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Under the theme ‘Creating a Shared Future in a Fractured World’, 2,500 leaders from businesses, governments, civil society, arts, academia and media assembled in Davos last week to push a collective agenda towards ‘inclusive’ economic growth in a world of strained social contracts. I can see an ‘extreme concern’ about the recent trends of retreat from globalisation, among global leaders, at the 48th Meeting of World Economic Forum in Davos. Indian PM Narendra Modi made a robust defence of globalisation in Davos and warned against the dangers of protectionism, with US President Donald Trump’s America First policy. The WEF survey of 1,293 CEOs in 85 countries between August and November 2017 showed they prefer India as their fifth most important foreign market destination, next to the US, China, Germany and the UK. Amitabh Kant, the CEO of NITI Aayog, also highlighted that India has become one of the largest recipients of FDI. However, India largely remained stoic in Davos about these achievements in foreign investment realms, to position ‘attractiveness of India’ amidst much more worrying issues like widening of geopolitical fissures. A decade after the global financial crisis, what we need is a social equivalent of quantitative easing—a qualitative easing towards Leave No One Behind (LNOB) 2030 agenda—by focusing on the ‘quality’ of economic growth. Opening remarks from Prof Klaus Schwab set this tone of deliberations in Davos. We have managed global financial crisis and returned to a formidable economic growth path. However, we are still stuck in a ‘social crisis’ with new and divisive narratives. Modi highlighted that climate change, terrorism and backlash against globalisation are three most significant challenges to civilisation. To execute qualitative easing, the WEF Global Risks Perception Survey (GRPS) flagged climate change—Paris Agreement—as the top priority, where extreme weather, biodiversity loss and ecosystem collapse, major natural and man-made environmental disasters, and failure to mitigate and adapt to climate change were ranked high in terms of likelihood and impacts. The WEF analysis also showed linkages between environmental risks and involuntary migration, and notable was the economic cost attached to natural disasters and coastal storms that devastate infrastructure—over 75% of the 31 million people displaced during 2016 were forced from their homes as a result of weather-related events. Yet another significant suggestion for qualitative easing, by Canadian Prime Minister Justin Trudeau, was about gender equality. He highlighted “it’s time to put women first; talking about hiring, promoting and retaining more women, not because it’s the right thing to do, or the nice thing to do, but because it’s the smart thing to do.” He argued that much of the economic growth experienced in Canada over the past decades was because of women joining the workforce, and said there is still so much room for improvement, and “enormous benefit to be had.” At Davos, the global context was much beyond just a relic of Cold War. There was a global convergence in goals ‘beyond GDP’ paradigm, through advancing multilateral processes and accelerating attempts in strengthening global governance mechanisms to tackle geopolitical fissures. To provide an analytical backup to this agenda, WEF launched the Inclusive Development Index (IDI), which contributed an alternative metric to GDP of national economic performance. What it tried to measure is how greener, more equitable, more diverse the nations are in an intergenerational paradigm. This is to showcase a powerful and positive narrative about the potential of public policies, acknowledging the constraints that economic growth per se cannot translate into these dimensions. Davos deliberations rightly articulated that the Fourth Industrial Revolution must unfold with ‘humanity’ at its centre, not technology. IDI measures three dimensions—growth and development, inclusion, and intergenerational equity. It is interesting to note that indicators like public debt as a percent of GDP, dependency ratio, carbon intensity of GDP and adjusted net savings are used by WEF to measure intergenerational equity and sustainability. One can always debate about the indicators they have used, and the methodological issues in constructing this index. However, it is a thorough attempt—beyond a GDP measure—to capture inclusiveness in growth with intergenerational dynastic resources. We need to learn to treat an index just as an index, with no political economy conundrums. The sole purpose is to highlight the potential of public policies in minimising gaps between ‘aspirations’ and ‘actions’ towards LNOB, which otherwise we try to under-emphasise. The underemphasis of the scope of macroeconomic policy coherence is the key reason for many governments’ failures in recent decades to effectively respond to widening global inequalities. This point was well flagged in Davos. “What gets measured gets managed” has become the norm, and from that perspective the constructions of such indices attain significance, just to unveil statistical invisibility. Norway tops the scale in IDI with a score of 6.08 on 0-7 scale. Though India has a low score of 3.09 in 2018, it is commendable to note the upward trend of this index by 2.29% over five years. The WEF analysis also highlighted that inclusive economic progress is closely correlated with higher levels of ‘interpersonal trust’. The countries where WEF survey respondents agreed that ‘most people can be trusted’ have also performed well on IDI. This empirical evidence emphasises the relevance of human-centric policy coherence, to improve the cohesiveness of an increasingly fractured world. And that exactly is the message from Davos. The author is associate professor at NIPFP and research associate at the Levy Economics Institute of Bard College, New York. Summarise this report in a few sentences.
|
2,500 leaders from businesses, governments, civil society, arts, academia and media assembled in davos last week. 'extreme concern' about recent trends of retreat from globalisation, among global leaders. india is the fifth most important foreign market destination, next to the US, China, Germany and the UK. a decade after the global financial crisis, what we need is a social equivalent of quantitative easing.
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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 "Under the theme ‘Creating a Shared Future in a Fractured World’, 2,500 leaders from businesses, governments, civil society, arts, academia and media assembled in Davos last week to push a collective agenda towards ‘inclusive’ economic growth in a world of strained social contracts. I can see an ‘extreme concern’ about the recent trends of retreat from globalisation, among global leaders, at the 48th Meeting of World Economic Forum in Davos. Indian PM Narendra Modi made a robust defence of globalisation in Davos and warned against the dangers of protectionism, with US President Donald Trump’s America First policy. The WEF survey of 1,293 CEOs in 85 countries between August and November 2017 showed they prefer India as their fifth most important foreign market destination, next to the US, China, Germany and the UK. Amitabh Kant, the CEO of NITI Aayog, also highlighted that India has become one of the largest recipients of FDI. However, India largely remained stoic in Davos about these achievements in foreign investment realms, to position ‘attractiveness of India’ amidst much more worrying issues like widening of geopolitical fissures. A decade after the global financial crisis, what we need is a social equivalent of quantitative easing—a qualitative easing towards Leave No One Behind (LNOB) 2030 agenda—by focusing on the ‘quality’ of economic growth. Opening remarks from Prof Klaus Schwab set this tone of deliberations in Davos. We have managed global financial crisis and returned to a formidable economic growth path. However, we are still stuck in a ‘social crisis’ with new and divisive narratives. Modi highlighted that climate change, terrorism and backlash against globalisation are three most significant challenges to civilisation. To execute qualitative easing, the WEF Global Risks Perception Survey (GRPS) flagged climate change—Paris Agreement—as the top priority, where extreme weather, biodiversity loss and ecosystem collapse, major natural and man-made environmental disasters, and failure to mitigate and adapt to climate change were ranked high in terms of likelihood and impacts. The WEF analysis also showed linkages between environmental risks and involuntary migration, and notable was the economic cost attached to natural disasters and coastal storms that devastate infrastructure—over 75% of the 31 million people displaced during 2016 were forced from their homes as a result of weather-related events. Yet another significant suggestion for qualitative easing, by Canadian Prime Minister Justin Trudeau, was about gender equality. He highlighted “it’s time to put women first; talking about hiring, promoting and retaining more women, not because it’s the right thing to do, or the nice thing to do, but because it’s the smart thing to do.” He argued that much of the economic growth experienced in Canada over the past decades was because of women joining the workforce, and said there is still so much room for improvement, and “enormous benefit to be had.” At Davos, the global context was much beyond just a relic of Cold War. There was a global convergence in goals ‘beyond GDP’ paradigm, through advancing multilateral processes and accelerating attempts in strengthening global governance mechanisms to tackle geopolitical fissures. To provide an analytical backup to this agenda, WEF launched the Inclusive Development Index (IDI), which contributed an alternative metric to GDP of national economic performance. What it tried to measure is how greener, more equitable, more diverse the nations are in an intergenerational paradigm. This is to showcase a powerful and positive narrative about the potential of public policies, acknowledging the constraints that economic growth per se cannot translate into these dimensions. Davos deliberations rightly articulated that the Fourth Industrial Revolution must unfold with ‘humanity’ at its centre, not technology. IDI measures three dimensions—growth and development, inclusion, and intergenerational equity. It is interesting to note that indicators like public debt as a percent of GDP, dependency ratio, carbon intensity of GDP and adjusted net savings are used by WEF to measure intergenerational equity and sustainability. One can always debate about the indicators they have used, and the methodological issues in constructing this index. However, it is a thorough attempt—beyond a GDP measure—to capture inclusiveness in growth with intergenerational dynastic resources. We need to learn to treat an index just as an index, with no political economy conundrums. The sole purpose is to highlight the potential of public policies in minimising gaps between ‘aspirations’ and ‘actions’ towards LNOB, which otherwise we try to under-emphasise. The underemphasis of the scope of macroeconomic policy coherence is the key reason for many governments’ failures in recent decades to effectively respond to widening global inequalities. This point was well flagged in Davos. “What gets measured gets managed” has become the norm, and from that perspective the constructions of such indices attain significance, just to unveil statistical invisibility. Norway tops the scale in IDI with a score of 6.08 on 0-7 scale. Though India has a low score of 3.09 in 2018, it is commendable to note the upward trend of this index by 2.29% over five years. The WEF analysis also highlighted that inclusive economic progress is closely correlated with higher levels of ‘interpersonal trust’. The countries where WEF survey respondents agreed that ‘most people can be trusted’ have also performed well on IDI. This empirical evidence emphasises the relevance of human-centric policy coherence, to improve the cohesiveness of an increasingly fractured world. And that exactly is the message from Davos. The author is associate professor at NIPFP and research associate at the Levy Economics Institute of Bard College, New York. Summarise this report in a few sentences." summarise in a few sentences.
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Share market LIVE today: Sensex and Nifty — the benchmark indices of the domestic equity markets — gave up their morning gains to end Friday’s trade marginally higher. The BSE Sensex, which surged over 200 points to a high of 36,389.22 points in the morning hours, closed trade 23.89 points or 0.07% higher at 36,194.30 points. The other headline index, NSE Nifty 50 — which had reclaimed the 10,900-mark in morning trade — closed below that level at 10,876.75 points, up just 18.05 points or 0.17%. According to market observers, weakness in the rupee and selling pressure in FMCG, metals and financials stocks, capped the morning gains of the equity indices. In addition, caution ahead of the two-day G20 Summit, along with the release of domestic gross domestic product (GDP) data later in the evening, too kept investors on tenterhooks. However, healthy buying in IT, pharma, realty and auto stocks aided the headline indices to end with marginal gains. The broader markets outperformed the benchmark indices, with the BSE midcap index closing with 0.56% and the small index with 0.52% gains. Among stocks, Vodafone Idea shares slumped over 6% in trade today after ratings agency CRISIL downgraded the ratings of its debt instruments. RCom shares jumped 15% after media reports said the Supreme Court has asked the government to clear RCom’s spectrum sale to Reliance Jio Infocomm. Shares of non-banking financial companies (NBFCs) gained after RBI relaxed rules to sell or securitise their loan books, in a bid to ease persistent stress in the sector. Shares of Tata Motors slipped nearly 4% today after its subsidiary JLR on Thursday said it will reduce workforce at its UK plant. Emerging market shares fell on Friday, backtracking from an upward trend for the past month as investors took a cautious stance ahead of high-stakes US-China trade talks over the weekend, with most currencies weakening against a firmer dollar, said a Reuters report. Chinese stocks bucked the broader trend, shrugging off data that showed growth in the country’s manufacturing sector stalled for the first time in more than two years, but in thin trading ahead of the G20 Summit. Oil toiled at a more than one-year low after its worst month in a decade on Friday, while most major markets were keeping moves tight ahead of a weekend meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping, said a separate report by Reuters. Europe’s main share indexes in London, Frankfurt and Paris all started their day lower after the latest batch of disappointing Chinese data had made for another twitchy Asian session overnight. Summarise this report in a few sentences.
