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Silver prices rose to Rs 49,112 per kg on May 20 as participants increased their short positions. The precious metal gained after Federal Reserve Chairman Jerome Powell in a testimony before US Senate on May 19 said that the central bank is ready to use all available options to help the US economy withstand the coronavirus pandemic. In the futures market, silver for July delivery touched an intraday high of Rs 49,499 and a low of Rs 48,841 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 34,076 and a high of Rs 49,499. Silver futures for July delivery gained Rs 178, or 0.36 percent, to Rs 48,999 per kg at 14:33 hours on a business turnover of 8,965 lots. The same for September delivery was up Rs 242, or 0.49 percent, to Rs 49,606 per kg on a turnover of 353 lots. The value of July and September contracts traded so far is Rs 1,387.75 crore and Rs 11.94 crore, respectively. The spot gold/silver ratio currently stands at 100.44 to 1, which means the amount of silver required to buy one ounce of gold. Motilal Oswal sees support for silver at Rs 48,350-47,150 levels. The brokerage firm advised its clients to buy on dips near the support targeting higher resistance at Rs 49,630-49,850 levels. At 09:10 (GMT), the precious metal gained 0.23 percent quoting at $17.94 an ounce in New York. For All Commodities Related News - Click Here Summarise this report in a few sentences.
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silver futures for July delivery gained Rs 178, or 0.36 percent, to Rs 48,999 per kg. the same for September delivery was up Rs 242, or 0.49 percent, to Rs 49,606 per kg. the spot gold/silver ratio currently stands at 100.44 to 1. silver futures for July delivery touched an intraday high of Rs 49,499.
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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 prices rose to Rs 49,112 per kg on May 20 as participants increased their short positions. The precious metal gained after Federal Reserve Chairman Jerome Powell in a testimony before US Senate on May 19 said that the central bank is ready to use all available options to help the US economy withstand the coronavirus pandemic. In the futures market, silver for July delivery touched an intraday high of Rs 49,499 and a low of Rs 48,841 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 34,076 and a high of Rs 49,499. Silver futures for July delivery gained Rs 178, or 0.36 percent, to Rs 48,999 per kg at 14:33 hours on a business turnover of 8,965 lots. The same for September delivery was up Rs 242, or 0.49 percent, to Rs 49,606 per kg on a turnover of 353 lots. The value of July and September contracts traded so far is Rs 1,387.75 crore and Rs 11.94 crore, respectively. The spot gold/silver ratio currently stands at 100.44 to 1, which means the amount of silver required to buy one ounce of gold. Motilal Oswal sees support for silver at Rs 48,350-47,150 levels. The brokerage firm advised its clients to buy on dips near the support targeting higher resistance at Rs 49,630-49,850 levels. At 09:10 (GMT), the precious metal gained 0.23 percent quoting at $17.94 an ounce in New York. For All Commodities Related News - Click Here Summarise this report in a few sentences." summarise in a few sentences.
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The Securities and Exchange Board of India Sebi ) is looking at reclassification of mid cap and small cap mutual fund schemes, its chief Ajay Tyagi said on Tuesday. The move is aimed at allowing these products to invest in a wider set of stocks, said mutual fund industry officials.The capital markets regulator has also asked for clarification from Franklin Templeton Mutual Fund on marking down the value of its Vodafone Idea holdings mid-January.In 2017, Sebi introduced categorisation and rationalisation of mutual funds schemes so that investors could make accurate comparison of schemes. Earlier, each fund house would employ its own criteria for deciding the classification as there was no standard definition.To ensure uniformity, Sebi issued a list defining large cap, mid cap and small cap companies. The list is prepared once in six months by industry body AMFI (Association of Mutual Funds in India) in consultation with Sebi and stock exchanges.Fund managers claimed the categorization had taken away their flexibility to invest, resulting in money flowing into a set of stocks. This has impacted performance of mutual fund schemes, said a few fund managers.“As AMFI releases this list once every six months, there is forced churn as stocks come in and go out of the list,” said a fund manager with a domestic mutual fund.As per this rule, the top 100 companies in terms of market capitalisation would be considered as large caps, the 101st to 250th companies would be considered as mid-caps and 251st onwards would be considered small caps.Sebi has also stipulated minimum investment criteria for large, mid and small cap companies. According to this, a large cap fund is required to maintain 80% of its portfolio in large cap stocks, while a mid cap and small cap fund would have to maintain a minimum of 65% of its portfolio in these stocks.Fund houses were divided over a change in this list. While some believed it is too early to look at a change as they are just getting used to the classification norms, a section believed the lists should be expanded to give fund managers higher flexibility.Separately, Tyagi said the regulator had sought comments from Franklin Templeton Mutual Fund, when they marked down Vodafone Idea’s securities to zero, even before they were downgraded below investment grade.“We have asked for their comments. It is fund houses’ domain to take a view on its asset value formulation,” Tyagi said. He was speaking on the sidelines of NSE ’s launch of RFQ (Request for Quote) platform in debt securities.Last month, Franklin Templeton Mutual Fund decided to segregate the bonds of Vodafone Idea held in its debt schemes after credit rating agencies cut the telecom company’s securities to below investment grade.On NSE’s proposed IPO, Tyagi said the regulator is also examining the legal aspects of the issue and will take a call soon. NSE has approached Sebi to seek its approval for the IPO before it could appoint merchant bankers. NSE’s listing plans were put on hold after Sebi barred it last year in April from accessing the capital markets for a period of six months. Summarise this report in a few sentences.
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the move is aimed at allowing these products to invest in a wider set of stocks. the capital markets regulator has also asked for clarification from Franklin Templeton Mutual Fund on marking down the value of its Vodafone Idea holdings mid-January. in 2017, Sebi introduced categorisation and rationalisation of mutual funds schemes so that investors could make accurate comparisons of schemes.
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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 Securities and Exchange Board of India Sebi ) is looking at reclassification of mid cap and small cap mutual fund schemes, its chief Ajay Tyagi said on Tuesday. The move is aimed at allowing these products to invest in a wider set of stocks, said mutual fund industry officials.The capital markets regulator has also asked for clarification from Franklin Templeton Mutual Fund on marking down the value of its Vodafone Idea holdings mid-January.In 2017, Sebi introduced categorisation and rationalisation of mutual funds schemes so that investors could make accurate comparison of schemes. Earlier, each fund house would employ its own criteria for deciding the classification as there was no standard definition.To ensure uniformity, Sebi issued a list defining large cap, mid cap and small cap companies. The list is prepared once in six months by industry body AMFI (Association of Mutual Funds in India) in consultation with Sebi and stock exchanges.Fund managers claimed the categorization had taken away their flexibility to invest, resulting in money flowing into a set of stocks. This has impacted performance of mutual fund schemes, said a few fund managers.“As AMFI releases this list once every six months, there is forced churn as stocks come in and go out of the list,” said a fund manager with a domestic mutual fund.As per this rule, the top 100 companies in terms of market capitalisation would be considered as large caps, the 101st to 250th companies would be considered as mid-caps and 251st onwards would be considered small caps.Sebi has also stipulated minimum investment criteria for large, mid and small cap companies. According to this, a large cap fund is required to maintain 80% of its portfolio in large cap stocks, while a mid cap and small cap fund would have to maintain a minimum of 65% of its portfolio in these stocks.Fund houses were divided over a change in this list. While some believed it is too early to look at a change as they are just getting used to the classification norms, a section believed the lists should be expanded to give fund managers higher flexibility.Separately, Tyagi said the regulator had sought comments from Franklin Templeton Mutual Fund, when they marked down Vodafone Idea’s securities to zero, even before they were downgraded below investment grade.“We have asked for their comments. It is fund houses’ domain to take a view on its asset value formulation,” Tyagi said. He was speaking on the sidelines of NSE ’s launch of RFQ (Request for Quote) platform in debt securities.Last month, Franklin Templeton Mutual Fund decided to segregate the bonds of Vodafone Idea held in its debt schemes after credit rating agencies cut the telecom company’s securities to below investment grade.On NSE’s proposed IPO, Tyagi said the regulator is also examining the legal aspects of the issue and will take a call soon. NSE has approached Sebi to seek its approval for the IPO before it could appoint merchant bankers. NSE’s listing plans were put on hold after Sebi barred it last year in April from accessing the capital markets for a period of six months. Summarise this report in a few sentences." summarise in a few sentences.
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Ships hauling everything from coal to iron ore and consumer goods on domestic routes along India’s coast may run out of fuel as the nation struggles to meet new environmental standards. The maritime industry in Asia’s third-largest economy is facing a shortage of cleaner-burning fuels as local refineries aren’t producing enough after the Jan. 1 introduction of the rules, known as IMO 2020. Under the standards, vessels without pollution-reducing kits must burn oil with lower sulfur content. While foreigns ships calling at India can refuel at hubs like Singapore and Fujairah, the deficit of IMO-compliant fuel is a threat to vessels plying India’s coast. The shortage is another potential near-term hurdle for an economy where economic growth rates have halved since 2016 and inflation is surging. “Adequate quantities of low-sulfur fuel oil are not available at quite a few ports, especially on the eastern coast,” said Ranjit Singh, chief executive officer of Essar Shipping Ltd. “If the marine fuel problem is not resolved, I think ships will come to a standstill.” Some local refineries simply can’t ramp up output quickly enough to meet consumption, while others aren’t prioritizing the production and supply of grades such as very-low sulfur fuel oil and marine gasoil. India’s bunkering demand averages around 20,000 barrels a day, but this has risen to around 30,000 in January due to IMO 2020, according to Abhishek Nambiar, an analyst at industry consultant FGE. Current supply availability is from 16,000 to 20,000 barrels a day, he said. Supply Crunch Only two state-run refiners — Hindustan Petroleum Corp. and Indian Oil Corp.– have announced they’re producing IMO 2020-compliant fuel. Hindustan Petroleum started supplying very-low sulfur fuel oil from its Visakhapatnam refinery on India’s east coast in December and supplied 5,000 tons last month. Indian Oil has began producing the fuel at two of its nine plants. That’s in stark contrast with the situation before the roll-out of new standards, when almost every Indian refinery could produce and supply what was the previous industry norm of shipping fuel with more than 3% sulfur. The big private processors — such as Reliance Industries Ltd. and Nayara Energy Ltd. — tend to focus on higher-margin products like gasoline and diesel. To make matters worse, refiners with the ability to produce IMO-compliant fuel are prioritizing supplies to their own vessels, prompting a scramble among other shipowners. Some processors offered shipments for exports in the run-up to Jan. 1, resulting in less supplies in tanks and other storage facilities. “We will first supply to our own vessels and then we will be contracting the remaining volumes,” said Mukesh Kumar Surana, chairman of Hindustan Petroleum. “We can’t be selling all our production to others and then go buying for our own requirements.” Almost 50,000 tons of bunker fuel will be required at 19 ports across the country this month, according to an estimate by Indian National Shipowners Association. Around 6% of Indian goods are carried by domestic ships, according to government figures. Ship-owners are being hit either by a lack of fuel or high prices and may not be able to absorb the increased costs for much longer, Essar’s Singh said. However, the situation will probably be resolved in three to six months as the state-owned refiners increase output and other processors start producing IMO 2020-compliant fuel, he said. “We can’t have full volumes from the first day,” said Indian Oil Chairman Sanjiv Singh. “Production is being ramped up and we expect to more than double the output to 1 million tons this y Summarise this report in a few sentences.
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the maritime industry in Asia's third-largest economy is facing a shortage of cleaner-burning fuels. under the standards, vessels without pollution-reducing kits must burn oil with lower sulfur content. the shortage is another potential near-term hurdle for an economy where economic growth rates have halved since 2016. the IMO 2020 standard requires ships to burn oil with less sulfur content.
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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 "Ships hauling everything from coal to iron ore and consumer goods on domestic routes along India’s coast may run out of fuel as the nation struggles to meet new environmental standards. The maritime industry in Asia’s third-largest economy is facing a shortage of cleaner-burning fuels as local refineries aren’t producing enough after the Jan. 1 introduction of the rules, known as IMO 2020. Under the standards, vessels without pollution-reducing kits must burn oil with lower sulfur content. While foreigns ships calling at India can refuel at hubs like Singapore and Fujairah, the deficit of IMO-compliant fuel is a threat to vessels plying India’s coast. The shortage is another potential near-term hurdle for an economy where economic growth rates have halved since 2016 and inflation is surging. “Adequate quantities of low-sulfur fuel oil are not available at quite a few ports, especially on the eastern coast,” said Ranjit Singh, chief executive officer of Essar Shipping Ltd. “If the marine fuel problem is not resolved, I think ships will come to a standstill.” Some local refineries simply can’t ramp up output quickly enough to meet consumption, while others aren’t prioritizing the production and supply of grades such as very-low sulfur fuel oil and marine gasoil. India’s bunkering demand averages around 20,000 barrels a day, but this has risen to around 30,000 in January due to IMO 2020, according to Abhishek Nambiar, an analyst at industry consultant FGE. Current supply availability is from 16,000 to 20,000 barrels a day, he said. Supply Crunch Only two state-run refiners — Hindustan Petroleum Corp. and Indian Oil Corp.– have announced they’re producing IMO 2020-compliant fuel. Hindustan Petroleum started supplying very-low sulfur fuel oil from its Visakhapatnam refinery on India’s east coast in December and supplied 5,000 tons last month. Indian Oil has began producing the fuel at two of its nine plants. That’s in stark contrast with the situation before the roll-out of new standards, when almost every Indian refinery could produce and supply what was the previous industry norm of shipping fuel with more than 3% sulfur. The big private processors — such as Reliance Industries Ltd. and Nayara Energy Ltd. — tend to focus on higher-margin products like gasoline and diesel. To make matters worse, refiners with the ability to produce IMO-compliant fuel are prioritizing supplies to their own vessels, prompting a scramble among other shipowners. Some processors offered shipments for exports in the run-up to Jan. 1, resulting in less supplies in tanks and other storage facilities. “We will first supply to our own vessels and then we will be contracting the remaining volumes,” said Mukesh Kumar Surana, chairman of Hindustan Petroleum. “We can’t be selling all our production to others and then go buying for our own requirements.” Almost 50,000 tons of bunker fuel will be required at 19 ports across the country this month, according to an estimate by Indian National Shipowners Association. Around 6% of Indian goods are carried by domestic ships, according to government figures. Ship-owners are being hit either by a lack of fuel or high prices and may not be able to absorb the increased costs for much longer, Essar’s Singh said. However, the situation will probably be resolved in three to six months as the state-owned refiners increase output and other processors start producing IMO 2020-compliant fuel, he said. “We can’t have full volumes from the first day,” said Indian Oil Chairman Sanjiv Singh. “Production is being ramped up and we expect to more than double the output to 1 million tons this y Summarise this report in a few sentences." summarise in a few sentences.
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The coronavirus pandemic has led to unprecedented disruption in businesses and the economy at large and it will take a long time to fully recover from its fallout. The government and the Reserve Bank of India have announced several measures to soften the blow and to keep the economy going. The most important thing for them is to ensure that there is enough liquidity in the system. The RBI has cut policy rates so that banks can lend at lower rates. However, experts say high-risk aversion in the banking system is the biggest challenge and if it not addressed, it can worsen the economic crisis caused by the viral outbreak. "By cutting the repo rate and reverse repo rate, RBI aims to inject more liquidity into the system. However, more importantly, what is needed is to remove the risk-averseness as there is substantial liquidity in the banking sector," said Deepthi Mathew- Economist- Geojit Financial Services. Sonal Varma, Managing Director and Chief Economist (India and Asia ex-Japan), at Nomura agrees. "While the room for a further rate cut is still open, just cutting the rate beyond a certain point is not going to help. Incrementally, the focus should be on measures to improve transmission whether it is increasing the HTM (held to maturity) limit, OMO (open market operations) calendar and the SPV (special purpose vehicle) that has been announced for the NBFCs. There are many other sectors that are under stress because of the slowdown. More sector-specific measures are required for an effective transmission," Varma told CNBC-TV18. Anagha Deodhar, an economist at ICICI Securities, is of the view that banks have been parking huge surplus liquidity with the RBI, even at a very low reverse repo rate due to fear of them turning into bad loans. "Their reluctance to lend is understandable -- the economic outlook is weak and a lot of their fresh advances could turn bad if the economy takes longer to recover. Hence, addressing their risk- aversion is a very important step in de-clogging credit flow," Deodhar said. Kotak Securities believes the risks for the financial sector are increasing and the actual impact will be visible only after moratoriums are removed. "The RBI should focus on the sector-wise solvency risks with more regulatory measures. Liquidity measures such as OMO (open market operation) purchases (possibly a calendar) will need to be announced. If OMOs fail to have the desired outcome, the RBI may decide to monetize part of the overall borrowing," said the brokerage. Companies are at high liquidity risk Equirus Securities, in a report on May 25, enlisted 40 companies that are at high liquidity risk. "We have carried out an exercise to identify companies under our coverage (ex-financials) with potential liquidity risk. Our analysis reveals potential high-risk companies that can need additional liquidity support in the near future," Equirus said. Equirus pointed out that even after the recent liquidity/fiscal measures taken by the government, banks are hesitant to lend. "The RBI is absorbing close to $100 billion in the reverse repo; hence, balance-sheet liquidity is even more important. The profit and loss of many companies will be decimated or is being decimated, hence the ability to remain liquid is the key to retain shareholder value," said Equirus. Equirus has used balance sheet and profit and loss criteria to identify high-risk names. Companies having an FY20 debt/EBITDA ratio of more than 1.7 are under high risk. "Debt/EBITDA for a majority of leveraged companies are likely to increase in FY21, baring cases where companies have been able to raise funds. We have put some companies with comfortable debt/EBITDA under high risk considering their debtor profile," said Equirus. Companies such as Apollo Tyres, Shankara Building Products, URL, Sadbhav Engineering, Bluestar, Hindalco, JSW Steel, Tata Steel, Jubilant Lifesciences, BPCL, HPCL and Sterlite Technologies featured in the list. Source: Equirus Securities The above-mentioned list does not cover companies from the financial space even as most banks and NBFCs may see a tough time, given the nationwide lockdown and the extended moratorium. The RBI’s decision to extend the moratorium to August 31 could turn out to be a major negative for non-banking financial companies (NBFCs), experts have warned. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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coronavirus pandemic has led to disruption in businesses and the economy at large. the government and the Reserve Bank of India have announced several measures to soften the blow. the most important thing for them is to ensure that there is enough liquidity in the system. experts say high-risk aversion in the banking system is the biggest challenge. if not addressed, it can worsen the economic crisis caused by the viral outbreak.
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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 coronavirus pandemic has led to unprecedented disruption in businesses and the economy at large and it will take a long time to fully recover from its fallout. The government and the Reserve Bank of India have announced several measures to soften the blow and to keep the economy going. The most important thing for them is to ensure that there is enough liquidity in the system. The RBI has cut policy rates so that banks can lend at lower rates. However, experts say high-risk aversion in the banking system is the biggest challenge and if it not addressed, it can worsen the economic crisis caused by the viral outbreak. "By cutting the repo rate and reverse repo rate, RBI aims to inject more liquidity into the system. However, more importantly, what is needed is to remove the risk-averseness as there is substantial liquidity in the banking sector," said Deepthi Mathew- Economist- Geojit Financial Services. Sonal Varma, Managing Director and Chief Economist (India and Asia ex-Japan), at Nomura agrees. "While the room for a further rate cut is still open, just cutting the rate beyond a certain point is not going to help. Incrementally, the focus should be on measures to improve transmission whether it is increasing the HTM (held to maturity) limit, OMO (open market operations) calendar and the SPV (special purpose vehicle) that has been announced for the NBFCs. There are many other sectors that are under stress because of the slowdown. More sector-specific measures are required for an effective transmission," Varma told CNBC-TV18. Anagha Deodhar, an economist at ICICI Securities, is of the view that banks have been parking huge surplus liquidity with the RBI, even at a very low reverse repo rate due to fear of them turning into bad loans. "Their reluctance to lend is understandable -- the economic outlook is weak and a lot of their fresh advances could turn bad if the economy takes longer to recover. Hence, addressing their risk- aversion is a very important step in de-clogging credit flow," Deodhar said. Kotak Securities believes the risks for the financial sector are increasing and the actual impact will be visible only after moratoriums are removed. "The RBI should focus on the sector-wise solvency risks with more regulatory measures. Liquidity measures such as OMO (open market operation) purchases (possibly a calendar) will need to be announced. If OMOs fail to have the desired outcome, the RBI may decide to monetize part of the overall borrowing," said the brokerage. Companies are at high liquidity risk Equirus Securities, in a report on May 25, enlisted 40 companies that are at high liquidity risk. "We have carried out an exercise to identify companies under our coverage (ex-financials) with potential liquidity risk. Our analysis reveals potential high-risk companies that can need additional liquidity support in the near future," Equirus said. Equirus pointed out that even after the recent liquidity/fiscal measures taken by the government, banks are hesitant to lend. "The RBI is absorbing close to $100 billion in the reverse repo; hence, balance-sheet liquidity is even more important. The profit and loss of many companies will be decimated or is being decimated, hence the ability to remain liquid is the key to retain shareholder value," said Equirus. Equirus has used balance sheet and profit and loss criteria to identify high-risk names. Companies having an FY20 debt/EBITDA ratio of more than 1.7 are under high risk. "Debt/EBITDA for a majority of leveraged companies are likely to increase in FY21, baring cases where companies have been able to raise funds. We have put some companies with comfortable debt/EBITDA under high risk considering their debtor profile," said Equirus. Companies such as Apollo Tyres, Shankara Building Products, URL, Sadbhav Engineering, Bluestar, Hindalco, JSW Steel, Tata Steel, Jubilant Lifesciences, BPCL, HPCL and Sterlite Technologies featured in the list. Source: Equirus Securities The above-mentioned list does not cover companies from the financial space even as most banks and NBFCs may see a tough time, given the nationwide lockdown and the extended moratorium. The RBI’s decision to extend the moratorium to August 31 could turn out to be a major negative for non-banking financial companies (NBFCs), experts have warned. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences." summarise in a few sentences.
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Despite India being under Unlock phase 3 after months of a nationwide lockdown starting March, retail and recreational activities are still far below the pre-coronavirus period. Mobility trends for places such as restaurants, cafes, shopping centres, theme parks, museums, and cinemas is downbeat with 43% degrowth in travels to such places from January-February baseline, according to Google’s latest mobility report. In fact, it is not just retail and recreational travels that have shown a degrowth. Mobility to public transport places such as metros, bus depots, train stations along with workplace travels have fallen by 35% and 32% respectively as compared to the pre-Coronavirus period, indicating that people are still wary of travelling despite easing of restrictions. India entered a nationwide lockdown on 25th March 2020 to check the spread of coronavirus and was under one of the harshest lockdowns in the world with virtually all economic activities coming to a grinding halt. However, the government allowed gradual resumption of business activities to aid the economy and livelihood. While there has been a gradual recovery activity levels starting 1st June 2020, when India entered Unlock phase 1, there have been localised slowdowns since then as states rushed to curb rising coronavirus cases. The same has been detrimental to economic recovery as people were again compelled to stay at home. According to several other reports as well, localised lockdown have impeded economic recovery. Although economic activity has started to recover from April 2020, when the lockdown was at its severest, the unabated rise in COVID-19 cases in the unlock phase and localised re-imposition of lockdowns in several states have interrupted economic recovery in recent weeks, ICRA said in a statement early this August. Further, even while the country has started to open economic activities, not all retail and recreational activities have been permitted to open. For example, cinema halls, bars, etc are still closed and even while restaurants have been allowed to open, they are working at reduced capacities. Fears of public spaces also looms large amid consumers, hampering retail revival. Summarise this report in a few sentences.
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mobility trends for places such as restaurants, cafes, shopping centres, theme parks, museums, and cinemas is downbeat. 43% degrowth in travels to such places from January-February baseline. metros, bus depots, train stations along with workplace travels have fallen by 35% and 32% respectively. fears of public spaces also loom large amid consumers, hampering retail revival.
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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 "Despite India being under Unlock phase 3 after months of a nationwide lockdown starting March, retail and recreational activities are still far below the pre-coronavirus period. Mobility trends for places such as restaurants, cafes, shopping centres, theme parks, museums, and cinemas is downbeat with 43% degrowth in travels to such places from January-February baseline, according to Google’s latest mobility report. In fact, it is not just retail and recreational travels that have shown a degrowth. Mobility to public transport places such as metros, bus depots, train stations along with workplace travels have fallen by 35% and 32% respectively as compared to the pre-Coronavirus period, indicating that people are still wary of travelling despite easing of restrictions. India entered a nationwide lockdown on 25th March 2020 to check the spread of coronavirus and was under one of the harshest lockdowns in the world with virtually all economic activities coming to a grinding halt. However, the government allowed gradual resumption of business activities to aid the economy and livelihood. While there has been a gradual recovery activity levels starting 1st June 2020, when India entered Unlock phase 1, there have been localised slowdowns since then as states rushed to curb rising coronavirus cases. The same has been detrimental to economic recovery as people were again compelled to stay at home. According to several other reports as well, localised lockdown have impeded economic recovery. Although economic activity has started to recover from April 2020, when the lockdown was at its severest, the unabated rise in COVID-19 cases in the unlock phase and localised re-imposition of lockdowns in several states have interrupted economic recovery in recent weeks, ICRA said in a statement early this August. Further, even while the country has started to open economic activities, not all retail and recreational activities have been permitted to open. For example, cinema halls, bars, etc are still closed and even while restaurants have been allowed to open, they are working at reduced capacities. Fears of public spaces also looms large amid consumers, hampering retail revival. Summarise this report in a few sentences." summarise in a few sentences.
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An overnight recovery in US stocks on Fed's launching the Main Street lending programme triggered a rally across Asian markets, and is likely to give domestic stocks a gap-up start.Here’s breaking down the pre-market actions.Nifty futures on the Singapore Exchange traded 166.75 points, or 1.70 per cent higher at 9,983.80, in signs that Dalal Street was headed for a positive start on Tuesday.Nifty saw selling pressure on Monday, after showing weakness on the weekly charts last week. The index, which had failed to take out the 10,000 level in the previous two sessions, formed an Inside Bar candle on the daily scale. Analysts said Nifty may see further selling pressure should it fall below the 9,726 level. The index may resume an upside march on a breach of the 9,900 level on a closing basis, they said.Japan's Nikkei index climbed 3.03 per cent or 651.82 points at 22,182.77 as investors took heart from rallies on Wall Street with attention also on an upcoming Bank of Japan policy decision. Hong Kong's Hang Seng jumped 2.28 per cent, or 541.20 points, to 24,318.15. China's Shanghai Composite added 0.79 per cent, or 22.79 points, to 2,912.83.Oil prices dipped on jitters that a rise in coronavirus infections around the world could hurt fuel demand, but hopes that production cuts could be extended kept declines in check. Brent crude was down 14 cents, or 0.4 per cent, at $39.58 a barrel, having gained 2.6 per cent on Monday. US oil fell 24 cents, or 0.7 per cent, to $36.88 a barrel, after closing 2.4 per cent higher in the previous session.On Wall Street, the Dow Jones Industrial Average rose 157.62 points, or 0.62 per cent, to 25,763.16. The S&P500 index gained 25.28 points, or 0.83 per cent, to 3,066.59 and the Nasdaq Composite index added 137.22 points, or 1.43 per cent, to 9,726.02. Stocks gained after the Federal Reserve widened its program of buying corporate debt, while crude oil rose on signs fuel demand is recovering and as investors grapple with how to assess the economic reopening.Hindustan Petroleum Corporation, IPCA Laboratories, Bank of Maharashtra, NMDC: These companies are slated to announce their March quarter earnings on Tuesday.Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 2,960 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,076 crore, data suggests.The rupee depreciated by 19 paise to close at a more than six-week low of 76.03 on Monday as weak domestic equities and sustained foreign fund outflows weighed on investor sentiment.India 10-year bond yield fell 0.07 per cent to 5.79 after trading in 5.78-5.83 range.The overnight call money rate weighted average stood at 3.56 per cent, according to RBI data. It moved in a range of 1.80-4.10 per cent.Q4 earnings: HPCL I Ipca Lab I BoM I Navin Flourine I NMDCAustralia Q1 House Price Index (7.00 am)BoJ Interest Rate Decision (08.30 am)UK April Employment Rate (11.30 am)Euro Area Q1 Wage Growth (02.30 pm)US May Industrial Production (06.45 pm)Fed Chair Powell Testimony (07.30 pm)The US Fed launched its Main Street Lending Program (MSLP) to help keep the backbone of the economy from buckling under the strains of the coronavirus pandemic. The program, targeted at companies that were in good shape before the pandemic but may now need financing to retain workers and fund operations, will offer up to $600 billion in loans through participating financial institutions to US businesses with up to 15,000 employees or with revenues up to $5 billion.Wholesale price inflation entered the deflationary zone for the first time in over four years, reflecting sharp dip in demand due to the lockdown enforced to stem the spread of the coronavirus. Inflation, as measured by the wholesale price index (WPI), contracted 3.2% in May compared to 2.8% growth in the same period in the previous year. This was the sharpest level of deflation witnessed since November 2015, economists said.The pace of contraction of India’s exports slowed in May as relaxations in the lockdown to contain the Covid-19 pandemic led to some pickup in economic activity. The government expects the trend to improve in June on the back of some early indications. Exports in May shrank 36.47% to $19.05 billion against a 60% contraction in April, which was largely due to overseas orders’ cancellation. Trade deficit narrowed to $3.15 billion in May as the contraction in imports was sharper. The previous low for trade deficit was March 2016 when it was $2.18 billion.Sebi has issued a show-cause notice to billionaire investor Rakesh Jhunjhunwala for alleged insider trading in the shares of Aptech, an education and training company owned by him and his family, said two people familiar with the matter. The capital markets regulator is investigating Jhunjhunwala, his family members and other board members of Aptech for trading in the company’s shares four years ago. Aptech is the only company in which Jhunjhunwala and family members own a majority stake.Consumers stayed away from malls in the first week of reopening in parts of India after a two-month gap, with business at 25% of pre-Covid levels despite discounts, cashbacks and promotions, dissuaded by rising coronavirus infections. Shoppers Stop, H&M and Benetton said high-street shops saw better traction, with sales at 50-60% of pre-lockdown numbers. On the other hand, online sales have surged.SBICAP Ventures-managed last-mile fund for stressed real estate projects has received over 100 new applications from realty developers in the last one month, said two persons with direct knowledge of the development. A significant part of these applications seeking financial support have been made during the last 15 days after the fund lowered its return expectations to 12% from earlier 15%-17%.Hiring by pharma and life-sciences companies has gone up by 7-8% over the last 40 days and is likely to surge up to 25% in the next six months, as they ramp up drug production to meet domestic as well as global demand amid the coronavirus pandemic, industry experts said. According to a staffing firm catering to the pharma sector, as many as 30,000 vacancies exist across the pharma space, in areas of sales, research and development functions such as in formulation and analytical development, regulatory affairs, production and quality control.The $113-billion Tata Group has initiated a large-scale cost-cutting exercise across the holding company, Tata Sons, and operating firms as part of an effort to ensure liquidity amid revenue loss caused by the coronavirus pandemic. The cuts will impact all functions, including finance, marketing, human resources and branding, officials said. The exercise was approved by the Tata Sons board at its June 5 meeting.Banks have told the regulator and the government that they are opposed to the waiving of interest during the loan moratorium period, said people with knowledge of the matter. Officials from the finance ministry, IBA and the Indian Banks’ Association along with a few state-run bank chiefs got into a virtual huddle on Monday to finalise the government’s stand in the moratorium case. On June 12, the Supreme Court had told the central bank to meet with the finance ministry to decide whether interest will accrue through the moratorium period or be waived. Summarise this report in a few sentences.
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a recovery in US stocks on the launching of the Main Street lending programme triggered a rally across Asian markets. the index saw selling pressure on Monday after showing weakness on the weekly charts last week. the index may resume an upside march on a breach of the 9,726 level on a closing basis. a rise in oil prices dipped on jitters that a rise in coronavirus infections around the world could hurt fuel 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 "An overnight recovery in US stocks on Fed's launching the Main Street lending programme triggered a rally across Asian markets, and is likely to give domestic stocks a gap-up start.Here’s breaking down the pre-market actions.Nifty futures on the Singapore Exchange traded 166.75 points, or 1.70 per cent higher at 9,983.80, in signs that Dalal Street was headed for a positive start on Tuesday.Nifty saw selling pressure on Monday, after showing weakness on the weekly charts last week. The index, which had failed to take out the 10,000 level in the previous two sessions, formed an Inside Bar candle on the daily scale. Analysts said Nifty may see further selling pressure should it fall below the 9,726 level. The index may resume an upside march on a breach of the 9,900 level on a closing basis, they said.Japan's Nikkei index climbed 3.03 per cent or 651.82 points at 22,182.77 as investors took heart from rallies on Wall Street with attention also on an upcoming Bank of Japan policy decision. Hong Kong's Hang Seng jumped 2.28 per cent, or 541.20 points, to 24,318.15. China's Shanghai Composite added 0.79 per cent, or 22.79 points, to 2,912.83.Oil prices dipped on jitters that a rise in coronavirus infections around the world could hurt fuel demand, but hopes that production cuts could be extended kept declines in check. Brent crude was down 14 cents, or 0.4 per cent, at $39.58 a barrel, having gained 2.6 per cent on Monday. US oil fell 24 cents, or 0.7 per cent, to $36.88 a barrel, after closing 2.4 per cent higher in the previous session.On Wall Street, the Dow Jones Industrial Average rose 157.62 points, or 0.62 per cent, to 25,763.16. The S&P500 index gained 25.28 points, or 0.83 per cent, to 3,066.59 and the Nasdaq Composite index added 137.22 points, or 1.43 per cent, to 9,726.02. Stocks gained after the Federal Reserve widened its program of buying corporate debt, while crude oil rose on signs fuel demand is recovering and as investors grapple with how to assess the economic reopening.Hindustan Petroleum Corporation, IPCA Laboratories, Bank of Maharashtra, NMDC: These companies are slated to announce their March quarter earnings on Tuesday.Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 2,960 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,076 crore, data suggests.The rupee depreciated by 19 paise to close at a more than six-week low of 76.03 on Monday as weak domestic equities and sustained foreign fund outflows weighed on investor sentiment.India 10-year bond yield fell 0.07 per cent to 5.79 after trading in 5.78-5.83 range.The overnight call money rate weighted average stood at 3.56 per cent, according to RBI data. It moved in a range of 1.80-4.10 per cent.Q4 earnings: HPCL I Ipca Lab I BoM I Navin Flourine I NMDCAustralia Q1 House Price Index (7.00 am)BoJ Interest Rate Decision (08.30 am)UK April Employment Rate (11.30 am)Euro Area Q1 Wage Growth (02.30 pm)US May Industrial Production (06.45 pm)Fed Chair Powell Testimony (07.30 pm)The US Fed launched its Main Street Lending Program (MSLP) to help keep the backbone of the economy from buckling under the strains of the coronavirus pandemic. The program, targeted at companies that were in good shape before the pandemic but may now need financing to retain workers and fund operations, will offer up to $600 billion in loans through participating financial institutions to US businesses with up to 15,000 employees or with revenues up to $5 billion.Wholesale price inflation entered the deflationary zone for the first time in over four years, reflecting sharp dip in demand due to the lockdown enforced to stem the spread of the coronavirus. Inflation, as measured by the wholesale price index (WPI), contracted 3.2% in May compared to 2.8% growth in the same period in the previous year. This was the sharpest level of deflation witnessed since November 2015, economists said.The pace of contraction of India’s exports slowed in May as relaxations in the lockdown to contain the Covid-19 pandemic led to some pickup in economic activity. The government expects the trend to improve in June on the back of some early indications. Exports in May shrank 36.47% to $19.05 billion against a 60% contraction in April, which was largely due to overseas orders’ cancellation. Trade deficit narrowed to $3.15 billion in May as the contraction in imports was sharper. The previous low for trade deficit was March 2016 when it was $2.18 billion.Sebi has issued a show-cause notice to billionaire investor Rakesh Jhunjhunwala for alleged insider trading in the shares of Aptech, an education and training company owned by him and his family, said two people familiar with the matter. The capital markets regulator is investigating Jhunjhunwala, his family members and other board members of Aptech for trading in the company’s shares four years ago. Aptech is the only company in which Jhunjhunwala and family members own a majority stake.Consumers stayed away from malls in the first week of reopening in parts of India after a two-month gap, with business at 25% of pre-Covid levels despite discounts, cashbacks and promotions, dissuaded by rising coronavirus infections. Shoppers Stop, H&M and Benetton said high-street shops saw better traction, with sales at 50-60% of pre-lockdown numbers. On the other hand, online sales have surged.SBICAP Ventures-managed last-mile fund for stressed real estate projects has received over 100 new applications from realty developers in the last one month, said two persons with direct knowledge of the development. A significant part of these applications seeking financial support have been made during the last 15 days after the fund lowered its return expectations to 12% from earlier 15%-17%.Hiring by pharma and life-sciences companies has gone up by 7-8% over the last 40 days and is likely to surge up to 25% in the next six months, as they ramp up drug production to meet domestic as well as global demand amid the coronavirus pandemic, industry experts said. According to a staffing firm catering to the pharma sector, as many as 30,000 vacancies exist across the pharma space, in areas of sales, research and development functions such as in formulation and analytical development, regulatory affairs, production and quality control.The $113-billion Tata Group has initiated a large-scale cost-cutting exercise across the holding company, Tata Sons, and operating firms as part of an effort to ensure liquidity amid revenue loss caused by the coronavirus pandemic. The cuts will impact all functions, including finance, marketing, human resources and branding, officials said. The exercise was approved by the Tata Sons board at its June 5 meeting.Banks have told the regulator and the government that they are opposed to the waiving of interest during the loan moratorium period, said people with knowledge of the matter. Officials from the finance ministry, IBA and the Indian Banks’ Association along with a few state-run bank chiefs got into a virtual huddle on Monday to finalise the government’s stand in the moratorium case. On June 12, the Supreme Court had told the central bank to meet with the finance ministry to decide whether interest will accrue through the moratorium period or be waived. Summarise this report in a few sentences." summarise in a few sentences.
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Hong Kong: Japan’s rich have the largest accumulation of wealth in the Asia-Pacific region, at $7.7 trillion, but the legions of Chinese millionaires are rushing to catch up. The pool of wealth held by China’s high-net-worth individuals grew by more than 144% between 2010 and 2017, to reach $6.5 trillion, according to the latest Asia-Pacific Wealth Report from consultants Capgemini. The equivalent rate of growth in Japan over the same period was about 87%. More recently, India’s millionaires have been picking up the pace. Wealth held by Indian high-net-worth individuals rose close to 22% in 2017 compared with the previous year, the fastest growth in the region over that period, Capgemini said Wednesday. Other important Asian wealth markets also saw rapid growth last year. ALSO READ | Mint District Wealth Tracker: Find out how your district fares And the rapid upward trajectory is expected to continue. After doubling between 2010 and 2017 to hit $21.6 trillion, the total pool of wealth held by HNIs in Asia is expected to nearly double again to $42 trillion by 2025, Capgemini said. ALSO READ | Where are you in India’s wealth distribution? Last year, wealth in Asia Pacific contributed 41.4% of all new HNI wealth globally, the consultancy said. It defines HNIs as those with investable assets of more than $1 million. Despite challenges such as the trade war with the US, China’s wealth generation continued this year, according to William Sullivan, Capgemini’s global head of market intelligence. “It’s an exciting time for Asia," he added. Bloomberg’s Chloe Whiteaker contributed to this story. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Topics Summarise this report in a few sentences.
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pool of wealth held by china's high-net-worth individuals grew by more than 144% between 2010 and 2017. wealth held by india's millionaires rose close to 22% in 2017 compared with the previous year. wealth in Asia Pacific contributed 41.4% of all new HNI wealth globally last year. despite challenges such as the trade war with the us, china's wealth generation continued this 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 "Hong Kong: Japan’s rich have the largest accumulation of wealth in the Asia-Pacific region, at $7.7 trillion, but the legions of Chinese millionaires are rushing to catch up. The pool of wealth held by China’s high-net-worth individuals grew by more than 144% between 2010 and 2017, to reach $6.5 trillion, according to the latest Asia-Pacific Wealth Report from consultants Capgemini. The equivalent rate of growth in Japan over the same period was about 87%. More recently, India’s millionaires have been picking up the pace. Wealth held by Indian high-net-worth individuals rose close to 22% in 2017 compared with the previous year, the fastest growth in the region over that period, Capgemini said Wednesday. Other important Asian wealth markets also saw rapid growth last year. ALSO READ | Mint District Wealth Tracker: Find out how your district fares And the rapid upward trajectory is expected to continue. After doubling between 2010 and 2017 to hit $21.6 trillion, the total pool of wealth held by HNIs in Asia is expected to nearly double again to $42 trillion by 2025, Capgemini said. ALSO READ | Where are you in India’s wealth distribution? Last year, wealth in Asia Pacific contributed 41.4% of all new HNI wealth globally, the consultancy said. It defines HNIs as those with investable assets of more than $1 million. Despite challenges such as the trade war with the US, China’s wealth generation continued this year, according to William Sullivan, Capgemini’s global head of market intelligence. “It’s an exciting time for Asia," he added. Bloomberg’s Chloe Whiteaker contributed to this story. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Topics Summarise this report in a few sentences." summarise in a few sentences.
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Madhuchanda Dey Moneycontrol Research The Indian Economic Survey’s hawkish tone about Indian stock market valuations may not be music to the ears of investors looking to put money in their next SIP (systematic investment plan). And while the encouraging commentary on the macro outlook should sooth nerves, there’s enough of a red flag from oil prices for investors to take sit up and take notice. Indian equities – in an uncomfortable zone? The survey highlights that while Indian and U.S. equities have rallied in tandem, in India it was despite deceleration in growth, a falling corporate earnings-to-GDP ratio and high real interest rates, contrary to the United States where the macro fundamentals were robust. What appears to be driving India’s valuations was a fall in the equity risk premium reflected in a massive portfolio re-allocation by savers towards equity in the wake of policy-induced reductions in the return on other assets (demonetisation has taken the sheen off gold and real estate). However sustaining these valuations will require future growth in the economy and earnings in line with current expectations. So keep a hawk eye on earnings. Encouraging commentary on growth There seems to be light at the end of the tunnel. The Survey observes that many of the issues that hamstrung growth in the past are getting resolved. The shadow of demonetisation and GST-led disruptions are behind us, the twin balance sheet problem of stressed corporates and weak banks is getting addressed through IBC (insolvency and bankruptcy code) resolution and recapitalisation. Finally, synchronous global growth should give a boost to exports. The economy has begun its acceleration in the second half of the year. This should allow real GDP growth to reach 6.75% in FY18, higher than the CSO’s forecast of6.5 percent, implying that growth in the second half would rebound to 7.5 percent. Growth should rebound to 7-7.5% in FY19 thereby re-instating India as the world’s fastest growing major economy. Cues for the upcoming budget Employment: Finding good jobs for the young and burgeoning workforce, especially for women. Education: Creating an educated and healthy labour force. Agriculture: Raising farm productivity while strengthening agricultural resilience. Finally, strengthening the sustainable engines of growth—private investment and exports. The Survey points out that climate change—whose imprint on Indian agriculture is already visible—might reduce farm incomes by up to 20-25 percent in the medium term. The government’s laudable objective of addressing agricultural stress and doubling farmers’ incomes consequently requires decisive efforts to bring science and technology to farmers, replacing untargeted subsidies (power and fertiliser) by direct income support, and dramatically extending irrigation but via efficient drip and sprinkler technologies. Markets should look for announcements in all the above-mentioned areas in the Budget as also some tinkering with import tariff that could foster domestic manufacturing. Prepare for modest fiscal slippage The Survey says that a pause in government’s fiscal consolidation relative to 2016-17 cannot be ruled out. The deficit for 2017-18 will include Rs 80,000 crore (0.5 percent of GDP) in capital provided to public sector banks. Hence setting overly ambitious targets for consolidation, especially in a pre-election year—based on optimistic forecasts that carry a high risk of not being realised -- will not garner credibility either. Pragmatically steering between these extremes would suggest a modest consolidation that credibly signals a return to the path of gradual but steady fiscal deficit reductions. Closure of unviable banks on the agenda The document points out that alongside the twin balance sheet action, complementary reforms to shrink unviable banks and allow greater private sector participation is required. The recently proposed Financial Resolution and Deposit Insurance (FRDI) bill would be important in this regard. Oil price – the Achilles heel In recent times, fiscal deficits, the current account, and inflation were all higher than expected, albeit not threateningly so, reflecting in part higher international oil prices—India’s historic macroeconomic vulnerability. The Survey points fingers at aggressive output cuts by Saudi Arabia (and Russia) in advance of the planned listing of the Saudi Arabian oil company, Aramco, which could force oil prices even higher. So in sum what does it mean for interest rates? If future earnings and economic growth are so bright, justifying high equity prices, interest rates cannot remain low forever. The Survey draws our attention to high frequency indicators that suggest a robust recovery is taking hold as reflected in overall GVA (gross value added), manufacturing GVA, the IIP, gross capital formation and exports. Real non-food credit growth has rebounded and behaviour of manufacturing exports and imports in the second and third quarters of this fiscal year has started to reverse. The cash-to-GDP ratio has stabilized, suggesting a return to equilibrium after the demonetisation disruption. The expansionary fiscal policy is also providing a boost to aggregate demand. Private investment seems poised to rebound, as many of the factors exerting a drag on growth over the past year finally ease off. All this said, while the direction of the indicators is positive, their level remains below potential. While growth is making a comeback, oil prices are forecast by the IMF to be about 12 percent higher in 2018-19. Assuming the increase is passed on into higher prices, rather than absorbed by the budget through excise tax reductions or by the oil marketing companies, it would exert inflationary pressure. Not only inflation, it would impact the current account, the fiscal position and growth, and force macroeconomic policies to be tighter than otherwise. Finally, if markets were to experience a “sudden stall” induced by sharp corrections to elevated stock prices that could trigger capital outflows, policy might then have to respond with higher interest rates, which could choke off the nascent recovery. Summarise this report in a few sentences.
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the survey highlights that while Indian and U.S. equities have rallied in tandem, in India it was despite deceleration in growth. the survey observes that many of the issues that hamstrung growth in the past are getting resolved. the survey also observes that synchronous global growth should give a boost to exports.
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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 "Madhuchanda Dey Moneycontrol Research The Indian Economic Survey’s hawkish tone about Indian stock market valuations may not be music to the ears of investors looking to put money in their next SIP (systematic investment plan). And while the encouraging commentary on the macro outlook should sooth nerves, there’s enough of a red flag from oil prices for investors to take sit up and take notice. Indian equities – in an uncomfortable zone? The survey highlights that while Indian and U.S. equities have rallied in tandem, in India it was despite deceleration in growth, a falling corporate earnings-to-GDP ratio and high real interest rates, contrary to the United States where the macro fundamentals were robust. What appears to be driving India’s valuations was a fall in the equity risk premium reflected in a massive portfolio re-allocation by savers towards equity in the wake of policy-induced reductions in the return on other assets (demonetisation has taken the sheen off gold and real estate). However sustaining these valuations will require future growth in the economy and earnings in line with current expectations. So keep a hawk eye on earnings. Encouraging commentary on growth There seems to be light at the end of the tunnel. The Survey observes that many of the issues that hamstrung growth in the past are getting resolved. The shadow of demonetisation and GST-led disruptions are behind us, the twin balance sheet problem of stressed corporates and weak banks is getting addressed through IBC (insolvency and bankruptcy code) resolution and recapitalisation. Finally, synchronous global growth should give a boost to exports. The economy has begun its acceleration in the second half of the year. This should allow real GDP growth to reach 6.75% in FY18, higher than the CSO’s forecast of6.5 percent, implying that growth in the second half would rebound to 7.5 percent. Growth should rebound to 7-7.5% in FY19 thereby re-instating India as the world’s fastest growing major economy. Cues for the upcoming budget Employment: Finding good jobs for the young and burgeoning workforce, especially for women. Education: Creating an educated and healthy labour force. Agriculture: Raising farm productivity while strengthening agricultural resilience. Finally, strengthening the sustainable engines of growth—private investment and exports. The Survey points out that climate change—whose imprint on Indian agriculture is already visible—might reduce farm incomes by up to 20-25 percent in the medium term. The government’s laudable objective of addressing agricultural stress and doubling farmers’ incomes consequently requires decisive efforts to bring science and technology to farmers, replacing untargeted subsidies (power and fertiliser) by direct income support, and dramatically extending irrigation but via efficient drip and sprinkler technologies. Markets should look for announcements in all the above-mentioned areas in the Budget as also some tinkering with import tariff that could foster domestic manufacturing. Prepare for modest fiscal slippage The Survey says that a pause in government’s fiscal consolidation relative to 2016-17 cannot be ruled out. The deficit for 2017-18 will include Rs 80,000 crore (0.5 percent of GDP) in capital provided to public sector banks. Hence setting overly ambitious targets for consolidation, especially in a pre-election year—based on optimistic forecasts that carry a high risk of not being realised -- will not garner credibility either. Pragmatically steering between these extremes would suggest a modest consolidation that credibly signals a return to the path of gradual but steady fiscal deficit reductions. Closure of unviable banks on the agenda The document points out that alongside the twin balance sheet action, complementary reforms to shrink unviable banks and allow greater private sector participation is required. The recently proposed Financial Resolution and Deposit Insurance (FRDI) bill would be important in this regard. Oil price – the Achilles heel In recent times, fiscal deficits, the current account, and inflation were all higher than expected, albeit not threateningly so, reflecting in part higher international oil prices—India’s historic macroeconomic vulnerability. The Survey points fingers at aggressive output cuts by Saudi Arabia (and Russia) in advance of the planned listing of the Saudi Arabian oil company, Aramco, which could force oil prices even higher. So in sum what does it mean for interest rates? If future earnings and economic growth are so bright, justifying high equity prices, interest rates cannot remain low forever. The Survey draws our attention to high frequency indicators that suggest a robust recovery is taking hold as reflected in overall GVA (gross value added), manufacturing GVA, the IIP, gross capital formation and exports. Real non-food credit growth has rebounded and behaviour of manufacturing exports and imports in the second and third quarters of this fiscal year has started to reverse. The cash-to-GDP ratio has stabilized, suggesting a return to equilibrium after the demonetisation disruption. The expansionary fiscal policy is also providing a boost to aggregate demand. Private investment seems poised to rebound, as many of the factors exerting a drag on growth over the past year finally ease off. All this said, while the direction of the indicators is positive, their level remains below potential. While growth is making a comeback, oil prices are forecast by the IMF to be about 12 percent higher in 2018-19. Assuming the increase is passed on into higher prices, rather than absorbed by the budget through excise tax reductions or by the oil marketing companies, it would exert inflationary pressure. Not only inflation, it would impact the current account, the fiscal position and growth, and force macroeconomic policies to be tighter than otherwise. Finally, if markets were to experience a “sudden stall” induced by sharp corrections to elevated stock prices that could trigger capital outflows, policy might then have to respond with higher interest rates, which could choke off the nascent recovery. Summarise this report in a few sentences." summarise in a few sentences.
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Agencies Sensex winners & losers (Agencies: bseindia.in) Sensex up 1.53% or 524 points to close at 34,732 Nifty climbs 1.51% or 153 points to close at 10,244 18 of 30 Sensex stocks close higher RIL top Sensex gainer, contributes 306 points to Sensex RIL becomes first Indian co with market-cap over $150 bn RIL stock records new high as co announces net debt free status Other top Sensex gainers: Bajaj Finance up 6.74%, Power Grid 4.23% Top Sensex losers: IndusInd Bank down 2.94%, HCL Tech 1.63% Bulls at the forefront; advance-decline ratio at 2:1 Broader markets rally, BSE Midcap index up 1.03%, SmallCap up 1.37% BSE Realty top sectoral gainer, up 6.36%; DLF up 9.58%, Godrej Prop 8.16% BSE Energy up 5.05%; Aban Offshore up 8.32%, Oil India 6.95% BSE IT index sheds 0.40%; Oracle Fin Services down 5.10%, 3i Infotech 4.73% IB Housing Finance jumps 31.75% on hopes of easier fund raising City Union Bank drops 7.19% on disappointing Q4 Surge in RIL shares Agencies RIL stock price movement on June 19, 2020. (Source: bseindia.in) Firm European markets Easing border tensions Another record surge in coronavirus cases Investors will keep a close eye on political and border developments between India and China. The continued record spike in new coronavirus cases and casualties is a key concern. The direction of global markets will be closely followed, as the domestic market typically follows suit. Mumbai: A stellar rally in index heavyweight Reliance Industries (RIL), after the oil-and-telecom conglomerate said it had become net debt free much ahead of its promised deadline, drove the BSE benchmark Sensex higher on Friday. Firm European markets and easing Indo-China border tensions also added to the positive sentiment.However, the constant record surge in new Covid-19 cases in the country may weigh on the sentiment in days to come, analysts warned.“The gains were led by Reliance Industries, which alone contributed half of the gains for Nifty. Global cues also supported the markets to close out a news-heavy week. Geo-political tensions may increase volatility in the markets and investors are advised to watch out for the same," said Vinod Nair, Head of Research at Geojit Financial Services.“Indian markets ignored the potential fallout of India-China tensions and rising number of virus infections to close well above its 100-DMA,” he added.India’s most-valued company RIL rose past the $150-billion mark, the first in the country’s history, after the shares rallied as much as 8 per cent to a record high of Rs 1,788.60. Earlier today, the company said it had achieved its net debt-free status much ahead of the deadline of March 2021, thanks to the record investments in Jio Platforms RIL raised more than Rs 168,818 crore in just 58 days through Rs 115,693.95 crore collected from investors in Jio and another Rs 53,124.20 crore from a rights issue. Along with the stake sale to BP in the petro-retail JV, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.The stock closed 6.23 per cent higher at Rs 1,759.50, contributing 306 points to the 30-pack index's 524-point rally. Peer index Nifty also rose 153 points to close at 10,244.As many as 18 Sensex stocks closed higher. Financials also helped Sensex's gains. Private lenders ICICI Bank and HDFC Bank rose 3.38 per cent and 1.14 per cent respectively, while Bajaj Finance climbed 6.74 per cent.Market breadth was encouraging as gainers were double the numbers of losers on the BSE. Broader market firmed up as well. BSE midcap and smallcap indices rose 1.03 per cent and 1.37 per cent, respectively.All sectoral indices, barring BSE IT index and BSE Consumer Durables index closed higher. BSE Realty index was the top sectoral gainer as it advanced 6.36 per cent. BSE Energy followed next with a 5.05 per cent gain. BSE IT and BSE Consumer Durables index dropped 0.40 per cent and 0.07 per cent, respectively.Gold-backed financier Muthoot Finance continued its winning run and hit a record high after it posted stellar results earlier this week. Firm gold prices have also supported the strong rally for this counter. The stock closed rose as much as 9.06 per cent to a record high of Rs 1,283.95 in early trade. It later pared gains and closed 0.11 per cent higher.Indiabulls Housing Finance jumped 31.75 per cent after the Reserve Bank of India proposed changes in regulations for housing finance companies, which may make it easier for the complying companies to raise capital.Lender City Union Bank dropped 7.19 per cent after it reported a loss for the fourth quarter ended March, compared to a profit a year ago.Foreign portfolio investors (FPIs) sold equities worth $265 million over the past five trading sessions, while domestic institutional investors (DIIs) bought $457 million worth of equities in the same period.Index heavyweight RIL contributed the most to Sensex’s gains as the shares of index heavyweight rallied 6.23 per cent. It also became the first Indian company to be valued at $150 billion after announcing that it has now become net debt-free. The company has managed to raise a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.European shares gained ground on Friday, ahead of the European Council’s meeting to negotiate the EU recovery fund, Reuters reported. The pan-European STOXX 600 index rose 0.7 per cent. On the other hand, Asian shares wobbled in choppy trade as lingering concerns about an fresh spike in coronavirus cases offset growing hopes for a quick economic recovery. MSCI ’s broadest index of Asia-Pacific shares outside Japan eased 0.06 per centPrime Minister Narendra Modi will meet top opposition leaders on Friday as the government tries to lower tensions with China after 20 Indian soldiers were killed in combat in Ladakh region earlier this week.The Covid-19 pandemic in India grew by the highest number with over 13,000 fresh cases detected across the country in the last 24 hours, taking the total number of coronavirus cases in the country to 380,532. India reported 336 deaths related to coronavirus infection in the last 24 hours, and the deadly novel virus claimed 12,573 lives in India. Summarise this report in a few sentences.
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Sensex up 1.53% or 524 points to close at 34,732 Nifty climbs 1.51% or 153 points to close at 10,244. Sensex gains were led by reliance industries, which announced net debt free status. firm european markets and easing Indo-china border tensions also contributed to positive sentiment. analysts warn the constant record surge in new cases in the country may weigh on sentiment.
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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 "Agencies Sensex winners & losers (Agencies: bseindia.in) Sensex up 1.53% or 524 points to close at 34,732 Nifty climbs 1.51% or 153 points to close at 10,244 18 of 30 Sensex stocks close higher RIL top Sensex gainer, contributes 306 points to Sensex RIL becomes first Indian co with market-cap over $150 bn RIL stock records new high as co announces net debt free status Other top Sensex gainers: Bajaj Finance up 6.74%, Power Grid 4.23% Top Sensex losers: IndusInd Bank down 2.94%, HCL Tech 1.63% Bulls at the forefront; advance-decline ratio at 2:1 Broader markets rally, BSE Midcap index up 1.03%, SmallCap up 1.37% BSE Realty top sectoral gainer, up 6.36%; DLF up 9.58%, Godrej Prop 8.16% BSE Energy up 5.05%; Aban Offshore up 8.32%, Oil India 6.95% BSE IT index sheds 0.40%; Oracle Fin Services down 5.10%, 3i Infotech 4.73% IB Housing Finance jumps 31.75% on hopes of easier fund raising City Union Bank drops 7.19% on disappointing Q4 Surge in RIL shares Agencies RIL stock price movement on June 19, 2020. (Source: bseindia.in) Firm European markets Easing border tensions Another record surge in coronavirus cases Investors will keep a close eye on political and border developments between India and China. The continued record spike in new coronavirus cases and casualties is a key concern. The direction of global markets will be closely followed, as the domestic market typically follows suit. Mumbai: A stellar rally in index heavyweight Reliance Industries (RIL), after the oil-and-telecom conglomerate said it had become net debt free much ahead of its promised deadline, drove the BSE benchmark Sensex higher on Friday. Firm European markets and easing Indo-China border tensions also added to the positive sentiment.However, the constant record surge in new Covid-19 cases in the country may weigh on the sentiment in days to come, analysts warned.“The gains were led by Reliance Industries, which alone contributed half of the gains for Nifty. Global cues also supported the markets to close out a news-heavy week. Geo-political tensions may increase volatility in the markets and investors are advised to watch out for the same," said Vinod Nair, Head of Research at Geojit Financial Services.“Indian markets ignored the potential fallout of India-China tensions and rising number of virus infections to close well above its 100-DMA,” he added.India’s most-valued company RIL rose past the $150-billion mark, the first in the country’s history, after the shares rallied as much as 8 per cent to a record high of Rs 1,788.60. Earlier today, the company said it had achieved its net debt-free status much ahead of the deadline of March 2021, thanks to the record investments in Jio Platforms RIL raised more than Rs 168,818 crore in just 58 days through Rs 115,693.95 crore collected from investors in Jio and another Rs 53,124.20 crore from a rights issue. Along with the stake sale to BP in the petro-retail JV, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.The stock closed 6.23 per cent higher at Rs 1,759.50, contributing 306 points to the 30-pack index's 524-point rally. Peer index Nifty also rose 153 points to close at 10,244.As many as 18 Sensex stocks closed higher. Financials also helped Sensex's gains. Private lenders ICICI Bank and HDFC Bank rose 3.38 per cent and 1.14 per cent respectively, while Bajaj Finance climbed 6.74 per cent.Market breadth was encouraging as gainers were double the numbers of losers on the BSE. Broader market firmed up as well. BSE midcap and smallcap indices rose 1.03 per cent and 1.37 per cent, respectively.All sectoral indices, barring BSE IT index and BSE Consumer Durables index closed higher. BSE Realty index was the top sectoral gainer as it advanced 6.36 per cent. BSE Energy followed next with a 5.05 per cent gain. BSE IT and BSE Consumer Durables index dropped 0.40 per cent and 0.07 per cent, respectively.Gold-backed financier Muthoot Finance continued its winning run and hit a record high after it posted stellar results earlier this week. Firm gold prices have also supported the strong rally for this counter. The stock closed rose as much as 9.06 per cent to a record high of Rs 1,283.95 in early trade. It later pared gains and closed 0.11 per cent higher.Indiabulls Housing Finance jumped 31.75 per cent after the Reserve Bank of India proposed changes in regulations for housing finance companies, which may make it easier for the complying companies to raise capital.Lender City Union Bank dropped 7.19 per cent after it reported a loss for the fourth quarter ended March, compared to a profit a year ago.Foreign portfolio investors (FPIs) sold equities worth $265 million over the past five trading sessions, while domestic institutional investors (DIIs) bought $457 million worth of equities in the same period.Index heavyweight RIL contributed the most to Sensex’s gains as the shares of index heavyweight rallied 6.23 per cent. It also became the first Indian company to be valued at $150 billion after announcing that it has now become net debt-free. The company has managed to raise a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.European shares gained ground on Friday, ahead of the European Council’s meeting to negotiate the EU recovery fund, Reuters reported. The pan-European STOXX 600 index rose 0.7 per cent. On the other hand, Asian shares wobbled in choppy trade as lingering concerns about an fresh spike in coronavirus cases offset growing hopes for a quick economic recovery. MSCI ’s broadest index of Asia-Pacific shares outside Japan eased 0.06 per centPrime Minister Narendra Modi will meet top opposition leaders on Friday as the government tries to lower tensions with China after 20 Indian soldiers were killed in combat in Ladakh region earlier this week.The Covid-19 pandemic in India grew by the highest number with over 13,000 fresh cases detected across the country in the last 24 hours, taking the total number of coronavirus cases in the country to 380,532. India reported 336 deaths related to coronavirus infection in the last 24 hours, and the deadly novel virus claimed 12,573 lives in India. Summarise this report in a few sentences." summarise in a few sentences.
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India should stick with its flexible inflation targeting framework, which has worked well, to reap the benefits over the long term, former Reserve Bank of India (RBI) deputy governor Viral Acharya said. The central bank and the government agreed in 2015 on a policy framework that stipulated a primary objective of ensuring price stability while keeping in mind the objective of growth. That framework is due for a review in early 2021. "Evidence seems to suggest this is a good disciplining framework with good democratic accountability. We should persevere with it," said Acharya. He said the benefits, such as lower borrowing costs, will only be seen over time. "I would not enter into policy adventurism by changing this right now. It's too risky," Acharya told Reuters in an interview late on Wednesday. The RBI has by and large been successful in keeping inflation within the mandated 2-6 percent range. But the flexible inflation targeting policy has faced criticism recently on account of the high weighting given to food items in the inflation basket which have proven highly volatile. CPI inflation on average has stayed above the RBI's mandated range in recent months due to supply-side disruptions on account of a nationwide lockdown to contain the coronavirus pandemic. And despite having spent less in relative terms than other emerging markets on direct fiscal stimulus to counter the pandemic-driven downturn, India faces a bulging fiscal deficit and a steep rise in its debt-to-GDP ratio. India's GDP contracted 23.9 percent in the June quarter and is seen contracting by around 10 percent for the year as a whole. Some economists have said the inflation targeting framework has had an adverse impact on growth due to its narrow focus on inflation compared with the multiple-indicator approach the RBI previously used, which looked at both growth and price stability. "A case can be made that India has been a precocious inflation targeter," V. Anantha Nageshwaran, a member of the Prime Minister's Economic Advisory Council wrote in an opinion piece for the Mint newspaper in August. "The country may have sacrificed financial stability and economic growth in the process. So India may need to re-examine the appropriateness of the IT (inflation targeting) framework for its development needs," said Nageshwaran. But Acharya suggested India has bigger problems to concentrate on first. "People say that we are not factoring in financial stability, and I disagree because financial stability involves external sector stability," Acharya said. "We have our fiscal house to fix, we have the financial sector to fix and the real economy to fix. So for the entire system to get so passionately energised about revising something that ain't broke - it beats me". Summarise this report in a few sentences.
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india should stick with its flexible inflation targeting framework, former RBI deputy governor says. the central bank and government agreed in 2015 on a policy framework that is due for a review in early 2021. the flexible inflation targeting policy has faced criticism recently on account of the high weighting given to food items. the RBI has by and large been successful in keeping inflation within the mandated 2-6 percent range.
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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 should stick with its flexible inflation targeting framework, which has worked well, to reap the benefits over the long term, former Reserve Bank of India (RBI) deputy governor Viral Acharya said. The central bank and the government agreed in 2015 on a policy framework that stipulated a primary objective of ensuring price stability while keeping in mind the objective of growth. That framework is due for a review in early 2021. "Evidence seems to suggest this is a good disciplining framework with good democratic accountability. We should persevere with it," said Acharya. He said the benefits, such as lower borrowing costs, will only be seen over time. "I would not enter into policy adventurism by changing this right now. It's too risky," Acharya told Reuters in an interview late on Wednesday. The RBI has by and large been successful in keeping inflation within the mandated 2-6 percent range. But the flexible inflation targeting policy has faced criticism recently on account of the high weighting given to food items in the inflation basket which have proven highly volatile. CPI inflation on average has stayed above the RBI's mandated range in recent months due to supply-side disruptions on account of a nationwide lockdown to contain the coronavirus pandemic. And despite having spent less in relative terms than other emerging markets on direct fiscal stimulus to counter the pandemic-driven downturn, India faces a bulging fiscal deficit and a steep rise in its debt-to-GDP ratio. India's GDP contracted 23.9 percent in the June quarter and is seen contracting by around 10 percent for the year as a whole. Some economists have said the inflation targeting framework has had an adverse impact on growth due to its narrow focus on inflation compared with the multiple-indicator approach the RBI previously used, which looked at both growth and price stability. "A case can be made that India has been a precocious inflation targeter," V. Anantha Nageshwaran, a member of the Prime Minister's Economic Advisory Council wrote in an opinion piece for the Mint newspaper in August. "The country may have sacrificed financial stability and economic growth in the process. So India may need to re-examine the appropriateness of the IT (inflation targeting) framework for its development needs," said Nageshwaran. But Acharya suggested India has bigger problems to concentrate on first. "People say that we are not factoring in financial stability, and I disagree because financial stability involves external sector stability," Acharya said. "We have our fiscal house to fix, we have the financial sector to fix and the real economy to fix. So for the entire system to get so passionately energised about revising something that ain't broke - it beats me". Summarise this report in a few sentences." summarise in a few sentences.
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The Central Board of Direct Taxes (CBDT) on Sunday asked banks to refund the charges collected on transactions carried out through electronic modes like RuPay cards or BHIM-UPI on or after January 1, 2020. Income Tax department has also advised banks to not levy any extra charge on any future transactions carried out through these modes. The action was taken after it was observed that some banks were levying and collecting charges on transactions carried out through electronic mode. As per the new rule, which is applicable from 1 January 2020, no charge including MDR (Merchant Discount Rate) is applicable on payments made through electronic modes. A certain number of transactions are allowed free of charge beyond which every transaction bears a charge. "Banks are advised to immediately refund the charges collected, if any, on or after January 1, 2020, on transactions carried out using the electronic modes prescribed under section 269SU of the Income-tax Act,1961 and not to impose charges on any future transactions carried through the said prescribed modes," the CBDT said in a circular. "Such practice on part of banks is a breach of section 10A of the PSS (Payment and Settlement Systems) Act as well as Section 269SU of the Income Tax Act. Such breach attracts penal provisions...," the CBDT said. In a bid to encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU, in the Finance Act, 2019. The Act requires a person carrying on business and having sales/turnover/gross receipts from business of more than Rs 50 crore in the immediately preceding previous year to mandatorily provide facilities for accepting payments through prescribed electronic modes. Subsequently, in December 2019, debit card powered by RuPay; Unified Payments Interface (UPI) (BHIM-UPI); and Unified Payments Interface Quick Response Code (UPI QR Code) were notified as prescribed electronic modes. With PTI inputs Also Read: June records 78% jump in UPI transactions Also Read: How online frauds are growing in the digital payment space Summarise this report in a few sentences.
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the central board of direct taxes (CBDT) has asked banks to refund charges on electronic transactions. no charge including MDR (merchant discount rate) is applicable on payments made through electronic modes. the government inserted a new provision, Section 269SU, in the Finance Act, 2019. the government has advised banks not to levy any extra charge on any future transactions carried out through electronic modes.
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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 Central Board of Direct Taxes (CBDT) on Sunday asked banks to refund the charges collected on transactions carried out through electronic modes like RuPay cards or BHIM-UPI on or after January 1, 2020. Income Tax department has also advised banks to not levy any extra charge on any future transactions carried out through these modes. The action was taken after it was observed that some banks were levying and collecting charges on transactions carried out through electronic mode. As per the new rule, which is applicable from 1 January 2020, no charge including MDR (Merchant Discount Rate) is applicable on payments made through electronic modes. A certain number of transactions are allowed free of charge beyond which every transaction bears a charge. "Banks are advised to immediately refund the charges collected, if any, on or after January 1, 2020, on transactions carried out using the electronic modes prescribed under section 269SU of the Income-tax Act,1961 and not to impose charges on any future transactions carried through the said prescribed modes," the CBDT said in a circular. "Such practice on part of banks is a breach of section 10A of the PSS (Payment and Settlement Systems) Act as well as Section 269SU of the Income Tax Act. Such breach attracts penal provisions...," the CBDT said. In a bid to encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU, in the Finance Act, 2019. The Act requires a person carrying on business and having sales/turnover/gross receipts from business of more than Rs 50 crore in the immediately preceding previous year to mandatorily provide facilities for accepting payments through prescribed electronic modes. Subsequently, in December 2019, debit card powered by RuPay; Unified Payments Interface (UPI) (BHIM-UPI); and Unified Payments Interface Quick Response Code (UPI QR Code) were notified as prescribed electronic modes. With PTI inputs Also Read: June records 78% jump in UPI transactions Also Read: How online frauds are growing in the digital payment space Summarise this report in a few sentences." summarise in a few sentences.
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Jack Ma says he’s ready for China to make semiconductors at home. It’s a longstanding goal for the Chinese government. And thanks to a recent crackdown on certain technology exports by the U.S., it’s now a critical one. The question is whether China can finally conquer this challenge after decades of failures. Semiconductors are the building blocks of electronics, found in everything from flip phones to the servers that make up a supercomputer. Although China long ago mastered the art of making products with semiconductors produced elsewhere (the iPhone is the most famous example), it wants to move beyond being a mere assembler. It aspires to being an originator of products and ideas, especially in cutting-edge industries such as autonomous cars. For that, it needs its own semiconductors. That’s no small challenge. China is currently the world’s biggest chip market, but it manufactures only 16 percent of the semiconductors it uses domestically. It imports about $200 billion worth annually — a value exceeding its oil imports. To cultivate a domestic industry, the government has slashed taxes for chip makers and plans to invest as much as $32 billion to become a world leader in design and manufacturing. Yet as history shows, spending won’t be enough. China’s earliest semiconductor was built in 1956, not long after the technology was invented in the U.S. But thanks to the turmoil of the Cultural Revolution, whatever momentum its engineers and scientists had was soon lost. When the country reopened for business in the 1970s, officials quickly realized that semiconductors would be a key part of any future market-based economy. Almost from the start, though, central planning proved to be a serious impediment. Early government ideas included importing secondhand Japanese semiconductor lines that were outdated before they were even shipped. Expensive efforts to build a domestic industry from scratch in the 1990s faltered due to bureaucracy, delays and a lack of customers for the kind of chips China was making. Another weakness was a lack of capital. For decades, labor-intensive industries — such as assembling mobile phones — were the route to riches in China, attracting investment from entrepreneurs and bureaucrats alike. Making semiconductors, by contrast, requires billions in up-front capital and can take a decade or more to see a return. In 2016, Intel Corp. alone spent $12.7 billion on R&D. Few if any Chinese companies have that capacity or the experience to make such an investment rationally. And central planners typically resist that kind of risky and far-sighted spending. China seems to recognize this problem. Since 2000, it has shifted away from subsidizing semiconductor research and production, and toward making equity investments, in the hope that market forces could play a larger role. Yet funds continue to be misallocated: Over the past 18 months, there’s been a spate of government-juiced overinvestment in semiconductor plants, many of which lack sufficient technology. Those that eventually open will likely contribute to a glut in memory chips, spelling financial trouble for the domestic industry. But perhaps the biggest long-term challenge for China is technology acquisition. Though the government would like to develop an industry from the ground up, its best efforts are still one or two generations behind the U.S. A logical solution would be to buy technology from American companies or form partnerships with them. That’s the route taken by cutting-edge firms in Japan, South Korea and Taiwan. Yet China can’t do the same. Its efforts to purchase American semiconductor companies (often at huge premiums) are regularly blocked for security reasons. Japan, South Korea and Taiwan have put Chinese acquisitions under similar scrutiny. By one accounting, China has made $34 billion in bids for U.S. semiconductor companies alone since 2015, yet completed only $4.4 billion in deals globally in that span. Despite these impediments, China has actually made substantial strides in recent years. Companies such as Shanghai-based Spreadtrum Communications Inc. are designing semiconductors for mobile phones and other technologies, then outsourcing production to foreign plants. Meanwhile, China’s considerable investment in factories that make older technologies has provided managers, engineers and scientists some crucial lessons in how to run a semiconductor fabrication business. None of these efforts will provide the shortcuts that government officials — and Jack Ma — seem to want. But they might offer the building blocks for an industry that China has spent half a century trying and failing to create. Summarise this report in a few sentences.
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china is currently the world’s biggest chip market, but it manufactures only 16 percent of the semiconductors it uses domestically. the government has slashed taxes for chip makers and plans to invest as much as $32 billion to become a world leader in design and manufacturing. making semiconductors requires billions in up-front capital and can take a decade.
