulting in the run-up in NPAs. Data, yet again, militate against the hypothesis.While there might be cases of fraudulent behaviour, they are not the overwhelming cause for the accretion of NPAs in PSB. Second, cases of governance breakdowns are not a monopoly of PSB — globally and in India, many privately-owned banks have been regularly identified with such errors of omission and commissions. Global regulatory fines on banks run into many billions of dollars every year.The Economic Survey 2016-17 studied the causes of the large NPA build-up in PSB. A very large part of it can be attributed to a growth-induced credit bubble, followed by macroeconomic and regulatory issues that burst the bubble rudely. Corruption and malfeasance were not identified as a key variable.Can governance in PSB get better? The answer is an obvious yes. But on the whole, India has had a great, atypical experience with banking risks. At comparatively low costs to the fisc as well as to the economy, banking crises have been managed. We could continue with this model, improve it at the margin with more operating independence for PSB, better governance etc.Or we could bite the reform mantra on tenuous logic and data, privatise, and end up with a privatised banking system, prone to periodic black swan risks, necessitating large taxpayer bailouts periodically.To paraphrase a popular adage, with friends (of reforms) like these, who needs enemies?(The author is head-investment advisory & strategy, products and international business at ASK Wealth Advisors.) Summarise this report in a few sentences.
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privatisation as a panacea for india’s banking problem is one such spectacularly bad idea. a raft of European and american banks, all privately owned, had to be bailed out by governments. since 2008, we have seen no let up. the italian government underwrote a $25 billion bailout of a bunch of banks, including Monte Dei Paschi, the fourth largest bank in. Italy.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Its been the Ides of February for public sector banks (PSBs). First, Bank of Baroda faced questions on business practices and customers in South Africa.Next, the State Bank of India declared a quarterly loss, its first in 17 years. Finally, Punjab National Bank announced a $1.8-billion fraud, the net liability of which to the bank (and the banking system) is yet to be determined. Three of the largest PSBs with negative news haveadded fresh decibel levels to the clamour for reform of PSBs.And “reform” in the context of PSB usually means one silver bullet — privatisation. From the commentariat to the mass media, the cause of outrage is simple. PSBs are a den of inefficiency and corruption, require taxpayer-funded bailouts periodically, and consequently reduce economic vitality. The solution, therefore, is simple: privatise the banks, save fiscal resources and let a dynamic private sector engender a cleaner, more efficient banking system to better support the economy.There is a way bad ideas tend to seep into consciousness, just like bad cholesterol into the body. Privatisation as a solution, even panacea, for India’s banking problem is one such spectacularly bad idea. Why? Let us look at some basic facts.The global financial crisis (GFC) in 2008 showed up in stark systemic measure what has been true for many decades – losses arising out of banking failures are “social” obligations, to be underwritten by taxpayers, irrespective of the ownership structure of banks.In 2008, a raft of European and American banks, all privately owned, had to be bailed out by governments. The list of institutions bailed out included some of the best known brands in the business. While 2008 is fresh in memory because of its global scale and impact, it was neither the first, nor did it end being the last. Japanese banks in the late 1980s, Korean banks in the late 1990s (post the Asian financial crisis) predated the 2008 crisis, where taxpayer money was used to bail out privately-owned banks in crisis. Since 2008, we have seen no let up. As recently as June 2017, the Italian government underwrote a $25 billion bailout of a bunch of banks, including Monte Dei Paschi, the fourth largest bank in Italy.Closer home, privately-owned Global Trust Bank and Bank of Rajasthan had to be rescued with state support. The reason for the above is quite simple — banking isn’t the same as soaps, or steel, or hotels.Banking failures have large social consequences given the deep financial linkages banks have with each other as well as with other parts of the economy — what is popularly known in economics jargon as “network externalities”. Above all, the presence of the “small depositor”, the proverbial last man in the queue, makes it politically impossible to let banks fail.Ergo, banking losses tend to be nationalised, almost always. The obvious question that begs itself therefore, how much merit is there in profits being private? Nationalising losses, privatising profits — could be termed as “reform” in some circles, but would be a mighty tough to sell in popular consciousness.The TARP or Troubled Assets Reconstruction Program strategy of the US government to bail out US banks in 2008 cost approximately $800 billion. How much has the Government of India spent, over the years, on PSB bailouts? How does it compare with the rest of the world? Contrary to the popular narrative, Indian banks (predominantly PSB) have required very little bailouts over the years, compared to the rest of the world. Both in terms of direct fiscal costs as well as indirect costs to the economy, banking bailouts in India have been quite modest in terms of their impact. An IMF Working Paper on Systemic Banking Crisis, covering all banking and sovereign crises between 1970 and 2011 brings out the data starkly.As can be seen in the table, average fiscal cost of bank bailouts across the world was 6.8% of GDP between 1970 and 2011. For emerging economies, the cost was 10% of GDP. For India, in the same period, bank bailouts cost far less than 1% of GDP, a negligible amount.The current PSB recapitalisation plan announced by the government, amounting to Rs 2.11 lakh crore over two years, would account for less than 0.5% of current year GDP, and less than 0.25% annualised for two years. Further, India’s bank bailouts have extracted far less cost out of the Indian economy than bank stress situations elsewhere.Typically, a systemic banking stress situation results in economic disruptions, run on the more vulnerable banks and a long period of economic deceleration. Japan went into a 30-year slowdown post the banking crisis in the late 1980s.US and Europe had multi-year slowdowns post GFC 2008. In almost all cases, financial markets saw massive disruptions and crisis of confidence that took many years to mend, reflecting in slow economic growth. India, on the other hand, suffered from very little disruption – either to financial markets or to economic growth.Despite a sticky systemic NPA issue with PSB for five years, we have had no run on a bank, no stress in the money markets and limited impact on growth.While there are many reasons for this, a big reason has been state ownership of the banking system. It has meant that bank liabilities have implicit sovereign guarantee, which maintained confidence of the markets in the banking system.The popular chestnut is that PSB are structurally vulnerable to poor governance, resulting in the run-up in NPAs. Data, yet again, militate against the hypothesis.While there might be cases of fraudulent behaviour, they are not the overwhelming cause for the accretion of NPAs in PSB. Second, cases of governance breakdowns are not a monopoly of PSB — globally and in India, many privately-owned banks have been regularly identified with such errors of omission and commissions. Global regulatory fines on banks run into many billions of dollars every year.The Economic Survey 2016-17 studied the causes of the large NPA build-up in PSB. A very large part of it can be attributed to a growth-induced credit bubble, followed by macroeconomic and regulatory issues that burst the bubble rudely. Corruption and malfeasance were not identified as a key variable.Can governance in PSB get better? The answer is an obvious yes. But on the whole, India has had a great, atypical experience with banking risks. At comparatively low costs to the fisc as well as to the economy, banking crises have been managed. We could continue with this model, improve it at the margin with more operating independence for PSB, better governance etc.Or we could bite the reform mantra on tenuous logic and data, privatise, and end up with a privatised banking system, prone to periodic black swan risks, necessitating large taxpayer bailouts periodically.To paraphrase a popular adage, with friends (of reforms) like these, who needs enemies?(The author is head-investment advisory & strategy, products and international business at ASK Wealth Advisors.) Summarise this report in a few sentences." summarise in a few sentences.