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the broader markets outperformed the benchmark indices, with the BSE midcap index closing with 0.56% and the small index with 0.52% gains. Among stocks, Vodafone Idea shares slumped over 6% in trade today after ratings agency CRISIL downgraded the ratings of its debt instruments. meanwhile, a soaring gdp in the u.s. and a weaker euro in the u.s. led to a 4% drop in the u.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Share market LIVE today: Sensex and Nifty — the benchmark indices of the domestic equity markets — gave up their morning gains to end Friday’s trade marginally higher. The BSE Sensex, which surged over 200 points to a high of 36,389.22 points in the morning hours, closed trade 23.89 points or 0.07% higher at 36,194.30 points. The other headline index, NSE Nifty 50 — which had reclaimed the 10,900-mark in morning trade — closed below that level at 10,876.75 points, up just 18.05 points or 0.17%. According to market observers, weakness in the rupee and selling pressure in FMCG, metals and financials stocks, capped the morning gains of the equity indices. In addition, caution ahead of the two-day G20 Summit, along with the release of domestic gross domestic product (GDP) data later in the evening, too kept investors on tenterhooks. However, healthy buying in IT, pharma, realty and auto stocks aided the headline indices to end with marginal gains. The broader markets outperformed the benchmark indices, with the BSE midcap index closing with 0.56% and the small index with 0.52% gains. Among stocks, Vodafone Idea shares slumped over 6% in trade today after ratings agency CRISIL downgraded the ratings of its debt instruments. RCom shares jumped 15% after media reports said the Supreme Court has asked the government to clear RCom’s spectrum sale to Reliance Jio Infocomm. Shares of non-banking financial companies (NBFCs) gained after RBI relaxed rules to sell or securitise their loan books, in a bid to ease persistent stress in the sector. Shares of Tata Motors slipped nearly 4% today after its subsidiary JLR on Thursday said it will reduce workforce at its UK plant. Emerging market shares fell on Friday, backtracking from an upward trend for the past month as investors took a cautious stance ahead of high-stakes US-China trade talks over the weekend, with most currencies weakening against a firmer dollar, said a Reuters report. Chinese stocks bucked the broader trend, shrugging off data that showed growth in the country’s manufacturing sector stalled for the first time in more than two years, but in thin trading ahead of the G20 Summit. Oil toiled at a more than one-year low after its worst month in a decade on Friday, while most major markets were keeping moves tight ahead of a weekend meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping, said a separate report by Reuters. Europe’s main share indexes in London, Frankfurt and Paris all started their day lower after the latest batch of disappointing Chinese data had made for another twitchy Asian session overnight. Summarise this report in a few sentences." summarise in a few sentences.
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Large scale flooding and excessive rain has taken over much of the country this year as the Meteorological Department said the country will receive more rainfall in September as the monsoon retreats. According to a LocalCircles survey, this has had an effect on the purchasing essential vegetables, especially onion, potatoes and tomatoes, after consumers reported rising prices over the last couple of weeks. The survey, which received over 15,000 responses from 216 districts of India covering metros to tier four districts and rural locations, found that 73 percent households are now getting less value for the same or more money spent in comparison to pre COVID-19 times. Here are some of its findings: In the first question, respondents were asked what best describes the per kg price that they paid for tomato, onion and potato in their latest purchase. 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 their response, 40 percent said they paid Rs 70 or higher for tomatoes, Rs 35 or higher for potatoes and Rs 30 or higher for onions. This is while 21 percent said they paid Rs 60-69 for tomatoes, Rs 30-34 for potatoes and Rs 25-29 for onions. Around 19 percent said they paid Rs 40-59 for tomatoes, Rs 20-29 for potatoes and Rs 15-24 for onions, while 7 percent said they paid Rs 39 or lower for tomatoes, Rs 19 or lower for potatoes, and Rs 14 or lower for onions. About 13 percent of respondents were unsure about what they paid recently. "This means that 61 percent households are currently paying more than Rs. 60/kg for tomatoes, Rs. 30/kg for potatoes and Rs 25/kg for onions. The main cause of this steep prices rise of vegetables is being attributed to excessive rain, labour shortage and also an increase in transportation cost due to the higher diesel prices," the report said, adding that this is especially concerning as many have lost jobs and many others are experiencing a cut in earnings and wages. The next question respondents were asked about how much their buying habits had changed when it came to household groceries and essential costs in the last six months. Around 44 percent respondents said they have been spending more and earning less, 10 percent said have been spending the same and getting less, 17 percent said they have been spending and earning the same, while 19 percent said they have been spending more but getting the same. Only 2 percent of respondents said that they had been spending and getting more, while another 2 percent said they had been spending less and getting the same amount. According to the survey, the result of this poll shows that 73 percent of households are now getting less value for the same or more money spent in comparison to pre COVID-19 times. "Consumers in March and April had reported being charged higher prices for essentials like vegetables as well as packaged products, where some were charged above MRP (maximum retail price) due to shortages in the markets due to the lockdown and panic buying," the report said, adding that crop damage due to heavy rains and hoarding is also being suspected as a reason for this sudden price rise in vegetables. Summarise this report in a few sentences.
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73 percent of households are getting less value for the same or more money spent. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine is a vaccine that is based on the whole virus. it is not a cure for a disease, but it is a way to prevent it.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Large scale flooding and excessive rain has taken over much of the country this year as the Meteorological Department said the country will receive more rainfall in September as the monsoon retreats. According to a LocalCircles survey, this has had an effect on the purchasing essential vegetables, especially onion, potatoes and tomatoes, after consumers reported rising prices over the last couple of weeks. The survey, which received over 15,000 responses from 216 districts of India covering metros to tier four districts and rural locations, found that 73 percent households are now getting less value for the same or more money spent in comparison to pre COVID-19 times. Here are some of its findings: In the first question, respondents were asked what best describes the per kg price that they paid for tomato, onion and potato in their latest purchase. 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 their response, 40 percent said they paid Rs 70 or higher for tomatoes, Rs 35 or higher for potatoes and Rs 30 or higher for onions. This is while 21 percent said they paid Rs 60-69 for tomatoes, Rs 30-34 for potatoes and Rs 25-29 for onions. Around 19 percent said they paid Rs 40-59 for tomatoes, Rs 20-29 for potatoes and Rs 15-24 for onions, while 7 percent said they paid Rs 39 or lower for tomatoes, Rs 19 or lower for potatoes, and Rs 14 or lower for onions. About 13 percent of respondents were unsure about what they paid recently. "This means that 61 percent households are currently paying more than Rs. 60/kg for tomatoes, Rs. 30/kg for potatoes and Rs 25/kg for onions. The main cause of this steep prices rise of vegetables is being attributed to excessive rain, labour shortage and also an increase in transportation cost due to the higher diesel prices," the report said, adding that this is especially concerning as many have lost jobs and many others are experiencing a cut in earnings and wages. The next question respondents were asked about how much their buying habits had changed when it came to household groceries and essential costs in the last six months. Around 44 percent respondents said they have been spending more and earning less, 10 percent said have been spending the same and getting less, 17 percent said they have been spending and earning the same, while 19 percent said they have been spending more but getting the same. Only 2 percent of respondents said that they had been spending and getting more, while another 2 percent said they had been spending less and getting the same amount. According to the survey, the result of this poll shows that 73 percent of households are now getting less value for the same or more money spent in comparison to pre COVID-19 times. "Consumers in March and April had reported being charged higher prices for essentials like vegetables as well as packaged products, where some were charged above MRP (maximum retail price) due to shortages in the markets due to the lockdown and panic buying," the report said, adding that crop damage due to heavy rains and hoarding is also being suspected as a reason for this sudden price rise in vegetables. Summarise this report in a few sentences." summarise in a few sentences.
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The Sensex broke its four-day winning streak to close over 73 points lower at 35,103 on Thursday as investors chose to trim their positions on weak global cues ahead of talks between China and the US on their trade dispute. Unabated capital outflows by foreign funds and lower-than-expected quarterly numbers by InterGlobe Aviation and some other companies too added to the caution, brokers said. Investors kept an eye on high-level talks between China and the US on trade in Beijing today. Back home, counters such as realty, capital goods, IT, teck, infrastructure, FMCG, consumer durables, oil and gas and auto suffered as participants pulled money off the table. After opening higher, the 30-share Sensex quickly slipped into the red largely in line with weak Asian cues and hit a low of 35,020.08 before settling at 35,103.14, still down by 73.28 points, or 0.21 per cent. The index had surged 675.15 points in the past four sessions, spurred by sustained buying by domestic institutional investors (DIIs) and encouraging quarterly earnings by some companies. The 50-share NSE Nifty slipped below the 10,700-mark and finished at 10,679.65-down 38.40 points, or 0.36 per cent. During the day, it shuttled between 10,720.60 and 10,647.45. Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while DIIs bought shares to the tune of Rs 165.84 crore in yesterday's trade, provisional data showed. VK Sharma, head private client group & capital market strategy at HDFC Securities said, "Nifty fell for the second consecutive session, to close at 10679.65. Advance decline ratio remained very weak with 3 stocks declining against 1 stock rising. Support for the Nifty is seen at 10630, below which Nifty could extend the fall till 10560. As far as resistance is concerned, recent top of 10785 is a level to watch out for. Bank Nifty, which is currently placed at 25605 odd levels, has got strong support at 25400. Uncertainty related to Karnataka Elections and Iran- US nuclear deal will restrict the upside in the near term. The markets are likely to be in a wait and watch mode. In such a scenario, we advise taking some money off the table." Sun Pharma (3.68%), NTPC (2.32%) and Tata Steel (1.84%) were the top gainers on Sensex. Wipro (1.94%), Kotak Bank (1.90%) and Asian Paints (1.74%) were the top Sensex losers. Market breadth was negative with 817 stocks closing higher against 1848 ending in the red on BSE. Global markets World stock markets were mixed on Thursday as investors analyzed the Fed's decision to keep interest rates unchanged and kept an eye out for developments from China-U.S. trade talks in Beijing. European shares slipped in early trading. France's CAC 40 lost 0.3 percent to 5,155.00 and Germany's DAX fell 0.2 percent to 12,772.48. Britain's FTSE 100 dipped 0.1 percent to 7,539.62. Wall Street was poised to open higher. Dow futures added 0.2 percent to 23,871.00 and broader S&P 500 futures advanced 0.3 percent to 2,633.60. Hong Kong's benchmark Hang Seng index dropped 1.2 percent to close at 30,313.37 and South Korea's Kospi dipped 0.7 percent to end at 2,487.25. The Shanghai Composite index rose 0.6 percent to 3,100.86 and Australia's S&P/ASX 200 advanced 0.8 percent to 6,098.30. Taiwan shares fell and Southeast Asian indexes were mostly lower. Japan's markets were closed for a holiday. Summarise this report in a few sentences.