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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 "Jack Ma says he’s ready for China to make semiconductors at home. It’s a longstanding goal for the Chinese government. And thanks to a recent crackdown on certain technology exports by the U.S., it’s now a critical one. The question is whether China can finally conquer this challenge after decades of failures. Semiconductors are the building blocks of electronics, found in everything from flip phones to the servers that make up a supercomputer. Although China long ago mastered the art of making products with semiconductors produced elsewhere (the iPhone is the most famous example), it wants to move beyond being a mere assembler. It aspires to being an originator of products and ideas, especially in cutting-edge industries such as autonomous cars. For that, it needs its own semiconductors. That’s no small challenge. China is currently the world’s biggest chip market, but it manufactures only 16 percent of the semiconductors it uses domestically. It imports about $200 billion worth annually — a value exceeding its oil imports. To cultivate a domestic industry, the government has slashed taxes for chip makers and plans to invest as much as $32 billion to become a world leader in design and manufacturing. Yet as history shows, spending won’t be enough. China’s earliest semiconductor was built in 1956, not long after the technology was invented in the U.S. But thanks to the turmoil of the Cultural Revolution, whatever momentum its engineers and scientists had was soon lost. When the country reopened for business in the 1970s, officials quickly realized that semiconductors would be a key part of any future market-based economy. Almost from the start, though, central planning proved to be a serious impediment. Early government ideas included importing secondhand Japanese semiconductor lines that were outdated before they were even shipped. Expensive efforts to build a domestic industry from scratch in the 1990s faltered due to bureaucracy, delays and a lack of customers for the kind of chips China was making. Another weakness was a lack of capital. For decades, labor-intensive industries — such as assembling mobile phones — were the route to riches in China, attracting investment from entrepreneurs and bureaucrats alike. Making semiconductors, by contrast, requires billions in up-front capital and can take a decade or more to see a return. In 2016, Intel Corp. alone spent $12.7 billion on R&D. Few if any Chinese companies have that capacity or the experience to make such an investment rationally. And central planners typically resist that kind of risky and far-sighted spending. China seems to recognize this problem. Since 2000, it has shifted away from subsidizing semiconductor research and production, and toward making equity investments, in the hope that market forces could play a larger role. Yet funds continue to be misallocated: Over the past 18 months, there’s been a spate of government-juiced overinvestment in semiconductor plants, many of which lack sufficient technology. Those that eventually open will likely contribute to a glut in memory chips, spelling financial trouble for the domestic industry. But perhaps the biggest long-term challenge for China is technology acquisition. Though the government would like to develop an industry from the ground up, its best efforts are still one or two generations behind the U.S. A logical solution would be to buy technology from American companies or form partnerships with them. That’s the route taken by cutting-edge firms in Japan, South Korea and Taiwan. Yet China can’t do the same. Its efforts to purchase American semiconductor companies (often at huge premiums) are regularly blocked for security reasons. Japan, South Korea and Taiwan have put Chinese acquisitions under similar scrutiny. By one accounting, China has made $34 billion in bids for U.S. semiconductor companies alone since 2015, yet completed only $4.4 billion in deals globally in that span. Despite these impediments, China has actually made substantial strides in recent years. Companies such as Shanghai-based Spreadtrum Communications Inc. are designing semiconductors for mobile phones and other technologies, then outsourcing production to foreign plants. Meanwhile, China’s considerable investment in factories that make older technologies has provided managers, engineers and scientists some crucial lessons in how to run a semiconductor fabrication business. None of these efforts will provide the shortcuts that government officials — and Jack Ma — seem to want. But they might offer the building blocks for an industry that China has spent half a century trying and failing to create. Summarise this report in a few sentences." summarise in a few sentences.
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KOLKATA: The growth needed for recovery of the economy post the pandemic will take some time and the government should provide stimulus to the infrastructure sector of the country, experts said on Tuesday.Speaking at a webinar organised by BCCI, Sajjid Z Chinoy, the chief Indian economist for J P Morgan said that the COVID-19 crisis has dealt a permanent shock to the people and households have reduced consumption and turned savers.There is need for fiscal stability after COVID-19 and growth in the economy will be gradual, he said.The private sector will recover gradually, Chinoy said adding that there is need for infrastructure stimulus."The infrastructure stimulus can be funded by asset sales by the government. A minimum of seven per cent growth is required for medium term growth in view of the high debt-GDP ratio of the country", he said.The goods sector will recover faster than the services sector which will take time."The main prerequisite for a good growth is to ward off the virus", he added.Group chief economic advisor of SBI, Soumya Kanti Ghosh said there is a need for creating a fund for the infrastructure sector."This fund will support the health infrastructure and capital infusion to develop financial institutions", he said.According to him, RBI has been able to stabilise the market through a series of policy measures and policies had been by and large discretionary in nature. Summarise this report in a few sentences.
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experts say growth needed for recovery of economy will take some time. government should provide stimulus to infrastructure sector, experts say. COVID-19 crisis has dealt a permanent shock to the people, experts say. RBI has been able to stabilise the market through a series of policy measures. a fund for the infrastructure sector is needed, says group chief economic advisor of SBI.
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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 "KOLKATA: The growth needed for recovery of the economy post the pandemic will take some time and the government should provide stimulus to the infrastructure sector of the country, experts said on Tuesday.Speaking at a webinar organised by BCCI, Sajjid Z Chinoy, the chief Indian economist for J P Morgan said that the COVID-19 crisis has dealt a permanent shock to the people and households have reduced consumption and turned savers.There is need for fiscal stability after COVID-19 and growth in the economy will be gradual, he said.The private sector will recover gradually, Chinoy said adding that there is need for infrastructure stimulus."The infrastructure stimulus can be funded by asset sales by the government. A minimum of seven per cent growth is required for medium term growth in view of the high debt-GDP ratio of the country", he said.The goods sector will recover faster than the services sector which will take time."The main prerequisite for a good growth is to ward off the virus", he added.Group chief economic advisor of SBI, Soumya Kanti Ghosh said there is a need for creating a fund for the infrastructure sector."This fund will support the health infrastructure and capital infusion to develop financial institutions", he said.According to him, RBI has been able to stabilise the market through a series of policy measures and policies had been by and large discretionary in nature. Summarise this report in a few sentences." summarise in a few sentences.
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After a long wait, Xiaomi has finally launched its flagship offering, the Mi 10, in India. Announced for Indian buyers on May 8 via a virtual launch event, the Mi 10 comes fighting in a segment of the market that up until now Xiaomi had remained cautious of. The Mi 10, in essence, is a premium segment device -- both in specs and design -- one which brings industry-leading specs and a premium design language to help it take on the kings of the Android universe -- the OnePlus 8 Pro and the Galaxy S20. Although we're still to review the device, a quick look at the spec sheet and a glance at its design reveals just how exciting an offering the Mi 10 really is. As Xiaomi showed off during the launch event, the Mi 10 flaunts a shell that's primarily made of glass with a metal frame holding the elements together. Xiaomi has in the past shown just how it can design some really beautiful phones, and the Mi 10 now serves as more proof of the same. From curved edges to silky curves and minimal bezels, the new Xiaomi flagship has it all. While it's true the company hasn't exactly reinvented the wheel with the design of the Mi 10, it cannot also be ignored that Xiaomi has done a good job in making the phone look as premium as other coveted devices such as the OnePlus 8 Pro, Galaxy S20 and even the Huawei P40 Pro. Getting to the specifications, the Xiaomi Mi 10 is a blue blood flagship device that mostly brings the best in class specs. On the outside, it gets a 6.67-inch 1080p AMOLED display with curved edges working at a fast refresh rate of 90Hz. Although faster panels do exist in the market, Xiaomi claims the Mi 10's display can reach higher brightness levels than the competition -- the phone's display can go up to brightness levels of 1120 nits and process at a high touch refresh rate at 180Hz. Even under the hood, the Mi 10 packs some seriously powerful hardware, that on paper at least, is as powerful as anything you can get right now in the market. Running the show is a Qualcomm Snapdragon 865 chipset with support for 5G basebands. The chipset has been paired with 8GB of LPDDR5 RAM and up to 256GB of UFS 3.1 storage. The phone comes with Wi-Fi 6 for faster download speeds. And for good measure, Xiaomi's even thrown in an advanced liquid cooling solution that covers an area of 3000mm. Xiaomi's also gone big with the Mi 10 in terms of cameras. The phone has been equipped with some serious firepower in this department to help to look favourable to the competition. This is because the Mi 10 gets a massive 108-megapixel primary lens that consists of a 1/1.33-inch sensor along with OIS. The unit, Xiaomi reveals, has been created in collaboration with Samsung and brings with itself a number of premium camera features. This lens has been paired to a 13-megapixel ultra-wide camera with 123-degree FOV that's sat next to a 2-megapixel macro sensor and a 2-megapixel depth sensor. While we're yet to test the Mi 10's cameras ourselves, the phone's global variant -- which incidentally features exactly the same camera hardware as the India model -- has already been reviewed by a few publications, all of which have been quite impressed with the photography performance of the device. The phone also gets a 20-megapixel front selfie lens and features such as the Night Mode 2, a revamped Portrait Mode, 8K video recording and more to help stand tall against the other flagships in the market. Keeping the lights on is a 4780mAh battery that comes with support for 30W fast and 30W wireless charging, with Xiaomi also offering 10W reverse wireless charging with the phone. Xiaomi Mi 10: Why it makes sense While Xiaomi's Mi 10 competes fiercely with premium flagships from the Android universe -- both in terms of hardware and design -- where it totally blows the competition out of the water is in the price department. Starting at Rs 49,999 for the 8GB RAM and 128GB storage variant, the Mi 10 is almost ridiculously priced because it offers the same and in some cases even better hardware and design than much more expensive smartphones. Sitting it beside the competition, it not only emerges as a better value for money offering than the likes of the Galaxy S20, S20+, and the S20 Ultra, but it also manages to undercut the OnePlus 8 Pro, which for what it's worth is a very aggressively priced premium flagship offering in its own right. But despite impressing with its design, hardware, and even price, there still remain questions over the Mi 10's ability to fight it out in the premium end of the market. The reason for that, of course, is Xiaomi's lack of presence in the segment, and more worryingly, its perceived image as a maker of affordable phones and gadgets. While we agree Xiaomi does need an image makeover to sell the Mi 10 and its successors in global markets, in India, there is a very good chance that the device may end up selling a lot of units. And at the core of any such success would be the good work that Xiaomi has put in the last few years in the country. Right now, Xiaomi has become a household name in India and over the last year or two has grown to become one of the more trusted names in the smartphone industry. And as we've seen in the case of OnePlus in the past, the backing of a trusted name, along with a good design, flagship performance, and a highly competitive price is what makes for a winner in the premium segment of the market in our country. As such, with the MI 10 checking all these boxes, it won't really come as a surprise if it quickly emerges as a fan favourite in the country. Summarise this report in a few sentences.
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the Xiaomi Mi 10 is a premium segment phone. the phone is a premium offering. the phone is a premium offering. the spec sheet is primarily made of glass with a metal frame holding the elements together. the phone is available in india on may 8. a virtual launch event was held to promote the device. a rumored rumored rumored to be a rumored rumored to be rumored to be rumored
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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 a long wait, Xiaomi has finally launched its flagship offering, the Mi 10, in India. Announced for Indian buyers on May 8 via a virtual launch event, the Mi 10 comes fighting in a segment of the market that up until now Xiaomi had remained cautious of. The Mi 10, in essence, is a premium segment device -- both in specs and design -- one which brings industry-leading specs and a premium design language to help it take on the kings of the Android universe -- the OnePlus 8 Pro and the Galaxy S20. Although we're still to review the device, a quick look at the spec sheet and a glance at its design reveals just how exciting an offering the Mi 10 really is. As Xiaomi showed off during the launch event, the Mi 10 flaunts a shell that's primarily made of glass with a metal frame holding the elements together. Xiaomi has in the past shown just how it can design some really beautiful phones, and the Mi 10 now serves as more proof of the same. From curved edges to silky curves and minimal bezels, the new Xiaomi flagship has it all. While it's true the company hasn't exactly reinvented the wheel with the design of the Mi 10, it cannot also be ignored that Xiaomi has done a good job in making the phone look as premium as other coveted devices such as the OnePlus 8 Pro, Galaxy S20 and even the Huawei P40 Pro. Getting to the specifications, the Xiaomi Mi 10 is a blue blood flagship device that mostly brings the best in class specs. On the outside, it gets a 6.67-inch 1080p AMOLED display with curved edges working at a fast refresh rate of 90Hz. Although faster panels do exist in the market, Xiaomi claims the Mi 10's display can reach higher brightness levels than the competition -- the phone's display can go up to brightness levels of 1120 nits and process at a high touch refresh rate at 180Hz. Even under the hood, the Mi 10 packs some seriously powerful hardware, that on paper at least, is as powerful as anything you can get right now in the market. Running the show is a Qualcomm Snapdragon 865 chipset with support for 5G basebands. The chipset has been paired with 8GB of LPDDR5 RAM and up to 256GB of UFS 3.1 storage. The phone comes with Wi-Fi 6 for faster download speeds. And for good measure, Xiaomi's even thrown in an advanced liquid cooling solution that covers an area of 3000mm. Xiaomi's also gone big with the Mi 10 in terms of cameras. The phone has been equipped with some serious firepower in this department to help to look favourable to the competition. This is because the Mi 10 gets a massive 108-megapixel primary lens that consists of a 1/1.33-inch sensor along with OIS. The unit, Xiaomi reveals, has been created in collaboration with Samsung and brings with itself a number of premium camera features. This lens has been paired to a 13-megapixel ultra-wide camera with 123-degree FOV that's sat next to a 2-megapixel macro sensor and a 2-megapixel depth sensor. While we're yet to test the Mi 10's cameras ourselves, the phone's global variant -- which incidentally features exactly the same camera hardware as the India model -- has already been reviewed by a few publications, all of which have been quite impressed with the photography performance of the device. The phone also gets a 20-megapixel front selfie lens and features such as the Night Mode 2, a revamped Portrait Mode, 8K video recording and more to help stand tall against the other flagships in the market. Keeping the lights on is a 4780mAh battery that comes with support for 30W fast and 30W wireless charging, with Xiaomi also offering 10W reverse wireless charging with the phone. Xiaomi Mi 10: Why it makes sense While Xiaomi's Mi 10 competes fiercely with premium flagships from the Android universe -- both in terms of hardware and design -- where it totally blows the competition out of the water is in the price department. Starting at Rs 49,999 for the 8GB RAM and 128GB storage variant, the Mi 10 is almost ridiculously priced because it offers the same and in some cases even better hardware and design than much more expensive smartphones. Sitting it beside the competition, it not only emerges as a better value for money offering than the likes of the Galaxy S20, S20+, and the S20 Ultra, but it also manages to undercut the OnePlus 8 Pro, which for what it's worth is a very aggressively priced premium flagship offering in its own right. But despite impressing with its design, hardware, and even price, there still remain questions over the Mi 10's ability to fight it out in the premium end of the market. The reason for that, of course, is Xiaomi's lack of presence in the segment, and more worryingly, its perceived image as a maker of affordable phones and gadgets. While we agree Xiaomi does need an image makeover to sell the Mi 10 and its successors in global markets, in India, there is a very good chance that the device may end up selling a lot of units. And at the core of any such success would be the good work that Xiaomi has put in the last few years in the country. Right now, Xiaomi has become a household name in India and over the last year or two has grown to become one of the more trusted names in the smartphone industry. And as we've seen in the case of OnePlus in the past, the backing of a trusted name, along with a good design, flagship performance, and a highly competitive price is what makes for a winner in the premium segment of the market in our country. As such, with the MI 10 checking all these boxes, it won't really come as a surprise if it quickly emerges as a fan favourite in the country. Summarise this report in a few sentences." summarise in a few sentences.
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The festive month of Diwali brought a much-needed boost in online shopping after a muted start to the year in the first half. Ecommerce platforms, retailers and online sellers reported a steady uptick in sales with categories like electronics, food and grocery, and jewellery reporting double digit growth over last year. Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations. Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live Summarise this report in a few sentences.
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ecommerce platforms, retailers and online sellers reported a steady uptick in sales. categories like electronics, food and grocery, and jewellery reported double digit growth over last year. Sensex and nifty gained over half a per cent in the special 60-minute muhurat trading session on Sunday evening. Sensex and nifty are the most traded stocks in the world.
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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 festive month of Diwali brought a much-needed boost in online shopping after a muted start to the year in the first half. Ecommerce platforms, retailers and online sellers reported a steady uptick in sales with categories like electronics, food and grocery, and jewellery reporting double digit growth over last year. Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations. Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live Summarise this report in a few sentences." summarise in a few sentences.
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Indian markets closed in the green fifth day in a low on December 17 as the bulls pushed the benchmark indices to yet another record high as the S&P BSE Sensex hit 46,992 and the Nifty50 13,740. The Sensex closed 223 points higher at 46,890, while the Nifty50, ended the day with gains of 58 points at 13,741. Sectorally, action was seen in finance, capital goods, realty, while metals, oil & gas and utilities saw some profit-taking. Here is what experts think that investors should do on December 18: Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities On the day of the weekly expiry of the Nifty and the Bank Nifty options, the market moved to expected levels of 13,770. HDFC twins, Bajaj twins and few pharmaceuticals supported the rally. The market has formed one more indecisive candlestick at the top of the rally. The market should trade between 13,840 and 13,600 levels. Sell Nifty if it bounces to 13,840-13,850 levels and keep a final stop loss at 13,900. Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited The Nifty opened positive and moved to the new lifetime high of 13,773. It the day more than 50 points higher. The index formed a small bullish candle on the daily scale, making higher high-higher lows on the lower time frame. It has to hold above 13,600 to witness an up-move towards 13,850,and then towards 14,000, while on the downside, support exists at 13,500. Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited The market witnessed some strong trends and an attempt to overcome the resistance level at around 13,750. Sustaining above 13,750 is the key factor from a short-term perspective. Summarise this report in a few sentences.
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the Sensex closed 223 points higher at 46,890, while the Nifty50, ended the day with gains of 58 points at 13,741. sectorally, action was seen in finance, capital goods, realty, metals, oil & gas and utilities. the market moved to expected levels of 13,770 on the day of the weekly expiry of the Nifty and the Bank Nifty options.
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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 "Indian markets closed in the green fifth day in a low on December 17 as the bulls pushed the benchmark indices to yet another record high as the S&P BSE Sensex hit 46,992 and the Nifty50 13,740. The Sensex closed 223 points higher at 46,890, while the Nifty50, ended the day with gains of 58 points at 13,741. Sectorally, action was seen in finance, capital goods, realty, while metals, oil & gas and utilities saw some profit-taking. Here is what experts think that investors should do on December 18: Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities On the day of the weekly expiry of the Nifty and the Bank Nifty options, the market moved to expected levels of 13,770. HDFC twins, Bajaj twins and few pharmaceuticals supported the rally. The market has formed one more indecisive candlestick at the top of the rally. The market should trade between 13,840 and 13,600 levels. Sell Nifty if it bounces to 13,840-13,850 levels and keep a final stop loss at 13,900. Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited The Nifty opened positive and moved to the new lifetime high of 13,773. It the day more than 50 points higher. The index formed a small bullish candle on the daily scale, making higher high-higher lows on the lower time frame. It has to hold above 13,600 to witness an up-move towards 13,850,and then towards 14,000, while on the downside, support exists at 13,500. Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited The market witnessed some strong trends and an attempt to overcome the resistance level at around 13,750. Sustaining above 13,750 is the key factor from a short-term perspective. Summarise this report in a few sentences." summarise in a few sentences.
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Moody's Investors Service has joined the league of global rating agencies that have forecasted a double-digit contraction in India's gross domestic product (GDP) growth for the current financial year 2020-21 (FY21) due to the coronavirus-led lockdown disrupting economic activities. Moody's on Friday lowered India's growth estimates for the current fiscal to (-) 11.5 per cent, from (-) 4 per cent estimated earlier. The US-based rating agency said that India's credit profile has been impacted by low growth, high debt burden and weak financial system. These risks have been exacerbated by the coronavirus pandemic, it said. "Mutually reinforcing risks from deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further pressure on the credit profile," Moody's said while projecting GDP estimates for this fiscal. The agency, however, expects the economy to rebound in FY22 and clock a growth of 10.6 per cent. Global research firms, such as Fitch Ratings and Goldman Sachs, have already downgraded economic growth forecast for FY21 after India's GDP fell sharply by 23.9 per cent during the first quarter of the current fiscal due to lockdown imposed to limit the spread of the coronavirus. While Fitch expects India's GDP to contract by 10.5 per cent in FY21 versus its earlier estimate of 5 per cent contraction, Goldman Sachs has pegged negative GDP growth of 14.8 per cent against its previous estimate of 11.8 per cent contraction in this period. Domestic agencies State Bank of India, India Ratings and Research and CRISIL have projected contraction of 10.9 per cent, 11.8 per cent, and 9 per cent, respectively. The rating agencies have raised concerns over rapid rise in coronavirus cases, saying that future outlook remain tilted to the downside till such time a vaccine is found and mass produced. India's COVID-19 tally has crossed 43 lakh and the nation continues to be the largest contributor to the daily global tally. The overall caseload still remains concentrated in states which have a major share in India's GDP - Maharashtra, Tamil Nadu, Karnataka and Andhra Pradesh- which together account for around 54 per cent of total confirmed cases and nearly 36 per cent of GDP. Indian economic output shrank by 23.9 per cent in the first quarter of FY21. This was the worst quarterly GDP numbers ever recorded since India started compiling national accounts on quarterly basis in 1996. The economy is set to enter a recessionary phase with most of the contraction expected to continue in subsequent quarters. By Chitranjan Kumar Also Read: Rebooting Economy XXVI: Derailment of economy is not 'Act of God', it is 'Art of Misdirection' Also Read: State finances plunge! Q1 fiscal deficit doubles to 37% as taxes slide Summarise this report in a few sentences.
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moody's lowered india's growth estimates for the current fiscal to (-) 11.5 per cent, from (-) 4 per cent earlier. the agency said that India's credit profile has been impacted by low growth, high debt burden and weak financial system. it expects the economy to rebound in FY22 and clock a growth of 10.6 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 "Moody's Investors Service has joined the league of global rating agencies that have forecasted a double-digit contraction in India's gross domestic product (GDP) growth for the current financial year 2020-21 (FY21) due to the coronavirus-led lockdown disrupting economic activities. Moody's on Friday lowered India's growth estimates for the current fiscal to (-) 11.5 per cent, from (-) 4 per cent estimated earlier. The US-based rating agency said that India's credit profile has been impacted by low growth, high debt burden and weak financial system. These risks have been exacerbated by the coronavirus pandemic, it said. "Mutually reinforcing risks from deeper stresses in the economy and financial system could lead to a more severe and prolonged erosion in fiscal strength, exerting further pressure on the credit profile," Moody's said while projecting GDP estimates for this fiscal. The agency, however, expects the economy to rebound in FY22 and clock a growth of 10.6 per cent. Global research firms, such as Fitch Ratings and Goldman Sachs, have already downgraded economic growth forecast for FY21 after India's GDP fell sharply by 23.9 per cent during the first quarter of the current fiscal due to lockdown imposed to limit the spread of the coronavirus. While Fitch expects India's GDP to contract by 10.5 per cent in FY21 versus its earlier estimate of 5 per cent contraction, Goldman Sachs has pegged negative GDP growth of 14.8 per cent against its previous estimate of 11.8 per cent contraction in this period. Domestic agencies State Bank of India, India Ratings and Research and CRISIL have projected contraction of 10.9 per cent, 11.8 per cent, and 9 per cent, respectively. The rating agencies have raised concerns over rapid rise in coronavirus cases, saying that future outlook remain tilted to the downside till such time a vaccine is found and mass produced. India's COVID-19 tally has crossed 43 lakh and the nation continues to be the largest contributor to the daily global tally. The overall caseload still remains concentrated in states which have a major share in India's GDP - Maharashtra, Tamil Nadu, Karnataka and Andhra Pradesh- which together account for around 54 per cent of total confirmed cases and nearly 36 per cent of GDP. Indian economic output shrank by 23.9 per cent in the first quarter of FY21. This was the worst quarterly GDP numbers ever recorded since India started compiling national accounts on quarterly basis in 1996. The economy is set to enter a recessionary phase with most of the contraction expected to continue in subsequent quarters. By Chitranjan Kumar Also Read: Rebooting Economy XXVI: Derailment of economy is not 'Act of God', it is 'Art of Misdirection' Also Read: State finances plunge! Q1 fiscal deficit doubles to 37% as taxes slide Summarise this report in a few sentences." summarise in a few sentences.
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Top brokerages, including CLSA, HSBC and Morgan Stanley, have welcomed the raft of measures taken by the Reserve Bank of India to protect the economy and the financial system, saying the central bank may go for more rate cuts. RBI governor Shaktikanta Das on March 27 announced a huge 75 basis points rate cut on March 27, bringing it to 4.40 percent from 5.15 percent. Here is what brokerages have to say about the RBI measures: CLSA While the measures to infuse liquidity, including targeted LTROs (long term repo operations), will support the bond market, the operationalisation and effectiveness of MPC measures are the keys to success. A three-month moratorium for all term loan repayments will entail a one-time NPV (net present value) hit for banks and NBFCs and problems will be acute for lower-rated NBFCs with limited funding options, CLSA said. HSBC The financial firm is of the view that the RBI delivered more than expected and the measures will not just help immediately but will also help in the reconstruction process. All eyes were on the fiscal deficit and the role central bank would play in funding it, HSBC said. "Given abundant liquidity, reverse repo rate could become more effective one," HSBC said, adding that the CRR cut by 100 bps would infuse primary liquidity of Rs 1.37 lakh crore across the banking system. HSBC said the regulatory forbearance was likely to help banks and borrowers and banks being permitted to deal in offshore rupee NDF markets would help curb volatility. The global financial firm expects growth to halt in the first half of FY21 but rise sharply in the second half of the current financial year. Jefferies Quantum of action by the RBI was substantial and largely satisfactory, Jefferies has said. Measures such as the rate cut and $50 billion liquidity would accelerate monetary transmission while loan repayment deferrals would alleviate some bad loan concerns, Jefferies said. BofA Securities BofA Securities is of the view that the reverse repo rate cut works out to 90-115 bps after the enlargement of rate corridor. RBI was among few central banks that were still with sufficient arsenal to fight for growth, BofA said. Infusion via TLTRO (targeted longer-term refinancing operations) for banks to buy corp bonds and CRR cut would assure markets, BofA said. The government may follow up with fiscal stimulus (1-1.5 percent of GDP), funded by RBI OMO, it added. BofA believes deferral of interest payments should comfort borrowers at a time of uncertainty. "We expect MPC to cut 25 bps each in June and October. RBI could continue to intervene up to $30 billion to stabilize the rupee," BofA said. Nomura Nomura acknowledged that the RBI had announced necessary measures but said demand risks persisted. "Relief announced is temporary and may have to be extended," Nomura said. The brokerage is positive on stronger franchises and ICICI and Axis Bank are its preferred picks. "ICICI Bank and Axis Bank offer the safety net necessary to weather the storm," Nomura said. If banks absorb NPV impact of deferred payments, it can impact NIMs by 7-10 bps, Nomura said. Morgan Stanley Morgan Stanley expects RBI's measures to help in eventual recovery as the disruptions ease."These measures reduce risk aversion in the financial sector and support financial stability," Morgan Stanley said. The global financial firm said the measures would provide enough liquidity and reduce the cost of capital. “In the base case, we expect the government to raise fuel taxes by Rs 9-10 per litre and use for stressed sectors. If disruptions linger for longer, RBI may lower rates by another 40 bps," Morgan Stanley said. Morgan Stanley expects a gradual recovery in growth from Q3CY20. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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brokerages welcome RBI measures to protect economy and financial system. a three-month moratorium for all term loan repayments will entail a one-time NPV hit. HSBC: measures will not just help immediately but will also help in reconstruction process. a 75 basis points rate cut on march 27 brought it to 4.40 percent from 5.15 percent.
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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 "Top brokerages, including CLSA, HSBC and Morgan Stanley, have welcomed the raft of measures taken by the Reserve Bank of India to protect the economy and the financial system, saying the central bank may go for more rate cuts. RBI governor Shaktikanta Das on March 27 announced a huge 75 basis points rate cut on March 27, bringing it to 4.40 percent from 5.15 percent. Here is what brokerages have to say about the RBI measures: CLSA While the measures to infuse liquidity, including targeted LTROs (long term repo operations), will support the bond market, the operationalisation and effectiveness of MPC measures are the keys to success. A three-month moratorium for all term loan repayments will entail a one-time NPV (net present value) hit for banks and NBFCs and problems will be acute for lower-rated NBFCs with limited funding options, CLSA said. HSBC The financial firm is of the view that the RBI delivered more than expected and the measures will not just help immediately but will also help in the reconstruction process. All eyes were on the fiscal deficit and the role central bank would play in funding it, HSBC said. "Given abundant liquidity, reverse repo rate could become more effective one," HSBC said, adding that the CRR cut by 100 bps would infuse primary liquidity of Rs 1.37 lakh crore across the banking system. HSBC said the regulatory forbearance was likely to help banks and borrowers and banks being permitted to deal in offshore rupee NDF markets would help curb volatility. The global financial firm expects growth to halt in the first half of FY21 but rise sharply in the second half of the current financial year. Jefferies Quantum of action by the RBI was substantial and largely satisfactory, Jefferies has said. Measures such as the rate cut and $50 billion liquidity would accelerate monetary transmission while loan repayment deferrals would alleviate some bad loan concerns, Jefferies said. BofA Securities BofA Securities is of the view that the reverse repo rate cut works out to 90-115 bps after the enlargement of rate corridor. RBI was among few central banks that were still with sufficient arsenal to fight for growth, BofA said. Infusion via TLTRO (targeted longer-term refinancing operations) for banks to buy corp bonds and CRR cut would assure markets, BofA said. The government may follow up with fiscal stimulus (1-1.5 percent of GDP), funded by RBI OMO, it added. BofA believes deferral of interest payments should comfort borrowers at a time of uncertainty. "We expect MPC to cut 25 bps each in June and October. RBI could continue to intervene up to $30 billion to stabilize the rupee," BofA said. Nomura Nomura acknowledged that the RBI had announced necessary measures but said demand risks persisted. "Relief announced is temporary and may have to be extended," Nomura said. The brokerage is positive on stronger franchises and ICICI and Axis Bank are its preferred picks. "ICICI Bank and Axis Bank offer the safety net necessary to weather the storm," Nomura said. If banks absorb NPV impact of deferred payments, it can impact NIMs by 7-10 bps, Nomura said. Morgan Stanley Morgan Stanley expects RBI's measures to help in eventual recovery as the disruptions ease."These measures reduce risk aversion in the financial sector and support financial stability," Morgan Stanley said. The global financial firm said the measures would provide enough liquidity and reduce the cost of capital. “In the base case, we expect the government to raise fuel taxes by Rs 9-10 per litre and use for stressed sectors. If disruptions linger for longer, RBI may lower rates by another 40 bps," Morgan Stanley said. Morgan Stanley expects a gradual recovery in growth from Q3CY20. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences." summarise in a few sentences.
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Market capitalisation of top ten companies rose by a huge Rs 3.10 lakh crore in four trading sessions last week on strong rally in domestic markets amid positive global cues. Tata Consultancy Services (TCS) logged a Rs 73,753.12 crore rise in its market cap to Rs 7.56 lakh crore, becoming the biggest gainer in the top-10 chart. Market cap of mortgage lender HDFC surged Rs 58,499.9 crore to close the week at Rs 3.32 lakh crore. It's subsidiary HDFC Bank saw market cap gaining Rs 35,213.71 crore to Rs 5.49 lakh crore. Mukesh Ambani-led Reliance Industries market cap rose Rs 31,506.3 crore to Rs 9.30 lakh crore in the last four trading sessions. Financial markets were closed on account of Maharashtra Day on Friday. Investors saw their wealth surge by Rs 7.68 lakh crore on signs of relaxation in coronavirus lockdowns globally and central banks infusing liquidity in order to keep economies afloat. While Sensex gained 2,388 points (7.63%) , Nifty rose 705 points (7.70%) in last four sessions. "Most major global markets have rallied in the current week as several countries have started to talk about lifting the lockdown," said Sanjeev Zarbade, VP PCG Research, Kotak Securities. Sensex zooms 997 points, Nifty at 9,859; auto, metal shares outperform "Reports of encouraging results about Gilead's drug in treating COVID-19 as well as starting of human trials on a vaccine also fuelled the rally," he added. Encouraging results from a COVID-19 drug trial in the US turbocharged sentiment and short-covering on expiry of F&O contracts at home on Friday also added to investor wealth. Subsequently, market capitalisation of private sector lender ICICI Bank gained Rs 29,180.58 crore to Rs 2.45 lakh crore in last four sessions. IT behemoth Infosys gained Rs 24,659.57 crore in market cap to Rs 3. 05 lakh crore. Kotak Mahindra Bank's market cap rose by Rs 22,334 crore to Rs 2.59 lakh crore and that of Hindustan Unilever Limited went up by Rs 21,660.41 crore to Rs 5.15 lakh crore. Telecom major Bharti Airtel added Rs 10,911.11 crore in market cap to Rs 2.80 lakh crore . FMCG firm ITC logged a rise of Rs 2,642.83 crore to Rs 2.23 lakh crore. In the ranking of top-10 firms, RIL retained the number one ranking followed by TCS, HDFC Bank, HUL, HDFC, Infosys, Bharti Airtel, Kotak Mahindra Bank, ICICI Bank and ITC. Summarise this report in a few sentences.
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market cap of top 10 companies rises by a huge Rs 3.10 lakh crore in four trading sessions. investors see their wealth surge by Rs 7.68 lakh crore on signs of coronavirus lockdowns. Sensex gained 2,388 points (7.63%), Nifty rose 705 points (7.70%) in last four sessions. ICICI bank's market cap rose by Rs 29,180.58 crore to Rs 2.45 lakh 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 "Market capitalisation of top ten companies rose by a huge Rs 3.10 lakh crore in four trading sessions last week on strong rally in domestic markets amid positive global cues. Tata Consultancy Services (TCS) logged a Rs 73,753.12 crore rise in its market cap to Rs 7.56 lakh crore, becoming the biggest gainer in the top-10 chart. Market cap of mortgage lender HDFC surged Rs 58,499.9 crore to close the week at Rs 3.32 lakh crore. It's subsidiary HDFC Bank saw market cap gaining Rs 35,213.71 crore to Rs 5.49 lakh crore. Mukesh Ambani-led Reliance Industries market cap rose Rs 31,506.3 crore to Rs 9.30 lakh crore in the last four trading sessions. Financial markets were closed on account of Maharashtra Day on Friday. Investors saw their wealth surge by Rs 7.68 lakh crore on signs of relaxation in coronavirus lockdowns globally and central banks infusing liquidity in order to keep economies afloat. While Sensex gained 2,388 points (7.63%) , Nifty rose 705 points (7.70%) in last four sessions. "Most major global markets have rallied in the current week as several countries have started to talk about lifting the lockdown," said Sanjeev Zarbade, VP PCG Research, Kotak Securities. Sensex zooms 997 points, Nifty at 9,859; auto, metal shares outperform "Reports of encouraging results about Gilead's drug in treating COVID-19 as well as starting of human trials on a vaccine also fuelled the rally," he added. Encouraging results from a COVID-19 drug trial in the US turbocharged sentiment and short-covering on expiry of F&O contracts at home on Friday also added to investor wealth. Subsequently, market capitalisation of private sector lender ICICI Bank gained Rs 29,180.58 crore to Rs 2.45 lakh crore in last four sessions. IT behemoth Infosys gained Rs 24,659.57 crore in market cap to Rs 3. 05 lakh crore. Kotak Mahindra Bank's market cap rose by Rs 22,334 crore to Rs 2.59 lakh crore and that of Hindustan Unilever Limited went up by Rs 21,660.41 crore to Rs 5.15 lakh crore. Telecom major Bharti Airtel added Rs 10,911.11 crore in market cap to Rs 2.80 lakh crore . FMCG firm ITC logged a rise of Rs 2,642.83 crore to Rs 2.23 lakh crore. In the ranking of top-10 firms, RIL retained the number one ranking followed by TCS, HDFC Bank, HUL, HDFC, Infosys, Bharti Airtel, Kotak Mahindra Bank, ICICI Bank and ITC. Summarise this report in a few sentences." summarise in a few sentences.
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Categories YTD Returns (%) Large Cap -12.89 Large & MidCap -12.42 Multi Cap -12.31 Mid Cap -8.62 Small Cap -10.29 ELSS -12.59 Many equity mutual fund investors are suddenly feeling positive. The double-digit returns offered by most equity mutual fund categories in three- and one-month periods seem to have reassured many investors, say mutual fund advisors. In fact, many investors have regained their confidence and they are enquiring about allocating more to certain categories.Obviously, some investors are really impressed by the returns posted by some categories in the short periods. Advisors are at pains to explain to them that the troubles are not over year and they should proceed cautiously when it comes to investing in equity mutual funds . Some enterprising advisors are asking their clients to look at another set of numbers before making up their mind.You might have guessed correctly that these advisors may be asking their clients to look at the returns in the longer horizons. However, they have used a new one – YTD or year to date – to caution investors.One cursory look at YTD returns is enough to convince most investors that the markets are not out of woods yet. For example, the large cap mutual fund category has given around 19% returns in the last three months, and 13% returns in the last one month, according to Value Research, a mutual fund tracking firm. The large cap category has lost money in the year to date period; its YTD returns are -12%. Similarly, most other prominent categories like large & mid cap, multi cap, mid cap, small cap, and so on, posted negative YTD returns.Most of these categories have barely made single-single digit returns in three-, five- and 10-year periods. Sure, the recent sharp fall has obviously dragged down these returns, but it still tells you that the market is not on a bull run.Most mutual fund managers believe that the next two quarters are unlikely to surprise the markets. The economic disruptions caused by the Covid pandemic are likely to linger in the next few months and we would see meaningful recovery only the next year. If that is the case, the market is likely to remain volatile. They believe that liquidity might prop up a few select stocks, but the market is unlikely to see a broad-based rally without numbers to back up the performance.In such a background, investors should remain focused. They should be mindful about the disruptions on their career front, and their impact on their personal finances. Your emphasis should be on a large contingency fund and to tide over the current situation. You should think of taking the plunge by allocating more and taking extra risks, only after you are convinced about the revival in the economy, say advisors. Summarise this report in a few sentences.
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large cap mutual fund category has given around 19% returns in the last three months. large & mid cap, multi cap, mid cap, small cap, and so on, posted negative YTD returns. advisors are at pains to explain to investors that the markets are not out of woods yet. if the markets do not recover, they will be forced to invest in equity funds.
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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 "Categories YTD Returns (%) Large Cap -12.89 Large & MidCap -12.42 Multi Cap -12.31 Mid Cap -8.62 Small Cap -10.29 ELSS -12.59 Many equity mutual fund investors are suddenly feeling positive. The double-digit returns offered by most equity mutual fund categories in three- and one-month periods seem to have reassured many investors, say mutual fund advisors. In fact, many investors have regained their confidence and they are enquiring about allocating more to certain categories.Obviously, some investors are really impressed by the returns posted by some categories in the short periods. Advisors are at pains to explain to them that the troubles are not over year and they should proceed cautiously when it comes to investing in equity mutual funds . Some enterprising advisors are asking their clients to look at another set of numbers before making up their mind.You might have guessed correctly that these advisors may be asking their clients to look at the returns in the longer horizons. However, they have used a new one – YTD or year to date – to caution investors.One cursory look at YTD returns is enough to convince most investors that the markets are not out of woods yet. For example, the large cap mutual fund category has given around 19% returns in the last three months, and 13% returns in the last one month, according to Value Research, a mutual fund tracking firm. The large cap category has lost money in the year to date period; its YTD returns are -12%. Similarly, most other prominent categories like large & mid cap, multi cap, mid cap, small cap, and so on, posted negative YTD returns.Most of these categories have barely made single-single digit returns in three-, five- and 10-year periods. Sure, the recent sharp fall has obviously dragged down these returns, but it still tells you that the market is not on a bull run.Most mutual fund managers believe that the next two quarters are unlikely to surprise the markets. The economic disruptions caused by the Covid pandemic are likely to linger in the next few months and we would see meaningful recovery only the next year. If that is the case, the market is likely to remain volatile. They believe that liquidity might prop up a few select stocks, but the market is unlikely to see a broad-based rally without numbers to back up the performance.In such a background, investors should remain focused. They should be mindful about the disruptions on their career front, and their impact on their personal finances. Your emphasis should be on a large contingency fund and to tide over the current situation. You should think of taking the plunge by allocating more and taking extra risks, only after you are convinced about the revival in the economy, say advisors. 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 Kozhikode IIMK Chief Product Officer Programme Visit Investors to shift out of FMCG massively on first signs of economic recovery, says the independent market expertThe first thing we need to look at is the trend that started in March of aggressive FII sales, which was pretty much not an India phenomenon, but across the region. That at least ebbed in April, which helped the nice 30% kind of a pullback rally. The other factor that has not been discussed much about April market was that domestic institutions actually saw a net outflow of roughly about $200 million. In last three-and-a-half years, only in about four or five months have DIIs been net sellers in a month. This can be partly explained by the fact that we have had the Franklin episode, and there was some liquidity crunch as well, because people wanted to keep some powder dry to build a nest as it became apparent that conditions are going be a strong and difficult going forward. We need to keep a watch on how things play out in the immediate future, say in May, June. I do not know whether we have got the data for April in terms of liquid flows. The SIP number will also be important. That is what is happening on the flow side, which is also a reflection of the investor psyche. We have also seen a lot of new accounts opening in terms of demat so that is a positive sign.On the corporate side, all the headlines are clearly telling you that belt tightening is going to be the norm at least for two quarters . Cost is going to be the key factor, and revenues will take a hit in the April-June quarter going by the auto numbers for April. Clearly, the revenue line is going to bear the brunt, and that is why FY21 EPS estimates on the Nifty will have been done a good deal. The market is now wanting to discount FY22, and I think that is really quite an opaque glass at this point. Because you have got the vaccine news, and that could mean the revival would be sooner than expected. But I think things will probably get worse before they get better.What we need to read here is the government’s resolve to shore up revenues is extremely strong, and they are sensitive to the fact that revenues will be hit. Hence, we need to look at anything that can earn some receipts. Having said that, the investor preference or disposition towards equity buying even in a good brands like Axis Bank and ITC would be low at this point, marred by the more recent or short-term expectation. Axis Bank numbers were operationally pretty decent, but despite that I do not think the stock has performed. You will also be looking at what is likely to happen if this revenue pressure across the economy continues with the lockdown continuing for some more time. Then you would probably see a next round of NPAs hitting the banks. That is the main fear here. As for ITC, it’s very clear that discretionary spend is going to come under a crunch because right now incomes will be hit, you will be having job losses. Plus, there is this risk of Covid cases going up sharply and us having a second wave of case if people don’t adhere to the social distancing norms; that is a big risk.So today if you ask me will there be interest? Yes, for long-term investors these are great franchises and you are getting them at such great prices. If you are willing to live with the short-term pain over the next two-three quarters, then these are very good entry prices. But the question is if I buy today, am I likely to see a 15-20% haircut in the immediate short term from my current investment? Yes, that is very much a probability. So that is the conundrum investors are facing right now. Because unfortunately, the short-term scenario is so murky that one does not know if I be able to buy more at 20% cheaper in a few days. That is clearly is the challenge.Investors can clearly make out that discretionary spends will be under immense pressure, maybe not just for the next quarter or so, but it will probably be a long-drawn phenomenon. Because the income capability and earnings reversion to mean will take some time and valuations in the sector across the board are very steep. What is likely to happen is, the moment you see some signs of recovery, people will probably maintain allocation to FMCG, but the moment you see certain signs of recovery and there is some cyclical bounce, the flow is likely to shift massively out of this sector. Because in the best case, these stocks were bought for a 10-12% kind of earnings growth. So a 60 multiple is clearly not justified by any stretch of imagination. It was very clearly a defensive play, where these franchises would continue to give good RoEs, RoCs, but this is where a large part of the embedded return is already seated. So if I was to take money off from the market, there are the first things I would have said.Because typically no investor sells at a loss in any stock. So this is where you are likely to see selling in the first week. Plus on the fundamental side, there is clearly pressure on incomes and, hence, I do not think discretionary spends are going to come back in a long time. Today we have to also bear in mind that the government is trying to offer some sort of a cushion to the lowest strata of society, where they will look for basic needs. This is all pretty much an urban-centric phenomenon. I would also look out for what is happening to the rabi crop output. In case that crop season goes well, there will be some money. Quite honestly, the companies themselves do not know how the growth will pan out over the next two quarters. In case the revenue outlook gets murky, it will be very difficult to sustain these valuations.Right now one has to just patiently wait this out. I suggest hold cash, because at this point a bird in the hand is worth two in the bush. Yes, liquidity is not a problem. Liquidity is there in ample quantity. But I do not know how many businesses will survive these two months kind of an impact on revenue line. If you look at the way things are, two-months kind of impact on yearly revenue is basically 20%. How many businesses used to make Ebitda margins of more than 20% in India? If you work that out, you will realise a lot of the pain is likely to be felt until and unless you provide those businesses enough liquidity just to survive the cycle. I am not saying growth will not come back, it will. But it may happen in FY22, nobody knows. The problem is I need to first survive the next two quarters. Unfortunately given the risk aversion, if money is not being lent out, if a good businesses has not been given money at the wrong time, it will definitely become a bad business. Those are important factors. There is no investment case right now. In case you hold cash and you look at places where the margin of safety is fairly high -- for example asset-backed businesses, which most probably are the PSUs today -- than the fall from intrinsic value is very large. Now they will probably start trading at 10-12% dividend yields. So I think stay out of anything that is expensive, because typically when a market goes into this kind of a bearish zone, high PE just does not cut any slack with investors. Summarise this report in a few sentences.
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domestic institutions saw net outflow of roughly $200 million in a month. cost is going to bear the brunt and revenues will take a hit in the April-June quarter. 'we need to keep a watch on how things play out in the immediate future, say in May, June,' says the independent market expert. 'we have had the Franklin episode, and there was some liquidity crunch as well'
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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 Kozhikode IIMK Chief Product Officer Programme Visit Investors to shift out of FMCG massively on first signs of economic recovery, says the independent market expertThe first thing we need to look at is the trend that started in March of aggressive FII sales, which was pretty much not an India phenomenon, but across the region. That at least ebbed in April, which helped the nice 30% kind of a pullback rally. The other factor that has not been discussed much about April market was that domestic institutions actually saw a net outflow of roughly about $200 million. In last three-and-a-half years, only in about four or five months have DIIs been net sellers in a month. This can be partly explained by the fact that we have had the Franklin episode, and there was some liquidity crunch as well, because people wanted to keep some powder dry to build a nest as it became apparent that conditions are going be a strong and difficult going forward. We need to keep a watch on how things play out in the immediate future, say in May, June. I do not know whether we have got the data for April in terms of liquid flows. The SIP number will also be important. That is what is happening on the flow side, which is also a reflection of the investor psyche. We have also seen a lot of new accounts opening in terms of demat so that is a positive sign.On the corporate side, all the headlines are clearly telling you that belt tightening is going to be the norm at least for two quarters . Cost is going to be the key factor, and revenues will take a hit in the April-June quarter going by the auto numbers for April. Clearly, the revenue line is going to bear the brunt, and that is why FY21 EPS estimates on the Nifty will have been done a good deal. The market is now wanting to discount FY22, and I think that is really quite an opaque glass at this point. Because you have got the vaccine news, and that could mean the revival would be sooner than expected. But I think things will probably get worse before they get better.What we need to read here is the government’s resolve to shore up revenues is extremely strong, and they are sensitive to the fact that revenues will be hit. Hence, we need to look at anything that can earn some receipts. Having said that, the investor preference or disposition towards equity buying even in a good brands like Axis Bank and ITC would be low at this point, marred by the more recent or short-term expectation. Axis Bank numbers were operationally pretty decent, but despite that I do not think the stock has performed. You will also be looking at what is likely to happen if this revenue pressure across the economy continues with the lockdown continuing for some more time. Then you would probably see a next round of NPAs hitting the banks. That is the main fear here. As for ITC, it’s very clear that discretionary spend is going to come under a crunch because right now incomes will be hit, you will be having job losses. Plus, there is this risk of Covid cases going up sharply and us having a second wave of case if people don’t adhere to the social distancing norms; that is a big risk.So today if you ask me will there be interest? Yes, for long-term investors these are great franchises and you are getting them at such great prices. If you are willing to live with the short-term pain over the next two-three quarters, then these are very good entry prices. But the question is if I buy today, am I likely to see a 15-20% haircut in the immediate short term from my current investment? Yes, that is very much a probability. So that is the conundrum investors are facing right now. Because unfortunately, the short-term scenario is so murky that one does not know if I be able to buy more at 20% cheaper in a few days. That is clearly is the challenge.Investors can clearly make out that discretionary spends will be under immense pressure, maybe not just for the next quarter or so, but it will probably be a long-drawn phenomenon. Because the income capability and earnings reversion to mean will take some time and valuations in the sector across the board are very steep. What is likely to happen is, the moment you see some signs of recovery, people will probably maintain allocation to FMCG, but the moment you see certain signs of recovery and there is some cyclical bounce, the flow is likely to shift massively out of this sector. Because in the best case, these stocks were bought for a 10-12% kind of earnings growth. So a 60 multiple is clearly not justified by any stretch of imagination. It was very clearly a defensive play, where these franchises would continue to give good RoEs, RoCs, but this is where a large part of the embedded return is already seated. So if I was to take money off from the market, there are the first things I would have said.Because typically no investor sells at a loss in any stock. So this is where you are likely to see selling in the first week. Plus on the fundamental side, there is clearly pressure on incomes and, hence, I do not think discretionary spends are going to come back in a long time. Today we have to also bear in mind that the government is trying to offer some sort of a cushion to the lowest strata of society, where they will look for basic needs. This is all pretty much an urban-centric phenomenon. I would also look out for what is happening to the rabi crop output. In case that crop season goes well, there will be some money. Quite honestly, the companies themselves do not know how the growth will pan out over the next two quarters. In case the revenue outlook gets murky, it will be very difficult to sustain these valuations.Right now one has to just patiently wait this out. I suggest hold cash, because at this point a bird in the hand is worth two in the bush. Yes, liquidity is not a problem. Liquidity is there in ample quantity. But I do not know how many businesses will survive these two months kind of an impact on revenue line. If you look at the way things are, two-months kind of impact on yearly revenue is basically 20%. How many businesses used to make Ebitda margins of more than 20% in India? If you work that out, you will realise a lot of the pain is likely to be felt until and unless you provide those businesses enough liquidity just to survive the cycle. I am not saying growth will not come back, it will. But it may happen in FY22, nobody knows. The problem is I need to first survive the next two quarters. Unfortunately given the risk aversion, if money is not being lent out, if a good businesses has not been given money at the wrong time, it will definitely become a bad business. Those are important factors. There is no investment case right now. In case you hold cash and you look at places where the margin of safety is fairly high -- for example asset-backed businesses, which most probably are the PSUs today -- than the fall from intrinsic value is very large. Now they will probably start trading at 10-12% dividend yields. So I think stay out of anything that is expensive, because typically when a market goes into this kind of a bearish zone, high PE just does not cut any slack with investors. Summarise this report in a few sentences." summarise in a few sentences.
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Domestic equity market benchmarks BSE Sensex and Nifty 50 started the week on a strong footing, gaining over 1.5 per cent coupled with positive global cues. BSE Sensex ended 593 points or 1.59 per cent up at 37,982, while the broader Nifty 50 index jumped 177 points or 1.60 per cent to close at 11,227. Index heavyweights such as ICICI Bank, Axis Bank, HDFC, Bajaj Finance and Reliance Industries (RIL) were among the top index contributors. The broader market outperformed equity benchmarks. BSE MidCap index jumped 2.68 per cent or 384 points to end at 14,721, while the BSE SmallCap index finished 2.54 per cent or 368 points higher at 14,863. “Global cues were also positive following positive industrial profits data from China, setting aside concerns about the increasing virus infections and related impact. Indian markets were also banking on further stimulus and other measures by the government to boost the economy,” said Vinod Nair, Head of Research at Geojit Financial Services. IndusInd Bank top performer: 27 out of 30 stocks ended in the positive territory with IndusInd Bank gaining nearly 8 per cent. Bajaj Finance, Axis Bank, Power Grid Corporation of India, ONGC, SBI, Maruti Suzuki and RIL were among other gainers. Just three stocks Hindustan Unilever, Infosys and Nestle India were the top Sensex losers, falling 0.66 per cent, 0.15 per cent and 0.12 per cent, respectively. Media stocks rally: On the sectoral front, all the Nifty sectoral indices ended in the green. Nifty Media index was the top sectoral gainer, up 4.77 per cent led by PVR, INOX Leisure, Hathway and Dish TV. Nifty Bank index jumped 3.26 per cent with IndusInd Bank, Bandhan Bank and Federal Bank as index gainers. Nifty FMCG index gained 0.85 per cent. Global markets: European stocks jumped in Monday’s session with FTSE up 1.51 per cent, DAX up 2.83 per cent and CAC up 2.09 per cent. “European stocks partially recovered from last week’s hefty losses on Monday, helped by bargain shopping by foreigners, upbeat industrial profits data from China and as banking stocks bounced off record lows,” said Deepak Jasani, Head of Retail Research, HDFC Securities. Asian stock markets too gained on Monday. Japan’s Nikkei advanced 1.32 per cent, Hong Kong’s Hang Seng gained 1.04 per cent and South Korea’s Kospi added 1.29 per cent. Technical take: “The markets kept the upward momentum on for the entire day. However, the level to watch out for is 11300-11350. We need to get past and close above that price zone. That would signal that an intermediate bottom has been made and we have entered into an uptrend. Until then, there is always a possibility of a U-turn from the current levels and the Nifty might attempt to go and test the 10750 level,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. Summarise this report in a few sentences.
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broader market outperformed equity benchmarks. broader market also outperformed. 'positive industrial profits data from china'. 'positive' global cues. 'positive' global cues. 'positive' global cues. 'positive' global cues. 'positive' global cues.
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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 equity market benchmarks BSE Sensex and Nifty 50 started the week on a strong footing, gaining over 1.5 per cent coupled with positive global cues. BSE Sensex ended 593 points or 1.59 per cent up at 37,982, while the broader Nifty 50 index jumped 177 points or 1.60 per cent to close at 11,227. Index heavyweights such as ICICI Bank, Axis Bank, HDFC, Bajaj Finance and Reliance Industries (RIL) were among the top index contributors. The broader market outperformed equity benchmarks. BSE MidCap index jumped 2.68 per cent or 384 points to end at 14,721, while the BSE SmallCap index finished 2.54 per cent or 368 points higher at 14,863. “Global cues were also positive following positive industrial profits data from China, setting aside concerns about the increasing virus infections and related impact. Indian markets were also banking on further stimulus and other measures by the government to boost the economy,” said Vinod Nair, Head of Research at Geojit Financial Services. IndusInd Bank top performer: 27 out of 30 stocks ended in the positive territory with IndusInd Bank gaining nearly 8 per cent. Bajaj Finance, Axis Bank, Power Grid Corporation of India, ONGC, SBI, Maruti Suzuki and RIL were among other gainers. Just three stocks Hindustan Unilever, Infosys and Nestle India were the top Sensex losers, falling 0.66 per cent, 0.15 per cent and 0.12 per cent, respectively. Media stocks rally: On the sectoral front, all the Nifty sectoral indices ended in the green. Nifty Media index was the top sectoral gainer, up 4.77 per cent led by PVR, INOX Leisure, Hathway and Dish TV. Nifty Bank index jumped 3.26 per cent with IndusInd Bank, Bandhan Bank and Federal Bank as index gainers. Nifty FMCG index gained 0.85 per cent. Global markets: European stocks jumped in Monday’s session with FTSE up 1.51 per cent, DAX up 2.83 per cent and CAC up 2.09 per cent. “European stocks partially recovered from last week’s hefty losses on Monday, helped by bargain shopping by foreigners, upbeat industrial profits data from China and as banking stocks bounced off record lows,” said Deepak Jasani, Head of Retail Research, HDFC Securities. Asian stock markets too gained on Monday. Japan’s Nikkei advanced 1.32 per cent, Hong Kong’s Hang Seng gained 1.04 per cent and South Korea’s Kospi added 1.29 per cent. Technical take: “The markets kept the upward momentum on for the entire day. However, the level to watch out for is 11300-11350. We need to get past and close above that price zone. That would signal that an intermediate bottom has been made and we have entered into an uptrend. Until then, there is always a possibility of a U-turn from the current levels and the Nifty might attempt to go and test the 10750 level,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. Summarise this report in a few sentences." summarise in a few sentences.
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The Nifty50 snapped its seven-day winning run to close in the red on December 10 below its crucial support placed at 13,500 levels. Traders booked profit after a bull run that pushed the index above 13,500 during the week. The Nifty50 ended the day 50 points lower at 13,478. The Sensex, the other benchmark, too, declined 143 points to close at 45,959. The broader markets slipped as well. The S&P BSE midcap index fell 0.5 percent while the smallcap index closed lower by 0.65 percent. Top Nifty gainers were HUL, Britannia Industries, ITC, and Nestle India. Shree Cements, Tata Motors, UltraTech, and UPL were among the biggest losers. Stocks & sectors The BSE power and auto indices shed a percent each, while FMCG index added 2.5 percent. A volume spike of more than 100 percent was seen in Canara Bank, UPL and Pidilite Industries. Long buildup was seen in ICICI Prudential, Godrej Consumer and Britannia Industries while short buildup was seen in Canara Bank, Cummins and UPL. More than 200 stocks, including Sintex Industries, MBL Infrastructures and GMR Infrastructure, hit a 52-week high on the BSE. Here is what experts think that investors should do on December 11: Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas. The Nifty took a pit stop on December 10 after running up for the seven consecutive sessions. The index opened on a negative note but found support near 13,400. The selling pressure was absorbed near the 20-hour moving average and from there, the index attempted recovery towards the end of the session. The hourly chart shows that the Nifty is trading in a rising channel. The lower channel line coincides with the 40-hour exponential moving average and the hourly lower Bollinger Band near 13,350. So going ahead, 13,400-13,350 will act as a crucial support zone. The overall outlook continues to be positive with short-term target at 13,700. Paras Bothra, President of Equity Research, Ashika Stock Broking. Markets remained muted, tracking a weak trend in other Asian markets as investors kept an eye on Brexit trade talks and stimulus negotiations in the US. Nomura, however, projected India to be the fastest-growing Asian economy in the calendar year 2021, estimating a 9.9 percent GDP growth. Among sectors, barring FMCG and metal, other sectoral indices ended lower. Vinod Nair, Head of Research at Geojit Financial services After five days of bullish rally, the domestic market reversed along with Asian peers, backed by weak global markets, triggering profit booking across major sectors. PSU banks, small and midcaps, which were so positive recently, were also under bear attack. European indices are trading positive ahead of the monetary policy announcement by the European Central Bank and the UK and EU setting December 13 deadline to finalise the Brexit deal. A sell-off was seen in the US tech stocks, which led to a correction in the American market as the stimulus package talks dragged. With markets at their highest, any unfavourable events, domestic or global, can result in temporary profit booking. However, we believe that the market is optimistic enough to continue the rally post a required consolidation. Binod Modi, Head Strategy at Reliance Securities. In our view, improvement in prospects of sustained earnings growth led by encouraging key economic indicators and upbeat management commentaries of different industries is likely help to sustain premium valuations of the market. However, a broad-based rally across all counters might not sustain for long and men would be separated from the boys in earnings recovery. Hence, investors must focus on quality names with high margins of safety. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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the nifty50 ended the day 50 points lower at 13,478. the broader markets slipped as well. the broader markets remained muted. the Sensex, too, declined 143 points to close at 45,959. the broader outlook remains positive with short-term target at 13,700. a s&p midcap index fell 0.5 percent while the smallcap index closed lower by 0.65 percent.
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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 Nifty50 snapped its seven-day winning run to close in the red on December 10 below its crucial support placed at 13,500 levels. Traders booked profit after a bull run that pushed the index above 13,500 during the week. The Nifty50 ended the day 50 points lower at 13,478. The Sensex, the other benchmark, too, declined 143 points to close at 45,959. The broader markets slipped as well. The S&P BSE midcap index fell 0.5 percent while the smallcap index closed lower by 0.65 percent. Top Nifty gainers were HUL, Britannia Industries, ITC, and Nestle India. Shree Cements, Tata Motors, UltraTech, and UPL were among the biggest losers. Stocks & sectors The BSE power and auto indices shed a percent each, while FMCG index added 2.5 percent. A volume spike of more than 100 percent was seen in Canara Bank, UPL and Pidilite Industries. Long buildup was seen in ICICI Prudential, Godrej Consumer and Britannia Industries while short buildup was seen in Canara Bank, Cummins and UPL. More than 200 stocks, including Sintex Industries, MBL Infrastructures and GMR Infrastructure, hit a 52-week high on the BSE. Here is what experts think that investors should do on December 11: Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas. The Nifty took a pit stop on December 10 after running up for the seven consecutive sessions. The index opened on a negative note but found support near 13,400. The selling pressure was absorbed near the 20-hour moving average and from there, the index attempted recovery towards the end of the session. The hourly chart shows that the Nifty is trading in a rising channel. The lower channel line coincides with the 40-hour exponential moving average and the hourly lower Bollinger Band near 13,350. So going ahead, 13,400-13,350 will act as a crucial support zone. The overall outlook continues to be positive with short-term target at 13,700. Paras Bothra, President of Equity Research, Ashika Stock Broking. Markets remained muted, tracking a weak trend in other Asian markets as investors kept an eye on Brexit trade talks and stimulus negotiations in the US. Nomura, however, projected India to be the fastest-growing Asian economy in the calendar year 2021, estimating a 9.9 percent GDP growth. Among sectors, barring FMCG and metal, other sectoral indices ended lower. Vinod Nair, Head of Research at Geojit Financial services After five days of bullish rally, the domestic market reversed along with Asian peers, backed by weak global markets, triggering profit booking across major sectors. PSU banks, small and midcaps, which were so positive recently, were also under bear attack. European indices are trading positive ahead of the monetary policy announcement by the European Central Bank and the UK and EU setting December 13 deadline to finalise the Brexit deal. A sell-off was seen in the US tech stocks, which led to a correction in the American market as the stimulus package talks dragged. With markets at their highest, any unfavourable events, domestic or global, can result in temporary profit booking. However, we believe that the market is optimistic enough to continue the rally post a required consolidation. Binod Modi, Head Strategy at Reliance Securities. In our view, improvement in prospects of sustained earnings growth led by encouraging key economic indicators and upbeat management commentaries of different industries is likely help to sustain premium valuations of the market. However, a broad-based rally across all counters might not sustain for long and men would be separated from the boys in earnings recovery. Hence, investors must focus on quality names with high margins of safety. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences." summarise in a few sentences.
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Asian shares were steady while the Japanese yen held onto overnight gains in early trading on Friday as financial markets turned their attention to the looming US payrolls data for fresh catalysts. Investors were cautious after a largely weak performance on Wall Street overnight as some disappointing earnings reports offset strong economic data, while bond yields slid after a surprising slowdown in euro zone inflation. The US dollar weakened during what was a choppy session a day after the Federal Reserve ended a policy meeting with no change in rates and a less hawkish statement than investors had anticipated. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05 percent, while the dollar dropped 0.06 percent against the yen to 109.11. "Macro data from the US and Europe are struggling to meet lofty expectations," analysts at ANZ said in a note. The US dollar had erased all its 2018 losses in the past two weeks on expectations the Fed will continue to raise rates, even as other major central banks around the world, including the European Central Bank, take longer to reduce stimulus. The focus for markets will be on the US jobs data due later in the global day, with the April report likely to underscore labour market strength. Nonfarm payrolls probably increased by 192,000 jobs last month, according to a Reuters survey of economists, after rising only 103,000 in March. Investors were also keeping a close watch on US-China trade talks, though analysts said they had little confidence that the US delegation in Beijing, led by Treasury Secretary Steven Mnuchin, will achieve any breakthrough on the tariff standoff between the world's two biggest economies. The yield on benchmark 10-year Treasury notes rose to 2.9477 percent compared with its US close of 2.946 percent on Thursday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 2.4802 percent. Australian shares were up a touch ahead of a Reserve Bank of Australia statement on monetary policy, while Japan's Nikkei stock index slid 0.16 percent. The euro was flat on the day at USD 1.1989, while the dollar index , which tracks the greenback against a basket of six major rivals, was up at 92.434. Overnight, Argentina's peso, which has been among the worst hit emerging market currencies during the past couple of months on rising US yields, tumbled again to a record low. The currency has been hit by a lack of investor confidence in Latin America's No. 3 economy, which has been blighted by one of the world's highest inflation rates. Argentina's central bank raised its benchmark interest rate by 300 basis points to 33.25 percent on Thursday, but the second steep rate increase in less than a week failed to stop the country's peso currency from plunging. Elsewhere, US crude ticked up 0.04 percent at USD 68.46 a barrel. Gold was slightly higher, with spot gold fetching USD 1313.34 per ounce. Summarise this report in a few sentences.
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the dollar drops 0.06 percent against the yen to 109.11. the focus for markets will be on the looming US payrolls data. the euro is flat on the day at USD 1.1989. the euro is flat on the day at USD 1.1989. a softer euro zone economy is expected to boost growth. a softer euro zone economy could boost growth.
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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 "Asian shares were steady while the Japanese yen held onto overnight gains in early trading on Friday as financial markets turned their attention to the looming US payrolls data for fresh catalysts. Investors were cautious after a largely weak performance on Wall Street overnight as some disappointing earnings reports offset strong economic data, while bond yields slid after a surprising slowdown in euro zone inflation. The US dollar weakened during what was a choppy session a day after the Federal Reserve ended a policy meeting with no change in rates and a less hawkish statement than investors had anticipated. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05 percent, while the dollar dropped 0.06 percent against the yen to 109.11. "Macro data from the US and Europe are struggling to meet lofty expectations," analysts at ANZ said in a note. The US dollar had erased all its 2018 losses in the past two weeks on expectations the Fed will continue to raise rates, even as other major central banks around the world, including the European Central Bank, take longer to reduce stimulus. The focus for markets will be on the US jobs data due later in the global day, with the April report likely to underscore labour market strength. Nonfarm payrolls probably increased by 192,000 jobs last month, according to a Reuters survey of economists, after rising only 103,000 in March. Investors were also keeping a close watch on US-China trade talks, though analysts said they had little confidence that the US delegation in Beijing, led by Treasury Secretary Steven Mnuchin, will achieve any breakthrough on the tariff standoff between the world's two biggest economies. The yield on benchmark 10-year Treasury notes rose to 2.9477 percent compared with its US close of 2.946 percent on Thursday. The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 2.4802 percent. Australian shares were up a touch ahead of a Reserve Bank of Australia statement on monetary policy, while Japan's Nikkei stock index slid 0.16 percent. The euro was flat on the day at USD 1.1989, while the dollar index , which tracks the greenback against a basket of six major rivals, was up at 92.434. Overnight, Argentina's peso, which has been among the worst hit emerging market currencies during the past couple of months on rising US yields, tumbled again to a record low. The currency has been hit by a lack of investor confidence in Latin America's No. 3 economy, which has been blighted by one of the world's highest inflation rates. Argentina's central bank raised its benchmark interest rate by 300 basis points to 33.25 percent on Thursday, but the second steep rate increase in less than a week failed to stop the country's peso currency from plunging. Elsewhere, US crude ticked up 0.04 percent at USD 68.46 a barrel. Gold was slightly higher, with spot gold fetching USD 1313.34 per ounce. Summarise this report in a few sentences." summarise in a few sentences.
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Hospitality firm Lemon Tree Hotels is looking to have around 12,000 rooms in its inventory by the end of 2021 as part of its capacity addition plans, mainly in India , a top company official said. The mid-market hotels company has 53 hotels in 32 cites across its three brands -- Lemon Tree Premier, Lemon Tree Hotels and Red Fox Hotels, as on January 31 this year."We are pretty sure that by 2021-end, we will have 12,000 rooms mainly in India. We currently have around 5,500 rooms and we are building another around 3,500 rooms which are mostly our own," Lemon Tree Hotels Chairman and Managing Director Patanjali Keswani told .Besides India, the other markets that the company is looking at include Thimphu ( Bhutan ), Dubai and Kathmandu ( Nepal ).The company is opportunistically looking at acquiring more inventory, say another 3,000 rooms, mostly under the management and leased model during this period, he added."The 12,000 rooms would be about 20 per cent of India's mid-market hotels. When we achieve this at that point, we will have some degree of market power," Keswani said.Tailwinds in India are also strong for the company as demand is picking up and supply is drying up, he added."So, we will have advantage of three things -- market power, tailwinds and brand visibility that will come into pricing," Keswani said.Given the increasing occupancy levels across the country and favourable demand-supply mismatch in the mid-priced hotel sector, the company expects better price hikes going forward, he added.On funding, Keswani said: "We are currently funded for 9,000 rooms. For the additional 3,000 rooms depending on the capital requirement, we will find ways to raise capital in the least risky fashion. We will be prudential."Lemon Tree Hotels opened its first hotel with 49 rooms in May 2004 and operates in the mid-priced hotel sector, consisting of the upper mid-scale, mid-scale and economy hotel segments. Summarise this report in a few sentences.
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lemon tree hotels is looking to have around 12,000 rooms in its inventory by 2021. the mid-market hotels company has 53 hotels in 32 cites across its three brands. the company is opportunistically looking at acquiring more inventory, say another 3,000 rooms. the company expects better price hikes going forward. a favourable demand-supply mismatch in the mid-priced hotel sector will help the company.
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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 "Hospitality firm Lemon Tree Hotels is looking to have around 12,000 rooms in its inventory by the end of 2021 as part of its capacity addition plans, mainly in India , a top company official said. The mid-market hotels company has 53 hotels in 32 cites across its three brands -- Lemon Tree Premier, Lemon Tree Hotels and Red Fox Hotels, as on January 31 this year."We are pretty sure that by 2021-end, we will have 12,000 rooms mainly in India. We currently have around 5,500 rooms and we are building another around 3,500 rooms which are mostly our own," Lemon Tree Hotels Chairman and Managing Director Patanjali Keswani told .Besides India, the other markets that the company is looking at include Thimphu ( Bhutan ), Dubai and Kathmandu ( Nepal ).The company is opportunistically looking at acquiring more inventory, say another 3,000 rooms, mostly under the management and leased model during this period, he added."The 12,000 rooms would be about 20 per cent of India's mid-market hotels. When we achieve this at that point, we will have some degree of market power," Keswani said.Tailwinds in India are also strong for the company as demand is picking up and supply is drying up, he added."So, we will have advantage of three things -- market power, tailwinds and brand visibility that will come into pricing," Keswani said.Given the increasing occupancy levels across the country and favourable demand-supply mismatch in the mid-priced hotel sector, the company expects better price hikes going forward, he added.On funding, Keswani said: "We are currently funded for 9,000 rooms. For the additional 3,000 rooms depending on the capital requirement, we will find ways to raise capital in the least risky fashion. We will be prudential."Lemon Tree Hotels opened its first hotel with 49 rooms in May 2004 and operates in the mid-priced hotel sector, consisting of the upper mid-scale, mid-scale and economy hotel segments. Summarise this report in a few sentences." summarise in a few sentences.
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The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports. U.S. officials released a list of thousands of Chinese imports the administration wants to hit with the tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum. It also includes consumer goods ranging from car tires, , furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products. “For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,” U.S. Trade Representative Robert Lighthizer said in announcing the proposed tariffs. “Rather than address our legitimate concerns, China has begun to retaliate against U.S. products … There is no justification for such action,” he said in a statement. Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of U.S. exports to China. Investors fear an escalating trade war between the world’s two biggest economies could hit global growth. President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods – roughly the total amount of U.S. imports from China last year. The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms. The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some U.S. business groups and senior lawmakers were quick to criticize the move. ‘TARIFFS ARE TAXES’ Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump’s Republican Party, said the announcement “appears reckless and is not a targeted approach.” The U.S. Chamber of Commerce has supported Trump’s domestic tax cuts and efforts to reduce regulation of businesses, but it has been critical of Trump’s aggressive tariff policies. “Tariffs are taxes, plain and simple. Imposing taxes on another $200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators. It will also result in retaliatory tariffs, further hurting American workers,” a Chamber spokeswoman said. The Retail Industry Leaders Association, a lobby group representing the largest U.S. retailers, said: “The president has broken his promise to bring ‘maximum pain on China, minimum pain on consumers.’” “American families are the ones being punished. Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war,” said Hun Quach, the head of international trade policy for the group. There was no immediate reaction from the Chinese government. Although it was not a direct reaction to the new move from Trump’s administration, the official English-language newspaper China Daily said in an editorial that Beijing had to stand up to Washington. “China has no option but to fight fire with fire. It has to resolutely fight back while taking proper measures to help minimize the cost to domestic enterprises and further open up its economy to global investors,” it said. Summarise this report in a few sentences.
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the list includes hundreds of food products, tobacco, chemicals, coal, steel and aluminum. it also includes handbags and suitcases, dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products. the list will not be imposed until after a two-month period of public comment. the announcement “appears reckless and is not a targeted approach,” said a senior member of the u.s. republican party.
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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 raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports. U.S. officials released a list of thousands of Chinese imports the administration wants to hit with the tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum. It also includes consumer goods ranging from car tires, , furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products. “For over a year, the Trump administration has patiently urged China to stop its unfair practices, open its market, and engage in true market competition,” U.S. Trade Representative Robert Lighthizer said in announcing the proposed tariffs. “Rather than address our legitimate concerns, China has begun to retaliate against U.S. products … There is no justification for such action,” he said in a statement. Last week, Washington imposed 25 percent tariffs on $34 billion of Chinese imports, and Beijing responded immediately with matching tariffs on the same amount of U.S. exports to China. Investors fear an escalating trade war between the world’s two biggest economies could hit global growth. President Donald Trump has said he may ultimately impose tariffs on more than $500 billion worth of Chinese goods – roughly the total amount of U.S. imports from China last year. The new list published on Tuesday targets many more consumer goods than those covered under the tariffs imposed last week, raising the direct threat to consumers and retail firms. The tariffs will not be imposed until after a two-month period of public comment on the proposed list, but some U.S. business groups and senior lawmakers were quick to criticize the move. ‘TARIFFS ARE TAXES’ Senate Finance Committee Chairman Orrin Hatch, a senior member of Trump’s Republican Party, said the announcement “appears reckless and is not a targeted approach.” The U.S. Chamber of Commerce has supported Trump’s domestic tax cuts and efforts to reduce regulation of businesses, but it has been critical of Trump’s aggressive tariff policies. “Tariffs are taxes, plain and simple. Imposing taxes on another $200 billion worth of products will raise the costs of every day goods for American families, farmers, ranchers, workers, and job creators. It will also result in retaliatory tariffs, further hurting American workers,” a Chamber spokeswoman said. The Retail Industry Leaders Association, a lobby group representing the largest U.S. retailers, said: “The president has broken his promise to bring ‘maximum pain on China, minimum pain on consumers.’” “American families are the ones being punished. Consumers, businesses and the American jobs dependent on trade, are left in the crosshairs of an escalating global trade war,” said Hun Quach, the head of international trade policy for the group. There was no immediate reaction from the Chinese government. Although it was not a direct reaction to the new move from Trump’s administration, the official English-language newspaper China Daily said in an editorial that Beijing had to stand up to Washington. “China has no option but to fight fire with fire. It has to resolutely fight back while taking proper measures to help minimize the cost to domestic enterprises and further open up its economy to global investors,” it said. Summarise this report in a few sentences." summarise in a few sentences.