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Representative Image The US Senate has approved a historic $2 trillion bill to stimulate the sagging US economy. This is also the largest-ever rescue package in the nation’s history and provides a lifeline to suffering Americans, depleted hospitals and an economy ravaged by the rapid spread of the novel coronavirus, or COVID-19 outbreak. After weeks of negotiations, the deal thrashed out between Republicans, Democrats and the White House includes cash payments to American taxpayers; several hundred billion dollars in grants and loans to small businesses and core industries; medical equipment to hospitals and unemployment benefits. The Senate cleared these measures by an overwhelming majority. The bill is now headed next to the House of Representatives, which must also pass it before it goes to President Donald Trump for his signature. To catch all live updates on the coronavirus pandemic, click here… COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show The bill sets aside $250 billion for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies. Individuals earning less than $75,000 in adjusted gross income would directly receive $1,200 each. Married couples earning up to $150,000 will receive $2,400 and an additional $500 per each child. The payments would be scaled down by income and phased out entirely at $99,000 for singles and $198,000 for couples without children. In a major relief to hospitals, the bill provides $130 billion. Cash-strapped state and local governments too will receive a $150 billion lifeline. Interestingly, the bill has provisions that would block Trump and his family members, as well as other top government officials and members of Congress, from accessing loans or investments from Treasury programmes in the stimulus package. (With agency inputs) Summarise this report in a few sentences.
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the bill is now headed next to the house of representatives, which must also pass it before it goes to president Donald Trump for his signature. 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. a vaccine is a vaccine that is based on the whole virus, but also uses a benign virus as vector that carries the antigen of SARS-CoV-2.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Representative Image The US Senate has approved a historic $2 trillion bill to stimulate the sagging US economy. This is also the largest-ever rescue package in the nation’s history and provides a lifeline to suffering Americans, depleted hospitals and an economy ravaged by the rapid spread of the novel coronavirus, or COVID-19 outbreak. After weeks of negotiations, the deal thrashed out between Republicans, Democrats and the White House includes cash payments to American taxpayers; several hundred billion dollars in grants and loans to small businesses and core industries; medical equipment to hospitals and unemployment benefits. The Senate cleared these measures by an overwhelming majority. The bill is now headed next to the House of Representatives, which must also pass it before it goes to President Donald Trump for his signature. To catch all live updates on the coronavirus pandemic, click here… COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show The bill sets aside $250 billion for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies. Individuals earning less than $75,000 in adjusted gross income would directly receive $1,200 each. Married couples earning up to $150,000 will receive $2,400 and an additional $500 per each child. The payments would be scaled down by income and phased out entirely at $99,000 for singles and $198,000 for couples without children. In a major relief to hospitals, the bill provides $130 billion. Cash-strapped state and local governments too will receive a $150 billion lifeline. Interestingly, the bill has provisions that would block Trump and his family members, as well as other top government officials and members of Congress, from accessing loans or investments from Treasury programmes in the stimulus package. (With agency inputs) Summarise this report in a few sentences." summarise in a few sentences.
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Vice President M Venkaiah Naidu on Wednesday welcomed the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi to revive the COVID-hit economy, saying it will go a long way in overcoming challenges posed by the pandemic. Prime Minister Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore. “Bold reforms are the need of the hour to realise the dream of Atmanirbhar Bharat (self-reliant India),” Naidu wrote on Twitter. Also read: Check Coronavirus latest updates here: The vice president said he is sure that the “timely economic package will go long way in overcoming challenges posed by the unprecedented COVID-19 pandemic.” Summarise this report in a few sentences.
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vice president says he is sure the stimulus package will overcome challenges posed by the pandemic. prime minister modi announced massive new financial incentives on top of the previously announced packages. "bold reforms are the need of the hour to realise the dream of atmanirbhar Bharat," he writes on twitter. he also tweets that he is sure the "timely economic package will go long way"
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Vice President M Venkaiah Naidu on Wednesday welcomed the Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi to revive the COVID-hit economy, saying it will go a long way in overcoming challenges posed by the pandemic. Prime Minister Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore. “Bold reforms are the need of the hour to realise the dream of Atmanirbhar Bharat (self-reliant India),” Naidu wrote on Twitter. Also read: Check Coronavirus latest updates here: The vice president said he is sure that the “timely economic package will go long way in overcoming challenges posed by the unprecedented COVID-19 pandemic.” Summarise this report in a few sentences." summarise in a few sentences.
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Abbott India share price has surged over 11% in last three trading sessions after its parent Abbott Laboratories announced on March 27 it launched molecular point-of-care test to detect Novel Coronavirus in as little as five minutes. Abbott Laboratories said U.S. Food and Drug Administration (FDA) has issued Emergency Use Authorization (EUA) for the molecular point-of-care test for use almost anywhere. Abbott said it plans to begin distributing the test next week and will ramp up manufacturing to 50,000 tests per day. Reacting to the development, Abbott India share price rose 11.30% or 1,589 points to Rs 15,639 till Wednesday against the close of Rs 14,050 on March 27, 2020. On Monday alone, the large cap stock closed 8.97% higher at Rs 15,400 on BSE. Equity, forex, commodity markets shut on account of Ram Navami today On the National Stock Exchange, the stock gained 8.72 per cent to close at Rs 15,380. In an otherwise subdued market, the stock rose 19.36 per cent to an intraday high of Rs 16,869. The pharma stock has gained 115.53% during the last one year and risen 19.63% since the beginning of this year. On NYSE, stock price of Abbott Lab rose up to 13% on Monday, the biggest intraday gain since 2002. By Aseem Thapliyal Summarise this report in a few sentences.