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Sensex closes over 73 points lower at 35,103. investors cut positions on weak global cues ahead of trade talks. asian stocks suffer as investors cut their positions. asian stocks are also down. asian stocks are up. asian stocks are up. asian stocks are up. asian stocks are up.
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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 Sensex broke its four-day winning streak to close over 73 points lower at 35,103 on Thursday as investors chose to trim their positions on weak global cues ahead of talks between China and the US on their trade dispute. Unabated capital outflows by foreign funds and lower-than-expected quarterly numbers by InterGlobe Aviation and some other companies too added to the caution, brokers said. Investors kept an eye on high-level talks between China and the US on trade in Beijing today. Back home, counters such as realty, capital goods, IT, teck, infrastructure, FMCG, consumer durables, oil and gas and auto suffered as participants pulled money off the table. After opening higher, the 30-share Sensex quickly slipped into the red largely in line with weak Asian cues and hit a low of 35,020.08 before settling at 35,103.14, still down by 73.28 points, or 0.21 per cent. The index had surged 675.15 points in the past four sessions, spurred by sustained buying by domestic institutional investors (DIIs) and encouraging quarterly earnings by some companies. The 50-share NSE Nifty slipped below the 10,700-mark and finished at 10,679.65-down 38.40 points, or 0.36 per cent. During the day, it shuttled between 10,720.60 and 10,647.45. Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while DIIs bought shares to the tune of Rs 165.84 crore in yesterday's trade, provisional data showed. VK Sharma, head private client group & capital market strategy at HDFC Securities said, "Nifty fell for the second consecutive session, to close at 10679.65. Advance decline ratio remained very weak with 3 stocks declining against 1 stock rising. Support for the Nifty is seen at 10630, below which Nifty could extend the fall till 10560. As far as resistance is concerned, recent top of 10785 is a level to watch out for. Bank Nifty, which is currently placed at 25605 odd levels, has got strong support at 25400. Uncertainty related to Karnataka Elections and Iran- US nuclear deal will restrict the upside in the near term. The markets are likely to be in a wait and watch mode. In such a scenario, we advise taking some money off the table." Sun Pharma (3.68%), NTPC (2.32%) and Tata Steel (1.84%) were the top gainers on Sensex. Wipro (1.94%), Kotak Bank (1.90%) and Asian Paints (1.74%) were the top Sensex losers. Market breadth was negative with 817 stocks closing higher against 1848 ending in the red on BSE. Global markets World stock markets were mixed on Thursday as investors analyzed the Fed's decision to keep interest rates unchanged and kept an eye out for developments from China-U.S. trade talks in Beijing. European shares slipped in early trading. France's CAC 40 lost 0.3 percent to 5,155.00 and Germany's DAX fell 0.2 percent to 12,772.48. Britain's FTSE 100 dipped 0.1 percent to 7,539.62. Wall Street was poised to open higher. Dow futures added 0.2 percent to 23,871.00 and broader S&P 500 futures advanced 0.3 percent to 2,633.60. Hong Kong's benchmark Hang Seng index dropped 1.2 percent to close at 30,313.37 and South Korea's Kospi dipped 0.7 percent to end at 2,487.25. The Shanghai Composite index rose 0.6 percent to 3,100.86 and Australia's S&P/ASX 200 advanced 0.8 percent to 6,098.30. Taiwan shares fell and Southeast Asian indexes were mostly lower. Japan's markets were closed for a holiday. Summarise this report in a few sentences." summarise in a few sentences.
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All economic transactions have a buyer and seller. As consumers we are buyers. As marketers, we are sellers. So, in all economic transactions, buyers and sellers have a conflict of interest. If you are selling a soap to consumers, you are making money from consumers. Consumers get the soap in exchange. If the seller is unhappy, he can raise the price and make more money or target different buyers. If the buyer is unhappy he can choose another seller of soap for better value at a lower or higher price. Both sellers and buyers have some advantages and some disadvantages. Let’s examine sellers and buyers in other markets. For example, wealth. The seller is either a company or an agent who sells a financial product and the buyer is the end consumer. When sellers sell a financial product, it’s not usually as simple to understand and buy as a soap is. The information is usually in favour of sellers. Also, sellers try and hide the actual price of the product and fees are not disclosed upfront or not mentioned clearly. The amount of money is also a relatively large part of the savings for purchase of a financial product, whether it is insurance or mutual funds or shares in an IPO. Think of a typical insurance agent or mutual fund adviser or relationship manager. Whichever company and product gives her a higher commission, she usually tries to sell that product to the buyer, irrespective of whether the buyer has any knowledge about it, needs that product or knows how much it costs. In such a case, sellers take advantage of buyers. Another example is health. The seller is a hospital or a doctor. The information is in favour of the doctor because the patient is almost completely dependent on her. The conflict of interest is immense here between sellers (doctors) and buyers (patients), because the seller wants to make money off the buyer, while the buyer has very limited information and not much choice. One may think that the seller here is likely to have consideration for the buyer to a greater degree because of the nature of the relationship and the nature of the service, but does that really hold true? Do doctors sell only what the buyers need or do they take advantage of the lack of knowledge of buyers, just like insurance agents? Doctors too have goals of covering huge overhead costs and fixed costs like education to recover their money. So how do you think this kind of seller behaves with buyers? Surprisingly such conflict of interest doesn’t usually catch the attention of buyers. Another type of conflict of interest, is by stockbrokers. The broker may claim to have "inside" information about impending news on a stock and may urge buyers to buy the stock quickly. Investors buy the stock, which creates a high demand and pumps up the prices. This entices more buyers to believe the hype and buy shares. Stockbrokers then dump their shares. The price drops, and other investors are left holding stocks that are worth nothing compared to what they paid for it. We live in a world full of information asymmetry and caveat emptor (buyer beware). Sellers always put themselves first. As a solution, policies mandate disclosure. But disclosures like “insurance is a subject matter of solicitation", assuming that buyers are being made aware of conflicts of interest, so they would discount the seller’s pitch. But this works only in theory. Behavioural science studies show that it makes no difference to the real behaviour of sellers or buyers. For example, calorie labelling on packaged foods does not have the intended effect of decreasing calorie purchasing or consumption. Conflicts of interest are everywhere, and their fundamental nature leads to a change in people’s view of the world in important ways, causing them to give biased advice and behave in dishonest ways. Conflict of interest pushes sellers into the direction of what is not good for buyers financially. And disclosures, the way they are currently framed, don't fix the problem. That’s why policy makers need to recognize the size of the conflict and the depth of their influence, and try to create behaviourally designed disclosures, so that buyers are not taken advantage of. Policy makers need to understand that buyers are not necessarily rational; they have limited attention, limited cognitive bandwidth, suffer from biases and use rules of thumb to make decisions. That’s why policy makers need to rethink how disclosures are consumed by buyers and understand their actual effect on the behaviour of buyers. It would be best if disclosures are made intuitive with simple visuals and plain language that’s easy to read and understand, and are placed at prominent locations, so that they become part of the buyer’s decision-making process. Anand Damani is partner, Briefcase 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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all economic transactions have a buyer and seller. if you are selling a soap to consumers, you are making money from consumers. if the seller is unhappy, he can raise the price and make more money. if the buyer is unhappy he can choose another seller of soap for better value. both sellers and buyers have some advantages and some disadvantages.
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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 "All economic transactions have a buyer and seller. As consumers we are buyers. As marketers, we are sellers. So, in all economic transactions, buyers and sellers have a conflict of interest. If you are selling a soap to consumers, you are making money from consumers. Consumers get the soap in exchange. If the seller is unhappy, he can raise the price and make more money or target different buyers. If the buyer is unhappy he can choose another seller of soap for better value at a lower or higher price. Both sellers and buyers have some advantages and some disadvantages. Let’s examine sellers and buyers in other markets. For example, wealth. The seller is either a company or an agent who sells a financial product and the buyer is the end consumer. When sellers sell a financial product, it’s not usually as simple to understand and buy as a soap is. The information is usually in favour of sellers. Also, sellers try and hide the actual price of the product and fees are not disclosed upfront or not mentioned clearly. The amount of money is also a relatively large part of the savings for purchase of a financial product, whether it is insurance or mutual funds or shares in an IPO. Think of a typical insurance agent or mutual fund adviser or relationship manager. Whichever company and product gives her a higher commission, she usually tries to sell that product to the buyer, irrespective of whether the buyer has any knowledge about it, needs that product or knows how much it costs. In such a case, sellers take advantage of buyers. Another example is health. The seller is a hospital or a doctor. The information is in favour of the doctor because the patient is almost completely dependent on her. The conflict of interest is immense here between sellers (doctors) and buyers (patients), because the seller wants to make money off the buyer, while the buyer has very limited information and not much choice. One may think that the seller here is likely to have consideration for the buyer to a greater degree because of the nature of the relationship and the nature of the service, but does that really hold true? Do doctors sell only what the buyers need or do they take advantage of the lack of knowledge of buyers, just like insurance agents? Doctors too have goals of covering huge overhead costs and fixed costs like education to recover their money. So how do you think this kind of seller behaves with buyers? Surprisingly such conflict of interest doesn’t usually catch the attention of buyers. Another type of conflict of interest, is by stockbrokers. The broker may claim to have "inside" information about impending news on a stock and may urge buyers to buy the stock quickly. Investors buy the stock, which creates a high demand and pumps up the prices. This entices more buyers to believe the hype and buy shares. Stockbrokers then dump their shares. The price drops, and other investors are left holding stocks that are worth nothing compared to what they paid for it. We live in a world full of information asymmetry and caveat emptor (buyer beware). Sellers always put themselves first. As a solution, policies mandate disclosure. But disclosures like “insurance is a subject matter of solicitation", assuming that buyers are being made aware of conflicts of interest, so they would discount the seller’s pitch. But this works only in theory. Behavioural science studies show that it makes no difference to the real behaviour of sellers or buyers. For example, calorie labelling on packaged foods does not have the intended effect of decreasing calorie purchasing or consumption. Conflicts of interest are everywhere, and their fundamental nature leads to a change in people’s view of the world in important ways, causing them to give biased advice and behave in dishonest ways. Conflict of interest pushes sellers into the direction of what is not good for buyers financially. And disclosures, the way they are currently framed, don't fix the problem. That’s why policy makers need to recognize the size of the conflict and the depth of their influence, and try to create behaviourally designed disclosures, so that buyers are not taken advantage of. Policy makers need to understand that buyers are not necessarily rational; they have limited attention, limited cognitive bandwidth, suffer from biases and use rules of thumb to make decisions. That’s why policy makers need to rethink how disclosures are consumed by buyers and understand their actual effect on the behaviour of buyers. It would be best if disclosures are made intuitive with simple visuals and plain language that’s easy to read and understand, and are placed at prominent locations, so that they become part of the buyer’s decision-making process. Anand Damani is partner, Briefcase 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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Markets regulator Sebi and stock exchanges on Sunday said all segments of the bourses will operate normally on Monday. Exchange and regulatory officials dismissed suggestions about curtailment of trading hours. BSE Managing Director and Chief Executive Officer Ashishkumar Chauhan said that all segments at the exchange will operate as usual on Monday. In a statement, the National Stock Exchange (NSE) also said all segments at the bourse will operate as usual on Monday. When contacted, a Sebi spokesperson also told PTI that all market segments will function normally. The nation’s financial capital has been put on lockdown in the wake of the coronavirus pandemic. However, stock exchanges, clearing corporations, depositories, stockbrokers and Sebi-registered participants operating through these institutions have been exempted from this. Summarise this report in a few sentences.