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ITC’s chairman and managing director Sanjiv Puri is bracing up for a “longish” fight against Covid-19. While the conglomerate that he heads has worked out various scenarios, he is working with a realistic and worst-case scenario to calibrate responses. Like some other industry captains, he too believes that the longer the lockdown lasts the bigger will be the economic impact. He told FE, “We are making an assumption that it will be a longish fight and, therefore, we have to adapt ourselves to a new normal. We have to do business with fewer resources. I cannot predict if it will finish in the first quarter or spill over into the next. We are taking the worst-case scenario and calibrating our interventions.” In his view, the longer economic activity is shut down or is working at a feeble capacity, the more stress it would put on industry and economy — consequently more support would be required from the government. Supply chains continue to be strained and factories are operating well below optimum capacities as running factories is not easy, Puri said. Even in the essential products category, capacity utilisations for ITC currently vary from 20% to 50% depending on the location of the manufacturing unit. ITC has 120 manufacturing units spread across the country, of which only 70-80 are operating. Puri expects the first quarter to be very bad due to the lockdowns, which will have a substantive impact on the economy. When asked on reviving the economy and how long it would take, Puri said that measures and steps needed to revive the economy would depend on how long the lockdowns last. His prescription to revive the economy is to to restart economic activity as soon as possible in areas outside the containment zones. He said, “It is most important to revive economic activity by allowing manufacturing outside the containment zones to pick up without restriction on type of industry, because value chains are intertwined and to restart them and to get them to a reasonable capacity will take quite some time.” Commenting on supply shortages, Puri said that because of shortage of delivery vehicles and people, retailers were queuing up outside their depots to pick up staples as distributors didn’t have enough trucks. Also, given that the virus is continuing to spread, manufacturing units in some places were functioning but there was always a risk of a lockdown if more cases were reported. Summarise this report in a few sentences.
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ITC chairman and managing director Sanjiv Puri is bracing up for a "longish" fight. he too believes that the longer economic activity is shut down the bigger will be the economic impact. he believes the longer economic activity is shut down or is working at a feeble capacity, the more stress it would put on industry and economy.
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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 "ITC’s chairman and managing director Sanjiv Puri is bracing up for a “longish” fight against Covid-19. While the conglomerate that he heads has worked out various scenarios, he is working with a realistic and worst-case scenario to calibrate responses. Like some other industry captains, he too believes that the longer the lockdown lasts the bigger will be the economic impact. He told FE, “We are making an assumption that it will be a longish fight and, therefore, we have to adapt ourselves to a new normal. We have to do business with fewer resources. I cannot predict if it will finish in the first quarter or spill over into the next. We are taking the worst-case scenario and calibrating our interventions.” In his view, the longer economic activity is shut down or is working at a feeble capacity, the more stress it would put on industry and economy — consequently more support would be required from the government. Supply chains continue to be strained and factories are operating well below optimum capacities as running factories is not easy, Puri said. Even in the essential products category, capacity utilisations for ITC currently vary from 20% to 50% depending on the location of the manufacturing unit. ITC has 120 manufacturing units spread across the country, of which only 70-80 are operating. Puri expects the first quarter to be very bad due to the lockdowns, which will have a substantive impact on the economy. When asked on reviving the economy and how long it would take, Puri said that measures and steps needed to revive the economy would depend on how long the lockdowns last. His prescription to revive the economy is to to restart economic activity as soon as possible in areas outside the containment zones. He said, “It is most important to revive economic activity by allowing manufacturing outside the containment zones to pick up without restriction on type of industry, because value chains are intertwined and to restart them and to get them to a reasonable capacity will take quite some time.” Commenting on supply shortages, Puri said that because of shortage of delivery vehicles and people, retailers were queuing up outside their depots to pick up staples as distributors didn’t have enough trucks. Also, given that the virus is continuing to spread, manufacturing units in some places were functioning but there was always a risk of a lockdown if more cases were reported. Summarise this report in a few sentences." summarise in a few sentences.
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SINGAPORE: Oil bounced by more than 1 per cent on Wednesday to claw back some of the previous day's 6-per cent plunge, lifted by a report of an unexpected decline in US commercial crude inventories and record Indian crude imports.But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk.International Brent crude oil futures were at $63.39 per barrel at 0747 GMT, up $86 per barrel, or 1.4 per cent, from their last close.US West Texas Intermediate (WTI) crude futures, were up 90 cents, or 1.7 per cent, at $54.33 a barrel.Wednesday's rebound came after a report by the American Petroleum Institute late on Tuesday that US commercial crude inventories last week fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to Nov. 16.Record crude imports by India of almost 5 million barrels per day (bpd) also supported prices, traders said.Yet Wednesday's bounce did little to reverse overall market weakness, which saw crude tumble by more than 6 per cent the previous session amid a selloff in global stock markets."The global economy is still going through a very difficult time and is very fragile," IEA chief Fatih Birol said on Tuesday.US investment bank Goldman Sachs said on Wednesday the renewed price collapse reflected "concerns over excess supply in 2019... (and) a broader cross-commodity and cross-asset sell-off as growth concerns continue to mount".With output surging and the demand outlook deteriorating, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million bpd to prevent a repeat of the 2014 glut."We would anticipate further weakness until the reaction from OPEC+ (Dec. 6) and the G20 summit is clearer (Nov. 30/Dec. 1)," said Ashley Kelty, oil analyst at investment bank Cantor Fitzgerald Europe.OVERSUPPLYDespite an expectation of OPEC-led cuts, Brent and WTI prices have slumped by 28 and 30 per cent respectively since early October, and the entire structure of the forward price curve has changed.The Brent forward curve was in steep backwardation in October, implying a tight market with prices for spot delivery higher than those for later dispatch. This makes it unattractive to store oil.Since then, however, the curve has moved into contango for most of 2019, implying oversupply as higher prices further out make it attractive to store oil for later sale."A recovery in prices will ... require that the Brent forward curve returns into backwardation from its sudden and significant flattening," Goldman said.James Mick, energy portfolio manager with US investment firm Tortoise, said "part of the supply issue has been surging US production".US crude oil output has jumped by almost a quarter this year, to a record 11.7 million bpd largely because of a surge in shale output. Summarise this report in a few sentences.
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a report by the american petroleum institute says inventories fell by 1.5 million barrels. record imports by india of almost 5 million barrels per day also supported prices. the IEA warns of unprecedented uncertainty due to a difficult economic environment. but the bounce did little to reverse overall market weakness. a broader cross-commodity and cross-asset sell-off is expected.
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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 "SINGAPORE: Oil bounced by more than 1 per cent on Wednesday to claw back some of the previous day's 6-per cent plunge, lifted by a report of an unexpected decline in US commercial crude inventories and record Indian crude imports.But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk.International Brent crude oil futures were at $63.39 per barrel at 0747 GMT, up $86 per barrel, or 1.4 per cent, from their last close.US West Texas Intermediate (WTI) crude futures, were up 90 cents, or 1.7 per cent, at $54.33 a barrel.Wednesday's rebound came after a report by the American Petroleum Institute late on Tuesday that US commercial crude inventories last week fell unexpectedly by 1.5 million barrels, to 439.2 million, in the week to Nov. 16.Record crude imports by India of almost 5 million barrels per day (bpd) also supported prices, traders said.Yet Wednesday's bounce did little to reverse overall market weakness, which saw crude tumble by more than 6 per cent the previous session amid a selloff in global stock markets."The global economy is still going through a very difficult time and is very fragile," IEA chief Fatih Birol said on Tuesday.US investment bank Goldman Sachs said on Wednesday the renewed price collapse reflected "concerns over excess supply in 2019... (and) a broader cross-commodity and cross-asset sell-off as growth concerns continue to mount".With output surging and the demand outlook deteriorating, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million bpd to prevent a repeat of the 2014 glut."We would anticipate further weakness until the reaction from OPEC+ (Dec. 6) and the G20 summit is clearer (Nov. 30/Dec. 1)," said Ashley Kelty, oil analyst at investment bank Cantor Fitzgerald Europe.OVERSUPPLYDespite an expectation of OPEC-led cuts, Brent and WTI prices have slumped by 28 and 30 per cent respectively since early October, and the entire structure of the forward price curve has changed.The Brent forward curve was in steep backwardation in October, implying a tight market with prices for spot delivery higher than those for later dispatch. This makes it unattractive to store oil.Since then, however, the curve has moved into contango for most of 2019, implying oversupply as higher prices further out make it attractive to store oil for later sale."A recovery in prices will ... require that the Brent forward curve returns into backwardation from its sudden and significant flattening," Goldman said.James Mick, energy portfolio manager with US investment firm Tortoise, said "part of the supply issue has been surging US production".US crude oil output has jumped by almost a quarter this year, to a record 11.7 million bpd largely because of a surge in shale output. Summarise this report in a few sentences." summarise in a few sentences.
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Abhishek Goenka Abhishek Goenka Few people, at this point, would disagree that the government’s finances are terribly strained. Fiscal slippage is imminent. Growth is weak and Central + State + PSU debt as a percentage of GDP is alarmingly high. What the market would want to see from the government in the Budget is how transparent and candid it is about the current situation and how committed it is to initiate measures to revive growth. The focus sectors of the Budget would be watched closely. Concrete demand-stimulating measures would be received well. Well-directed infrastructure spending is the need of the hour, as it will have a cascading impact on demand. An increase in capex as a percentage of total expenditure will be a welcome move. Other key focus areas should be agriculture, manufacturing and exports. Acknowledging the fact that fiscal slippage was on account of structural reform (cut in corporate tax) and that it could slip in the next couple of years as well in an endeavour to stimulate the economy would augur better than window-dressing numbers and projecting revenue numbers that are far-fetched. Overambitious estimates of disinvestment and GST collections would spook markets. Rolling out new schemes without laying down how these would be funded and without elaborating on how they would be executed would not go down well. In fact, redirecting expenditure away from schemes that have not worked well towards initiating demand- augmenting measures would be a wise decision. It is a delicate balancing act that the FM has to perform between stimulating growth and containing deficit. The mantle of putting the economy back on a firm growth trajectory rests squarely on the government, given that the room for monetary policy accommodation looks limited. The government's credibility is at stake and investors, both domestic and global would be watching closely. The last person one would want to be at this point is the FM. IFA view on rupee, equities and bonds The rupee is consolidating in a broad 70.50-72.50 range. A break in either direction could entail a vertical move in that direction. We expect the Reserve Bank of India to intervene to smoothen volatility. The Budget this time is on a Saturday and stock markets will be open that day. For the Nifty, 11,800 is a crucial support, a break of which could convince market participants that a medium-term top is in place. On the upside, a break above 12,400 could prove to be the beginning of a fresh leg of a move higher towards 12,800. In terms of bond yields, 6.85-6.90 percent is a strong support for the 10-year benchmark bond. On the other hand, 6.42% is a strong resistance. We expect measures to deepen domestic bond markets to be announced in the Budget. (The author is CEO & founder, IFA Global)Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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fiscal slippage is imminent and growth is weak. central + state + PSU debt as a percentage of GDP is alarmingly high. concrete demand-stimulating measures would be received well. an increase in capex as a percentage of total expenditure will be a welcome move. other key focus areas should be agriculture, manufacturing and exports. rupee is consolidating in a broad 70.50-72.50 range.
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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 "Abhishek Goenka Abhishek Goenka Few people, at this point, would disagree that the government’s finances are terribly strained. Fiscal slippage is imminent. Growth is weak and Central + State + PSU debt as a percentage of GDP is alarmingly high. What the market would want to see from the government in the Budget is how transparent and candid it is about the current situation and how committed it is to initiate measures to revive growth. The focus sectors of the Budget would be watched closely. Concrete demand-stimulating measures would be received well. Well-directed infrastructure spending is the need of the hour, as it will have a cascading impact on demand. An increase in capex as a percentage of total expenditure will be a welcome move. Other key focus areas should be agriculture, manufacturing and exports. Acknowledging the fact that fiscal slippage was on account of structural reform (cut in corporate tax) and that it could slip in the next couple of years as well in an endeavour to stimulate the economy would augur better than window-dressing numbers and projecting revenue numbers that are far-fetched. Overambitious estimates of disinvestment and GST collections would spook markets. Rolling out new schemes without laying down how these would be funded and without elaborating on how they would be executed would not go down well. In fact, redirecting expenditure away from schemes that have not worked well towards initiating demand- augmenting measures would be a wise decision. It is a delicate balancing act that the FM has to perform between stimulating growth and containing deficit. The mantle of putting the economy back on a firm growth trajectory rests squarely on the government, given that the room for monetary policy accommodation looks limited. The government's credibility is at stake and investors, both domestic and global would be watching closely. The last person one would want to be at this point is the FM. IFA view on rupee, equities and bonds The rupee is consolidating in a broad 70.50-72.50 range. A break in either direction could entail a vertical move in that direction. We expect the Reserve Bank of India to intervene to smoothen volatility. The Budget this time is on a Saturday and stock markets will be open that day. For the Nifty, 11,800 is a crucial support, a break of which could convince market participants that a medium-term top is in place. On the upside, a break above 12,400 could prove to be the beginning of a fresh leg of a move higher towards 12,800. In terms of bond yields, 6.85-6.90 percent is a strong support for the 10-year benchmark bond. On the other hand, 6.42% is a strong resistance. We expect measures to deepen domestic bond markets to be announced in the Budget. (The author is CEO & founder, IFA Global)Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences." summarise in a few sentences.
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Contours of a timely stimulus: Looming threats of global recession, melting financial markets, and an impending domestic demand destruction pose difficult questions about possible policy responses in India. There is no doubt that till now, the policy focus has been to avert the health emergency because otherwise, the economic emergency would be inevitable. But, looking ahead, it is important to keep a fiscal and monetary policy template ready to reduce any implementation delays. The government has already utilised the elbow room offered by the FRBM Act under exceptional circumstances in the FY20 and FY21 budgets, with the targeted budget deficits being 0.5% of GDP higher than the FRBM mandated ones. This leaves limited conventional fiscal space for any stimulus, but we would argue that there could be a case for temporarily suspending the FRBM Act, as was done during the global financial crisis of 2008. In fact, given the recent trends, the FRBM Act-mandated maximum target of a fiscal deficit of 3.8% of GDP might have already been breached for FY20. Hence, we feel that any required fiscal stimulus should not be deterred by FRBM considerations as now, growth concerns outweigh worries about future macro stability risks. Designing a fiscal package: An early assessment and acknowledgement of the extent of demand destruction (both global and domestic) is the need of the hour. The fiscal package should, ideally, be proactive (not waiting for signs of growth slowdown in high frequency data), quickly implementable (for a change, revenue expenditure should get priority over capital expenditure), sizeable (at least 0.5% of GDP), targeted (urban might need more support than rural in initial stages), and reversible. Based on the above broad principles the following spending ideas could be considered: Earmarking an enhanced budget for healthcare would definitely be the top priority. Income support to people whose livelihood has been impacted (these will primarily include daily wage earners in different industries, and services like construction, travel, etc). Direct cash transfer to this group is ideal, but might suffer from proper identification challenges. Packages for deeply affected sectors like travel and tourism (9.2% of India’s GDP) and MSMES could have three components—temporary postponement of taxes, cheaper loans, and explicit financial grants. Frontloading public spending to counterbalance near-term headwinds The government can also consider temporary suspension of long-term capital gains tax to incentivise flows back into the equity market in the short term. Funding a fiscal package: Even if the government limits the fiscal stimulus to 0.5% of GDP for FY21, there is likely to be a revenue slipage of 0.8% of GDP each from both tax, and non-tax revenue components in the current environment, making the overall fiscal requirement higher by more than 2% of GDP. Three different methods could be considered to fund this. First, the government should be optimising the windfall from the sharp drop in oil prices. Average crude oil prices could stay below $30/barrel in FY21, compared to $60 in FY20. The drop in retail prices of petrol, and diesel has lagged this sharp fall in crude prices, but we estimate that per litre potential fall in petrol/diesel prices could be ~Rs 20 from mid-Jan levels, if better pass-through happens. The government has a choice in determining how to share this oil bonanza between consumers and itself. We think that the central and state governments should try to resist the temptation of raising the taxes on petroleum products disproportionately, so that the benefits could be passed on to a large number of consumers quickly at a time when they have experienced a negative income shock, and sentiments are severely depressed. Even if the central government collects 0.5% of GDP revenues by excise duty hike of Rs 8/litre—Rs 3/litre increase has already happened—and the state governments, on an average, accrue Rs 4/litre through higher VAT (they lose revenue because of ad valorem nature of petroleum taxes), the surplus in the hands of the consumer could still be a substantial Rs 1.1 lakh crore (~0.5% of GDP). Moreover, there should be further fiscal gains from lower kerosene and LPG subsidy, worth 0.1% of GDP. Second, the government could consider issuing a tax-free health emergency bond to tap more resources. In a volatile equity market environment, these bonds could receive good response. The third option is direct RBI monetisation of deficit, which is allowed by the FRBM Act under special circumstances, including “national calamity”. Despite the oil windfall, the need for RBI monetisation could be 1.5% of GDP (~Rs 3.3 lakh crore) over the course of the year. This could be met through a combination of direct monetisation and OMO support to check interest rates from rising. The monetary response: Central bankers are trying to counter the two channels of transmission of the virus shock—financial stability risk arising out of large market dislocations, and growth risk from estimated disruption in economic activity. It is important to create adequate buffers, so that the turmoil in equity market/macro economy does not spread to credit markets and cause any credit events. RBI has been infusing both dollar, and rupee liquidity to ensure that the financial systems do not freeze up. On top of it, there is scope for an immediate 25-50 bps rate cut as a first step to support growth. If our fiscal projections are correct, RBI will need to do large OMOs to compress the term premium, and the first steps in that direction have already been taken. It is possible for RBI to indirectly intervene in the corporate bond, CP market as the credit spreads have widened quite substantially. RBI might also be considering providing regulatory forbearance for retail customers, and certain specific sectors, given the extent of the negative shock. This will prevent the spread of the shock due to overburdening of the financial system, which is already facing its own idiosyncratic challenges. Faced with significant uncertainty over the depth and duration of the negative shock, policymaking should be extremely nimble, and innovative. Nothing should be off the table! Summarise this report in a few sentences.
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a fiscal and monetary policy template is needed to reduce any implementation delays. the government has already utilised the elbow room offered by the FRBM Act. a fiscal package should be proactive (not waiting for signs of growth slowdown) and targeted. the government can also consider a package for deeply affected sectors. the government has already utilised the FRBM Act under exceptional circumstances.
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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 "Contours of a timely stimulus: Looming threats of global recession, melting financial markets, and an impending domestic demand destruction pose difficult questions about possible policy responses in India. There is no doubt that till now, the policy focus has been to avert the health emergency because otherwise, the economic emergency would be inevitable. But, looking ahead, it is important to keep a fiscal and monetary policy template ready to reduce any implementation delays. The government has already utilised the elbow room offered by the FRBM Act under exceptional circumstances in the FY20 and FY21 budgets, with the targeted budget deficits being 0.5% of GDP higher than the FRBM mandated ones. This leaves limited conventional fiscal space for any stimulus, but we would argue that there could be a case for temporarily suspending the FRBM Act, as was done during the global financial crisis of 2008. In fact, given the recent trends, the FRBM Act-mandated maximum target of a fiscal deficit of 3.8% of GDP might have already been breached for FY20. Hence, we feel that any required fiscal stimulus should not be deterred by FRBM considerations as now, growth concerns outweigh worries about future macro stability risks. Designing a fiscal package: An early assessment and acknowledgement of the extent of demand destruction (both global and domestic) is the need of the hour. The fiscal package should, ideally, be proactive (not waiting for signs of growth slowdown in high frequency data), quickly implementable (for a change, revenue expenditure should get priority over capital expenditure), sizeable (at least 0.5% of GDP), targeted (urban might need more support than rural in initial stages), and reversible. Based on the above broad principles the following spending ideas could be considered: Earmarking an enhanced budget for healthcare would definitely be the top priority. Income support to people whose livelihood has been impacted (these will primarily include daily wage earners in different industries, and services like construction, travel, etc). Direct cash transfer to this group is ideal, but might suffer from proper identification challenges. Packages for deeply affected sectors like travel and tourism (9.2% of India’s GDP) and MSMES could have three components—temporary postponement of taxes, cheaper loans, and explicit financial grants. Frontloading public spending to counterbalance near-term headwinds The government can also consider temporary suspension of long-term capital gains tax to incentivise flows back into the equity market in the short term. Funding a fiscal package: Even if the government limits the fiscal stimulus to 0.5% of GDP for FY21, there is likely to be a revenue slipage of 0.8% of GDP each from both tax, and non-tax revenue components in the current environment, making the overall fiscal requirement higher by more than 2% of GDP. Three different methods could be considered to fund this. First, the government should be optimising the windfall from the sharp drop in oil prices. Average crude oil prices could stay below $30/barrel in FY21, compared to $60 in FY20. The drop in retail prices of petrol, and diesel has lagged this sharp fall in crude prices, but we estimate that per litre potential fall in petrol/diesel prices could be ~Rs 20 from mid-Jan levels, if better pass-through happens. The government has a choice in determining how to share this oil bonanza between consumers and itself. We think that the central and state governments should try to resist the temptation of raising the taxes on petroleum products disproportionately, so that the benefits could be passed on to a large number of consumers quickly at a time when they have experienced a negative income shock, and sentiments are severely depressed. Even if the central government collects 0.5% of GDP revenues by excise duty hike of Rs 8/litre—Rs 3/litre increase has already happened—and the state governments, on an average, accrue Rs 4/litre through higher VAT (they lose revenue because of ad valorem nature of petroleum taxes), the surplus in the hands of the consumer could still be a substantial Rs 1.1 lakh crore (~0.5% of GDP). Moreover, there should be further fiscal gains from lower kerosene and LPG subsidy, worth 0.1% of GDP. Second, the government could consider issuing a tax-free health emergency bond to tap more resources. In a volatile equity market environment, these bonds could receive good response. The third option is direct RBI monetisation of deficit, which is allowed by the FRBM Act under special circumstances, including “national calamity”. Despite the oil windfall, the need for RBI monetisation could be 1.5% of GDP (~Rs 3.3 lakh crore) over the course of the year. This could be met through a combination of direct monetisation and OMO support to check interest rates from rising. The monetary response: Central bankers are trying to counter the two channels of transmission of the virus shock—financial stability risk arising out of large market dislocations, and growth risk from estimated disruption in economic activity. It is important to create adequate buffers, so that the turmoil in equity market/macro economy does not spread to credit markets and cause any credit events. RBI has been infusing both dollar, and rupee liquidity to ensure that the financial systems do not freeze up. On top of it, there is scope for an immediate 25-50 bps rate cut as a first step to support growth. If our fiscal projections are correct, RBI will need to do large OMOs to compress the term premium, and the first steps in that direction have already been taken. It is possible for RBI to indirectly intervene in the corporate bond, CP market as the credit spreads have widened quite substantially. RBI might also be considering providing regulatory forbearance for retail customers, and certain specific sectors, given the extent of the negative shock. This will prevent the spread of the shock due to overburdening of the financial system, which is already facing its own idiosyncratic challenges. Faced with significant uncertainty over the depth and duration of the negative shock, policymaking should be extremely nimble, and innovative. Nothing should be off the table! Summarise this report in a few sentences." summarise in a few sentences.
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Scooters India board of directors concluded a meeting on Friday in which it was decided that the company needed to diversify its product range with the introduction of an electric vehicle (EV) lineup. Lambretta scooters have been adored in India for decades for their compact Italian design. More commonly known as ‘Lumretta’ in a local dialect, Lambretta’s golden era lasted in India for decades in yesteryear. The iconic scooters have remained absent from the global markets for years now. But we’ve got some good news – Lambretta scooters will make a comeback in India. Currently, the assembly rights for Lambretta scooters rest with Scooters India, which is planning to foray into electric vehicles and an all-electric Lambretta is on the cards. After prolonged financial difficulties, Italian manufacturer Innocenti shut production in 1972. But the brand was then acquired by British Leyland Motor Corporation, which gave rise to Innocenti S.A. Eventually, the plug was pulled on Lambrettas. The Indian government bought machinery from Innocenti in 1972, after Scooters India Limited (SIL) was created. The SIL later produced a three-wheeler for the domestic market called ‘Vikram’, that has supported public transport in India for decades. Fast forward to today, Scooters India board of directors concluded a meeting on Friday in which it was decided that the company needed to diversify its product range with the introduction of an electric vehicle (EV) lineup. SIL is in talks with several companies for the venture, including BHEL and NTPC. Three new Lambretta scooters to launch: Here’s when and for how much The company further said it intends to develop Vikram electric three-wheeler in both passenger and goods carrier segment. While the passenger variant will have a seating capacity of four, including the driver, the goods carrier will be in the sub-one ton category. In the electric two-wheeler segment, the company said it planned to bring in Lambretta EV. “SIL is in discussion with BHEL, NTPC, EVI Technologies, Murata Technologies, Japan Sun Mobility, and Xngri, the USA for technology/logistics partnership,” it said. SIL said it already has a seven-seat Vikram-EV that has received approval from ICAT and an electric load carrier of 1,250 GVW. “The company is planning for the commercial launch of the same shortly,” it added. Summarise this report in a few sentences.
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Scooters India board of directors concluded a meeting on friday. it was decided that the company needed to diversify its product range. the company is planning to foray into electric vehicles and an all-electric Lambretta is on the cards. SIL is in talks with several companies for the venture, including BHEL and NTPC. the company said it intends to develop Vikram electric three-wheeler in both passenger and goods carrier segment.
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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 "Scooters India board of directors concluded a meeting on Friday in which it was decided that the company needed to diversify its product range with the introduction of an electric vehicle (EV) lineup. Lambretta scooters have been adored in India for decades for their compact Italian design. More commonly known as ‘Lumretta’ in a local dialect, Lambretta’s golden era lasted in India for decades in yesteryear. The iconic scooters have remained absent from the global markets for years now. But we’ve got some good news – Lambretta scooters will make a comeback in India. Currently, the assembly rights for Lambretta scooters rest with Scooters India, which is planning to foray into electric vehicles and an all-electric Lambretta is on the cards. After prolonged financial difficulties, Italian manufacturer Innocenti shut production in 1972. But the brand was then acquired by British Leyland Motor Corporation, which gave rise to Innocenti S.A. Eventually, the plug was pulled on Lambrettas. The Indian government bought machinery from Innocenti in 1972, after Scooters India Limited (SIL) was created. The SIL later produced a three-wheeler for the domestic market called ‘Vikram’, that has supported public transport in India for decades. Fast forward to today, Scooters India board of directors concluded a meeting on Friday in which it was decided that the company needed to diversify its product range with the introduction of an electric vehicle (EV) lineup. SIL is in talks with several companies for the venture, including BHEL and NTPC. Three new Lambretta scooters to launch: Here’s when and for how much The company further said it intends to develop Vikram electric three-wheeler in both passenger and goods carrier segment. While the passenger variant will have a seating capacity of four, including the driver, the goods carrier will be in the sub-one ton category. In the electric two-wheeler segment, the company said it planned to bring in Lambretta EV. “SIL is in discussion with BHEL, NTPC, EVI Technologies, Murata Technologies, Japan Sun Mobility, and Xngri, the USA for technology/logistics partnership,” it said. SIL said it already has a seven-seat Vikram-EV that has received approval from ICAT and an electric load carrier of 1,250 GVW. “The company is planning for the commercial launch of the same shortly,” it added. Summarise this report in a few sentences." summarise in a few sentences.
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maggi_noodles__62191078 Nepal's CG Corp Global, makers of the popular Wai Wai noodles, today said it plans to have 500 outlets of its quick service restaurant (QSR) Wai Wai City Noodle Bar in India by 2020-end. The company at present has 30 outlets operational in the country. "CG Corp Global is expecting a revenue of Rs 1,000 crore from Wai Wai City by the end of 2025," Wai Wai City managing director Varun Chaudhary told PTI. "We are confident with the team we have, we will be able to really move this into the largest Asian noodle brand, which will go global," he added. The firm will be investing Rs 250 crore in total for the expansion, and has already invested Rs 50 crore so far, according to Chaudhary. The QSR chain, which is taking the franchisee route and has 27 master franchisees, will have outlets coming up at airports, railway stations, metro stations, among others. Wai Wai is present in 35 countries and plans to take the QSR concept in some of these existing markets. "We definitely are looking at the Middle East, the US and Europe. We have our plants coming up in Bangladesh, Egypt, Serbia. Our global expansion will really start taking once our India operations stabilises," said Chaudhary. He added that the QSR business would complement its FMCG business, where Wai Wai noodles does a business of Rs 600 crore, and has a market share of 27 per cent in the estimated Rs 2,400 crore instant noodle market. Summarise this report in a few sentences.
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CG Corp Global plans to have 500 outlets of its quick service restaurant (QSR) Wai Wai City Noodle Bar in India by 2020-end. the company at present has 30 outlets operational in the country. the firm will be investing Rs 250 crore in total for the expansion. the chain is taking the franchisee route and has 27 master franchisees.
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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 "maggi_noodles__62191078 Nepal's CG Corp Global, makers of the popular Wai Wai noodles, today said it plans to have 500 outlets of its quick service restaurant (QSR) Wai Wai City Noodle Bar in India by 2020-end. The company at present has 30 outlets operational in the country. "CG Corp Global is expecting a revenue of Rs 1,000 crore from Wai Wai City by the end of 2025," Wai Wai City managing director Varun Chaudhary told PTI. "We are confident with the team we have, we will be able to really move this into the largest Asian noodle brand, which will go global," he added. The firm will be investing Rs 250 crore in total for the expansion, and has already invested Rs 50 crore so far, according to Chaudhary. The QSR chain, which is taking the franchisee route and has 27 master franchisees, will have outlets coming up at airports, railway stations, metro stations, among others. Wai Wai is present in 35 countries and plans to take the QSR concept in some of these existing markets. "We definitely are looking at the Middle East, the US and Europe. We have our plants coming up in Bangladesh, Egypt, Serbia. Our global expansion will really start taking once our India operations stabilises," said Chaudhary. He added that the QSR business would complement its FMCG business, where Wai Wai noodles does a business of Rs 600 crore, and has a market share of 27 per cent in the estimated Rs 2,400 crore instant noodle market. 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 × South-based CSB Bank on Wednesday announced a reduction of up to 0.90 percent in its marginal cost of funds based lending rate (MCLR). The repo linked lending rate (RLLR) has also been revised to 4 percent from 4.40 percent in line with the RBI's rate cuts. The Thrissur, Kerala-headquartered bank also cut its base rate by 0.75 percent to 9.50 percent, it said in a filing to the exchanges. The move is in sync with an industry-wide trend of lending rates coming down following heavy rate cuts by the RBI to boost the economy amid the COVID-19 pandemic. CSB Bank cut its overnight MCLR by 0.90 percent to 8.20 percent, but left the one-year MCLR unchanged at 9.50 percent. Most of the retail and longer-tenor consumer loans by banks are linked to the one-year MCLR. It also cut the one-month MCLR by 0.80 percent, three-month MCLR by 0.70 percent and six-month MCLR by 0.50 percent. Summarise this report in a few sentences.
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CSB Bank has cut its marginal cost of funds based lending rate (MCLR) by 0.90 percent. the repo linked lending rate (RLLR) has also been revised to 4 percent from 4.40 percent. the bank also cut its base rate by 0.75 percent to 9.50 percent. the move is in sync with an industry-wide trend of lending rates coming down following heavy rate cuts by the RBI to boost the economy.
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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 × South-based CSB Bank on Wednesday announced a reduction of up to 0.90 percent in its marginal cost of funds based lending rate (MCLR). The repo linked lending rate (RLLR) has also been revised to 4 percent from 4.40 percent in line with the RBI's rate cuts. The Thrissur, Kerala-headquartered bank also cut its base rate by 0.75 percent to 9.50 percent, it said in a filing to the exchanges. The move is in sync with an industry-wide trend of lending rates coming down following heavy rate cuts by the RBI to boost the economy amid the COVID-19 pandemic. CSB Bank cut its overnight MCLR by 0.90 percent to 8.20 percent, but left the one-year MCLR unchanged at 9.50 percent. Most of the retail and longer-tenor consumer loans by banks are linked to the one-year MCLR. It also cut the one-month MCLR by 0.80 percent, three-month MCLR by 0.70 percent and six-month MCLR by 0.50 percent. Summarise this report in a few sentences." summarise in a few sentences.
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A75-year-old man got a call from his bank manager begging him to take a loan against his mutual fund portfolio because the manager needed to meet “year-end LAS (Loan against Securities) targets". A lady walked into my office having lost 40% of her money within six months from margin trades done by her broker. She wasn’t aware of the daily gains or losses being incurred or the high interest charges on the loan taken to fund the margin money. Another doctor friend asked if she should invest Rs5 lakh in a mutual fund. On probing, I discovered that it was a unit-linked insurance plan (Ulip) being mis-sold as a mutual fund. Yet another distressed caller lost all her money in a pyramid scheme her friend coerced her into. Financial ignorance is profound in our country. Why do sensible, educated people still get entangled with snake oil salesmen and phoney schemes? Here is a checklist of things to look out for before you invest in a product. 1. If a scheme promises far higher returns than conventional investments, and demands that you act right away, failing which you will miss the opportunity of a lifetime, give it a miss. 2. Be cautious of guaranteed high returns with no risk. High returns come with high risk. Exponential returns carry risk of absolute loss of capital. If you continue to get high returns even when the markets are down, that is a huge red flag. 3. Be wary if your returns are consistently high despite adverse market conditions. It’s a classic sign of a ponzi scheme. 4. Check for exit options. How soon can you get back your money? 5. Find out the details of the scheme and how it intends to generate returns. What is the underlying asset it is investing in and historical performance? If an investment is being sold for a guaranteed return, ask to see the brochure where such guarantees are printed. 6. Check to see what you are signing up for. Often, products are sold as a one-time investment and investors are caught off guard when they realise the investment commitment and lock-ins are for much longer. 7. If you can’t understand the business model or if the promoter is ambivalent about how she will generate returns, then beware. 8. Ask for proof of legitimacy. Who are they registered with and who are they regulated by? Ponzi schemes are not regulated by any authority. 9. Ask for redressal options in case you lose your money. Ask them to explain what your worst-case scenario may be. Demand detailed reports of the transactions in the scheme 10. Get on the Internet and look for any legal or regulatory action has been taken against such entities. Often, the lure of high returns makes people reckless. Sometimes a product with return guarantees, or a product whose cost remains the same every year may not be a good thing for investors. Let me explain. Several insurance companies sell a “guaranteed NAV" Ulip. NAV is net asset value. People invest in this plan expecting to get the highest return from equity markets during the tenure of the plan. They couldn’t be further from the truth. If they examined the product brochure carefully, they will notice that the returns are inversely proportional to the markets. In a rising market, the portfolio tends to become more conservative to guarantee the current NAV, and vice-versa. Clients often complain about increasing health insurance premiums. I tell them that if their premiums stayed constant, they will be at risk. An insurance company works on the law of averages. If the company pays out more money in claims than the premium it collects, it can’t sustain the business. If you pay a low premium and receive a high cover, then study your policy document closely. Your cover may be high, but is there a cap on some costs? Some countries offer defined benefit pension plans, which guarantee a fixed return during an investor’s lifetime. But those plans are often unsustainable in the long run. In 2014, the US Congress announced severe cuts in the pension benefits of 1 million employees covered under the Pension Benefit Guaranty Corp. (PBGC). Since these plans committed a fixed return to investors, the only way they could pay the older pensioners was at the cost of newer employees, who fund the growing deficit by paying higher contributions. In India, Provident Fund (PF) and Public Provident Fund (PPF) interest rates, though guaranteed by our government, are not fixed. The PPF rate, benchmarked to the 10-year government bond yield, has swung from 12% to 7.8% over the years. If you are unable to make informed financial decisions on your own, seek the help of a financial adviser. She may lecture you on why you shouldn’t invest in another property, hector you about running up a huge credit card bill and badger you to trim down your expenses. I once heard someone say that meeting a financial planner invoked the same feelings of unease as a visit to a dentist. All I can say is sometimes the experience may be like pulling out teeth, but if you can grin and bear it, you will be smiling the rest of your life. Priya Sunder is director and co-founder of PeakAlpha Investments 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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a 75-year-old man got a call from his bank manager begging him to take a loan against his mutual fund portfolio. he had to meet "year-end LAS (Loan against Securities) targets". a doctor friend lost 40% of her money within six months from margin trades. another distressed caller lost all her money in a pyramid scheme.
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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 "A75-year-old man got a call from his bank manager begging him to take a loan against his mutual fund portfolio because the manager needed to meet “year-end LAS (Loan against Securities) targets". A lady walked into my office having lost 40% of her money within six months from margin trades done by her broker. She wasn’t aware of the daily gains or losses being incurred or the high interest charges on the loan taken to fund the margin money. Another doctor friend asked if she should invest Rs5 lakh in a mutual fund. On probing, I discovered that it was a unit-linked insurance plan (Ulip) being mis-sold as a mutual fund. Yet another distressed caller lost all her money in a pyramid scheme her friend coerced her into. Financial ignorance is profound in our country. Why do sensible, educated people still get entangled with snake oil salesmen and phoney schemes? Here is a checklist of things to look out for before you invest in a product. 1. If a scheme promises far higher returns than conventional investments, and demands that you act right away, failing which you will miss the opportunity of a lifetime, give it a miss. 2. Be cautious of guaranteed high returns with no risk. High returns come with high risk. Exponential returns carry risk of absolute loss of capital. If you continue to get high returns even when the markets are down, that is a huge red flag. 3. Be wary if your returns are consistently high despite adverse market conditions. It’s a classic sign of a ponzi scheme. 4. Check for exit options. How soon can you get back your money? 5. Find out the details of the scheme and how it intends to generate returns. What is the underlying asset it is investing in and historical performance? If an investment is being sold for a guaranteed return, ask to see the brochure where such guarantees are printed. 6. Check to see what you are signing up for. Often, products are sold as a one-time investment and investors are caught off guard when they realise the investment commitment and lock-ins are for much longer. 7. If you can’t understand the business model or if the promoter is ambivalent about how she will generate returns, then beware. 8. Ask for proof of legitimacy. Who are they registered with and who are they regulated by? Ponzi schemes are not regulated by any authority. 9. Ask for redressal options in case you lose your money. Ask them to explain what your worst-case scenario may be. Demand detailed reports of the transactions in the scheme 10. Get on the Internet and look for any legal or regulatory action has been taken against such entities. Often, the lure of high returns makes people reckless. Sometimes a product with return guarantees, or a product whose cost remains the same every year may not be a good thing for investors. Let me explain. Several insurance companies sell a “guaranteed NAV" Ulip. NAV is net asset value. People invest in this plan expecting to get the highest return from equity markets during the tenure of the plan. They couldn’t be further from the truth. If they examined the product brochure carefully, they will notice that the returns are inversely proportional to the markets. In a rising market, the portfolio tends to become more conservative to guarantee the current NAV, and vice-versa. Clients often complain about increasing health insurance premiums. I tell them that if their premiums stayed constant, they will be at risk. An insurance company works on the law of averages. If the company pays out more money in claims than the premium it collects, it can’t sustain the business. If you pay a low premium and receive a high cover, then study your policy document closely. Your cover may be high, but is there a cap on some costs? Some countries offer defined benefit pension plans, which guarantee a fixed return during an investor’s lifetime. But those plans are often unsustainable in the long run. In 2014, the US Congress announced severe cuts in the pension benefits of 1 million employees covered under the Pension Benefit Guaranty Corp. (PBGC). Since these plans committed a fixed return to investors, the only way they could pay the older pensioners was at the cost of newer employees, who fund the growing deficit by paying higher contributions. In India, Provident Fund (PF) and Public Provident Fund (PPF) interest rates, though guaranteed by our government, are not fixed. The PPF rate, benchmarked to the 10-year government bond yield, has swung from 12% to 7.8% over the years. If you are unable to make informed financial decisions on your own, seek the help of a financial adviser. She may lecture you on why you shouldn’t invest in another property, hector you about running up a huge credit card bill and badger you to trim down your expenses. I once heard someone say that meeting a financial planner invoked the same feelings of unease as a visit to a dentist. All I can say is sometimes the experience may be like pulling out teeth, but if you can grin and bear it, you will be smiling the rest of your life. Priya Sunder is director and co-founder of PeakAlpha Investments 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 × Ajay Bakshi took charge as head of India operations of hospital chain Parkway Pantai, part of Malaysia's IHH Healthcare, on May 1. His appointment comes at a time when IHH is locked up in a race to take control of India's largest healthcare provider Fortis Healthcare. IHH isn't any fringe player anymore. The company considers India as its home market and plans to expand here in a big way. IHH today comprises seven hospitals and three feeder centres with more than 1,600 licensed beds in Bengaluru, Chennai, Hyderabad, Kolkata, and Mumbai. Much of its growth came by buying controlling stake in Hyderabad-based Continental Hospitals for Rs 300 crore in early 2015 followed by the much larger buyout of Global Hospitals at Rs 1,300 crore in the same year. The company operates hospitals in India under Gleneagles and Global brand names. Bakshi, a neurosurgeon by training, is adept at running large hospital chains. He was with Max Healthcare as Managing Director and CEO where he led the successful launch of four new hospitals as well as a comprehensive turn-around of the hospital network. As the Managing Director and CEO of Manipal Hospitals from 2014 to 2017, he oversaw 16 hospitals covering 7,000 beds in India and Malaysia. The former McKinsey consultant will have his work cut out to integrate and draw synergies - if IHH pulls out of the mega-deal by buying out Fortis. In an exclusive email interview with Moneycontrol Bakshi said his group is continually exploring value-accretive opportunities to grow its presence in the country but avoided questions on Fortis. Q: You have taken charge as CEO of India operation of Parkway Pantai, what was the message for you from IHH Healthcare group headquarters? A: IHH is one of the largest healthcare operators in the world by market capitalisation, and I see immense potential for the Group to grow its presence in India, which is one of the most attractive markets globally, driven by its sustainable megatrends. We remain focused on building up a leading healthcare chain in the country, specialising in areas of our expertise including tertiary and quaternary care, multi-organ transplants (liver, heart, lung, and kidney), cancer treatment and neuroscience. Q: What will be your priorities at Parkway Pantai/IHH? A: Coming on board, I will continue to steer the Indian operations towards greater growth, by improving the quality of our offerings, leveraging the strong brand equity of both Gleneagles and Global brands. We will continue to strengthen our clinical capabilities in high-end quaternary work, to retain Gleneagles Global Hospitals’ position as a world-class multi-organ transplant centre offering an unparalleled range of transplant services. In addition, we will expand our capabilities in oncology and neurosciences Q: IHH Healthcare has emerged from acquisitions – has the group been able to consolidate and unlock the synergy benefits? A: We entered India in 2002 through a joint venture between Apollo Hospitals and Parkway Pantai. In 2015, we acquired a 51% stake in Continental Hospitals and a 73.4 percent stake in Global Hospitals. We then consolidated the recently acquired assets last year, under the “Gleneagles” brand, to drive greater synergies. As a result of successful integration, we have seen greater operational efficiency, smoother workflows and processes, higher standards of care across the board, improvements in patient experience and clinical outcomes. Today, our Indian portfolio comprises more than 1,600 beds in five cities across India, and we are continually exploring value-accretive opportunities to grow our presence in the country. Q: You have been closely observing healthcare space, especially hospitals – what are the prominent challenges that confront the leaders in the healthcare space? A: According to data from World Health Organisation, about 60 percent of deaths in India are attributed to non-communicable diseases, and this percentage is expected to increase due to changing lifestyles and external environments. There is, therefore, a growing demand for specialised quality healthcare services across the country, making it one of the fastest growing hospital markets globally. However, India’s existing infrastructure is not enough to cater to the growing demand and needs of the population, partly due to relatively low government spending on healthcare ( as a proportion of GDP), and over concentration of healthcare professionals in the urban areas, leaving rural areas underserved. Indian healthcare operators will have to adequately meet the needs of the market by improving their operational efficiencies and quality of services, especially in the areas of tertiary and quaternary care segments to treat chronic and complex diseases. IHH, as one of the largest global healthcare operators, is well-poised to address this need. Our hospitals in India has leveraged on the expertise and resources of the global IHH network to provide patients with the best-in-class medical care and treatments Q: What makes you excited about healthcare space? A: Modern healthcare is ripe for disruption, thanks to newer technology (mobile telephones, artificial intelligence, robotics) and we believe that India will play a leading role in using these technologies to create a new model of healthcare delivery. At IHH, I have a unique opportunity to innovate newer business model of healthcare delivery in India Summarise this report in a few sentences.
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Ajay Bakshi took charge of hospital chain parkway pandai on may 1. he is now head of india operations of the hospital chain. he is a neurosurgeon by training and is adept at running large hospital chains. he is currently in a race to take control of india's largest healthcare provider. he says he sees immense potential for the group to grow its presence in india.
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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 × Ajay Bakshi took charge as head of India operations of hospital chain Parkway Pantai, part of Malaysia's IHH Healthcare, on May 1. His appointment comes at a time when IHH is locked up in a race to take control of India's largest healthcare provider Fortis Healthcare. IHH isn't any fringe player anymore. The company considers India as its home market and plans to expand here in a big way. IHH today comprises seven hospitals and three feeder centres with more than 1,600 licensed beds in Bengaluru, Chennai, Hyderabad, Kolkata, and Mumbai. Much of its growth came by buying controlling stake in Hyderabad-based Continental Hospitals for Rs 300 crore in early 2015 followed by the much larger buyout of Global Hospitals at Rs 1,300 crore in the same year. The company operates hospitals in India under Gleneagles and Global brand names. Bakshi, a neurosurgeon by training, is adept at running large hospital chains. He was with Max Healthcare as Managing Director and CEO where he led the successful launch of four new hospitals as well as a comprehensive turn-around of the hospital network. As the Managing Director and CEO of Manipal Hospitals from 2014 to 2017, he oversaw 16 hospitals covering 7,000 beds in India and Malaysia. The former McKinsey consultant will have his work cut out to integrate and draw synergies - if IHH pulls out of the mega-deal by buying out Fortis. In an exclusive email interview with Moneycontrol Bakshi said his group is continually exploring value-accretive opportunities to grow its presence in the country but avoided questions on Fortis. Q: You have taken charge as CEO of India operation of Parkway Pantai, what was the message for you from IHH Healthcare group headquarters? A: IHH is one of the largest healthcare operators in the world by market capitalisation, and I see immense potential for the Group to grow its presence in India, which is one of the most attractive markets globally, driven by its sustainable megatrends. We remain focused on building up a leading healthcare chain in the country, specialising in areas of our expertise including tertiary and quaternary care, multi-organ transplants (liver, heart, lung, and kidney), cancer treatment and neuroscience. Q: What will be your priorities at Parkway Pantai/IHH? A: Coming on board, I will continue to steer the Indian operations towards greater growth, by improving the quality of our offerings, leveraging the strong brand equity of both Gleneagles and Global brands. We will continue to strengthen our clinical capabilities in high-end quaternary work, to retain Gleneagles Global Hospitals’ position as a world-class multi-organ transplant centre offering an unparalleled range of transplant services. In addition, we will expand our capabilities in oncology and neurosciences Q: IHH Healthcare has emerged from acquisitions – has the group been able to consolidate and unlock the synergy benefits? A: We entered India in 2002 through a joint venture between Apollo Hospitals and Parkway Pantai. In 2015, we acquired a 51% stake in Continental Hospitals and a 73.4 percent stake in Global Hospitals. We then consolidated the recently acquired assets last year, under the “Gleneagles” brand, to drive greater synergies. As a result of successful integration, we have seen greater operational efficiency, smoother workflows and processes, higher standards of care across the board, improvements in patient experience and clinical outcomes. Today, our Indian portfolio comprises more than 1,600 beds in five cities across India, and we are continually exploring value-accretive opportunities to grow our presence in the country. Q: You have been closely observing healthcare space, especially hospitals – what are the prominent challenges that confront the leaders in the healthcare space? A: According to data from World Health Organisation, about 60 percent of deaths in India are attributed to non-communicable diseases, and this percentage is expected to increase due to changing lifestyles and external environments. There is, therefore, a growing demand for specialised quality healthcare services across the country, making it one of the fastest growing hospital markets globally. However, India’s existing infrastructure is not enough to cater to the growing demand and needs of the population, partly due to relatively low government spending on healthcare ( as a proportion of GDP), and over concentration of healthcare professionals in the urban areas, leaving rural areas underserved. Indian healthcare operators will have to adequately meet the needs of the market by improving their operational efficiencies and quality of services, especially in the areas of tertiary and quaternary care segments to treat chronic and complex diseases. IHH, as one of the largest global healthcare operators, is well-poised to address this need. Our hospitals in India has leveraged on the expertise and resources of the global IHH network to provide patients with the best-in-class medical care and treatments Q: What makes you excited about healthcare space? A: Modern healthcare is ripe for disruption, thanks to newer technology (mobile telephones, artificial intelligence, robotics) and we believe that India will play a leading role in using these technologies to create a new model of healthcare delivery. At IHH, I have a unique opportunity to innovate newer business model of healthcare delivery in India Summarise this report in a few sentences." summarise in a few sentences.
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NEW DELHI: The rupee on Friday settled 26 paise lower at 70.995 against the US dollar on account of month-end dollar demand from importers and rising crude oil prices.Market experts believe that the month-end demand for the dollar from oil importers, dollar's strength against its peers on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.Earlier in the day, the local currency breached the 71 level against dollar for the first time ever.According to Axis Capital, rupee weakness was largely to do with emerging market (EM) risk-off sentiment but India’s twin deficits made it more vulnerable. If left unchecked, it presents a dangerous spiral in the worst case scenario ie further depreciation leading to higher inflation expectation and so on.Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers said, “The rupee has made a new record low of 71 on back of rising crude oil prices in the international market. Emerging market currencies are under pressure, this has also weighed on the rupee.”The dollar index continues to remain higher on expectations of aggressive interest rate hike by the Federal Reserve.“The RBI is intervening very selectively to contain volatility. The RBI is unlikely to intervene aggressive as the rupee is still overvalued and currencies of EMEs are depreciating sharply. The government also seems to be comfortable even if the rupee depreciates further. India’s fiscal deficit and GDP data due to release today will provide further direction to the rupee,” said Maru. Summarise this report in a few sentences.
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rupee has slid 26 paise against the dollar on friday. rupee has made a new record low of 71 on back of rising crude oil prices. dollar is expected to rise on expectations of aggressive interest rate hike. rupee is still overvalued and the government seems comfortable. rupee is expected to break the 71 level against dollar for the first time ever.
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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: The rupee on Friday settled 26 paise lower at 70.995 against the US dollar on account of month-end dollar demand from importers and rising crude oil prices.Market experts believe that the month-end demand for the dollar from oil importers, dollar's strength against its peers on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.Earlier in the day, the local currency breached the 71 level against dollar for the first time ever.According to Axis Capital, rupee weakness was largely to do with emerging market (EM) risk-off sentiment but India’s twin deficits made it more vulnerable. If left unchecked, it presents a dangerous spiral in the worst case scenario ie further depreciation leading to higher inflation expectation and so on.Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers said, “The rupee has made a new record low of 71 on back of rising crude oil prices in the international market. Emerging market currencies are under pressure, this has also weighed on the rupee.”The dollar index continues to remain higher on expectations of aggressive interest rate hike by the Federal Reserve.“The RBI is intervening very selectively to contain volatility. The RBI is unlikely to intervene aggressive as the rupee is still overvalued and currencies of EMEs are depreciating sharply. The government also seems to be comfortable even if the rupee depreciates further. India’s fiscal deficit and GDP data due to release today will provide further direction to the rupee,” said Maru. Summarise this report in a few sentences." summarise in a few sentences.
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Overseas investment firms such as Elevar Equity Mauritius and NewQuest Asia Investments may be looking to invest in Ujjivan Small Finance Bank through its Rs 1,200-crore initial public offering , which is likely before November.The two are existing investors in Ujjivan Financial Services--the publicly listed holding company of the bank--along with International Finance Corporation and CX Partners."Many existing investors of Ujjivan are showing interest in the bank's IPO," Ujjivan Small Finance Bank’s managing director Samit Ghosh told ET. "There is fair amount of interest from new investors as well, although there are concerns over governance issues in the BFSI (banking financial services and insurance) sector."As per Reserve Bank of India's mandate, the bank has to be listed by February.The bank had filed its draft red herring prospectus with market regulator Securities & Exchange Board of India in August this year. Shareholders of Ujjivan Financial Services will get preference to buy shares.Ghosh said that investors have enquired about the health of the Indian economy, which has slowed, with first-quarter GDP growth falling to 5 per cent, the lowest in 25 quarters. The World Bank has slashed India's FY20 growth forecast to 6 per cent from its earlier estimate of 7.5 per cent.Discerning investors are following the BFSI sector closely ever since IL&FS’s default last year."The good thing is Indian microfinance is unimpacted by economic cycles. And, today we (Ujjivan Small Finance Bank) have much more clarity on how we plan to shape our future," said Ghosh, who is slated to retire on November 30. As per the bank’s succession plan, chief executive-designated Nitin Chugh will take over from December 1.The bank has more than doubled its second-quarter net profit to Rs 93 crore compared with the year-ago period’s Rs 44 crore, riding on higher net interest income.The bank has shown 55 per cent growth in its advances portfolio with stable asset quality.“We continue to focus on overall cost structure and have retained cost to income ratio within 70 per cent on account of increased top line and strong cost control measures. Asset quality continues to be stable despite multiple states grappling with floods,” Ghosh said.Gross advances of the bank rose to Rs 12,864 crore while gross non-performing assets ratio improved to 0.9 per cent against 1.9 per cent a year ago. Net interest income grew 49 per cent at Rs 388 crore. Net interest margin remained almost flat at 10.8 per cent in the second quarter compared with 11 per cent a year ago.With the bank diversifying into housing and two-wheeler loans, the share of its secured portfolio has risen to 19.4 per cent of the total loans compared with 9 per cent a year ago, providing better balance to risks.The bank’s deposit base reached Rs 10,130 crore at the end of September, with retail deposits at 41.9 per cent to the total. The share was 30 per cent in the comparable period last year. Capital adequacy ratio of the bank stood at 18.8 per cent as on September, of which tier-I capital was 18.1 per cent. Summarise this report in a few sentences.
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IPO likely before November. existing investors are showing interest in the bank's holding company. bank has more than doubled second-quarter net profit to Rs 93 crore. bank has shown 55 per cent growth in its advances portfolio. a spokesman for the bank said it is'very optimistic' about the bank's future. the bank has filed its draft red herring prospectus with market regulators.
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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 "Overseas investment firms such as Elevar Equity Mauritius and NewQuest Asia Investments may be looking to invest in Ujjivan Small Finance Bank through its Rs 1,200-crore initial public offering , which is likely before November.The two are existing investors in Ujjivan Financial Services--the publicly listed holding company of the bank--along with International Finance Corporation and CX Partners."Many existing investors of Ujjivan are showing interest in the bank's IPO," Ujjivan Small Finance Bank’s managing director Samit Ghosh told ET. "There is fair amount of interest from new investors as well, although there are concerns over governance issues in the BFSI (banking financial services and insurance) sector."As per Reserve Bank of India's mandate, the bank has to be listed by February.The bank had filed its draft red herring prospectus with market regulator Securities & Exchange Board of India in August this year. Shareholders of Ujjivan Financial Services will get preference to buy shares.Ghosh said that investors have enquired about the health of the Indian economy, which has slowed, with first-quarter GDP growth falling to 5 per cent, the lowest in 25 quarters. The World Bank has slashed India's FY20 growth forecast to 6 per cent from its earlier estimate of 7.5 per cent.Discerning investors are following the BFSI sector closely ever since IL&FS’s default last year."The good thing is Indian microfinance is unimpacted by economic cycles. And, today we (Ujjivan Small Finance Bank) have much more clarity on how we plan to shape our future," said Ghosh, who is slated to retire on November 30. As per the bank’s succession plan, chief executive-designated Nitin Chugh will take over from December 1.The bank has more than doubled its second-quarter net profit to Rs 93 crore compared with the year-ago period’s Rs 44 crore, riding on higher net interest income.The bank has shown 55 per cent growth in its advances portfolio with stable asset quality.“We continue to focus on overall cost structure and have retained cost to income ratio within 70 per cent on account of increased top line and strong cost control measures. Asset quality continues to be stable despite multiple states grappling with floods,” Ghosh said.Gross advances of the bank rose to Rs 12,864 crore while gross non-performing assets ratio improved to 0.9 per cent against 1.9 per cent a year ago. Net interest income grew 49 per cent at Rs 388 crore. Net interest margin remained almost flat at 10.8 per cent in the second quarter compared with 11 per cent a year ago.With the bank diversifying into housing and two-wheeler loans, the share of its secured portfolio has risen to 19.4 per cent of the total loans compared with 9 per cent a year ago, providing better balance to risks.The bank’s deposit base reached Rs 10,130 crore at the end of September, with retail deposits at 41.9 per cent to the total. The share was 30 per cent in the comparable period last year. Capital adequacy ratio of the bank stood at 18.8 per cent as on September, of which tier-I capital was 18.1 per cent. Summarise this report in a few sentences." summarise in a few sentences.
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BENGALURU: Nasdaq-listed Cognizant Technology Solutions Corp. is strengthening its leadership team with a mix of internal promotions and external hires in a bid to return to growth. "We are focused on returning Cognizant to IT services industry bellwether status. To achieve this, we need a combination of long-time Cognizant veterans along with newcomers who bring fresh perspectives to our business," Brian Humphries, CEO, Cognizant said in an interview. Cognizant has invested in growth by strengthening its leadership with senior hires in Germany, the Nordics, Australia, and Asia-Pacific & Japan. Last week, the New Jersey-based company appointed Rajesh Nambiar as chairman and managing director (CMD) for India and a member of the executive committee, effective 9 November. Nambiar’s induction into the committee is seen as a measured approach to increase focus on India and thrusting more power into the hands of the India CMD. His predecessor Ramkumar Ramamoorthy who left the company in July was not part of the committee but reported to it. Among other leadership changes, Ursula Morgenstern will join as president, Global Growth Markets, effective January 2021 while Adrian Jones will soon join as managing director for Asia Pacific & Japan. Cognizant also recently appointed Anil Cheriyan as executive vice president, Strategy and Technology, and Andy Stafford as the head of global delivery. All of them are also members of the EC, directly reporting to Humphries. “We are making bold moves to supercharge our talent and have invested considerable time and thought over the past 18 months in building and nurturing our executive committee. The team now in place can drive a company of Cognizant’s scale and complexity to higher levels of growth in our intensely competitive technology services industry," Humphries said. As a measure to retain and reward high performers, Cognizant is implementing a targeted merit-based increment and promotion structure in the December quarter. “We are accruing 2020 bonuses at higher levels than 2019," Humphries said. Cognizant has started this year’s campus hiring in October and nearly doubled its entry-level salary for engineers graduating in June 2021 with premium technology skills. “The emphasis will be on hiring new talent in our digital battlegrounds as well as in other strategic areas such as cyber security, Salesforce, and business modernisation technologies. That said, we will continue to enforce meritocracy and upgrade our talent," Humphries said. Last week, Cognizant reported flat annual growth in revenues at $4.2 billion for the third quarter ended September. However, the company’s digital revenue grew 13% y-o-y and contributed 42% to the total revenues for the September quarter as digital bookings continued to show momentum. “We are well on our way in the journey towards 50% digital revenues," Humphries said. 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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cognizant is strengthening its leadership team with internal promotions and external hires. the company has hired senior hires in Germany, the Nordics, Australia, and Asia-Pacific & Japan. the company has started this year’s campus hiring in October and nearly doubled its entry-level salary for engineers graduating in June 2021. the company has also hired an executive vice president, strategy and technology, and an executive vice president, strategy and technology.
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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 "BENGALURU: Nasdaq-listed Cognizant Technology Solutions Corp. is strengthening its leadership team with a mix of internal promotions and external hires in a bid to return to growth. "We are focused on returning Cognizant to IT services industry bellwether status. To achieve this, we need a combination of long-time Cognizant veterans along with newcomers who bring fresh perspectives to our business," Brian Humphries, CEO, Cognizant said in an interview. Cognizant has invested in growth by strengthening its leadership with senior hires in Germany, the Nordics, Australia, and Asia-Pacific & Japan. Last week, the New Jersey-based company appointed Rajesh Nambiar as chairman and managing director (CMD) for India and a member of the executive committee, effective 9 November. Nambiar’s induction into the committee is seen as a measured approach to increase focus on India and thrusting more power into the hands of the India CMD. His predecessor Ramkumar Ramamoorthy who left the company in July was not part of the committee but reported to it. Among other leadership changes, Ursula Morgenstern will join as president, Global Growth Markets, effective January 2021 while Adrian Jones will soon join as managing director for Asia Pacific & Japan. Cognizant also recently appointed Anil Cheriyan as executive vice president, Strategy and Technology, and Andy Stafford as the head of global delivery. All of them are also members of the EC, directly reporting to Humphries. “We are making bold moves to supercharge our talent and have invested considerable time and thought over the past 18 months in building and nurturing our executive committee. The team now in place can drive a company of Cognizant’s scale and complexity to higher levels of growth in our intensely competitive technology services industry," Humphries said. As a measure to retain and reward high performers, Cognizant is implementing a targeted merit-based increment and promotion structure in the December quarter. “We are accruing 2020 bonuses at higher levels than 2019," Humphries said. Cognizant has started this year’s campus hiring in October and nearly doubled its entry-level salary for engineers graduating in June 2021 with premium technology skills. “The emphasis will be on hiring new talent in our digital battlegrounds as well as in other strategic areas such as cyber security, Salesforce, and business modernisation technologies. That said, we will continue to enforce meritocracy and upgrade our talent," Humphries said. Last week, Cognizant reported flat annual growth in revenues at $4.2 billion for the third quarter ended September. However, the company’s digital revenue grew 13% y-o-y and contributed 42% to the total revenues for the September quarter as digital bookings continued to show momentum. “We are well on our way in the journey towards 50% digital revenues," Humphries said. 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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The economy is witnessing a “sharp V-shaped recovery” after a massive 23.9% contraction of gross domestic product (GDP) in the June quarter, the finance ministry said in its monthly report on Friday. But as India emerges from the Covid-19 pandemic, it will be “critical to re-orient policy matrix towards a calibrated reconstruction of the economy” and the areas that may require specific attention include agrarian supply chains, factor markets, infrastructure, ICT, start-ups, financial inclusion, skilling and health care, the report said. GDP contraction in India was much sharper than in advanced economies. The US economy contracted by 9.1%, y-o-y, in the June quarter, the UK by 21.7%, France by 18.9%, Spain 22.1%, Italy 17.7% and Germany 11.3%. The whole euro zone witnessed a 15% slide and Japan contracted by 9.9% in the April-June period. Although lockdown exerted a heavy economic cost (GDP contraction in India was sharper than in advanced economies), it helped save lives. This is reflected in the fact that India’s fatality rate was just 1.78% as of August 31, compared with 3.04% in the US, 12.35% in the UK, 10.09% in France, 1.89% in Japan and 13.18% in Italy, the report pointed out. Also, since the easing of the lockdown curbs in June, several high-frequency indicators have shown improvement. Consumption is picking up, with passenger vehicle sales rising to their highest level at 1.83 lakh in July, against 1.43 lakh in March. Some revival in rural demand is also seen in growing sales of small cars, two-wheelers and sports utility vehicles and fertilizers. Increase in registrations for commercial and agricultural tractors from 52,362 in March to 66,061 in August is further indicative of strengthening rural demand. The railway freight traffic touched 95.2 million tonne (MT) in July, closing on to its previous year level of 99.7 MT. In the first twenty-days of August, railway freight volume of 60.38 MT has crossed its previous year level of 56.60 MT. Steel production at 74.02 lakh tonne and cement production at 242.47 lakh tonne in July, compared to 86.13 lakh tonne and 280.2 lakh tonne, respectively, a year ago suggest revival of construction activity. Since May, agriculture has persistently been the brightest spot in the revival of growth. Industrial production is showing signs of recovery with a y-o-y growth in eight core industries output showing a smaller contraction in July than in June. Power consumption is quickly reverting to the last year’s baseline, reaching 97% of the corresponding level last year. Sustained impetus in E-way bills generated is reflected in their value at `13.8 lakh crore in August, reaching 97.2% of corresponding month of the previous year. The report pointed out that since the April-June quarter, global activity has entered the expansionary phase with global composite output index moving to a six-month high of 50.8 in July and global manufacturing index reaching a twenty one-month high of 51.8 in August. Increase in world demand continues to reflect in narrower contraction in India’s exports in July than in June. In the domestic space, rising central government’s consumption spending has been supplementing domestic demand to drive GDP growth. The growth outlook has improved with y-o-y contraction in GST collections declining from 38% in May to 11.9% in August. “On the back of robust FDI and FPI inflows and savings from tepid imports, forex reserves, as on August 21, have risen to an all-time high of $537.5 billion. These are capable of financing more than 13 months of imports, should the need arise from a surge in real sector activity. The domestic space is flushed with high systemic liquidity,” it said. Summarise this report in a few sentences.
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the economy is witnessing a "sharp V-shaped recovery" after a massive 23.9% contraction of gross domestic product (GDP) in the June quarter. but as India emerges from the Covid-19 pandemic, it will be "critical to re-orient policy matrix towards a calibrated reconstruction of the economy" areas that may require specific attention include agrarian supply chains, factor markets, infrastructure, ICT, start-ups, financial inclusion, skilling and health care.
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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 economy is witnessing a “sharp V-shaped recovery” after a massive 23.9% contraction of gross domestic product (GDP) in the June quarter, the finance ministry said in its monthly report on Friday. But as India emerges from the Covid-19 pandemic, it will be “critical to re-orient policy matrix towards a calibrated reconstruction of the economy” and the areas that may require specific attention include agrarian supply chains, factor markets, infrastructure, ICT, start-ups, financial inclusion, skilling and health care, the report said. GDP contraction in India was much sharper than in advanced economies. The US economy contracted by 9.1%, y-o-y, in the June quarter, the UK by 21.7%, France by 18.9%, Spain 22.1%, Italy 17.7% and Germany 11.3%. The whole euro zone witnessed a 15% slide and Japan contracted by 9.9% in the April-June period. Although lockdown exerted a heavy economic cost (GDP contraction in India was sharper than in advanced economies), it helped save lives. This is reflected in the fact that India’s fatality rate was just 1.78% as of August 31, compared with 3.04% in the US, 12.35% in the UK, 10.09% in France, 1.89% in Japan and 13.18% in Italy, the report pointed out. Also, since the easing of the lockdown curbs in June, several high-frequency indicators have shown improvement. Consumption is picking up, with passenger vehicle sales rising to their highest level at 1.83 lakh in July, against 1.43 lakh in March. Some revival in rural demand is also seen in growing sales of small cars, two-wheelers and sports utility vehicles and fertilizers. Increase in registrations for commercial and agricultural tractors from 52,362 in March to 66,061 in August is further indicative of strengthening rural demand. The railway freight traffic touched 95.2 million tonne (MT) in July, closing on to its previous year level of 99.7 MT. In the first twenty-days of August, railway freight volume of 60.38 MT has crossed its previous year level of 56.60 MT. Steel production at 74.02 lakh tonne and cement production at 242.47 lakh tonne in July, compared to 86.13 lakh tonne and 280.2 lakh tonne, respectively, a year ago suggest revival of construction activity. Since May, agriculture has persistently been the brightest spot in the revival of growth. Industrial production is showing signs of recovery with a y-o-y growth in eight core industries output showing a smaller contraction in July than in June. Power consumption is quickly reverting to the last year’s baseline, reaching 97% of the corresponding level last year. Sustained impetus in E-way bills generated is reflected in their value at `13.8 lakh crore in August, reaching 97.2% of corresponding month of the previous year. The report pointed out that since the April-June quarter, global activity has entered the expansionary phase with global composite output index moving to a six-month high of 50.8 in July and global manufacturing index reaching a twenty one-month high of 51.8 in August. Increase in world demand continues to reflect in narrower contraction in India’s exports in July than in June. In the domestic space, rising central government’s consumption spending has been supplementing domestic demand to drive GDP growth. The growth outlook has improved with y-o-y contraction in GST collections declining from 38% in May to 11.9% in August. “On the back of robust FDI and FPI inflows and savings from tepid imports, forex reserves, as on August 21, have risen to an all-time high of $537.5 billion. These are capable of financing more than 13 months of imports, should the need arise from a surge in real sector activity. The domestic space is flushed with high systemic liquidity,” it said. Summarise this report in a few sentences." summarise in a few sentences.
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The domestic equity market crawled up during the week gone by, but gave up the gains by the close of the week, inspite of positive global sentiments, principally due to home-grown PSU banking mess at the Punjab National Bank.Generally such mess comes out during bottoming cycle, which PSU banks are passing through. Worst seems to have been discounted in the PSU banks, but positive triggers are awaited.The combined net profit of 1,395 companies, which have declared their results for Q3FY18, rose by 10.6% (YoY), the combined net sales went up 14.6 % (YoY), which was the fastest growth in last 13 quarters.Bull markets generally make a top when the numbers are great and bear market forms a bottom when the numbers are ugly. Indeed the market seems to have discounted the fact that good numbers are due to a low-base effect, but will India Inc deliver such growth numbers going ahead?The market currently doesn’t thinks so and hence the price correction seems to be deepening.Lessons from Ben Graham were refreshed when Warren Buffet acquired shares in beleaguered pharma sector by acquiring for the first time Teva, an Israeli pharma company. This acquisition is a pointer to all value investors, that it is time to lap up pharma companies.All major Indian firms too have reported a decline in profits. Sun Pharma reported a 75 per cent drop in profits after adjustments. It’s time to accumulate good pharma companies in your portfolio.Trump’s ‘America First’ and Modi’s ‘Make in India’ policies are spearheading both the countries to create local growth and employment. The Indian government has increased import duty on sugar to 100 per cent from 50 per cent, initiated steps to attract back home, all the futures trading that were happening in the Singapore Stock Exchange. Although these steps are inward looking but these should help the country generate employment the most important agenda of the government.After a period of high volatility , the market is consolidating and adjusting to the new reality. The oscillators have turned deep oversold and, therefore, are ripe for a bounce.Ideally a double bottom test should give courage to the market to rebound from oversold levels.In the near term, the market is expected to test the bottom from where a rebound is expected. Buy with stops should be adopted by the traders once the market tests bottom.Expectation from the weekThe Indian banking system is keenly awaiting the outcome of biggest steel defaulter account, Essar Steel, whose deadline for submission of bids are over and the result is keenly awaited.Reserve or the liquidation amount was Rs 22,000 crore and total debts stood at Rs 78,000 crore. If aggressive bidding emerges, then the gloom surrounding PSU banks would subside.The biggest worry for global equities is the expectation of rising interest rates; Indian bonds are also falling in line with global clues. Stabilisation of bond market is key to equity revival; otherwise the bears will pounce the stock market . It is better to play safe and stick to only quality stocks Nifty50 closed the week at 10,452 marginally down by 0.02 per cent. Summarise this report in a few sentences.
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domestic equity market gave up gains by the close of the week. despite positive global sentiments, the mess at the bank was discounted. the combined net profit of 1,395 companies rose by 10.6% (yoY). the combined net sales went up 14.6 % (yoY). this was the fastest growth in last 13 quarters.
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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 domestic equity market crawled up during the week gone by, but gave up the gains by the close of the week, inspite of positive global sentiments, principally due to home-grown PSU banking mess at the Punjab National Bank.Generally such mess comes out during bottoming cycle, which PSU banks are passing through. Worst seems to have been discounted in the PSU banks, but positive triggers are awaited.The combined net profit of 1,395 companies, which have declared their results for Q3FY18, rose by 10.6% (YoY), the combined net sales went up 14.6 % (YoY), which was the fastest growth in last 13 quarters.Bull markets generally make a top when the numbers are great and bear market forms a bottom when the numbers are ugly. Indeed the market seems to have discounted the fact that good numbers are due to a low-base effect, but will India Inc deliver such growth numbers going ahead?The market currently doesn’t thinks so and hence the price correction seems to be deepening.Lessons from Ben Graham were refreshed when Warren Buffet acquired shares in beleaguered pharma sector by acquiring for the first time Teva, an Israeli pharma company. This acquisition is a pointer to all value investors, that it is time to lap up pharma companies.All major Indian firms too have reported a decline in profits. Sun Pharma reported a 75 per cent drop in profits after adjustments. It’s time to accumulate good pharma companies in your portfolio.Trump’s ‘America First’ and Modi’s ‘Make in India’ policies are spearheading both the countries to create local growth and employment. The Indian government has increased import duty on sugar to 100 per cent from 50 per cent, initiated steps to attract back home, all the futures trading that were happening in the Singapore Stock Exchange. Although these steps are inward looking but these should help the country generate employment the most important agenda of the government.After a period of high volatility , the market is consolidating and adjusting to the new reality. The oscillators have turned deep oversold and, therefore, are ripe for a bounce.Ideally a double bottom test should give courage to the market to rebound from oversold levels.In the near term, the market is expected to test the bottom from where a rebound is expected. Buy with stops should be adopted by the traders once the market tests bottom.Expectation from the weekThe Indian banking system is keenly awaiting the outcome of biggest steel defaulter account, Essar Steel, whose deadline for submission of bids are over and the result is keenly awaited.Reserve or the liquidation amount was Rs 22,000 crore and total debts stood at Rs 78,000 crore. If aggressive bidding emerges, then the gloom surrounding PSU banks would subside.The biggest worry for global equities is the expectation of rising interest rates; Indian bonds are also falling in line with global clues. Stabilisation of bond market is key to equity revival; otherwise the bears will pounce the stock market . It is better to play safe and stick to only quality stocks Nifty50 closed the week at 10,452 marginally down by 0.02 per cent. Summarise this report in a few sentences." summarise in a few sentences.