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Abbott labs launches molecular point-of-care test to detect Novel Coronavirus. the pharma company plans to begin distributing the test next week. the large cap stock closed 8.97% higher at Rs 15,400 on monday alone. the stock rose 19.36 per cent to an intraday high of Rs 16,869. the pharma stock has gained 115.53% during the last one year.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Abbott India share price has surged over 11% in last three trading sessions after its parent Abbott Laboratories announced on March 27 it launched molecular point-of-care test to detect Novel Coronavirus in as little as five minutes. Abbott Laboratories said U.S. Food and Drug Administration (FDA) has issued Emergency Use Authorization (EUA) for the molecular point-of-care test for use almost anywhere. Abbott said it plans to begin distributing the test next week and will ramp up manufacturing to 50,000 tests per day. Reacting to the development, Abbott India share price rose 11.30% or 1,589 points to Rs 15,639 till Wednesday against the close of Rs 14,050 on March 27, 2020. On Monday alone, the large cap stock closed 8.97% higher at Rs 15,400 on BSE. Equity, forex, commodity markets shut on account of Ram Navami today On the National Stock Exchange, the stock gained 8.72 per cent to close at Rs 15,380. In an otherwise subdued market, the stock rose 19.36 per cent to an intraday high of Rs 16,869. The pharma stock has gained 115.53% during the last one year and risen 19.63% since the beginning of this year. On NYSE, stock price of Abbott Lab rose up to 13% on Monday, the biggest intraday gain since 2002. By Aseem Thapliyal Summarise this report in a few sentences." summarise in a few sentences.
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After Uttar Pradesh and Madhya Pradesh announced major changes in their labour laws, Gujarat has now joined the league by exempting new projects from provisions of labour laws. However, the relaxation will be applicable if the unit is committed to work for at least 1200 days. Gujarat Chief Minister Vijay Rupani has announced that the rules under existing labour law, pertaining to minimum wages, safety and compensation in case of accidents will continue to be effective and there will be no relaxations in these three domains. Gujarat’s move towards relaxing labour laws have come after Yogi Adityanath’s UP government announced withdrawing all the labour laws, except three laws and one provision, for the next three years and the Madhya Pradesh Chief Minister Shivraj Singh Chouhan announced that new registration and license for companies, shops, etc, will be done in one day, compared to 30 days. Also Read: India moves big labour law changes to limit coronavirus impact; UP, MP, Punjab, others make these changes Vijay Rupani also said that the state Government will welcome companies that are currently operating in the US, China and other countries and want to shift in Gujarat and it is coordinating with Indian embassies in foreign countries for the same. He added that the state officials are working to attract companies that want shift base from China as Gujarat has plug and production facility for industrial projects available at various locations including Sanand, Dahej, SEZs, GIDC estates and Dholera. Meanwhile, the states are coming up to liberalise their labour laws to give momentum to a standstill economy. Many states have permitted extra working hours, that is, from 8 hours per day to 12 hours per day, to increase the pace of production as the factories start to work after a nationwide lockdown in the wake of coronavirus pandemic. Summarise this report in a few sentences.
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the relaxation will be applicable if the unit is committed to work for at least 1200 days. the move comes after UP government announced withdrawing all the labour laws, except three laws and one provision, for the next three years. meanwhile, the states are coming up to liberalise their labour laws to give momentum to a standstill economy. many states have permitted extra working hours, that is, from 8 hours per day to 12 hours per day.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "After Uttar Pradesh and Madhya Pradesh announced major changes in their labour laws, Gujarat has now joined the league by exempting new projects from provisions of labour laws. However, the relaxation will be applicable if the unit is committed to work for at least 1200 days. Gujarat Chief Minister Vijay Rupani has announced that the rules under existing labour law, pertaining to minimum wages, safety and compensation in case of accidents will continue to be effective and there will be no relaxations in these three domains. Gujarat’s move towards relaxing labour laws have come after Yogi Adityanath’s UP government announced withdrawing all the labour laws, except three laws and one provision, for the next three years and the Madhya Pradesh Chief Minister Shivraj Singh Chouhan announced that new registration and license for companies, shops, etc, will be done in one day, compared to 30 days. Also Read: India moves big labour law changes to limit coronavirus impact; UP, MP, Punjab, others make these changes Vijay Rupani also said that the state Government will welcome companies that are currently operating in the US, China and other countries and want to shift in Gujarat and it is coordinating with Indian embassies in foreign countries for the same. He added that the state officials are working to attract companies that want shift base from China as Gujarat has plug and production facility for industrial projects available at various locations including Sanand, Dahej, SEZs, GIDC estates and Dholera. Meanwhile, the states are coming up to liberalise their labour laws to give momentum to a standstill economy. Many states have permitted extra working hours, that is, from 8 hours per day to 12 hours per day, to increase the pace of production as the factories start to work after a nationwide lockdown in the wake of coronavirus pandemic. Summarise this report in a few sentences." summarise in a few sentences.
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IL&FS group chairman Uday Kotak Thursday hinted that the crisis at the infra lending and engineering conglomerate is much more complex than earlier thought as the number of its subsidiaries and associates have more than doubled to 348,most of which have negative networth. In a Satyam Computers-style takeover, government Monday had superseded the board of IL&FS and appointed a six-member board with Kotak as the non-executive chairman. The board had a marathon five-hour maiden meeting here and Kotak briefed the media in the evening. “The board was informed that there are 348 entities as part of the group, which is significantly larger than what we were told earlier. This is a very significant aspect of any resolution. “We undertook an initial assessment of the ground reality and the way forward. We’ll meet frequently to implement the directions of NCLT and to prepare a roadmap and turnaround,” Kotak, who heads private sector lender Kotak Mahindra Bank told reporters. It can be noted that the company was earlier claiming that it has around 150 subsidiaries including around 50 overseas. Its auditors have tagged most of them as non-going concerns due to their negative networth for long–something it has not disclosed publicly. When asked whether the debt obligation will be higher as number of entities has more than doubled, Kotak said, “the earlier obligations were as of March 2018. Obviously, this is a moving target. We are looking at all the obligations and financing which the company raised.” The company as of March 2018 owed over Rs 91,000 crore to a banks and other creditors and since August 27, it has been on defaulting spree with nearly a score cases being reported so far. “Obviously, we’ve a challenge. After today’s meeting, we have a sense of broadly in what direction we need to go forward and have a better sense of alternatives that we can explore,” Kotak said. The board meeting also decided to preserve value of the company and its subsidiaries, joint ventures and associates, and that the board will take all necessary steps to achieve that, he said, adding they were briefed in detail by the legal advisors on the current issues. The board also elected Vineet Nayyar, who was the government’s turnaround man for Satyam, as the vice-chairman and managing director, subject to the NCLT approval. That apart it elevated director Nandkishore as the chairman of the audit committee apart from appointing GN Bajpai as the head of the stakeholder relations committee. When asked about a turnaround plan, Kotak the board is evaluating various options. “As the new board, we are responsible not for the decisions taken earlier by whichever party. Our job from here is to act in the interest of various stakeholders. We have to ensure that we do it fairly and we rebuild trust. “In times like this, what is most important is clarity that we can bring in because what really affects the markets more than anything else is uncertainty, but at the same time we don’t want to preempt that clarity without really getting a clear picture. “My message to all stakeholders is that we will do what is in the right interest of all stakeholders. We are here to rebuild trust and do it in an open, fair and objective manner,” Kotak said, adding NCLT order requires us to give a roadmap by October 31 . Hinting that resolution will take time considering the large maze that the company has become he said, “in all fairness it will take us longer time and we are evaluating various options. Our priority is to preserve the fair value of the assets and the enterprise to the maximum extent we can do and obviously find a fair resolution mechanism.” Nayyar, who was at the helm for the scam-hit Satyam Computers, said ILFS and Satyam are like chalk and cheese. “In case of Satyam, it was a simple case of felony. The person stole the money and forged the accounts. “But IL&FS is more complex. There is no evidence of any sort of felony so far. On the other hand putting it back on feet will require efforts and therefore you may not have such a clear cut solution as there is complexity at multiple levels. But hope we can come out with a solution,” he said. Summarise this report in a few sentences.