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sebi and stock exchanges dismissed suggestions about curtailment of trading hours. all segments of the bourses will operate normally on Monday. national stock exchange (nse) also said all segments at the bourse will operate as usual on Monday. the nation’s financial capital has been put on lockdown in the wake of the coronavirus 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 "Markets regulator Sebi and stock exchanges on Sunday said all segments of the bourses will operate normally on Monday. Exchange and regulatory officials dismissed suggestions about curtailment of trading hours. BSE Managing Director and Chief Executive Officer Ashishkumar Chauhan said that all segments at the exchange will operate as usual on Monday. In a statement, the National Stock Exchange (NSE) also said all segments at the bourse will operate as usual on Monday. When contacted, a Sebi spokesperson also told PTI that all market segments will function normally. The nation’s financial capital has been put on lockdown in the wake of the coronavirus pandemic. However, stock exchanges, clearing corporations, depositories, stockbrokers and Sebi-registered participants operating through these institutions have been exempted from this. Summarise this report in a few sentences." summarise in a few sentences.
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If you thought Mukesh Ambani and Mark Zuckerberg sat across a table, assisted by a battery of experts, to frame the Facebook-Jio deal, you are mistaken. Ambanis twin children Isha and Akash led talks for sale of a stake in Jio Platforms (JPL), flying down multiple times to Facebook headquarters in Menlo Park, California, for negotiations. The senior Ambani was given the minutes of the negotiations by the children. The details were shared often at dinner time in Antilla. The stake sale is a step towards transforming the business empire founded by late Dhirubhai Ambani as a yarn trading company in Mumbai's Masjid Bunder about 63 years ago. One aim is to rid Reliance Industries (RIL) of a bulk of the massive Rs 3.36 lakh crore gross debt accumulated to fund growth businesses - Reliance Jio, Reliance Retail and petrochemicals. The other is to prepare the group for a digital/consumer future. For years, petrochemicals and refining stood taller than others. That is changing. In fact, Ambani doesn't even call RIL an oil and gas conglomerate any more. Instead, it's being positioned as a technology company so that the larger objectives are clear: build three businesses - refining & petrochemicals, digital & telecom and retail - of global scale; cut off financial inter-dependence of these businesses; create debt-free balance sheets. The JPL-FB Deal Facebook is buying 9.99 per cent equity in JPL for Rs 43,574 crore. This values the digital and telecom company at Rs 4.62 lakh crore. This has come amid the coronavirus pandemic that has brought the world economy on its knees and a 41 per cent fall in RIL stock price over the last few months. The deal typifies what Ambani once said, "Our fundamental belief is that for us growth is a way of life and we have to grow at all times". JPL signed four more deals within two weeks of the Facebook announcement with American private equity giants - Silver Lake, Vista Equity Partners, General Atlantic and KKR - worth a total Rs 78,562 crore, and launched a rights issue to raise an eye-popping Rs 53,125 crore. Saudi Arabia's $320 billion sovereign wealth fund, Public Investment Fund, is also in talks to pick up a stake in JPL. The massive fundraising to deleverage RIL is not over. The world's largest publicly listed company, Saudi Aramco, is doing due diligence to buy a 20 per cent stake in the refining and petrochemicals business for Rs 1.14 lakh crore. Aramco will pick up the stake in the newly floated subsidiary, Reliance O2C Ltd, in which oil and petrochemical businesses are being shifted. Ambani has already completed negotiations with British oil giant BP Plc for selling 49 per cent stake in his fuel station business for Rs 7,000 crore. The brand will be renamed as 'Jio-BP. The mission is zero net debt by March 2021. However, the pace at which the deals are being signed, the target will be met by December 2020, says V. Srikanth, Joint Chief Financial Officer, RIL. RIL is also looking for buyers for a stake in retail holding company Reliance Retail Ventures Ltd. It will also divest the optical fiber investment trust (InvIT), land parcels that it bought for building special economic zones in Mumbai and some financial investments. Ambani had mentioned in the last shareholder meeting that RIL is "de-emphasising" its loss-making shale gas business in the US and will focus only on India, hinting he may sell the US shale gas business, which is bleeding because of crude oil price crash. The intention seems to be to unlock value for now and convert group companies into technology driven, zero liability, entrepreneurial entities like Alphabet or Microsoft or Amazon. Building three equally strong businesses may also ease transition of power to the third generation - Isha, Akash and Anant. The twins are fully into the business and part of RIL's technological transformation; Anant is yet to join the business. Reinventing Reliance Refining and petrochemicals were accounting for 90 per cent of RIL's cash till recently. The money was being ploughed into consumer businesses - retail and telecom - that were growing at a frenetic pace. The retail arm, for years a small player, way behind Kishore Biyanis and Aditya Birla groups businesses, grew at a scorching pace post 2015. In telecom, launched in 2016, cracking into fiefdoms of giants Bharti Airtel, Vodafone and Idea looked nearly impossible. But the bets are paying off. In the January-March quarter, digital and retail businesses combined contributed 35 per cent to RIL cash flows. Refining and petrochemicals contributed 60 per cent. Building The New Ambani took the bet to invest nearly Rs 4 lakh crore to build Reliance Jio and the supplementary digital businesses. The effort started 10 years back. Besides debt, he used the large cash flows from refining. Reliance Retail was founded in a similar way in 2006. The journey was not smooth. In some states, Ambani initially failed to scale up Reliance Retail because of opposition from local kiranas and political parties. However, he persisted, and managed to turn things around in the last five years. Reliance Retail has achieved multifold growth since 2015, and that too during a period when established players such as Future Retail and More weakened and e-tailers like Amazon and Flipkart failed to expand to Tier-II and Tier-III cities. In FY20, retail posted earnings before interest and tax (EBIT) of Rs 8,263 crore, 49 per cent more than in FY19. Its EBIT was Rs 417 crore in 2014/15. The revenue has risen from Rs 17,640 crore to Rs 1.63 lakh crore in the last five years. Reliance Retail is India's biggest retailer today. Deloitte has ranked Reliance Retail as the fastest growing retail company in the world. It added 30 per cent more space and over 1,500 stores in FY20. A recent Bernstein research report says, "In retail, slower-than-expected footfalls, increase in capital expenditures and higher competition are key downside risks." The company is set to scale up e-commerce venture JioMart for countering Amazon and Walmart-owned Flipkart. The digital services business, though smaller than retail in revenue, is valued much higher, at Rs 4.9 lakh crore. One reason is fast growth. Reliance Jio Infocomm posted a 87.65 per cent rise in net profit to Rs 5,562 crore in FY20 driven by subscriber additions and third-quarter tariff increase. It posted a 63.5 per cent rise in EBIT to Rs 14,363 crore and a 40.7 per cent rise in revenue to Rs 68,462 crore. Jio continued to extend its lead over rivals in January by adding 6.56 million users even as cash-strapped Vodafone Idea's subscriber base eroded, according to data from the Telecom Regulatory Authority of India. Reliance Jio's subscriber base at the end of January was 376.57 million, while Vodafone Idea was second at 329 million. Jio's subscriber base further increased to 387.5 million at the end of March. Ambani aims to take Jio Fiber to more than two crore households and is targeting 99 per cent population coverage. The company is also planning to target five crore-plus households for cable networks DEN and Hathway. Mark Zuckerberg, CEO of Facebook, told analysts during the recent earnings call, "Certainly, all the products and technology that we're building to enable that (Jio) partnership are going to be things that we want to do around the world." Facebook, through its WhatsApp platform, brings in synergies for RIL's JioMart initiative. There are also immense possibilities in e-payments, blockchain and social media transactions. Facebook has got one board seat in JPL. In the traditional business, Ambani wants to switch focus from fuel manufacturing/refining to high-margin petrochemicals as the fossil fuel business is facing hardships due to advent of electric mobility and falling demand due to a global slowdown. RIL has invested about Rs 1 lakh crore to expand petrochemical capacities in Jamnagar, Gujarat. Saudi Arabia has agreed to invest Rs 1.14 lakh crore in Reliance O2C Ltd for a 20 per cent stake. Ambani wanted to do the Aramco deal quickly in view of his plan to make RIL a net debt free company by March 2021. While the world was waiting for the details of the Aramco deal, the coronavirus pandemic and crash in crude oil prices played spoilsport. It was at this point that Isha and Akash managed to pull off the deal with Facebook. The Aramco deal could provide RIL financial muscle, says HSBC Global Research. Besides creating a benchmark valuation for RIL's O2C business of Rs 5.7 lakh crore, it will provide an additional Rs 1.1 lakh crore in cash flow, taking it to a strong net cash position from a net debt position, the research firm says in a report. "With a stake in RIL, Aramco would not just have a stake in one of the worlds best refineries and largest integrated petrochemical complexes but also access to one of the fastest-growing markets - a ready-made market for its crude and offering a potentially bigger downstream role in future," says the report. Zeroing in on Debt Ambani recently sold the tower InvIT and pipeline infrastructure to Brookfield for Rs 25,215 crore and Rs 13,000 crore, respectively, as the first step to pare debt. RIL has net debt of Rs 1,61,035 crore. The outstanding debt stood at Rs 3.36 lakh crore in March 2020 while cash and cash equivalents were Rs 1.75 lakh crore. The standalone balance sheet has a debt of Rs 2.62 lakh crore, while Jio and Reliance Retail have debts of Rs 23,000 crore and Rs 4,600 crore, respectively. JP Morgan Equity Research says, "Given increase in debt and continued elevated capex, the deals are welcome and should allow for deleveraging." It says transfer of Rs 70,000 crore debt to two InviTs in tower and optical fibre, pending capital expenditure payments of Rs 50,000 crore and spectrum fee of Rs 20,000 crore are not part of the gross debt of Rs 3.36 lakh crore. However, Bernstein says stake sales and rights issue will reduce net debt to net cash of Rs 50,000 crore by next financial year. Besides, slowing capital expenditure and rising free cash flow will accelerate deleveraging. Does this mean all challenges have been overcome? India Inc has seen huge investments by global corporations in the past also, including acquisition of Flipkart by Walmart for $16 billion; Essar Oil by Rosneft for $13 billion; and Hutch by Vodafone for $11 billion. In many cases, including Docomo's stake in Tata Tele, Daiichi Sankyos stake in Ranbaxy and Walt Disneys stake in UTV, foreign acquirers burnt their fingers. Chevron, which picked up a 5 per cent stake in Reliance Petroleum, also had to exit in losses. BP Plc had to write off a part of its $7.2 billion investments made in 2011 in RIL's exploration and production assets due to losses. The new entrants in RIL are expecting a more profitable journey. @nevinjl Summarise this report in a few sentences.