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By Sandeep Goel In the Covid-19 stimulus package, five pillars of Atmanirbhar Bharat were stressed upon: economy, infrastructure, tech-driven system, vibrant demography and demand. The package caters to cottage industry, MSMEs, labourers, middle class and industry, among others. Following are the key pointers of five tranches: Tranche 1 (May 13): Business including MSMEs: The finance minister declared Rs 3 lakh crore collateral-free automatic loans for businesses, including MSMEs, and Rs 30,000 crore liquidity facility for NBFCs, including other measures. Tranche 2 (May 14): Farmers: Direct support provided to farmers and the rural economy is a booster for the agricultural sector. Tranche 3 (May 15): Agriculture: The Rs 30,000 crore additional emergency working capital for farmers provided through NABARD and Rs 2 lakh crore credit boost further included to 2.5 crore farmers under the Kisan Credit Card scheme. Tranche 4 (May 16): New growth avenues: Policy reforms to fast-track investment for attaining self-reliance, such as fast-track investment clearance through empowered group of secretaries, setting up of project development cell in each ministry for preparing investible projects, ranking of states on investment attractiveness, schemes for promotion of new champion sectors like solar PV manufacturing, advanced battery cell storage, etc. Tranche 5 (May 17): Government reforms and boosters: Health-related steps amounting to Rs 15,000 crore have been taken so far for Covid-19 containment. Such intense changes will drive the country’s push towards self-reliance. However, there are areas that have not been covered in depth in these tranches; for example, migrant workers, salaried class employed in private firms and business houses have been the sufferers. The author is associate professor, Accounting & Finance Area, MDI Gurgaon Summarise this report in a few sentences.
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five pillars of Atmanirbhar Bharat were stressed upon: economy, infrastructure, tech-driven system, vibrant demography and demand. package caters to cottage industry, MSMEs, labourers, middle class and industry. migrant workers, salaried class employed in private firms and business houses have been the sufferers. migrant workers, salaried class employed in private firms and business houses have been the sufferers.
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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 Sandeep Goel In the Covid-19 stimulus package, five pillars of Atmanirbhar Bharat were stressed upon: economy, infrastructure, tech-driven system, vibrant demography and demand. The package caters to cottage industry, MSMEs, labourers, middle class and industry, among others. Following are the key pointers of five tranches: Tranche 1 (May 13): Business including MSMEs: The finance minister declared Rs 3 lakh crore collateral-free automatic loans for businesses, including MSMEs, and Rs 30,000 crore liquidity facility for NBFCs, including other measures. Tranche 2 (May 14): Farmers: Direct support provided to farmers and the rural economy is a booster for the agricultural sector. Tranche 3 (May 15): Agriculture: The Rs 30,000 crore additional emergency working capital for farmers provided through NABARD and Rs 2 lakh crore credit boost further included to 2.5 crore farmers under the Kisan Credit Card scheme. Tranche 4 (May 16): New growth avenues: Policy reforms to fast-track investment for attaining self-reliance, such as fast-track investment clearance through empowered group of secretaries, setting up of project development cell in each ministry for preparing investible projects, ranking of states on investment attractiveness, schemes for promotion of new champion sectors like solar PV manufacturing, advanced battery cell storage, etc. Tranche 5 (May 17): Government reforms and boosters: Health-related steps amounting to Rs 15,000 crore have been taken so far for Covid-19 containment. Such intense changes will drive the country’s push towards self-reliance. However, there are areas that have not been covered in depth in these tranches; for example, migrant workers, salaried class employed in private firms and business houses have been the sufferers. The author is associate professor, Accounting & Finance Area, MDI Gurgaon Summarise this report in a few sentences." summarise in a few sentences.
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Elevate Your Tech Prowess with High-Value Skill Courses Offering College Course Website Northwestern University Kellogg Post Graduate Certificate in Product Management Visit MIT MIT Technology Leadership and Innovation Visit Indian School of Business ISB Professional Certificate in Product Management Visit HYDERABAD: The ongoing digital transformation taking place globally is making India's information technology (IT) industry stronger, a trend that would continue its growth momentum at least in the foreseeable future, says an expert. Former President of the industry body NASSCOM (National Association of Software and Services Companies), R Chandrashekhar said 2018 has been a watershed year for the Indian IT industry because in 2016 people were writing its "obituaries."He said 2017 was a difficult year for the industry and there were many challenges during that period."And in 2018 headlines were all about how the IT industry has really made really big strides in digital transformation space globally...which basically shows that the shift to digital has not killed the IT industry", he said."On the contrary, it has actually made it stronger and more important as a partner for its clients," Chandrashekhar said."So, that's very big accomplishment by the industry and shows that the growth momentum will continue into at least foreseeable future because this a trend which is going to remain there for a long time now".It's a "clear and positive sign" for the industry, he said.Also, he noted that many big IT companies in India are reporting a very strong deal pipeline and, so, the growth momentum can be expected to continue.Several companies are forming joint ventures and also acquiring companies which, Chandrashekhar said, are important strategies to keep the growth. "Growth momentum is strong and is expected to continue."On things in 2019 which could have dampening effect on the export-dependent IT industry, he said if American economy slows down, it would have an impact, as also a "hard Brexit ". Appreciation of rupee would have impact on rupee earnings of companies.But he stressed that one should not be unduly concerned about those factors because they don't fundamentally affect the strength of the Indian IT industry. Summarise this report in a few sentences.
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a new report says the IT industry is making it stronger and more important. the report also says that many big IT companies are reporting a very strong deal pipeline. the report also says that a "hard Brexit" could have an impact on the IT industry. the report also cites the emergence of a "digital age" in the IT industry.
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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 "Elevate Your Tech Prowess with High-Value Skill Courses Offering College Course Website Northwestern University Kellogg Post Graduate Certificate in Product Management Visit MIT MIT Technology Leadership and Innovation Visit Indian School of Business ISB Professional Certificate in Product Management Visit HYDERABAD: The ongoing digital transformation taking place globally is making India's information technology (IT) industry stronger, a trend that would continue its growth momentum at least in the foreseeable future, says an expert. Former President of the industry body NASSCOM (National Association of Software and Services Companies), R Chandrashekhar said 2018 has been a watershed year for the Indian IT industry because in 2016 people were writing its "obituaries."He said 2017 was a difficult year for the industry and there were many challenges during that period."And in 2018 headlines were all about how the IT industry has really made really big strides in digital transformation space globally...which basically shows that the shift to digital has not killed the IT industry", he said."On the contrary, it has actually made it stronger and more important as a partner for its clients," Chandrashekhar said."So, that's very big accomplishment by the industry and shows that the growth momentum will continue into at least foreseeable future because this a trend which is going to remain there for a long time now".It's a "clear and positive sign" for the industry, he said.Also, he noted that many big IT companies in India are reporting a very strong deal pipeline and, so, the growth momentum can be expected to continue.Several companies are forming joint ventures and also acquiring companies which, Chandrashekhar said, are important strategies to keep the growth. "Growth momentum is strong and is expected to continue."On things in 2019 which could have dampening effect on the export-dependent IT industry, he said if American economy slows down, it would have an impact, as also a "hard Brexit ". Appreciation of rupee would have impact on rupee earnings of companies.But he stressed that one should not be unduly concerned about those factors because they don't fundamentally affect the strength of the Indian IT industry. Summarise this report in a few sentences." summarise in a few sentences.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is exposed to market risk, including adverse changes in commodity prices and interest rates. Commodity Price Risk - The Company produces and sells crude oil, natural gas and natural gas liquids. As a result, the Company's operating results can be significantly affected by fluctuations in commodity prices caused by changing market forces. The Company reduces its exposure to price volatility by hedging its production through swaps, options and other commodity derivative instruments. In a typical swap transaction, the Company will have the right to receive from the counterparty to the hedge the excess of the fixed price specified in the hedge contract and a floating price based on a market index, multiplied by the quantity hedged. If the floating price exceeds the fixed price, the Company is required to pay the counterparty the difference. In a typical option contract, the Company purchases the right to receive from the counterparty the difference, if any, between a fixed price specified in the option less a floating market price. If the floating price is above the fixed price, the Company is not entitled to a payment. The Company uses hedge accounting for these instruments, and settlements of gains or losses on these contracts are reported as a component of oil and gas revenues and operating cash flows in the period realized. These agreements expose the Company to counterparty credit risk to the extent that the counterparty is unable to meet its settlement commitments to the Company. The Company follows formal policies regarding the management of oil price risk to ensure the Company's ability to optimally manage its portfolio of investment opportunities. To accomplish this, the policy requires that derivative financial instruments must be entered into at least 18 months in advance of the effective period. For 2001, the Company has entered into swap arrangements on 26,000 BOPD for the first quarter at an average WTI price of $19.52, for the second quarter on 25,000 BOPD at an average WTI price of $19.54, for the third quarter on 20,000 BOPD at an average WTI price of $21.22, and for the fourth quarter on 15,500 BOPD at an average WTI price of $22.95 per barrel. Subsequent to December 31, 2000, the Company entered into swaps on an additional 1,200 BOPD for the second quarter, bringing the total to 26,200 BOPD at an average price of $19.84 per barrel. On a physical volume basis, these hedges cover 47% of the Company's estimated 2001 oil production. At December 31, 2000, the market value of the swaps in place for 2001 was a loss of $35.1 million. A 10% increase in the underlying commodity prices would increase this loss by $19.7 million. For 2002, the Company has entered into swap arrangements on 12,500 BOPD for the first quarter at an average WTI price of $25.91 per barrel. For the remainder of 2002, the Company purchased put options with a WTI strike price of $22.00 per barrel, on 19,000 BOPD for the second quarter, and on 14,000 BOPD for both the third and fourth quarters. At December 31, 2000, the market value of these hedge positions for 2002 is a gain of $8.3 million. A 10% increase in the underlying commodity prices would reduce this gain by $2.6 million. Interest Rate Risk - The Company may enter into financial instruments such as interest rate swaps to manage the impact of changes in interest rates. The Company's exposure to changes in interest rates primarily results from its short-term and long-term debt with both fixed and floating interest rates. The following table presents principal amounts (stated in thousands) and the related average interest rates by year of maturity for the Company's debt obligations at December 31, 2000: NUEVO ENERGY COMPANY Item 8. Summarise this report in a few sentences.
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Quantitative and Qualitative Disclosures About Market Risk
Nuevo Energy Company is exposed to market risk, including adverse changes in commodity prices and interest rates. To manage its exposure to commodity price risk, the Company enters into swaps, options and other commodity derivative instruments. For 2001, the Company has entered into swap arrangements on 26,000 BOPD for the first quarter at an average WTI price of $19.52, and for the remainder of the year, the Company purchased put options with a WTI strike price of $22.00 per barrel. At December 31, 2000, the market value of the swaps in place for 2001 was a loss of $35.1 million. For 2002, the Company has entered into swap
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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 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The Company is exposed to market risk, including adverse changes in commodity prices and interest rates. Commodity Price Risk - The Company produces and sells crude oil, natural gas and natural gas liquids. As a result, the Company's operating results can be significantly affected by fluctuations in commodity prices caused by changing market forces. The Company reduces its exposure to price volatility by hedging its production through swaps, options and other commodity derivative instruments. In a typical swap transaction, the Company will have the right to receive from the counterparty to the hedge the excess of the fixed price specified in the hedge contract and a floating price based on a market index, multiplied by the quantity hedged. If the floating price exceeds the fixed price, the Company is required to pay the counterparty the difference. In a typical option contract, the Company purchases the right to receive from the counterparty the difference, if any, between a fixed price specified in the option less a floating market price. If the floating price is above the fixed price, the Company is not entitled to a payment. The Company uses hedge accounting for these instruments, and settlements of gains or losses on these contracts are reported as a component of oil and gas revenues and operating cash flows in the period realized. These agreements expose the Company to counterparty credit risk to the extent that the counterparty is unable to meet its settlement commitments to the Company. The Company follows formal policies regarding the management of oil price risk to ensure the Company's ability to optimally manage its portfolio of investment opportunities. To accomplish this, the policy requires that derivative financial instruments must be entered into at least 18 months in advance of the effective period. For 2001, the Company has entered into swap arrangements on 26,000 BOPD for the first quarter at an average WTI price of $19.52, for the second quarter on 25,000 BOPD at an average WTI price of $19.54, for the third quarter on 20,000 BOPD at an average WTI price of $21.22, and for the fourth quarter on 15,500 BOPD at an average WTI price of $22.95 per barrel. Subsequent to December 31, 2000, the Company entered into swaps on an additional 1,200 BOPD for the second quarter, bringing the total to 26,200 BOPD at an average price of $19.84 per barrel. On a physical volume basis, these hedges cover 47% of the Company's estimated 2001 oil production. At December 31, 2000, the market value of the swaps in place for 2001 was a loss of $35.1 million. A 10% increase in the underlying commodity prices would increase this loss by $19.7 million. For 2002, the Company has entered into swap arrangements on 12,500 BOPD for the first quarter at an average WTI price of $25.91 per barrel. For the remainder of 2002, the Company purchased put options with a WTI strike price of $22.00 per barrel, on 19,000 BOPD for the second quarter, and on 14,000 BOPD for both the third and fourth quarters. At December 31, 2000, the market value of these hedge positions for 2002 is a gain of $8.3 million. A 10% increase in the underlying commodity prices would reduce this gain by $2.6 million. Interest Rate Risk - The Company may enter into financial instruments such as interest rate swaps to manage the impact of changes in interest rates. The Company's exposure to changes in interest rates primarily results from its short-term and long-term debt with both fixed and floating interest rates. The following table presents principal amounts (stated in thousands) and the related average interest rates by year of maturity for the Company's debt obligations at December 31, 2000: NUEVO ENERGY COMPANY Item 8. Summarise this report in a few sentences." summarise in a few sentences.
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A group of business stalwarts, top academics and senior bureaucrats will invest Rs 300 crore to build the Masters’ Union School of Business, a business school in Gurgaon, near Delhi. These include Arun Maira (former chairman, Boston Consulting Group), Mukund Rajan (former MD, Tata Teleservices), Karthik Ramanna (University of Oxford), Narendra Jadhav (Rajya Sabha MP and former Chief Economist, RBI), Tathagata Dasgupta (chief data scientist, Viacom) and Bhaskar Chakravorti (former professor, Harvard Business School, and former partner, McKinsey & Company). The campus, which is now ready, is located in the Cyber City area of Gurgaon, which has over 600 MNC offices. The school’s flagship programme will be the 16-month intensive PGP-TBM (Post Graduate Programme in Technology Business Management). Ramanna said the curriculum will be developed dynamically with inputs from leaders in business, the government as well as leaders from the third sector. “Such a curriculum and pedagogy will ensure students receive learning that is connected to, and serves, the needs of the industry,” he said. The courses will be delivered using live consulting projects, field tours and internships. Masters’ Union School of Business will also conduct tech boot camps in emerging technologies like artificial intelligence, blockchain, SaaS and cybersecurity—areas that are at the cross-section of technology and business. The school will establish a student-run venture fund with a corpus of Rs 5 crore that will invest in areas like real estate and capital markets. It will also have a Centre for New Business Models, a research-based forum that will formulate business opportunities in new technologies like blockchain, biotech and machine learning. And it will run a CXO shadow programme that aims to enable students to have a first-hand look into a day of a CXO to experience how organisations are run and business decisions are made. Viacom’s Dasgupta added that in medical schools doctors teach students, in law schools practising lawyers teach, but in B-schools faculty may not have experience with hands-on leadership in the industry. “That’s a gap the Masters’ Union addresses by getting CXOs, MDs and business leaders to teach and train students,” he said. In keeping with that philosophy, the founders will also take up the role of teaching. Maira will teach ‘management consulting’, Rajan will take classes on ‘how to be a successful brand custodian’, Dasgupta on ‘AI, ML, blockchain in business’, Ramanna on ‘business and public policy’, Chakravorti on ‘international business’, and so on. The admission process is currently going on, and the first round of admissions will be over by next month. The deadline for the second round of admissions is July. “In the first round, we had 1,200 applicants, and we expect 3,000 applicants in the second round,” said Pratham Mittal, project director, Masters’ Union School of Business. The final intake will be just 60 students, and these will be taught one-on-one by 60 teachers, Mittal added. Summarise this report in a few sentences.
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business stalwarts, top academics and senior bureaucrats will invest Rs 300 crore. the school will conduct tech boot camps in emerging technologies like artificial intelligence, blockchain, SaaS and cybersecurity. the campus, which is now ready, is located in the cyber city area of Gurgaon. the school will establish a student-run venture fund with a corpus of Rs 5 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 "A group of business stalwarts, top academics and senior bureaucrats will invest Rs 300 crore to build the Masters’ Union School of Business, a business school in Gurgaon, near Delhi. These include Arun Maira (former chairman, Boston Consulting Group), Mukund Rajan (former MD, Tata Teleservices), Karthik Ramanna (University of Oxford), Narendra Jadhav (Rajya Sabha MP and former Chief Economist, RBI), Tathagata Dasgupta (chief data scientist, Viacom) and Bhaskar Chakravorti (former professor, Harvard Business School, and former partner, McKinsey & Company). The campus, which is now ready, is located in the Cyber City area of Gurgaon, which has over 600 MNC offices. The school’s flagship programme will be the 16-month intensive PGP-TBM (Post Graduate Programme in Technology Business Management). Ramanna said the curriculum will be developed dynamically with inputs from leaders in business, the government as well as leaders from the third sector. “Such a curriculum and pedagogy will ensure students receive learning that is connected to, and serves, the needs of the industry,” he said. The courses will be delivered using live consulting projects, field tours and internships. Masters’ Union School of Business will also conduct tech boot camps in emerging technologies like artificial intelligence, blockchain, SaaS and cybersecurity—areas that are at the cross-section of technology and business. The school will establish a student-run venture fund with a corpus of Rs 5 crore that will invest in areas like real estate and capital markets. It will also have a Centre for New Business Models, a research-based forum that will formulate business opportunities in new technologies like blockchain, biotech and machine learning. And it will run a CXO shadow programme that aims to enable students to have a first-hand look into a day of a CXO to experience how organisations are run and business decisions are made. Viacom’s Dasgupta added that in medical schools doctors teach students, in law schools practising lawyers teach, but in B-schools faculty may not have experience with hands-on leadership in the industry. “That’s a gap the Masters’ Union addresses by getting CXOs, MDs and business leaders to teach and train students,” he said. In keeping with that philosophy, the founders will also take up the role of teaching. Maira will teach ‘management consulting’, Rajan will take classes on ‘how to be a successful brand custodian’, Dasgupta on ‘AI, ML, blockchain in business’, Ramanna on ‘business and public policy’, Chakravorti on ‘international business’, and so on. The admission process is currently going on, and the first round of admissions will be over by next month. The deadline for the second round of admissions is July. “In the first round, we had 1,200 applicants, and we expect 3,000 applicants in the second round,” said Pratham Mittal, project director, Masters’ Union School of Business. The final intake will be just 60 students, and these will be taught one-on-one by 60 teachers, Mittal added. Summarise this report in a few sentences." summarise in a few sentences.
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Prime Minister Narendra Modi, on April 14, extended the country-wide lockdown unil till May 3 with more stringent measures. The previously-announced 21-day lockdown was supposed to end on April 14 but was extended by the PM after consultations with state chief ministers who had expressed the need for another 10-15 days to combat spread of the coronavirus pandemic. After PM Modi’s announcement, the reactions from corporate India came fast and quick. We have collated most of them for you here. Kiran Mazumdar Shaw, the CMD of Biocon, told CNBC-TV18 that, as the cases were rising, this was an “important and right decision taken by the prime minister.” She added that people did not realise the importance of stopping the spread (of COVID-19). COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show Pawan K Goenka, Managing Director - Mahindra & Mahindra, took to twitter to laud the move. "I am sure a difficult decision to extend lockdown to May 3rd but I believe the right decision. It is up to all of us to ensure that the PM does not have to extend it further. Please follow all the rules and discipline of lockdown. Stay Safe." (sic) I am sure a difficult decision to extend lockdown to May 3rd but I believe the right decision. It is up to all of us to ensure that the PM does not have to extend it further. Please follow all the rules and discipline of lockdown. Stay Safe. @PMOIndia @MahindraRise — Pawan K Goenka (@GoenkaPk) April 14, 2020 Others, however, pointed to the economy and people’s livelihood, with Harsh Mariwala - the founder-chairman of Marico - noting the government had “given preference to live over livelihood.” He told CNBC-TV18: “We are not operating anywhere near full capacity and need to have a strong economic relief package. There are shortages as far as consumers are concerned and unless supply issues improve, shortages will continue. Sectors such as aviation, hospitality, and MSMEs are in bad shape.” Follow our LIVE Updates on the coronavirus pandemic here Underlining the IT sector perspective, Debjani Ghosh - the president of NASSCOM - said that 90 percent of the employees were working from home. She added that global clients gave feedback appreciating how the sector had responded to the challenges. “The key worry is that there is enough infra support like broadband speeds and power supply. It has not been easy for the IT sector and we need to see how quickly the global economy can recover,” she said. Ghosh added that, within the IT sector, small IT companies and technology companies are the most vulnerable. “We have asked for Rs 3,600 crore tech SMEs where the pain is the most,” she said. Deepak Shenoy, the founder of CapitalMind, also pointed out the need for stimulus. He tweeted: "I hope we get some details of a stimulus package tomorrow. Telling industry not to lay off is fine in speeches, but the government has to pay for it." (sic) I hope we get some details of a stimulus package tomorrow. Telling industry not to lay off is fine in speeches, but the government has to pay for it. — Deepak Shenoy (@deepakshenoy) April 14, 2020 The Federation of Indian Export Organisation (FIEO) was scathing in its response, stating: “We expected the PM to come out with some economic measures. We are disappointed that a calibrated approach on opening of economy not announced. (sic)” Pointing to Spain, which has suffered huge loss to life due to COVID-19, the FIEO added: “Even Spain has opened its economy in a calibrated manner. MSMEs will not be start even if there is some relaxation. How can workers be paid when there is no money? (sic)” Also Read: PM Modi says would consider relaxations from April 20 in areas with no cases TV Mohandas Pai was also unimpressed. He told CNBC-TV18: “The poor are the first priority for India; lack of liquidity for MSMEs is the other big issue. Liquidity needs to last till business comes back or 25 percent of the MSMEs will have to wind up operations if no financial assistance.” He added that one lakh crore of refunds were due to the people and the government needed “to give the money back to people”. “Layoffs will create a human catastrophe. The government must open up infrastructure; strengthen roads, ports at this time. The government is exploiting the situation; holding on to people money and paying 6 percent interest while industry has to pay 10-12 percent,” Pai said. Speaking about the PM’s request to not lay off people, Pai said that eight crore people are on the payroll of the Employees’ Provident Fund Organisation (EPFO) and PFI. “The PM may have appealed to not lay off people, but where is the cash? Companies need money if they are to heed the PM and not lay-off people. The United States is providing companies with money to keep people on the payroll. We cannot expect a person to live on Rs 500-2,000 a month and some rations and a gas stove,” he noted. The 19-day extension till May 3 brings the total period of lockdown to 40 days. Interestingly, the term quarantine literally means “for 40 days/40 days period” in Italian – as was the isolation period employed in Italy during the outbreak of the bubonic plague. Noting this Sachin Bansal tweeted: "Quarantine literally means 40 days isolation." (sic) Quarantine literally means 40 days isolation. — Sachin Bansal (@_sachinbansal) April 14, 2020 Notably, the May 3 date has been given keeping in mind the public holidays of May 1 (workers’ day), May 2 (Saturday) and May 3 (Sunday). Also Read: Coronavirus state-wise tally April 14 Besides corporate India, former Finance Minister and Congress leader P Chidambaram also reacted to the lockdown extension with: “We understand the compulsions for a lockdown, but beyond that what?” He further said that he understood and supported the decision of the lockdown, adding: “Number one priority should be to put cash in the hands of the poor. Number two priority must be to revive the economy. Disappointed with the PM’s address is that there was not a word about how the poor are supposed to survive or about the economy.” Follow our full COVID-19 coverage here Summarise this report in a few sentences.
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the previously-announced 21-day lockdown was supposed to end on April 14. but the pm extended it after consultations with state chief ministers. the reactions from corporate India came fast and quick. 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 "Prime Minister Narendra Modi, on April 14, extended the country-wide lockdown unil till May 3 with more stringent measures. The previously-announced 21-day lockdown was supposed to end on April 14 but was extended by the PM after consultations with state chief ministers who had expressed the need for another 10-15 days to combat spread of the coronavirus pandemic. After PM Modi’s announcement, the reactions from corporate India came fast and quick. We have collated most of them for you here. Kiran Mazumdar Shaw, the CMD of Biocon, told CNBC-TV18 that, as the cases were rising, this was an “important and right decision taken by the prime minister.” She added that people did not realise the importance of stopping the spread (of COVID-19). COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show Pawan K Goenka, Managing Director - Mahindra & Mahindra, took to twitter to laud the move. "I am sure a difficult decision to extend lockdown to May 3rd but I believe the right decision. It is up to all of us to ensure that the PM does not have to extend it further. Please follow all the rules and discipline of lockdown. Stay Safe." (sic) I am sure a difficult decision to extend lockdown to May 3rd but I believe the right decision. It is up to all of us to ensure that the PM does not have to extend it further. Please follow all the rules and discipline of lockdown. Stay Safe. @PMOIndia @MahindraRise — Pawan K Goenka (@GoenkaPk) April 14, 2020 Others, however, pointed to the economy and people’s livelihood, with Harsh Mariwala - the founder-chairman of Marico - noting the government had “given preference to live over livelihood.” He told CNBC-TV18: “We are not operating anywhere near full capacity and need to have a strong economic relief package. There are shortages as far as consumers are concerned and unless supply issues improve, shortages will continue. Sectors such as aviation, hospitality, and MSMEs are in bad shape.” Follow our LIVE Updates on the coronavirus pandemic here Underlining the IT sector perspective, Debjani Ghosh - the president of NASSCOM - said that 90 percent of the employees were working from home. She added that global clients gave feedback appreciating how the sector had responded to the challenges. “The key worry is that there is enough infra support like broadband speeds and power supply. It has not been easy for the IT sector and we need to see how quickly the global economy can recover,” she said. Ghosh added that, within the IT sector, small IT companies and technology companies are the most vulnerable. “We have asked for Rs 3,600 crore tech SMEs where the pain is the most,” she said. Deepak Shenoy, the founder of CapitalMind, also pointed out the need for stimulus. He tweeted: "I hope we get some details of a stimulus package tomorrow. Telling industry not to lay off is fine in speeches, but the government has to pay for it." (sic) I hope we get some details of a stimulus package tomorrow. Telling industry not to lay off is fine in speeches, but the government has to pay for it. — Deepak Shenoy (@deepakshenoy) April 14, 2020 The Federation of Indian Export Organisation (FIEO) was scathing in its response, stating: “We expected the PM to come out with some economic measures. We are disappointed that a calibrated approach on opening of economy not announced. (sic)” Pointing to Spain, which has suffered huge loss to life due to COVID-19, the FIEO added: “Even Spain has opened its economy in a calibrated manner. MSMEs will not be start even if there is some relaxation. How can workers be paid when there is no money? (sic)” Also Read: PM Modi says would consider relaxations from April 20 in areas with no cases TV Mohandas Pai was also unimpressed. He told CNBC-TV18: “The poor are the first priority for India; lack of liquidity for MSMEs is the other big issue. Liquidity needs to last till business comes back or 25 percent of the MSMEs will have to wind up operations if no financial assistance.” He added that one lakh crore of refunds were due to the people and the government needed “to give the money back to people”. “Layoffs will create a human catastrophe. The government must open up infrastructure; strengthen roads, ports at this time. The government is exploiting the situation; holding on to people money and paying 6 percent interest while industry has to pay 10-12 percent,” Pai said. Speaking about the PM’s request to not lay off people, Pai said that eight crore people are on the payroll of the Employees’ Provident Fund Organisation (EPFO) and PFI. “The PM may have appealed to not lay off people, but where is the cash? Companies need money if they are to heed the PM and not lay-off people. The United States is providing companies with money to keep people on the payroll. We cannot expect a person to live on Rs 500-2,000 a month and some rations and a gas stove,” he noted. The 19-day extension till May 3 brings the total period of lockdown to 40 days. Interestingly, the term quarantine literally means “for 40 days/40 days period” in Italian – as was the isolation period employed in Italy during the outbreak of the bubonic plague. Noting this Sachin Bansal tweeted: "Quarantine literally means 40 days isolation." (sic) Quarantine literally means 40 days isolation. — Sachin Bansal (@_sachinbansal) April 14, 2020 Notably, the May 3 date has been given keeping in mind the public holidays of May 1 (workers’ day), May 2 (Saturday) and May 3 (Sunday). Also Read: Coronavirus state-wise tally April 14 Besides corporate India, former Finance Minister and Congress leader P Chidambaram also reacted to the lockdown extension with: “We understand the compulsions for a lockdown, but beyond that what?” He further said that he understood and supported the decision of the lockdown, adding: “Number one priority should be to put cash in the hands of the poor. Number two priority must be to revive the economy. Disappointed with the PM’s address is that there was not a word about how the poor are supposed to survive or about the economy.” Follow our full COVID-19 coverage here Summarise this report in a few sentences." summarise in a few sentences.
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Item 7A. Quantitative and Qualitative Disclosures About Market Risk Market Risk Exposures and Risk Management Market risk is the risk we will incur losses due to adverse fluctuations in market rates and prices. Our primary market risk exposures are to interest rates, equity markets and foreign currency exchange rates. The active management of market risk is an integral part of our operations. We manage our overall market risk exposure within established risk tolerance ranges using several approaches, including: ●rebalancing our existing asset or liability portfolios; ●controlling the risk structure of newly acquired assets and liabilities and ●using derivative instruments to modify the market risk characteristics of existing assets or liabilities or assets expected to be purchased. Interest Rate Risk Interest rate risk is the risk of economic losses due to adverse changes in interest rates. Interest rate risk arises primarily from our holdings in interest sensitive assets and liabilities. Changes in interest rates impact numerous aspects of our operations, including but not limited to: ●yield on our invested assets; ●rate of interest we credit to contractholder account balances; ●timing of cash flows on assets and liabilities containing embedded prepayment options; ●cost of hedging our GMWB rider; ●discount rate used in valuing our pension and OPEB obligations; ●estimated gross profits and the amortization of our DAC asset and related actuarial balances; ●statutory reserve and capital requirements; ●asset-based fees earned on the fixed income assets we manage; ●interest expense on our long-term borrowings; ●fair value of intangible assets in our reporting units and ●fair value of financial assets and liabilities held at fair value on our consolidated statements of financial position. Lower interest rates generally result in lower profitability in the long-term. Conversely, higher interest rates generally result in higher profitability in the long-term. However, an increase in market interest rates may cause a decline in the value of financial assets held at fair value on our consolidated statements of financial position. Impact of Changes in Long-Term Interest Rate Assumptions We use long-term interest rate assumptions to calculate reserves, DAC, other actuarial balances and benefit plan obligations in accordance with U.S. GAAP. In setting these assumptions, we consider a variety of factors, including historical experience, emerging trends and future expectations. We evaluate our assumptions on at least an annual basis. Due to the long-term nature of our assumptions, we generally do not revise our assumptions in response to short-term fluctuations in market interest rates. However, we will consider revising our assumptions if a significant change occurs in the factors noted above. A reduction in our long-term interest rate assumptions may result in increases in our reserves and/or unlocking of our DAC asset and other actuarial balances. For additional information, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates - Deferred Acquisition Costs and Other Actuarial Balances.” In addition, we have implemented reinsurance transactions utilizing affiliated reinsurers and highly rated third parties to finance a portion of the statutory reserves for our term life insurance policies and universal life insurance policies with secondary guarantees. We calculate an economic reserve, which represents an estimate of our liability associated with these contracts. The excess of the required statutory reserve over the economic reserve is secured by financing provided by highly rated third parties. The long-term interest rate assumption is a key input in the calculation of the economic reserve. A reduction in our long-term interest rate assumption would reduce the portion of the statutory reserve that can be financed through affiliated reinsurers, thus increasing the amount of invested assets we must maintain to support statutory reserves. For additional information, see Item 8. Summarise this report in a few sentences.
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“Financial Statements and Supplementary Data - Note 8. Reinsurance.”
This text discusses the market risk exposures and risk management strategies of a company. It focuses on interest rate risk, which is the risk of economic losses due to adverse changes in interest rates. The company manages its overall market risk exposure within established risk tolerance ranges using several approaches, such as rebalancing existing asset or liability portfolios, controlling the risk structure of newly acquired assets and liabilities, and using derivative instruments. Lower interest rates generally result in lower profitability in the long-term, while higher interest rates generally result in higher profitability. A reduction in the company's long-term interest rate assumptions may result in increases in reserves and/or unlocking of deferred acquisition costs
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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 7A. Quantitative and Qualitative Disclosures About Market Risk Market Risk Exposures and Risk Management Market risk is the risk we will incur losses due to adverse fluctuations in market rates and prices. Our primary market risk exposures are to interest rates, equity markets and foreign currency exchange rates. The active management of market risk is an integral part of our operations. We manage our overall market risk exposure within established risk tolerance ranges using several approaches, including: ●rebalancing our existing asset or liability portfolios; ●controlling the risk structure of newly acquired assets and liabilities and ●using derivative instruments to modify the market risk characteristics of existing assets or liabilities or assets expected to be purchased. Interest Rate Risk Interest rate risk is the risk of economic losses due to adverse changes in interest rates. Interest rate risk arises primarily from our holdings in interest sensitive assets and liabilities. Changes in interest rates impact numerous aspects of our operations, including but not limited to: ●yield on our invested assets; ●rate of interest we credit to contractholder account balances; ●timing of cash flows on assets and liabilities containing embedded prepayment options; ●cost of hedging our GMWB rider; ●discount rate used in valuing our pension and OPEB obligations; ●estimated gross profits and the amortization of our DAC asset and related actuarial balances; ●statutory reserve and capital requirements; ●asset-based fees earned on the fixed income assets we manage; ●interest expense on our long-term borrowings; ●fair value of intangible assets in our reporting units and ●fair value of financial assets and liabilities held at fair value on our consolidated statements of financial position. Lower interest rates generally result in lower profitability in the long-term. Conversely, higher interest rates generally result in higher profitability in the long-term. However, an increase in market interest rates may cause a decline in the value of financial assets held at fair value on our consolidated statements of financial position. Impact of Changes in Long-Term Interest Rate Assumptions We use long-term interest rate assumptions to calculate reserves, DAC, other actuarial balances and benefit plan obligations in accordance with U.S. GAAP. In setting these assumptions, we consider a variety of factors, including historical experience, emerging trends and future expectations. We evaluate our assumptions on at least an annual basis. Due to the long-term nature of our assumptions, we generally do not revise our assumptions in response to short-term fluctuations in market interest rates. However, we will consider revising our assumptions if a significant change occurs in the factors noted above. A reduction in our long-term interest rate assumptions may result in increases in our reserves and/or unlocking of our DAC asset and other actuarial balances. For additional information, see Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates - Deferred Acquisition Costs and Other Actuarial Balances.” In addition, we have implemented reinsurance transactions utilizing affiliated reinsurers and highly rated third parties to finance a portion of the statutory reserves for our term life insurance policies and universal life insurance policies with secondary guarantees. We calculate an economic reserve, which represents an estimate of our liability associated with these contracts. The excess of the required statutory reserve over the economic reserve is secured by financing provided by highly rated third parties. The long-term interest rate assumption is a key input in the calculation of the economic reserve. A reduction in our long-term interest rate assumption would reduce the portion of the statutory reserve that can be financed through affiliated reinsurers, thus increasing the amount of invested assets we must maintain to support statutory reserves. For additional information, see Item 8. Summarise this report in a few sentences." summarise in a few sentences.
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Asian shares were mostly lower Thursday, with Tokyo dropping more than 1 per cent as the Japanese yen gained after the Federal Reserve said it would keep interest rates low through 2022. Asian markets had been expected to fall after the Fed signaled a long path to recovery from the devastation of the coronavirus pandemic. Overnight, stocks ended a bumpy day mostly lower on Wall Street, though gains for several big technology companies helped push the Nasdaq above 10,000 for the first time. It gained 0.7 per cent, to 10,020.35. The Fed has cut its benchmark short-term rate to near zero, making the dollar less attractive for investors, as part of a historic effort to counter the economic ravages of the coronavirus pandemic. Investors tend to seek refuge in the yen in times of financial turmoil, but a strong yen tends to hurt Japan’s major exporters, such as Toyota Motor Corp. and Fast Retailing Co. Toyota shares fell 1.9 per cent while Fast Retailing’s also dropped 1.9 per cent by midday. The dollar fell to 106.98 Japanese yen from 107.12 yen late Wednesday. The euro rose to $1.1387 from $1.1377. Japan’s benchmark Nikkei 225 lost 1.2per cent to 22,842.90 and South Korea’s Kospi edged 0.2per cent lower to 2,190.74. Australia’s S&P/ASX 200 sank 2.3per cent to 6,010.20. Hong Kong’s Hang Seng gained 0.3per cent to 24,970.72, while the Shanghai Composite was little changed, inching down less than 0.1per cent to 2,943.11. On Wednesday, the S&P 500 fell 0.5per cent to 3,190.14 and the Dow Jones Industrial Average fell 1per cent to 26,989.99. Small company stocks bore the brunt of the selling, with the Russell 2000 index losing 2.6per cent to 1,467.39. Bond yields were broadly lower, reflecting renewed caution among investors. The yield on the 10-year Treasury yield slid to 0.72per cent from 0.82per cent late Wednesday. It tends to move with investors’ expectations of the economy and inflation, though it’s still well above the 0.64per cent level where it started last week. The Federal Reserve emphasized Wednesday that the central bank will keep providing support to the economy by buying bonds to maintain low borrowing rates. It forecast no rate hike through 2022, which could make it easier for consumers and businesses to borrow and spend enough to sustain an economy depressed by business shutdowns and high unemployment. The move to leave its key interest rate unchanged wasn’t a surprise to investors, but it was seen as an ominous signal given that nearly all of the members of the central bank’s Federal Open Market Committee foresee no rate hike through 2022 was noteworthy, said Brian Nick, chief investment strategist at Nuveen. What you have on the FOMC is unanimity that rates ought to stay low and that their communication should continue to emphasize that they’re not going to raise interest rates, absent a material improvement in the economy, he said. The combination of low interest rates and low inflation has been a key driver for gains in big technology companies that can grow almost regardless of the economy. That’s been the magic formula for growth stocks, Nick said. Wall Street has been generally rising since late March, at first on relief following emergency rescues by the Fed and Congress. More recently, investors have begun piling into companies that would benefit most from a reopening economy that’s growing again. The S&P 500, a benchmark for many index funds, is now within 6per cent of reclaiming the all-time high it reached in February. Still, uncertainty remains over how quickly economies can recover from the pandemic, given that the numbers of infections and fatalities are still rising in many countries. Fed Chair Jerome Powell said employment data for May that showed employers added jobs instead of slashing more was encouraging but hardly enough to ensure the labor market or economy is back on track. The labor market may have hit bottom in May, Powell said. But, he added, we’re not going to overreact to a single data point. In other trading, benchmark U.S. crude oil fell 97 cents to $38.63 a barrel in electronic trading on the New York Mercantile Exchange. It rose 1.7per cent to settle at $39.60 a barrel on Wednesday. Brent crude, the international standard, fell 90 slipped to $40.83 a barrel. The Organization for Economic Cooperation and Development said Wednesday that the coronavirus crisis has triggered the worst global recession in nearly a century. It projected that the global economy will shrink by 6per cent this year in a best-case scenario, with only a modest uptick next year. The estimate, which is based on an analysis of the latest global economic data, suggests an even sharper decline of 7.6per cent if there is a second wave of coronavirus outbreaks this year. Summarise this report in a few sentences.
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the dollar fell to 106.98 Japanese yen from 107.12 yen late Wednesday. the euro rose to $1.1387 from $1.1377. the dollar fell to 106.98 yen from 107.12 yen late. a strong yen tends to hurt Japan's major exporters, such as Toyota.
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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 "Asian shares were mostly lower Thursday, with Tokyo dropping more than 1 per cent as the Japanese yen gained after the Federal Reserve said it would keep interest rates low through 2022. Asian markets had been expected to fall after the Fed signaled a long path to recovery from the devastation of the coronavirus pandemic. Overnight, stocks ended a bumpy day mostly lower on Wall Street, though gains for several big technology companies helped push the Nasdaq above 10,000 for the first time. It gained 0.7 per cent, to 10,020.35. The Fed has cut its benchmark short-term rate to near zero, making the dollar less attractive for investors, as part of a historic effort to counter the economic ravages of the coronavirus pandemic. Investors tend to seek refuge in the yen in times of financial turmoil, but a strong yen tends to hurt Japan’s major exporters, such as Toyota Motor Corp. and Fast Retailing Co. Toyota shares fell 1.9 per cent while Fast Retailing’s also dropped 1.9 per cent by midday. The dollar fell to 106.98 Japanese yen from 107.12 yen late Wednesday. The euro rose to $1.1387 from $1.1377. Japan’s benchmark Nikkei 225 lost 1.2per cent to 22,842.90 and South Korea’s Kospi edged 0.2per cent lower to 2,190.74. Australia’s S&P/ASX 200 sank 2.3per cent to 6,010.20. Hong Kong’s Hang Seng gained 0.3per cent to 24,970.72, while the Shanghai Composite was little changed, inching down less than 0.1per cent to 2,943.11. On Wednesday, the S&P 500 fell 0.5per cent to 3,190.14 and the Dow Jones Industrial Average fell 1per cent to 26,989.99. Small company stocks bore the brunt of the selling, with the Russell 2000 index losing 2.6per cent to 1,467.39. Bond yields were broadly lower, reflecting renewed caution among investors. The yield on the 10-year Treasury yield slid to 0.72per cent from 0.82per cent late Wednesday. It tends to move with investors’ expectations of the economy and inflation, though it’s still well above the 0.64per cent level where it started last week. The Federal Reserve emphasized Wednesday that the central bank will keep providing support to the economy by buying bonds to maintain low borrowing rates. It forecast no rate hike through 2022, which could make it easier for consumers and businesses to borrow and spend enough to sustain an economy depressed by business shutdowns and high unemployment. The move to leave its key interest rate unchanged wasn’t a surprise to investors, but it was seen as an ominous signal given that nearly all of the members of the central bank’s Federal Open Market Committee foresee no rate hike through 2022 was noteworthy, said Brian Nick, chief investment strategist at Nuveen. What you have on the FOMC is unanimity that rates ought to stay low and that their communication should continue to emphasize that they’re not going to raise interest rates, absent a material improvement in the economy, he said. The combination of low interest rates and low inflation has been a key driver for gains in big technology companies that can grow almost regardless of the economy. That’s been the magic formula for growth stocks, Nick said. Wall Street has been generally rising since late March, at first on relief following emergency rescues by the Fed and Congress. More recently, investors have begun piling into companies that would benefit most from a reopening economy that’s growing again. The S&P 500, a benchmark for many index funds, is now within 6per cent of reclaiming the all-time high it reached in February. Still, uncertainty remains over how quickly economies can recover from the pandemic, given that the numbers of infections and fatalities are still rising in many countries. Fed Chair Jerome Powell said employment data for May that showed employers added jobs instead of slashing more was encouraging but hardly enough to ensure the labor market or economy is back on track. The labor market may have hit bottom in May, Powell said. But, he added, we’re not going to overreact to a single data point. In other trading, benchmark U.S. crude oil fell 97 cents to $38.63 a barrel in electronic trading on the New York Mercantile Exchange. It rose 1.7per cent to settle at $39.60 a barrel on Wednesday. Brent crude, the international standard, fell 90 slipped to $40.83 a barrel. The Organization for Economic Cooperation and Development said Wednesday that the coronavirus crisis has triggered the worst global recession in nearly a century. It projected that the global economy will shrink by 6per cent this year in a best-case scenario, with only a modest uptick next year. The estimate, which is based on an analysis of the latest global economic data, suggests an even sharper decline of 7.6per cent if there is a second wave of coronavirus outbreaks this year. Summarise this report in a few sentences." summarise in a few sentences.
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business 3-Point Analysis | Economic stimulus: What’s in it for markets and investors? A Rs 20 lakh crore economic package did lift sentiment, but as the five-part plan was unveiled it fell woefully short on substance. Summarise this report in a few sentences.
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a Rs 20 lakh crore economic package did lift sentiment, but it fell woefully short on substance. a five-part plan was unveiled on monday. it was a'refreshing' package, but it fell short on substance. a'refreshing' package was also unveiled. it was a'refreshing' package, but it was a'refreshing' one.
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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 "business 3-Point Analysis | Economic stimulus: What’s in it for markets and investors? A Rs 20 lakh crore economic package did lift sentiment, but as the five-part plan was unveiled it fell woefully short on substance. Summarise this report in a few sentences." summarise in a few sentences.
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Pharma stocks across the world are back on the radar of investors, as investors look for defensive plays. Indian pharma companies stole a march over listed global peers, with investors lapping up big names in the sector on falling rupee and attractive valuations. Indian pharma companies have also been in the news as some of them will increase manufacture of hydroxychloroquine as it is seen as one of the drugs that is effective in treating Covid-19. The Nifty Pharma Index has jumped 22.6% in April 2020, while the broader Nifty50 is up 6%. The Bloomberg World Pharmaceuticals Index, which tracks 90 leading pharmaceuticals stocks in the world, has gained 4.5% in the last five sessions with Indian firms such as Torrent Pharmaceuticals, Sun Pharmaceutical Industries, Divi’s Laboratories, Dr. Reddy’s Laboratories and Abbott India topping the list with gains between 16% and 30%. The sector, which is widely expected to remain resilient in the current downturn, trades at 23 times of its one-year forward earnings, which is a 10% discount to its five-year historical average. The rupee —the third worst performer in Asia — has declined 6.4% so far in 2020. The local currency touched a record low of 76.34 against the greenback on Wednesday. Pharma companies tend to gain in falling rupee as major chunk of their revenue comes from abroad. For instance, Dr Reddy’s Laboratories and Torrent Pharmaceuticals generated 81.3% and 53.7% of their FY19 revenues from outside India. Bansi Desai, analyst at HDFC Securities, said, “Our positive stance on Indian pharma is premised on sector’s relative resilience to Covid-19 disruption, favourable currency tailwinds and stable outlook for India and US business. India growth has picked up and we forecast 11% growth for covered companies over the next two years.” Shares of major active pharmaceutical ingredients (APIs) players such as Sun Pharma and Dr Reddy’s Labs have surged over 40% from their March lows. Analysts pointed out, as Indian companies operate at about 35% of their plant capacity compared to 70-80% of Chinese counterpart, there is further room for expansion. Even the volumes at pharma counters have peaked at a time when the overall markets trading with a thin volume as most dealers working through remote access with limited flexibility. While the combined five-day traded volumes at Sun Pharmaceutical Industries surged to near threefold against its six-month average, Dr. Reddy’s laboratories and Torrent Pharmaceuticals also witnessed similar surge of over twofold in their trading activities. According to Kotak Institutional Equities, the domestic formulations segment will see a healthy growth in Q4 with 9-12% y-o-y organic growth for the sector, with limited impact of Covid-19 on domestic sales for the quarter, given that most companies have a cut-off date of around March 20 for booking sales. However, market experts observe, disruption in demand and supply due to extended lockdown and delay in US FDA plant resolution on account of travel advisory could be key risks going forward for the sector. Summarise this report in a few sentences.
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the Nifty Pharma Index has jumped 22.6% in April 2020, while the broader Nifty50 is up 6%. the sector trades at 23 times of its one-year forward earnings. rupee — the third worst performer in Asia — has declined 6.4% so far in 2020. Torrent Pharmaceuticals, Sun Pharmaceutical Industries, Divi’s Laboratories, Dr. Reddy’s Laboratories and Abbott India top the list with gains between 16% and 30%.
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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 "Pharma stocks across the world are back on the radar of investors, as investors look for defensive plays. Indian pharma companies stole a march over listed global peers, with investors lapping up big names in the sector on falling rupee and attractive valuations. Indian pharma companies have also been in the news as some of them will increase manufacture of hydroxychloroquine as it is seen as one of the drugs that is effective in treating Covid-19. The Nifty Pharma Index has jumped 22.6% in April 2020, while the broader Nifty50 is up 6%. The Bloomberg World Pharmaceuticals Index, which tracks 90 leading pharmaceuticals stocks in the world, has gained 4.5% in the last five sessions with Indian firms such as Torrent Pharmaceuticals, Sun Pharmaceutical Industries, Divi’s Laboratories, Dr. Reddy’s Laboratories and Abbott India topping the list with gains between 16% and 30%. The sector, which is widely expected to remain resilient in the current downturn, trades at 23 times of its one-year forward earnings, which is a 10% discount to its five-year historical average. The rupee —the third worst performer in Asia — has declined 6.4% so far in 2020. The local currency touched a record low of 76.34 against the greenback on Wednesday. Pharma companies tend to gain in falling rupee as major chunk of their revenue comes from abroad. For instance, Dr Reddy’s Laboratories and Torrent Pharmaceuticals generated 81.3% and 53.7% of their FY19 revenues from outside India. Bansi Desai, analyst at HDFC Securities, said, “Our positive stance on Indian pharma is premised on sector’s relative resilience to Covid-19 disruption, favourable currency tailwinds and stable outlook for India and US business. India growth has picked up and we forecast 11% growth for covered companies over the next two years.” Shares of major active pharmaceutical ingredients (APIs) players such as Sun Pharma and Dr Reddy’s Labs have surged over 40% from their March lows. Analysts pointed out, as Indian companies operate at about 35% of their plant capacity compared to 70-80% of Chinese counterpart, there is further room for expansion. Even the volumes at pharma counters have peaked at a time when the overall markets trading with a thin volume as most dealers working through remote access with limited flexibility. While the combined five-day traded volumes at Sun Pharmaceutical Industries surged to near threefold against its six-month average, Dr. Reddy’s laboratories and Torrent Pharmaceuticals also witnessed similar surge of over twofold in their trading activities. According to Kotak Institutional Equities, the domestic formulations segment will see a healthy growth in Q4 with 9-12% y-o-y organic growth for the sector, with limited impact of Covid-19 on domestic sales for the quarter, given that most companies have a cut-off date of around March 20 for booking sales. However, market experts observe, disruption in demand and supply due to extended lockdown and delay in US FDA plant resolution on account of travel advisory could be key risks going forward for the sector. Summarise this report in a few sentences." summarise in a few sentences.
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Financial institutions in India will continue to face a difficult operating environment amid the macroeconomic slowdown and weak funding conditions, said Fitch Ratings on Wednesday. The rating firm said that retail-focused non-banking finance companies (NBFCs) and those backed by large corporate groups would be able to tap the markets better, while those with large wholesale books and housing finance companies are the most at risk. Led by a squeeze in credit availability from NBFCs and deterioration in business and consumer confidence, the ratings agency said that the real GDP growth would slow to 4.6% for FY20 and modestly rebound to 5.6% for FY21, down from 6.8% in FY19. “Funding conditions are, therefore, likely to remain weak and Indian FIs (would be) risk-averse in the year ahead, in line with Fitch’s negative sector outlook for both banks and NBFIs,” the agency said in a report. As stress in the non-bank, real estate and SME segments remains unresolved, asset-quality tensions were likely to intensify. The agency said that support measures from the authorities have had a mixed effect, with the onus largely on banks’ weak balance sheets through higher lending and regulatory forbearance. “The potential for contagion for banks thus exists as a result of their direct exposure to NBFIs as well as the second-order economic impact of being exposed to the sectors that are adjusting to the credit squeeze as the NBFIs cut back exposure,” the firm said. However, Fitch also said that the recent fundraising by a number of NBFCs during the first two months of 2020 points to a slightly improved funding environment. The companies would continue to tap the offshore market, but access is likely to remain uneven and limited largely to retail-focused NBFCs and those backed by large corporate groups. The firm said that wholesale and housing finance companies are the most at risk as they will continue to find it difficult to raise funds, given their greater exposure to the real-estate sector where further pressure on cash flows and collateral values is expected. Summarise this report in a few sentences.
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retail-focused non-banking finance companies (NBFCs) and those backed by large corporate groups would be able to tap the markets better. those with large wholesale books and housing finance companies are the most at risk. real GDP growth will slow to 4.6% for FY20 and modestly rebound to 5.6% for FY21, down from 6.8% in FY19.
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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 "Financial institutions in India will continue to face a difficult operating environment amid the macroeconomic slowdown and weak funding conditions, said Fitch Ratings on Wednesday. The rating firm said that retail-focused non-banking finance companies (NBFCs) and those backed by large corporate groups would be able to tap the markets better, while those with large wholesale books and housing finance companies are the most at risk. Led by a squeeze in credit availability from NBFCs and deterioration in business and consumer confidence, the ratings agency said that the real GDP growth would slow to 4.6% for FY20 and modestly rebound to 5.6% for FY21, down from 6.8% in FY19. “Funding conditions are, therefore, likely to remain weak and Indian FIs (would be) risk-averse in the year ahead, in line with Fitch’s negative sector outlook for both banks and NBFIs,” the agency said in a report. As stress in the non-bank, real estate and SME segments remains unresolved, asset-quality tensions were likely to intensify. The agency said that support measures from the authorities have had a mixed effect, with the onus largely on banks’ weak balance sheets through higher lending and regulatory forbearance. “The potential for contagion for banks thus exists as a result of their direct exposure to NBFIs as well as the second-order economic impact of being exposed to the sectors that are adjusting to the credit squeeze as the NBFIs cut back exposure,” the firm said. However, Fitch also said that the recent fundraising by a number of NBFCs during the first two months of 2020 points to a slightly improved funding environment. The companies would continue to tap the offshore market, but access is likely to remain uneven and limited largely to retail-focused NBFCs and those backed by large corporate groups. The firm said that wholesale and housing finance companies are the most at risk as they will continue to find it difficult to raise funds, given their greater exposure to the real-estate sector where further pressure on cash flows and collateral values is expected. Summarise this report in a few sentences." summarise in a few sentences.
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Kolkata: Domestic gold and silver rose on Friday, tracking firm overseas prices. Bullion prices have gone up in international markets due to weak US dollar and data suggested that the world’s largest economy is struggling from a COVID-19-induced economic slump. Analysts feel that markets could consolidate over the next few sessions and may witness selling pressure.October gold on Multi Commodity Exchange (MCX) opened at Rs 50,890 per 10 gm and touched a high of Rs 51,244. At around 12.30 pm, MCX October gold was trading at Rs 51,120 per 10 gm, up Rs 230.MCX September silver opened at Rs 65,590 per kg, touched a high of Rs 66,200 per kg, and was trading at Rs 65,968 in early afternoon trade. In the international market, spot gold rose 0.4% to $1,936.64 per ounce by 0316 GMT. US gold futures rose 0.6% to $1,943.20 per ounce.Navneet Damani, vice president (commodities research) at Motilal Oswal Financial Services “Gold slumped over 2% in volatile trading yesterday as US dollar and treasury yields rose higher after Federal Reserve chair Jerome Powell shifted the central bank’s inflation target in a widely expected move. The Fed's new monetary policy strategy pledges to address "shortfalls" from the "broad-based and inclusive goal" of full employment and also promises to aim for 2% inflation on average.”“On the other hand, talks regarding the new coronavirus relief bill is still a long way to go as Democrats and Republicans remained far apart over how much to spend on the same. On data front, US Q2 GDP has plunged by worst ever at -31.7% versus the expectation of -32.5%, and the weekly jobless claims were recorded in line with expectations, hence there was not much of an effect seen on the metal prices. Market participants today will keep an eye on the core PCE (personal consumption expenditure) price index expected later in the day. Also after the speech from Powell on yesterday, comments from Bank of England governor Andrew Bailey scheduled today will be in focus,” Damani added. Sriram Iyer , senior research analyst at Reliance Securities said “So markets could consolidate over the next few sessions and could be data and dollar dependent. Technically, both gold and silver are trading on positive note from last session where prices can see some sideways to marginal downside momentum in coming sessionsTechnically, both gold and silver are trading on positive note from last session where prices can see some sideways to marginal downside momentum in coming sessions.”Anuj Gupta, deputy vice president, (commodities and currencies research) at Angel Broking expects selling pressure in gold and silver prices as the dollar held gains against major currencies after the Federal Reserve's aggressive new strategy to lift employment and increased tolerance for higher inflation pushed US bond yields up.Tapan Patel, senior analyst at HDFC Securities said spot gold prices at COMEX traded near $1940 after falling below $1930 while gold prices at MCX October contract traded flat near Rs 50,950 per 10 gm on rupee appreciation. “The spot rupee was trading around 41 paisa stronger against the dollar in the morning trade. Silver prices were trading nearly 1% up in COMEX and MCX getting support from firm base metals. Gold and silver prices are expected to trade in the current range with bullish bias for the day,” he added. Summarise this report in a few sentences.
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domestic gold and silver rose on Friday, tracking firm overseas prices. data suggests world's largest economy is struggling from COVID-19-induced economic slump. spot gold rose 0.4% to $1,936.64 per ounce by 0316 GMT. US gold futures rose 0.6% to $1,943.20 per ounce. 'gold slumped over 2% in volatile trading yesterday as US dollar and treasury yields rose higher'
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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 "Kolkata: Domestic gold and silver rose on Friday, tracking firm overseas prices. Bullion prices have gone up in international markets due to weak US dollar and data suggested that the world’s largest economy is struggling from a COVID-19-induced economic slump. Analysts feel that markets could consolidate over the next few sessions and may witness selling pressure.October gold on Multi Commodity Exchange (MCX) opened at Rs 50,890 per 10 gm and touched a high of Rs 51,244. At around 12.30 pm, MCX October gold was trading at Rs 51,120 per 10 gm, up Rs 230.MCX September silver opened at Rs 65,590 per kg, touched a high of Rs 66,200 per kg, and was trading at Rs 65,968 in early afternoon trade. In the international market, spot gold rose 0.4% to $1,936.64 per ounce by 0316 GMT. US gold futures rose 0.6% to $1,943.20 per ounce.Navneet Damani, vice president (commodities research) at Motilal Oswal Financial Services “Gold slumped over 2% in volatile trading yesterday as US dollar and treasury yields rose higher after Federal Reserve chair Jerome Powell shifted the central bank’s inflation target in a widely expected move. The Fed's new monetary policy strategy pledges to address "shortfalls" from the "broad-based and inclusive goal" of full employment and also promises to aim for 2% inflation on average.”“On the other hand, talks regarding the new coronavirus relief bill is still a long way to go as Democrats and Republicans remained far apart over how much to spend on the same. On data front, US Q2 GDP has plunged by worst ever at -31.7% versus the expectation of -32.5%, and the weekly jobless claims were recorded in line with expectations, hence there was not much of an effect seen on the metal prices. Market participants today will keep an eye on the core PCE (personal consumption expenditure) price index expected later in the day. Also after the speech from Powell on yesterday, comments from Bank of England governor Andrew Bailey scheduled today will be in focus,” Damani added. Sriram Iyer , senior research analyst at Reliance Securities said “So markets could consolidate over the next few sessions and could be data and dollar dependent. Technically, both gold and silver are trading on positive note from last session where prices can see some sideways to marginal downside momentum in coming sessionsTechnically, both gold and silver are trading on positive note from last session where prices can see some sideways to marginal downside momentum in coming sessions.”Anuj Gupta, deputy vice president, (commodities and currencies research) at Angel Broking expects selling pressure in gold and silver prices as the dollar held gains against major currencies after the Federal Reserve's aggressive new strategy to lift employment and increased tolerance for higher inflation pushed US bond yields up.Tapan Patel, senior analyst at HDFC Securities said spot gold prices at COMEX traded near $1940 after falling below $1930 while gold prices at MCX October contract traded flat near Rs 50,950 per 10 gm on rupee appreciation. “The spot rupee was trading around 41 paisa stronger against the dollar in the morning trade. Silver prices were trading nearly 1% up in COMEX and MCX getting support from firm base metals. Gold and silver prices are expected to trade in the current range with bullish bias for the day,” he added. Summarise this report in a few sentences." summarise in a few sentences.
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As the government gives some relaxations in the lockdown, the economic activities have started to resume in most parts of the country. Around 6 lakh people in Maharashtra have rejoined work after the restrictions in the lockdown have been eased, PTI reported citing the statement by Maharashtra Industries Minister Subhash Desai. The minister also said that as many as 25,000 companies in Maharashtra had resumed operations. However, even as many companies have started their operations in the state, those near the containment zones are still waiting for a green signal. The centre had announced some relaxations in carrying out economic activities after a prolonged lockdown on April 20. The restrictions were further eased after PM Narendra Modi extended the lockdown for the second time, till May 17. Now, along with the industries, other companies are also allowed to operate with a one-third workforce. Coronavirus pandemic has made a blatant scar on the face of the economy across the globe. With a primary focus on saving lives and arresting the widespread virus, the governments are also focussing on how to keep the economy alive. Earlier, many states changed the labour laws to boost the factory output and generate revenue from the factories’ operations. Also Read: Economy requires Rs 4.5 lakh crore fiscal support at current juncture: Ficci to FM Sitharaman In a most recent move, the centre has allowed trains from New Delhi to 15 major cities of the country. Flight services are also speculated to resume operations soon. Meanwhile, Prime Minister Modi is holding a discussion with chief ministers of states and union territories on steps for reviving the sagging economy and scaling up all efforts to bring more ‘red’ zones with high Covid-19 case into ‘orange’ or ‘green’ zones, as economic activities are restarted in phases. Summarise this report in a few sentences.
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around 6 lakh people in Maharashtra have rejoined work after restrictions eased. 25,000 companies in the state have resumed operations. but those near containment zones are still waiting for a green signal. prime minister modi is holding a discussion with chief ministers of states and union territories on steps for reviving the sagging economy.
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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 government gives some relaxations in the lockdown, the economic activities have started to resume in most parts of the country. Around 6 lakh people in Maharashtra have rejoined work after the restrictions in the lockdown have been eased, PTI reported citing the statement by Maharashtra Industries Minister Subhash Desai. The minister also said that as many as 25,000 companies in Maharashtra had resumed operations. However, even as many companies have started their operations in the state, those near the containment zones are still waiting for a green signal. The centre had announced some relaxations in carrying out economic activities after a prolonged lockdown on April 20. The restrictions were further eased after PM Narendra Modi extended the lockdown for the second time, till May 17. Now, along with the industries, other companies are also allowed to operate with a one-third workforce. Coronavirus pandemic has made a blatant scar on the face of the economy across the globe. With a primary focus on saving lives and arresting the widespread virus, the governments are also focussing on how to keep the economy alive. Earlier, many states changed the labour laws to boost the factory output and generate revenue from the factories’ operations. Also Read: Economy requires Rs 4.5 lakh crore fiscal support at current juncture: Ficci to FM Sitharaman In a most recent move, the centre has allowed trains from New Delhi to 15 major cities of the country. Flight services are also speculated to resume operations soon. Meanwhile, Prime Minister Modi is holding a discussion with chief ministers of states and union territories on steps for reviving the sagging economy and scaling up all efforts to bring more ‘red’ zones with high Covid-19 case into ‘orange’ or ‘green’ zones, as economic activities are restarted in phases. Summarise this report in a few sentences." summarise in a few sentences.
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Emkay Global Financial Services has a buy call on Bajaj Electricals with a target price of Rs 735.The current market price of Bajaj Electricals is Rs 540.75.Time period given by the brokerage is one year when Bajaj Electricals price can reach the defined target.Our interactions with distributors indicate that BJE has been ahead of the competition in capturing market share in tier-2 and rural markets , thanks to its distribution network. BJE has lined up new product launches in the premium and mass categories and the premium segment is growing faster than the mass market, albeit on a lower base. New launches in the premium segment should strengthen BJE’s portfolio in metros and large towns. This should help BJE’s consumer business to deliver 20 per cent plus YoY growth over the next two years. BJE will support new product launches by spending on advertisements via TVs and other mass media platforms.BJE’s consumer revenues increased by 27 per cent YoY in Q3FY19. This was the fifth consecutive quarter of 20 per cent plus revenue growth under the new distribution model. Consumer business’ 6.9 per cent EBIT margin in Q3FY19 was the highest under its new model. Acceleration in volumes and new product launches should expand the consumer segment’s EBIT margin by 200bps over FY19-21E.We expect BJE’s earnings to rise 25 per cent in FY20E and 20 per cent in FY21E as both businesses are performing well. Almost 81 per cent/86 per cent of earnings will come from the consumer business in FY20/21E. Our target price of Rs 735 is based on SoTP valuation (Rs 664 for consumer business based on 35x EPS FY20E and Rs 71 for project business based on 13x EPS FY20E). Keys risks are: 1) sharp rise in input costs, 2) price war by competition and 3) higher working capital requirement in project business. Summarise this report in a few sentences.
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the current market price of Bajaj Electricals is Rs 540.75. time period given by brokerage is one year when price can reach target. premium segment is growing faster than mass market. consumer revenues increased by 27 per cent in q3fy19. consumer business’ 6.9 per cent EBIT margin in q3fy19 was the highest under its new model.
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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 "Emkay Global Financial Services has a buy call on Bajaj Electricals with a target price of Rs 735.The current market price of Bajaj Electricals is Rs 540.75.Time period given by the brokerage is one year when Bajaj Electricals price can reach the defined target.Our interactions with distributors indicate that BJE has been ahead of the competition in capturing market share in tier-2 and rural markets , thanks to its distribution network. BJE has lined up new product launches in the premium and mass categories and the premium segment is growing faster than the mass market, albeit on a lower base. New launches in the premium segment should strengthen BJE’s portfolio in metros and large towns. This should help BJE’s consumer business to deliver 20 per cent plus YoY growth over the next two years. BJE will support new product launches by spending on advertisements via TVs and other mass media platforms.BJE’s consumer revenues increased by 27 per cent YoY in Q3FY19. This was the fifth consecutive quarter of 20 per cent plus revenue growth under the new distribution model. Consumer business’ 6.9 per cent EBIT margin in Q3FY19 was the highest under its new model. Acceleration in volumes and new product launches should expand the consumer segment’s EBIT margin by 200bps over FY19-21E.We expect BJE’s earnings to rise 25 per cent in FY20E and 20 per cent in FY21E as both businesses are performing well. Almost 81 per cent/86 per cent of earnings will come from the consumer business in FY20/21E. Our target price of Rs 735 is based on SoTP valuation (Rs 664 for consumer business based on 35x EPS FY20E and Rs 71 for project business based on 13x EPS FY20E). Keys risks are: 1) sharp rise in input costs, 2) price war by competition and 3) higher working capital requirement in project business. Summarise this report in a few sentences." summarise in a few sentences.
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The air conditioner (ACs) industry, which sees a majority of sales in the March to June period, is waiting for the novel coronavirus, or COVID-19, lockdown to be lifted to drive sales and begin servicing. In an interaction with Moneycontrol, Krishan Sachdev, Managing Director, Carrier Midea India, said the company is sitting on AC inventory. “We have ready stocks (of air conditioners) and our channel partners (distributors) are also stocked up. The company is waiting for the lockdown to lift,” he added. Carrier Midea India is a joint venture between US-based UTC Climate Control & Security (Carrier brand) and Midea Group of China (Midea brand). The company has a manufacturing facility in Bawal, Haryana, and a new one in Supa, Maharashtra. Carrier Midea India has exclusive rights to manufacture and sell Carrier and Midea brand air conditioners, Midea brand home appliances and Midea brand commercial ACs in India. Also Read: Live updates on COVID-19 in India 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 Sachdev said the COVID-19 crisis comes at a time when AC sales are at its peak in the country. India had announced a lockdown from March 25 onwards for 21 days, which has now been extended till May 3. “About 75 percent of AC sales happen in the first half of the calendar year. Of this, 60 percent of sales occur between March 15 and June 15. The lockdown coincided with the start of this period,” he said. The AC industry had component shortages from early February due to the COVID-19 outbreak with its epicentre in China. To prevent infection spread, China had ordered a closure of all manufacturing units across its cities. India imports components like air compressors from China. Sachdev explained that while in February there was a component shortage, the situation improved by March. However, by then, the virus had hit markets like India halting both production and sales. The Indian room AC industry market is pegged around Rs 12,000 crore (5.5 million units), with more than 20 companies competing in this space. As far as this year is concerned, Sachdev said the company is not eyeing any revenue growth over previous year but is looking to stay stable. “We will have to wait till May 3 for sales to open up. But the worry is that by May 15, sales in south and west India will start declining,” he added. The bigger concern for him is the fact that the company is not being allowed to provide servicing to room ACs. “This is the hottest part of the year, so servicing requests are also piling up. There is loss of sales, but at least let companies carry out servicing of products,” he added. The Ministry of Home Affairs had allowed self-employed persons, including technicians and electricians, to begin operations in non-containment zones from April 20. However, Sachdev said the company is wary of letting non-qualified technicians to service/repair their AC brands. “Ours is a niche product. Regular electricians may not have the requisite expertise or the sufficient spare parts to service or repair our room ACs. We already have a team of 5,000 technicians and are hoping that maintenance and repair services resume soon,” he added. MHA had also allowed resumption of manufacturing activities in non-containment zones for companies, subject to following safety protocols. Sachdev said the company is awaiting requisite permissions from the district administration in Haryana and Maharashtra to resume production. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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air conditioner (ACs) industry is waiting for the novel coronavirus lockdown to be lifted. carrier midea india has exclusive rights to manufacture and sell air conditioners in india. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection.
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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 air conditioner (ACs) industry, which sees a majority of sales in the March to June period, is waiting for the novel coronavirus, or COVID-19, lockdown to be lifted to drive sales and begin servicing. In an interaction with Moneycontrol, Krishan Sachdev, Managing Director, Carrier Midea India, said the company is sitting on AC inventory. “We have ready stocks (of air conditioners) and our channel partners (distributors) are also stocked up. The company is waiting for the lockdown to lift,” he added. Carrier Midea India is a joint venture between US-based UTC Climate Control & Security (Carrier brand) and Midea Group of China (Midea brand). The company has a manufacturing facility in Bawal, Haryana, and a new one in Supa, Maharashtra. Carrier Midea India has exclusive rights to manufacture and sell Carrier and Midea brand air conditioners, Midea brand home appliances and Midea brand commercial ACs in India. Also Read: Live updates on COVID-19 in India 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 Sachdev said the COVID-19 crisis comes at a time when AC sales are at its peak in the country. India had announced a lockdown from March 25 onwards for 21 days, which has now been extended till May 3. “About 75 percent of AC sales happen in the first half of the calendar year. Of this, 60 percent of sales occur between March 15 and June 15. The lockdown coincided with the start of this period,” he said. The AC industry had component shortages from early February due to the COVID-19 outbreak with its epicentre in China. To prevent infection spread, China had ordered a closure of all manufacturing units across its cities. India imports components like air compressors from China. Sachdev explained that while in February there was a component shortage, the situation improved by March. However, by then, the virus had hit markets like India halting both production and sales. The Indian room AC industry market is pegged around Rs 12,000 crore (5.5 million units), with more than 20 companies competing in this space. As far as this year is concerned, Sachdev said the company is not eyeing any revenue growth over previous year but is looking to stay stable. “We will have to wait till May 3 for sales to open up. But the worry is that by May 15, sales in south and west India will start declining,” he added. The bigger concern for him is the fact that the company is not being allowed to provide servicing to room ACs. “This is the hottest part of the year, so servicing requests are also piling up. There is loss of sales, but at least let companies carry out servicing of products,” he added. The Ministry of Home Affairs had allowed self-employed persons, including technicians and electricians, to begin operations in non-containment zones from April 20. However, Sachdev said the company is wary of letting non-qualified technicians to service/repair their AC brands. “Ours is a niche product. Regular electricians may not have the requisite expertise or the sufficient spare parts to service or repair our room ACs. We already have a team of 5,000 technicians and are hoping that maintenance and repair services resume soon,” he added. MHA had also allowed resumption of manufacturing activities in non-containment zones for companies, subject to following safety protocols. Sachdev said the company is awaiting requisite permissions from the district administration in Haryana and Maharashtra to resume production. 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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GST boost for Indian economy: Amid dissenting voices on success and effectiveness of the GST, here’s yet another proof that India’s sweeping indirect tax reform has provided a major impetus to the economy, in the dramatic rise in handling of goods. GST has improved efficiencies and cost savings for warehouses, resulting in a significant growth in warehousing space, according to a report. The total warehouse space in eight primary locations in India is expected to reach 204 million square feet by the year 2019, driven by strong demand and investment in the short to medium-term, KPMG said in a recent report. Further, warehousing spaces is expected to witness an increase of 112 per cent by 2021, said the report citing industry experts as saying. “It is noteworthy that the implementation of GST has dramatically improved efficiencies and cost savings with a ‘Hub and Spoke’ model of warehousing. Pre-GST implementation CAGR (2014–16) of 15% has increased to an expected post-GST implementation CAGR (2017–21) of 21% for Grade A and B warehouse stock projections in the top eight cities in India,” said the KPMG report. Notably, transaction volumes of warehousing spaces has registered a massive rise, increasing by more than 85% in 2017 to 25 million square feet across India’s top cities – Mumbai, NCR, Ahmedabad, Bengaluru, Pune, Chennai, Hyderabad and Kolkata. Explaining how GST has led to such a significant improvement, KPMG said that smaller and fragmented warehouses are getting consolidated into centralised warehousing hubs with increasing focus on supply chain efficiencies. Implementation of GST is leading to consolidation in larger warehouses to help attain benefits from economies of scale. This in turn, is driving the demand for efficient and larger warehouses. Further, GST has also reduced the need to maintain high inventory levels resulting in increased demand for shared and centralised warehousing hubs, which aid in improving inventory turnover rates, said the report. Apart from the eight major locations, strategic locations such as Nagpur, Bengaluru, Kolkata and Guwahati are expected to become regional warehousing hubs connected to smaller local nodes via secondary logistics, says KPMG. The government’s move to award infrastructure status to the logistics sector including warehousing in November 2017, has paved the way for institutional players to invest in the sector, bringing in a number of benefits for the warehousing realty, said the report. “India is expected to witness investments of approximately Rs 500 billion for creating storage facilities between 2018 and 2020, leading to an approximate CAGR of 21% by 2021,” the report noted. Summarise this report in a few sentences.
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GST has improved efficiencies and cost savings for warehouses. warehousing spaces expected to witness an increase of 112% by 2021. implementation of GST is leading to consolidation in larger warehouses. this in turn, is driving the demand for efficient and larger warehouses. the total warehouse space in eight primary locations in india is expected to reach 204 million square feet by the year 2019.