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IL&FS board has a five-hour maiden meeting with chairman as non-executive chairman. number of subsidiaries and associates has more than doubled to 348. most of them have negative networth for long. company as of march 2018 owed over Rs 91,000 crore to a banks and other creditors. a total of 67.8 million rupees have been owed to a bank.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "IL&FS group chairman Uday Kotak Thursday hinted that the crisis at the infra lending and engineering conglomerate is much more complex than earlier thought as the number of its subsidiaries and associates have more than doubled to 348,most of which have negative networth. In a Satyam Computers-style takeover, government Monday had superseded the board of IL&FS and appointed a six-member board with Kotak as the non-executive chairman. The board had a marathon five-hour maiden meeting here and Kotak briefed the media in the evening. “The board was informed that there are 348 entities as part of the group, which is significantly larger than what we were told earlier. This is a very significant aspect of any resolution. “We undertook an initial assessment of the ground reality and the way forward. We’ll meet frequently to implement the directions of NCLT and to prepare a roadmap and turnaround,” Kotak, who heads private sector lender Kotak Mahindra Bank told reporters. It can be noted that the company was earlier claiming that it has around 150 subsidiaries including around 50 overseas. Its auditors have tagged most of them as non-going concerns due to their negative networth for long–something it has not disclosed publicly. When asked whether the debt obligation will be higher as number of entities has more than doubled, Kotak said, “the earlier obligations were as of March 2018. Obviously, this is a moving target. We are looking at all the obligations and financing which the company raised.” The company as of March 2018 owed over Rs 91,000 crore to a banks and other creditors and since August 27, it has been on defaulting spree with nearly a score cases being reported so far. “Obviously, we’ve a challenge. After today’s meeting, we have a sense of broadly in what direction we need to go forward and have a better sense of alternatives that we can explore,” Kotak said. The board meeting also decided to preserve value of the company and its subsidiaries, joint ventures and associates, and that the board will take all necessary steps to achieve that, he said, adding they were briefed in detail by the legal advisors on the current issues. The board also elected Vineet Nayyar, who was the government’s turnaround man for Satyam, as the vice-chairman and managing director, subject to the NCLT approval. That apart it elevated director Nandkishore as the chairman of the audit committee apart from appointing GN Bajpai as the head of the stakeholder relations committee. When asked about a turnaround plan, Kotak the board is evaluating various options. “As the new board, we are responsible not for the decisions taken earlier by whichever party. Our job from here is to act in the interest of various stakeholders. We have to ensure that we do it fairly and we rebuild trust. “In times like this, what is most important is clarity that we can bring in because what really affects the markets more than anything else is uncertainty, but at the same time we don’t want to preempt that clarity without really getting a clear picture. “My message to all stakeholders is that we will do what is in the right interest of all stakeholders. We are here to rebuild trust and do it in an open, fair and objective manner,” Kotak said, adding NCLT order requires us to give a roadmap by October 31 . Hinting that resolution will take time considering the large maze that the company has become he said, “in all fairness it will take us longer time and we are evaluating various options. Our priority is to preserve the fair value of the assets and the enterprise to the maximum extent we can do and obviously find a fair resolution mechanism.” Nayyar, who was at the helm for the scam-hit Satyam Computers, said ILFS and Satyam are like chalk and cheese. “In case of Satyam, it was a simple case of felony. The person stole the money and forged the accounts. “But IL&FS is more complex. There is no evidence of any sort of felony so far. On the other hand putting it back on feet will require efforts and therefore you may not have such a clear cut solution as there is complexity at multiple levels. But hope we can come out with a solution,” he said. Summarise this report in a few sentences." summarise in a few sentences.