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facebook is buying 9.99 per cent equity in Jio Platforms (JPL) for Rs 43,574 crore. this value the digital and telecom company at Rs 4.62 lakh crore. sale is a step towards transforming the business empire founded by late Dhirubhai Ambani. he says the aim is to rid Reliance Industries of a bulk of the massive Rs 3.36 lakh crore gross debt accumulated to fund growth businesses.
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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 "If you thought Mukesh Ambani and Mark Zuckerberg sat across a table, assisted by a battery of experts, to frame the Facebook-Jio deal, you are mistaken. Ambanis twin children Isha and Akash led talks for sale of a stake in Jio Platforms (JPL), flying down multiple times to Facebook headquarters in Menlo Park, California, for negotiations. The senior Ambani was given the minutes of the negotiations by the children. The details were shared often at dinner time in Antilla. The stake sale is a step towards transforming the business empire founded by late Dhirubhai Ambani as a yarn trading company in Mumbai's Masjid Bunder about 63 years ago. One aim is to rid Reliance Industries (RIL) of a bulk of the massive Rs 3.36 lakh crore gross debt accumulated to fund growth businesses - Reliance Jio, Reliance Retail and petrochemicals. The other is to prepare the group for a digital/consumer future. For years, petrochemicals and refining stood taller than others. That is changing. In fact, Ambani doesn't even call RIL an oil and gas conglomerate any more. Instead, it's being positioned as a technology company so that the larger objectives are clear: build three businesses - refining & petrochemicals, digital & telecom and retail - of global scale; cut off financial inter-dependence of these businesses; create debt-free balance sheets. The JPL-FB Deal Facebook is buying 9.99 per cent equity in JPL for Rs 43,574 crore. This values the digital and telecom company at Rs 4.62 lakh crore. This has come amid the coronavirus pandemic that has brought the world economy on its knees and a 41 per cent fall in RIL stock price over the last few months. The deal typifies what Ambani once said, "Our fundamental belief is that for us growth is a way of life and we have to grow at all times". JPL signed four more deals within two weeks of the Facebook announcement with American private equity giants - Silver Lake, Vista Equity Partners, General Atlantic and KKR - worth a total Rs 78,562 crore, and launched a rights issue to raise an eye-popping Rs 53,125 crore. Saudi Arabia's $320 billion sovereign wealth fund, Public Investment Fund, is also in talks to pick up a stake in JPL. The massive fundraising to deleverage RIL is not over. The world's largest publicly listed company, Saudi Aramco, is doing due diligence to buy a 20 per cent stake in the refining and petrochemicals business for Rs 1.14 lakh crore. Aramco will pick up the stake in the newly floated subsidiary, Reliance O2C Ltd, in which oil and petrochemical businesses are being shifted. Ambani has already completed negotiations with British oil giant BP Plc for selling 49 per cent stake in his fuel station business for Rs 7,000 crore. The brand will be renamed as 'Jio-BP. The mission is zero net debt by March 2021. However, the pace at which the deals are being signed, the target will be met by December 2020, says V. Srikanth, Joint Chief Financial Officer, RIL. RIL is also looking for buyers for a stake in retail holding company Reliance Retail Ventures Ltd. It will also divest the optical fiber investment trust (InvIT), land parcels that it bought for building special economic zones in Mumbai and some financial investments. Ambani had mentioned in the last shareholder meeting that RIL is "de-emphasising" its loss-making shale gas business in the US and will focus only on India, hinting he may sell the US shale gas business, which is bleeding because of crude oil price crash. The intention seems to be to unlock value for now and convert group companies into technology driven, zero liability, entrepreneurial entities like Alphabet or Microsoft or Amazon. Building three equally strong businesses may also ease transition of power to the third generation - Isha, Akash and Anant. The twins are fully into the business and part of RIL's technological transformation; Anant is yet to join the business. Reinventing Reliance Refining and petrochemicals were accounting for 90 per cent of RIL's cash till recently. The money was being ploughed into consumer businesses - retail and telecom - that were growing at a frenetic pace. The retail arm, for years a small player, way behind Kishore Biyanis and Aditya Birla groups businesses, grew at a scorching pace post 2015. In telecom, launched in 2016, cracking into fiefdoms of giants Bharti Airtel, Vodafone and Idea looked nearly impossible. But the bets are paying off. In the January-March quarter, digital and retail businesses combined contributed 35 per cent to RIL cash flows. Refining and petrochemicals contributed 60 per cent. Building The New Ambani took the bet to invest nearly Rs 4 lakh crore to build Reliance Jio and the supplementary digital businesses. The effort started 10 years back. Besides debt, he used the large cash flows from refining. Reliance Retail was founded in a similar way in 2006. The journey was not smooth. In some states, Ambani initially failed to scale up Reliance Retail because of opposition from local kiranas and political parties. However, he persisted, and managed to turn things around in the last five years. Reliance Retail has achieved multifold growth since 2015, and that too during a period when established players such as Future Retail and More weakened and e-tailers like Amazon and Flipkart failed to expand to Tier-II and Tier-III cities. In FY20, retail posted earnings before interest and tax (EBIT) of Rs 8,263 crore, 49 per cent more than in FY19. Its EBIT was Rs 417 crore in 2014/15. The revenue has risen from Rs 17,640 crore to Rs 1.63 lakh crore in the last five years. Reliance Retail is India's biggest retailer today. Deloitte has ranked Reliance Retail as the fastest growing retail company in the world. It added 30 per cent more space and over 1,500 stores in FY20. A recent Bernstein research report says, "In retail, slower-than-expected footfalls, increase in capital expenditures and higher competition are key downside risks." The company is set to scale up e-commerce venture JioMart for countering Amazon and Walmart-owned Flipkart. The digital services business, though smaller than retail in revenue, is valued much higher, at Rs 4.9 lakh crore. One reason is fast growth. Reliance Jio Infocomm posted a 87.65 per cent rise in net profit to Rs 5,562 crore in FY20 driven by subscriber additions and third-quarter tariff increase. It posted a 63.5 per cent rise in EBIT to Rs 14,363 crore and a 40.7 per cent rise in revenue to Rs 68,462 crore. Jio continued to extend its lead over rivals in January by adding 6.56 million users even as cash-strapped Vodafone Idea's subscriber base eroded, according to data from the Telecom Regulatory Authority of India. Reliance Jio's subscriber base at the end of January was 376.57 million, while Vodafone Idea was second at 329 million. Jio's subscriber base further increased to 387.5 million at the end of March. Ambani aims to take Jio Fiber to more than two crore households and is targeting 99 per cent population coverage. The company is also planning to target five crore-plus households for cable networks DEN and Hathway. Mark Zuckerberg, CEO of Facebook, told analysts during the recent earnings call, "Certainly, all the products and technology that we're building to enable that (Jio) partnership are going to be things that we want to do around the world." Facebook, through its WhatsApp platform, brings in synergies for RIL's JioMart initiative. There are also immense possibilities in e-payments, blockchain and social media transactions. Facebook has got one board seat in JPL. In the traditional business, Ambani wants to switch focus from fuel manufacturing/refining to high-margin petrochemicals as the fossil fuel business is facing hardships due to advent of electric mobility and falling demand due to a global slowdown. RIL has invested about Rs 1 lakh crore to expand petrochemical capacities in Jamnagar, Gujarat. Saudi Arabia has agreed to invest Rs 1.14 lakh crore in Reliance O2C Ltd for a 20 per cent stake. Ambani wanted to do the Aramco deal quickly in view of his plan to make RIL a net debt free company by March 2021. While the world was waiting for the details of the Aramco deal, the coronavirus pandemic and crash in crude oil prices played spoilsport. It was at this point that Isha and Akash managed to pull off the deal with Facebook. The Aramco deal could provide RIL financial muscle, says HSBC Global Research. Besides creating a benchmark valuation for RIL's O2C business of Rs 5.7 lakh crore, it will provide an additional Rs 1.1 lakh crore in cash flow, taking it to a strong net cash position from a net debt position, the research firm says in a report. "With a stake in RIL, Aramco would not just have a stake in one of the worlds best refineries and largest integrated petrochemical complexes but also access to one of the fastest-growing markets - a ready-made market for its crude and offering a potentially bigger downstream role in future," says the report. Zeroing in on Debt Ambani recently sold the tower InvIT and pipeline infrastructure to Brookfield for Rs 25,215 crore and Rs 13,000 crore, respectively, as the first step to pare debt. RIL has net debt of Rs 1,61,035 crore. The outstanding debt stood at Rs 3.36 lakh crore in March 2020 while cash and cash equivalents were Rs 1.75 lakh crore. The standalone balance sheet has a debt of Rs 2.62 lakh crore, while Jio and Reliance Retail have debts of Rs 23,000 crore and Rs 4,600 crore, respectively. JP Morgan Equity Research says, "Given increase in debt and continued elevated capex, the deals are welcome and should allow for deleveraging." It says transfer of Rs 70,000 crore debt to two InviTs in tower and optical fibre, pending capital expenditure payments of Rs 50,000 crore and spectrum fee of Rs 20,000 crore are not part of the gross debt of Rs 3.36 lakh crore. However, Bernstein says stake sales and rights issue will reduce net debt to net cash of Rs 50,000 crore by next financial year. Besides, slowing capital expenditure and rising free cash flow will accelerate deleveraging. Does this mean all challenges have been overcome? India Inc has seen huge investments by global corporations in the past also, including acquisition of Flipkart by Walmart for $16 billion; Essar Oil by Rosneft for $13 billion; and Hutch by Vodafone for $11 billion. In many cases, including Docomo's stake in Tata Tele, Daiichi Sankyos stake in Ranbaxy and Walt Disneys stake in UTV, foreign acquirers burnt their fingers. Chevron, which picked up a 5 per cent stake in Reliance Petroleum, also had to exit in losses. BP Plc had to write off a part of its $7.2 billion investments made in 2011 in RIL's exploration and production assets due to losses. The new entrants in RIL are expecting a more profitable journey. @nevinjl Summarise this report in a few sentences." summarise in a few sentences.