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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 "GST boost for Indian economy: Amid dissenting voices on success and effectiveness of the GST, here’s yet another proof that India’s sweeping indirect tax reform has provided a major impetus to the economy, in the dramatic rise in handling of goods. GST has improved efficiencies and cost savings for warehouses, resulting in a significant growth in warehousing space, according to a report. The total warehouse space in eight primary locations in India is expected to reach 204 million square feet by the year 2019, driven by strong demand and investment in the short to medium-term, KPMG said in a recent report. Further, warehousing spaces is expected to witness an increase of 112 per cent by 2021, said the report citing industry experts as saying. “It is noteworthy that the implementation of GST has dramatically improved efficiencies and cost savings with a ‘Hub and Spoke’ model of warehousing. Pre-GST implementation CAGR (2014–16) of 15% has increased to an expected post-GST implementation CAGR (2017–21) of 21% for Grade A and B warehouse stock projections in the top eight cities in India,” said the KPMG report. Notably, transaction volumes of warehousing spaces has registered a massive rise, increasing by more than 85% in 2017 to 25 million square feet across India’s top cities – Mumbai, NCR, Ahmedabad, Bengaluru, Pune, Chennai, Hyderabad and Kolkata. Explaining how GST has led to such a significant improvement, KPMG said that smaller and fragmented warehouses are getting consolidated into centralised warehousing hubs with increasing focus on supply chain efficiencies. Implementation of GST is leading to consolidation in larger warehouses to help attain benefits from economies of scale. This in turn, is driving the demand for efficient and larger warehouses. Further, GST has also reduced the need to maintain high inventory levels resulting in increased demand for shared and centralised warehousing hubs, which aid in improving inventory turnover rates, said the report. Apart from the eight major locations, strategic locations such as Nagpur, Bengaluru, Kolkata and Guwahati are expected to become regional warehousing hubs connected to smaller local nodes via secondary logistics, says KPMG. The government’s move to award infrastructure status to the logistics sector including warehousing in November 2017, has paved the way for institutional players to invest in the sector, bringing in a number of benefits for the warehousing realty, said the report. “India is expected to witness investments of approximately Rs 500 billion for creating storage facilities between 2018 and 2020, leading to an approximate CAGR of 21% by 2021,” the report noted. Summarise this report in a few sentences." summarise in a few sentences.
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The government is likely to ask the next Finance Commission to consider a higher weight for the human development index (HDI) and sustainable development goals (SDGs) while recommending the distribution of resources among states. US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences.
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as more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. women are playing key roles in several ongoing boardroom conflicts. women are playing key roles in several ongoing family disputes. reflects the rise in the number of women in positions where they can have their say. if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in india, the government will likely consider a higher weight for the HDI and sustainable development goals (S
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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 is likely to ask the next Finance Commission to consider a higher weight for the human development index (HDI) and sustainable development goals (SDGs) while recommending the distribution of resources among states. US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences." summarise in a few sentences.
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Licious team conducting quality examination. Deepanshu Manchandana, co-founder, ZappFresh Licious team of expert packers at work. It was an airlift of a different kind. As a nationwide lockdown snapped the supply chain and delivery channels across the country, meat delivery firm Licous resorted to airlifting meat produce. During the initial days of lockdown, the Licious team airlifted their products (primary raw and fresh category) to the northern part of the country, where the supply chain was most impacted.“This was done for a brief period of time and all transportation was done as per government permission and permitted vehicles,” Vivek Gupta, co-founder, Licious, told ET Digital.The nationwide lockdown has given momentum to the online food deliveries in India and has turned out to be a good opportunity for many online grocery startups to cash in. The online meat delivery industry has also come out winners.According to an analysis of the national health data by IndiaSpend and FactChecker, 70% of Indian women and 80% men consume non vegetarian-food. On a weekly basis, 48.9% men and 42.8% women consume non-vegetarian food. These figures have proved to be appealing for a number of meat delivery startups such as Licious, FreshToHome , and ZappFresh “We have witnessed an increase in demand and also in new customer additions. But in the initial days when the lockdown was imposed, it was tough from both supply and delivery point of view. But I am pleased to note that we surmounted this initial hiccup and stabilised it in 4-5 days by working with the authorities. Now we are back to 100% delivery efficiency,” Shan Kadavil, co-founder, FreshToHome told ET Digital.He explained how operations during this period required extra care of safety and hygiene protocols. The FreshToHome team deep cleaned the vehicles and processing centre premises and equipment twice a day. The firm also regularly monitored the temperature of all its delivery and processing centre personnel.“We announced no-contact delivery to customers by insisting on no cash-on-delivery payment . Even in pre-corona days we were getting 50% CODs. It was a hard decision, but we took it for the benefit of our customers and our delivery executives,” he said.Experiencing similar results, Licious has witnessed deliveries go up 2x times with a 30 per cent increase in average order value from customers.“Across Bengaluru, Hyderabad, Delhi-NCR, Chandigarh, Mumbai, Pune and Chennai, we have witnessed a 300 per cent surge in demand during the lockdown period,” Gupta said.Gupta claimed that Licious adopted a global standard of food safety and quality management long before the Covid crisis during the initial days of the company. This includes vaccinating workers in production sites routinely every six months and getting frequent health-checks.The Licious team also took decisive steps when the nationwide lockdown was announced such as housing 600 employees in a resort close to the production center. “Since then, their movement has been restricted to and fro the Licious processing centre only. This ensured that the people handling our products were the safest and most immune,” he said.Behind the brilliant sales figures of these meat delivery firms during the lockdown lie a myriad of challenges, slightly more pressing than the ones faced by online grocery platforms.Meat is a perishable product for some 24-36 hours and could not be stocked like some of the groceries. This, along with lockdown restrictions created a problem with sourcing raw materials for meat startups.“Sea food supply was severely impacted as coasts were closed, but thanks to our network of fishermen in the smaller coasts, we were able to guarantee availability of marine fish. Additionally, our own farms and partner farms in which we have around 2500 tonnes production annually, allowed us to ensure fresh water fish supply,” Kadavil said.He added that the impact was seen in mutton supply too due to closure of slaughterhouses, however, chicken supply was not disturbed.Deepanshu Manchandana, co-founder, ZappFresh also agreed to facing the heat of the supply chain blockage.“Yes, not all products are available, the supply chain is stressed overall due to on ground challenges of permissions and other factors, But things have improved in the last two weeks and gradually as we move forward it is becoming easier and back to the normal,” he told ET Digital.He added that they also faced problems with managing the blue collar workforce. But, the ZappFresh team soon took steps to ensure pick up and drops for workers, boarding, and lodging.“Incentives to bring back operation staff, covid insurance and other benefits brought back our team in confidence and back in action,” he said.According to Manchandana, ZappFresh saw a 700% increase in its web traffic during initial days as people had started hoarding.One of the common challenges among all businesses was a shortage of manpower as many labourers and delivery workers went home during the lockdown. “In the initial days of the lockdown, we saw a sharp decline in our delivery workforce & it was indeed a test of our business agility,” Gupta said.Licious lost 50% of its workforce, but was able to hire an additional 300 employees and are now back with 1.5 times of their original capacity.From this period onwards, both Kadavil and Gupta believe that there will be an increase in demand for quality food and brands which adhere to safety and hygiene norms. This gives an opportunity for the processed poultry meat segment to grow in the country. According to Harsha Razdan, Partner and Head, Consumer Markets and Internet Business KPMG in India, with Covid-19 , consumers will prefer to order meat that is untouched by hand rather than buying from the wet markets due to fear of infections.He told ET Digital that it would also help in optimising operations for meat startups. “As the volumes of processed meat increases, the need for a sustainable and cost efficient supply chain will increase. This will attract larger capacities being created in cold storages, climate controlled vehicles and will bring the cost down on account of economies of scale,” he said.In early March this year, it was reported that the poultry industry in the country was hit hard as rumours linking coronavirus and chicken spread like wildfire through social media platforms. The price of a chicken fell from Rs 80 to Rs 20 and the jobs of two crore people employed in the industry were on line.This, however, did not impact the sales of Licous and FreshToHome. “Largely customers are evolved to understand that Corona is an airborne virus, though there is a small percentage who stay away from meat during these times. Our customers especially knew we uphold the highest standards of quality in terms of hygiene, packing and sell only no-added chemicals products.” Kadavil said.Talking on similar lines, Gupta said that there was no adverse impact on its sales following the rumors. “In fact, sales only grew as people started buying better quality and safer food products from trusted brands like us,” he said.Even for ZappFresh, Manchandana said the impact on sales was temporary, for a week or ten days.In the meantime, the rumor gave a little push to Udaipur-based Gooddot, an alternate meat startup. “Just before the lockdown, we had seen around 60% of spike in our platform,” said Abhishek Sinha, CEO, Gooddot.He added that the increase in demand was not just seen in India, but also across other countries as he believes more and more people are looking at plant-based meat options.“Over time, an organic outreach is happening. People are coming to us and enquiring about different kinds of alternate meat options,” he said.Apart from a surge in demands, Gooddot has also been able to increase its team during the lockdown.When asked if people who have shifted their diet to the alternate meat will maintain the same perspective and habits once the lockdown is over, Sinha believes it will be a bit of both.“The coronavirus is not directly linked to meat and therefore there will always be people who will make an end to the rumors and share the correct knowledge. However, one cannot underestimate the magnitude of the problems the viruses can create. In the US, major meat processing companies have become coronavirus hotspots. The workers there work in unhealthy conditions and under close proximity. Situations like these lead people to explore other meat options,” he said. Summarise this report in a few sentences.
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nationwide lockdown has snapped supply chain and delivery channels. meat delivery firm Licous resorted to airlifting meat produce. the company has now been able to stabilize the supply chain in 4-5 days. the lockdown has given momentum to online food deliveries in india. the online meat delivery industry has also come out winners. a number of startups have been able to cash in on 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 "Licious team conducting quality examination. Deepanshu Manchandana, co-founder, ZappFresh Licious team of expert packers at work. It was an airlift of a different kind. As a nationwide lockdown snapped the supply chain and delivery channels across the country, meat delivery firm Licous resorted to airlifting meat produce. During the initial days of lockdown, the Licious team airlifted their products (primary raw and fresh category) to the northern part of the country, where the supply chain was most impacted.“This was done for a brief period of time and all transportation was done as per government permission and permitted vehicles,” Vivek Gupta, co-founder, Licious, told ET Digital.The nationwide lockdown has given momentum to the online food deliveries in India and has turned out to be a good opportunity for many online grocery startups to cash in. The online meat delivery industry has also come out winners.According to an analysis of the national health data by IndiaSpend and FactChecker, 70% of Indian women and 80% men consume non vegetarian-food. On a weekly basis, 48.9% men and 42.8% women consume non-vegetarian food. These figures have proved to be appealing for a number of meat delivery startups such as Licious, FreshToHome , and ZappFresh “We have witnessed an increase in demand and also in new customer additions. But in the initial days when the lockdown was imposed, it was tough from both supply and delivery point of view. But I am pleased to note that we surmounted this initial hiccup and stabilised it in 4-5 days by working with the authorities. Now we are back to 100% delivery efficiency,” Shan Kadavil, co-founder, FreshToHome told ET Digital.He explained how operations during this period required extra care of safety and hygiene protocols. The FreshToHome team deep cleaned the vehicles and processing centre premises and equipment twice a day. The firm also regularly monitored the temperature of all its delivery and processing centre personnel.“We announced no-contact delivery to customers by insisting on no cash-on-delivery payment . Even in pre-corona days we were getting 50% CODs. It was a hard decision, but we took it for the benefit of our customers and our delivery executives,” he said.Experiencing similar results, Licious has witnessed deliveries go up 2x times with a 30 per cent increase in average order value from customers.“Across Bengaluru, Hyderabad, Delhi-NCR, Chandigarh, Mumbai, Pune and Chennai, we have witnessed a 300 per cent surge in demand during the lockdown period,” Gupta said.Gupta claimed that Licious adopted a global standard of food safety and quality management long before the Covid crisis during the initial days of the company. This includes vaccinating workers in production sites routinely every six months and getting frequent health-checks.The Licious team also took decisive steps when the nationwide lockdown was announced such as housing 600 employees in a resort close to the production center. “Since then, their movement has been restricted to and fro the Licious processing centre only. This ensured that the people handling our products were the safest and most immune,” he said.Behind the brilliant sales figures of these meat delivery firms during the lockdown lie a myriad of challenges, slightly more pressing than the ones faced by online grocery platforms.Meat is a perishable product for some 24-36 hours and could not be stocked like some of the groceries. This, along with lockdown restrictions created a problem with sourcing raw materials for meat startups.“Sea food supply was severely impacted as coasts were closed, but thanks to our network of fishermen in the smaller coasts, we were able to guarantee availability of marine fish. Additionally, our own farms and partner farms in which we have around 2500 tonnes production annually, allowed us to ensure fresh water fish supply,” Kadavil said.He added that the impact was seen in mutton supply too due to closure of slaughterhouses, however, chicken supply was not disturbed.Deepanshu Manchandana, co-founder, ZappFresh also agreed to facing the heat of the supply chain blockage.“Yes, not all products are available, the supply chain is stressed overall due to on ground challenges of permissions and other factors, But things have improved in the last two weeks and gradually as we move forward it is becoming easier and back to the normal,” he told ET Digital.He added that they also faced problems with managing the blue collar workforce. But, the ZappFresh team soon took steps to ensure pick up and drops for workers, boarding, and lodging.“Incentives to bring back operation staff, covid insurance and other benefits brought back our team in confidence and back in action,” he said.According to Manchandana, ZappFresh saw a 700% increase in its web traffic during initial days as people had started hoarding.One of the common challenges among all businesses was a shortage of manpower as many labourers and delivery workers went home during the lockdown. “In the initial days of the lockdown, we saw a sharp decline in our delivery workforce & it was indeed a test of our business agility,” Gupta said.Licious lost 50% of its workforce, but was able to hire an additional 300 employees and are now back with 1.5 times of their original capacity.From this period onwards, both Kadavil and Gupta believe that there will be an increase in demand for quality food and brands which adhere to safety and hygiene norms. This gives an opportunity for the processed poultry meat segment to grow in the country. According to Harsha Razdan, Partner and Head, Consumer Markets and Internet Business KPMG in India, with Covid-19 , consumers will prefer to order meat that is untouched by hand rather than buying from the wet markets due to fear of infections.He told ET Digital that it would also help in optimising operations for meat startups. “As the volumes of processed meat increases, the need for a sustainable and cost efficient supply chain will increase. This will attract larger capacities being created in cold storages, climate controlled vehicles and will bring the cost down on account of economies of scale,” he said.In early March this year, it was reported that the poultry industry in the country was hit hard as rumours linking coronavirus and chicken spread like wildfire through social media platforms. The price of a chicken fell from Rs 80 to Rs 20 and the jobs of two crore people employed in the industry were on line.This, however, did not impact the sales of Licous and FreshToHome. “Largely customers are evolved to understand that Corona is an airborne virus, though there is a small percentage who stay away from meat during these times. Our customers especially knew we uphold the highest standards of quality in terms of hygiene, packing and sell only no-added chemicals products.” Kadavil said.Talking on similar lines, Gupta said that there was no adverse impact on its sales following the rumors. “In fact, sales only grew as people started buying better quality and safer food products from trusted brands like us,” he said.Even for ZappFresh, Manchandana said the impact on sales was temporary, for a week or ten days.In the meantime, the rumor gave a little push to Udaipur-based Gooddot, an alternate meat startup. “Just before the lockdown, we had seen around 60% of spike in our platform,” said Abhishek Sinha, CEO, Gooddot.He added that the increase in demand was not just seen in India, but also across other countries as he believes more and more people are looking at plant-based meat options.“Over time, an organic outreach is happening. People are coming to us and enquiring about different kinds of alternate meat options,” he said.Apart from a surge in demands, Gooddot has also been able to increase its team during the lockdown.When asked if people who have shifted their diet to the alternate meat will maintain the same perspective and habits once the lockdown is over, Sinha believes it will be a bit of both.“The coronavirus is not directly linked to meat and therefore there will always be people who will make an end to the rumors and share the correct knowledge. However, one cannot underestimate the magnitude of the problems the viruses can create. In the US, major meat processing companies have become coronavirus hotspots. The workers there work in unhealthy conditions and under close proximity. Situations like these lead people to explore other meat options,” he said. Summarise this report in a few sentences." summarise in a few sentences.
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China’s policy makers and local authorities are taking steps to prevent deepening strains in the $11 trillion bond market from spiraling into a broader systemic collapse. After a series of defaults and a net contraction in bond financing last month, officials have moved to inject liquidity and pressure creditors to negotiate with embattled individual borrowers this month. Among the examples so far: Central government officials at the highest levels determined that debt-laden HNA Group is facing liquidity issues and should be helped, people familiar with the matter said last week. Authorities in eastern Zhejiang Province brought creditors together with DunAn Holding Group last month after the conglomerate told the local government it had a capital shortage, according to a filing. Provincial officials of Hubei in central China similarly intervened in the case of Sunshine Kaidi New Energy, bringing the defaulter together with creditors this month, local media reported. The People’s Bank of China has been injecting liquidity in money markets amid a bout of turmoil in equities triggered in part by trade tensions with the U.S.; the moves have spurred a rally in bonds. PBOC Governor Yi Gang also made clear this week he’ll “comprehensively” use policy tools to ensure stability.While the moves may not amount to a broad-based effort to arrest bond defaults, they do suggest a fine tuning in China’s financial deleveraging campaign, market players say. The challenge for policy makers will be trying to encourage market-driven efforts to resolve corporate debt issues without reinforcing the old image of a state-dominated financial system. “We will likely see more private sector companies asking for government support,” said Ivan Chung, head of greater China credit research at Moody’s Investors Service in Hong Kong. “The government still wants market-oriented resolutions — as long as there is no systemic risk,” he said. Authorities “are likely to differentiate whether the distress was caused by poor operations or a liquidity crunch prompted by market panic.” In the recent interventions, authorities have mostly stopped short of injecting capital or paying off corporate debt, and served as coordinators to establish repayment plans, Chung said. Gary Zhou, director of fixed-income investment at China Securities International’s asset management arm, agrees that the government won’t directly offer credit backing. Perhaps the biggest beneficiary of intervention has been HNA Group, a massive conglomerate that had $92 billion in debt, according to its latest annual report. DunAn Group, an industrial equipment producer and property developer, told Zhejiang officials it had $7 billion debt outstanding and asked help to resolve its liquidity crisis, the Financial Times said in May. Sunshine Kaidi’s listed unit has debts of 14.8 billion yuan ($2.3 billion) due this year. “If the borrower is an important contributor to local employment and GDP, then regional authorities may be inclined to offer some help,” said Wang Ming, chief operating officer at Shanghai Yaozhi Asset Management LLP. “But it is not easy to meet the interest of all involved parties.” China has a relatively short history of corporate defaults. It’s only been four years since the nation saw its first domestic delinquency in the modern era. Local governments had long pressured regional commercial banks to roll over debt or offer more loans to keep unprofitable firms alive, seeking to avoid layoffs and subsequent social unrest. The cautious embrace of defaults has been aimed at encouraging more productive allocation of capital. Premier Li Keqiang has repeatedly said in recent years that zombie companies should be allowed to fail. While the number of defaults has risen, the rate is still low. As of the end of May, there were 66.3 billion yuan of defaulted notes that hadn’t yet been repaid, or 0.39 percent of the outstanding corporate bonds, PBOC data show. The PBOC said this month there have been sporadic defaults, which “shows market discipline and the withdrawal of the implicit government guarantee.” Even so, “any corporate action that has the potential for being destabilizing is one where they would tend to get involved,” Jim Veneau, head of fixed income for Asia at AXA Investment Managers Asia Ltd. in Hong Kong said of Chinese authorities. “It’s fairly clear that the Chinese government values stability.” Summarise this report in a few sentences.
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officials have moved to inject liquidity and pressure creditors to negotiate with borrowers. authorities have mostly stopped short of injecting capital or paying off corporate debt. the move suggests a fine tuning in china's financial deleveraging campaign. a chinese government has been injected with liquidity amid a bout of turmoil. in the past, the government has been unable to provide credit to borrowers.
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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 "China’s policy makers and local authorities are taking steps to prevent deepening strains in the $11 trillion bond market from spiraling into a broader systemic collapse. After a series of defaults and a net contraction in bond financing last month, officials have moved to inject liquidity and pressure creditors to negotiate with embattled individual borrowers this month. Among the examples so far: Central government officials at the highest levels determined that debt-laden HNA Group is facing liquidity issues and should be helped, people familiar with the matter said last week. Authorities in eastern Zhejiang Province brought creditors together with DunAn Holding Group last month after the conglomerate told the local government it had a capital shortage, according to a filing. Provincial officials of Hubei in central China similarly intervened in the case of Sunshine Kaidi New Energy, bringing the defaulter together with creditors this month, local media reported. The People’s Bank of China has been injecting liquidity in money markets amid a bout of turmoil in equities triggered in part by trade tensions with the U.S.; the moves have spurred a rally in bonds. PBOC Governor Yi Gang also made clear this week he’ll “comprehensively” use policy tools to ensure stability.While the moves may not amount to a broad-based effort to arrest bond defaults, they do suggest a fine tuning in China’s financial deleveraging campaign, market players say. The challenge for policy makers will be trying to encourage market-driven efforts to resolve corporate debt issues without reinforcing the old image of a state-dominated financial system. “We will likely see more private sector companies asking for government support,” said Ivan Chung, head of greater China credit research at Moody’s Investors Service in Hong Kong. “The government still wants market-oriented resolutions — as long as there is no systemic risk,” he said. Authorities “are likely to differentiate whether the distress was caused by poor operations or a liquidity crunch prompted by market panic.” In the recent interventions, authorities have mostly stopped short of injecting capital or paying off corporate debt, and served as coordinators to establish repayment plans, Chung said. Gary Zhou, director of fixed-income investment at China Securities International’s asset management arm, agrees that the government won’t directly offer credit backing. Perhaps the biggest beneficiary of intervention has been HNA Group, a massive conglomerate that had $92 billion in debt, according to its latest annual report. DunAn Group, an industrial equipment producer and property developer, told Zhejiang officials it had $7 billion debt outstanding and asked help to resolve its liquidity crisis, the Financial Times said in May. Sunshine Kaidi’s listed unit has debts of 14.8 billion yuan ($2.3 billion) due this year. “If the borrower is an important contributor to local employment and GDP, then regional authorities may be inclined to offer some help,” said Wang Ming, chief operating officer at Shanghai Yaozhi Asset Management LLP. “But it is not easy to meet the interest of all involved parties.” China has a relatively short history of corporate defaults. It’s only been four years since the nation saw its first domestic delinquency in the modern era. Local governments had long pressured regional commercial banks to roll over debt or offer more loans to keep unprofitable firms alive, seeking to avoid layoffs and subsequent social unrest. The cautious embrace of defaults has been aimed at encouraging more productive allocation of capital. Premier Li Keqiang has repeatedly said in recent years that zombie companies should be allowed to fail. While the number of defaults has risen, the rate is still low. As of the end of May, there were 66.3 billion yuan of defaulted notes that hadn’t yet been repaid, or 0.39 percent of the outstanding corporate bonds, PBOC data show. The PBOC said this month there have been sporadic defaults, which “shows market discipline and the withdrawal of the implicit government guarantee.” Even so, “any corporate action that has the potential for being destabilizing is one where they would tend to get involved,” Jim Veneau, head of fixed income for Asia at AXA Investment Managers Asia Ltd. in Hong Kong said of Chinese authorities. “It’s fairly clear that the Chinese government values stability.” Summarise this report in a few sentences." summarise in a few sentences.
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US President Donald Trump today supported a proposed strike by The Washington Post workers demanding an increase in their salaries and other benefits, saying a really long strike would be a great idea. The President has been at loggerheads with several US mainstream media outlets, including the CNN, ABC News, The New York Times and the Washington Post. He has quite often described these popular media houses as “fake media”. More than 400 employees of the Post have written to Amazon head Jeff Bezos seeking an increase in their salaries. Bezos ownes the leading US daily. “Washington Post employees want to go on strike because Bezos isn’t paying them enough. I think a really long strike would be a great idea,” Trump tweeted. “Employees would get more money and we would get rid of Fake News for an extended period of time! Is @WaPo a registered lobbyist?” Trump asked. “All we are asking for is fairness for each and every employee who contributed to this company’s success: fair wages; fair benefits for retirement, family leave and health care; and a fair amount of job security,” wrote the employees including reporters and those holding editorial positions. They argued that in the past year alone, the Post has doubled the number of digital subscriptions and increased its online traffic by more than half; its advertising team has met or exceeded all its targets. “Offering USD 10 a week in pay increases – or about 0.6 per cent of the median salary and less than half the current rate of inflation – is unfair and even shocking from someone who believes democracy dies in darkness,” they wrote. “Refusing to improve retirement benefits is unfair, particularly since you froze the traditional pension. The current retirement plans, including a 1 per cent match on our 401(k), suggest that you place little value in your employees’ future financial security,” they alleged. The employees said that pushing for the right to indiscriminately lay off anyone is unfair – and a recipe for future discrimination against older employees and minorities. “Further cutting severance for people who face layoffs or whose job has been outsourced is unfair, particularly since the management has already won the right to drastically cut severance for people who are let go for cause,” they said. “Demanding that laid-off employees waive their legal rights to receive severance payments is an extreme demand and an ominous one – particularly in light of the Post’s mixed record on fair treatment for women, racial minorities and older employees,” the employees said. Summarise this report in a few sentences.
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more than 400 employees of the Post have written to Amazon head Jeff Bezos seeking an increase in their salaries. they argued that in the past year alone, the Post has doubled the number of digital subscriptions and increased its online traffic by more than half. the president has been at loggerheads with several mainstream media outlets, including the CNN, ABC News, The New York Times and the Washington Post.
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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 today supported a proposed strike by The Washington Post workers demanding an increase in their salaries and other benefits, saying a really long strike would be a great idea. The President has been at loggerheads with several US mainstream media outlets, including the CNN, ABC News, The New York Times and the Washington Post. He has quite often described these popular media houses as “fake media”. More than 400 employees of the Post have written to Amazon head Jeff Bezos seeking an increase in their salaries. Bezos ownes the leading US daily. “Washington Post employees want to go on strike because Bezos isn’t paying them enough. I think a really long strike would be a great idea,” Trump tweeted. “Employees would get more money and we would get rid of Fake News for an extended period of time! Is @WaPo a registered lobbyist?” Trump asked. “All we are asking for is fairness for each and every employee who contributed to this company’s success: fair wages; fair benefits for retirement, family leave and health care; and a fair amount of job security,” wrote the employees including reporters and those holding editorial positions. They argued that in the past year alone, the Post has doubled the number of digital subscriptions and increased its online traffic by more than half; its advertising team has met or exceeded all its targets. “Offering USD 10 a week in pay increases – or about 0.6 per cent of the median salary and less than half the current rate of inflation – is unfair and even shocking from someone who believes democracy dies in darkness,” they wrote. “Refusing to improve retirement benefits is unfair, particularly since you froze the traditional pension. The current retirement plans, including a 1 per cent match on our 401(k), suggest that you place little value in your employees’ future financial security,” they alleged. The employees said that pushing for the right to indiscriminately lay off anyone is unfair – and a recipe for future discrimination against older employees and minorities. “Further cutting severance for people who face layoffs or whose job has been outsourced is unfair, particularly since the management has already won the right to drastically cut severance for people who are let go for cause,” they said. “Demanding that laid-off employees waive their legal rights to receive severance payments is an extreme demand and an ominous one – particularly in light of the Post’s mixed record on fair treatment for women, racial minorities and older employees,” the employees said. Summarise this report in a few sentences." summarise in a few sentences.
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New Delhi: Notices have been issued to crisis-hit Franklin Templeton Mutual Fund and Sebi by the Madras High Court after a petition was filed by an investors group to safeguard nearly Rs 28,000 crore of investors' money stuck in six schemes shut down by the fund house, according to a statement.The investors' group, Chennai Financial Markets and Accountability (CFMA), also said it is separately launching an online petition to bring together all affected investors and the same would be forwarded to the Prime Minister's Office as well as the US parent of the fund house and the US markets regulator SEC.It further said mutual funds and fund managers should be made to answer questions on their choice of investment, and compliance with regulatory and prudential norms, among others.Last month, Franklin Templeton had closed six debt funds, citing redemption pressures and lack of liquidity in the bond markets. Since then, capital market regulator Sebi has asked the fund house on multiple occasions to focus on repaying the investors at the earliest.According to CFMA, the Madras High Court on issued notices on May 26 to Sebi, Franklin Templeton Asset Management India Pvt Ltd (FTAMC), trustees of the mutual fund, its President Sanjay Sapre, fixed income CIO Santosh Kamath and other key management personnel after a Public Interest Litigation was filed by it.The high court took cognizance of the seriousness of the matter wherein the money of the common public, amounting to about Rs 28,000 crore, is at risk of getting wiped off and has asked Sebi to file a reply along with a status report on the actions taken by it, CFMA said in its statement.As per the investors group, Franklin Templeton MF in their own admission has stated that the recovery of money across six schemes will be in the range of 5-81 per cent over a period of over 5 years."Given the fact that six schemes had Rs 28,000 crore of assets under management, average loss to unitholders taking 20 per cent as average realisation, would be around Rs 22,400 crore. This is the size of hole in the pocket of common man where the principal amount is wiped off," it added.Nithyaesh Natraj, the counsel for CFMA, said in the present difficult times, the unitholders which otherwise have right to liquidate their holdings, will have to wait for over 5 years and by then FTAMC would have left the Indian shores."Presently, the unitholders are left in lurch and will not even be able to foot emergency medical bills, leave alone fulfilling their dreams for themselves and their family," he added.Natraj alleged that the winding up of six schemes by FTAMC is just the tip of the iceberg and this default in India has been done by a mutual fund that was being considered among the best in the country with pedigree of a US-based MNC.To ensure that the fund managers do not run away and all efforts are made to recover the money of unitholders, the investors group has also sought disclosure of their personal assets, injunction with regard to disposal of their assets and restraining them from resigning or travelling abroad until the entire amount is recovered.Reacting to it, a Franklin Templeton spokesperson said in a statement, "We deny all allegations and wish to clarify that there has been no illegality, wrongdoing or misrepresentation."We continue to follow due process, both in making investment decisions and in the winding up of these schemes. We have acted in the best interest of our investors and in accordance with all regulations."CFMA alleged that the mutual fund industry has been running a campaign 'Mutual Fund Sahi Hai' to "hypnotise" the common people and make them believe that the money invested in mutual funds was as safe as bank deposits.It further said a small disclaimer at the end of offer document, "investments in mutual funds are subject to market risk", does not absolve the mutual funds, their trustees, fund managers and key management personnel from charges of cheating, fraud, arbitrariness and imprudent investment decisions.Earlier in a letter to investors, Sapre had said Franklin Templeton is committed to ensuring an orderly and equitable exit for all investors at the earliest possible time.On Thursday, the fund house had said that voting window for affected investors will be open for three days starting June 9. Summarise this report in a few sentences.
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a petition has been filed by an investors group to safeguard nearly Rs 28,000 crore. the money is stuck in six schemes shut down by the fund house. the high court has issued notices to the fund house and sebi. the funds' management has said the recovery of money will be in the range of 5-81 per cent. the fund house has been asked to focus on repaying the investors at the earliest.
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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: Notices have been issued to crisis-hit Franklin Templeton Mutual Fund and Sebi by the Madras High Court after a petition was filed by an investors group to safeguard nearly Rs 28,000 crore of investors' money stuck in six schemes shut down by the fund house, according to a statement.The investors' group, Chennai Financial Markets and Accountability (CFMA), also said it is separately launching an online petition to bring together all affected investors and the same would be forwarded to the Prime Minister's Office as well as the US parent of the fund house and the US markets regulator SEC.It further said mutual funds and fund managers should be made to answer questions on their choice of investment, and compliance with regulatory and prudential norms, among others.Last month, Franklin Templeton had closed six debt funds, citing redemption pressures and lack of liquidity in the bond markets. Since then, capital market regulator Sebi has asked the fund house on multiple occasions to focus on repaying the investors at the earliest.According to CFMA, the Madras High Court on issued notices on May 26 to Sebi, Franklin Templeton Asset Management India Pvt Ltd (FTAMC), trustees of the mutual fund, its President Sanjay Sapre, fixed income CIO Santosh Kamath and other key management personnel after a Public Interest Litigation was filed by it.The high court took cognizance of the seriousness of the matter wherein the money of the common public, amounting to about Rs 28,000 crore, is at risk of getting wiped off and has asked Sebi to file a reply along with a status report on the actions taken by it, CFMA said in its statement.As per the investors group, Franklin Templeton MF in their own admission has stated that the recovery of money across six schemes will be in the range of 5-81 per cent over a period of over 5 years."Given the fact that six schemes had Rs 28,000 crore of assets under management, average loss to unitholders taking 20 per cent as average realisation, would be around Rs 22,400 crore. This is the size of hole in the pocket of common man where the principal amount is wiped off," it added.Nithyaesh Natraj, the counsel for CFMA, said in the present difficult times, the unitholders which otherwise have right to liquidate their holdings, will have to wait for over 5 years and by then FTAMC would have left the Indian shores."Presently, the unitholders are left in lurch and will not even be able to foot emergency medical bills, leave alone fulfilling their dreams for themselves and their family," he added.Natraj alleged that the winding up of six schemes by FTAMC is just the tip of the iceberg and this default in India has been done by a mutual fund that was being considered among the best in the country with pedigree of a US-based MNC.To ensure that the fund managers do not run away and all efforts are made to recover the money of unitholders, the investors group has also sought disclosure of their personal assets, injunction with regard to disposal of their assets and restraining them from resigning or travelling abroad until the entire amount is recovered.Reacting to it, a Franklin Templeton spokesperson said in a statement, "We deny all allegations and wish to clarify that there has been no illegality, wrongdoing or misrepresentation."We continue to follow due process, both in making investment decisions and in the winding up of these schemes. We have acted in the best interest of our investors and in accordance with all regulations."CFMA alleged that the mutual fund industry has been running a campaign 'Mutual Fund Sahi Hai' to "hypnotise" the common people and make them believe that the money invested in mutual funds was as safe as bank deposits.It further said a small disclaimer at the end of offer document, "investments in mutual funds are subject to market risk", does not absolve the mutual funds, their trustees, fund managers and key management personnel from charges of cheating, fraud, arbitrariness and imprudent investment decisions.Earlier in a letter to investors, Sapre had said Franklin Templeton is committed to ensuring an orderly and equitable exit for all investors at the earliest possible time.On Thursday, the fund house had said that voting window for affected investors will be open for three days starting June 9. Summarise this report in a few sentences." summarise in a few sentences.
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Coronavirus (Covid 19) India Updates, Lockdown 5 News: With 8,171 new COVID-19 cases and 204 deaths in the last 24 hours, the total number of coronavirus cases in the country has now reached 1,98,706 including 97,581 active cases. As many as 95,526 people have been cured/discharged/migrated. The death toll stands at 5,598, as per the Ministry of Health and Family Welfare data released on Tuesday. A complete nationwide lockdown was announced in March 25 by Prime Minister Narendra Modi. Initially, the lockdown was announced for 21 days, however, with COVID-19 cases spreading fast, it has been extended four times. After over two months of lockdown, the government has now decided to open the economy in a phase-wise manner. Describing it as Unlock 1.0, the government has decided to open malls, hotels, places of worships and restaurants from June 8 with social distancing norms and other precautions. However, such establishments in containment zones shall remain shut till further orders. Private and government offices have also been opened with staggered timings and workforce. Night curfew – from 9 pm to 5 am – will remain enforce, the government said in its new lockdown 5 guidelines. Read Live Updates on Coronavirus cases in India, Lockdown extension, and Coronavirus vaccine news Summarise this report in a few sentences.
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8,171 new COVID-19 cases and 204 deaths in the last 24 hours. 95,526 people have been cured/discharged/migrated. death toll stands at 5,598, as per the ministry of health and family welfare data released on Tuesday. a complete nationwide lockdown was announced in march 25 by prime minister Narendra Modi.
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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 "Coronavirus (Covid 19) India Updates, Lockdown 5 News: With 8,171 new COVID-19 cases and 204 deaths in the last 24 hours, the total number of coronavirus cases in the country has now reached 1,98,706 including 97,581 active cases. As many as 95,526 people have been cured/discharged/migrated. The death toll stands at 5,598, as per the Ministry of Health and Family Welfare data released on Tuesday. A complete nationwide lockdown was announced in March 25 by Prime Minister Narendra Modi. Initially, the lockdown was announced for 21 days, however, with COVID-19 cases spreading fast, it has been extended four times. After over two months of lockdown, the government has now decided to open the economy in a phase-wise manner. Describing it as Unlock 1.0, the government has decided to open malls, hotels, places of worships and restaurants from June 8 with social distancing norms and other precautions. However, such establishments in containment zones shall remain shut till further orders. Private and government offices have also been opened with staggered timings and workforce. Night curfew – from 9 pm to 5 am – will remain enforce, the government said in its new lockdown 5 guidelines. Read Live Updates on Coronavirus cases in India, Lockdown extension, and Coronavirus vaccine news Summarise this report in a few sentences." summarise in a few sentences.
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India Coronavirus and lockdown relaxation latest news: The Madhya Pradesh government has brought back over 20,000 migrant workers who were stranded in other states due to the nation-wide lockdown imposed by the government. The Karnataka government have also allowed interstate movement, especially for students and migrant workers. "They'll have to bear the transport charges," Karnataka Minister JC Madhuswamy told ANI. The development comes a day after the Centre relaxed lockdown norms, allowing migrant labourers to go to their native places. The number of cases in India reached 33,610 as of 5 pm on April 30. The number of deaths in the country now stands at 1,075. Maharashtra, the worst-impacted state has crossed 10,000 COVID-19 cases. Gujarat and Delhi are the two of the other states that have been severely hit with more than 4,300 and 3,000 cases respectively. Also read: Biocon developing vaccine, antibody cure and repurposed drugs against COVID-19 Also read: Appointment shopping, online selling to become new retail norms post coronavirus lockdown Follow the BusinessToday.In blog on coronavirus updates in India here: 10.41 PM: Coronavirus pandemic Russian Prime Minister Mikhail Mishustin had been diagnosed with the new coronavirus. Speaking at a televised meeting, Mishustin suggested that First Deputy Prime Minister Andrey Belousov should serve as acting prime minister in his absence. President Vladimir Putin supported his proposal. 9.50 PM: Jharkhand coronavirus updates Three new coronavirus cases reported in Jharkhand, informed State Health Secretary Nitin Madan Kulkarni. All new cases are from state capital Ranchi. This takes the total number of COVID-19 cases in the state to 110. 9.26 PM: Rajasthan coronavirus cases Rajasthan reported 3 deaths and 146 new COVID-19 cases today, informed State Health Department. This takes the total number of coronavirus cases in the state to 2,584, including 58 deaths. 9.20 PM: Coronavirus outbreak in Delhi Delhi government has deployed two medical teams at Azadpur Mandi after coronavirus cases were detected at the wholesale market. Delhi: Two medical teams have been deployed at Azadpur Mandi after #COVID19 positive cases were detected at the wholesale market. pic.twitter.com/vVIljA8lcR ANI (@ANI) April 30, 2020 9.15 PM: Coronavirus impact on Indian economy PM Narendra Modi held a meeting to discuss potential economic reforms in Mines and Coal Sectors in view of the coronavirus outbreak. The discussions involved ensuring easy and abundant availability of mineral resources from domestic sources, upscaling exploration, attracting investment and modern technology, and large scale employment generation through transparent and efficient processes. PM Modi directed targetting thermal coal import substitution particularly when a huge coal-stock inventory is available in the country this year. 9.05 PM: Coronavirus lockdown news Locals from several villages close to Delhi-Haryana border claim roads leading to their villages have been dug up at some places to restrict public movement. Deepak at Najafgarh's Kair village told ANI that on April 28, officials from Haryana came with earth movers and dug up pits on roads. Delhi: Locals at several villages at Delhi-Haryana border claim roads leading to their villages have been dug up at some places to restrict public movement. Deepak at Najafgarh's Kair village says,"On April 28, officials from Haryana came with earth movers&dug up pits on roads." pic.twitter.com/4EColI9nlJ ANI (@ANI) April 30, 2020 9.00 PM: Himachal coronvirus updates I urge to the people who have recently returned to Himachal Pradesh not to venture out of homes and follow norms of social distancing, said Chief Minister Jai Ram Thakur. If any new cases of COVID-19 do not emerge, the state could be free from the infection after May 3. 8.42 PM: Delhi coronavirus news We had implemented Operation Shield to prevent the spread of coronavirus in the Vardhaman apartment, said Delhi CM Arvind Kejriwal. In the last four weeks, no new case has been reported and today the apartment is being de-contaminated, he added. 8.36 PM: Maharashtra corona news Number of coronavirus cases in Maharashtra reached 10,498 today. The state saw 27 COVID-related deaths and 583 new cases reported today, informed State Health Department. 8.34 PM: Coronavirus outbreak 6 more CRPF jawans in Delhi have tested positive for coronavirus today. All of them belong to the same battalion. Out of 6 jawans, one is with the CRPF national Kabaddi team. 8.30PM: Coronavirus in Delhi Delhi government has issued a notification stating guidelines for home isolation of very mildor pre-symptomatic coronavirus cases. Government of Delhi has issued a notification stating guidelines for home isolation of very mild/pre-symptomatic #COVID19 cases. pic.twitter.com/bSF5uURcYn ANI (@ANI) April 30, 2020 8.28 PM: Coronavirus deaths A 67-year-old woman passed away today in Dakshina Kannada district of Karnataka due to COVID-19. So far, 22 COVID-19 positive cases, including 3 deaths, 7 active cases and 12 recoveries, have been reported in the district, said Sindu B Rupesh, Deputy Commissioner, Dakshina Kannada. 8.25 PM: Madhya Pradesh COVID updates Madhya Pradesh saw 65 new COVID-19 cases today. This takes the total number of COVID-19 cases in the state to 2,625 with 137 dead. 8.05 PM: Corona cases in Gujarat Gujarat has reported 313 new coronavirus cases reported today, taking the total number of cases to 4,395. This includes 613 cured or discharged patients and 214 deaths, informed State Health Department. 8.00 PM: Coronavirus in Uttar Pradesh 77 more people have tested positive for coronavirus in Uttar Pradesh today. This takes the total number of cases in the state to 2,211. Out of the total cases, 551 patients have been cured while 40 others lost their lives due to the infection, according to State Health Department. 7.51 PM: Coronavirus in Delhi One nurse workig at Hindu Rao Hospital in Delhi has tested positive for coronavirus. Earlier, a nurse at this hospital had tested positive after which 76 people were home quarantined. 30 of these tested negative yesterday. Reports of 4 other suspected patients came today, out of which, 1 is positive. 7.39 PM: West Bengal coronavirus crisis West Bengal reported 36 new coronavirus cases today. The total number of active cases in the state now stands at 572, while 139 patients have been cured and discharged so far. 1,905 samples were tested in the last 24 hours, informed Chief Secretary Rajiva Sinha. 7.05 PM: Bihar COVID news Migrant workers, students and others returning to Bihar will be provided food and screened for COVID-19 infection at state borders, said Director General of Police Gupteshwar Pandey. Arrangements will be made to drop them at their respective blocks where they will be screened again and quarantined, he added 7.00 PM: Uttarakhand coronavirus cases Uttarakhand Health Department has found 2 new COVID-19 cases in the state today. This takes the total number of coronavirus cases in the state to 57. 2 new COVID19 positive cases reported in Uttarakhand today; the total number of positive cases in the state is now 57: Uttarakhand Health Department pic.twitter.com/ejnDhJJ9Wj ANI (@ANI) April 30, 2020 6.55 PM: Delhi coronavirus news 7 Kashmiri students stuck in Delhi's Jia Sarai have been sent back home via bus, informed Delhi Police. 7 Kashmiri students who were stranded in Delhi's Jia Sarai have been sent to Jammu & Kashmir by a bus: Delhi Police#COVID19Lockdown pic.twitter.com/pP7acco2wY ANI (@ANI) April 30, 2020 6.48 PM: COVID cases in Chandigarh Chandigarh reported 7 new coronavirus cases today. With this the total number of COVID-19 positive cases has increased to 74, informed Chandigarh Health Department. 7 new COVID19 positive cases reported in Chandigarh, taking the total number of positive cases to 74: Chandigarh Health Department pic.twitter.com/CV3obSobCf ANI (@ANI) April 30, 2020 6.41 PM: Karnataka coronavirus update Karnataka CM BS Yediyurappa meeting members of various associations of industries and commerce and asked them to be prepared to resume industrial operations. The state government is expecting further guidelines for resuming industrial operations after May 4, the CM told them. 6.39 PM: Lockdown updates Union Ministry has written to states, asking them to ensure free movement of trucks and goods carriers, including empty ones. In its letter, the Ministry of Home Affairs directed that local authorities must not insist on separate passes at inter-state borders across the country. This is essential to maintain the supply chain of goods & services in the country. MHA to States-Ensure free movement of trucks/goods carriers, incl empty trucks. Local authorities must not insist on separate passes at inter-state borders across the country. This is essential to maintain the supply chain of goods & services in the country: Spox, Home Ministry pic.twitter.com/1MUwndbtPW ANI (@ANI) April 30, 2020 6.30 PM: Punjab COVID-19 updates Punjab posted 105 coronavirus cases today. This takes the total number of COVID-19 cases to 480, include 356 active cases. So far, 104 patients have been cured in the state, whereas 20 others has succumbed to the virus. 105 cases of #COVID19 have been reported in Punjab today, taking the total number of cases to 480 out of which 356 cases are active. 104 patients have been cured of the infection while 20 other lost their lives: Punjab Health Department pic.twitter.com/VdUijlk230 ANI (@ANI) April 30, 2020 6.25 PM: Coroanvirus in Delhi Two more private hospitals in Delhi have been declared dedicted COVID-19 hosptals. These are Maha Durga Charitable Trust Hospital and Sri Gangaram City Hospital, which will admit confirmed or suspected coronavirus cases. 2 more private hospitals in Delhi- Maha Durga Charitable Trust Hospital and Sri Gangaram City Hospital are also declared as #COVID hospitals for admitting confirmed/suspected cases of Coronavirus: Delhi Health Department pic.twitter.com/wG01k12xvf ANI (@ANI) April 30, 2020 6.20 PM: COVID-19 cases in Tamil Nadu Tamil Nadu Health Department said that 161 new coronavirus cases have been reported in the state today. This includes 138 cases from state capital Chennai. The total number of COVID-19 positive cases in Tamil Nadu is now 2,323. 6.15 PM: Lockdown update in J&K Jammu and Kashmir Administrative Council has approved Rs 350 crore relief package for 8 categories of people affected due to coronavirus lockdown, informed government spokesperson Rohit Kansal. Rs 1,000 is to be given to 1.8 lakh construction workers for 3 months, of which one month's relief has already been given. 6.08 PM: J&K corona update Jammu and Kashmir has 614 coronavirus cases, out of which 390 cases are active - 384 in Kashmir and 6 in Jammu. So far, 8 patients have lost their lives to the virus, whereas 216 patients have recovered. 5.59 PM: Coronavirus in India According to Ministry of Health and Family Welfare, the total number of coronavirus cases in India has reached 33,610. This includes 24,162 active cases, 1,075 deaths, 8,372 cured and discharged patients and 1 migrated patient. As of 5 PM on April 30, India reported 1,823 new cases and 67 deaths in the last 24 hours. 5.31 PM: Coronavirus impact on economy PM Narendra Modi held a meeting to discuss strategies to attract more foreign investments into India as well as to promote local investments to help the economy grow amid the coronavirus pandemic. It was decided that a scheme should be developed to promote more plug and play infrastructure in existing industrial lands/plots/estates as well as provide necessary financing support. PM Modi instructed that a more proactive approach should be followed to handhold the investors, to look into their problems and help them with all necessary clearances in a time-bound manner. 5.16 PM: Coronavirus treatment: Advisory on use of Hydroxychloroquine Health Ministry has issued a detailed advisory has been issued on the use of Hydroxychloroquine as preventive treatment novel coronavirus. Sufficient availability of HCQ should be ensured, said Lav Agrawal, Joint Secretary, Health Ministry, said during daily briefing on coronavirus situation in India. 4:55 PM: Jharkhand coronavirus cases Jharkhand Chief Minister Hemant Soren said that he was relieved to note that the state recorded only two cases for the second consecutive day. Jharkhand has a total of 107 Covid cases so far, of whom three died and 19 have been cured. 4:45 PM: Corona cases in Maharashtra: 20-day old dies A 20-day-old baby boy who tested positive for coronavirus has succumbed to the virus. The baby boy along with five more people tested positive in Kalyan Dombivli Municipal limits. There are 162 cases in the region so far. The region has also reported three deaths. The infant's mother had also tested positive. 4:41 PM: Coronavirus in Delhi update Delhi Police PRO MS Randhawa has said that the state government and police are finalising the roadmap to bring people stranded in other states back to Delhi. Randhawa stated that they are in touch with resident commissioners of different states. People will have to register with the authorities to travel back to their home districts. 4:35 PM: Coronavirus in Maharashtra update Pune Joint Police Commissioner Ravindra Shisve has issued an order to close all shops in the 23 hotspots between May 1 and 3. Hospitals and medical stores would be exempted from this order. Milk shops will also remain open from 10 am to 12 pm. Home delivery of milk will be exempted from this order from 6 am to 10 am. 4:31 PM: Corona in Rajasthan After the Centre allowed the movement of migrants, around 7.25 lakh migrant workers registered with the government to enter or exit the state. Chief Minister Ashok Gehlot has also asked for partial relaxation of railway services to ensure the return of these workers. 4:25 PM: Coronavirus in India Lav Agrawal, Joint Secy, Health Ministry said that 1,718 new cases were reported in the last 24 hours. He added that the recovery rate right now is 25.19 per cent. The recovery rate was 13.96 per cent fourteen days ago. The fatality rate as of now is 3.2 per cent. He added that co-morbodities have been found in 78 per cent of his deaths. Doubling rate of the cases has now increased to 11 days. 4:20 PM: Corona in Uttar Pradesh CM Yogi Adityanath held a review meeting with senior officials at the Lok Bhavan in Lucknow. The state government discussed the efforts that were undertaken to tackle coronavirus. 4:10 PM: Uttarakhand coronavirus news The Uttarakhand Police has said that one police personnel and one civilian will be awarded every day for their contribution to the fight against corona. The police department is also drawing up a list of police officials who would be honoured on August 15. 4:05 PM: Corona in Meghalaya Two more cases that's being treated at the Civil Hospital in Shillong tested negative today. CM Conrad Sangma said that they will be tested again before they are declared recovered. Two more positive cases who are being treated at Civil Hospital, Shillong, have tested negative today and they are in the process of recovery. They will have to be tested again after 24 hours as per protocol to declare them as recovered. Conrad Sangma (@SangmaConrad) April 30, 2020 4:00 PM: Uttar Pradesh coronavirus updates CM Yogi Adityanath has appealed to migrant workers not to return home on foot. He said that the government is making arrangement for the commute. The state is working on bringing them home in a staggered manner. People who are returning will have to undergo medical screening before they board the buses. 3:55 PM: Delhi corona cases AIIMS has issued a notification stating that follow-up patients can now book advance appointments. Once the UHID is verified the patient can book an appointment. The follow-up patients of AIIMS, New Delhi can now book advance appointments for teleconsultations by calling the number +9115444155: All India Institute Of Medical Sciences, New Delhi pic.twitter.com/zEfZOs9ywI ANI (@ANI) April 30, 2020 3:45 PM: Coronavirus in India: RIL announces pay cuts Reliance Industries Executive Director Hital R Meswani stated that Reliance Industries would cut 10 per cent salary of some of its employees in the hydrocarbon division. The board of directors will also take a cut of 30-50 per cent. RIL Chairman Mukesh Ambani will forego his entire compensation. 3.34 PM: Gurugram to enforce stricter measures The Gurugram District administration has issued notification for enforcing stricter measures through curbs on cross-movement across all borders of the district from 10 AM on 1st May 2020. Gurugram District administration has issued notification for enforcing stricter measures through curbs on cross-movement across all borders of the district from 10 AM on 1st May 2020. #Haryana pic.twitter.com/504xr0Yjdh ANI (@ANI) April 30, 2020 3.18 PM: Coronavirus cases in Rajasthan Rajashtan reports 118 new positive cases today; these include 83 in Jodhpur, 21 in Jaipur, 4 in Ajmer, 3 in Chittorgarh, 2 each in Kota and Tonk, 1 each in Alwar, Baran and Dholpur; and 3 deaths. With this, the total coronavirus cases in the state stand at 2,438. 118 positive cases reported in Rajasthan today so far - 83 in Jodhpur, 21 in Jaipur, 4 in Ajmer, 3 in Chittorgarh, 2 each in Kota & Tonk, 1 each in Alwar, Baran & Dholpur; 3 deaths. Total cases here rises to 2556, including 58 deaths & 836 recovered: State Health Dept #COVID19 pic.twitter.com/lPva3W1Nna ANI (@ANI) April 30, 2020 3.13 PM: 30 lakh received work through MGNREGA in April Just over 30 lakh people were provided work under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) as of April 30, the government data showed. The government on April 15 gave its nod for MGNREGA workers to take up jobs from April 20 onwards. Only 30.80 lakh jobs were given till April 30, according to the official data. In April FY20, 1.7 crore workers were given jobs under MGNREGA. India has been under a nationwide lockdown since March 25 due to coronavirus crisis. The lockdown is expected to be lifted on May 3. Also read: Coronavirus lockdown: 30 lakh received work through MGNREGA in April 3.08 PM: Street Artist Baadal Nanjundaswamy paints 3D pictures of COVID-19 on a road in Bengaluru to spread awareness about the virus. - ANI 3.00 PM: Two more COVID-19 deaths in Jaipur, toll rises to 57 in Rajasthan; the total cases 2,524 after 86 people test positive, including 59 in Jodhpur and 14 in Jaipur, says the Health Department officials. 2:50 PM: Jammu and Kashmir coronavirus updates Following Madhya Pradesh and Karnataka, the Union Territories of Jammu and Kashmir have also decided to allow movement of migrant workers. Rohit Kansal, Principal Secretary (Planning) said the government will soon issue guidelines in this regard. Kansal urged people to not move without prior consent of the authorities. He said that all unregulated arrivals will be quarantined for 21 days at Lakhanpur. 2:45 PM: Bihar corona news State Health Minister Mangal Pandey said that the health department conducted door-to-door screening of coronavirus cases in districts that have reported high number of cases. The minister said that the screening identified more cases. According to health ministry data at 8am, April 30, Bihar had 392 cases. 2:40 PM: Maharashtra coronavirus news Maharashtra government has directed all hospitals to not turn away patients after people complained that several private hospitals were turning away people. The government said that strict action will be taken against hospitals that defy the order. 2:35 PM: Coronavirus news in Tripura Tripura Chief Minister Biplab Kumar Deb has said the state government is not likely to withdraw the ongoing lockdown. The government is planning relaxation in a phased manner. He added that inter-state bus services will not be resume after May 3. 2:31 PM: Corona cases in Assam Health Minister Himanta Biswa Sarma has said that four new cases have been identified in Assam's Bongaigaon district. The state has witnessed 41 cases so far. One person has died from COVID-19. Karnataka: Street Artist Baadal Nanjundaswamy paints 3D pictures of #COVID19 on a road in Bengaluru to spread awareness about the virus. pic.twitter.com/ZmlqeB6xtH ANI (@ANI) April 30, 2020 2.27 PM: The Delhi government is making arrangements to soon bring Delhi students back home from Kota, the state CM Arvind Kejriwal said. Alert 2.15 PM: Release package for interstate and international migrant workers: Kerala FM Kerala Finance Minister Thomas Issac has said that the central government should come out with a package for interstate and international migrant workers for their rehabilitation and relief. Center should take their responsibility as it comes under the union list. Four more #COVID positive cases are reported from Bongaingaon district. The number of #COVID19 patients in Assam now stands at 41. ( 29 are discharged, 1 death, so active hospital cases 11.) Update at 1 pm / April 30#AssamCovidCount Himanta Biswa Sarma (@himantabiswa) April 30, 2020 2.12 PM: The coronavirus has hit the restaurant industry hard, and four out of every 10 restaurants and cloud kitchens in the country face closure due to the COVID-19 crisis, The Economic Times reported. 2.09 PM: As per the Indian Council of Medical Research (ICMR), a total of 8,30,201 samples have been tested for coronavirus in India till 9 am today. 2.07 PM: Lufthansa makes masks mandatory on flights Lufthansa group on Wednesday stated passengers on board any of its airlines' flights will have to mandatorily wear a mask that covers mouth as well as nose from May 4 onwards. The German group runs four airline brands - Lufthansa, Brussels Airlines, Austrian and SWISS. - PTI 2.00 PM: Activist Greta Thunberg donates $200,000 for COVID-19 efforts Thunberg used funds she has raised to combat climate change to donate $200,000 to the U.N.'s children's agency, UNICEF, as did the Danish anti-poverty group Human Act to kick off the campaign, UNICEF announced. 1.50 PM: Microsoft revenue surpasses expectations Microsoft Corp on Wednesday beat Wall Street sales and profit expectations, powered by sharp demand for its Teams chat and online meeting app and Xbox gaming services as the world shifted to working and playing from home because of the novel coronavirus pandemic. The company's shares, up over 12% this year, rose about 5% in extended trading. - Reuters 1.48 PM: The COVID-19 death toll rises to 68 in Indore after 3 more fatalities, cases in the Madhya Pradesh district climb to 1,485 after 19 people test positive: Official 1.40 PM: The Delhi Police has issued movement pass to five people, including Riddhima Kapoor, the daughter of Rishi Kapoor, to go to Mumbai: DCP (southeast) RP Meena. Delhi govt is making arrangements to soon bring Del students back home from Kota Arvind Kejriwal (@ArvindKejriwal) April 30, 2020 1.30 PM: Karnataka also allows inter-state movement "We've decided to allow interstate movement,especially for students & migrant workers. They'll have to bear the transport charges. We'll allow inter-district movement for once. It'll happen according to guidelines," Karnataka Minister JC Madhuswamy after state cabinet meeting on Saturday. - ANI 1.18 PM: MP brings back 20,000 migrant workers The Madhya Pradesh government has brought back over 20,000 migrant workers who were stranded in other states due to the nation-wide lockdown imposed by the government, All India Radio reported. The development comes a day after the Centre relaxed lockdown norms, allowing migrant labourers to go to their native places. 1.09 PM: No new domestic coronavirus cases in South Korea South Korea on Thursday reported no new domestic coronavirus cases for the first time since February, the Korea Centers for Disease Control and Prevention (KCDC) said. KCDC reported four new infections, all imported cases, taking the national tally to 10,765. The death toll rose by one to 247, while 9,059 have been discharged. Of the total, 1,065 were imported cases, where more than 90% were Koreans, according to a KCDC statement. - Reuters 1.05 PM: Wear masks, appeals Harsh Vardhan "Masks protect you and your family members from the COVID-19 infection. Keep following some of the basic precautions and best practices being suggested by the health ministry," says Union Health Minister Harsh Vardhan. 1.02 PM: Coronavirus cases in Karnataka Total 22 new positive cases have been reported in Karnataka from April 29, 5 pm to April 30, 12 pm. Total number of COVID-19 cases rise to 557, including 21 deaths and 223 discharges. 1.00 PM: Glenmark to conduct trials for potential COVID-19 drug Favipiravir, manufactured under the brand name Avigan by a unit of Japan's Fujifilm Holdings Corp and approved for use as an anti-flu drug in the Asian island country in 2014, has been effective, with no obvious side-effects, in helping coronavirus patients recover, a Chinese official told reporters at a news conference last month. 12.50 PM: Germany reports 1,478 new coronavirus cases The number of confirmed coronavirus cases in Germany has risen by 1,478 to 159,119, data from the Robert Koch Institute for infectious diseases showed on Thursday. According to the tally, 6,288 people have died of the disease, a rise of 173 compared to Wednesday. - Reuters 12.35 PM: SI Harjeeet Singh reaches home Sub Inspector (SI) Harjeeet Singh reaches home in Patiala after he was discharged from PGIMER in Chandigarh today. His hand was chopped off (and later replanted) fighting off an attack, while enforcing curfew at Patiala Sabzi Mandi on April 12. The central government should come out with a package for interstate and international migrant workers for their rehabilitation and relief. Center should take their responsibility as it comes under the union list: Kerala Finance Minister Thomas Issac #CoronavirusLockdown https://t.co/V3nfGOoQXJ pic.twitter.com/7IT50jk5SV ANI (@ANI) April 30, 2020 12.26 PM: Flu clinic started in Ganderbal A flu clinic started in a district hospital in Ganderbal as part of precautionary measure amid the COVID0-19 outbreak. Shafqat Iqbal, Deputy Commissioner says: "It is a free clinic which began from y'day. People are screened here for any COVID-19 related symptoms". Delhi Police has issued movement pass to 5 people, including Riddhima Kapoor - the daughter of #RishiKapoor, to go to Mumbai: DCP (southeast) RP Meena (in file pic) Rishi Kapoor passed away at Mumbai's HN Reliance Foundation Hospital today. pic.twitter.com/1PVKVMkHSu ANI (@ANI) April 30, 2020 12.21 PM: Coronavirus cases in Andhra A total of 71 new positive cases reported in Andhra Pradesh in last 24 hours. Total number of #COVID19 positive cases in the state stands at 1403, including 1051 active cases, 31 deaths & 321 discharges. No death reported in last 24 hours. - ANI Punjab: Sub Inspector (SI) Harjeeet Singh reaches his home in Patiala after he was discharged from PGIMER in Chandigarh today. His hand was chopped off (and later replanted) fighting off an attack, while enforcing curfew at Patiala Sabzi Mandi on April 12. pic.twitter.com/lXqY4teAyl ANI (@ANI) April 30, 2020 12.02 PM: The COVID-19 cases in Nashik district of Maharashtra rise to 276 after 71 people, including 6 police personnel, test positive: Officials 11.50 AM: Meghalaya declares 10 districts as 'green zones' Meghalaya govt declares 10 of state's 11 districts as 'green zones', allows inter-district movement there: Official 11.40 AM: Gilead Sciences's remdesivir proves affective A biotech company said Wednesday its experimental drug has proved effective against the new coronavirus in a major US government study that put it to a strict test. Gilead Sciences's remdesivir would be the first treatment to pass such a test against the virus, which has killed more than 218,000 people since it emerged late last year in China. - AP 11.16 AM: Coronavirus cases in Madhya Pradesh Scores of migrant workers today were stopped by the police at state border after they were trying to enter into the state from Maharashtra. They are now stranded between Mumbai-Barwani stretch of National Highway 3 near Sendhwa. The number of cases now stand at 2,560, including 130 deaths. - ANI 11.00 AM: Coronavirus cases in Kerala The number of coronavirus cases in Kerala now stands at 496, including 123 active cases and four deaths. A total 369 patients have recovered in the state. People were seen violating social distancing norms amid COVID-19 outbreak in Ernakulam General Hospital today morning. Jammu and Kashmir: A Flu Clinic has started in District Hospital in Ganderbal as part of precautionary measure amid #COVID19 outbreak. Shafqat Iqbal, Deputy Commissioner says,"It is a free clinic which began from y'day. People are screened here for any #COVID19 related symptoms". pic.twitter.com/WbnXzNlZgF ANI (@ANI) April 30, 2020 10.30 AM: Coronavirus cases in Delhi Four more traders associated with Delhi's Azadpur Sabzi Mandi have tested positive for coronavirus. With this, the total number of coronavirus cases in Delhi stands at 3,439, including 2,291 active, 1,092 cured and 56 dead. 10.15 AM: Robot developed to help health workers Industrial Training Institute, Cuttack, has developed a robot, with help of SakRobotix Lab to help health workers in containing the spread of COVID-19. "Such service robots will help health workers&we need to encourage such innovations," says Union Minister Mahendra Nath Pandey. 71 new positive cases reported in Andhra Pradesh in last 24 hours. Total number of #COVID19 positive cases in the state stands at 1403, including 1051 active cases, 31 deaths & 321 discharges. No death reported in last 24 hours: State Command Control Room, Andhra Pradesh pic.twitter.com/jAZPuhsJCU ANI (@ANI) April 30, 2020 10.00 AM: Coronavirus cases in Pune Dr Bhagawan Pawar, District Health Officer, Maharashtra said as many as 127 new COVID-19 positive cases have been reported in Pune district in the past 12 hours, and that the total CODI-19 positive cases in the district now stand at 1,722. 9.50 AM: Coronavirus cases in Rajasthan Total 86 new cases of COVID-19 and two new deaths have been reported in Rajasthan today, taking the total number of cases to 2,524, including 57 deaths. As many as 827 patients have recovered from the disease till date, says the Rajasthan Health Department. Kerala: People were seen violating social distancing norms amid #COVID19 outbreak, in Ernakulam General Hospital today morning. Total positive cases in the state stand at 495 including 123 active cases. pic.twitter.com/l22bqvfXYB ANI (@ANI) April 30, 2020 9:40 am: US corona cases: 60,000 deaths reported The US has reported 60,000 deaths as of Wednesday. The outbreak is likely to soon become deadlier than any flu since 1967. The last severe flu season was in 2017-18, when 61,000 died. The US has the world's highest coronavirus death toll and a daily average of 2,000 people died in April. 9:35 am: Coronavirus global cases: WHO pipe organ for China says Trump President Donald trump lashed out at WHO and called the organisation a "pipe organ" for China. He said that WHO misled everyone on the outbreak. "We will have a recommendation pretty soon but we are not happy with the World Health Organization," Trump told reporters. 9:30 am: 'All too easy to continue lockdown,' says Rajan As India is nearing May 3, the day lockdown restrictions are scheduled to be lifted, speculations about further extending the lockdown has emerged. Raghuram Rajan has said that that it is all too easy to continue the lockdown but it is not going to be sustainable for the economy. Rajan was in conversation with Rahul Gandhi and the duo discussed ways to effectively tackle the corona problem. 9:25 am: Coronavirus in India: Rajan says we need to prioritise Raghuram Rajan has said that India needs to prioritise as its capacities are limited. He said that it is important to keep the economy together so that when India emerges from the lockdown, it is not impaired at that point. Rajan is in conversation with Rahul Gandhi. 9:20 am: Corona cases in Delhi: Police perform parikrama of AIIMS The Delhi Police undertook a 'parikrama' of AIIMS as a sign of respect for healthcare professionals. DCP South Atul Kumar said that this is in continuation to the ongoing visits to various hospitals and medical professionals to thank them for their efforts to keep the citizens of the country safe. The parikrama was performed by police personnel who rode 51 patrol bikes. 9:15 am: COVID-19 news in Punjab Punjab Police sprung in action after the state announced an extension of the lockdown for two more weeks after May 3. Visuals from Amritsar where people were punished for violating restrictions. Odisha: Industrial Training Institute, Cuttack has developed a robot, with help of SakRobotix Lab to help health workers in containing the spread of #COVID19. Union Min Mahendra Nath Pandey says, "Such service robots will help health workers&we need to encourage such innovations" pic.twitter.com/vQKRT63dNr ANI (@ANI) April 30, 2020 9:10 am: Corona cases in Haryana In Jhajjar, ten new coronavirus cases have been found out of which nine are vegetable vendors. The have a history of travelling to Delhi. The one other person is a nurse at a hospital. So far there are 18 COVID-19 cases in the district. 9:05 am: Coronavirus in Rajasthan: Three deaths on Wednesday Three deaths were recorded in the state of Rajasthan on Wednesday. There were 74 new cases of fresh infection. Out of the new cases, 22 are in Jaipur. According to the health ministry data, Rajasthan has 2,438 cases. 9:00 am: Coronavirus cases in India reach 33,050 Corona cases in India has surpassed 33,000 as on April 30, 8am. Maharashtra has 9,915 cases, while Gujarat is second in line with 4,082 cases. Delhi has 3,439 cases. Madhya Pradesh, Tamil Nadu, Uttar Pradesh and Rajasthan all have more than 2,000 cases. Andhra Pradesh and Telangana have more than 1,000 cases. 8:55 am: COVID-19 impact: Nearly half of global workforce at risk The ILO has stated that nearly half of global workforce are at the risk of losing their means of livelihood as an aftermath of the corona crisis. Almost 1.6 billion workers in the informal economy face immediate danger of losing their livelihoods. More than 430 million establishments in sectors such as retail and manufacturing risk "serious disruption". 8:50 am: Global coronavirus cases Britain records the second-highest death toll with more than 26,000. As of April 28, 26.097 people have died in the UK from corona, stated Public Health England (PHE). 8:45 am: Corona vaccine: Biocon works on biotech cure Biocon is developing a novel customised non-replicating measles virus-based vaccine. This antigen therapy can be commercialised quickly. Chairman Kiran Mazumdar Shaw said that the proposed cure could reach the stage of human trials in the next six months. 8:40 am: Corona cases in India: Rahul Gandhi in conversation with Raghuram Rajan Rahul Gandhi will be in conversation with Raghuram Rajan in the first in a series of conversations with global and Indian thought leaders. They will be discussing ways to effectively handle the corona crisis. 86 new cases of #COVID19 & 2 new deaths have been reported in Rajasthan today, taking the total number of cases to 2524 including 57 deaths. 827 patients have recovered from the disease till date: Rajasthan Health Department pic.twitter.com/uIOvnie1A4 ANI (@ANI) April 30, 2020 8:35 am: Delhi coronavirus news: 90 quarantined in Sikkim House Ninety people have been quarantined at the Sikkim House in South Delhi's Green Park area after a person was detected with COVID-19. All visitors at the Sikkim House use a single kitche which is why they have all been quarantined, an official said. 8:30 am: Ministry of Home Affairs on lockdown The MHA on Wednesday said that multiple districts will be given relaxation from the lockdown norms. It added that the details will soon be released by the government Summarise this report in a few sentences.
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the number of cases in india reached 33,610 as of 5 pm on April 30. the number of deaths in the country now stands at 1,075. the development comes a day after the Centre relaxed lockdown norms. the number of cases in india reached 33,610 as of 5 pm on April 30. a total of 146 new cases of coronavirus in Rajasthan.