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Japan's ruling party said Wednesday it will vote September 14 on a replacement for outgoing Prime Minister Shinzo Abe, who is stepping down for health reasons. The decision kicks off a leadership race in the world's third-largest economy, with three leading candidates expected to face off in the poll: - Yoshihide Suga - Yoshihide Suga is the frontrunner after years as a close advisor to Abe and a powerful role overseeing policy. His job as chief cabinet secretary involves coordinating between ministries and agencies, as well as being the government's top spokesman. While the role has been a stepping stone to the leadership in the past, 71-year-old Suga claimed repeatedly before Abe's resignation that he was not interested in the top job. A self-made lawmaker in a party of hereditary politicians, Suga was raised in northern Japan, the eldest son of a strawberry farmer. He moved to the capital after high school and worked odd jobs to put himself through night college, before being elected in 1987 as a municipal assembly member in Yokohama outside Tokyo. He won a lower house seat in 1996. The pragmatic politician is seen as a neutral figure within the ruling Liberal Democratic Party. And while he does not command a faction within the party, several of its most powerful have thrown their support behind him. Suga's spokesman role has given him little chance to express his own views, but his somewhat anodyne image got a reboot last year when he announced the name of the new imperial era: Reiwa. The image of him holding the hand-drawn calligraphy for the name earned him the affectionate nickname "Uncle Reiwa". - Shigeru Ishiba - Former defence minister Shigeru Ishiba is the clear public favourite but faces an uphill struggle to win support within his own party. A military expert with a quirky side -- he is a self-confessed 1970s pop fan who has discussed the existence of aliens -- Ishiba has made no secret of his interest in the top job. He challenged Abe for the leadership in the party's 2018 contest, when he was handily defeated, but has long been mentioned as a potential successor. The 63-year-old former banker is the scion of a political family and seen as a strong orator with significant experience -- he entered parliament aged just 29. Like Abe he is a defence hawk who wants to strengthen the role of the country's Self-Defence Forces in the pacifist constitution. He has served in several cabinet posts, but struggles with his outsider status within the LDP. In 1993, he left the party, becoming an independent and then briefly joining another party before returning to the fold -- a political dalliance many in the LDP have not forgiven. - Fumio Kishida - Fumio Kishida is often described as Abe's preferred successor, but the soft-spoken 63-year-old appears to be struggling to capitalise on his heir-apparent status. A political dove and former foreign minister, Kishida is currently the LDP's policy chief and has made little secret of his ambitions for the highest political office. He is a scion of a political family from Hiroshima and leads a major faction within the ruling party and is seen as a pair of safe hands. Unlike some of his rivals for the top job, Kishida has never challenged the prime minister for the leadership, choosing to remain a loyal minister and aide on the understanding that he would eventually be endorsed by Abe. But that does not appear to have panned out, with Abe saying he would not endorse any one candidate or otherwise influence the race to succeed him. As a foreign minister between 2012-2017, Kishida dealt with several tough assignments, including negotiating accords with Russia and South Korea. The highlight of Kishida's tenure as the top diplomat was to accompany a 2016 trip by Barack Obama as he became the first sitting US president to visit Hiroshima. Summarise this report in a few sentences.
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the decision kicks off a leadership race in the world's third-largest economy. three leading candidates are expected to face off in the poll. former defence minister Shigeru Ishiba is the clear public favourite. a spokesman for the government's top office is seen as a neutral figure. a spokesman for the government's top spokesman is seen as a stepping stone.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Japan's ruling party said Wednesday it will vote September 14 on a replacement for outgoing Prime Minister Shinzo Abe, who is stepping down for health reasons. The decision kicks off a leadership race in the world's third-largest economy, with three leading candidates expected to face off in the poll: - Yoshihide Suga - Yoshihide Suga is the frontrunner after years as a close advisor to Abe and a powerful role overseeing policy. His job as chief cabinet secretary involves coordinating between ministries and agencies, as well as being the government's top spokesman. While the role has been a stepping stone to the leadership in the past, 71-year-old Suga claimed repeatedly before Abe's resignation that he was not interested in the top job. A self-made lawmaker in a party of hereditary politicians, Suga was raised in northern Japan, the eldest son of a strawberry farmer. He moved to the capital after high school and worked odd jobs to put himself through night college, before being elected in 1987 as a municipal assembly member in Yokohama outside Tokyo. He won a lower house seat in 1996. The pragmatic politician is seen as a neutral figure within the ruling Liberal Democratic Party. And while he does not command a faction within the party, several of its most powerful have thrown their support behind him. Suga's spokesman role has given him little chance to express his own views, but his somewhat anodyne image got a reboot last year when he announced the name of the new imperial era: Reiwa. The image of him holding the hand-drawn calligraphy for the name earned him the affectionate nickname "Uncle Reiwa". - Shigeru Ishiba - Former defence minister Shigeru Ishiba is the clear public favourite but faces an uphill struggle to win support within his own party. A military expert with a quirky side -- he is a self-confessed 1970s pop fan who has discussed the existence of aliens -- Ishiba has made no secret of his interest in the top job. He challenged Abe for the leadership in the party's 2018 contest, when he was handily defeated, but has long been mentioned as a potential successor. The 63-year-old former banker is the scion of a political family and seen as a strong orator with significant experience -- he entered parliament aged just 29. Like Abe he is a defence hawk who wants to strengthen the role of the country's Self-Defence Forces in the pacifist constitution. He has served in several cabinet posts, but struggles with his outsider status within the LDP. In 1993, he left the party, becoming an independent and then briefly joining another party before returning to the fold -- a political dalliance many in the LDP have not forgiven. - Fumio Kishida - Fumio Kishida is often described as Abe's preferred successor, but the soft-spoken 63-year-old appears to be struggling to capitalise on his heir-apparent status. A political dove and former foreign minister, Kishida is currently the LDP's policy chief and has made little secret of his ambitions for the highest political office. He is a scion of a political family from Hiroshima and leads a major faction within the ruling party and is seen as a pair of safe hands. Unlike some of his rivals for the top job, Kishida has never challenged the prime minister for the leadership, choosing to remain a loyal minister and aide on the understanding that he would eventually be endorsed by Abe. But that does not appear to have panned out, with Abe saying he would not endorse any one candidate or otherwise influence the race to succeed him. As a foreign minister between 2012-2017, Kishida dealt with several tough assignments, including negotiating accords with Russia and South Korea. The highlight of Kishida's tenure as the top diplomat was to accompany a 2016 trip by Barack Obama as he became the first sitting US president to visit Hiroshima. Summarise this report in a few sentences." summarise in a few sentences.