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RBI Governor Shaktikanta Das (PTI) The language of the monetary policy committee (MPC) minutes of the March 27 meeting gives an eerie feeling to the reader. There is a sense of deep uncertainty among the MPC members on how the COVID-19 scenario is likely to pan out in the Indian economy. The comments by members are largely reflective of their hope, rather than fresh insights or policy suggestions. The inability of monetary policy to address the COVID-19 problem, beyond a point, is also evident. One of the members, Michael Patra, described the situation as coronavirus’ ‘dance of death’ that will make the MPC assume high guard, ready to experiment and innovate. In the March 27 policy, the MPC fired from all cylinders delivering a significant 75 bps cut in repo rate, the rate at which banks get short-term money from the RBI. But not all members were of the opinion that there should be a 75 bps cut. While all the six members of the monetary policy committee voted in favour of a rate cut, two members — Chetan Ghate and Pami Dua — voted for a 50 bps cut while all the remaining members voted for 75 bps, the minutes showed. ‘Dance of death’ Members highlighted concerns about the impact of COVID-19 on the Indian economy. In the words of Michael Patra, deputy governor of the RBI, the coronavirus’s danse macabre is taking a catastrophic toll on human lives and “in these challenging circumstances, monetary policy has to assume an avant garde role". COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show “The coronavirus’s danse macabre is taking a catastrophic toll on human lives. Economic dislocation is severe, and markets are in turmoil,” Patra said, adding, “in these challenging circumstances, monetary policy has to assume an avant garde role.” The general mood of the RBI MPC members is pessimism about economic recovery. “The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the global economy will slip into recession,” the MPC document said. Why did Ghate, Dua seek 50 bps cut? While all members wanted a rate cut, Gahte and Dua sought a smaller cut. Explaining his rationale, in his comments in the MPC minutes, Ghate quoted former US Fed Chairman Ben Bernanke to say that monetary policy has never proved able to reverse large shocks. “It only helps to mitigate the worse effects of shocks, and speeds up the recovery,” Ghate said, retaining his stance as accommodative. Dua wanted the MPC to save some room for future policy action. “It may be better to conserve some policy space for later, when those binding constraints are removed and the economy will require a further boost to recover from the pandemic,” Dua said. According to Dua, in the current scenario, with heightened uncertainty and a near-standstill in economic activity, this may not necessarily lead to an increase in borrowing, but should raise consumer confidence and investor sentiment, going forward. All members touched up on the falling aggregate demand problems, low consumer confidence and heightened uncertainty prevailing in the Covid-hit economy. But there is a promise of a rate cut if things continue to worsen. Statement by RBI Governor Shaktikanta Das is worth noting in this context. “Arresting risks to the growth outlook and preserving financial stability should, accordingly, receive the highest priority. Considering all these aspects, I vote for reducing the policy repo rate by a sizable 75 basis points and maintaining the accommodative stance as long as necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target.” Summarise this report in a few sentences.
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monetary policy committee minutes of the march 27 meeting give an eerie feeling to the reader. there is a sense of deep uncertainty among the MPC members on how the COVID-19 scenario is likely to pan out in the Indian economy. one of the members, Michael Patra, described the situation as coronavirus' 'dance of death' that will make the MPC assume high guard.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "RBI Governor Shaktikanta Das (PTI) The language of the monetary policy committee (MPC) minutes of the March 27 meeting gives an eerie feeling to the reader. There is a sense of deep uncertainty among the MPC members on how the COVID-19 scenario is likely to pan out in the Indian economy. The comments by members are largely reflective of their hope, rather than fresh insights or policy suggestions. The inability of monetary policy to address the COVID-19 problem, beyond a point, is also evident. One of the members, Michael Patra, described the situation as coronavirus’ ‘dance of death’ that will make the MPC assume high guard, ready to experiment and innovate. In the March 27 policy, the MPC fired from all cylinders delivering a significant 75 bps cut in repo rate, the rate at which banks get short-term money from the RBI. But not all members were of the opinion that there should be a 75 bps cut. While all the six members of the monetary policy committee voted in favour of a rate cut, two members — Chetan Ghate and Pami Dua — voted for a 50 bps cut while all the remaining members voted for 75 bps, the minutes showed. ‘Dance of death’ Members highlighted concerns about the impact of COVID-19 on the Indian economy. In the words of Michael Patra, deputy governor of the RBI, the coronavirus’s danse macabre is taking a catastrophic toll on human lives and “in these challenging circumstances, monetary policy has to assume an avant garde role". COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show “The coronavirus’s danse macabre is taking a catastrophic toll on human lives. Economic dislocation is severe, and markets are in turmoil,” Patra said, adding, “in these challenging circumstances, monetary policy has to assume an avant garde role.” The general mood of the RBI MPC members is pessimism about economic recovery. “The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the global economy will slip into recession,” the MPC document said. Why did Ghate, Dua seek 50 bps cut? While all members wanted a rate cut, Gahte and Dua sought a smaller cut. Explaining his rationale, in his comments in the MPC minutes, Ghate quoted former US Fed Chairman Ben Bernanke to say that monetary policy has never proved able to reverse large shocks. “It only helps to mitigate the worse effects of shocks, and speeds up the recovery,” Ghate said, retaining his stance as accommodative. Dua wanted the MPC to save some room for future policy action. “It may be better to conserve some policy space for later, when those binding constraints are removed and the economy will require a further boost to recover from the pandemic,” Dua said. According to Dua, in the current scenario, with heightened uncertainty and a near-standstill in economic activity, this may not necessarily lead to an increase in borrowing, but should raise consumer confidence and investor sentiment, going forward. All members touched up on the falling aggregate demand problems, low consumer confidence and heightened uncertainty prevailing in the Covid-hit economy. But there is a promise of a rate cut if things continue to worsen. Statement by RBI Governor Shaktikanta Das is worth noting in this context. “Arresting risks to the growth outlook and preserving financial stability should, accordingly, receive the highest priority. Considering all these aspects, I vote for reducing the policy repo rate by a sizable 75 basis points and maintaining the accommodative stance as long as necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target.” Summarise this report in a few sentences." summarise in a few sentences.
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Rajasthan Congress chief Sachin Pilot hit out at Vasundhara Raje-led BJP government on Sunday, saying it was time to wipe out the “dictatorial, arrogant government that considers people as its slaves”. The chief minister could not find time for the people after coming into power and announced free electricity to farmers just a few hours before election announcement in the state, he claimed addressing Kisan Sammelan Sunday in Bharatpur district’s Pahari town. “The chief minister could not find time to see the plight of people during her tenure and is now doling out offers to woo farmers. The BJP government considers people as its slaves and it was time to wipe out the dictatorial and arrogant government,” Pilot alleged. Taking a dig at Raje, he said she has to run a state and give out contracts for roads, mines, liquor so how could she find time to address the issues of people. With the Model Code of Conduct in effect, time is now in favour of people to take a decision, he added. Pilot claimed the BJP governments in the Centre and state showed dreams to people that they would eliminate corruption, reduce inflation and provide employment, but the claims turned out flat. He said the Congress had won the trust of people by winning bypolls on 20 out of 22 Assembly seats and appealed to the people to teach a lesson to the BJP in the upcoming Assembly elections that were due on December 7. Summarise this report in a few sentences.
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Sachin Pilot said chief minister could not find time to see plight of people. he said BJP government considers people as its slaves. pilot said he was addressing the issue of people in pahari town. he said he was addressing the plight of farmers in the state. he said the BJP governments showed dreams to people.
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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 "Rajasthan Congress chief Sachin Pilot hit out at Vasundhara Raje-led BJP government on Sunday, saying it was time to wipe out the “dictatorial, arrogant government that considers people as its slaves”. The chief minister could not find time for the people after coming into power and announced free electricity to farmers just a few hours before election announcement in the state, he claimed addressing Kisan Sammelan Sunday in Bharatpur district’s Pahari town. “The chief minister could not find time to see the plight of people during her tenure and is now doling out offers to woo farmers. The BJP government considers people as its slaves and it was time to wipe out the dictatorial and arrogant government,” Pilot alleged. Taking a dig at Raje, he said she has to run a state and give out contracts for roads, mines, liquor so how could she find time to address the issues of people. With the Model Code of Conduct in effect, time is now in favour of people to take a decision, he added. Pilot claimed the BJP governments in the Centre and state showed dreams to people that they would eliminate corruption, reduce inflation and provide employment, but the claims turned out flat. He said the Congress had won the trust of people by winning bypolls on 20 out of 22 Assembly seats and appealed to the people to teach a lesson to the BJP in the upcoming Assembly elections that were due on December 7. Summarise this report in a few sentences." summarise in a few sentences.
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Carlos Ghosn is one of automotive world’s most known personalities who shot to fame with the successful turnaround of Nissan Motor Company, a Japanese firm that was on the edge of bankruptcy. A deputy of Renault’s legendary president Louis Schweitzer who in 1999 had asked the Lebanese-Brazilian to move to Tokyo to resurrect Nissan, Ghosn subsequently earned the title of Le Cost Killer after he introduced a series of cost cutting measures at Nissan. That's why his arrest and talk of ouster from Nissan has shocked the auto industry world over. Ghosn has been accused of "significant acts of misconduct". In India, Mahindra & Mahindra Chairman Anand Mahindra took to Twitter to air his despair. Why oh why? I’d like to give Carlos the benefit of the doubt until the enquiry is complete. So hard to believe that an iconic talent like him would risk his reputation & legacy for this... https://t.co/InW6WmEBIL — anand mahindra (@anandmahindra) November 19, 2018 Turnaround specialist Ghosn had earned the title of ‘a turnaround specialist’ even before he moved to Japan. Following Renault’s failed merger with Volvo, the French company had decided to shut some European factories to cut costs in the late 90s with ambitions of a ‘20 billion Franc cost reduction plan’. Renault’s financial health improved dramatically in 1999 just as it bought a 43 percent stake in debt-laden Nissan. The non-Japanese, non-French Ghosn demolished the age-old management structure at Nissan which he believed led to communication gaps leading to delays. He replaced that structure with cross-functional teams. Both Renault and Nissan closed last year with record profits. Two years ago, Ghosn widened the alliance bringing on board one more sick Japanese company Mitsubishi. Nissan bought a 34 percent stake in Mitsubishi which got embroiled in a controversy involving manipulation of fuel economy data. India Ghosn was one of the earliest of modern day entrepreneurs to consider investing in India. Ghosn forged several partnerships with local Indian automotive companies for developing new class of vehicles ranging from a Tata Nano rival to a mini truck. Renault entered India after partnering Mahindra & Mahindra in 2005 to make the Dacia Logan (rebadged as Renault Logan). A few years later Renault and Nissan joined hands with Bajaj Auto to develop a low cost car that would rival the Nano. Ghosn did not stop there. He even managed to bring on board Ashok Leyland to develop a mini truck called Dost. Ghosn even managed to get the heavy truck maker to enter the passenger van segment despite having zero experience in this segment. Ghosn famously coined the term ‘frugal engineering’ after he was impressed by Ratan Tata’s resolve to deliver the low-cost car Nano at the price point the Tata Group patriarch promised. Missteps One-by-one all three of Renault’s ventures in India failed miserably. Each of its partnerships had to be dissolved following either poor demand for its products or difference of opinion with the promoters of local companies. Ashok Leyland even dragged Nissan to court over violation of local licensing conditions and breach of partnership agreement Ghosn was also responsible for bringing brand Datsun back from the dead. He believed in the theory of fighting with Datsun’s pocket friendly models against leader Maruti Suzuki while keeping brand Nissan in the premium space to deal with Honda and Toyota. The plan has back fired though with Indian buyers outrightly rejecting Datsun despite its range priced lower than competition. The combined monthly sales of all of Datsun’s three models (Redi-Go, Go and Go+) is less than the sales of lowest-selling model of Maruti Suzuki (S-Cross). Nissan too has had no success in India with its present sales count being lower than that of Datsun. Limited retail reach, no locally developed products, dealer service issues hit Nissan dearly in India. Renault has remained the most successful of the three brands in India though the French company has failed to keep the momentum going. The Renault Duster became the highest selling SUV in India a few years ago but today does not even feature in the top five list. Renault’s other best-seller Kwid met with a similar fate. After the initial surge Kwid volumes fizzled out subsequently despite low competition. Summarise this report in a few sentences.