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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 Coronavirus and lockdown relaxation latest news: The Madhya Pradesh government has brought back over 20,000 migrant workers who were stranded in other states due to the nation-wide lockdown imposed by the government. The Karnataka government have also allowed interstate movement, especially for students and migrant workers. "They'll have to bear the transport charges," Karnataka Minister JC Madhuswamy told ANI. The development comes a day after the Centre relaxed lockdown norms, allowing migrant labourers to go to their native places. The number of cases in India reached 33,610 as of 5 pm on April 30. The number of deaths in the country now stands at 1,075. Maharashtra, the worst-impacted state has crossed 10,000 COVID-19 cases. Gujarat and Delhi are the two of the other states that have been severely hit with more than 4,300 and 3,000 cases respectively. Also read: Biocon developing vaccine, antibody cure and repurposed drugs against COVID-19 Also read: Appointment shopping, online selling to become new retail norms post coronavirus lockdown Follow the BusinessToday.In blog on coronavirus updates in India here: 10.41 PM: Coronavirus pandemic Russian Prime Minister Mikhail Mishustin had been diagnosed with the new coronavirus. Speaking at a televised meeting, Mishustin suggested that First Deputy Prime Minister Andrey Belousov should serve as acting prime minister in his absence. President Vladimir Putin supported his proposal. 9.50 PM: Jharkhand coronavirus updates Three new coronavirus cases reported in Jharkhand, informed State Health Secretary Nitin Madan Kulkarni. All new cases are from state capital Ranchi. This takes the total number of COVID-19 cases in the state to 110. 9.26 PM: Rajasthan coronavirus cases Rajasthan reported 3 deaths and 146 new COVID-19 cases today, informed State Health Department. This takes the total number of coronavirus cases in the state to 2,584, including 58 deaths. 9.20 PM: Coronavirus outbreak in Delhi Delhi government has deployed two medical teams at Azadpur Mandi after coronavirus cases were detected at the wholesale market. Delhi: Two medical teams have been deployed at Azadpur Mandi after #COVID19 positive cases were detected at the wholesale market. pic.twitter.com/vVIljA8lcR ANI (@ANI) April 30, 2020 9.15 PM: Coronavirus impact on Indian economy PM Narendra Modi held a meeting to discuss potential economic reforms in Mines and Coal Sectors in view of the coronavirus outbreak. The discussions involved ensuring easy and abundant availability of mineral resources from domestic sources, upscaling exploration, attracting investment and modern technology, and large scale employment generation through transparent and efficient processes. PM Modi directed targetting thermal coal import substitution particularly when a huge coal-stock inventory is available in the country this year. 9.05 PM: Coronavirus lockdown news Locals from several villages close to Delhi-Haryana border claim roads leading to their villages have been dug up at some places to restrict public movement. Deepak at Najafgarh's Kair village told ANI that on April 28, officials from Haryana came with earth movers and dug up pits on roads. Delhi: Locals at several villages at Delhi-Haryana border claim roads leading to their villages have been dug up at some places to restrict public movement. Deepak at Najafgarh's Kair village says,"On April 28, officials from Haryana came with earth movers&dug up pits on roads." pic.twitter.com/4EColI9nlJ ANI (@ANI) April 30, 2020 9.00 PM: Himachal coronvirus updates I urge to the people who have recently returned to Himachal Pradesh not to venture out of homes and follow norms of social distancing, said Chief Minister Jai Ram Thakur. If any new cases of COVID-19 do not emerge, the state could be free from the infection after May 3. 8.42 PM: Delhi coronavirus news We had implemented Operation Shield to prevent the spread of coronavirus in the Vardhaman apartment, said Delhi CM Arvind Kejriwal. In the last four weeks, no new case has been reported and today the apartment is being de-contaminated, he added. 8.36 PM: Maharashtra corona news Number of coronavirus cases in Maharashtra reached 10,498 today. The state saw 27 COVID-related deaths and 583 new cases reported today, informed State Health Department. 8.34 PM: Coronavirus outbreak 6 more CRPF jawans in Delhi have tested positive for coronavirus today. All of them belong to the same battalion. Out of 6 jawans, one is with the CRPF national Kabaddi team. 8.30PM: Coronavirus in Delhi Delhi government has issued a notification stating guidelines for home isolation of very mildor pre-symptomatic coronavirus cases. Government of Delhi has issued a notification stating guidelines for home isolation of very mild/pre-symptomatic #COVID19 cases. pic.twitter.com/bSF5uURcYn ANI (@ANI) April 30, 2020 8.28 PM: Coronavirus deaths A 67-year-old woman passed away today in Dakshina Kannada district of Karnataka due to COVID-19. So far, 22 COVID-19 positive cases, including 3 deaths, 7 active cases and 12 recoveries, have been reported in the district, said Sindu B Rupesh, Deputy Commissioner, Dakshina Kannada. 8.25 PM: Madhya Pradesh COVID updates Madhya Pradesh saw 65 new COVID-19 cases today. This takes the total number of COVID-19 cases in the state to 2,625 with 137 dead. 8.05 PM: Corona cases in Gujarat Gujarat has reported 313 new coronavirus cases reported today, taking the total number of cases to 4,395. This includes 613 cured or discharged patients and 214 deaths, informed State Health Department. 8.00 PM: Coronavirus in Uttar Pradesh 77 more people have tested positive for coronavirus in Uttar Pradesh today. This takes the total number of cases in the state to 2,211. Out of the total cases, 551 patients have been cured while 40 others lost their lives due to the infection, according to State Health Department. 7.51 PM: Coronavirus in Delhi One nurse workig at Hindu Rao Hospital in Delhi has tested positive for coronavirus. Earlier, a nurse at this hospital had tested positive after which 76 people were home quarantined. 30 of these tested negative yesterday. Reports of 4 other suspected patients came today, out of which, 1 is positive. 7.39 PM: West Bengal coronavirus crisis West Bengal reported 36 new coronavirus cases today. The total number of active cases in the state now stands at 572, while 139 patients have been cured and discharged so far. 1,905 samples were tested in the last 24 hours, informed Chief Secretary Rajiva Sinha. 7.05 PM: Bihar COVID news Migrant workers, students and others returning to Bihar will be provided food and screened for COVID-19 infection at state borders, said Director General of Police Gupteshwar Pandey. Arrangements will be made to drop them at their respective blocks where they will be screened again and quarantined, he added 7.00 PM: Uttarakhand coronavirus cases Uttarakhand Health Department has found 2 new COVID-19 cases in the state today. This takes the total number of coronavirus cases in the state to 57. 2 new COVID19 positive cases reported in Uttarakhand today; the total number of positive cases in the state is now 57: Uttarakhand Health Department pic.twitter.com/ejnDhJJ9Wj ANI (@ANI) April 30, 2020 6.55 PM: Delhi coronavirus news 7 Kashmiri students stuck in Delhi's Jia Sarai have been sent back home via bus, informed Delhi Police. 7 Kashmiri students who were stranded in Delhi's Jia Sarai have been sent to Jammu & Kashmir by a bus: Delhi Police#COVID19Lockdown pic.twitter.com/pP7acco2wY ANI (@ANI) April 30, 2020 6.48 PM: COVID cases in Chandigarh Chandigarh reported 7 new coronavirus cases today. With this the total number of COVID-19 positive cases has increased to 74, informed Chandigarh Health Department. 7 new COVID19 positive cases reported in Chandigarh, taking the total number of positive cases to 74: Chandigarh Health Department pic.twitter.com/CV3obSobCf ANI (@ANI) April 30, 2020 6.41 PM: Karnataka coronavirus update Karnataka CM BS Yediyurappa meeting members of various associations of industries and commerce and asked them to be prepared to resume industrial operations. The state government is expecting further guidelines for resuming industrial operations after May 4, the CM told them. 6.39 PM: Lockdown updates Union Ministry has written to states, asking them to ensure free movement of trucks and goods carriers, including empty ones. In its letter, the Ministry of Home Affairs directed that local authorities must not insist on separate passes at inter-state borders across the country. This is essential to maintain the supply chain of goods & services in the country. MHA to States-Ensure free movement of trucks/goods carriers, incl empty trucks. Local authorities must not insist on separate passes at inter-state borders across the country. This is essential to maintain the supply chain of goods & services in the country: Spox, Home Ministry pic.twitter.com/1MUwndbtPW ANI (@ANI) April 30, 2020 6.30 PM: Punjab COVID-19 updates Punjab posted 105 coronavirus cases today. This takes the total number of COVID-19 cases to 480, include 356 active cases. So far, 104 patients have been cured in the state, whereas 20 others has succumbed to the virus. 105 cases of #COVID19 have been reported in Punjab today, taking the total number of cases to 480 out of which 356 cases are active. 104 patients have been cured of the infection while 20 other lost their lives: Punjab Health Department pic.twitter.com/VdUijlk230 ANI (@ANI) April 30, 2020 6.25 PM: Coroanvirus in Delhi Two more private hospitals in Delhi have been declared dedicted COVID-19 hosptals. These are Maha Durga Charitable Trust Hospital and Sri Gangaram City Hospital, which will admit confirmed or suspected coronavirus cases. 2 more private hospitals in Delhi- Maha Durga Charitable Trust Hospital and Sri Gangaram City Hospital are also declared as #COVID hospitals for admitting confirmed/suspected cases of Coronavirus: Delhi Health Department pic.twitter.com/wG01k12xvf ANI (@ANI) April 30, 2020 6.20 PM: COVID-19 cases in Tamil Nadu Tamil Nadu Health Department said that 161 new coronavirus cases have been reported in the state today. This includes 138 cases from state capital Chennai. The total number of COVID-19 positive cases in Tamil Nadu is now 2,323. 6.15 PM: Lockdown update in J&K Jammu and Kashmir Administrative Council has approved Rs 350 crore relief package for 8 categories of people affected due to coronavirus lockdown, informed government spokesperson Rohit Kansal. Rs 1,000 is to be given to 1.8 lakh construction workers for 3 months, of which one month's relief has already been given. 6.08 PM: J&K corona update Jammu and Kashmir has 614 coronavirus cases, out of which 390 cases are active - 384 in Kashmir and 6 in Jammu. So far, 8 patients have lost their lives to the virus, whereas 216 patients have recovered. 5.59 PM: Coronavirus in India According to Ministry of Health and Family Welfare, the total number of coronavirus cases in India has reached 33,610. This includes 24,162 active cases, 1,075 deaths, 8,372 cured and discharged patients and 1 migrated patient. As of 5 PM on April 30, India reported 1,823 new cases and 67 deaths in the last 24 hours. 5.31 PM: Coronavirus impact on economy PM Narendra Modi held a meeting to discuss strategies to attract more foreign investments into India as well as to promote local investments to help the economy grow amid the coronavirus pandemic. It was decided that a scheme should be developed to promote more plug and play infrastructure in existing industrial lands/plots/estates as well as provide necessary financing support. PM Modi instructed that a more proactive approach should be followed to handhold the investors, to look into their problems and help them with all necessary clearances in a time-bound manner. 5.16 PM: Coronavirus treatment: Advisory on use of Hydroxychloroquine Health Ministry has issued a detailed advisory has been issued on the use of Hydroxychloroquine as preventive treatment novel coronavirus. Sufficient availability of HCQ should be ensured, said Lav Agrawal, Joint Secretary, Health Ministry, said during daily briefing on coronavirus situation in India. 4:55 PM: Jharkhand coronavirus cases Jharkhand Chief Minister Hemant Soren said that he was relieved to note that the state recorded only two cases for the second consecutive day. Jharkhand has a total of 107 Covid cases so far, of whom three died and 19 have been cured. 4:45 PM: Corona cases in Maharashtra: 20-day old dies A 20-day-old baby boy who tested positive for coronavirus has succumbed to the virus. The baby boy along with five more people tested positive in Kalyan Dombivli Municipal limits. There are 162 cases in the region so far. The region has also reported three deaths. The infant's mother had also tested positive. 4:41 PM: Coronavirus in Delhi update Delhi Police PRO MS Randhawa has said that the state government and police are finalising the roadmap to bring people stranded in other states back to Delhi. Randhawa stated that they are in touch with resident commissioners of different states. People will have to register with the authorities to travel back to their home districts. 4:35 PM: Coronavirus in Maharashtra update Pune Joint Police Commissioner Ravindra Shisve has issued an order to close all shops in the 23 hotspots between May 1 and 3. Hospitals and medical stores would be exempted from this order. Milk shops will also remain open from 10 am to 12 pm. Home delivery of milk will be exempted from this order from 6 am to 10 am. 4:31 PM: Corona in Rajasthan After the Centre allowed the movement of migrants, around 7.25 lakh migrant workers registered with the government to enter or exit the state. Chief Minister Ashok Gehlot has also asked for partial relaxation of railway services to ensure the return of these workers. 4:25 PM: Coronavirus in India Lav Agrawal, Joint Secy, Health Ministry said that 1,718 new cases were reported in the last 24 hours. He added that the recovery rate right now is 25.19 per cent. The recovery rate was 13.96 per cent fourteen days ago. The fatality rate as of now is 3.2 per cent. He added that co-morbodities have been found in 78 per cent of his deaths. Doubling rate of the cases has now increased to 11 days. 4:20 PM: Corona in Uttar Pradesh CM Yogi Adityanath held a review meeting with senior officials at the Lok Bhavan in Lucknow. The state government discussed the efforts that were undertaken to tackle coronavirus. 4:10 PM: Uttarakhand coronavirus news The Uttarakhand Police has said that one police personnel and one civilian will be awarded every day for their contribution to the fight against corona. The police department is also drawing up a list of police officials who would be honoured on August 15. 4:05 PM: Corona in Meghalaya Two more cases that's being treated at the Civil Hospital in Shillong tested negative today. CM Conrad Sangma said that they will be tested again before they are declared recovered. Two more positive cases who are being treated at Civil Hospital, Shillong, have tested negative today and they are in the process of recovery. They will have to be tested again after 24 hours as per protocol to declare them as recovered. Conrad Sangma (@SangmaConrad) April 30, 2020 4:00 PM: Uttar Pradesh coronavirus updates CM Yogi Adityanath has appealed to migrant workers not to return home on foot. He said that the government is making arrangement for the commute. The state is working on bringing them home in a staggered manner. People who are returning will have to undergo medical screening before they board the buses. 3:55 PM: Delhi corona cases AIIMS has issued a notification stating that follow-up patients can now book advance appointments. Once the UHID is verified the patient can book an appointment. The follow-up patients of AIIMS, New Delhi can now book advance appointments for teleconsultations by calling the number +9115444155: All India Institute Of Medical Sciences, New Delhi pic.twitter.com/zEfZOs9ywI ANI (@ANI) April 30, 2020 3:45 PM: Coronavirus in India: RIL announces pay cuts Reliance Industries Executive Director Hital R Meswani stated that Reliance Industries would cut 10 per cent salary of some of its employees in the hydrocarbon division. The board of directors will also take a cut of 30-50 per cent. RIL Chairman Mukesh Ambani will forego his entire compensation. 3.34 PM: Gurugram to enforce stricter measures The Gurugram District administration has issued notification for enforcing stricter measures through curbs on cross-movement across all borders of the district from 10 AM on 1st May 2020. Gurugram District administration has issued notification for enforcing stricter measures through curbs on cross-movement across all borders of the district from 10 AM on 1st May 2020. #Haryana pic.twitter.com/504xr0Yjdh ANI (@ANI) April 30, 2020 3.18 PM: Coronavirus cases in Rajasthan Rajashtan reports 118 new positive cases today; these include 83 in Jodhpur, 21 in Jaipur, 4 in Ajmer, 3 in Chittorgarh, 2 each in Kota and Tonk, 1 each in Alwar, Baran and Dholpur; and 3 deaths. With this, the total coronavirus cases in the state stand at 2,438. 118 positive cases reported in Rajasthan today so far - 83 in Jodhpur, 21 in Jaipur, 4 in Ajmer, 3 in Chittorgarh, 2 each in Kota & Tonk, 1 each in Alwar, Baran & Dholpur; 3 deaths. Total cases here rises to 2556, including 58 deaths & 836 recovered: State Health Dept #COVID19 pic.twitter.com/lPva3W1Nna ANI (@ANI) April 30, 2020 3.13 PM: 30 lakh received work through MGNREGA in April Just over 30 lakh people were provided work under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) as of April 30, the government data showed. The government on April 15 gave its nod for MGNREGA workers to take up jobs from April 20 onwards. Only 30.80 lakh jobs were given till April 30, according to the official data. In April FY20, 1.7 crore workers were given jobs under MGNREGA. India has been under a nationwide lockdown since March 25 due to coronavirus crisis. The lockdown is expected to be lifted on May 3. Also read: Coronavirus lockdown: 30 lakh received work through MGNREGA in April 3.08 PM: Street Artist Baadal Nanjundaswamy paints 3D pictures of COVID-19 on a road in Bengaluru to spread awareness about the virus. - ANI 3.00 PM: Two more COVID-19 deaths in Jaipur, toll rises to 57 in Rajasthan; the total cases 2,524 after 86 people test positive, including 59 in Jodhpur and 14 in Jaipur, says the Health Department officials. 2:50 PM: Jammu and Kashmir coronavirus updates Following Madhya Pradesh and Karnataka, the Union Territories of Jammu and Kashmir have also decided to allow movement of migrant workers. Rohit Kansal, Principal Secretary (Planning) said the government will soon issue guidelines in this regard. Kansal urged people to not move without prior consent of the authorities. He said that all unregulated arrivals will be quarantined for 21 days at Lakhanpur. 2:45 PM: Bihar corona news State Health Minister Mangal Pandey said that the health department conducted door-to-door screening of coronavirus cases in districts that have reported high number of cases. The minister said that the screening identified more cases. According to health ministry data at 8am, April 30, Bihar had 392 cases. 2:40 PM: Maharashtra coronavirus news Maharashtra government has directed all hospitals to not turn away patients after people complained that several private hospitals were turning away people. The government said that strict action will be taken against hospitals that defy the order. 2:35 PM: Coronavirus news in Tripura Tripura Chief Minister Biplab Kumar Deb has said the state government is not likely to withdraw the ongoing lockdown. The government is planning relaxation in a phased manner. He added that inter-state bus services will not be resume after May 3. 2:31 PM: Corona cases in Assam Health Minister Himanta Biswa Sarma has said that four new cases have been identified in Assam's Bongaigaon district. The state has witnessed 41 cases so far. One person has died from COVID-19. Karnataka: Street Artist Baadal Nanjundaswamy paints 3D pictures of #COVID19 on a road in Bengaluru to spread awareness about the virus. pic.twitter.com/ZmlqeB6xtH ANI (@ANI) April 30, 2020 2.27 PM: The Delhi government is making arrangements to soon bring Delhi students back home from Kota, the state CM Arvind Kejriwal said. Alert 2.15 PM: Release package for interstate and international migrant workers: Kerala FM Kerala Finance Minister Thomas Issac has said that the central government should come out with a package for interstate and international migrant workers for their rehabilitation and relief. Center should take their responsibility as it comes under the union list. Four more #COVID positive cases are reported from Bongaingaon district. The number of #COVID19 patients in Assam now stands at 41. ( 29 are discharged, 1 death, so active hospital cases 11.) Update at 1 pm / April 30#AssamCovidCount Himanta Biswa Sarma (@himantabiswa) April 30, 2020 2.12 PM: The coronavirus has hit the restaurant industry hard, and four out of every 10 restaurants and cloud kitchens in the country face closure due to the COVID-19 crisis, The Economic Times reported. 2.09 PM: As per the Indian Council of Medical Research (ICMR), a total of 8,30,201 samples have been tested for coronavirus in India till 9 am today. 2.07 PM: Lufthansa makes masks mandatory on flights Lufthansa group on Wednesday stated passengers on board any of its airlines' flights will have to mandatorily wear a mask that covers mouth as well as nose from May 4 onwards. The German group runs four airline brands - Lufthansa, Brussels Airlines, Austrian and SWISS. - PTI 2.00 PM: Activist Greta Thunberg donates $200,000 for COVID-19 efforts Thunberg used funds she has raised to combat climate change to donate $200,000 to the U.N.'s children's agency, UNICEF, as did the Danish anti-poverty group Human Act to kick off the campaign, UNICEF announced. 1.50 PM: Microsoft revenue surpasses expectations Microsoft Corp on Wednesday beat Wall Street sales and profit expectations, powered by sharp demand for its Teams chat and online meeting app and Xbox gaming services as the world shifted to working and playing from home because of the novel coronavirus pandemic. The company's shares, up over 12% this year, rose about 5% in extended trading. - Reuters 1.48 PM: The COVID-19 death toll rises to 68 in Indore after 3 more fatalities, cases in the Madhya Pradesh district climb to 1,485 after 19 people test positive: Official 1.40 PM: The Delhi Police has issued movement pass to five people, including Riddhima Kapoor, the daughter of Rishi Kapoor, to go to Mumbai: DCP (southeast) RP Meena. Delhi govt is making arrangements to soon bring Del students back home from Kota Arvind Kejriwal (@ArvindKejriwal) April 30, 2020 1.30 PM: Karnataka also allows inter-state movement "We've decided to allow interstate movement,especially for students & migrant workers. They'll have to bear the transport charges. We'll allow inter-district movement for once. It'll happen according to guidelines," Karnataka Minister JC Madhuswamy after state cabinet meeting on Saturday. - ANI 1.18 PM: MP brings back 20,000 migrant workers The Madhya Pradesh government has brought back over 20,000 migrant workers who were stranded in other states due to the nation-wide lockdown imposed by the government, All India Radio reported. The development comes a day after the Centre relaxed lockdown norms, allowing migrant labourers to go to their native places. 1.09 PM: No new domestic coronavirus cases in South Korea South Korea on Thursday reported no new domestic coronavirus cases for the first time since February, the Korea Centers for Disease Control and Prevention (KCDC) said. KCDC reported four new infections, all imported cases, taking the national tally to 10,765. The death toll rose by one to 247, while 9,059 have been discharged. Of the total, 1,065 were imported cases, where more than 90% were Koreans, according to a KCDC statement. - Reuters 1.05 PM: Wear masks, appeals Harsh Vardhan "Masks protect you and your family members from the COVID-19 infection. Keep following some of the basic precautions and best practices being suggested by the health ministry," says Union Health Minister Harsh Vardhan. 1.02 PM: Coronavirus cases in Karnataka Total 22 new positive cases have been reported in Karnataka from April 29, 5 pm to April 30, 12 pm. Total number of COVID-19 cases rise to 557, including 21 deaths and 223 discharges. 1.00 PM: Glenmark to conduct trials for potential COVID-19 drug Favipiravir, manufactured under the brand name Avigan by a unit of Japan's Fujifilm Holdings Corp and approved for use as an anti-flu drug in the Asian island country in 2014, has been effective, with no obvious side-effects, in helping coronavirus patients recover, a Chinese official told reporters at a news conference last month. 12.50 PM: Germany reports 1,478 new coronavirus cases The number of confirmed coronavirus cases in Germany has risen by 1,478 to 159,119, data from the Robert Koch Institute for infectious diseases showed on Thursday. According to the tally, 6,288 people have died of the disease, a rise of 173 compared to Wednesday. - Reuters 12.35 PM: SI Harjeeet Singh reaches home Sub Inspector (SI) Harjeeet Singh reaches home in Patiala after he was discharged from PGIMER in Chandigarh today. His hand was chopped off (and later replanted) fighting off an attack, while enforcing curfew at Patiala Sabzi Mandi on April 12. The central government should come out with a package for interstate and international migrant workers for their rehabilitation and relief. Center should take their responsibility as it comes under the union list: Kerala Finance Minister Thomas Issac #CoronavirusLockdown https://t.co/V3nfGOoQXJ pic.twitter.com/7IT50jk5SV ANI (@ANI) April 30, 2020 12.26 PM: Flu clinic started in Ganderbal A flu clinic started in a district hospital in Ganderbal as part of precautionary measure amid the COVID0-19 outbreak. Shafqat Iqbal, Deputy Commissioner says: "It is a free clinic which began from y'day. People are screened here for any COVID-19 related symptoms". Delhi Police has issued movement pass to 5 people, including Riddhima Kapoor - the daughter of #RishiKapoor, to go to Mumbai: DCP (southeast) RP Meena (in file pic) Rishi Kapoor passed away at Mumbai's HN Reliance Foundation Hospital today. pic.twitter.com/1PVKVMkHSu ANI (@ANI) April 30, 2020 12.21 PM: Coronavirus cases in Andhra A total of 71 new positive cases reported in Andhra Pradesh in last 24 hours. Total number of #COVID19 positive cases in the state stands at 1403, including 1051 active cases, 31 deaths & 321 discharges. No death reported in last 24 hours. - ANI Punjab: Sub Inspector (SI) Harjeeet Singh reaches his home in Patiala after he was discharged from PGIMER in Chandigarh today. His hand was chopped off (and later replanted) fighting off an attack, while enforcing curfew at Patiala Sabzi Mandi on April 12. pic.twitter.com/lXqY4teAyl ANI (@ANI) April 30, 2020 12.02 PM: The COVID-19 cases in Nashik district of Maharashtra rise to 276 after 71 people, including 6 police personnel, test positive: Officials 11.50 AM: Meghalaya declares 10 districts as 'green zones' Meghalaya govt declares 10 of state's 11 districts as 'green zones', allows inter-district movement there: Official 11.40 AM: Gilead Sciences's remdesivir proves affective A biotech company said Wednesday its experimental drug has proved effective against the new coronavirus in a major US government study that put it to a strict test. Gilead Sciences's remdesivir would be the first treatment to pass such a test against the virus, which has killed more than 218,000 people since it emerged late last year in China. - AP 11.16 AM: Coronavirus cases in Madhya Pradesh Scores of migrant workers today were stopped by the police at state border after they were trying to enter into the state from Maharashtra. They are now stranded between Mumbai-Barwani stretch of National Highway 3 near Sendhwa. The number of cases now stand at 2,560, including 130 deaths. - ANI 11.00 AM: Coronavirus cases in Kerala The number of coronavirus cases in Kerala now stands at 496, including 123 active cases and four deaths. A total 369 patients have recovered in the state. People were seen violating social distancing norms amid COVID-19 outbreak in Ernakulam General Hospital today morning. Jammu and Kashmir: A Flu Clinic has started in District Hospital in Ganderbal as part of precautionary measure amid #COVID19 outbreak. Shafqat Iqbal, Deputy Commissioner says,"It is a free clinic which began from y'day. People are screened here for any #COVID19 related symptoms". pic.twitter.com/WbnXzNlZgF ANI (@ANI) April 30, 2020 10.30 AM: Coronavirus cases in Delhi Four more traders associated with Delhi's Azadpur Sabzi Mandi have tested positive for coronavirus. With this, the total number of coronavirus cases in Delhi stands at 3,439, including 2,291 active, 1,092 cured and 56 dead. 10.15 AM: Robot developed to help health workers Industrial Training Institute, Cuttack, has developed a robot, with help of SakRobotix Lab to help health workers in containing the spread of COVID-19. "Such service robots will help health workers&we need to encourage such innovations," says Union Minister Mahendra Nath Pandey. 71 new positive cases reported in Andhra Pradesh in last 24 hours. Total number of #COVID19 positive cases in the state stands at 1403, including 1051 active cases, 31 deaths & 321 discharges. No death reported in last 24 hours: State Command Control Room, Andhra Pradesh pic.twitter.com/jAZPuhsJCU ANI (@ANI) April 30, 2020 10.00 AM: Coronavirus cases in Pune Dr Bhagawan Pawar, District Health Officer, Maharashtra said as many as 127 new COVID-19 positive cases have been reported in Pune district in the past 12 hours, and that the total CODI-19 positive cases in the district now stand at 1,722. 9.50 AM: Coronavirus cases in Rajasthan Total 86 new cases of COVID-19 and two new deaths have been reported in Rajasthan today, taking the total number of cases to 2,524, including 57 deaths. As many as 827 patients have recovered from the disease till date, says the Rajasthan Health Department. Kerala: People were seen violating social distancing norms amid #COVID19 outbreak, in Ernakulam General Hospital today morning. Total positive cases in the state stand at 495 including 123 active cases. pic.twitter.com/l22bqvfXYB ANI (@ANI) April 30, 2020 9:40 am: US corona cases: 60,000 deaths reported The US has reported 60,000 deaths as of Wednesday. The outbreak is likely to soon become deadlier than any flu since 1967. The last severe flu season was in 2017-18, when 61,000 died. The US has the world's highest coronavirus death toll and a daily average of 2,000 people died in April. 9:35 am: Coronavirus global cases: WHO pipe organ for China says Trump President Donald trump lashed out at WHO and called the organisation a "pipe organ" for China. He said that WHO misled everyone on the outbreak. "We will have a recommendation pretty soon but we are not happy with the World Health Organization," Trump told reporters. 9:30 am: 'All too easy to continue lockdown,' says Rajan As India is nearing May 3, the day lockdown restrictions are scheduled to be lifted, speculations about further extending the lockdown has emerged. Raghuram Rajan has said that that it is all too easy to continue the lockdown but it is not going to be sustainable for the economy. Rajan was in conversation with Rahul Gandhi and the duo discussed ways to effectively tackle the corona problem. 9:25 am: Coronavirus in India: Rajan says we need to prioritise Raghuram Rajan has said that India needs to prioritise as its capacities are limited. He said that it is important to keep the economy together so that when India emerges from the lockdown, it is not impaired at that point. Rajan is in conversation with Rahul Gandhi. 9:20 am: Corona cases in Delhi: Police perform parikrama of AIIMS The Delhi Police undertook a 'parikrama' of AIIMS as a sign of respect for healthcare professionals. DCP South Atul Kumar said that this is in continuation to the ongoing visits to various hospitals and medical professionals to thank them for their efforts to keep the citizens of the country safe. The parikrama was performed by police personnel who rode 51 patrol bikes. 9:15 am: COVID-19 news in Punjab Punjab Police sprung in action after the state announced an extension of the lockdown for two more weeks after May 3. Visuals from Amritsar where people were punished for violating restrictions. Odisha: Industrial Training Institute, Cuttack has developed a robot, with help of SakRobotix Lab to help health workers in containing the spread of #COVID19. Union Min Mahendra Nath Pandey says, "Such service robots will help health workers&we need to encourage such innovations" pic.twitter.com/vQKRT63dNr ANI (@ANI) April 30, 2020 9:10 am: Corona cases in Haryana In Jhajjar, ten new coronavirus cases have been found out of which nine are vegetable vendors. The have a history of travelling to Delhi. The one other person is a nurse at a hospital. So far there are 18 COVID-19 cases in the district. 9:05 am: Coronavirus in Rajasthan: Three deaths on Wednesday Three deaths were recorded in the state of Rajasthan on Wednesday. There were 74 new cases of fresh infection. Out of the new cases, 22 are in Jaipur. According to the health ministry data, Rajasthan has 2,438 cases. 9:00 am: Coronavirus cases in India reach 33,050 Corona cases in India has surpassed 33,000 as on April 30, 8am. Maharashtra has 9,915 cases, while Gujarat is second in line with 4,082 cases. Delhi has 3,439 cases. Madhya Pradesh, Tamil Nadu, Uttar Pradesh and Rajasthan all have more than 2,000 cases. Andhra Pradesh and Telangana have more than 1,000 cases. 8:55 am: COVID-19 impact: Nearly half of global workforce at risk The ILO has stated that nearly half of global workforce are at the risk of losing their means of livelihood as an aftermath of the corona crisis. Almost 1.6 billion workers in the informal economy face immediate danger of losing their livelihoods. More than 430 million establishments in sectors such as retail and manufacturing risk "serious disruption". 8:50 am: Global coronavirus cases Britain records the second-highest death toll with more than 26,000. As of April 28, 26.097 people have died in the UK from corona, stated Public Health England (PHE). 8:45 am: Corona vaccine: Biocon works on biotech cure Biocon is developing a novel customised non-replicating measles virus-based vaccine. This antigen therapy can be commercialised quickly. Chairman Kiran Mazumdar Shaw said that the proposed cure could reach the stage of human trials in the next six months. 8:40 am: Corona cases in India: Rahul Gandhi in conversation with Raghuram Rajan Rahul Gandhi will be in conversation with Raghuram Rajan in the first in a series of conversations with global and Indian thought leaders. They will be discussing ways to effectively handle the corona crisis. 86 new cases of #COVID19 & 2 new deaths have been reported in Rajasthan today, taking the total number of cases to 2524 including 57 deaths. 827 patients have recovered from the disease till date: Rajasthan Health Department pic.twitter.com/uIOvnie1A4 ANI (@ANI) April 30, 2020 8:35 am: Delhi coronavirus news: 90 quarantined in Sikkim House Ninety people have been quarantined at the Sikkim House in South Delhi's Green Park area after a person was detected with COVID-19. All visitors at the Sikkim House use a single kitche which is why they have all been quarantined, an official said. 8:30 am: Ministry of Home Affairs on lockdown The MHA on Wednesday said that multiple districts will be given relaxation from the lockdown norms. It added that the details will soon be released by the government 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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PUNE: A US-based anti-immigration technology workers group has asked for the H1-B visa programme to be suspended due to growing joblessness following the coronavirus outbreak. US Tech Workers , a non-profit which advocates more local hiring, has written to US President Donald Trump saying unemployment claims had gone up to 3 million in the previous week, with projections showing that this could rise further by 30%.“We urge you to pause the H-1B visa programme that would bring in 85,000 workers this year and suspend the recently approved addition of additional 35,000 workers for the H-2B visa,” it said. While the H-1B visa is primarily used to bring in highly skilled workers to the US, the H-2B visa is used mainly for farm workers, primarily from Latin America. When contacted, IT industry association Nasscom declined to comment on US Tech Workers’ stance on H1-B visas, although it pointed out that the H-1B visas “fulfil an acknowledged critical skills gap for all global companies in the US market....”Nasscom has also requested the US Citizenship and Immigration Services for a 90-day grace period for tech professionals to leave the US following expiry of their visas, it said. The current limit is 60 days. Other firms representing tech workers have asked for it to be extended to 180 days, citing the rising number of layoffs and economic uncertainty. Summarise this report in a few sentences.
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non-profit US Tech Workers has written to US president Donald Trump. unemployment claims have gone up to 3 million in the previous week. projections show this could rise further by 30%. 'we urge you to pause the H-1B visa programme that would bring in 85,000 workers this year,' it said. the H-2B visa is used mainly for farm workers, primarily from Latin America.
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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 "PUNE: A US-based anti-immigration technology workers group has asked for the H1-B visa programme to be suspended due to growing joblessness following the coronavirus outbreak. US Tech Workers , a non-profit which advocates more local hiring, has written to US President Donald Trump saying unemployment claims had gone up to 3 million in the previous week, with projections showing that this could rise further by 30%.“We urge you to pause the H-1B visa programme that would bring in 85,000 workers this year and suspend the recently approved addition of additional 35,000 workers for the H-2B visa,” it said. While the H-1B visa is primarily used to bring in highly skilled workers to the US, the H-2B visa is used mainly for farm workers, primarily from Latin America. When contacted, IT industry association Nasscom declined to comment on US Tech Workers’ stance on H1-B visas, although it pointed out that the H-1B visas “fulfil an acknowledged critical skills gap for all global companies in the US market....”Nasscom has also requested the US Citizenship and Immigration Services for a 90-day grace period for tech professionals to leave the US following expiry of their visas, it said. The current limit is 60 days. Other firms representing tech workers have asked for it to be extended to 180 days, citing the rising number of layoffs and economic uncertainty. Summarise this report in a few sentences." summarise in a few sentences.
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Migrant workers from Madhya Pradesh and Uttar Pradesh load their luggage on the roof of a bus as they prepare to depart, in Ahmedabad. (Image:Reuters) The movement of migrant labour in India must go down as the biggest refugee crises in this country and is the most flagrant violation thus far of the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979, says leading expert, S Irudaya Rajan. “Indeed it is hard to believe who is to blame more for this crisis – the central government, state governments or the employers, who decided not to give any salary or benefits of any kind to the labour they had employed. As a matter of fact, the responsibility for this exodus rests with none,” points out Rajan, who is Professor at the Centre for Development Studies, Thiruvananthapuram, and member of the Kerala government’s Expert Committee on COVID-19. A tiger without teeth The Inter-State Migration Act is frankly a tiger without teeth, Rajan explains and says that the post-lockdown period, which sparked off the most unorganised, countrywide movement of migrant labour, represents a contravention of rules that permit travel allowances, salaries and other benefits to such labour prescribed under law. “The labour, which fled, was purely bonded,” he says. The Act was enacted to prevent the exploitation of inter-state migrant workmen by contractors, and to ensure fair and decent conditions of employment. The law requires all establishments hiring inter-state migrants to be registered, and contractors who recruit such workmen be licensed. Contractors are obligated to provide details of all workmen to the relevant authority. Migrant workmen are entitled to wages like other workmen, displacement allowance, journey allowance, and payment of wages during the period of journey. In addition, contractors are also required to ensure regular payment, non-discrimination, provisioning of suitable accommodation, free medical facilities and protective clothing. 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 In Rajan’s view, when the lockdown was announced, it should have offered exemption to migrant labour wanting to return to their native places. They should have been given time. “While there were about 500 infections at the point when the lockdown was announced, today the country has over 1,36,169 infected cases. Obviously, the migrant labour has carried the disease back to wherever and however they have gone,” he explains. Rajan led the prestigious Kerala Migration Survey, 2018. One fallout of COVID-19, Rajan believes, is that the subject of bonded labour, till now confined to broom closets, is out in the open. The pandemic has, unwittingly, provided them the limelight. “It is a vulnerable community, a vast majority of them are in their early twenties and the fact that they are not acceptable either to their employers or to the governments, is a big blow. Migrants need to be mobile and even here, their movement has been curtailed,” he points out. Time to revisit welfare schemes The academic, who has led and conducted the most intensive studies about Keralites’ now-famous migration to the Gulf, believes that the time has come to revisit welfare schemes like the Mahatma Gandhi National Rural Employment Guarantee Act 2005, which was aimed typically at reducing distress migration from rural areas. “MNREGA is 16 years old. It needs change. A salary for 100 days is just not good enough. After all, a person needs to eat all 365 days. The money offered under the scheme also calls for revision. It is too little. In my view, the 100 days needs to be revised to 200 days,” he states. COVID-19 has taught some bitter lessons to the migrant labour. One, they do not like to beg, which is what they are having to do now, holding out their hands, even for food, in front of donors of all kinds. When they left the cities without salaries, it dealt a cruel blow to their aspirations. Usually when the migrant labour goes back home, it is with goodies and money for the immediate family. They are warmly welcomed by everyone who want a gift. This time, they have been shunned by all. Governments do not want them, nor do their employers. Doting relatives aren’t waiting for them and there is a sense of despair as they are broke, Rajan explains. Two, food security, which is critical to their concerns, has been overlooked. “Let us take the example of late Tamil Nadu chief minister MGR. When he first mooted the idea of a mid-day meal scheme where food could be served hot to children, there was opposition from the bureaucracy, which complained about the additional strain on the exchequer. MGR brushed all objections aside and asked the officials whether they had ever slept on an empty stomach? The officials had not, and the argument stood clinched.” What the govt should do In Rajan’s estimation, what is needed immediately is a one-time transfer of money, a payment of Rs 25,000 on an emergency basis into the accounts of the migrant labour. “It is like food being distributed during the floods. The migrant is a risk-taker and he is waging a perpetual war against poverty and hunger. His remittances form an important part of the economy. So, this money will come handy as a morale booster,” he explains. Does the public distribution system (PDS) need reform? Rajan believes benefits need to accrue to a family, depending upon the size and their profile. To the most asked question, whether migrant labour, which has gone back, is likely to return, the professor believes that good companies who paid their labour according to rules, will undoubtedly get their workforce back, but firms that have not honoured their commitment, could suffer. “In fact, good companies have not lost their migrant labour,” he offers. Ranjit Bhushan is an independent journalist and former Nehru Fellow at Jamia Millia University. In a career spanning more than three decades, he has worked with Outlook, The Times of India, The Indian Express, the Press Trust of India, Associated Press, Financial Chronicle, and DNA. Summarise this report in a few sentences.
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movement of migrant labour in india must go down as biggest refugee crises. it is the most flagrant violation thus far of the inter-state migration act. the act was enacted to prevent the exploitation of inter-state migrant workmen by contractors. it also requires establishments hiring inter-state migrants to be registered. a vaccine works by mimicking a natural infection.
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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 "Migrant workers from Madhya Pradesh and Uttar Pradesh load their luggage on the roof of a bus as they prepare to depart, in Ahmedabad. (Image:Reuters) The movement of migrant labour in India must go down as the biggest refugee crises in this country and is the most flagrant violation thus far of the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979, says leading expert, S Irudaya Rajan. “Indeed it is hard to believe who is to blame more for this crisis – the central government, state governments or the employers, who decided not to give any salary or benefits of any kind to the labour they had employed. As a matter of fact, the responsibility for this exodus rests with none,” points out Rajan, who is Professor at the Centre for Development Studies, Thiruvananthapuram, and member of the Kerala government’s Expert Committee on COVID-19. A tiger without teeth The Inter-State Migration Act is frankly a tiger without teeth, Rajan explains and says that the post-lockdown period, which sparked off the most unorganised, countrywide movement of migrant labour, represents a contravention of rules that permit travel allowances, salaries and other benefits to such labour prescribed under law. “The labour, which fled, was purely bonded,” he says. The Act was enacted to prevent the exploitation of inter-state migrant workmen by contractors, and to ensure fair and decent conditions of employment. The law requires all establishments hiring inter-state migrants to be registered, and contractors who recruit such workmen be licensed. Contractors are obligated to provide details of all workmen to the relevant authority. Migrant workmen are entitled to wages like other workmen, displacement allowance, journey allowance, and payment of wages during the period of journey. In addition, contractors are also required to ensure regular payment, non-discrimination, provisioning of suitable accommodation, free medical facilities and protective clothing. 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 In Rajan’s view, when the lockdown was announced, it should have offered exemption to migrant labour wanting to return to their native places. They should have been given time. “While there were about 500 infections at the point when the lockdown was announced, today the country has over 1,36,169 infected cases. Obviously, the migrant labour has carried the disease back to wherever and however they have gone,” he explains. Rajan led the prestigious Kerala Migration Survey, 2018. One fallout of COVID-19, Rajan believes, is that the subject of bonded labour, till now confined to broom closets, is out in the open. The pandemic has, unwittingly, provided them the limelight. “It is a vulnerable community, a vast majority of them are in their early twenties and the fact that they are not acceptable either to their employers or to the governments, is a big blow. Migrants need to be mobile and even here, their movement has been curtailed,” he points out. Time to revisit welfare schemes The academic, who has led and conducted the most intensive studies about Keralites’ now-famous migration to the Gulf, believes that the time has come to revisit welfare schemes like the Mahatma Gandhi National Rural Employment Guarantee Act 2005, which was aimed typically at reducing distress migration from rural areas. “MNREGA is 16 years old. It needs change. A salary for 100 days is just not good enough. After all, a person needs to eat all 365 days. The money offered under the scheme also calls for revision. It is too little. In my view, the 100 days needs to be revised to 200 days,” he states. COVID-19 has taught some bitter lessons to the migrant labour. One, they do not like to beg, which is what they are having to do now, holding out their hands, even for food, in front of donors of all kinds. When they left the cities without salaries, it dealt a cruel blow to their aspirations. Usually when the migrant labour goes back home, it is with goodies and money for the immediate family. They are warmly welcomed by everyone who want a gift. This time, they have been shunned by all. Governments do not want them, nor do their employers. Doting relatives aren’t waiting for them and there is a sense of despair as they are broke, Rajan explains. Two, food security, which is critical to their concerns, has been overlooked. “Let us take the example of late Tamil Nadu chief minister MGR. When he first mooted the idea of a mid-day meal scheme where food could be served hot to children, there was opposition from the bureaucracy, which complained about the additional strain on the exchequer. MGR brushed all objections aside and asked the officials whether they had ever slept on an empty stomach? The officials had not, and the argument stood clinched.” What the govt should do In Rajan’s estimation, what is needed immediately is a one-time transfer of money, a payment of Rs 25,000 on an emergency basis into the accounts of the migrant labour. “It is like food being distributed during the floods. The migrant is a risk-taker and he is waging a perpetual war against poverty and hunger. His remittances form an important part of the economy. So, this money will come handy as a morale booster,” he explains. Does the public distribution system (PDS) need reform? Rajan believes benefits need to accrue to a family, depending upon the size and their profile. To the most asked question, whether migrant labour, which has gone back, is likely to return, the professor believes that good companies who paid their labour according to rules, will undoubtedly get their workforce back, but firms that have not honoured their commitment, could suffer. “In fact, good companies have not lost their migrant labour,” he offers. Ranjit Bhushan is an independent journalist and former Nehru Fellow at Jamia Millia University. In a career spanning more than three decades, he has worked with Outlook, The Times of India, The Indian Express, the Press Trust of India, Associated Press, Financial Chronicle, and DNA. Summarise this report in a few sentences." summarise in a few sentences.
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Bharat Bond ETF's second tranche to open for subscription on July 14 Edelweiss AMC launches second tranche of Bharat Bond ETF The festive month of Diwali brought a much-needed boost in online shopping after a muted start to the year in the first half. Ecommerce platforms, retailers and online sellers reported a steady uptick in sales with categories like electronics, food and grocery, and jewellery reporting double digit growth over last year. Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations. Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live Summarise this report in a few sentences.
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second tranche of Bharat Bond ETF to open for subscription on July 14. festive month of Diwali brought a much-needed boost in online shopping. categories like electronics, food and grocery, and jewellery reported double digit growth over last year. Sensex and nifty track latest market news and expert advice on tv. Sensex today live on tv with a 5% rise in the. Sensex.
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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 "Bharat Bond ETF's second tranche to open for subscription on July 14 Edelweiss AMC launches second tranche of Bharat Bond ETF The festive month of Diwali brought a much-needed boost in online shopping after a muted start to the year in the first half. Ecommerce platforms, retailers and online sellers reported a steady uptick in sales with categories like electronics, food and grocery, and jewellery reporting double digit growth over last year. Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations. Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live Summarise this report in a few sentences." summarise in a few sentences.
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Australian shares closed at a one-month high on Tuesday, as better-than-expected data from its biggest trading partner China outweighed fears over the deepening economic impact from the coronavirus pandemic.The S&P/ASX 200 index ended 1.9 per cent higher, or 100.8 points, to 5,387.3.Data showed China's exports in March signalled a modest recovery in the world's second-largest economy, prompting investors to look past a survey that showed domestic business and consumer sentiment falling to a record low in March."The market is still on the hopium that massive government stimulus will save the day," Brad Smoling, managing director at Smoling Stockbroking said."Both supply and demand will take a very long time to heal. I am selling into rallies and see another big downward leg on the horizon."Rising fears of a steeper economic downturn pushed gold prices to a seven-year peak.The Gold index surged 11 per cent to end at its highest in over a month, with largest-listed gold miner Newcrest Mining climbing 12.4 per cent in its best session since November 2008.The energy sub-index rose 1 per cent, as heavyweight Woodside Petroleum gained 0.7 per cent and Oil Search tacked on 1.9 per cent.Oil prices saw a modest rise of 1 per cent even as major producers agreed to rein in supply and the main U.S. energy forecasting agency said shale output in the world's biggest crude producer would see a record fall in April.In the financial sector, all the "Big Four" Australian banks gained over 1 per cent, while no. 3 lender National Australia Bank rose 2.9 per cent.Second-largest lender Westpac Banking Corp reversed early losses to end 2 per cent higher, even after the bank said it expected lower first-half earnings and higher credit losses.New Zealand's benchmark S&P/NZX 50 index gained 2 per cent or 195.12 points to finish the session at 9,963.90, a more than one-month high.Dairy producer A2 Milk Company gained over 5.2 per cent, while New Zealand-listed shares of lender Westpac Banking Corp gained 2.5 per cent. Summarise this report in a few sentences.
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the gold index surges 11 per cent to end at its highest in over a month. gold prices rise 1 per cent as major producers agree to rein in supply. the energy sub-index rises 0.1 per cent as woodside Petroleum gains 0.7 per cent. all the "Big Four" banks gain over 1%, while no. 3 lender National Australia Bank rises 2.9 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 "Australian shares closed at a one-month high on Tuesday, as better-than-expected data from its biggest trading partner China outweighed fears over the deepening economic impact from the coronavirus pandemic.The S&P/ASX 200 index ended 1.9 per cent higher, or 100.8 points, to 5,387.3.Data showed China's exports in March signalled a modest recovery in the world's second-largest economy, prompting investors to look past a survey that showed domestic business and consumer sentiment falling to a record low in March."The market is still on the hopium that massive government stimulus will save the day," Brad Smoling, managing director at Smoling Stockbroking said."Both supply and demand will take a very long time to heal. I am selling into rallies and see another big downward leg on the horizon."Rising fears of a steeper economic downturn pushed gold prices to a seven-year peak.The Gold index surged 11 per cent to end at its highest in over a month, with largest-listed gold miner Newcrest Mining climbing 12.4 per cent in its best session since November 2008.The energy sub-index rose 1 per cent, as heavyweight Woodside Petroleum gained 0.7 per cent and Oil Search tacked on 1.9 per cent.Oil prices saw a modest rise of 1 per cent even as major producers agreed to rein in supply and the main U.S. energy forecasting agency said shale output in the world's biggest crude producer would see a record fall in April.In the financial sector, all the "Big Four" Australian banks gained over 1 per cent, while no. 3 lender National Australia Bank rose 2.9 per cent.Second-largest lender Westpac Banking Corp reversed early losses to end 2 per cent higher, even after the bank said it expected lower first-half earnings and higher credit losses.New Zealand's benchmark S&P/NZX 50 index gained 2 per cent or 195.12 points to finish the session at 9,963.90, a more than one-month high.Dairy producer A2 Milk Company gained over 5.2 per cent, while New Zealand-listed shares of lender Westpac Banking Corp gained 2.5 per cent. Summarise this report in a few sentences." summarise in a few sentences.
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pawan nahar | Bloomberg | Updated: 10 Jan 2020, 2:44 pm गूगल की पेरंट कंपनी अल्फाबेट के शेयर ने गुरुवार को 1.7 फीसदी की छलांग लगाई. कई विश्लेषकों ने इस शेयर के लिए अच्छी संभावनाएं जताई है. Summarise this report in a few sentences.
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nahar: 1.7
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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 "pawan nahar | Bloomberg | Updated: 10 Jan 2020, 2:44 pm गूगल की पेरंट कंपनी अल्फाबेट के शेयर ने गुरुवार को 1.7 फीसदी की छलांग लगाई. कई विश्लेषकों ने इस शेयर के लिए अच्छी संभावनाएं जताई है. Summarise this report in a few sentences." summarise in a few sentences.
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New Delhi: Last Friday, Disney’s space western Solo: A Star Wars Story opened to net box office collections of Rs35-40 lakh in India. This was an all-time low even by overall standards of the Star Wars series, which has consistently failed to draw crowds in India over the last few years. In 2015, Stars Wars: The Force Awakens made Rs4.58 crore on its opening day while the 2017 release Star Wars: The Last Jedi managed Rs2 crore on its first day. At a time when the biggest Hollywood blockbusters, Disney’s own Avengers: Infinity War and The Jungle Book have opened to collections of Rs31.30 crore and Rs10.09 crore respectively in India, industry experts say there are concrete reasons to Indian audiences not lapping up the otherwise iconic Star Wars brand. “From a content perspective, the Star Wars films have not been able to keep audiences engaged or engrossed," said Atul Mohan, editor of trade magazine Complete Cinema. “The fact that the older editions didn’t do well explains the little hope or expectation from Solo." Film critic Mihir Fadnavis added that The Force Awakens came after years of waiting in 2015 and it actually delivered on the hype, so naturally it did well. “Rogue One clung on to the coat tails of Force Awakens and despite some problems, it was a fairly good movie — so that did well. The Last Jedi is when the franchise actually took a hit — it got a severely mixed reception and the negative word-of-mouth sort of carried on to Solo," Fadnavis explained, adding that Solo had its share of bad press due to its behind-the-scenes drama, which didn’t help either. The film, which made about $103 million over the weekend in North America, is the lowest earner among the new Star Wars offerings after Disney took over Lucasfilm. The movie has also had its share of production problems, as directors Phil Lord and Christopher Miller quit the project after creative disagreements and Ron Howard was brought in. The casting of Alden Ehrenreich as the male lead has also been questioned, after legendary actor Harrison Ford played the iconic character for years. “The film isn’t good so that was the final nail in the coffin," Fadnavis said. The 40-year-old movie franchise may have its share of die-hard fans but industry experts point out that there has never been an effort to localise the Star Wars brand for India, especially when there is so much competition from newer blockbuster franchises like Spiderman, James Bond or Marvel products. “Most of these franchises have been given an India-centric focus, from merchandising to local promotions to fan engagement methods and they have made that kind of investment for years without even making real returns. You need that kind of push for your characters to become household names," said film distributor and exhibitor Akshaye Rathi. Most recently, apart from bringing out regional language versions and tying up with home-grown brands, American studios have looked at getting top Bollywood stars to dub for localised versions of Hollywood films (trade experts say Ranveer Singh’s contribution to the success of Deadpool 2 cannot be overstated) and customising trailers, promotional material and even actual dialogue in the films to suit Indian tastes. The fact that Star Wars has never received that kind of nurturing alienates kids and younger audiences not as familiar with the brand. “You have to cultivate potential for a film in a way that it becomes entertaining for any and all audiences. The fact that India is one of the top 10 box office markets in the world for Avengers is proof of how much can be accomplished," Rathi said. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Summarise this report in a few sentences.
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the film made about $103 million over the weekend in North America. it is the lowest earner among the new Star Wars offerings after Disney took over Lucasfilm. the casting of Alden Ehrenreich as the male lead has also been questioned. the 40-year-old movie franchise may be a flop. but it is still a popular choice among fans.
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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: Last Friday, Disney’s space western Solo: A Star Wars Story opened to net box office collections of Rs35-40 lakh in India. This was an all-time low even by overall standards of the Star Wars series, which has consistently failed to draw crowds in India over the last few years. In 2015, Stars Wars: The Force Awakens made Rs4.58 crore on its opening day while the 2017 release Star Wars: The Last Jedi managed Rs2 crore on its first day. At a time when the biggest Hollywood blockbusters, Disney’s own Avengers: Infinity War and The Jungle Book have opened to collections of Rs31.30 crore and Rs10.09 crore respectively in India, industry experts say there are concrete reasons to Indian audiences not lapping up the otherwise iconic Star Wars brand. “From a content perspective, the Star Wars films have not been able to keep audiences engaged or engrossed," said Atul Mohan, editor of trade magazine Complete Cinema. “The fact that the older editions didn’t do well explains the little hope or expectation from Solo." Film critic Mihir Fadnavis added that The Force Awakens came after years of waiting in 2015 and it actually delivered on the hype, so naturally it did well. “Rogue One clung on to the coat tails of Force Awakens and despite some problems, it was a fairly good movie — so that did well. The Last Jedi is when the franchise actually took a hit — it got a severely mixed reception and the negative word-of-mouth sort of carried on to Solo," Fadnavis explained, adding that Solo had its share of bad press due to its behind-the-scenes drama, which didn’t help either. The film, which made about $103 million over the weekend in North America, is the lowest earner among the new Star Wars offerings after Disney took over Lucasfilm. The movie has also had its share of production problems, as directors Phil Lord and Christopher Miller quit the project after creative disagreements and Ron Howard was brought in. The casting of Alden Ehrenreich as the male lead has also been questioned, after legendary actor Harrison Ford played the iconic character for years. “The film isn’t good so that was the final nail in the coffin," Fadnavis said. The 40-year-old movie franchise may have its share of die-hard fans but industry experts point out that there has never been an effort to localise the Star Wars brand for India, especially when there is so much competition from newer blockbuster franchises like Spiderman, James Bond or Marvel products. “Most of these franchises have been given an India-centric focus, from merchandising to local promotions to fan engagement methods and they have made that kind of investment for years without even making real returns. You need that kind of push for your characters to become household names," said film distributor and exhibitor Akshaye Rathi. Most recently, apart from bringing out regional language versions and tying up with home-grown brands, American studios have looked at getting top Bollywood stars to dub for localised versions of Hollywood films (trade experts say Ranveer Singh’s contribution to the success of Deadpool 2 cannot be overstated) and customising trailers, promotional material and even actual dialogue in the films to suit Indian tastes. The fact that Star Wars has never received that kind of nurturing alienates kids and younger audiences not as familiar with the brand. “You have to cultivate potential for a film in a way that it becomes entertaining for any and all audiences. The fact that India is one of the top 10 box office markets in the world for Avengers is proof of how much can be accomplished," Rathi said. 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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Item 7A. Quantitative and Qualitative Disclosures About Market Risk We have exposure to a variety of market risks, including the effects of interest rates, fuel prices, and foreign exchange rates. Interest Rates To provide adequate funding through seasonal business cycles and minimize overall borrowing costs, we utilize both fixed rate and variable rate financial instruments with varying maturities. At December 31, 2020, we had approximately 19% of our outstanding debt at fixed rates. The table below provides information regarding the weighted average effective interest rates on our fixed-rate debt as of December 31, 2020. A significant portion of the outstanding variable rate debt is currently determined by various LIBOR rates subject to a floor of 1.0% plus fixed margins ranging from 3.5% to 7.5%. Based on a 3-month LIBOR, a 100 basis point change in the interest rates that applied during the year to our variable rate long-term debt would not have a material impact to either our interest expense or our net income (loss) before taxes. Our evaluation of this exposure included consideration of relevant circumstances, inclusive of the 1.0% floor. We expect that the LIBOR rate will be discontinued during 2021 and will utilize a suitable replacement rate as outlined in our debt agreements. We do not believe that the discontinuation of LIBOR as a reference rate in our debt agreements will have a material adverse effect on our financial position or materially affect our interest expense. Fuel Prices The Company currently has fuel surcharge programs in place. These programs are well established within the industry and customer acceptance of fuel surcharges remains high. Since the amount of fuel surcharge is generally based on average, national diesel fuel prices and is reset weekly, our exposure to fuel price volatility is reduced. In general, under our present fuel surcharge programs, we believe that while rising fuel prices are beneficial to us and falling fuel prices are detrimental to us in the short term, the effects are mitigated over time. We cannot predict the extent to which volatile fluctuations in fuel prices will continue in the future or the extent to which fuel surcharges could be collected to offset fuel-price increases. Foreign Exchange Rates Revenue, operating expenses, assets and liabilities of our Canadian operations are often denominated in local currency, thereby creating limited exposure to fluctuations in exchange rates. The risks related to foreign currency exchange rates are not significant to our consolidated financial position or results of operations. Item 8. Summarise this report in a few sentences.
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Summary:
The Company has exposure to a variety of market risks, including the effects of interest rates, fuel prices, and foreign exchange rates. 19% of the Company's outstanding debt is at fixed rates, and a significant portion of the variable rate debt is determined by LIBOR rates subject to a floor of 1.0%. The Company has fuel surcharge programs in place to mitigate fuel price volatility, and foreign currency exchange rate risks are not significant to the Company's financial position or results of operations.
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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 7A. Quantitative and Qualitative Disclosures About Market Risk We have exposure to a variety of market risks, including the effects of interest rates, fuel prices, and foreign exchange rates. Interest Rates To provide adequate funding through seasonal business cycles and minimize overall borrowing costs, we utilize both fixed rate and variable rate financial instruments with varying maturities. At December 31, 2020, we had approximately 19% of our outstanding debt at fixed rates. The table below provides information regarding the weighted average effective interest rates on our fixed-rate debt as of December 31, 2020. A significant portion of the outstanding variable rate debt is currently determined by various LIBOR rates subject to a floor of 1.0% plus fixed margins ranging from 3.5% to 7.5%. Based on a 3-month LIBOR, a 100 basis point change in the interest rates that applied during the year to our variable rate long-term debt would not have a material impact to either our interest expense or our net income (loss) before taxes. Our evaluation of this exposure included consideration of relevant circumstances, inclusive of the 1.0% floor. We expect that the LIBOR rate will be discontinued during 2021 and will utilize a suitable replacement rate as outlined in our debt agreements. We do not believe that the discontinuation of LIBOR as a reference rate in our debt agreements will have a material adverse effect on our financial position or materially affect our interest expense. Fuel Prices The Company currently has fuel surcharge programs in place. These programs are well established within the industry and customer acceptance of fuel surcharges remains high. Since the amount of fuel surcharge is generally based on average, national diesel fuel prices and is reset weekly, our exposure to fuel price volatility is reduced. In general, under our present fuel surcharge programs, we believe that while rising fuel prices are beneficial to us and falling fuel prices are detrimental to us in the short term, the effects are mitigated over time. We cannot predict the extent to which volatile fluctuations in fuel prices will continue in the future or the extent to which fuel surcharges could be collected to offset fuel-price increases. Foreign Exchange Rates Revenue, operating expenses, assets and liabilities of our Canadian operations are often denominated in local currency, thereby creating limited exposure to fluctuations in exchange rates. The risks related to foreign currency exchange rates are not significant to our consolidated financial position or results of operations. Item 8. Summarise this report in a few sentences." summarise in a few sentences.
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The economy seems to be coming back on track with an impressive 7.7 per cent growth in the March quarter, experts said today, expecting the trend to improve further in the current fiscal.Robust performance by manufacturing, construction and service sectors and good farm output pushed the India's January-March 2018 GDP growth to a seven-quarter high of 7.7 per cent, helping it retain the fastest growing major economy tag.The rebound in growth reinforces that the economy is back on track and is set for a strong recovery after the period of disruptions sparked by demonetisation and GST implementation, industry body CII said in a statement.The significant expansion in GDP print has sprung a positive surprise by notching up an impressive growth of 7.7 per cent in the fourth quarter of 2017-18 and "marginally overshoots the advance estimates of GDP released earlier this year", said CII Director General Chandrajit Banerjee.The gross domestic product (GDP) in the March quarter remained higher than market expectations -- the highest in seven quarters -- even as the overall growth of 6.7 per cent during the year was the lowest in last four fiscal years, Devendra Pant, Chief Economist at India Ratings, said."Worrying trend is lowest core GVA (gross value added) growth (GVA excluding agriculture and public administration, defense and other services), it grew only 6.5 per cent in FY18 (previous low: 6.6 per cent in 2013-14). However, increasing quarterly year on year growth of manufacturing and construction throughout 2017-18 is encouraging. We believe this trend to improve further in FY19," Pant said.Industry chamber Assocham said the GDP estimates in March quarter are in line with the expectations and indicates significant growth recovery."While Indian economy is in cyclical recovery led by both investment and consumption, however, higher oil prices and tighter financial conditions will weigh on the pace of acceleration," Assocham secretary general D S Rawat said."As India imports over two-thirds of its crude requirement, any surge in crude prices has the potential to upset growth projection," he added.The industry body has emphasised the need to sustain the growth momentum, while suggest the policy makers to take steps to revive private investments following the recent push to accelerate infrastructure spending as well as to improve the business climate and (eventually) less leveraged corporate and banks' balance sheets.Aditi Nayar, Principal Economist, ICRA, said, "We expect the economic growth to consolidate above 7 per cent in 2018-19, on the back of the continued benefits of the implementation of the GST, healthy consumption demand, government expenditure, and a back-ended pickup in investment activity."However, the ability of the public sector banks to support lending growth, the risk of monetary tightening and trade wars, and the impact of higher crude oil prices on purchasing power of consumers and corporate earnings have emerged as risks."The ratings firms expects the GDP and GVA growth to improve to 7.1 per cent and 7 per cent, respectively, in 2018-19, from 6.7 per cent and 6.5 per cent a year ago.Ranen Banerjee, Partner and Leader - Public Finance and Economics, PwC India, said the high growth rate reported in quarter is on expected lines and that the rural demand is indicating a revival."We should however be wary of the headwinds the economy faces in the coming quarters from higher crude prices feeding into inflation and rising inflation expectations. We hope the Monetary Policy Committee would not press the panic button that could create further friction on growth rate and would continue to hold on to the interest rates," he said.Banerjee of CII expect fresh investments as well as capacity creation in current fiscal as the demand cycle improves further based on tailwinds created by factors such as prognosis of a good monsoon, increased government spending and favourable global growth."Moreover, a slew of game-changing reforms such as GST, bankruptcy code, and steps to improve ease of doing business would strengthen the growth drivers, going forward," CII said. Summarise this report in a few sentences.
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india's economy is back on track with 7.7% growth in the March quarter. industry chamber says the growth is in line with expectations. india is the fastest growing major economy in the world. the rebound in growth is expected to improve further in the current fiscal. a sluggish economy is a major challenge for the country. a sluggish economy is a major challenge for the country.
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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 economy seems to be coming back on track with an impressive 7.7 per cent growth in the March quarter, experts said today, expecting the trend to improve further in the current fiscal.Robust performance by manufacturing, construction and service sectors and good farm output pushed the India's January-March 2018 GDP growth to a seven-quarter high of 7.7 per cent, helping it retain the fastest growing major economy tag.The rebound in growth reinforces that the economy is back on track and is set for a strong recovery after the period of disruptions sparked by demonetisation and GST implementation, industry body CII said in a statement.The significant expansion in GDP print has sprung a positive surprise by notching up an impressive growth of 7.7 per cent in the fourth quarter of 2017-18 and "marginally overshoots the advance estimates of GDP released earlier this year", said CII Director General Chandrajit Banerjee.The gross domestic product (GDP) in the March quarter remained higher than market expectations -- the highest in seven quarters -- even as the overall growth of 6.7 per cent during the year was the lowest in last four fiscal years, Devendra Pant, Chief Economist at India Ratings, said."Worrying trend is lowest core GVA (gross value added) growth (GVA excluding agriculture and public administration, defense and other services), it grew only 6.5 per cent in FY18 (previous low: 6.6 per cent in 2013-14). However, increasing quarterly year on year growth of manufacturing and construction throughout 2017-18 is encouraging. We believe this trend to improve further in FY19," Pant said.Industry chamber Assocham said the GDP estimates in March quarter are in line with the expectations and indicates significant growth recovery."While Indian economy is in cyclical recovery led by both investment and consumption, however, higher oil prices and tighter financial conditions will weigh on the pace of acceleration," Assocham secretary general D S Rawat said."As India imports over two-thirds of its crude requirement, any surge in crude prices has the potential to upset growth projection," he added.The industry body has emphasised the need to sustain the growth momentum, while suggest the policy makers to take steps to revive private investments following the recent push to accelerate infrastructure spending as well as to improve the business climate and (eventually) less leveraged corporate and banks' balance sheets.Aditi Nayar, Principal Economist, ICRA, said, "We expect the economic growth to consolidate above 7 per cent in 2018-19, on the back of the continued benefits of the implementation of the GST, healthy consumption demand, government expenditure, and a back-ended pickup in investment activity."However, the ability of the public sector banks to support lending growth, the risk of monetary tightening and trade wars, and the impact of higher crude oil prices on purchasing power of consumers and corporate earnings have emerged as risks."The ratings firms expects the GDP and GVA growth to improve to 7.1 per cent and 7 per cent, respectively, in 2018-19, from 6.7 per cent and 6.5 per cent a year ago.Ranen Banerjee, Partner and Leader - Public Finance and Economics, PwC India, said the high growth rate reported in quarter is on expected lines and that the rural demand is indicating a revival."We should however be wary of the headwinds the economy faces in the coming quarters from higher crude prices feeding into inflation and rising inflation expectations. We hope the Monetary Policy Committee would not press the panic button that could create further friction on growth rate and would continue to hold on to the interest rates," he said.Banerjee of CII expect fresh investments as well as capacity creation in current fiscal as the demand cycle improves further based on tailwinds created by factors such as prognosis of a good monsoon, increased government spending and favourable global growth."Moreover, a slew of game-changing reforms such as GST, bankruptcy code, and steps to improve ease of doing business would strengthen the growth drivers, going forward," CII said. Summarise this report in a few sentences." summarise in a few sentences.
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MUMBAI: RBI Deputy Governor Michael Patra on Friday said supply-side issues, including profit maximisation at retailers' end, are hurting the inflation situation, which has breached the central bank's comfort level in the past few months. There is a window for cooling off in prices presented by the softness in vegetable prices in winters and arrivals of the kharif or summer crop, Patra said affirming that the RBI is watchful of the demand-side issues.Earlier in the day, RBI Governor Shaktikanta Das said the inflation trajectory has not panned as per the central bank's expectations and upped its target for the price rise situation in the next one year."At current time, our assessment is that the large part of inflation pressures are emanating out of supply-side disruptions (like) at the level of retailer, very high margins being charged by the retailers and some amount of indirect taxes," Patra told reporters.Pointing to the two points that can soften the prices, he added, "if supply side management is timely and effective, you will see the trajectory of inflation completely changing."The director general said the guidance given by the governor says the window is a chance for supply-side management which is the prime instrument to use at this juncture to produce a different trajectory of inflation.Meanwhile, Das said there is no plan to take the Wholesale Price Index-bases inflation as an anchor for determining monetary policy, and added that the central bank will continue to stick to the current Consumer Price Index-based inflation.In the remarks, which come ahead of a new framework to be adopted by the RBI on inflation targeting, Das also said the final call on this will be taken by the government, which will guide the RBI in the medium term.The governor also said the inflation targeting, which finds a place in the RBI Act, continues to be an important aspect for the central bank.Currently, the RBI is contract bound to get the inflation at 4 per cent as part of a medium-term framework which gets over in March 2021. The central bank has a two percentage point leeway on either side and has to explain if the price rise situation misses the 2-6 per cent level for over six months in a row. In September, the headline inflation came at 7.3 per cent and the same increased to 7.6 per cent in October.On liquidity, Patra said the Monetary Policy Committee has adopted an accommodative stance and has given a time-bound guidance on the same.He acknowledged that excess liquidity can sow the seeds of inflation but said the RBI is keeping a careful and close watch on liquidity situation for this.On the foreign exchange strategies, Das said the RBI's function is to ensure that there is no volatility in the market and the high quantum of foreign portfolio investment and foreign direct investment flows are smoothly absorbed.When asked if more asset quality difficulties should be expected at banks, Das said the RBI has done its internal assessments and is looking forward to the final judgement from the Supreme Court on ways to recognise the stress induced by the COVID-19 pandemic.The half-yearly financial stability report (FSR) will come up with the expectations at the end of this month, Das said. The economy has rebounded better than what was expected while preparing the last FSR in March, he added. Summarise this report in a few sentences.
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Deputy governor says supply-side issues are hurting inflation. he says there is a window for cooling off in prices. RBI governor says inflation trajectory has not panned as per expectations. he says there is no plan to take wholesale price index-based inflation as anchor. he says the government will take final call on inflation targeting. a new framework will be adopted by the RBI on inflation targeting.
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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: RBI Deputy Governor Michael Patra on Friday said supply-side issues, including profit maximisation at retailers' end, are hurting the inflation situation, which has breached the central bank's comfort level in the past few months. There is a window for cooling off in prices presented by the softness in vegetable prices in winters and arrivals of the kharif or summer crop, Patra said affirming that the RBI is watchful of the demand-side issues.Earlier in the day, RBI Governor Shaktikanta Das said the inflation trajectory has not panned as per the central bank's expectations and upped its target for the price rise situation in the next one year."At current time, our assessment is that the large part of inflation pressures are emanating out of supply-side disruptions (like) at the level of retailer, very high margins being charged by the retailers and some amount of indirect taxes," Patra told reporters.Pointing to the two points that can soften the prices, he added, "if supply side management is timely and effective, you will see the trajectory of inflation completely changing."The director general said the guidance given by the governor says the window is a chance for supply-side management which is the prime instrument to use at this juncture to produce a different trajectory of inflation.Meanwhile, Das said there is no plan to take the Wholesale Price Index-bases inflation as an anchor for determining monetary policy, and added that the central bank will continue to stick to the current Consumer Price Index-based inflation.In the remarks, which come ahead of a new framework to be adopted by the RBI on inflation targeting, Das also said the final call on this will be taken by the government, which will guide the RBI in the medium term.The governor also said the inflation targeting, which finds a place in the RBI Act, continues to be an important aspect for the central bank.Currently, the RBI is contract bound to get the inflation at 4 per cent as part of a medium-term framework which gets over in March 2021. The central bank has a two percentage point leeway on either side and has to explain if the price rise situation misses the 2-6 per cent level for over six months in a row. In September, the headline inflation came at 7.3 per cent and the same increased to 7.6 per cent in October.On liquidity, Patra said the Monetary Policy Committee has adopted an accommodative stance and has given a time-bound guidance on the same.He acknowledged that excess liquidity can sow the seeds of inflation but said the RBI is keeping a careful and close watch on liquidity situation for this.On the foreign exchange strategies, Das said the RBI's function is to ensure that there is no volatility in the market and the high quantum of foreign portfolio investment and foreign direct investment flows are smoothly absorbed.When asked if more asset quality difficulties should be expected at banks, Das said the RBI has done its internal assessments and is looking forward to the final judgement from the Supreme Court on ways to recognise the stress induced by the COVID-19 pandemic.The half-yearly financial stability report (FSR) will come up with the expectations at the end of this month, Das said. The economy has rebounded better than what was expected while preparing the last FSR in March, he added. Summarise this report in a few sentences." summarise in a few sentences.
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The government is likely to ask the next Finance Commission to consider a higher weight for the human development index (HDI) and sustainable development goals (SDGs) while recommending the distribution of resources among states. US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences.
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as more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. women are playing key roles in several ongoing boardroom conflicts. women are playing key roles in several ongoing family disputes. reflects the rise in the number of women in positions where they can have their say. if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in india, the government will likely consider a higher weight for the HDI and sustainable development goals (S
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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 is likely to ask the next Finance Commission to consider a higher weight for the human development index (HDI) and sustainable development goals (SDGs) while recommending the distribution of resources among states. US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Read Economic Times Epaper. Top Trending Stocks: SBI Share Price Summarise this report in a few sentences." summarise in a few sentences.
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After a gap of over 25 years, Central Public Works Department has removed the ban on use of timber in construction of buildings and habitat projects. The decision of the CPWD, the prime construction agency of the central government, comes after the Union Environment ministry asked the department to remove the ban, saying it will create demand for wood-based industries that would spur the local economy and create large scale employment. The CPWD, which comes under the Union Housing and Urban Affairs Ministry, said the use of timber in the agency works had been banned in 1993. "The MoEFCC has asked to remove the ban on use of wood in construction, since it will create demand for wood-based industries that would spur the local economy, particularly in rural areas, create large scale employment and encourage farmers and others to bring degraded areas under tree cover that, in turn, will augment production of a multitude ecosystem services for the benefit of the country," the CPWD said in an office memorandum. It also stated that wood is a versatile renewable construction material and the life cycle economic cost of timber is also often much lower. "As India has committed to an UNFCCC-NDC target (the United Nations Framework Convention on Climate Change - Nationally Determined Contributions) of creating additional sink of 2.5-3 billion MT of CO2 equivalent through additional forest and tree cover by 2030, raising the demand for forest products including wood so as to create a favourable investment ecosystem for planting more trees is an imperative," the CPWD memo also said. "Therefore, it has been decided to remove the ban on use of timber in construction and to promote its use in construction of buildings/habitat development," it added. The CPWD is the government's largest construction agency and it executes major projects of the Centre as well as the state governments. It also looks after maintenance of central government buildings and erecting fences on the country's international borders, among others. The agency also carries out projects in foreign countries under friendship programmes with India. Summarise this report in a few sentences.
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the central public works department has removed the ban on use of timber in construction. the agency is the government's largest construction agency. the ban was removed after the union environment ministry asked the department to remove it. the agency says it will create demand for wood-based industries that would spur the local economy. the agency also says that wood is a versatile renewable construction material.
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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 a gap of over 25 years, Central Public Works Department has removed the ban on use of timber in construction of buildings and habitat projects. The decision of the CPWD, the prime construction agency of the central government, comes after the Union Environment ministry asked the department to remove the ban, saying it will create demand for wood-based industries that would spur the local economy and create large scale employment. The CPWD, which comes under the Union Housing and Urban Affairs Ministry, said the use of timber in the agency works had been banned in 1993. "The MoEFCC has asked to remove the ban on use of wood in construction, since it will create demand for wood-based industries that would spur the local economy, particularly in rural areas, create large scale employment and encourage farmers and others to bring degraded areas under tree cover that, in turn, will augment production of a multitude ecosystem services for the benefit of the country," the CPWD said in an office memorandum. It also stated that wood is a versatile renewable construction material and the life cycle economic cost of timber is also often much lower. "As India has committed to an UNFCCC-NDC target (the United Nations Framework Convention on Climate Change - Nationally Determined Contributions) of creating additional sink of 2.5-3 billion MT of CO2 equivalent through additional forest and tree cover by 2030, raising the demand for forest products including wood so as to create a favourable investment ecosystem for planting more trees is an imperative," the CPWD memo also said. "Therefore, it has been decided to remove the ban on use of timber in construction and to promote its use in construction of buildings/habitat development," it added. The CPWD is the government's largest construction agency and it executes major projects of the Centre as well as the state governments. It also looks after maintenance of central government buildings and erecting fences on the country's international borders, among others. The agency also carries out projects in foreign countries under friendship programmes with India. Summarise this report in a few sentences." summarise in a few sentences.
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A US-based think tank has called for a more streamlined H-1B visa process to help US companies access skilled foreign talent and boost innovation.The Committee for Economic Development (CED), which is the public policy centre of New Yorkbased think tank The Conference Board , sought the changes in a report published last week.They include a better pathway to permanent residence for H-1B workers, a fast track entry programme for top international recruits and an annual allocation for ‘place-based visas.’ The Conference Board’s trustees are business executives, but the recommendations of the CED are not necessarily endorsed by all of its trustees, advisers, contributors or staff members."By one estimate, the direct contribution of foreign-born labour to US economic output in 2016 clocked in at around $2 trillion," said Paul Decker, President and CEO of Mathematica and cochair of CED's Workforce Subcommittee, which helped produce the report. "By putting in place smarter immigration policies, indemand foreign workers can make an even greater contribution, generating more prosperity for both themselves and the US economy more broadly," Decker said.CED’s recommendations come at a time when US President Donald Trump has stepped up restrictions on immigration and is heading into an election year where he is seeking a second term. “The native-born population of the US is projected to increase by an average of just 0.4% per year over the next four decades," said Howard Fluhr, Chairman Emeritus of Segal and co-chair of CED's Workforce Subcommittee. “Amid this daunting slowdown, immigration reform represents a feasible path for boosting workforce – and ultimately, prosperity.”The study called for widespread immigration reform, which includes shifting to quarterly or monthly allotments of visas, giving visas on priority for eligible applicants with the highest offered salaries and instituting a mechanism to modestly increase or decrease the number of available visas based on recent demand.The H-1B visa random lottery should be replaced with a modified, wage-ranking approach, it suggested. At present, the US issues 65,000 H-1B non-immigrant visas annually, and another 20,000 for applicants with a master’s degree. Last year, the US Citizenship and Immigration Services received over 2,00,000 applications for these 85,000 visas.The report also made a case to create an easier path to residency for visa holders, allowing them to nominate themselves for permanent resident status and offering temporary work authorisation for spouses of visa holders who are on track for permanent residence status. At present, spouses can work in the US on the H-4 Employment Authorisation Document, but there is an ongoing lawsuit to do away with the employment permit, which may be resolved later this year.Some of the suggestions have been brought up before by President Trump as part of his intended immigration reform, like adopting a points-based immigration selection process to fast track a highly qualified foreign worker towards resident status. Summarise this report in a few sentences.