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Domestic market indices Sensex and Nifty closed higher for the fourth day in a row on Thursday, ahead of April F&O Expiry, tracking gains from global indices. Extending gains for the fourth session, BSE Sensex ended 997 points higher at 33,717 and NSE Nifty climbed 306 points to 9,859. Domestic indices ended at fresh 7-week highs, in line with the overseas trend, as investors turned optimistic over reports of ease of lockdown restrictions and banked on hopes for more stimulus packages by central banks and governments. FIIs and DIIs both being positive also added optimism to markets, experts said. Amid all-round gains in the market today, auto, metal, financials and IT stocks traded with healthy gains. Besides RIL, companies set to announce their earnings today are Tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs, Aditya Birla Money among others. S Ranganathan, Head of Research at LKP Securities said," Encouraging Results from Gilead's Drug to treat Covid-19 led to a strong opening today and market closed the April series up led by robust buying in Autos, Metals and Technology stocks" Overseas, markets were buoyed today over the news of a possible breakthrough in testing for treatment of COVID-19. News about positive trial results of Gilead Sciences' experimental COVID-19 treatment helped investors shrug off bleak GDP data which showed that the US economy shrank at 4.8% rate last quarter. Asian stocks also gained on China's manufacturing data depicting that manufacturing activity in the country expanded slightly in April. European indices opened in the negative ahead of the ECB meeting outcome, although erased initial gains following reports of positive trial results of an experimental COVID-19 treatment in the US. Traders said opening up of lockdown in partial stages will also keep market sentiments positive. Vinod Nair, Head of Research at Geojit Financial Services said, "Next week outlook will be driven by the way forward for resumption of business after lockdown, the announcement of any stimulus package and stock-specific earnings results" Ajit Mishra, VP - Research, Religare Broking said," Markets have gained significant momentum in the last two sessions which is certainly an encouraging sign and the recent buoyancy in banking space would continue to play a critical role. We may now see Nifty inching towards 10,000 mark. Amid all, the upcoming auto sales and earnings will also be on participants' radar." Commenting over the technical outlook for Nifty in the near term, Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote said,"The index has rallied almost 30% from the lows. However, the rally had been corrective in nature and not an impulse up wave. Going with the trend, we maintain cautious outlook going ahead as the index is approaching towards a cluster of 50% Fibonacci retracement and gap resistance around 9900-9950. Longs can be liquidated on weakness and fresh shorts can be initiated below 9500". BSE, NSE will be closed tomorrow on account of Maharashtra day. Sensex gains 997 points, Nifty ends above 9,850: 10 factors that fuelled the rally Reliance Industries share price gains over 3% ahead of Q4 earnings Gilead Sciences's remdesivir proves effective against coronavirus in US study Rupee vs Dollar: Rupee surges 63 paise to 75.03 per dollar amid fresh fund inflows Summarise this report in a few sentences.
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domestic indices Sensex and Nifty close higher ahead of April F&O Expiry. Sensex and Nifty end day 997 points higher at 33,717. auto, metal, financials and IT stocks trade with healthy gains. besides RIL, companies set to announce their earnings today. besides tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Domestic market indices Sensex and Nifty closed higher for the fourth day in a row on Thursday, ahead of April F&O Expiry, tracking gains from global indices. Extending gains for the fourth session, BSE Sensex ended 997 points higher at 33,717 and NSE Nifty climbed 306 points to 9,859. Domestic indices ended at fresh 7-week highs, in line with the overseas trend, as investors turned optimistic over reports of ease of lockdown restrictions and banked on hopes for more stimulus packages by central banks and governments. FIIs and DIIs both being positive also added optimism to markets, experts said. Amid all-round gains in the market today, auto, metal, financials and IT stocks traded with healthy gains. Besides RIL, companies set to announce their earnings today are Tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs, Aditya Birla Money among others. S Ranganathan, Head of Research at LKP Securities said," Encouraging Results from Gilead's Drug to treat Covid-19 led to a strong opening today and market closed the April series up led by robust buying in Autos, Metals and Technology stocks" Overseas, markets were buoyed today over the news of a possible breakthrough in testing for treatment of COVID-19. News about positive trial results of Gilead Sciences' experimental COVID-19 treatment helped investors shrug off bleak GDP data which showed that the US economy shrank at 4.8% rate last quarter. Asian stocks also gained on China's manufacturing data depicting that manufacturing activity in the country expanded slightly in April. European indices opened in the negative ahead of the ECB meeting outcome, although erased initial gains following reports of positive trial results of an experimental COVID-19 treatment in the US. Traders said opening up of lockdown in partial stages will also keep market sentiments positive. Vinod Nair, Head of Research at Geojit Financial Services said, "Next week outlook will be driven by the way forward for resumption of business after lockdown, the announcement of any stimulus package and stock-specific earnings results" Ajit Mishra, VP - Research, Religare Broking said," Markets have gained significant momentum in the last two sessions which is certainly an encouraging sign and the recent buoyancy in banking space would continue to play a critical role. We may now see Nifty inching towards 10,000 mark. Amid all, the upcoming auto sales and earnings will also be on participants' radar." Commenting over the technical outlook for Nifty in the near term, Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote said,"The index has rallied almost 30% from the lows. However, the rally had been corrective in nature and not an impulse up wave. Going with the trend, we maintain cautious outlook going ahead as the index is approaching towards a cluster of 50% Fibonacci retracement and gap resistance around 9900-9950. Longs can be liquidated on weakness and fresh shorts can be initiated below 9500". BSE, NSE will be closed tomorrow on account of Maharashtra day. Sensex gains 997 points, Nifty ends above 9,850: 10 factors that fuelled the rally Reliance Industries share price gains over 3% ahead of Q4 earnings Gilead Sciences's remdesivir proves effective against coronavirus in US study Rupee vs Dollar: Rupee surges 63 paise to 75.03 per dollar amid fresh fund inflows Summarise this report in a few sentences." summarise in a few sentences.
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Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Executive Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit "While the current earnings are bad and economic growth print this quarter will probably be the slowest, things will start to improve from here." — Mahesh Patil One can incrementally add companies where earnings are depressed and where there is scope for a cyclical recovery in earnings and some potential for PE rerating and which over the next two-three years, could generate alpha, says, Co-CIO,. Excerpts from an interview with ETNOW.Earnings or markets are always anticipating future earnings.This year again, earnings have been downgraded. We were looking at the beginning of the year but as you move forward, the base becomes favourable. So, the next year earnings looks very good. That fact is there are some challenges. In the last two quarters, we have seen the GDP growth slowdown materially and that has heard the earnings growth across though the tax cuts have given a kind of prop. Despite the downgrades, I think the earnings growth this year is still looking at around 15% growth, which is not bad.Two things happened on the global front. As a result of the easy monetary policy , globally a lot of central banks have become very dovish. Global liquidity and money supply have started to increase again after contracting last year when US was tapering. We have seen the US going into quantitative easing (QE). The European Union is again talking about fiscal stimulus. So, the money supply globally has improved and that is giving rise to a feeling