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Carlos Ghosn is one of automotive world's most known personalities. he shot to fame with the successful turnaround of Nissan Motor Company. he was a deputy of Renault's legendary president louis Schweitzer. in 1999 he asked the lebanese-brazilian to move to Tokyo to resurrect Nissan. he introduced a series of cost cutting measures at 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 "Carlos Ghosn is one of automotive world’s most known personalities who shot to fame with the successful turnaround of Nissan Motor Company, a Japanese firm that was on the edge of bankruptcy. A deputy of Renault’s legendary president Louis Schweitzer who in 1999 had asked the Lebanese-Brazilian to move to Tokyo to resurrect Nissan, Ghosn subsequently earned the title of Le Cost Killer after he introduced a series of cost cutting measures at Nissan. That's why his arrest and talk of ouster from Nissan has shocked the auto industry world over. Ghosn has been accused of "significant acts of misconduct". In India, Mahindra & Mahindra Chairman Anand Mahindra took to Twitter to air his despair. Why oh why? I’d like to give Carlos the benefit of the doubt until the enquiry is complete. So hard to believe that an iconic talent like him would risk his reputation & legacy for this... https://t.co/InW6WmEBIL — anand mahindra (@anandmahindra) November 19, 2018 Turnaround specialist Ghosn had earned the title of ‘a turnaround specialist’ even before he moved to Japan. Following Renault’s failed merger with Volvo, the French company had decided to shut some European factories to cut costs in the late 90s with ambitions of a ‘20 billion Franc cost reduction plan’. Renault’s financial health improved dramatically in 1999 just as it bought a 43 percent stake in debt-laden Nissan. The non-Japanese, non-French Ghosn demolished the age-old management structure at Nissan which he believed led to communication gaps leading to delays. He replaced that structure with cross-functional teams. Both Renault and Nissan closed last year with record profits. Two years ago, Ghosn widened the alliance bringing on board one more sick Japanese company Mitsubishi. Nissan bought a 34 percent stake in Mitsubishi which got embroiled in a controversy involving manipulation of fuel economy data. India Ghosn was one of the earliest of modern day entrepreneurs to consider investing in India. Ghosn forged several partnerships with local Indian automotive companies for developing new class of vehicles ranging from a Tata Nano rival to a mini truck. Renault entered India after partnering Mahindra & Mahindra in 2005 to make the Dacia Logan (rebadged as Renault Logan). A few years later Renault and Nissan joined hands with Bajaj Auto to develop a low cost car that would rival the Nano. Ghosn did not stop there. He even managed to bring on board Ashok Leyland to develop a mini truck called Dost. Ghosn even managed to get the heavy truck maker to enter the passenger van segment despite having zero experience in this segment. Ghosn famously coined the term ‘frugal engineering’ after he was impressed by Ratan Tata’s resolve to deliver the low-cost car Nano at the price point the Tata Group patriarch promised. Missteps One-by-one all three of Renault’s ventures in India failed miserably. Each of its partnerships had to be dissolved following either poor demand for its products or difference of opinion with the promoters of local companies. Ashok Leyland even dragged Nissan to court over violation of local licensing conditions and breach of partnership agreement Ghosn was also responsible for bringing brand Datsun back from the dead. He believed in the theory of fighting with Datsun’s pocket friendly models against leader Maruti Suzuki while keeping brand Nissan in the premium space to deal with Honda and Toyota. The plan has back fired though with Indian buyers outrightly rejecting Datsun despite its range priced lower than competition. The combined monthly sales of all of Datsun’s three models (Redi-Go, Go and Go+) is less than the sales of lowest-selling model of Maruti Suzuki (S-Cross). Nissan too has had no success in India with its present sales count being lower than that of Datsun. Limited retail reach, no locally developed products, dealer service issues hit Nissan dearly in India. Renault has remained the most successful of the three brands in India though the French company has failed to keep the momentum going. The Renault Duster became the highest selling SUV in India a few years ago but today does not even feature in the top five list. Renault’s other best-seller Kwid met with a similar fate. After the initial surge Kwid volumes fizzled out subsequently despite low competition. Summarise this report in a few sentences." summarise in a few sentences.
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Kanchan Gupta 'He who wishes to fight must first count the cost' — Sun Tzu’s Art of War There is an interesting animated graphic which shows the seeding, birth and expansion of what we know today as the People’s Republic of China. The graphic begins with the Shang dynasty-ruled patch of land along the Yellow River, and then flickers through to its current shape and size, each flicker adding vast swathes of land to what the Shang held. The ‘Great Wall of China’ is an indicator of how the country has expanded its territory over the centuries through the expedient means of smash and grab. In recent times, beginning with the artificial creation of Inner Mongolia in 1947, Xinjiang (1949) and Tibet (1950-51) have been annexed by violent means. Just like its land border — drawn, erased and redrawn, only to be erased and redrawn again — China’s history too has been continuously tailored and retrofitted to its insatiable greed for territory. Zhongguo, or the ‘Middle Kingdom’, as imperial China described itself, was supposed to be the ‘civilised’ centre of the world, surrounded by ‘barbarians’ and ‘savages’. This description served the purpose of pandering to the inflated sense of self-importance of Chinese rulers through the ages; it was also a demonstration of their blinding ignorance of civilisations and cultures to the south, east and west of their land. That ignorance has transmogrified into crass insensitivity coupled with callous disregard for an international order based on laws and rules. 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 Economic growth and prosperity have not liberated China’s mind from the medieval worldview of the ‘Middle Kingdom’, nor has it tamed its lust for land or, more correctly, territory. From building islands in what it calls the South China Sea to seeking to colonise countries far and wide by luring them into a debt trap called BRI and turning them into handmaidens of Beijing, the urge to smash and grab what belongs to others remains as strong as ever. The border dispute between India and China, and the latter’s illegitimate claim on Indian territory based on jaundiced history authored by Communist Party of China’s fiction writers as part of their party propaganda literature, stems from that medieval urge. China’s aggression in 1962, leading to war, is only notionally over; it continues by other means, most notably repeated incursions across the Line of Actual Control that runs for 3,488 km between India and Tibet. Twenty-two rounds of border talks and numerous official and unofficial summit meetings between India and China have resulted in little else than parrot-like repetition of the pious commitment to maintain ‘peace and tranquillity’ along the LAC, a commitment that has been more honoured in the breach than in the observance by Beijing. Hence, three years after the Doklam standoff, which saw China stepping back with a bruised ego if not a twisted nose, and numerous incursions in between, we have the PLA intruding across the LAC in eastern Ladakh and building up the presence of troops as well as stockpiling weaponry. On the face of it, there is little for China to gain in a barren land devoid of either human habitation or vegetation. However, China did grab Aksai Chin in 1962. It could be suggested, without fear of and honest contradiction, that it now eyes Ladakh: A nibble here, a nibble there and then make an attempt to devour the whole territory. ‘India’s China conundrum: How to tame a bully’ dealt with possible reasons for the timing of Beijing’s (mis)adventurism in east Ladakh. The timing is less important than the underlying urge. Instead of looking at quick-fix solutions to what are described as ‘irritants’, India now needs to start working on medium- and long-term strategies crafted around an implacable foe geographically rooted as a neighbour that can’t be wished away. These have to play out in three different arenas. First, India has to discard its timidity of approach to the conundrum called China. As the military-level talks of June 6 indicate, there are neither easy nor swift solutions through dialogue. While the conversation must continue, on the ground India should be prepared, and demonstrate its preparedness, to stare the bully in the eye. To blink now would be disastrous. Mobilisation of troops and stockpiling of weapons must continue to match those of the PLA. India must proceed on the assumption that this will be a long standoff and even if the intrusion were to be reversed by the PLA, they will not pack up and leave. It did not happen in Doklam, it will not happen in east Ladakh. A robust military response does not necessarily mean open hostility; but if skirmishes happen, so be it. Peace and tranquillity, Sun Tzu would stress, are enforced by weapons of war, not ploughshares. If the skirmishes were to evolve from stones and sticks to bayonets and bombs, India must be prepared. Second, India must make the most of the current global sentiment against China in the wake of the COVID-19 pandemic. In the medium term, this sentiment is likely to harden from Australia to America, via Europe. The Ministry of External Affairs would do well to discard its crusty old ‘Karo Na’ principle of not doing anything that would disrupt South Block’s settled policy of playing a safe game of dribbling the ball without shooting at the goalpost lest the stands get excited. Sophistry as diplomacy has run its course and is of little value in this day and age of fluid alliances and alignments. Tyrants and tyrannies are not without the proverbial Achilles’ heel. In China’s case, it is the fear of democracy. India must not only embrace but incubate a rainbow coalition of democracies that believe in, and subscribe to, a rules-based world order. From a vigorous pursuit of fulfilling its ordained role in the Indo-Pacific to regaining influence in the Indian Ocean, a rising India needs to stand up and be counted. The ‘Quad’, or ‘Quad Plus’, understandably upsets China. This is precisely why India cannot shy away from openly, robustly seeking a leadership role in this arrangement. India has to get smarter in order to game the system through which control is seized and exercised over international organisations. China has mastered the art of manoeuvring itself into positions of control, influence and power. It has been a low cost operation shorn of ideological pretensions. India has to take more than a page out of China’s playbook: Transactional deals are not to be scoffed at and definitely should not be shunned. Third, and possibly the most important, India has to build economic muscles, rapidly and ruthlessly. The post-COVID-19 world will witness major, if not total, realignment of global supply lines and chains. The United States, Australia and many European countries are preparing to delink their economies from China. They will be seeking partners and allies. Factories looking to relocate will be seeking new destinations. Investors wary of persisting with investing heavily in China will be revisiting their options. How prepared is the elephant to seize the opportunity to strike and wound the dragon where it hurts most? Does India have the resolve to put a total freeze on doing business with China unless it is able to rid itself of a trade deficit of $57 billion? Indian tech companies have demonstrated that they can do without China Tech, most conspicuously by spurning Huawei. Indian markets no longer have the shelf space for cheap Chinese products. Indian governments are eager to reform and restructure antiquated rules and laws to pave the path for factories relocating from China. Indians do not subscribe to the entrenched political view that toeing the line of least resistance is the best way to keep China at bay. Yet, there is a strange, inexplicable reluctance to confront and stand up to the bully on the block. At a time when the world is vociferous in its criticism of China, India maintains a coy silence. This flies in the face of India’s unbridled aspiration to be recognised as a rising power on its way to becoming a big power. Neither is this reluctance well-crafted strategy nor is this silence well-considered tactics. It is plain and simple timidity. Big powers, as has been wisely said, not only have the capacity to absorb punishment, they also have the ability to inflict punishment. The first without the latter is the hallmark of a failed power. India must decide what it wishes to be. The proverbial ‘mausam’ is now. (This article was published in the ORF.) Kanchan Gupta is a Distinguished Fellow at Observer Research Foundation (ORF). Views are personal. Summarise this report in a few sentences.