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the Committee for Economic Development (CED) is the public policy centre of the new york-based think tank The Conference Board. it sought the changes in a report published last week. they include a better pathway to permanent residence for H-1B workers, a fast track entry programme for top international recruits and an annual allocation for 'place-based visas'
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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 US-based think tank has called for a more streamlined H-1B visa process to help US companies access skilled foreign talent and boost innovation.The Committee for Economic Development (CED), which is the public policy centre of New Yorkbased think tank The Conference Board , sought the changes in a report published last week.They include a better pathway to permanent residence for H-1B workers, a fast track entry programme for top international recruits and an annual allocation for ‘place-based visas.’ The Conference Board’s trustees are business executives, but the recommendations of the CED are not necessarily endorsed by all of its trustees, advisers, contributors or staff members."By one estimate, the direct contribution of foreign-born labour to US economic output in 2016 clocked in at around $2 trillion," said Paul Decker, President and CEO of Mathematica and cochair of CED's Workforce Subcommittee, which helped produce the report. "By putting in place smarter immigration policies, indemand foreign workers can make an even greater contribution, generating more prosperity for both themselves and the US economy more broadly," Decker said.CED’s recommendations come at a time when US President Donald Trump has stepped up restrictions on immigration and is heading into an election year where he is seeking a second term. “The native-born population of the US is projected to increase by an average of just 0.4% per year over the next four decades," said Howard Fluhr, Chairman Emeritus of Segal and co-chair of CED's Workforce Subcommittee. “Amid this daunting slowdown, immigration reform represents a feasible path for boosting workforce – and ultimately, prosperity.”The study called for widespread immigration reform, which includes shifting to quarterly or monthly allotments of visas, giving visas on priority for eligible applicants with the highest offered salaries and instituting a mechanism to modestly increase or decrease the number of available visas based on recent demand.The H-1B visa random lottery should be replaced with a modified, wage-ranking approach, it suggested. At present, the US issues 65,000 H-1B non-immigrant visas annually, and another 20,000 for applicants with a master’s degree. Last year, the US Citizenship and Immigration Services received over 2,00,000 applications for these 85,000 visas.The report also made a case to create an easier path to residency for visa holders, allowing them to nominate themselves for permanent resident status and offering temporary work authorisation for spouses of visa holders who are on track for permanent residence status. At present, spouses can work in the US on the H-4 Employment Authorisation Document, but there is an ongoing lawsuit to do away with the employment permit, which may be resolved later this year.Some of the suggestions have been brought up before by President Trump as part of his intended immigration reform, like adopting a points-based immigration selection process to fast track a highly qualified foreign worker towards resident status. Summarise this report in a few sentences." summarise in a few sentences.
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In these times of uncertainty, investors prefer to be invested in a safer asset class where preference moves towards the world's reserve currency which is US dollars, Dollar Index is at a 10-Year High, Hemang Kapasi, Portfolio Manager – Equity Investment Products, Sanctum Wealth Management Private Ltd, said in an interview with Moneycontrol’s Kshitij Anand. Edited excerpt: Q) There is plenty of fear on D-Street. Sensex and Nifty are now trading below their crucial support levels. What is the way forward for the markets amid the spread of COVID-19? A) Global markets are correcting due to the spread of the pandemic virus and sell-off in the Indian market is on similar lines with other emerging markets. As markets don't like uncertainty, investors are looking to sit on side-line and be in cash till the clarity emerges. Markets are reacting to fear hence it is difficult to predict an exact bottom. A lot of businesses are available at multiyear low valuations, people with longer-term horizons should invest in a staggered manner to take advantage of these prices rather than try to predict the bottom 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) A Lot of stocks have declared a dividend in March. Is it because of FY ending? A) Companies generally declare dividends during the second half of the financial year. Public sector undertakings announce dividends towards the end of fiscal to aid in shoring up government revenues. Additionally, some companies might be giving dividend early to take some tax benefits Q) Looking at the recent fall some reports have surfaced that promoters have started buying the shares. Can this environment can turn out to be a good buyback opportunity? A) Considering the fall is so sharp in prices if promoters feel that the value of their business is currently below the long-term intrinsic value and the balance sheet of the company supports doing buyback than it’s a very good opportunity to maximise shareholder value by doing a buyback. Q) Rupee breached Rs 76/USD last week. What led to the fall and what is the way ahead for the currency and the stocks which are likely to benefit the most from the sudden depreciation? A) During times of uncertainty investors prefer to be in a safer asset class where preference moves towards the world's reserve currency which is US dollars, Dollar Index is at 10 year high. Having said that Indian Rupee has performed inline or better than other emerging markets currencies. Rupee depreciation benefits export-oriented companies and sectors like Information technology, Chemicals, and Pharma which have a sizeable export business. But, demand for exports in the short term is again going to be weak. While companies having dollar-denominated debt would be impacted due to Rupee depreciation Q) More than 50% of the Nifty50 stocks have touched their 52-week/multi-year lows. Is there any historic reference that suggests that the worst is over, and should investors base their decision to buy stocks based on stocks that are hitting their record lows? A) History may not repeat but it does rhyme. Every fall is not the same but similar. It is a good time to pick up businesses having longevity as prices are attractive. But, investors cannot expect to reap benefits immediately as markets don't like uncertainty. 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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dollar index is at a 10-year high, according to a new report. global markets are correcting due to the spread of the pandemic virus. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine works by mimicking a natural infection.
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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 these times of uncertainty, investors prefer to be invested in a safer asset class where preference moves towards the world's reserve currency which is US dollars, Dollar Index is at a 10-Year High, Hemang Kapasi, Portfolio Manager – Equity Investment Products, Sanctum Wealth Management Private Ltd, said in an interview with Moneycontrol’s Kshitij Anand. Edited excerpt: Q) There is plenty of fear on D-Street. Sensex and Nifty are now trading below their crucial support levels. What is the way forward for the markets amid the spread of COVID-19? A) Global markets are correcting due to the spread of the pandemic virus and sell-off in the Indian market is on similar lines with other emerging markets. As markets don't like uncertainty, investors are looking to sit on side-line and be in cash till the clarity emerges. Markets are reacting to fear hence it is difficult to predict an exact bottom. A lot of businesses are available at multiyear low valuations, people with longer-term horizons should invest in a staggered manner to take advantage of these prices rather than try to predict the bottom 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) A Lot of stocks have declared a dividend in March. Is it because of FY ending? A) Companies generally declare dividends during the second half of the financial year. Public sector undertakings announce dividends towards the end of fiscal to aid in shoring up government revenues. Additionally, some companies might be giving dividend early to take some tax benefits Q) Looking at the recent fall some reports have surfaced that promoters have started buying the shares. Can this environment can turn out to be a good buyback opportunity? A) Considering the fall is so sharp in prices if promoters feel that the value of their business is currently below the long-term intrinsic value and the balance sheet of the company supports doing buyback than it’s a very good opportunity to maximise shareholder value by doing a buyback. Q) Rupee breached Rs 76/USD last week. What led to the fall and what is the way ahead for the currency and the stocks which are likely to benefit the most from the sudden depreciation? A) During times of uncertainty investors prefer to be in a safer asset class where preference moves towards the world's reserve currency which is US dollars, Dollar Index is at 10 year high. Having said that Indian Rupee has performed inline or better than other emerging markets currencies. Rupee depreciation benefits export-oriented companies and sectors like Information technology, Chemicals, and Pharma which have a sizeable export business. But, demand for exports in the short term is again going to be weak. While companies having dollar-denominated debt would be impacted due to Rupee depreciation Q) More than 50% of the Nifty50 stocks have touched their 52-week/multi-year lows. Is there any historic reference that suggests that the worst is over, and should investors base their decision to buy stocks based on stocks that are hitting their record lows? A) History may not repeat but it does rhyme. Every fall is not the same but similar. It is a good time to pick up businesses having longevity as prices are attractive. But, investors cannot expect to reap benefits immediately as markets don't like uncertainty. 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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IPO Sangeeta Lakhi | Sulakshna Sinha The Indian economy has shown unprecedented growth in the last few decades post liberalisation. A robust capital market supplemented by technological advancement and a strengthened legal framework has played a major role in driving the growth thus far. With the global economy still in and out of turbulent times, the Indian capital markets never fail to disappoint and often emerge as one of the most stable and sustainable of all emerging markets and are often crowned as a safe investment destination. Reasons behind healthy IPO performance in 2018 IPOs hold a special place in the Indian capital markets and the year 2018, too, has seen a fair amount of them in contrast with other global markets. So, what is driving the Indian capital markets despite the choppy global scenario marred by the geopolitical volatility? Well, the promising corporate earnings combined with a rising domestic investor appetite could be the two main factors supporting the current trend. Development of junior platforms such as the NSE Emerge and BSE SME with a corresponding surge in offerings on these IPOs have been a bumper trend in recent times. Having overcome the effects of two bold moves by the current government, the demonetisation drive of 2016 and implementation of the Goods and Services Tax, one can safely say that the Indian economy is back on track with a better-than-expected corporate earnings and a stable GDP growth. The policy changes brought about by the market watchdog SEBI have also played a very important role in maintaining the current pace of fundraising activity with factors such as good corporate governance, robust financials and the timing always playing a critical role in the success of any public issue. Let us examine a few measures undertaken by SEBI in the year 2018 to make the market environment IPO friendly. Significant capital markets amendments in 2018 Firstly, there has been an increased focus on the transparency and corporate governance of the board of a listed company by emphasizing on the role of independent directors. The definition of independent director has been tweaked to enhance their accountability in a scenario where this role has often been called into question in the wake of several scams. The role of the independent directors will now be evaluated for their performance as well as fulfilment of the independence criteria by the board of a listed entity. Emphasis has also been laid on the separation of the positions of chairperson from that of a managing director or a chief executive officer. This, too, is going to become a reality by the year 2020 for top 500 listed entities to start with. Further, the year 2019 and 2020 are set to witness the implementation of the cap on maximum number of directorships such as no person must serve as an independent director in more than seven listed entities. Same goes for related party transactions. With the board now being responsible for review of the approved policy once every three years and a complete ban on a related party from voting on any related party transactions, the regulator is committed to work on aspects of governance that may be misused due to lack of clarity. The disclosure of related party transactions must be published on the website of the listed entity. The regulator has also made secretarial audit mandatory for all listed entities among a host of other reforms, including enhanced roles of the committees. SEBI provisions initiated in 2018 to further boost local investment Secondly, while the above measures have been undertaken to uphold investor confidence and preservation of interest of all stakeholders, the regulator is leaving no stone unturned in making simultaneous efforts to ease the process of public issues so that more companies come forward and avail the benefits. A significant step in this regard is the replacement of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“ICDR Regulations 2009”) with the new regulations of 2018. Besides the much needed-aligning of the Companies Act, 2013, SEBI has rationalised the disclosure requirement to a great extent. Key changes, inter alia, include financial information to be provided for a period of three years instead of five, threshold for identifying promoter group increased from 10% to 20%, criteria for identification of group companies, etc. To boost participation by a wider gamut of investors including domestic investors, the shortfall in promoter contribution can now be met by alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions and insurance companies without being categorized as a promoter. SEBI has also permitted anchor investors to make a minimum application of Rs.2 crores in case of SME IPOs, a move which is likely to enhance participation by anchor investors in SME IPOs. While these changes have been brought about keeping in mind the market practices, removing unnecessary complexities and doing away with information that may not be relevant, the regulator has taken care that the integrity of the markets is not compromised by putting a complete ban on willful defaulters and fugitive economic offenders from coming up with an initial public offering. Further, disciplinary actions including past penalties against the promoters in the past five financial years are to be mandatorily disclosed. In recent issues, the domestic institutional investors have overtaken their foreign counterparts in terms of equity participation and have made a prominent footprint mostly coming in as anchor investors and evidencing higher investor interest. With the foreign institutional investors skeptical of emerging markets, we expect participation of domestic institutional investors to continue. To further boost foreign investment, SEBI has recently relaxed the eligibility and KYC norms for foreign portfolio investment (FPIs) and allowed the FPIs a period of two years for complying with the relaxed norms. The government has also relaxed FDI norms by enhancing sectoral limits across various sectors in an effort to boost foreign investment. Sectors such as defense, retail, and airline have all witnessed noteworthy reforms. There are talks of a further increase in sectoral limits in sectors such as insurance. Initiatives by the government towards ease of doing business, enhanced sectoral caps, simpler mechanism to obtain approval for investment coupled by tax exemptions can help maintain a robust business environment for foreign investors leading to a larger inflow of capital. Besides paving the way to a stronger legal framework, the regulator is not far behind in terms of technology. SEBI, committed to the cause of improving the trading practices introduced algo-trading, a computer based trading system where investors have an upper hand in executing trades and benefit from their speedy execution. The technology is increasingly becoming popular with the institutional traders and SEBI has taken efforts to address concerns in relation to their usage. In order to scrutinize on any unethical trading, restrictions have been put in place time and again on their use backed by ensuring compliance of best market practices with the aim of protecting investor interest. Significant SEBI white papers which could see implementation in 2019 One of the most trailblazing proposals by SEBI comes in the form of incorporating the United Payments Interface (“UPI”) with the Application Supported by Blocked Amount (“ASBA”) mechanism, in order to streamline the process of raising funds via public issue. This alternative payment option for the retail investors is already set to launch on January 1, 2019 and shall cut down the listing time for an IPO from its current 6 days to 3 days. With the growth of UPI users in India, this proposal will make it easier for the retail investors to make payments using their mobile phones, laptops, tablets, or any other medium having an internet connection and on the go. UPI payments save the investor as well as the issuer the hassle of waiting for a period of three days as is the case with cheques and allows instant payment from anywhere. SEBI also, vide its consultation paper dated October 26, 2018, has put up for review, proposals for changes to be brought to the Institutional Trading Platform (“ITP”) framework beginning with its name being changed to ‘Innovators Growth Platform’. Although the framework was introduced vide amendments made to the ICDR Regulations 2009 on August 14, 2015 to facilitate start-ups in various sectors, it failed to gain much interest and has not seen much traction since, while still being retained in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations 2018”). The paper proposes new eligibility criteria in place of the old one under Regulation 283 (Chapter X) of the ICDR Regulations 2018. The proposal lays down new eligibility criteria for listing on ITP, inter-alia, 25% of the pre-issue capital should have been held by a Qualified Institutional Buyer (QIB)/other regulated entities and/or Accredited Investors (AIs)) for at least a period of 2 years with a cap of 10% to be held by AIs. It is also proposed to reduce the minimum application size from Rs 10 Lakh to Rs 2 Lakh and to remove the cap on post IPO shareholding which is currently 25% among other regulations. Efforts made to deepen India’s corporate bond market SEBI, through several trials and errors has managed to develop and streamline its equity and commodities markets. With the announcement made by the Government of India in the Union Budget 2018-19 stating: “SEBI will also consider mandating, beginning with large corporates, to meet about one-fourth of their financing needs from the debt market.” it now looks to develop and deepen its corporate bond market putting forth a proposal vide its consultation paper dated July 20, 2018. The proposal not only looks to develop a liquid and vibrant bond market but also tries to reduce dependence of corporates on banks for finances. Aiming to implement this with effect from April 1, 2019, the proposal says that “large corporates” i.e. any corporate which has a long term borrowing of Rs.100 crores or more, credit rating of “AA and above”, intending to finance itself with long term borrowings and having securities which are listed such as its equities or other convertible securities, non-convertible debt securities or non-convertible redeemable preference shares or all of them, must raise 25% of its borrowings (incremental) for the following year through the bond market. With this promising initiative, we should see a robust bond market soon. Outlook for 2019 To sum up the overall scenario, the reform initiatives recently undertaken in the realm of capital markets is likely to see an active market for IPOs even in the year 2019. With such favourable regulatory environment, there are greater chances of the markets becoming more attractive to both domestic and foreign investors with current investment pattern providing comfort in the long run. SEBI, as a torchbearer of the capital markets, by maintaining higher regulatory standards has demonstrated the depth and maturity of the Indian capital markets and is gradually helping restore investor confidence. Barring the threat of external factors such as the global cues and the forthcoming general elections, we still have a strong pipeline of drafts filed with the regulator to look forward to in the next calendar year. Sangeeta Lakhi is Partner, Rajani Associates and Sulakshna Sinha, is HOD Domestic Capital Markets. Summarise this report in a few sentences.
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IPOs have been a big part of the Indian economy in recent years. the year 2018 has seen a fair amount of them in contrast with other global markets. the country is back on track with better-than-expected corporate earnings and a stable GDP growth. the IPOs are a key part of the overall strategy to boost the economy. a new IPO is expected to be launched in the next few months.
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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 "IPO Sangeeta Lakhi | Sulakshna Sinha The Indian economy has shown unprecedented growth in the last few decades post liberalisation. A robust capital market supplemented by technological advancement and a strengthened legal framework has played a major role in driving the growth thus far. With the global economy still in and out of turbulent times, the Indian capital markets never fail to disappoint and often emerge as one of the most stable and sustainable of all emerging markets and are often crowned as a safe investment destination. Reasons behind healthy IPO performance in 2018 IPOs hold a special place in the Indian capital markets and the year 2018, too, has seen a fair amount of them in contrast with other global markets. So, what is driving the Indian capital markets despite the choppy global scenario marred by the geopolitical volatility? Well, the promising corporate earnings combined with a rising domestic investor appetite could be the two main factors supporting the current trend. Development of junior platforms such as the NSE Emerge and BSE SME with a corresponding surge in offerings on these IPOs have been a bumper trend in recent times. Having overcome the effects of two bold moves by the current government, the demonetisation drive of 2016 and implementation of the Goods and Services Tax, one can safely say that the Indian economy is back on track with a better-than-expected corporate earnings and a stable GDP growth. The policy changes brought about by the market watchdog SEBI have also played a very important role in maintaining the current pace of fundraising activity with factors such as good corporate governance, robust financials and the timing always playing a critical role in the success of any public issue. Let us examine a few measures undertaken by SEBI in the year 2018 to make the market environment IPO friendly. Significant capital markets amendments in 2018 Firstly, there has been an increased focus on the transparency and corporate governance of the board of a listed company by emphasizing on the role of independent directors. The definition of independent director has been tweaked to enhance their accountability in a scenario where this role has often been called into question in the wake of several scams. The role of the independent directors will now be evaluated for their performance as well as fulfilment of the independence criteria by the board of a listed entity. Emphasis has also been laid on the separation of the positions of chairperson from that of a managing director or a chief executive officer. This, too, is going to become a reality by the year 2020 for top 500 listed entities to start with. Further, the year 2019 and 2020 are set to witness the implementation of the cap on maximum number of directorships such as no person must serve as an independent director in more than seven listed entities. Same goes for related party transactions. With the board now being responsible for review of the approved policy once every three years and a complete ban on a related party from voting on any related party transactions, the regulator is committed to work on aspects of governance that may be misused due to lack of clarity. The disclosure of related party transactions must be published on the website of the listed entity. The regulator has also made secretarial audit mandatory for all listed entities among a host of other reforms, including enhanced roles of the committees. SEBI provisions initiated in 2018 to further boost local investment Secondly, while the above measures have been undertaken to uphold investor confidence and preservation of interest of all stakeholders, the regulator is leaving no stone unturned in making simultaneous efforts to ease the process of public issues so that more companies come forward and avail the benefits. A significant step in this regard is the replacement of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“ICDR Regulations 2009”) with the new regulations of 2018. Besides the much needed-aligning of the Companies Act, 2013, SEBI has rationalised the disclosure requirement to a great extent. Key changes, inter alia, include financial information to be provided for a period of three years instead of five, threshold for identifying promoter group increased from 10% to 20%, criteria for identification of group companies, etc. To boost participation by a wider gamut of investors including domestic investors, the shortfall in promoter contribution can now be met by alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions and insurance companies without being categorized as a promoter. SEBI has also permitted anchor investors to make a minimum application of Rs.2 crores in case of SME IPOs, a move which is likely to enhance participation by anchor investors in SME IPOs. While these changes have been brought about keeping in mind the market practices, removing unnecessary complexities and doing away with information that may not be relevant, the regulator has taken care that the integrity of the markets is not compromised by putting a complete ban on willful defaulters and fugitive economic offenders from coming up with an initial public offering. Further, disciplinary actions including past penalties against the promoters in the past five financial years are to be mandatorily disclosed. In recent issues, the domestic institutional investors have overtaken their foreign counterparts in terms of equity participation and have made a prominent footprint mostly coming in as anchor investors and evidencing higher investor interest. With the foreign institutional investors skeptical of emerging markets, we expect participation of domestic institutional investors to continue. To further boost foreign investment, SEBI has recently relaxed the eligibility and KYC norms for foreign portfolio investment (FPIs) and allowed the FPIs a period of two years for complying with the relaxed norms. The government has also relaxed FDI norms by enhancing sectoral limits across various sectors in an effort to boost foreign investment. Sectors such as defense, retail, and airline have all witnessed noteworthy reforms. There are talks of a further increase in sectoral limits in sectors such as insurance. Initiatives by the government towards ease of doing business, enhanced sectoral caps, simpler mechanism to obtain approval for investment coupled by tax exemptions can help maintain a robust business environment for foreign investors leading to a larger inflow of capital. Besides paving the way to a stronger legal framework, the regulator is not far behind in terms of technology. SEBI, committed to the cause of improving the trading practices introduced algo-trading, a computer based trading system where investors have an upper hand in executing trades and benefit from their speedy execution. The technology is increasingly becoming popular with the institutional traders and SEBI has taken efforts to address concerns in relation to their usage. In order to scrutinize on any unethical trading, restrictions have been put in place time and again on their use backed by ensuring compliance of best market practices with the aim of protecting investor interest. Significant SEBI white papers which could see implementation in 2019 One of the most trailblazing proposals by SEBI comes in the form of incorporating the United Payments Interface (“UPI”) with the Application Supported by Blocked Amount (“ASBA”) mechanism, in order to streamline the process of raising funds via public issue. This alternative payment option for the retail investors is already set to launch on January 1, 2019 and shall cut down the listing time for an IPO from its current 6 days to 3 days. With the growth of UPI users in India, this proposal will make it easier for the retail investors to make payments using their mobile phones, laptops, tablets, or any other medium having an internet connection and on the go. UPI payments save the investor as well as the issuer the hassle of waiting for a period of three days as is the case with cheques and allows instant payment from anywhere. SEBI also, vide its consultation paper dated October 26, 2018, has put up for review, proposals for changes to be brought to the Institutional Trading Platform (“ITP”) framework beginning with its name being changed to ‘Innovators Growth Platform’. Although the framework was introduced vide amendments made to the ICDR Regulations 2009 on August 14, 2015 to facilitate start-ups in various sectors, it failed to gain much interest and has not seen much traction since, while still being retained in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations 2018”). The paper proposes new eligibility criteria in place of the old one under Regulation 283 (Chapter X) of the ICDR Regulations 2018. The proposal lays down new eligibility criteria for listing on ITP, inter-alia, 25% of the pre-issue capital should have been held by a Qualified Institutional Buyer (QIB)/other regulated entities and/or Accredited Investors (AIs)) for at least a period of 2 years with a cap of 10% to be held by AIs. It is also proposed to reduce the minimum application size from Rs 10 Lakh to Rs 2 Lakh and to remove the cap on post IPO shareholding which is currently 25% among other regulations. Efforts made to deepen India’s corporate bond market SEBI, through several trials and errors has managed to develop and streamline its equity and commodities markets. With the announcement made by the Government of India in the Union Budget 2018-19 stating: “SEBI will also consider mandating, beginning with large corporates, to meet about one-fourth of their financing needs from the debt market.” it now looks to develop and deepen its corporate bond market putting forth a proposal vide its consultation paper dated July 20, 2018. The proposal not only looks to develop a liquid and vibrant bond market but also tries to reduce dependence of corporates on banks for finances. Aiming to implement this with effect from April 1, 2019, the proposal says that “large corporates” i.e. any corporate which has a long term borrowing of Rs.100 crores or more, credit rating of “AA and above”, intending to finance itself with long term borrowings and having securities which are listed such as its equities or other convertible securities, non-convertible debt securities or non-convertible redeemable preference shares or all of them, must raise 25% of its borrowings (incremental) for the following year through the bond market. With this promising initiative, we should see a robust bond market soon. Outlook for 2019 To sum up the overall scenario, the reform initiatives recently undertaken in the realm of capital markets is likely to see an active market for IPOs even in the year 2019. With such favourable regulatory environment, there are greater chances of the markets becoming more attractive to both domestic and foreign investors with current investment pattern providing comfort in the long run. SEBI, as a torchbearer of the capital markets, by maintaining higher regulatory standards has demonstrated the depth and maturity of the Indian capital markets and is gradually helping restore investor confidence. Barring the threat of external factors such as the global cues and the forthcoming general elections, we still have a strong pipeline of drafts filed with the regulator to look forward to in the next calendar year. Sangeeta Lakhi is Partner, Rajani Associates and Sulakshna Sinha, is HOD Domestic Capital Markets. Summarise this report in a few sentences." summarise in a few sentences.
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To achieve the government’s $5 trillion economy target by 2024, Defence Minister Rajnath Singh sees the private sector playing a critical role. The minister speaking at the Global Business Summit on Saturday urged for increased participation of the private sector in defence manufacturing for India to become the $5 trillion economy, the Defence Ministry said in a statement. The minister highlighted the government’s major initiatives such as Make in India apart from introducing policies relevant to the digital economy and fostering human capital to hit $1 trillion goal by 2025 for the manufacturing sector. To address the problem of private investment in the defence sector, the minister said the government has undertaken multiple reforms for establishing synergy between the industry and the public sector. “In our envisaged Defence Production Policy, we have clearly spelt out our goal to achieve a turnover of $26 billion in aerospace and defence goods & services by 2025. This will have huge implications for India’s endeavours to promote R&D, innovation and its efforts to secure a place in global supply chains,” said Singh. Also read: Flipkart’s business ‘discipline’ impresses Walmart again despite expecting losses similar to last year In order to boost defence exports, the minister that Defence Public Sector Undertakings have been encouraged to increase their export portfolio to 25 per cent of their turnover as the government intends to export defence goods and services worth $5 billion in coming five years. The government is willing to extend lines of credit and grants to friendly foreign countries over the next five years, he added. The FDI ceiling under the automatic route, which was increased from 26 per cent to 49 per cent in 2014 and up to 100 per cent under the government approval route is now showing results, according to Singh. The FDI inflows till December 2019 in the defence and aerospace sector stood at more than Rs 3,155 crore. “Of this, Rs 1,834 crore have received since 2014. I am sure that the volume of investment will increase many-fold when some of the major programmes, which are in the pipeline, move into the execution phase,” he said. Summarise this report in a few sentences.
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defence minister says private sector must play a critical role to reach $5 trillion goal. government has undertaken multiple reforms to establish synergy between industry and public sector. FDI ceiling under automatic route increased from 26 per cent to 49 per cent in 2014. FDI inflows till December 2019 stood at more than Rs 3,155 crore. 'i am sure that the volume of investment will increase many-fold when some of the major programmes, which are in the pipeline, move into the execution phase,' he
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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 "To achieve the government’s $5 trillion economy target by 2024, Defence Minister Rajnath Singh sees the private sector playing a critical role. The minister speaking at the Global Business Summit on Saturday urged for increased participation of the private sector in defence manufacturing for India to become the $5 trillion economy, the Defence Ministry said in a statement. The minister highlighted the government’s major initiatives such as Make in India apart from introducing policies relevant to the digital economy and fostering human capital to hit $1 trillion goal by 2025 for the manufacturing sector. To address the problem of private investment in the defence sector, the minister said the government has undertaken multiple reforms for establishing synergy between the industry and the public sector. “In our envisaged Defence Production Policy, we have clearly spelt out our goal to achieve a turnover of $26 billion in aerospace and defence goods & services by 2025. This will have huge implications for India’s endeavours to promote R&D, innovation and its efforts to secure a place in global supply chains,” said Singh. Also read: Flipkart’s business ‘discipline’ impresses Walmart again despite expecting losses similar to last year In order to boost defence exports, the minister that Defence Public Sector Undertakings have been encouraged to increase their export portfolio to 25 per cent of their turnover as the government intends to export defence goods and services worth $5 billion in coming five years. The government is willing to extend lines of credit and grants to friendly foreign countries over the next five years, he added. The FDI ceiling under the automatic route, which was increased from 26 per cent to 49 per cent in 2014 and up to 100 per cent under the government approval route is now showing results, according to Singh. The FDI inflows till December 2019 in the defence and aerospace sector stood at more than Rs 3,155 crore. “Of this, Rs 1,834 crore have received since 2014. I am sure that the volume of investment will increase many-fold when some of the major programmes, which are in the pipeline, move into the execution phase,” he said. Summarise this report in a few sentences." summarise in a few sentences.
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Many would argue that this commentary is injudiciously or perhaps even insensitively timed – just when India is seeing a worrying spike in covid-19 cases, there goes a journalist from a business newspaper wittering about opening up the economy We would humbly argue that this is absolutely the right time to ask for unlocking India – because the spike in infections is showing that our response to covid-19 should not be about confining it to some impossible minimum, it should be about managing it to a handlable limit.There are two parts to this argument. One, the economy is at breaking point, and further district magistrate/local cops led economic regulation will produce horrifying outcomes, regionally and nationally. Two, it is possible to fashion a better covid-19 response that’s more economy-friendly.The first point is easily made. ET’s pages over the last few weeks have carried dozens of data points, analyses and news reports on the unfolding economic crisis – a once in a century economic crisis, as fellow columnist Swaminathan Aiyar called it.GDP growth may be negative for 2020-2021, a catastrophic event in a country with millions of poor people and small businesses. In job markets, we are witnessing the perverse simultaneity of growing unemployment (14 crore already jobless) and rising wages, as industry struggles to find replacements for back-to-village migrant labour. Lost output may be already Rs 15 lakh crore and is climbing. You get the picture.As almost all non-government analysts and their asymptomatic uncles have argued India needs a throw-the-fiscal-rules-out stimulus . The only way, as ET’s data analytics, editorials and columnists have argued, is to print money, and ignore what credit rating agencies may say.The fear that printing money will create macroeconomic instability down the line is based on the assumption that the government will be unable to roll back the stimulus in time and/or that the cash that comes in will be “misused”.These are not unfounded fears. But they avoid the central question: should a government not help millions of its citizens and businesses facing never-before-levels of distress simply because it is scared it may not be able to manage a large stimulus? In those terms, the answer is clear.Of course, the economy has to be opened up if a large stimulus is to work properly. Arguments that the stimulus should be timed with proper unlocking is correct. And that’s why it is crucial that we open up the economy after May 17, with few, micro exceptions (of this more later). If governments extend lockdowns because covid-19 cases are going up, even the most generous stimulus won’t get the bang-for-buck.It is imperative therefore the lockdown ends in 10 days. And with it the Disaster Management Act is also withdrawn. With the DM Act in force true national unlocking will never happen because local authorities can scupper any big plan.But what about spikes in infection, assuming the trajectory witnessed over the past week carries on. India may hit 100,000 covid-19 cases or more as the economy opens up, and the number may climb further.That’s the second part of our argument. We can have a better covid-19 response that also economy-friendly. First, and as the Delhi government is reportedly planning, reduce the unit of epidemiological focus to wards, not districts. That will restore most of supply chains nationally and free up almost all major production hubs.Second, use a large chunk of a big stimulus package to further upgrade emergency medical infrastructure – build makeshift but well-equipped hospitals, give doctors, nurses, paramedical stuff substantial extra pay for covid-19 work, increase procurement of safety gear manifold by generously incentivizing domestic producers.In short, build up a huge capacity for medical response by spending lots of cash, and get that cash from printing money. Is this undoable? Beyond the capacity of the Indian state? No.It’s a question of deciding that we will do what it takes to boost the economy and manage the crisis. It’s a question of deciding that we won’t look at covid-19 as an enemy to be vanquished but as a problem to be managed. It’s a question of removing district magistrates and local cops from their current starring roles in economic management.We do not know when covid-19 will peak. It may be end-May, June or even August, as some experts said. We therefore have to learn to manage it. But we do know that the economy has hit rock bottom. We therefore have no choice but to rescue it. It’s that simple. Summarise this report in a few sentences.
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india is seeing a worrying spike in covid-19 cases, says a business journalist. he says the economy is at breaking point, and further district magistrate/local cops led economic regulation will produce horrifying outcomes. he says it is possible to fashion a better covid-19 response that's more economy-friendly. he says the only way to print money is to ignore what credit rating agencies may say.
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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 "Many would argue that this commentary is injudiciously or perhaps even insensitively timed – just when India is seeing a worrying spike in covid-19 cases, there goes a journalist from a business newspaper wittering about opening up the economy We would humbly argue that this is absolutely the right time to ask for unlocking India – because the spike in infections is showing that our response to covid-19 should not be about confining it to some impossible minimum, it should be about managing it to a handlable limit.There are two parts to this argument. One, the economy is at breaking point, and further district magistrate/local cops led economic regulation will produce horrifying outcomes, regionally and nationally. Two, it is possible to fashion a better covid-19 response that’s more economy-friendly.The first point is easily made. ET’s pages over the last few weeks have carried dozens of data points, analyses and news reports on the unfolding economic crisis – a once in a century economic crisis, as fellow columnist Swaminathan Aiyar called it.GDP growth may be negative for 2020-2021, a catastrophic event in a country with millions of poor people and small businesses. In job markets, we are witnessing the perverse simultaneity of growing unemployment (14 crore already jobless) and rising wages, as industry struggles to find replacements for back-to-village migrant labour. Lost output may be already Rs 15 lakh crore and is climbing. You get the picture.As almost all non-government analysts and their asymptomatic uncles have argued India needs a throw-the-fiscal-rules-out stimulus . The only way, as ET’s data analytics, editorials and columnists have argued, is to print money, and ignore what credit rating agencies may say.The fear that printing money will create macroeconomic instability down the line is based on the assumption that the government will be unable to roll back the stimulus in time and/or that the cash that comes in will be “misused”.These are not unfounded fears. But they avoid the central question: should a government not help millions of its citizens and businesses facing never-before-levels of distress simply because it is scared it may not be able to manage a large stimulus? In those terms, the answer is clear.Of course, the economy has to be opened up if a large stimulus is to work properly. Arguments that the stimulus should be timed with proper unlocking is correct. And that’s why it is crucial that we open up the economy after May 17, with few, micro exceptions (of this more later). If governments extend lockdowns because covid-19 cases are going up, even the most generous stimulus won’t get the bang-for-buck.It is imperative therefore the lockdown ends in 10 days. And with it the Disaster Management Act is also withdrawn. With the DM Act in force true national unlocking will never happen because local authorities can scupper any big plan.But what about spikes in infection, assuming the trajectory witnessed over the past week carries on. India may hit 100,000 covid-19 cases or more as the economy opens up, and the number may climb further.That’s the second part of our argument. We can have a better covid-19 response that also economy-friendly. First, and as the Delhi government is reportedly planning, reduce the unit of epidemiological focus to wards, not districts. That will restore most of supply chains nationally and free up almost all major production hubs.Second, use a large chunk of a big stimulus package to further upgrade emergency medical infrastructure – build makeshift but well-equipped hospitals, give doctors, nurses, paramedical stuff substantial extra pay for covid-19 work, increase procurement of safety gear manifold by generously incentivizing domestic producers.In short, build up a huge capacity for medical response by spending lots of cash, and get that cash from printing money. Is this undoable? Beyond the capacity of the Indian state? No.It’s a question of deciding that we will do what it takes to boost the economy and manage the crisis. It’s a question of deciding that we won’t look at covid-19 as an enemy to be vanquished but as a problem to be managed. It’s a question of removing district magistrates and local cops from their current starring roles in economic management.We do not know when covid-19 will peak. It may be end-May, June or even August, as some experts said. We therefore have to learn to manage it. But we do know that the economy has hit rock bottom. We therefore have no choice but to rescue it. It’s that simple. Summarise this report in a few sentences." summarise in a few sentences.
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Benchmarks Sensex and Nifty erased early losses and closed marginally lower on Friday, in line with the overseas trend, as investors anticipated positive measures in the 3rd tranche of announcements for the economic relief package. Finance Minister Nirmala Sitharaman will hold a third media briefing on Friday to announce more measures as a part of Rs 20 lakh crore special economic stimulus announced by PM Modi earlier this week. Ending the week with three consecutive negative sessions, Sensex closed 25 points lower to 31,097, while Nifty ended 5 points lower at 9,136. Multiplex stocks PVR and Inox Leisure declined in Friday's trade as businesses continue to struggle under the virus-induced lockdown. While PVR stock fell 3.17% to Rs 859, Inox Leisure dipped 3.55% to Rs 194 today. Multiplex stocks have been badly hit from the Covid-19 induced lockdown as theatre halls were the first to be shut and could be the last to be opened after the end of the current shutdown. Brokerages also expect recovery to be slow and occupancy levels to be lower, post the restriction ease as well. Investors also took cues from the latest released and upcoming March quarter earnings as well. Shares of Aarti Drugs climbed 4% intraday, Tata Chemicals rose marginally higher, ahead of results today. On the contrary, Cipla shares were falling by 1%, followed by Crompton Greaves Consumer, M&M Finance, that were trading marginally lower, ahead of reporting March quarterly results, later today. Similarly, while Indian Energy Exchange gained 7.33%, Mannapuram Finance gained 7%, Zensar Technologies rose 4.99% and Oracle gained over 2% intraday on back of better than estimate earnings. Indiabulls Real Estate fell 4.2%, followed by Biocon shares that fell 4% and Tata Consumer Products that was down 3.76% intraday after the companies posted weak results for March quarter. Airline stocks were gained today on hopes of relief package from the government. While SpiceJet climbed 4.94% intraday, IndiGo rose 2.48% after recovering from their earlier declines. Globally, markets turned green, with European indices reversing the trend by the afternoon session. In Asia, Nikkei, Kospi, SGX Nifty, Strait Times and Taiwan were trading in the green, while Hang Seng and Shanghai traded in the red. US indices closed higher on Thursday led by financial stocks as investors looked past weak jobs data and remarks by President Trump on US-China trade relations. Trump threatened to cut off the whole relationship with China in response to the spread of the novel coronavirus across the world that has killed nearly 300,000 people, including over 80,000 in America. Domestic market indices fell in Friday's opening bell, led by a heavy sell-off in index heavyweights HDFC Bank, ICICI Bank and Reliance Industries. Investors traded cautiously amid the spiking number of COVID-19 cases. Uncertainty over the effectiveness of the fiscal stimulus package also kept local sentiments negative. Extending decline for the second consecutive session, Sensex earlier opened 180 points lower to 30,930, while Nifty traded 53 points lower at 9,098. Markets overseas were mixed in early session as fears of a second wave of infections overshadowed prospects of re-opening of economies. Besides this, remarks from President Donald Trump, threatening to cut off relations with China, also kept markets pessimistic. On the currency front, Rupee traded in a narrow range and later closed flat at 75.56 per dollar. Meanwhile, Brent crude futures in the commodity markets were trading 1.47% higher at $31.59 per barrel as IEA forecasted lower global stockpiles in H2 2020, offsetting fears over the resurgence of coronavirus in some countries. Manappuram Finance share price rises over 7% on strong Q4 earnings Biocon share price falls over 4% as coronavirus hits Q4 earnings Summarise this report in a few sentences.
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Sensex and Nifty close marginally lower on friday, in line with overseas trend. multiplex stocks have been badly hit from the virus-induced lockdown. Sensex closed 25 points lower to 31,097, while Nifty ended 5 points lower at 9,136. aarti drugs rose 4% intraday, while Tata Chemicals rose marginally higher.
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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 "Benchmarks Sensex and Nifty erased early losses and closed marginally lower on Friday, in line with the overseas trend, as investors anticipated positive measures in the 3rd tranche of announcements for the economic relief package. Finance Minister Nirmala Sitharaman will hold a third media briefing on Friday to announce more measures as a part of Rs 20 lakh crore special economic stimulus announced by PM Modi earlier this week. Ending the week with three consecutive negative sessions, Sensex closed 25 points lower to 31,097, while Nifty ended 5 points lower at 9,136. Multiplex stocks PVR and Inox Leisure declined in Friday's trade as businesses continue to struggle under the virus-induced lockdown. While PVR stock fell 3.17% to Rs 859, Inox Leisure dipped 3.55% to Rs 194 today. Multiplex stocks have been badly hit from the Covid-19 induced lockdown as theatre halls were the first to be shut and could be the last to be opened after the end of the current shutdown. Brokerages also expect recovery to be slow and occupancy levels to be lower, post the restriction ease as well. Investors also took cues from the latest released and upcoming March quarter earnings as well. Shares of Aarti Drugs climbed 4% intraday, Tata Chemicals rose marginally higher, ahead of results today. On the contrary, Cipla shares were falling by 1%, followed by Crompton Greaves Consumer, M&M Finance, that were trading marginally lower, ahead of reporting March quarterly results, later today. Similarly, while Indian Energy Exchange gained 7.33%, Mannapuram Finance gained 7%, Zensar Technologies rose 4.99% and Oracle gained over 2% intraday on back of better than estimate earnings. Indiabulls Real Estate fell 4.2%, followed by Biocon shares that fell 4% and Tata Consumer Products that was down 3.76% intraday after the companies posted weak results for March quarter. Airline stocks were gained today on hopes of relief package from the government. While SpiceJet climbed 4.94% intraday, IndiGo rose 2.48% after recovering from their earlier declines. Globally, markets turned green, with European indices reversing the trend by the afternoon session. In Asia, Nikkei, Kospi, SGX Nifty, Strait Times and Taiwan were trading in the green, while Hang Seng and Shanghai traded in the red. US indices closed higher on Thursday led by financial stocks as investors looked past weak jobs data and remarks by President Trump on US-China trade relations. Trump threatened to cut off the whole relationship with China in response to the spread of the novel coronavirus across the world that has killed nearly 300,000 people, including over 80,000 in America. Domestic market indices fell in Friday's opening bell, led by a heavy sell-off in index heavyweights HDFC Bank, ICICI Bank and Reliance Industries. Investors traded cautiously amid the spiking number of COVID-19 cases. Uncertainty over the effectiveness of the fiscal stimulus package also kept local sentiments negative. Extending decline for the second consecutive session, Sensex earlier opened 180 points lower to 30,930, while Nifty traded 53 points lower at 9,098. Markets overseas were mixed in early session as fears of a second wave of infections overshadowed prospects of re-opening of economies. Besides this, remarks from President Donald Trump, threatening to cut off relations with China, also kept markets pessimistic. On the currency front, Rupee traded in a narrow range and later closed flat at 75.56 per dollar. Meanwhile, Brent crude futures in the commodity markets were trading 1.47% higher at $31.59 per barrel as IEA forecasted lower global stockpiles in H2 2020, offsetting fears over the resurgence of coronavirus in some countries. Manappuram Finance share price rises over 7% on strong Q4 earnings Biocon share price falls over 4% as coronavirus hits Q4 earnings Summarise this report in a few sentences." summarise in a few sentences.
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Goa Chief Minister Pramod Sawant has said that the resumption of domestic tourism, which was suspended due to the coronavirus-induced lockdown, will kickstart the coastal state’s economy. Tourism activities resumed in Goa on Thursday, with 250 hotels with government permits opening their doors to domestic tourists. Taking to Twitter, Sawant said, “Tourism is one of the biggest industries in the state and is the backbone of our economy. In this unlock phase, we are kickstarting our economy again by keeping the highest health safety norms in place in view of #COVID19.” According to the Goa tourism department’s standard operating procedure, only domestic tourists who have pre-booked their accommodations will be allowed to enter the state. As many as 250 hotels have received the state government’s permission to operate, a senior official from the tourism department said. Tourists will either have to carry a COVID-19 negative certificate or get tested at the state borders before gaining entry, he said. Persons who test positive have the option of returning to their states or availing treatment in Goa, the official added. Summarise this report in a few sentences.
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tourism activities resumed in goa on Thursday, with 250 hotels with government permits opening their doors to domestic tourists. tourism activities were suspended due to the coronavirus-induced lockdown. tourism is one of the biggest industries in the state and is the backbone of our economy. only domestic tourists who have pre-booked their accommodations will be allowed to enter the state.
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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 "Goa Chief Minister Pramod Sawant has said that the resumption of domestic tourism, which was suspended due to the coronavirus-induced lockdown, will kickstart the coastal state’s economy. Tourism activities resumed in Goa on Thursday, with 250 hotels with government permits opening their doors to domestic tourists. Taking to Twitter, Sawant said, “Tourism is one of the biggest industries in the state and is the backbone of our economy. In this unlock phase, we are kickstarting our economy again by keeping the highest health safety norms in place in view of #COVID19.” According to the Goa tourism department’s standard operating procedure, only domestic tourists who have pre-booked their accommodations will be allowed to enter the state. As many as 250 hotels have received the state government’s permission to operate, a senior official from the tourism department said. Tourists will either have to carry a COVID-19 negative certificate or get tested at the state borders before gaining entry, he said. Persons who test positive have the option of returning to their states or availing treatment in Goa, the official added. Summarise this report in a few sentences." summarise in a few sentences.
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KOLKATA: JSW Cement announced the inauguration of its 2.4 million tonne per annum (mtpa) manufacturing unit at Salboni in West Bengal . State chief minister, Mamata Banerjee , inaugurated the state-of-the-art cement manufacturing unit at a function on Monday. Sajjan Jindal, Chairman - JSW Group, Sangita Jindal, Chairperson - JSW Foundation; Parth Jindal, Managing Director - JSW Cement; Nilesh Narwekar, CEO - JSW Cement, Biswadip Gupta, CEO – JSW Foundation also attended the event.The event, which took place on the eve of 4th Bengal Global Business Summit to be held between January 16-17 being hosted by the West Bengal government, will boost the state's ambition to emerge as a major business hub.At the inaugural function, JSW Cement dedicated its Salboni cement manufacturing unit to the economic development of West Bengal. The state-of-the-art manufacturing unit will produce eco-friendly PSC cement for Eastern markets. The inauguration of JSW Cement’s Salboni unit underscores JSW Group’s commitment to West Bengal’s economic growth and the state’s emergence as India’s leading manufacturing and business hub, an official statement said.Commenting on JSW Cement’s commitment to stay invested in West Bengal, Parth Jindal, Managing Director – JSW Cement said, “The Salboni unit supports our nation-building goals. Today’s inaugural function marks a significant milestone for both JSW Group and West Bengal. West Bengal has been a preferred state for setting up one of our biggest cement manufacturing units. We are committed to stay invested in this state and are in fact planning to increase the capacity of our Salboni cement unit to 3.6 mtpa. This will not only mean additional investments but also create new employment opportunities and community initiatives at Salboni.Jindal added: "The unit’s capacity expansion is part of our goal to achieve an overall production capacity of 20 mtpa by 2020. We thank the Hon’ble Chief Minister Smt Mamata Banerjee for joining us on this momentous day. We take immense pride in dedicating the Salboni cement unit to the economic development of West Bengal.”The Salboni unit will service JSW Cement’s customer requirements in West Bengal, Jharkhand, Bihar, northern parts of Orissa etc.JSW Cement has commenced despatches of Concreel HD cement from the Salboni unit to eastern markets. Concreel HD is a unique cement variant innovated by JSW Cement. It is specially designed for concrete-based construction requirements. Concreel HD provides exceptional strength and sets quickly, thereby making it ideal for strength-bearing applications such as beams, columns, slabs and foundations. Summarise this report in a few sentences.
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inauguration of cement manufacturing unit at Salboni in west Bengal. state-of-the-art unit will produce eco-friendly PSC cement for Eastern markets. event took place on eve of 4th. Bengal Global Business Summit. it will boost the state's ambition to emerge as a major business hub. inauguration underscores. JSW Group’s commitment to west Bengal’s economic growth.
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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 "KOLKATA: JSW Cement announced the inauguration of its 2.4 million tonne per annum (mtpa) manufacturing unit at Salboni in West Bengal . State chief minister, Mamata Banerjee , inaugurated the state-of-the-art cement manufacturing unit at a function on Monday. Sajjan Jindal, Chairman - JSW Group, Sangita Jindal, Chairperson - JSW Foundation; Parth Jindal, Managing Director - JSW Cement; Nilesh Narwekar, CEO - JSW Cement, Biswadip Gupta, CEO – JSW Foundation also attended the event.The event, which took place on the eve of 4th Bengal Global Business Summit to be held between January 16-17 being hosted by the West Bengal government, will boost the state's ambition to emerge as a major business hub.At the inaugural function, JSW Cement dedicated its Salboni cement manufacturing unit to the economic development of West Bengal. The state-of-the-art manufacturing unit will produce eco-friendly PSC cement for Eastern markets. The inauguration of JSW Cement’s Salboni unit underscores JSW Group’s commitment to West Bengal’s economic growth and the state’s emergence as India’s leading manufacturing and business hub, an official statement said.Commenting on JSW Cement’s commitment to stay invested in West Bengal, Parth Jindal, Managing Director – JSW Cement said, “The Salboni unit supports our nation-building goals. Today’s inaugural function marks a significant milestone for both JSW Group and West Bengal. West Bengal has been a preferred state for setting up one of our biggest cement manufacturing units. We are committed to stay invested in this state and are in fact planning to increase the capacity of our Salboni cement unit to 3.6 mtpa. This will not only mean additional investments but also create new employment opportunities and community initiatives at Salboni.Jindal added: "The unit’s capacity expansion is part of our goal to achieve an overall production capacity of 20 mtpa by 2020. We thank the Hon’ble Chief Minister Smt Mamata Banerjee for joining us on this momentous day. We take immense pride in dedicating the Salboni cement unit to the economic development of West Bengal.”The Salboni unit will service JSW Cement’s customer requirements in West Bengal, Jharkhand, Bihar, northern parts of Orissa etc.JSW Cement has commenced despatches of Concreel HD cement from the Salboni unit to eastern markets. Concreel HD is a unique cement variant innovated by JSW Cement. It is specially designed for concrete-based construction requirements. Concreel HD provides exceptional strength and sets quickly, thereby making it ideal for strength-bearing applications such as beams, columns, slabs and foundations. 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 × Coronavirus, which is wrecking markets across the world and has fanned fears of a global recession, couldn’t have come at a worse time for India’s auto sector that is battling a prolonged slump in demand. The virus outbreak has added to the pain, hitting production and lowering the demand even further as consumer spending is unusually low. Brokerages say following the outbreak, the correction in the auto index is now close to what was seen during the 2008 global financial crisis. "Valuations of select two-wheeler and CV (commercial vehicle) stocks are approaching levels that were witnessed during the GFC. Any recovery in sales though will be dependent on several factors, including the extent of pass-through of crude prices, BS-VI related price hikes, etc," HDFC Securities said in a report on March 16. The viral load Supply-chain disruptions are hitting hard the sector that has been witnessing a drop in sales for the last many months. Shut down in China will impact sales volumes. In the last five years, import of car equipment from China has gone up by 22.1 percent ($27 million to $33 million), while exports are down 54 percent to $11 million, Geojit Financial Services has said. For Tata Motor’s JLR, a 17 percent volume mix comes from China. In the same period, the import of two and three-wheeler equipment from China has gone up by 46 percent (from $3.5 million to $5.1 million), the brokerage said. The disruption and the shut down in China is negative for stocks like Tata Motors, Motherson Sumi and Bosch, Geojit said. Valuations are at 2008 levels The valuations of auto stocks are approaching the levels of 2008. According to HDFC Securities, Hero MotoCorp is trading below the financial crisis levels at 2.3 times price/book value (against four times earlier). The stock is trading at 1 time EV/sales, which is similar to 2008 levels. However, the brokerage added that ROEs remain healthy at over 20 percent at Hero MotoCorp, as its market share has stabilised at above 35 percent level. Ashok Leyland is trading at 0.7 times EV/sales, which is similar to the 2008 downturn. However, on Price/Book value, the stock is trading higher at 2.1 times (against below 1 time in the GFC crisis), HDFC Securities said. On the other hand, Maruti Suzuki continues to trade at above 2008 crisis levels. "The stock is trading at 3.1 times on Price/Book value against 1.5 times during the GFC crisis. On EV/sales, the stock is trading at 1.6 times as compared to below 1 time during the 2008 period," HDFC Sec said. At this juncture, looking at the sector from an investment point of view requires a prudent and well-calculated approach. The recovery in the sector will depend on various factors, including how technological and regulatory transition pans out. "While it is difficult to gauge the earnings trajectory in the near term, crude oil prices, BS-VI related transition, the transmission of rate cuts and export dynamics are the key factors which will drive a recovery in sales," HDFC Securities said. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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the virus outbreak has added to the pain, hitting production and lowering the demand even further as consumer spending is unusually low. the correction in the auto index is now close to what was seen during the 2008 global financial crisis. the disruption and the shut down in china is negative for stocks like Tata Motors, Motherson Sumi and Bosch. the bse live nse live.
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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 × Coronavirus, which is wrecking markets across the world and has fanned fears of a global recession, couldn’t have come at a worse time for India’s auto sector that is battling a prolonged slump in demand. The virus outbreak has added to the pain, hitting production and lowering the demand even further as consumer spending is unusually low. Brokerages say following the outbreak, the correction in the auto index is now close to what was seen during the 2008 global financial crisis. "Valuations of select two-wheeler and CV (commercial vehicle) stocks are approaching levels that were witnessed during the GFC. Any recovery in sales though will be dependent on several factors, including the extent of pass-through of crude prices, BS-VI related price hikes, etc," HDFC Securities said in a report on March 16. The viral load Supply-chain disruptions are hitting hard the sector that has been witnessing a drop in sales for the last many months. Shut down in China will impact sales volumes. In the last five years, import of car equipment from China has gone up by 22.1 percent ($27 million to $33 million), while exports are down 54 percent to $11 million, Geojit Financial Services has said. For Tata Motor’s JLR, a 17 percent volume mix comes from China. In the same period, the import of two and three-wheeler equipment from China has gone up by 46 percent (from $3.5 million to $5.1 million), the brokerage said. The disruption and the shut down in China is negative for stocks like Tata Motors, Motherson Sumi and Bosch, Geojit said. Valuations are at 2008 levels The valuations of auto stocks are approaching the levels of 2008. According to HDFC Securities, Hero MotoCorp is trading below the financial crisis levels at 2.3 times price/book value (against four times earlier). The stock is trading at 1 time EV/sales, which is similar to 2008 levels. However, the brokerage added that ROEs remain healthy at over 20 percent at Hero MotoCorp, as its market share has stabilised at above 35 percent level. Ashok Leyland is trading at 0.7 times EV/sales, which is similar to the 2008 downturn. However, on Price/Book value, the stock is trading higher at 2.1 times (against below 1 time in the GFC crisis), HDFC Securities said. On the other hand, Maruti Suzuki continues to trade at above 2008 crisis levels. "The stock is trading at 3.1 times on Price/Book value against 1.5 times during the GFC crisis. On EV/sales, the stock is trading at 1.6 times as compared to below 1 time during the 2008 period," HDFC Sec said. At this juncture, looking at the sector from an investment point of view requires a prudent and well-calculated approach. The recovery in the sector will depend on various factors, including how technological and regulatory transition pans out. "While it is difficult to gauge the earnings trajectory in the near term, crude oil prices, BS-VI related transition, the transmission of rate cuts and export dynamics are the key factors which will drive a recovery in sales," HDFC Securities said. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences." summarise in a few sentences.
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business Coronavirus pandemic: Economies strong, but systems fragile, says PM Modi at G20 Virtual Summit As the total number of cases near 5 lakh across the world, and the global death toll soars to 21,000, G20 nations decided to inject USD 5 trillion into the global economy to counter the impact of the crisis. Summarise this report in a few sentences.
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the global death toll from the global virus is 21,000. the total number of cases near 5 lakh across the world. the global economy is in a fragile state, says PM modi. the global economy is injected USD 5 trillion to counter the impact of the crisis. a u.s. embassy in london is preparing to close its doors.
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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 "business Coronavirus pandemic: Economies strong, but systems fragile, says PM Modi at G20 Virtual Summit As the total number of cases near 5 lakh across the world, and the global death toll soars to 21,000, G20 nations decided to inject USD 5 trillion into the global economy to counter the impact of the crisis. Summarise this report in a few sentences." summarise in a few sentences.
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Shakespeare was wrong because he said-What's in a name? Here is Hotel CORONA,It is in Gujrat's Banaskantha(at Higjw… https://t.co/ohsqyaisIu — Rahul Chouhan (@Rahulchouhan92) 1589247956000 @TheJaggi another Hotel Corona, at Bharuch railway station in Gujarat https://t.co/o8cRdLW8p1 — Vivek Chopra (@Vivek_1309) 1589015645000 A hotel to to glorify #GujaratModel. Located at Bharuch, Gujarat. Hotel #Corona has been its name for several years… https://t.co/bpRrYbEoXN — Syed Siraj (@syed_siraj9) 1588851926000 AHMEDABAD: A nondescript hotel-cum- restaurant on a highway in Gujarat 's Banaskantha district has become a popular selfie point among travellers all thanks to its name Hotel Corona When he named his establishment in 2015, little did hotelier Baakar Ali know that it would garner so much attention at a time when the whole country was reeling under the deadly coronavirus pandemic The hotel is located on a highway connecting Gujarat with Abu Road in neighbouring Rajasthan and passes through Amirgadh town of Banaskantha.Although it remains temporarily shut because of the COVID-19 lockdown, the name of the establishment has stopped many passersby on their tracks, causing them to wonder why anybody would name their hotel after a dreaded pandemic, which has brought the world to its knees.Several awestruck travellers make a stop at the hotel, just to take selfies with its signboard in the background."People can't believe that a hotel is named after a global pandemic, which has killed so many people. Travellers stop here just to take selfies," said Ali, a resident of Siddhpur town in Patan district.Ali said he had chosen the name Corona for his hotel, as it meant crown or a bright circular ring."In Gujarati, it denotes Tej-chakra or Prabha-Mandal. But now, everyone links the word corona with coronavirus," he rues, adding that he may consider changing the name if he sees a drastic drop in customers after the pandemic.The picture will be clear only after the restrictions are lifted and hotel opens for business, Ali said.Till then, the hotelier will have to be happy with the fact that any publicity was good publicity. Summarise this report in a few sentences.
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hotel in AHMEDABAD, a city in the gulf of amirgadh, is named after a deadly pandemic. the name Corona means crown or a bright circular ring, and is used by travellers to describe it. the hotel is located on a highway connecting Gujarat with Abu Road in neighbouring Rajasthan. the hotel is located on a highway in the gulf of amirgadh, a town in the gulf of amirg
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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 "Shakespeare was wrong because he said-What's in a name? Here is Hotel CORONA,It is in Gujrat's Banaskantha(at Higjw… https://t.co/ohsqyaisIu — Rahul Chouhan (@Rahulchouhan92) 1589247956000 @TheJaggi another Hotel Corona, at Bharuch railway station in Gujarat https://t.co/o8cRdLW8p1 — Vivek Chopra (@Vivek_1309) 1589015645000 A hotel to to glorify #GujaratModel. Located at Bharuch, Gujarat. Hotel #Corona has been its name for several years… https://t.co/bpRrYbEoXN — Syed Siraj (@syed_siraj9) 1588851926000 AHMEDABAD: A nondescript hotel-cum- restaurant on a highway in Gujarat 's Banaskantha district has become a popular selfie point among travellers all thanks to its name Hotel Corona When he named his establishment in 2015, little did hotelier Baakar Ali know that it would garner so much attention at a time when the whole country was reeling under the deadly coronavirus pandemic The hotel is located on a highway connecting Gujarat with Abu Road in neighbouring Rajasthan and passes through Amirgadh town of Banaskantha.Although it remains temporarily shut because of the COVID-19 lockdown, the name of the establishment has stopped many passersby on their tracks, causing them to wonder why anybody would name their hotel after a dreaded pandemic, which has brought the world to its knees.Several awestruck travellers make a stop at the hotel, just to take selfies with its signboard in the background."People can't believe that a hotel is named after a global pandemic, which has killed so many people. Travellers stop here just to take selfies," said Ali, a resident of Siddhpur town in Patan district.Ali said he had chosen the name Corona for his hotel, as it meant crown or a bright circular ring."In Gujarati, it denotes Tej-chakra or Prabha-Mandal. But now, everyone links the word corona with coronavirus," he rues, adding that he may consider changing the name if he sees a drastic drop in customers after the pandemic.The picture will be clear only after the restrictions are lifted and hotel opens for business, Ali said.Till then, the hotelier will have to be happy with the fact that any publicity was good publicity. Summarise this report in a few sentences." summarise in a few sentences.
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BEIJING: China 's economy shrank for the first time since at least 1992 in the first quarter, as the coronavirus outbreak paralysed production and spending, raising pressure on authorities to do more to stop mounting job losses.Gross domestic product ( GDP ) fell 6.8% in January-March year-on-year, official data showed on Friday, larger than the 6.5% decline forecast by analysts in a Reuters poll and reversing a 6% expansion in the fourth quarter of last year.The contraction is also the first in the world's second-largest economy since at least 1992 when official quarterly GDP records started.While China has managed to get large parts of its economy up and running from a standstill in February, analysts say policymakers face an uphill battle to revive growth as the coronavirus pandemic ravages global demand.Nomura expects Beijing to deliver a stimulus package in the near-term, which could be financed by the central bank through various channels."However, unlike previous easing cycles, when most of the new credit went to finance spending on infrastructure, property and consumer durable goods, this time we expect most of the new credit to be used on financial relief to help enterprises, banks and households survive the COVID-19 crisis," they said in a note.On a quarter-on-quarter basis, GDP fell 9.8% in the first three months of the year, the National Bureau of Statistics said, just off expectations for a 9.9% contraction, and compared with 1.5% growth in the previous quarter.Separate data showed China's industrial output falling by a less-than-expected 1.1% in March from a year earlier. Retail sales fell 15.8% in the same period. Fixed asset investment shrank 16.1% in January-March.China's urban jobless rate was at 5.9% in March, down from 6.2% in February.The pandemic has infected more than 2 million globally and killed more than 130,000. China, where the virus first emerged, has reported more than 3,000 deaths although new infections have dropped significantly from their peak.Analysts expect nearly 30 million job losses this year due to stuttering work resumptions and plunging global demand, outpacing the 20-plus million layoffs during the 2008-09 financial crisis.Beijing has pledged to take more steps to combat the impact of the pandemic, as mounting job losses threaten social stability.The central bank has already loosened monetary policy to help free up the flow of credit to the economy, but its easing so far has been more measured than during the global financial crisis.The government will also lean on fiscal stimulus to spur infrastructure investment and consumption, which could push the 2020 budget deficit to a record high.For 2020, China's economic growth is set to stumble to its slowest annual pace in nearly half a century, a Reuters poll showed this week. Summarise this report in a few sentences.
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china's economy shrank for the first time since at least 1992 in the first quarter. the contraction is the first in the world's second-largest economy since 1992. analysts say policymakers face an uphill battle to revive growth. the coronavirus pandemic has infected more than 2 million globally and killed more than 130,000.
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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 "BEIJING: China 's economy shrank for the first time since at least 1992 in the first quarter, as the coronavirus outbreak paralysed production and spending, raising pressure on authorities to do more to stop mounting job losses.Gross domestic product ( GDP ) fell 6.8% in January-March year-on-year, official data showed on Friday, larger than the 6.5% decline forecast by analysts in a Reuters poll and reversing a 6% expansion in the fourth quarter of last year.The contraction is also the first in the world's second-largest economy since at least 1992 when official quarterly GDP records started.While China has managed to get large parts of its economy up and running from a standstill in February, analysts say policymakers face an uphill battle to revive growth as the coronavirus pandemic ravages global demand.Nomura expects Beijing to deliver a stimulus package in the near-term, which could be financed by the central bank through various channels."However, unlike previous easing cycles, when most of the new credit went to finance spending on infrastructure, property and consumer durable goods, this time we expect most of the new credit to be used on financial relief to help enterprises, banks and households survive the COVID-19 crisis," they said in a note.On a quarter-on-quarter basis, GDP fell 9.8% in the first three months of the year, the National Bureau of Statistics said, just off expectations for a 9.9% contraction, and compared with 1.5% growth in the previous quarter.Separate data showed China's industrial output falling by a less-than-expected 1.1% in March from a year earlier. Retail sales fell 15.8% in the same period. Fixed asset investment shrank 16.1% in January-March.China's urban jobless rate was at 5.9% in March, down from 6.2% in February.The pandemic has infected more than 2 million globally and killed more than 130,000. China, where the virus first emerged, has reported more than 3,000 deaths although new infections have dropped significantly from their peak.Analysts expect nearly 30 million job losses this year due to stuttering work resumptions and plunging global demand, outpacing the 20-plus million layoffs during the 2008-09 financial crisis.Beijing has pledged to take more steps to combat the impact of the pandemic, as mounting job losses threaten social stability.The central bank has already loosened monetary policy to help free up the flow of credit to the economy, but its easing so far has been more measured than during the global financial crisis.The government will also lean on fiscal stimulus to spur infrastructure investment and consumption, which could push the 2020 budget deficit to a record high.For 2020, China's economic growth is set to stumble to its slowest annual pace in nearly half a century, a Reuters poll showed this week. Summarise this report in a few sentences." summarise in a few sentences.
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The electric lanterns and ornate decorations of Ramadan would normally be hanging in the streets of Gaza, the West Bank and east Jerusalem by now, but not this year amid coronavirus restrictions and growing economic woes. The holy fasting month is expected to start on Friday but, as elsewhere, Palestinians this year are facing the prospect of celebrations without the usual large gatherings for family meals or evening prayers, known as Tarawih. And the same closures that are set to dampen the mood are also suppressing the economy - Palestinian officials have ordered the closure of schools, wedding halls, restaurants and mosques, sending tens of thousands into unemployment. With two deaths and 335 infected cases reported, different coronavirus regulations have been imposed by Hamas in Gaza and the Palestinian Authority in the West Bank and by Israel in East Jerusalem, where Muslim religious authorities have stopped worship at the Dome of the Rock and Al-Aqsa Mosque, the third holiest place in Islam.. "There are no worshippers, there are no people, and the closure of Al-Aqsa Mosque has a great influence on the Palestinian people and on the people of Jerusalem in particular," said Ammar Bakir, a resident of east Jerusalem. 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 Tens of thousands would usually pray in Al-Aqsa in Ramadan, rising to hundreds of thousands in the final days. Instead prayers will be broadcast from inside the mosque. "Such a decision was the first in 1,400 years, it is tough, and it pains our hearts," said Sheikh Omar Al-Kiswani, the director of Al-Aqsa Mosque. GAZA In Gaza, with no confirmed coronavirus cases outside quarantine centres, Hamas said a full lockdown was not yet needed. Customers still flock to markets and stores display the dates, cheese, pickles, nuts and other snacks favoured during Ramadan meals But with families saving money in case of an outbreak, many are just window shopping. "People will be very cautious to visit one another because of the coronavirus crisis," said restaurant owner Anas Qaterji. "People are coming to the market to waste time, they are entertaining themselves after the cafes are closed," said Sameh Abu Shaban, 57, who owns a store selling dates and sweets. "No- one is buying." WEST BANK In the West Bank the Palestinian Authority has declared a state of emergency, but a full lockdown has been eased to allow some businesses resume partial operations, amid predictions of a 50% fall in revenue. "It is a sad Ramadan," said Maher al-Kurdi, a supermarket owner in Hebron. "Usually shops would be crowded with large numbers of people. And mosques are closed, which would spoil the flavour of Ramadan," he said. Summarise this report in a few sentences.
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coronavirus restrictions and economic woes have stifled celebrations in the middle east. two deaths and 335 cases of coronavirus have been reported. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine works by mimicking a natural infection.
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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 electric lanterns and ornate decorations of Ramadan would normally be hanging in the streets of Gaza, the West Bank and east Jerusalem by now, but not this year amid coronavirus restrictions and growing economic woes. The holy fasting month is expected to start on Friday but, as elsewhere, Palestinians this year are facing the prospect of celebrations without the usual large gatherings for family meals or evening prayers, known as Tarawih. And the same closures that are set to dampen the mood are also suppressing the economy - Palestinian officials have ordered the closure of schools, wedding halls, restaurants and mosques, sending tens of thousands into unemployment. With two deaths and 335 infected cases reported, different coronavirus regulations have been imposed by Hamas in Gaza and the Palestinian Authority in the West Bank and by Israel in East Jerusalem, where Muslim religious authorities have stopped worship at the Dome of the Rock and Al-Aqsa Mosque, the third holiest place in Islam.. "There are no worshippers, there are no people, and the closure of Al-Aqsa Mosque has a great influence on the Palestinian people and on the people of Jerusalem in particular," said Ammar Bakir, a resident of east Jerusalem. 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 Tens of thousands would usually pray in Al-Aqsa in Ramadan, rising to hundreds of thousands in the final days. Instead prayers will be broadcast from inside the mosque. "Such a decision was the first in 1,400 years, it is tough, and it pains our hearts," said Sheikh Omar Al-Kiswani, the director of Al-Aqsa Mosque. GAZA In Gaza, with no confirmed coronavirus cases outside quarantine centres, Hamas said a full lockdown was not yet needed. Customers still flock to markets and stores display the dates, cheese, pickles, nuts and other snacks favoured during Ramadan meals But with families saving money in case of an outbreak, many are just window shopping. "People will be very cautious to visit one another because of the coronavirus crisis," said restaurant owner Anas Qaterji. "People are coming to the market to waste time, they are entertaining themselves after the cafes are closed," said Sameh Abu Shaban, 57, who owns a store selling dates and sweets. "No- one is buying." WEST BANK In the West Bank the Palestinian Authority has declared a state of emergency, but a full lockdown has been eased to allow some businesses resume partial operations, amid predictions of a 50% fall in revenue. "It is a sad Ramadan," said Maher al-Kurdi, a supermarket owner in Hebron. "Usually shops would be crowded with large numbers of people. And mosques are closed, which would spoil the flavour of Ramadan," he said. Summarise this report in a few sentences." summarise in a few sentences.
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Rupee and dollar The dark cloud cover of a weaker rupee, rising yields, and falling stocks seem to have been blown away by a precipitous drop in crude prices. Fall in crude prices has all of a sudden completely changed the domestic macroeconomic outlook from that of doom and gloom to boom and bloom. The fall could not have come at a better time and is a welcome respite for policymakers. The RBI has one less problem to worry about and can focus exclusively on managing the domestic liquidity situation and resuscitating PSBs and NBFCs, thereby reviving lending and supporting the economy. The RBI is expected to stay on hold in its December 5 policy. The government too would be breathing easy as it makes the fiscal deficit target of 3.3 percent of GDP a little more attainable. It has to worry less about conceding political ground on account of higher pump prices and can think of ways to win the electorate over as we approach the 2019 general elections. The recent fall in crude prices makes the state election results in less of a precursor to the general elections as the center would have a lot more elbow room to play its cards and comfort the voters between now and the 2019 elections. (Off late there has been a re-pricing of the volatility smile with the implied volatility of out of the money puts rising as market participants position for a better than expected performance by the BJP. This has resulted in a fall in Risk Reversals) For a current account deficit economy lacking adequate energy resources, there are two major concerns i.e. crude prices and the US rates. With the former being in a comfortable territory at this point, the pace of rate hikes in the US from here on and the view on terminal Federal funds rate become extremely crucial. View on Crude Prices: Crude prices have come off sharply from their recent highs mainly on account of a supply glut. The US extended waivers to eight countries, thereby allowing them to purchase crude from Iran despite sanctions being in place. This alleviated concerns of supply contracting after sanctions coming into effect. US crude production is also at record highs and EIA data has been consistently indicating an inventory buildup. Moreover, with additional pipeline capacity becoming operational next year to transport crude from the Permian basin, the supply is only likely to increase. Though several OPEC members are likely to push for a production cut to support prices, it is unlikely that the cartel will decide to cut output significantly, if any at all in its December 6th meet. Also, the US president has expressed his displeasure in no uncertain terms over high crude prices and is likely to take pride in keeping a lid on them. The demand outlook also does not look too promising for 2019 in the wake of ongoing US-China trade tensions. For India, as long as Brent remains below $70 per barrel the sensitivity of the rupee to crude prices should remain low. Concerns are likely to resurface only if Brent manages to break $70 per barrel and sustain above it. (A $10 per barrel fall in crude prices results in an improvement in current account deficit to the extent of 0.5 percent of GDP and a 10 percent fall in crude prices results in CPI inflation coming off by 0.3 percent for India). Overall Rupee View: We have seen FPIs return to domestic equity and debt markets in November after selling heavily in September and October. Offshore USD/INR forward points have been trading 3-5 bps lower than onshore indicating USD selling interest in the offshore NDF market. As long as there is no change in the current benign view on US rates and crude prices, the Rupee is likely to consolidate and trade with a positive bias. The risk to this view could emanate from a global risk-off triggered by an escalation in US-China trade tensions or by BJP doing extremely poorly in the key states of Rajasthan, Madhya Pradesh, and Chattisgarh. The results of state elections are due on 11th December. On the downside, 69.00-69.40 is likely to act as a strong support zone for the USD/INR pair. Oil companies would look to make the most of this dip in crude prices and USD/INR. The central bank too would be keen to replenish its reserves by intervening through nationalized banks at lower levels. The move lower would, therefore, be gradual from here on a break and close above 71.30 would warrant a reassessment of the current view. Exporters are advised to hedge partly through forwards and partly through risk reversals so as to retain participation if any of the aforementioned risk events materialize. Importers are advised to cover their exposures on dips to 69.30-69.50 with a stop above 71.30. The IFA Short term sentiment index (1 month) had turned bearish since 73 onwards but the medium term sentiment index (3-4 months) moved to neutral territory showing range bound actions between 68.80-73 levels. Disclaimer: The author is Founder and CEO of IFA Global. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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fall in crude prices has completely changed the domestic macroeconomic outlook. the fall could not have come at a better time and is a welcome respite for policymakers. for a current account deficit economy lacking adequate energy resources, there are two major concerns. the US extended waivers to eight countries allowing them to purchase crude from Iran. the u.s. has been able to purchase crude from Iran despite sanctions being in place.