that there will be a revival in global growth.That has changed globally and you can see money supply coming in. Money is flowing back into the emerging markets and in the last two months, FII flows have been positive. On the domestic side, there has clearly been a slowdown. It is doing its bit now. There is a clear acknowledgement of the slowdown and various efforts have been made to address the slowdown including recent tax cuts or attempts to address the NBFC problems by providing more liquidity into the system. All that is giving hope. Equity is not about the current but it is about looking into the future. While the current earnings are bad and economic growth print this quarter will probably be the slowest, still things will start to improve from here.Rate cuts are also being slowly transmitted. Altogether, the market is feeling the worse is behind us and things will start to improve.The market probably is slightly ahead. If you look at what caused the slowdown in the economy in the last two quarters, a), the government’s spending contracted quite a bit in the last two quarters because of elections and that money started to flow back into the system. We have seen the government starting to make disbursals, so that supply from the government side is slowly starting to come in.The rural economy has been fairly slow. The commentary from some of these consumer names has seen a slowdown even for auto names. The excess monsoon has created some kind of a havoc because of the reiterating monsoon. This season might still not be that great but it bodes well for the rabi crop and the water levels are good.The rural economy should start to look up in the second half. That would help consumption a bit. We have seen rate cuts of around 135 bps in this calendar year. The transmission has been slow and for a lot of companies and corporates who want to borrow, the rates are still fairly high, spreads are still very high. That will slowly start to normalise.The problem in the NBFC sector is still not over but enough remedial measures have been taken over there and so there is no contagion effect. Also the good news is that wherever there have been companies which have been faced problem because of the global risk appetite coming back, there is money coming back. We have seen lots of investors -- whether PE funds or other investors -- coming in and trying to buy some of these distressed assets.Some of these NBFCs are facing challenges on the liability side. As investors come in, that should slowly settle down a bit. We will see interest rate transmission starting to happen and that will help to stimulate some amount of demand on the retail side. These are some of the positives.I agree that we will not see a sharp recovery from here. It will be a very slow and gradual recovery. Market at this point are probably factoring most of the stuff and we might not see a big upside from here from a near-term perspective. But globally, because of the easy money and low interest rates, valuations are fairly high. So, market could get into consolidation phase.In the financial services sector, in the last four-five months we have increased our exposure in the insurance space because companies there have steady earnings visibility. Valuations have now again been kind of priced in but we see a steady compounding over there.When you look at the headline numbers -- just like a top line in a company is the sales numbers -- it is showing weakness because ULIPs are linked to the market. They are probably not growing as much as the adjusted premium equivalent, APE data. We call it equivalent to a top line for a company that is showing some weakness. But what is happening in insurance is that the more profitable products which is more protection, the growth is fairly strong there. Since there is under-penetration in that category, a lot of companies are now focussing on driving protection products where the ROE is much higher. So, the mix is improving and as a result, the operating profit growth is much stronger while the sales top line growth is weaker. In a normal parlance, if you compare with any other company, that is what is looking good and it is a more distribution product on the protection side.As banks drive distribution, that is providing a steady growth to the earnings or the operating earnings for the insurance companies. That is how you value those companies not on the top line but on the ROEV.It has reached a point where for a couple of players, the overall profitability has come to a level where because of the government intervention also, there is a scenario where operators are willing to take price hike. It is going to be a long wait though because each company would have different dynamics depending on how the operating ratios are and how the debt burden is. That will decide in the longer term which companies will survive.Having said that, clearly we have seen the players. The largest player who was aggressive in the market has taken some indirect price hikes and that has given room for the incumbents to also take price hikes and it looks like finally the price war has bottomed out. If somebody has to earn a decent return on capital, there is room for more price increases down the line and that would be positive for the sector in terms of news flow and in terms of growth, because we are not going to see more growth coming in because of increase in penetration.We have driven penetration sufficiently. Obviously people will migrate from 2G to 4G and so data customer base would increase and that will drive the increase in ARPU going forward. We are fairly constructive on this sector. IT has to be considered on a case-to-case basis, but directionally it looks like the EBITDA numbers and growth will improve from here.We had reduced exposure in metals earlier because though there is some kind of risk on that could see some upside in the metal space, but by and large overall global growth outlook will still remain fairly tepid. We were very positive on metals last year but we have reduced weightage over there. We are underweight that sector.We have slightly reduced weightage in the consumer side also because of the valuations, though there is nothing too wrong over there in terms of a slight slowdown in growth. However, though we are down on consumer staple, we are still positive on consumer discretionary, consumer durable names. During the early part of the year, we reduced our exposure in autos but we are re-evaluating that as we are seeing some kind of bottoming out in terms of volume de-growth that we have seen in the last one year.In the last one and a half years, the market rally has been fairly narrow. A few stocks have done well and so there is a valuation divergence across the largecaps and also within the midcap space. It is still early days. Unless the domestic economy gains significant traction, we would not see the mid and smallcap stocks really participate in a big way. So, it is not going to be across-the-board but picking selectively because of the marked lack of interest in small and midcap space. Quite a few stocks are available at reasonable valuations. It is more a stock specific valuation call, which we are looking to add in some of these stocks.If we see the domestic recovery starting to play out, then there will be wider participation in the mid and smallcap space across the board. One should still stay away from companies with high leverage or promoter concerns. The risk in the mid and smallcaps still remains fairly high. We are not seeing a broad-based rally at least in the near term but if you take a three-year view and try to build up a portfolio, I think there are enough pockets of value in the small and midcap space.I would agree. These companies will continue to do well in terms of earnings, but somewhere down the line, as the markets and the cycle with liquidity and risk comes back, you would tend to move down the spectrum and other companies where multiples, earnings are depressed because of the slowdown that we have seen.You are looking at companies where you could see big returns over the medium to long term, companies where there is a potential of high earnings growth and PE rerating. Some of these larger companies have steady earnings growth. Because the earnings have been right and PE multiples are fair, there is no PE rerating scope. They will continue to grow at the pace of earnings which would be around 10-12-13-14%. It is not a time to move out from some of the large names, we are still having them in the portfolio.Incrementally one can add companies where earnings are depressed and where you could see a cyclical recovery or otherwise in earnings and some potential for PE rerating and over the next two-three years, these could generate alpha. Summarise this report in a few sentences.
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despite downgrades, earnings growth this year is still looking at around 15% growth. despite the downgrades, despite the tax cuts, the growth is not bad. despite the downgrades, the growth is not bad. despite the downgrades, the growth is not bad. despite the downgrades, the growth is not bad.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Executive Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit "While the current earnings are bad and economic growth print this quarter will probably be the slowest, things will start to improve from here." — Mahesh Patil One can incrementally add companies where earnings are depressed and where there is scope for a cyclical recovery in earnings and some potential for PE rerating and which over the next two-three years, could generate alpha, says, Co-CIO,. Excerpts from an interview with ETNOW.Earnings or markets are always anticipating future earnings.This year again, earnings have been downgraded. We were looking at the beginning of the year but as you move forward, the base becomes favourable. So, the next year earnings looks very good. That fact is there are some challenges. In the last two quarters, we have seen the GDP growth slowdown materially and that has heard the earnings growth across though the tax cuts have given a kind of prop. Despite the downgrades, I think the earnings growth this year is still looking at around 15% growth, which is not bad.Two things happened on the global front. As a result of the easy monetary policy , globally a lot of central banks have become very dovish. Global liquidity and money supply have started to increase again after contracting last year when US was tapering. We have seen the US going into quantitative easing (QE). The European Union is again talking about fiscal stimulus. So, the money supply globally has improved and that is giving rise to a feeling that there will be a revival in global growth.That has changed globally and you can see money supply coming in. Money is flowing back into the emerging markets and in the last two months, FII flows have been positive. On the domestic side, there has clearly been a slowdown. It is doing its bit now. There is a clear acknowledgement of the slowdown and various efforts have been made to address the slowdown including recent tax cuts or attempts to address the NBFC problems by providing more liquidity into the system. All that is giving hope. Equity is not about the current but it is about looking into the future. While the current earnings are bad and economic growth print this quarter will probably be the slowest, still things will start to improve from here.Rate cuts are also being slowly transmitted. Altogether, the market is feeling the worse is behind us and things will start to improve.The market probably is slightly ahead. If you look at what caused the slowdown in the economy in the last two quarters, a), the government’s spending contracted quite a bit in the last two quarters because of elections and that money started to flow back into the system. We have seen the government starting to make disbursals, so that supply from the government side is slowly starting to come in.The rural economy has been fairly slow. The commentary from some of these consumer names has seen a slowdown even for auto names. The excess monsoon has created some kind of a havoc because of the reiterating monsoon. This season might still not be that great but it bodes well for the rabi crop and the water levels are good.The rural economy should start to look up in the second half. That would help consumption a bit. We have seen rate cuts of around 135 bps in this calendar year. The transmission has been slow and for a lot of companies and corporates who want to borrow, the rates are still fairly high, spreads are still very high. That will slowly start to normalise.The problem in the NBFC sector is still not over but enough remedial measures have been taken over there and so there is no contagion effect. Also the good news is that wherever there have been companies which have been faced problem because of the global risk appetite coming back, there is money coming back. We have seen lots of investors -- whether PE funds or other investors -- coming in and trying to buy some of these distressed assets.Some of these NBFCs are facing challenges on the liability side. As investors come in, that should slowly settle down a bit. We will see interest rate transmission starting to happen and that will help to stimulate some amount of demand on the retail side. These are some of the positives.I agree that we will not see a sharp recovery from here. It will be a very slow and gradual recovery. Market at this point are probably factoring most of the stuff and we might not see a big upside from here from a near-term perspective. But globally, because of the easy money and low interest rates, valuations are fairly high. So, market could get into consolidation phase.In the financial services sector, in the last four-five months we have increased our exposure in the insurance space because companies there have steady earnings visibility. Valuations have now again been kind of priced in but we see a steady compounding over there.When you look at the headline numbers -- just like a top line in a company is the sales numbers -- it is showing weakness because ULIPs are linked to the market. They are probably not growing as much as the adjusted premium equivalent, APE data. We call it equivalent to a top line for a company that is showing some weakness. But what is happening in insurance is that the more profitable products which is more protection, the growth is fairly strong there. Since there is under-penetration in that category, a lot of companies are now focussing on driving protection products where the ROE is much higher. So, the mix is improving and as a result, the operating profit growth is much stronger while the sales top line growth is weaker. In a normal parlance, if you compare with any other company, that is what is looking good and it is a more distribution product on the protection side.As banks drive distribution, that is providing a steady growth to the earnings or the operating earnings for the insurance companies. That is how you value those companies not on the top line but on the ROEV.It has reached a point where for a couple of players, the overall profitability has come to a level where because of the government intervention also, there is a scenario where operators are willing to take price hike. It is going to be a long wait though because each company would have different dynamics depending on how the operating ratios are and how the debt burden is. That will decide in the longer term which companies will survive.Having said that, clearly we have seen the players. The largest player who was aggressive in the market has taken some indirect price hikes and that has given room for the incumbents to also take price hikes and it looks like finally the price war has bottomed out. If somebody has to earn a decent return on capital, there is room for more price increases down the line and that would be positive for the sector in terms of news flow and in terms of growth, because we are not going to see more growth coming in because of increase in penetration.We have driven penetration sufficiently. Obviously people will migrate from 2G to 4G and so data customer base would increase and that will drive the increase in ARPU going forward. We are fairly constructive on this sector. IT has to be considered on a case-to-case basis, but directionally it looks like the EBITDA numbers and growth will improve from here.We had reduced exposure in metals earlier because though there is some kind of risk on that could see some upside in the metal space, but by and large overall global growth outlook will still remain fairly tepid. We were very positive on metals last year but we have reduced weightage over there. We are underweight that sector.We have slightly reduced weightage in the consumer side also because of the valuations, though there is nothing too wrong over there in terms of a slight slowdown in growth. However, though we are down on consumer staple, we are still positive on consumer discretionary, consumer durable names. During the early part of the year, we reduced our exposure in autos but we are re-evaluating that as we are seeing some kind of bottoming out in terms of volume de-growth that we have seen in the last one year.In the last one and a half years, the market rally has been fairly narrow. A few stocks have done well and so there is a valuation divergence across the largecaps and also within the midcap space. It is still early days. Unless the domestic economy gains significant traction, we would not see the mid and smallcap stocks really participate in a big way. So, it is not going to be across-the-board but picking selectively because of the marked lack of interest in small and midcap space. Quite a few stocks are available at reasonable valuations. It is more a stock specific valuation call, which we are looking to add in some of these stocks.If we see the domestic recovery starting to play out, then there will be wider participation in the mid and smallcap space across the board. One should still stay away from companies with high leverage or promoter concerns. The risk in the mid and smallcaps still remains fairly high. We are not seeing a broad-based rally at least in the near term but if you take a three-year view and try to build up a portfolio, I think there are enough pockets of value in the small and midcap space.I would agree. These companies will continue to do well in terms of earnings, but somewhere down the line, as the markets and the cycle with liquidity and risk comes back, you would tend to move down the spectrum and other companies where multiples, earnings are depressed because of the slowdown that we have seen.You are looking at companies where you could see big returns over the medium to long term, companies where there is a potential of high earnings growth and PE rerating. Some of these larger companies have steady earnings growth. Because the earnings have been right and PE multiples are fair, there is no PE rerating scope. They will continue to grow at the pace of earnings which would be around 10-12-13-14%. It is not a time to move out from some of the large names, we are still having them in the portfolio.Incrementally one can add companies where earnings are depressed and where you could see a cyclical recovery or otherwise in earnings and some potential for PE rerating and over the next two-three years, these could generate alpha. Summarise this report in a few sentences." summarise in a few sentences.
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