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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 "Rupee and dollar The dark cloud cover of a weaker rupee, rising yields, and falling stocks seem to have been blown away by a precipitous drop in crude prices. Fall in crude prices has all of a sudden completely changed the domestic macroeconomic outlook from that of doom and gloom to boom and bloom. The fall could not have come at a better time and is a welcome respite for policymakers. The RBI has one less problem to worry about and can focus exclusively on managing the domestic liquidity situation and resuscitating PSBs and NBFCs, thereby reviving lending and supporting the economy. The RBI is expected to stay on hold in its December 5 policy. The government too would be breathing easy as it makes the fiscal deficit target of 3.3 percent of GDP a little more attainable. It has to worry less about conceding political ground on account of higher pump prices and can think of ways to win the electorate over as we approach the 2019 general elections. The recent fall in crude prices makes the state election results in less of a precursor to the general elections as the center would have a lot more elbow room to play its cards and comfort the voters between now and the 2019 elections. (Off late there has been a re-pricing of the volatility smile with the implied volatility of out of the money puts rising as market participants position for a better than expected performance by the BJP. This has resulted in a fall in Risk Reversals) For a current account deficit economy lacking adequate energy resources, there are two major concerns i.e. crude prices and the US rates. With the former being in a comfortable territory at this point, the pace of rate hikes in the US from here on and the view on terminal Federal funds rate become extremely crucial. View on Crude Prices: Crude prices have come off sharply from their recent highs mainly on account of a supply glut. The US extended waivers to eight countries, thereby allowing them to purchase crude from Iran despite sanctions being in place. This alleviated concerns of supply contracting after sanctions coming into effect. US crude production is also at record highs and EIA data has been consistently indicating an inventory buildup. Moreover, with additional pipeline capacity becoming operational next year to transport crude from the Permian basin, the supply is only likely to increase. Though several OPEC members are likely to push for a production cut to support prices, it is unlikely that the cartel will decide to cut output significantly, if any at all in its December 6th meet. Also, the US president has expressed his displeasure in no uncertain terms over high crude prices and is likely to take pride in keeping a lid on them. The demand outlook also does not look too promising for 2019 in the wake of ongoing US-China trade tensions. For India, as long as Brent remains below $70 per barrel the sensitivity of the rupee to crude prices should remain low. Concerns are likely to resurface only if Brent manages to break $70 per barrel and sustain above it. (A $10 per barrel fall in crude prices results in an improvement in current account deficit to the extent of 0.5 percent of GDP and a 10 percent fall in crude prices results in CPI inflation coming off by 0.3 percent for India). Overall Rupee View: We have seen FPIs return to domestic equity and debt markets in November after selling heavily in September and October. Offshore USD/INR forward points have been trading 3-5 bps lower than onshore indicating USD selling interest in the offshore NDF market. As long as there is no change in the current benign view on US rates and crude prices, the Rupee is likely to consolidate and trade with a positive bias. The risk to this view could emanate from a global risk-off triggered by an escalation in US-China trade tensions or by BJP doing extremely poorly in the key states of Rajasthan, Madhya Pradesh, and Chattisgarh. The results of state elections are due on 11th December. On the downside, 69.00-69.40 is likely to act as a strong support zone for the USD/INR pair. Oil companies would look to make the most of this dip in crude prices and USD/INR. The central bank too would be keen to replenish its reserves by intervening through nationalized banks at lower levels. The move lower would, therefore, be gradual from here on a break and close above 71.30 would warrant a reassessment of the current view. Exporters are advised to hedge partly through forwards and partly through risk reversals so as to retain participation if any of the aforementioned risk events materialize. Importers are advised to cover their exposures on dips to 69.30-69.50 with a stop above 71.30. The IFA Short term sentiment index (1 month) had turned bearish since 73 onwards but the medium term sentiment index (3-4 months) moved to neutral territory showing range bound actions between 68.80-73 levels. Disclaimer: The author is Founder and CEO of IFA Global. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences." summarise in a few sentences.
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Budget 2018: Finance minister Arun Jaitley should be commended on a well thought out, meticulous Budget. Apart from addressing key hurdles across the agricultural and infrastructure value chain, this Budget promises significant empowerment at the grass-roots level. The COAI is pleased with doubling of allocation towards Digital India and the aim to invest in research, training and skilling in robotics, AI, digital manufacturing, big data, quantum communication and IoT, to be overseen by the DST. This is a sign the government is cognisant of the importance of a resilient cyberspace and welcoming of new technologies. The initiative is timely and also suggests that industry has the full support of the government when it comes to the next generation of technology. The support extended to IIT Chennai for indigenous 5G test bed is welcome, as is the proposal to set up five lakh Wi-Fi hotspots across India. However, it is disappointing the government has ignored telecom industry’s submissions on the fundamental changes that need to be made, when the sector is experiencing financial distress and is in need of help. A lot more needs to be done, if the sector is expected to help achieve the PM’s goal of digitally empowering every citizen and ensuring economic growth that improved connectivity guarantees. Also Read | Budget 2018: Announcements around Digital India cheer fintech firms; blockchain industry unimpressed The telecom sector is amongst the highest FDI contributors to the economy (Rs 1.3 lakh crore), and the second-largest investor in infrastructure (Rs 9.2 lakh crore). It contributes 6.5% to the GDP, paying Rs 70,000 crore in FY17 only and employing 40 lakh people directly and indirectly. Telcos have committed to invest Rs 74,000 crore to improve infrastructure to address call drops. Yet when the sector needed budgetary intervention, the government chose to ignore. Given that for every 10% penetration, the GDP gets a 4% boost, telecom is one of the essential sectors. Income tax impact of Budget 2018. Calculate gain or loss with this Income Tax Calculator The sector is struggling with a cumulative debt of Rs 4.6 lakh crore, and revenues are down to Rs 2.5 lakh crore. Hyper-competition has left no room for improvement and the sector is out of ideas how to cut costs. Digital India is almost completely dependent on telecom that needs Rs 3 lakh crore over few years. Ours is one of the most taxed sectors. Whereas telcos in Pakistan and China pay 20% and 11% tax, respectively, Indian telcos pay over 32%, including 18% GST and 15% in licence fee and SUC. We urge GST Council to bring it down to 5%. Also Watch | Brief History Of Budget: 10 Interesting Facts You Shouldn’t Miss The key asks included reducing high levies/taxes and BCD on 4G LTE equipment, clarity on RoW related taxation at state level and reduction of tax rate to 1% on discounts extended to small dealers. While much emphasis was laid on moving to a digital economy, the digital highway — telecom sector — did not feature in the Budget, like the railways, highways and electricity sectors did. The industry will continue to work towards a fully connected India, fulfilling PM’s mission of Digital India. We do hope, though, that in the same way as BharatNet got due support for the critical programme it is, the asks of telecom sector will also be addressed for speedy roll-out of infrastructure across the country that will ensure widespread connectivity and bridge the digital divide between urban India and rural Bharat. Rajan S Mathews Director General, Cellular Operators Association of India Summarise this report in a few sentences.
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the COAI is pleased with doubling of allocation towards Digital India. the initiative is timely and suggests industry has the full support of the government when it comes to the next generation of technology. telecom sector contributes 6.5% to the economy, paying Rs 70,000 crore in FY17 only and employing 40 lakh people directly and indirectly. a lot more needs to be done, if the sector is expected to help achieve the PM’s goal of digitally empowering every citizen.
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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 "Budget 2018: Finance minister Arun Jaitley should be commended on a well thought out, meticulous Budget. Apart from addressing key hurdles across the agricultural and infrastructure value chain, this Budget promises significant empowerment at the grass-roots level. The COAI is pleased with doubling of allocation towards Digital India and the aim to invest in research, training and skilling in robotics, AI, digital manufacturing, big data, quantum communication and IoT, to be overseen by the DST. This is a sign the government is cognisant of the importance of a resilient cyberspace and welcoming of new technologies. The initiative is timely and also suggests that industry has the full support of the government when it comes to the next generation of technology. The support extended to IIT Chennai for indigenous 5G test bed is welcome, as is the proposal to set up five lakh Wi-Fi hotspots across India. However, it is disappointing the government has ignored telecom industry’s submissions on the fundamental changes that need to be made, when the sector is experiencing financial distress and is in need of help. A lot more needs to be done, if the sector is expected to help achieve the PM’s goal of digitally empowering every citizen and ensuring economic growth that improved connectivity guarantees. Also Read | Budget 2018: Announcements around Digital India cheer fintech firms; blockchain industry unimpressed The telecom sector is amongst the highest FDI contributors to the economy (Rs 1.3 lakh crore), and the second-largest investor in infrastructure (Rs 9.2 lakh crore). It contributes 6.5% to the GDP, paying Rs 70,000 crore in FY17 only and employing 40 lakh people directly and indirectly. Telcos have committed to invest Rs 74,000 crore to improve infrastructure to address call drops. Yet when the sector needed budgetary intervention, the government chose to ignore. Given that for every 10% penetration, the GDP gets a 4% boost, telecom is one of the essential sectors. Income tax impact of Budget 2018. Calculate gain or loss with this Income Tax Calculator The sector is struggling with a cumulative debt of Rs 4.6 lakh crore, and revenues are down to Rs 2.5 lakh crore. Hyper-competition has left no room for improvement and the sector is out of ideas how to cut costs. Digital India is almost completely dependent on telecom that needs Rs 3 lakh crore over few years. Ours is one of the most taxed sectors. Whereas telcos in Pakistan and China pay 20% and 11% tax, respectively, Indian telcos pay over 32%, including 18% GST and 15% in licence fee and SUC. We urge GST Council to bring it down to 5%. Also Watch | Brief History Of Budget: 10 Interesting Facts You Shouldn’t Miss The key asks included reducing high levies/taxes and BCD on 4G LTE equipment, clarity on RoW related taxation at state level and reduction of tax rate to 1% on discounts extended to small dealers. While much emphasis was laid on moving to a digital economy, the digital highway — telecom sector — did not feature in the Budget, like the railways, highways and electricity sectors did. The industry will continue to work towards a fully connected India, fulfilling PM’s mission of Digital India. We do hope, though, that in the same way as BharatNet got due support for the critical programme it is, the asks of telecom sector will also be addressed for speedy roll-out of infrastructure across the country that will ensure widespread connectivity and bridge the digital divide between urban India and rural Bharat. Rajan S Mathews Director General, Cellular Operators Association of India Summarise this report in a few sentences." summarise in a few sentences.
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Black Panther spotted in Goa: An image tweeted by Goa Chief Minister Pramod Sawant of a black panther, an animal that is supposedly rarely spotted in the state, has gone viral on social media these days. In his tweet, Goa CM Sawant showed a ‘great glimpse’ of wildlife that thrives in the sea-side state. He stated that the image of the black panther had been clicked by the ‘Black Panther camera’ at Patiem Beat of Netravali Wildlife Sanctuary in the state. A report in the Indian Express stated that forest officials were trying to ascertain if this was a lone Black Panther in the Goan sanctuary or there were other animals present in the vicinity as well. The report added the officer as saying that while this particular part of Goa is a well-known hunting ground for tigers, it was the first instance when a Black Panther had been spotted on camera. Keen Twitter followers were quick to spot similarities between the image of the Black Panther shared by CM Sawant, and the fictional character ‘Bagheera’ from Rudyard Kipling’s “The Jungle Book”. Other comments on the post showed wildlife aficionados gushing over the rare sighting and the regal presence of the beast in its habitat. Due to the ongoing Coronavirus lockdown in the country, there have been multiple reports of wildlife being spotted in cities, on deserted highways and roads, and also in areas where they previously have never been seen. For instance, nilgai have been spotted on roads in Uttar Pradesh’s Noida, elephants now frequent deserted markets in Kerala, birds too seem to have returned to urban areas that are now quieter due to the COVID-19 curfew. Summarise this report in a few sentences.
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image tweeted by Goa chief minister has gone viral on social media. he said the black panther was clicked by a camera at netravali wildlife sanctuary. forest officials were trying to ascertain if this was a lone Black Panther. twitter followers were quick to spot similarities between the image shared by CM Sawant, and the fictional character ‘Bagheera’ from Rudyard Kipling’s “The Jungle Book”.
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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 "Black Panther spotted in Goa: An image tweeted by Goa Chief Minister Pramod Sawant of a black panther, an animal that is supposedly rarely spotted in the state, has gone viral on social media these days. In his tweet, Goa CM Sawant showed a ‘great glimpse’ of wildlife that thrives in the sea-side state. He stated that the image of the black panther had been clicked by the ‘Black Panther camera’ at Patiem Beat of Netravali Wildlife Sanctuary in the state. A report in the Indian Express stated that forest officials were trying to ascertain if this was a lone Black Panther in the Goan sanctuary or there were other animals present in the vicinity as well. The report added the officer as saying that while this particular part of Goa is a well-known hunting ground for tigers, it was the first instance when a Black Panther had been spotted on camera. Keen Twitter followers were quick to spot similarities between the image of the Black Panther shared by CM Sawant, and the fictional character ‘Bagheera’ from Rudyard Kipling’s “The Jungle Book”. Other comments on the post showed wildlife aficionados gushing over the rare sighting and the regal presence of the beast in its habitat. Due to the ongoing Coronavirus lockdown in the country, there have been multiple reports of wildlife being spotted in cities, on deserted highways and roads, and also in areas where they previously have never been seen. For instance, nilgai have been spotted on roads in Uttar Pradesh’s Noida, elephants now frequent deserted markets in Kerala, birds too seem to have returned to urban areas that are now quieter due to the COVID-19 curfew. Summarise this report in a few sentences." summarise in a few sentences.
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The year 2019 witnessed the launch of the country’s first REIT, opening up new avenues for investing in A-Grade commercial office spaces. The maximum pain was experienced by the residential real estate sector largely due to the NBFC debacle and the resultant liquidity squeeze, and the slow pace of recovery in sales affected by overall economic scenario. The government did come to the sector’s rescue to create an alternative investment fund worth Rs 25,000 crore for last-mile funding of stalled housing projects. And if the sector was looking forward to stupendous year in 2020, it was not to be. The COVID-19 pandemic and associated lockdown brought real estate activity to a complete standstill. The government took several steps to bring back demand and inject liquidity into the cash-strapped sector. Here's a look at some key regulatory interventions in 2020 and what remains to be done to boost the real estate sector: RBI initiatives > Repo rate cut by 140 bps in 2020 The government, through monetary policy intervention, decreased policy rates by 140 bps in the past 12 months. It ensured banks pass on the falling interest rates to homebuyers. After several years, the interest on housing loans fell below 7 percent which has been a big demand boost for residential sales 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 > Banks permitted to restructure loans of real estate companies at the project levelIn August 2020, RBI further allowed a one-time restructuring of corporate and personal loans (including home loans). This allowed real estate developers including suppliers of raw materials to rest their debt and provide a fresh lease of life to service their debt prudently. > Specific window provided to push back repaymentDevelopers were provided an additional year to repay lenders which is over and above one year already available, so this will help in the management of cash flows and reduce asset classification stress of Real Estate focused NBFCs. Further, a window of Rs. 50,000 crore under Targeted Long Term Repo Operations (TLTRO) was meant to provide incremental liquidity to NBFCs, MFIs which could be utilised for onward lending to the real estate sector. > Rs 10,000 crore allotted to National Housing BankIn August, the central bank decided to allot Rs 10,000 crore to National Housing Bank, which was meant to be a big relief for the real estate sector reeling under a liquidity crisis. It was meant to provide capital to housing finance companies and eventually provide major relief to developers battling liquidity issues in COVID-19 times. Government initiatives > Additional outlay of Rs 18,000 crore announced for Prime Minister Awas Yojana (PMAY Urban) This was meant to support the objective of Housing for All by 2022. The additional outlay was over and above the Rs 8,000 crore already spent this year. > Differential between ready reckoner (circle rates) and market value for tax exemption doubled to 20 percentThis Diwali, the government announced an increase in the differential from 10 per cent to 20 per cent under Section 43CA of the Income Tax Act on sale of residential units valued at up to Rs 2 crore. Consequently, the buyers will be entitled to relief of up to 20 per cent under Section 56(2)(x) of the Act. The initiative is expected to benefit developers who are hardpressed to offload unsold inventories, especially in those locations where the current market prices are below the circle rate – a rate at which different levies such as stamp duty, registration fee and other taxes are computed and paid. This limited period of relaxation will end on June 30, 2021. > Investments of over Rs 13,200 crore approved under Swamih Fund and money deployed in 36 projectsThis comes in as a relief to 87,000 homebuyers. The government’s Special Window for Affordable and Mid-Income Housing (SWAMIH) fund was set up in November last year to provide last-mile funding for stalled real estate projects by the government. SBI CAP is the fund manager of SWAMIH Fund. > RERA timelines extended due to COVID-19In May, government issues advisory asking real-estate regulators in states and union territories to extend by at least six months the deadline for completion of projects in the face of the coronavirus outbreak. The deadline for RERA projects that were registered or were to be completed by or on March 25 has been extended. > Stamp duty on housing units cut to 2 percent from 5 percent by Maharashtra governmentThe cut is in effect until December 31, 2020, to boost the stagnant real estate market, hit by COVID-19. Stamp duty from January 1, 2021, until March 31, 2021, will be 3 percent. This has started showing results. Home sales volume in Mumbai stood at 9,301 units in November 2020 registering a whopping 67 percent year-on-year (YoY) rise over same month last year, boosted by stamp duty cut and festive period of Diwali. At 9,301 units registered in November 2020, the residential sector of Mumbai recorded the highest ever registrations in the month of November over the last nine years. > Rental accommodation scheme announced for migrant workers and urban poorThis is meant to increase the availability of organised housing facilities. This will lead to decongestion of urban spaces by reducing unauthorised occupancy and encroachment and thus, facilitate better town planning. As many as 24 states and Union Territories have signed agreements with the central government for implementation of the affordable rental housing complexes (ARHC) scheme mooted by the Ministry of Housing and Urban Affairs during the novel coronavirus. The government is extending several incentives including free Floor Space Index (FSI), concessional project finance, free of cost trunk infrastructure facilities, among others to push participation in ARHC scheme for urban poor and migrants > Rules that allow outsiders to buy urban, or non-agricultural land, in Jammu and Kashmir notifiedEarlier, only ‘permanent’ residents and those with domicile certificates were permitted to buy such land. This will pave the way for any Indian citizen to buy land and property in Jammu and Kashmir. Outsiders will now be able to purchase urban, or non-agricultural land. Contract farming will also be permitted on agricultural land. So, what more can be done now? Real estate experts say most of these government and RBI measures announced this year were largely geared towards tackling supply and liquidity concerns. What the sector needs are measures that will bolster demand. > Swamih Fund needs more capital allocationTo enhance liquidity, funds like Swamih will need to be continue and more capital is required to be allocated and/ or more such platforms should be formed to ensure larger number of Projects across Tier II and III towns are benefitted, says Piyush Gupta, managing director, Capital Markets & Investment Services at Colliers International India. > External commercial borrowings (ECBs) with necessary checks needs to be permittedContinuation of external commercial borrowings (ECB) proceeds as a permitted end use for affordable housing projects under the Current ECB Framework is a step in the right direction as this would encourage ECB inflows in the affordable housing sector. However, permitting utilisation of ECB proceeds for acquisition of land parcels for the development of affordable housing projects would really provide low cost liquidity to the business, says Gupta. There is a need for going beyond affordable housing projects to provide flexibility to large projects in cities which are starved of liquidity. > Selective subvention schemes need to be allowed Some of the measures the government should take include allowing selective subvention schemes for developers with good track record, says Anuj Puri, chairman, Anarock Property. > GST needs to be waived off temporarily Waiver of GST on homes for certain period may attract buyers as it will reduce overall property cost by at least 5% for premium homes priced above Rs 45 lakh, he says. > Stamp duty needs to be cut in other statesReduction in ready reckoner rates and stamp duty (just like in Maharashtra) may further attract prospective buyers. > Tax benefits for homebuyers need to be increasedThe government should also consider increasing tax benefits to homebuyers and also extend income limit under PMAY to boost demand, says Gupta. The government should consider increasing the deduction for housing loan. Currently this stands at Rs. 200,000 per annum. This should be increased up to Rs. 400,000 for affordable apartments. It may also look at removing the cap for claiming losses under House Property. The set-off of loss benefit currently has been capped at Rs. 200,000. The government could consider removing the cap as earlier to incentivise buyers to purchase more than one apartment and if required borrow and purchase, adds Gupta. The government should consider extending the benefit under section 80EEA to avail additional Rs 150,000 interest deduction on home loans to existing homebuyers who have already availed home loans; first time homebuyers to include mid-segment as well and create a separate provision for deduction of 'principal repayment' on home loans, opines Samantak Das, Chief Economist and Head of Research & REIS India, JLL. > Holding period for REIT needs to be cut; policy benefits must be provided to emerging sectorsThe government could also look at reducing the holding period of REITs for long-term capital gains. It should also allow 100 percent FDI in completed residential real estate projects through the automatic route, he says. According to Gupta, among fiscal and policy level benefits to sunrise sector, all emerging sectors such as Data Centers which has tremendous potential for attracting investments could be given fiscal benefits like coming up with economic zones which could provide Income Tax, GST holidays. This could be in line with earlier SEZ or STPI which helped investments in office businesses over the past decade. Summarise this report in a few sentences.
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the year 2019 witnessed the launch of the country’s first REIT. the government created an alternative investment fund worth Rs 25,000 crore. the government took several steps to bring back demand and inject liquidity into the cash-strapped sector. the good news is that SARS-CoV-2 virus has been fairly stable. the good news is that a vaccine based on the whole virus has been fairly stable, which increases the viability of a vaccine.
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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 year 2019 witnessed the launch of the country’s first REIT, opening up new avenues for investing in A-Grade commercial office spaces. The maximum pain was experienced by the residential real estate sector largely due to the NBFC debacle and the resultant liquidity squeeze, and the slow pace of recovery in sales affected by overall economic scenario. The government did come to the sector’s rescue to create an alternative investment fund worth Rs 25,000 crore for last-mile funding of stalled housing projects. And if the sector was looking forward to stupendous year in 2020, it was not to be. The COVID-19 pandemic and associated lockdown brought real estate activity to a complete standstill. The government took several steps to bring back demand and inject liquidity into the cash-strapped sector. Here's a look at some key regulatory interventions in 2020 and what remains to be done to boost the real estate sector: RBI initiatives > Repo rate cut by 140 bps in 2020 The government, through monetary policy intervention, decreased policy rates by 140 bps in the past 12 months. It ensured banks pass on the falling interest rates to homebuyers. After several years, the interest on housing loans fell below 7 percent which has been a big demand boost for residential sales 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 > Banks permitted to restructure loans of real estate companies at the project levelIn August 2020, RBI further allowed a one-time restructuring of corporate and personal loans (including home loans). This allowed real estate developers including suppliers of raw materials to rest their debt and provide a fresh lease of life to service their debt prudently. > Specific window provided to push back repaymentDevelopers were provided an additional year to repay lenders which is over and above one year already available, so this will help in the management of cash flows and reduce asset classification stress of Real Estate focused NBFCs. Further, a window of Rs. 50,000 crore under Targeted Long Term Repo Operations (TLTRO) was meant to provide incremental liquidity to NBFCs, MFIs which could be utilised for onward lending to the real estate sector. > Rs 10,000 crore allotted to National Housing BankIn August, the central bank decided to allot Rs 10,000 crore to National Housing Bank, which was meant to be a big relief for the real estate sector reeling under a liquidity crisis. It was meant to provide capital to housing finance companies and eventually provide major relief to developers battling liquidity issues in COVID-19 times. Government initiatives > Additional outlay of Rs 18,000 crore announced for Prime Minister Awas Yojana (PMAY Urban) This was meant to support the objective of Housing for All by 2022. The additional outlay was over and above the Rs 8,000 crore already spent this year. > Differential between ready reckoner (circle rates) and market value for tax exemption doubled to 20 percentThis Diwali, the government announced an increase in the differential from 10 per cent to 20 per cent under Section 43CA of the Income Tax Act on sale of residential units valued at up to Rs 2 crore. Consequently, the buyers will be entitled to relief of up to 20 per cent under Section 56(2)(x) of the Act. The initiative is expected to benefit developers who are hardpressed to offload unsold inventories, especially in those locations where the current market prices are below the circle rate – a rate at which different levies such as stamp duty, registration fee and other taxes are computed and paid. This limited period of relaxation will end on June 30, 2021. > Investments of over Rs 13,200 crore approved under Swamih Fund and money deployed in 36 projectsThis comes in as a relief to 87,000 homebuyers. The government’s Special Window for Affordable and Mid-Income Housing (SWAMIH) fund was set up in November last year to provide last-mile funding for stalled real estate projects by the government. SBI CAP is the fund manager of SWAMIH Fund. > RERA timelines extended due to COVID-19In May, government issues advisory asking real-estate regulators in states and union territories to extend by at least six months the deadline for completion of projects in the face of the coronavirus outbreak. The deadline for RERA projects that were registered or were to be completed by or on March 25 has been extended. > Stamp duty on housing units cut to 2 percent from 5 percent by Maharashtra governmentThe cut is in effect until December 31, 2020, to boost the stagnant real estate market, hit by COVID-19. Stamp duty from January 1, 2021, until March 31, 2021, will be 3 percent. This has started showing results. Home sales volume in Mumbai stood at 9,301 units in November 2020 registering a whopping 67 percent year-on-year (YoY) rise over same month last year, boosted by stamp duty cut and festive period of Diwali. At 9,301 units registered in November 2020, the residential sector of Mumbai recorded the highest ever registrations in the month of November over the last nine years. > Rental accommodation scheme announced for migrant workers and urban poorThis is meant to increase the availability of organised housing facilities. This will lead to decongestion of urban spaces by reducing unauthorised occupancy and encroachment and thus, facilitate better town planning. As many as 24 states and Union Territories have signed agreements with the central government for implementation of the affordable rental housing complexes (ARHC) scheme mooted by the Ministry of Housing and Urban Affairs during the novel coronavirus. The government is extending several incentives including free Floor Space Index (FSI), concessional project finance, free of cost trunk infrastructure facilities, among others to push participation in ARHC scheme for urban poor and migrants > Rules that allow outsiders to buy urban, or non-agricultural land, in Jammu and Kashmir notifiedEarlier, only ‘permanent’ residents and those with domicile certificates were permitted to buy such land. This will pave the way for any Indian citizen to buy land and property in Jammu and Kashmir. Outsiders will now be able to purchase urban, or non-agricultural land. Contract farming will also be permitted on agricultural land. So, what more can be done now? Real estate experts say most of these government and RBI measures announced this year were largely geared towards tackling supply and liquidity concerns. What the sector needs are measures that will bolster demand. > Swamih Fund needs more capital allocationTo enhance liquidity, funds like Swamih will need to be continue and more capital is required to be allocated and/ or more such platforms should be formed to ensure larger number of Projects across Tier II and III towns are benefitted, says Piyush Gupta, managing director, Capital Markets & Investment Services at Colliers International India. > External commercial borrowings (ECBs) with necessary checks needs to be permittedContinuation of external commercial borrowings (ECB) proceeds as a permitted end use for affordable housing projects under the Current ECB Framework is a step in the right direction as this would encourage ECB inflows in the affordable housing sector. However, permitting utilisation of ECB proceeds for acquisition of land parcels for the development of affordable housing projects would really provide low cost liquidity to the business, says Gupta. There is a need for going beyond affordable housing projects to provide flexibility to large projects in cities which are starved of liquidity. > Selective subvention schemes need to be allowed Some of the measures the government should take include allowing selective subvention schemes for developers with good track record, says Anuj Puri, chairman, Anarock Property. > GST needs to be waived off temporarily Waiver of GST on homes for certain period may attract buyers as it will reduce overall property cost by at least 5% for premium homes priced above Rs 45 lakh, he says. > Stamp duty needs to be cut in other statesReduction in ready reckoner rates and stamp duty (just like in Maharashtra) may further attract prospective buyers. > Tax benefits for homebuyers need to be increasedThe government should also consider increasing tax benefits to homebuyers and also extend income limit under PMAY to boost demand, says Gupta. The government should consider increasing the deduction for housing loan. Currently this stands at Rs. 200,000 per annum. This should be increased up to Rs. 400,000 for affordable apartments. It may also look at removing the cap for claiming losses under House Property. The set-off of loss benefit currently has been capped at Rs. 200,000. The government could consider removing the cap as earlier to incentivise buyers to purchase more than one apartment and if required borrow and purchase, adds Gupta. The government should consider extending the benefit under section 80EEA to avail additional Rs 150,000 interest deduction on home loans to existing homebuyers who have already availed home loans; first time homebuyers to include mid-segment as well and create a separate provision for deduction of 'principal repayment' on home loans, opines Samantak Das, Chief Economist and Head of Research & REIS India, JLL. > Holding period for REIT needs to be cut; policy benefits must be provided to emerging sectorsThe government could also look at reducing the holding period of REITs for long-term capital gains. It should also allow 100 percent FDI in completed residential real estate projects through the automatic route, he says. According to Gupta, among fiscal and policy level benefits to sunrise sector, all emerging sectors such as Data Centers which has tremendous potential for attracting investments could be given fiscal benefits like coming up with economic zones which could provide Income Tax, GST holidays. This could be in line with earlier SEZ or STPI which helped investments in office businesses over the past decade. Summarise this report in a few sentences." summarise in a few sentences.
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Representational picture Global outbreaks like COVID-19 will become more common and increasingly prevalent if countries do not take effective steps to curb zoonotic diseases that pass from animals to humans, a report by the UN has said. The UN Environment Programme (UNEP) and the International Livestock Research Institute (ILRI) on Monday launched the report- ‘Preventing the next pandemic: Zoonotic diseases and how to break the chain of transmission'. “People look back to the influenza pandemic of 1918–1919 and think that such disease outbreaks only happen once in a century,” head of scientific assessments at UNEP Maarten Kappelle said. "But that's no longer true. If we don't restore the balance between the natural world and the human one, these outbreaks will become increasingly prevalent,” he said. UNEP Executive Director Inger Andersen said that as nations seek to build back better after COVID-19, "we need to fully understand the transmission of zoonoses, the threats they pose to human health and how to minimise the risk of further devastating outbreaks. "COVID-19 is one of the worst zoonotic diseases, but it is not the first. Ebola, SARS, MERS, HIV, Lyme disease, Rift Valley fever and Lassa fever preceded it. In the last century we have seen at least six major outbreaks of novel coronaviruses,” she said. Zoonotic diseases are infections that jump between animals and humans, some of which have led to severe illnesses and deaths. The coronavirus outbreak has so far claimed 500,000 lives globally. It originated from a wildlife food market in China's Wuhan city. The Highly pathogenic avian influenza (HPAI) or bird flu in 1996, Nipah virus infection in 1998, Severe acute respiratory syndrome (SARS) in 2003 and the Swine acute diarrhoea syndrome (SADS) in 2016 all emerged in Guangdong, China, the report's data said. She said nations need to invest in ending the over-exploitation of wildlife and other natural resources, farming sustainably, reversing land degradation and protecting ecosystem health. “We were warned that the current pandemic was a matter of if, not when. It is a human failing that we predict but not prepare. Now we must become more proactive to avoid another pandemic and address endemic zoonotic diseases. This means recognising that human health, animal health and planetary health cannot be separated, and planning our responses accordingly,” she said. The report said that 60 percent of the 1,400 microbes known to infect humans originated in animals. It also noted that apart from contagions like COVID-19, neglected zoonotic diseases such as anthrax, bovine tuberculosis, rabies and Japanese encephalitis kill at least two million people every year, mostly in developing countries, which have communities with complex development problems, high dependence on livestock and proximity to wildlife. Zoonotic diseases have plagued societies since Neolithic times and were responsible for some of history's deadliest pandemics, including the bubonic plague of the late Middle Ages and the influenza pandemic of the early twentieth century. UNEP noted that as the world's population edges towards 8 billion, rampant development is putting humans and animals in increasingly close quarters, making it easier for diseases to vault between species. Andersen added that growth in humanity and its activity is largely to blame for increasing frequency of zoonotic diseases. She said meat production has increased by 260 percent in 50 years, agriculture has intensified, infrastructure expanded and resources extracted at the expense of wild spaces. Dams, irrigation and factory farms are linked to 25 percent of infectious diseases in humans. Travel, transport and food supply chains have erased borders and distances. Climate change has contributed to the spread of pathogens. “The end result is that people and animals, with the diseases they carry, are closer than ever,” she said. Eric Fèvre, a professor of veterinary infectious diseases at the University of Liverpool and a jointly appointed ILRI researcher said, "as we exploit more marginal areas, we are creating opportunities for transmission. There is an increasing risk of seeing bigger epidemics and, eventually, a pandemic of the COVID-19 type as our footprint on the world expands.” The report also noted that cost of zoonotic epidemics is steep. The International Monetary Fund has predicted that COVID-19 alone will cause the global economy to contract by 3 percent this year, wiping out $9 trillion in productivity through 2021. But even in the two decades before the pandemic, the World Bank estimated that zoonotic diseases had direct costs of more than $100 billion. In order to prevent future outbreaks, countries need a coordinated, science-backed response to emerging zoonotic diseases, says Delia Grace, lead author of the report as well as a veterinary epidemiologist at ILRI and professor of food safety at the UK's Natural Resources Institute. UNEP and ILRI are urging governments to embrace an inter-sectoral and interdisciplinary approach called One Health. It calls on states not only to buttress their animal as well as human healthcare systems, but also to address factors - like environmental degradation and increased demand for meat – that make it easier for diseases to jump species. Co-author of the assessment and UNEP's Chief of Wildlife Doreen Robinson says it's also important for governments to better understand how zoonotic diseases work. That could help the world avoid another pandemic on the scale of COVID-19. Summarise this report in a few sentences.
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global outbreaks like COVID-19 will become more common if countries do not take effective steps to curb zoonotic diseases. zoonoses are infections that jump between animals and humans, some of which have led to severe illnesses and deaths. the coronavirus outbreak has so far claimed 500,000 lives globally. the report was released by the un and the international livestock research institute (ilRI)
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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 "Representational picture Global outbreaks like COVID-19 will become more common and increasingly prevalent if countries do not take effective steps to curb zoonotic diseases that pass from animals to humans, a report by the UN has said. The UN Environment Programme (UNEP) and the International Livestock Research Institute (ILRI) on Monday launched the report- ‘Preventing the next pandemic: Zoonotic diseases and how to break the chain of transmission'. “People look back to the influenza pandemic of 1918–1919 and think that such disease outbreaks only happen once in a century,” head of scientific assessments at UNEP Maarten Kappelle said. "But that's no longer true. If we don't restore the balance between the natural world and the human one, these outbreaks will become increasingly prevalent,” he said. UNEP Executive Director Inger Andersen said that as nations seek to build back better after COVID-19, "we need to fully understand the transmission of zoonoses, the threats they pose to human health and how to minimise the risk of further devastating outbreaks. "COVID-19 is one of the worst zoonotic diseases, but it is not the first. Ebola, SARS, MERS, HIV, Lyme disease, Rift Valley fever and Lassa fever preceded it. In the last century we have seen at least six major outbreaks of novel coronaviruses,” she said. Zoonotic diseases are infections that jump between animals and humans, some of which have led to severe illnesses and deaths. The coronavirus outbreak has so far claimed 500,000 lives globally. It originated from a wildlife food market in China's Wuhan city. The Highly pathogenic avian influenza (HPAI) or bird flu in 1996, Nipah virus infection in 1998, Severe acute respiratory syndrome (SARS) in 2003 and the Swine acute diarrhoea syndrome (SADS) in 2016 all emerged in Guangdong, China, the report's data said. She said nations need to invest in ending the over-exploitation of wildlife and other natural resources, farming sustainably, reversing land degradation and protecting ecosystem health. “We were warned that the current pandemic was a matter of if, not when. It is a human failing that we predict but not prepare. Now we must become more proactive to avoid another pandemic and address endemic zoonotic diseases. This means recognising that human health, animal health and planetary health cannot be separated, and planning our responses accordingly,” she said. The report said that 60 percent of the 1,400 microbes known to infect humans originated in animals. It also noted that apart from contagions like COVID-19, neglected zoonotic diseases such as anthrax, bovine tuberculosis, rabies and Japanese encephalitis kill at least two million people every year, mostly in developing countries, which have communities with complex development problems, high dependence on livestock and proximity to wildlife. Zoonotic diseases have plagued societies since Neolithic times and were responsible for some of history's deadliest pandemics, including the bubonic plague of the late Middle Ages and the influenza pandemic of the early twentieth century. UNEP noted that as the world's population edges towards 8 billion, rampant development is putting humans and animals in increasingly close quarters, making it easier for diseases to vault between species. Andersen added that growth in humanity and its activity is largely to blame for increasing frequency of zoonotic diseases. She said meat production has increased by 260 percent in 50 years, agriculture has intensified, infrastructure expanded and resources extracted at the expense of wild spaces. Dams, irrigation and factory farms are linked to 25 percent of infectious diseases in humans. Travel, transport and food supply chains have erased borders and distances. Climate change has contributed to the spread of pathogens. “The end result is that people and animals, with the diseases they carry, are closer than ever,” she said. Eric Fèvre, a professor of veterinary infectious diseases at the University of Liverpool and a jointly appointed ILRI researcher said, "as we exploit more marginal areas, we are creating opportunities for transmission. There is an increasing risk of seeing bigger epidemics and, eventually, a pandemic of the COVID-19 type as our footprint on the world expands.” The report also noted that cost of zoonotic epidemics is steep. The International Monetary Fund has predicted that COVID-19 alone will cause the global economy to contract by 3 percent this year, wiping out $9 trillion in productivity through 2021. But even in the two decades before the pandemic, the World Bank estimated that zoonotic diseases had direct costs of more than $100 billion. In order to prevent future outbreaks, countries need a coordinated, science-backed response to emerging zoonotic diseases, says Delia Grace, lead author of the report as well as a veterinary epidemiologist at ILRI and professor of food safety at the UK's Natural Resources Institute. UNEP and ILRI are urging governments to embrace an inter-sectoral and interdisciplinary approach called One Health. It calls on states not only to buttress their animal as well as human healthcare systems, but also to address factors - like environmental degradation and increased demand for meat – that make it easier for diseases to jump species. Co-author of the assessment and UNEP's Chief of Wildlife Doreen Robinson says it's also important for governments to better understand how zoonotic diseases work. That could help the world avoid another pandemic on the scale of COVID-19. Summarise this report in a few sentences." summarise in a few sentences.
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The country's personal wealth is expected to grow at a CAGR of 13 percent to $5 trillion by 2022, according to a report by the Boston Consulting Group (BCG). Its personal wealth was estimated to be $3 trillion in 2017. The country is also expected to become the eleventh wealthiest nation globally by 2022 in terms of total personal wealth, improving its rank by four places from 2017, the report said. The US leads the chart in terms of total personal wealth with $80 trillion in 2017, which is projected to touch $100 trillion by 2022. China is ranked second, with a total personal wealth of $21 trillion, which is expected to more than double to $43 trillion by 2022. The report noted that India constitutes the second largest pool of wealth from emerging markets in the coming years, with $2.2 billion. It is the fifth largest Asian market in number of affluent, high net worth, and ultra high net worth individuals. There were 322,000 affluents, 87,000 high net worth individuals and 4,000 ultra high net worth individuals in the country in 2017, according to the report. It observed that nearly 70 percent of the country's personal financial wealth would be accessible to wealth managers in 2022. The 70 percent investable wealth in the country includes listed equity, bonds, investment funds, currency and deposits, and other smaller asset classes, while the 30 percent non-investable wealth includes life insurance and pensions, unlisted equity and other equity. The report also noted that around 6 percent of the private wealth is currently held offshore. Summarise this report in a few sentences.
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the country's personal wealth is expected to grow at a CAGR of 13 percent to $5 trillion by 2022. the country is expected to become the eleventh wealthiest nation globally by 2022. the country is expected to become the eleventh wealthiest nation globally by 2022. the country is expected to become the eleventh wealthiest nation globally by 2022.
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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 personal wealth is expected to grow at a CAGR of 13 percent to $5 trillion by 2022, according to a report by the Boston Consulting Group (BCG). Its personal wealth was estimated to be $3 trillion in 2017. The country is also expected to become the eleventh wealthiest nation globally by 2022 in terms of total personal wealth, improving its rank by four places from 2017, the report said. The US leads the chart in terms of total personal wealth with $80 trillion in 2017, which is projected to touch $100 trillion by 2022. China is ranked second, with a total personal wealth of $21 trillion, which is expected to more than double to $43 trillion by 2022. The report noted that India constitutes the second largest pool of wealth from emerging markets in the coming years, with $2.2 billion. It is the fifth largest Asian market in number of affluent, high net worth, and ultra high net worth individuals. There were 322,000 affluents, 87,000 high net worth individuals and 4,000 ultra high net worth individuals in the country in 2017, according to the report. It observed that nearly 70 percent of the country's personal financial wealth would be accessible to wealth managers in 2022. The 70 percent investable wealth in the country includes listed equity, bonds, investment funds, currency and deposits, and other smaller asset classes, while the 30 percent non-investable wealth includes life insurance and pensions, unlisted equity and other equity. The report also noted that around 6 percent of the private wealth is currently held offshore. Summarise this report in a few sentences." summarise in a few sentences.
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Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors toward safe-haven assets. Brent crude dipped 14 cents, or 0.3%, to $43.20 a barrel by 0242 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.19 a barrel, down 10 cents, or 0.2%. The fall in oil mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world's two biggest economies following the closures of consulates in Houston and Chengdu. Global coronavirus cases, meanwhile, exceeded 16 million. Still, Brent is on track for a fourth straight monthly gain in July and WTI is set to rise for a third month as unprecedented supply cuts from the Organization of the Petroleum Countries and its allies including Russia propped up prices. Output has also fallen in the United States. Oil demand has improved somewhat from the deep trough of the second quarter, supporting prices, although the recovery path is uneven as resumption of lockdowns in the United States and other parts of the world is capping consumption. "Market participants appear to be nervous in taking a strong view either way on the market, with plenty of uncertainty still clouding the outlook when it comes to demand," ING analysts said in a note. Investors are also watching for any impact from storm Hanna, which battered the Texas coast over the weekend, threatening heavy rains in Texas and Mexico. Oil and gas producers and refiners said on Friday that they did not expect the storm to affect operations. The rebound in oil prices from lows hit earlier this year has also encouraged the world's top producers to increase output and exports again. The U.S. oil rig count rose last week for the first week since March after producers added one rig, Baker Hughes data showed, a sign that U.S. oil production decline may have bottomed out. "Whilst we believe rig activity has bottomed, we don‘t expect to see a quick recovery anytime soon at current price levels," ING said. Russian oil exports from its western ports are set to rise 36% in August from July, according to the preliminary loading plan and Reuters calculations. The world's top exporter Saudi Arabia again topped the chart of crude suppliers to China in June, supplying 2.16 million barrels per day, or nearly 17% of China's record imports for the month. Summarise this report in a few sentences.
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rising coronavirus cases push oil prices lower. u.s. westtex crude drops to $41.19 a barrel. global coronavirus cases exceed 16 million. rig count in the united states rose last week. a u.s. oil rig was added last week. a u.s. oil exporter is set to increase 36% in august.
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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 "Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors toward safe-haven assets. Brent crude dipped 14 cents, or 0.3%, to $43.20 a barrel by 0242 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.19 a barrel, down 10 cents, or 0.2%. The fall in oil mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world's two biggest economies following the closures of consulates in Houston and Chengdu. Global coronavirus cases, meanwhile, exceeded 16 million. Still, Brent is on track for a fourth straight monthly gain in July and WTI is set to rise for a third month as unprecedented supply cuts from the Organization of the Petroleum Countries and its allies including Russia propped up prices. Output has also fallen in the United States. Oil demand has improved somewhat from the deep trough of the second quarter, supporting prices, although the recovery path is uneven as resumption of lockdowns in the United States and other parts of the world is capping consumption. "Market participants appear to be nervous in taking a strong view either way on the market, with plenty of uncertainty still clouding the outlook when it comes to demand," ING analysts said in a note. Investors are also watching for any impact from storm Hanna, which battered the Texas coast over the weekend, threatening heavy rains in Texas and Mexico. Oil and gas producers and refiners said on Friday that they did not expect the storm to affect operations. The rebound in oil prices from lows hit earlier this year has also encouraged the world's top producers to increase output and exports again. The U.S. oil rig count rose last week for the first week since March after producers added one rig, Baker Hughes data showed, a sign that U.S. oil production decline may have bottomed out. "Whilst we believe rig activity has bottomed, we don‘t expect to see a quick recovery anytime soon at current price levels," ING said. Russian oil exports from its western ports are set to rise 36% in August from July, according to the preliminary loading plan and Reuters calculations. The world's top exporter Saudi Arabia again topped the chart of crude suppliers to China in June, supplying 2.16 million barrels per day, or nearly 17% of China's record imports for the month. Summarise this report in a few sentences." summarise in a few sentences.
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Moody's Investors Service on Monday said the bank capital will moderately fall in emerging Asia over the next two years, with India seeing larger capital decline without further infusion. In a report, Moody's said the uncertain trajectory of asset quality is one of the biggest threats for emerging market banks, as operating conditions remain challenging amid the current COVID pandemic. The 2021 outlook for banks in emerging markets is negative, while the outlook for insurers is stable, it said. "In the Asia Pacific region, banks' rising nonperforming loans and insurers' volatile investment portfolios are in focus. Capital will moderately fall in emerging Asia over the next two years, and banks in India and Sri Lanka will post larger capital declines without public or private injections," Moody's said. It said non-performing loans (NPLs) will rise most for banks in India and Thailand because of the greater shock to their economies and historically poor performance of certain loan types. In India, stress among non-bank financial institutions will also curtail their capacity to lend, Moody's noted. "Profit growth will be modest because of low-interest rate and subdued lending, but lower loan volumes should aid capital," Moody's Managing Director Celina Vansetti-Hutchins said in the 'Emerging Markets Financial Institutions Outlook' report. Also read: RIL-BP set to start gas production from R-Series; invest Rs 40,000 crore Also read: What will happen to fixed deposits in Lakshmi Vilas Bank? Summarise this report in a few sentences.
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Moody's Investors Service says bank capital will moderately fall in emerging Asia. the 2021 outlook for banks in emerging markets is negative, while the outlook for insurers is stable. it says non-performing loans (NPLs) will rise most for banks in india and Thailand. in india, stress among non-bank financial institutions will curtail their capacity to lend.
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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 "Moody's Investors Service on Monday said the bank capital will moderately fall in emerging Asia over the next two years, with India seeing larger capital decline without further infusion. In a report, Moody's said the uncertain trajectory of asset quality is one of the biggest threats for emerging market banks, as operating conditions remain challenging amid the current COVID pandemic. The 2021 outlook for banks in emerging markets is negative, while the outlook for insurers is stable, it said. "In the Asia Pacific region, banks' rising nonperforming loans and insurers' volatile investment portfolios are in focus. Capital will moderately fall in emerging Asia over the next two years, and banks in India and Sri Lanka will post larger capital declines without public or private injections," Moody's said. It said non-performing loans (NPLs) will rise most for banks in India and Thailand because of the greater shock to their economies and historically poor performance of certain loan types. In India, stress among non-bank financial institutions will also curtail their capacity to lend, Moody's noted. "Profit growth will be modest because of low-interest rate and subdued lending, but lower loan volumes should aid capital," Moody's Managing Director Celina Vansetti-Hutchins said in the 'Emerging Markets Financial Institutions Outlook' report. Also read: RIL-BP set to start gas production from R-Series; invest Rs 40,000 crore Also read: What will happen to fixed deposits in Lakshmi Vilas Bank? Summarise this report in a few sentences." summarise in a few sentences.
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The rupee depreciated by 25 paise to 76.31 against the US dollar in opening trade on Friday, tracking weak domestic equities and strengthening of the US dollar overseas. Forex traders said the rupee opened on a weak note taking negative cues from Asian equities. The rupee opened at 76.30 at the interbank forex market and then fell further to 76.31, down 25 paise over its last close. The rupee had settled at 76.06 against the US dollar on Thursday. "Asian equities and US stock futures fell on Friday morning, amid doubts about progress in the development of drugs to treat COVID-19 and weak data from the United States," Reliance Securities said in a research note. It further added that "the US dollar rose against the Euro and a basket of currencies this Friday morning and could weigh on the domestic unit intraday". Domestic bourses were trading on a negative note with benchmark indices Sensex trading 423.12 points lower at 31,439.96 and Nifty down by 120.70 points at 9,193.20. Brent crude futures, the global oil benchmark, advanced 5.20 per cent to USD 22.44 per barrel. Forex traders said market sentiment weakened after a potential antiviral drug for coronavirus reportedly failed its first trial. Market participants are concerned that the sharp rise in coronavirus cases could weigh on the global as well as domestic economy. The number of cases around the world linked to the new coronavirus has crossed over 27 lakh. In India, over 23,000 cases have been reported so far. Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 114.58 crore on Thursday, as per provisional data. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced by 0.08 per cent to 100.50. Coronavirus impact: SEBI reduces restriction period to raise funds after buyback to 6 months Coronavirus India live updates: Total COVID-19 cases in the country jump to 23,077; death toll at 718 Bharti Infratel FY20 net profit surges 32% to Rs 3,299 crore, extends merger deadline with Indus Towers Stocks in news: Bharti Infratel, Mindtree, Hathway Cables, Britannia, Mahindra & Mahindra and more Summarise this report in a few sentences.
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rupee depreciates by 25 paise to 76.31 against the US dollar in opening trade. the rupee opened at 76.30 at the interbank forex market and then fell further to 76.31. domestic bourses were trading on a negative note with benchmark indices Sensex trading 423.12 points lower.
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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 rupee depreciated by 25 paise to 76.31 against the US dollar in opening trade on Friday, tracking weak domestic equities and strengthening of the US dollar overseas. Forex traders said the rupee opened on a weak note taking negative cues from Asian equities. The rupee opened at 76.30 at the interbank forex market and then fell further to 76.31, down 25 paise over its last close. The rupee had settled at 76.06 against the US dollar on Thursday. "Asian equities and US stock futures fell on Friday morning, amid doubts about progress in the development of drugs to treat COVID-19 and weak data from the United States," Reliance Securities said in a research note. It further added that "the US dollar rose against the Euro and a basket of currencies this Friday morning and could weigh on the domestic unit intraday". Domestic bourses were trading on a negative note with benchmark indices Sensex trading 423.12 points lower at 31,439.96 and Nifty down by 120.70 points at 9,193.20. Brent crude futures, the global oil benchmark, advanced 5.20 per cent to USD 22.44 per barrel. Forex traders said market sentiment weakened after a potential antiviral drug for coronavirus reportedly failed its first trial. Market participants are concerned that the sharp rise in coronavirus cases could weigh on the global as well as domestic economy. The number of cases around the world linked to the new coronavirus has crossed over 27 lakh. In India, over 23,000 cases have been reported so far. Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 114.58 crore on Thursday, as per provisional data. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced by 0.08 per cent to 100.50. Coronavirus impact: SEBI reduces restriction period to raise funds after buyback to 6 months Coronavirus India live updates: Total COVID-19 cases in the country jump to 23,077; death toll at 718 Bharti Infratel FY20 net profit surges 32% to Rs 3,299 crore, extends merger deadline with Indus Towers Stocks in news: Bharti Infratel, Mindtree, Hathway Cables, Britannia, Mahindra & Mahindra and more Summarise this report in a few sentences." summarise in a few sentences.
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NEW DELHI: Domestic equity markets started Wednesday's session on a weak note, extending their decline amid escalating global trade war between US-China, mixed March quarter earnings and uncertainity over general election outcome.Keeping in line with the negative sentiment, the rupee depreciated by 16 paise against the greenback.Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth, driving support for safe-haven government bonds. China stocks declined 1.4 per cent, Hong Kong’s Hang Seng fell 1.12 per cent and Japan's Nikkei was down 1.5 per cent.At around 9:30 am, Sensex was down 162 points or 0.42 per cent at 38,114 with 21 stocks in the red.Around the same time, NSE counterpart Nifty50 was trading at 11,442, down 56 points or 0.48 per cent. In the 50 pack index, 12 stocks advanced, 37 declined and one remained unchanged.The markets would keep an eye on stocks such as Titan Company , Dhanlaxmi Bank, Gillette, JK Paper, KEL International, MAS Financial Services, EID Parry and Rain Industries which will report their March quarter results on Wednesday.HCL Tech was the biggest Sensex gainer followed by Power Grid ICICI Bank and Hero MotoCorp.Meanwhile, Vedanta with a fall of 4 per cent was the worst performing stock. The scrip declined after the firm on Tuesday posted an 8 per cent rise in attributable net profit to Rs 2,615 crore on a consolidated basis against Rs 2,420 crore in Q4 FY18. The company’s earnings and profit margins are likely to remain subdued in the coming quarters, say analysts.Other losers were RIL, ONGC, Bajaj Auto, Bajaj Finance and HDFC.BSE Midcap and BSE Smallcap too slipped into the red, down 0.34 per cent and 0.36 per cent, respectively.On the BSE sectoral front, all sectors declined with BSE Energy falling the most.Oil prices remained relatively tight amid US sanctions on crude exporters Iran and Venezuela. US WTI crude futures were at $61.56 per barrel, 17 cents, or 0.3 per cent, above their last settlement. Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 per cent, above their last close. Summarise this report in a few sentences.
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Sensex down 162 points or 0.42 per cent at 38,114 with 21 stocks in red. Nifty50 was trading at 11,442, down 56 points or 0.48 per cent. china stocks declined 1.4 per cent, Hong Kong’s Hang Seng fell 1.12 per cent and Japan's Nikkei was down 1.5 per cent. meanwhile, Vedanta with a fall of 4% was the worst performing stock.
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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: Domestic equity markets started Wednesday's session on a weak note, extending their decline amid escalating global trade war between US-China, mixed March quarter earnings and uncertainity over general election outcome.Keeping in line with the negative sentiment, the rupee depreciated by 16 paise against the greenback.Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth, driving support for safe-haven government bonds. China stocks declined 1.4 per cent, Hong Kong’s Hang Seng fell 1.12 per cent and Japan's Nikkei was down 1.5 per cent.At around 9:30 am, Sensex was down 162 points or 0.42 per cent at 38,114 with 21 stocks in the red.Around the same time, NSE counterpart Nifty50 was trading at 11,442, down 56 points or 0.48 per cent. In the 50 pack index, 12 stocks advanced, 37 declined and one remained unchanged.The markets would keep an eye on stocks such as Titan Company , Dhanlaxmi Bank, Gillette, JK Paper, KEL International, MAS Financial Services, EID Parry and Rain Industries which will report their March quarter results on Wednesday.HCL Tech was the biggest Sensex gainer followed by Power Grid ICICI Bank and Hero MotoCorp.Meanwhile, Vedanta with a fall of 4 per cent was the worst performing stock. The scrip declined after the firm on Tuesday posted an 8 per cent rise in attributable net profit to Rs 2,615 crore on a consolidated basis against Rs 2,420 crore in Q4 FY18. The company’s earnings and profit margins are likely to remain subdued in the coming quarters, say analysts.Other losers were RIL, ONGC, Bajaj Auto, Bajaj Finance and HDFC.BSE Midcap and BSE Smallcap too slipped into the red, down 0.34 per cent and 0.36 per cent, respectively.On the BSE sectoral front, all sectors declined with BSE Energy falling the most.Oil prices remained relatively tight amid US sanctions on crude exporters Iran and Venezuela. US WTI crude futures were at $61.56 per barrel, 17 cents, or 0.3 per cent, above their last settlement. Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 per cent, above their last close. Summarise this report in a few sentences." summarise in a few sentences.
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India has been witnessing a slowdown in growth which is now further impacted by COVID-19. Sectors like aviation, tourism, hospitality are hit hard, in addition to sectors like realty, telecom, financial services, automobile which have already been in stress. Social distancing as a policy response has led to partial shutdown affecting all sectors of economy. With wheels of economy coming to a halt, people at the bottom of the pyramid working in various establishments are left marooned without any gainful employment. The major response has to come from addressing the core issue, containing the epidemic and restoring normalcy. The prevailing view is that it would take at least a quarter to bring normalcy back. A fiscal package is warranted to support the job losses due to halting economy and sector specific revival plans. While heavy lifting is required at government level, monetary intervention is also warranted now for a smooth transition in overcoming the crisis. The next monetary policy outcome is slated for April 3, well past into a new financial year. This is an emergency, and rightly declared as a national emergency by the largest economy, that is the US. Instead of wait and watch for another two weeks, time is to act now and give effect to the changes in this year's financials. 1. Repayment Holiday/Moratorium a. One-time repayment holiday for all loans for a 90-day period falling due from March 1, 2020 till May 31, 2020. Amortised interest during the period may be made payable in 9 staggered instalments matching with projected cashflows. b. The asset categorisation during the period to be treated as Standard and no effect on CIBIL score, etc. c. Banks/NBFCs may be permitted to book income on accrual basis during the repayment holiday. 2. 65bps interest rate reduction - Repo at 4.5 per cent Consequent upon substantial reduction in global crude prices, the pressure on inflation is likely to reduce considerably. There is a strong case now for a reduction in interest rate, in line with many global central banks, at least 65 basis points to bring down Repo rate to 4.5 per cent. If India's interest rate is cut to 4.50, its interest/average inflation ratio will be 0.74, broadly aligned with peer countries like Brazil and Russia. Admitted, it is too simplistic and rate cut is based on various parameters and future inflation outlook rather than past inflation. The exercise is only for benchmarking against some available set parameters used by Wikipedia. 3. Adoption of an Early Intervention Framework In the wake of Yes Bank crisis, there is a need to review the supervisory framework based on best practices. There is an existing Prompt Corrective Action (PCA) framework being used now, which triggers regulatory intervention. The PCA consists of three factors like Capital Adequacy, Net NPA and Return on Assets, with certain threshold points for trigger. However, there was no trigger in the recent case of Yes Bank. Hence the need for a rethink if the framework needs review. There are other frameworks used in other countries, like the one in Denmark reproduced below. "Early Intervention Framework in Denmark, The Danish framework consists of five quantitative indicators. The supervisor is authorised to take remedial action in cases where the limits are breached. The five indicators are - (i) Aggregate sum of all large exposures must not exceed 125 per cent of the bank's core capital. (Large exposure is defined as the sum of exposures to a client or to a group of connected clients, if it exceeds 10 per cent of the bank's core capital); (ii) Bank's lending growth must not exceed 20 per cent per year; (iii) Amount of lending for real estate must not exceed 25 per cent of total lending; (iv) Bank's funding ratio must not exceed 1. (Funding ratio is defined as aggregate lending divided by working capital (all shares, junior and senior debt, but excluding debt shorter than one year)). (v) Liquidity coverage, defined as retail deposits in relation to wholesale funding must be at least 50 per cent." Prima facie it looks like a fit case for India to follow. This, of course, needs a detailed examination and customisation in Indian context. 4. Liquidity support to ARCs by RBI on Mortgage based Securities Stress in the financial system has been on the rise. For an effective quarantine, bad loans should be distanced from good loans in the interest of health of banking. These bad loans can be accumulated in Asset Reconstruction Companies (ARCs) which can act like isolation centres. RBI can extend a helping hand in providing a liquidity support window to ARCs based on Mortgage Based Security Receipts (Security Receipts with underlying mortgage securities) so that the ARCs can scale up their operations and play an effective role in sanitizing health of the financial sector. (The author is a policy analyst and commentator. Views are personal and do not in any way represent organization/ industry body he is associated with.) ALSO READ: Shut stock market for 3 days to tide over pandemonium ALSO READ: Is coronavirus crisis a rare economic opportunity for companies? ALSO READ: Coronavirus outbreak: What should equity investors do in current volatile market scenario Summarise this report in a few sentences.
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india has been witnessing a slowdown in growth which is now further impacted by COVID-19. sectors like aviation, tourism, hospitality are hit hard, in addition to realty, telecom, financial services, automobile. the major response has to come from addressing the core issue, containing the epidemic and restoring normalcy. the next monetary policy outcome is slated for April 3, well past into a new financial 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 "India has been witnessing a slowdown in growth which is now further impacted by COVID-19. Sectors like aviation, tourism, hospitality are hit hard, in addition to sectors like realty, telecom, financial services, automobile which have already been in stress. Social distancing as a policy response has led to partial shutdown affecting all sectors of economy. With wheels of economy coming to a halt, people at the bottom of the pyramid working in various establishments are left marooned without any gainful employment. The major response has to come from addressing the core issue, containing the epidemic and restoring normalcy. The prevailing view is that it would take at least a quarter to bring normalcy back. A fiscal package is warranted to support the job losses due to halting economy and sector specific revival plans. While heavy lifting is required at government level, monetary intervention is also warranted now for a smooth transition in overcoming the crisis. The next monetary policy outcome is slated for April 3, well past into a new financial year. This is an emergency, and rightly declared as a national emergency by the largest economy, that is the US. Instead of wait and watch for another two weeks, time is to act now and give effect to the changes in this year's financials. 1. Repayment Holiday/Moratorium a. One-time repayment holiday for all loans for a 90-day period falling due from March 1, 2020 till May 31, 2020. Amortised interest during the period may be made payable in 9 staggered instalments matching with projected cashflows. b. The asset categorisation during the period to be treated as Standard and no effect on CIBIL score, etc. c. Banks/NBFCs may be permitted to book income on accrual basis during the repayment holiday. 2. 65bps interest rate reduction - Repo at 4.5 per cent Consequent upon substantial reduction in global crude prices, the pressure on inflation is likely to reduce considerably. There is a strong case now for a reduction in interest rate, in line with many global central banks, at least 65 basis points to bring down Repo rate to 4.5 per cent. If India's interest rate is cut to 4.50, its interest/average inflation ratio will be 0.74, broadly aligned with peer countries like Brazil and Russia. Admitted, it is too simplistic and rate cut is based on various parameters and future inflation outlook rather than past inflation. The exercise is only for benchmarking against some available set parameters used by Wikipedia. 3. Adoption of an Early Intervention Framework In the wake of Yes Bank crisis, there is a need to review the supervisory framework based on best practices. There is an existing Prompt Corrective Action (PCA) framework being used now, which triggers regulatory intervention. The PCA consists of three factors like Capital Adequacy, Net NPA and Return on Assets, with certain threshold points for trigger. However, there was no trigger in the recent case of Yes Bank. Hence the need for a rethink if the framework needs review. There are other frameworks used in other countries, like the one in Denmark reproduced below. "Early Intervention Framework in Denmark, The Danish framework consists of five quantitative indicators. The supervisor is authorised to take remedial action in cases where the limits are breached. The five indicators are - (i) Aggregate sum of all large exposures must not exceed 125 per cent of the bank's core capital. (Large exposure is defined as the sum of exposures to a client or to a group of connected clients, if it exceeds 10 per cent of the bank's core capital); (ii) Bank's lending growth must not exceed 20 per cent per year; (iii) Amount of lending for real estate must not exceed 25 per cent of total lending; (iv) Bank's funding ratio must not exceed 1. (Funding ratio is defined as aggregate lending divided by working capital (all shares, junior and senior debt, but excluding debt shorter than one year)). (v) Liquidity coverage, defined as retail deposits in relation to wholesale funding must be at least 50 per cent." Prima facie it looks like a fit case for India to follow. This, of course, needs a detailed examination and customisation in Indian context. 4. Liquidity support to ARCs by RBI on Mortgage based Securities Stress in the financial system has been on the rise. For an effective quarantine, bad loans should be distanced from good loans in the interest of health of banking. These bad loans can be accumulated in Asset Reconstruction Companies (ARCs) which can act like isolation centres. RBI can extend a helping hand in providing a liquidity support window to ARCs based on Mortgage Based Security Receipts (Security Receipts with underlying mortgage securities) so that the ARCs can scale up their operations and play an effective role in sanitizing health of the financial sector. (The author is a policy analyst and commentator. Views are personal and do not in any way represent organization/ industry body he is associated with.) ALSO READ: Shut stock market for 3 days to tide over pandemonium ALSO READ: Is coronavirus crisis a rare economic opportunity for companies? ALSO READ: Coronavirus outbreak: What should equity investors do in current volatile market scenario Summarise this report in a few sentences." summarise in a few sentences.
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Bangladesh today lifted a 2012 ban on the export of its national fish hilsa, whose key markets include India, to check its smuggling and tap into the growing global demand for the popular but scarce food species. The country’s new fisheries and livestock minister, Narayon Chandra Chanda, announced the decision here, just a day after he assumed charge. Bangladesh’s Ministry of Commerce had banned the export of hilsa on August 1, 2012 due to its low availability. Chanda said the ban appeared “largely futile” and so “we will export hilsa in official channel to stop its smuggling”. “Our hilsa production has (also) increased and there is demand in the international market so we want to move towards exports,” Chanda told journalists. Bangladesh had launched a frantic campaign to protect hilsa, its most precious but dwindling aqua resource, several years ago. It had eventually imposed the ban for an indefinite period in 2012, even risking its ties with neighbouring India and several oil-rich Middle Eastern nations. Chanda said despite the ban, hilsa fish was being smuggled out of the country and “as a result the government is losing out in taxes (and) if we allow exports it will open the way for legal trade and diminish smuggling significantly”. He said the government, however, will continue its conservation campaign particularly to protect the female hilsa. According to official statistics, hilsa makes up nearly 11 per cent of total fish produced in Bangladesh and its trade contribution to the country’s gross domestic product stands at one per cent. Bangladesh’s water bodies produce nearly 75 per cent of world’s hilsa yield, while the country and last year the patent office named hilsa a “geographical indication product”. Hilsa is globally reputed for its unique taste but apart from the fish itself, its roe or egg tastes as good as, if not better than, caviar, one of the world’s most cherished dishes. Bangladeshi people are also known for their skill to cook hilsa in more than 50 ways with mustard, curd, brinjal, green banana, baking in young plantain leaves, smoke, fry, and so on. According to literature on fish resources, the roaming ground of hilsa ranges from Persian Gulf to Gulf of China through Bay of Bengal but 75 per cent of it are produced in Bangladesh. The species is regarded the best in terms of taste. Basically a sea-water fish, hilsa makes its way up fresh water rivers travelling up to 1300-km during mating season, a feature that gives it the repute of being the most mobile fish species having its roaming ground both in sea and fresh water. Summarise this report in a few sentences.
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ban on export of hilsa lifted to tap into growing global demand for the popular but scarce food species. hilsa makes up nearly 11 per cent of total fish produced in Bangladesh and its trade contribution to the country’s gross domestic product stands at one per cent. hilsa is globally reputed for its unique taste but apart from the fish itself, its roe or egg tastes as good as, if not better than, caviar.
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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 "Bangladesh today lifted a 2012 ban on the export of its national fish hilsa, whose key markets include India, to check its smuggling and tap into the growing global demand for the popular but scarce food species. The country’s new fisheries and livestock minister, Narayon Chandra Chanda, announced the decision here, just a day after he assumed charge. Bangladesh’s Ministry of Commerce had banned the export of hilsa on August 1, 2012 due to its low availability. Chanda said the ban appeared “largely futile” and so “we will export hilsa in official channel to stop its smuggling”. “Our hilsa production has (also) increased and there is demand in the international market so we want to move towards exports,” Chanda told journalists. Bangladesh had launched a frantic campaign to protect hilsa, its most precious but dwindling aqua resource, several years ago. It had eventually imposed the ban for an indefinite period in 2012, even risking its ties with neighbouring India and several oil-rich Middle Eastern nations. Chanda said despite the ban, hilsa fish was being smuggled out of the country and “as a result the government is losing out in taxes (and) if we allow exports it will open the way for legal trade and diminish smuggling significantly”. He said the government, however, will continue its conservation campaign particularly to protect the female hilsa. According to official statistics, hilsa makes up nearly 11 per cent of total fish produced in Bangladesh and its trade contribution to the country’s gross domestic product stands at one per cent. Bangladesh’s water bodies produce nearly 75 per cent of world’s hilsa yield, while the country and last year the patent office named hilsa a “geographical indication product”. Hilsa is globally reputed for its unique taste but apart from the fish itself, its roe or egg tastes as good as, if not better than, caviar, one of the world’s most cherished dishes. Bangladeshi people are also known for their skill to cook hilsa in more than 50 ways with mustard, curd, brinjal, green banana, baking in young plantain leaves, smoke, fry, and so on. According to literature on fish resources, the roaming ground of hilsa ranges from Persian Gulf to Gulf of China through Bay of Bengal but 75 per cent of it are produced in Bangladesh. The species is regarded the best in terms of taste. Basically a sea-water fish, hilsa makes its way up fresh water rivers travelling up to 1300-km during mating season, a feature that gives it the repute of being the most mobile fish species having its roaming ground both in sea and fresh water. 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 Marketing Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit There are a couple of things. We were worried about the coronavirus back in January and in late January, we started selling the stocks that we owned, either hedging them such as Disney or we got very negative on some like Apple which you can see on my twitter handle @DanielTNiles. On February 10, we had started to short Apple because we thought there was a virus risk from China. People just chose to ignore it which surprised me and did not make much sense to me. We tried to position ourselves appropriately because we thought eventually the US market would start reacting to it as the virus continued to spread. That, in fact, is what happened and that is how we saw the data.It is more important than ever because of the way the map works. We have talked about this on our website. Danniles.com is the name of our website and there we talk about the fact that if you lose 50 per cent of your assets, you have to be up 100 per cent to get even. It is not being up 50 per cent. That is really the key to making money over the long term.If you look at even the most recent correction in S&P500, you are down 34 per cent from peak to trough but you have to be up 52 per cent to get just even. From that angle, trying to make sure that you do not lose a lot of money is certainly the key to making money over a long period of time.We really try to focus very hard on not losing money and that is why we cannot talk about specific performance due to our funds private registration. But for March, we made money and for the year, we made money through the end of March as well.The way we would be able to do that is when the market was down 34 per cent. We were not down very much at all from the highs. That is how we are able to do well and managing the risk on the downside.We are seeing a lot of interest. We have decided to open a second hedge fund which does not meet the government required income and wealth criteria for being a hedge fund. Everybody deserves the chance to protect their investments when markets get bad and this is only going to be open for about 99 investors and we will see if there is demand.The issue with trying to buy into the market right now is that you are seeing a bear market rally. In other words, when the markets go down, the big moves higher but then eventually they go back down again. You see this very consistently. If you go back to the great depression, there were eight rallies in the S&P500. If you look at the nine prior times, S&P has come down about 30% or greater. The rallies averaged 11% in the S&P 500 while you lost about 41%. This type of move you have seen over the last two days when the market has been up high single digit.In three days, S&P went up 18%. That is typical. What people should focus on before they decide they want to invest in the US markets is wait for earnings to come out. We were in an 11-year expansion, the longest expansion in history. The stocks are still very expensive and that is why I think it is prudent to wait. The companies are poor.Mark Twain has a great quote which is “history does not always repeat itself but it often does rhyme.” If you look back at prior recessions and how long it took for stocks to find their ultimate bottom, if you look at the nine prior times when the market went down about 30% or more, it took about 23 months to find the ultimate bottom in stock prices. That is almost two years.So, it will take a couple of years. It is not going to take one month. When you have the dual shock of oil prices dropping a lot as well as the virus pandemic, it is going to change things permanently in terms of supply chains and companies.A lot of companies are going to go out of business. During this time, 6.6 million people filed for initial jobless claims last week, 3.3 million the week before. With that type of job loss plus valuations still being very high, market cap to GDP is still around 1.1 times. And that is for the entire US stock market where the average since 1970 is 0.8. That is all a lot lower than where we are today.When you look at all of those things together, one should think of one to two years minimum, not one month. We figured out how bad this is going to be. Summarise this report in a few sentences.
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a second hedge fund is being launched in the country to help people with disabilities. the fund is a diversified hedge fund that aims to help people with disabilities. the aim is to help people with disabilities and those with disabilities make a living. the aim is to help people with disabilities and those with disabilities make a living. a new book, "the iii - a new generation of leaders," will be published in june.
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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 Marketing Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit There are a couple of things. We were worried about the coronavirus back in January and in late January, we started selling the stocks that we owned, either hedging them such as Disney or we got very negative on some like Apple which you can see on my twitter handle @DanielTNiles. On February 10, we had started to short Apple because we thought there was a virus risk from China. People just chose to ignore it which surprised me and did not make much sense to me. We tried to position ourselves appropriately because we thought eventually the US market would start reacting to it as the virus continued to spread. That, in fact, is what happened and that is how we saw the data.It is more important than ever because of the way the map works. We have talked about this on our website. Danniles.com is the name of our website and there we talk about the fact that if you lose 50 per cent of your assets, you have to be up 100 per cent to get even. It is not being up 50 per cent. That is really the key to making money over the long term.If you look at even the most recent correction in S&P500, you are down 34 per cent from peak to trough but you have to be up 52 per cent to get just even. From that angle, trying to make sure that you do not lose a lot of money is certainly the key to making money over a long period of time.We really try to focus very hard on not losing money and that is why we cannot talk about specific performance due to our funds private registration. But for March, we made money and for the year, we made money through the end of March as well.The way we would be able to do that is when the market was down 34 per cent. We were not down very much at all from the highs. That is how we are able to do well and managing the risk on the downside.We are seeing a lot of interest. We have decided to open a second hedge fund which does not meet the government required income and wealth criteria for being a hedge fund. Everybody deserves the chance to protect their investments when markets get bad and this is only going to be open for about 99 investors and we will see if there is demand.The issue with trying to buy into the market right now is that you are seeing a bear market rally. In other words, when the markets go down, the big moves higher but then eventually they go back down again. You see this very consistently. If you go back to the great depression, there were eight rallies in the S&P500. If you look at the nine prior times, S&P has come down about 30% or greater. The rallies averaged 11% in the S&P 500 while you lost about 41%. This type of move you have seen over the last two days when the market has been up high single digit.In three days, S&P went up 18%. That is typical. What people should focus on before they decide they want to invest in the US markets is wait for earnings to come out. We were in an 11-year expansion, the longest expansion in history. The stocks are still very expensive and that is why I think it is prudent to wait. The companies are poor.Mark Twain has a great quote which is “history does not always repeat itself but it often does rhyme.” If you look back at prior recessions and how long it took for stocks to find their ultimate bottom, if you look at the nine prior times when the market went down about 30% or more, it took about 23 months to find the ultimate bottom in stock prices. That is almost two years.So, it will take a couple of years. It is not going to take one month. When you have the dual shock of oil prices dropping a lot as well as the virus pandemic, it is going to change things permanently in terms of supply chains and companies.A lot of companies are going to go out of business. During this time, 6.6 million people filed for initial jobless claims last week, 3.3 million the week before. With that type of job loss plus valuations still being very high, market cap to GDP is still around 1.1 times. And that is for the entire US stock market where the average since 1970 is 0.8. That is all a lot lower than where we are today.When you look at all of those things together, one should think of one to two years minimum, not one month. We figured out how bad this is going to be. Summarise this report in a few sentences." summarise in a few sentences.
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