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the 'Great Wall of China' is an indicator of how the country has expanded its territory over the centuries. Xinjiang (1949) and Tibet (1950-51) have been annexed by violent means. 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 "Kanchan Gupta 'He who wishes to fight must first count the cost' — Sun Tzu’s Art of War There is an interesting animated graphic which shows the seeding, birth and expansion of what we know today as the People’s Republic of China. The graphic begins with the Shang dynasty-ruled patch of land along the Yellow River, and then flickers through to its current shape and size, each flicker adding vast swathes of land to what the Shang held. The ‘Great Wall of China’ is an indicator of how the country has expanded its territory over the centuries through the expedient means of smash and grab. In recent times, beginning with the artificial creation of Inner Mongolia in 1947, Xinjiang (1949) and Tibet (1950-51) have been annexed by violent means. Just like its land border — drawn, erased and redrawn, only to be erased and redrawn again — China’s history too has been continuously tailored and retrofitted to its insatiable greed for territory. Zhongguo, or the ‘Middle Kingdom’, as imperial China described itself, was supposed to be the ‘civilised’ centre of the world, surrounded by ‘barbarians’ and ‘savages’. This description served the purpose of pandering to the inflated sense of self-importance of Chinese rulers through the ages; it was also a demonstration of their blinding ignorance of civilisations and cultures to the south, east and west of their land. That ignorance has transmogrified into crass insensitivity coupled with callous disregard for an international order based on laws and rules. 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 Economic growth and prosperity have not liberated China’s mind from the medieval worldview of the ‘Middle Kingdom’, nor has it tamed its lust for land or, more correctly, territory. From building islands in what it calls the South China Sea to seeking to colonise countries far and wide by luring them into a debt trap called BRI and turning them into handmaidens of Beijing, the urge to smash and grab what belongs to others remains as strong as ever. The border dispute between India and China, and the latter’s illegitimate claim on Indian territory based on jaundiced history authored by Communist Party of China’s fiction writers as part of their party propaganda literature, stems from that medieval urge. China’s aggression in 1962, leading to war, is only notionally over; it continues by other means, most notably repeated incursions across the Line of Actual Control that runs for 3,488 km between India and Tibet. Twenty-two rounds of border talks and numerous official and unofficial summit meetings between India and China have resulted in little else than parrot-like repetition of the pious commitment to maintain ‘peace and tranquillity’ along the LAC, a commitment that has been more honoured in the breach than in the observance by Beijing. Hence, three years after the Doklam standoff, which saw China stepping back with a bruised ego if not a twisted nose, and numerous incursions in between, we have the PLA intruding across the LAC in eastern Ladakh and building up the presence of troops as well as stockpiling weaponry. On the face of it, there is little for China to gain in a barren land devoid of either human habitation or vegetation. However, China did grab Aksai Chin in 1962. It could be suggested, without fear of and honest contradiction, that it now eyes Ladakh: A nibble here, a nibble there and then make an attempt to devour the whole territory. ‘India’s China conundrum: How to tame a bully’ dealt with possible reasons for the timing of Beijing’s (mis)adventurism in east Ladakh. The timing is less important than the underlying urge. Instead of looking at quick-fix solutions to what are described as ‘irritants’, India now needs to start working on medium- and long-term strategies crafted around an implacable foe geographically rooted as a neighbour that can’t be wished away. These have to play out in three different arenas. First, India has to discard its timidity of approach to the conundrum called China. As the military-level talks of June 6 indicate, there are neither easy nor swift solutions through dialogue. While the conversation must continue, on the ground India should be prepared, and demonstrate its preparedness, to stare the bully in the eye. To blink now would be disastrous. Mobilisation of troops and stockpiling of weapons must continue to match those of the PLA. India must proceed on the assumption that this will be a long standoff and even if the intrusion were to be reversed by the PLA, they will not pack up and leave. It did not happen in Doklam, it will not happen in east Ladakh. A robust military response does not necessarily mean open hostility; but if skirmishes happen, so be it. Peace and tranquillity, Sun Tzu would stress, are enforced by weapons of war, not ploughshares. If the skirmishes were to evolve from stones and sticks to bayonets and bombs, India must be prepared. Second, India must make the most of the current global sentiment against China in the wake of the COVID-19 pandemic. In the medium term, this sentiment is likely to harden from Australia to America, via Europe. The Ministry of External Affairs would do well to discard its crusty old ‘Karo Na’ principle of not doing anything that would disrupt South Block’s settled policy of playing a safe game of dribbling the ball without shooting at the goalpost lest the stands get excited. Sophistry as diplomacy has run its course and is of little value in this day and age of fluid alliances and alignments. Tyrants and tyrannies are not without the proverbial Achilles’ heel. In China’s case, it is the fear of democracy. India must not only embrace but incubate a rainbow coalition of democracies that believe in, and subscribe to, a rules-based world order. From a vigorous pursuit of fulfilling its ordained role in the Indo-Pacific to regaining influence in the Indian Ocean, a rising India needs to stand up and be counted. The ‘Quad’, or ‘Quad Plus’, understandably upsets China. This is precisely why India cannot shy away from openly, robustly seeking a leadership role in this arrangement. India has to get smarter in order to game the system through which control is seized and exercised over international organisations. China has mastered the art of manoeuvring itself into positions of control, influence and power. It has been a low cost operation shorn of ideological pretensions. India has to take more than a page out of China’s playbook: Transactional deals are not to be scoffed at and definitely should not be shunned. Third, and possibly the most important, India has to build economic muscles, rapidly and ruthlessly. The post-COVID-19 world will witness major, if not total, realignment of global supply lines and chains. The United States, Australia and many European countries are preparing to delink their economies from China. They will be seeking partners and allies. Factories looking to relocate will be seeking new destinations. Investors wary of persisting with investing heavily in China will be revisiting their options. How prepared is the elephant to seize the opportunity to strike and wound the dragon where it hurts most? Does India have the resolve to put a total freeze on doing business with China unless it is able to rid itself of a trade deficit of $57 billion? Indian tech companies have demonstrated that they can do without China Tech, most conspicuously by spurning Huawei. Indian markets no longer have the shelf space for cheap Chinese products. Indian governments are eager to reform and restructure antiquated rules and laws to pave the path for factories relocating from China. Indians do not subscribe to the entrenched political view that toeing the line of least resistance is the best way to keep China at bay. Yet, there is a strange, inexplicable reluctance to confront and stand up to the bully on the block. At a time when the world is vociferous in its criticism of China, India maintains a coy silence. This flies in the face of India’s unbridled aspiration to be recognised as a rising power on its way to becoming a big power. Neither is this reluctance well-crafted strategy nor is this silence well-considered tactics. It is plain and simple timidity. Big powers, as has been wisely said, not only have the capacity to absorb punishment, they also have the ability to inflict punishment. The first without the latter is the hallmark of a failed power. India must decide what it wishes to be. The proverbial ‘mausam’ is now. (This article was published in the ORF.) Kanchan Gupta is a Distinguished Fellow at Observer Research Foundation (ORF). Views are personal. 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 Technology Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit Talking to ET Now Raunak Onkar , Research Head, PPFAS MF , says right now about 20% of the portfolio is still in cash.Edited excerpts:Actually, it was very scary because we have been seeing valuations being at a stretch over markets – both globally as well as in our domestic market. We have not been able to deploy money as easily as in the past. So, it is bit of a relief where we could at least add some more to our original interesting ideas and where we have some conviction. We will see the valuations correcting, if at all. If they are good enough to buy more, we will and probably just keep waiting and watching. Right now, we still have about 20% of the portfolio in cash.Maybe, maybe not. But it is better not to just put money behind expensive ideas.In some cases, we added a little bit. The recent addition we had in the portfolio was Suzuki Motor Corp which is the parent company of Maruti Suzuki India Ltd. and where we get a chance to even participate in the two-wheeler segment of Suzuki. At the same time, the Suzuki global business and about two-thirds of their profits at consolidation are from the Indian subsidiary and they also get the royalties.It is fair to say that it is out of tune with what we think, but the idea behind Apple was to buy because there was no growth priced into the stock and valuations were really at the bottom of what they had seen. We were just excited about the amount of cash they had on their balance sheet and the strong product positions that they had in several segments and we thought that was priced in and after a point, it does not really make sense to hold on to something where we believe has become a little expensive.We have added Suzuki Motor Corp. We get a chance to own a chunk of the Maruti Suzuki India Ltd. profits plus we get the royalty from the local Indian company plus we also get a chance to participate in the global business of Suzuki Motors -- the assets that they have invested in India as well as other markets and the two-wheeler business of Suzuki which is a little small right now.We have bought more of the same companies like pharma companies and IT companies which we own.The budget actually happens every year and since we look out for five-year holding periods, it actually does not make sense to change strategies or tactically allocate money based on the budget. So, the budget does give opportunities in terms of expressing whether government is taking the economy and what their plans are but over a period of time, if your portfolio is aligned to the longer term trends, it is okay to just sit on what you already have and buy more if the valuation seems reasonable.What is interesting about our strategy is it is more important to keep watching what we already own and what are the competitive problems that they can face going ahead? For example, if the company you are owning is in the industry where Amazon is a big competitor, I am pretty sure, you really will have to refocus your attention and figure out if it is still worthwhile to stay invested. It is a bad idea to compete with somebody who has unlimited amount of cash.Yes and they have the longer term horizon anyway. You have to keep watching your portfolio very carefully. Find out if the businesses are still competitive and the management is still aligned to what they had said in the past about the business and the growth and are the valuation still reasonable? It takes a lot of effort to really understand the dynamics plus we keep researching newer areas and right now if everything that we add is going to be in the portfolio anyways, I will wait for the portfolio announcement to happen if at all something is going to be added there.It is fair to say that it is also important to not chase valuations when you know that they are clearly stretched. That is one thing. Secondly, the cash also helps if shorter term redemptions happen. It helps you to take care of that without having to touch the portfolio of stocks that you already own. I understand that the money is not given for keeping in cash but also not given to chase valuations at any given price.We have not cleaned up aggressively, we have been selling parts of some of the stocks which have seen run up in valuation in terms of their historical trends. Those we keep paring down and you will see the percentage holding of that stock being reduced over a period of time in the fact sheet but apart from that, we have also added the same cash being used somewhere else immediately to buy some of our existing holdings where we thought the valuations are still reasonably to continue to own them.We shifted some of that to Bajaj Holdings which has more exposure to the auto business and little bit less to the financial part of Bajaj’s Group. We are still comfortable with owning holding companies. We think that the valuations should match up to the holding value because of the updates to the Companies Act where the promoters and related parties cannot vote in special resolutions which are related to capital allocation and the minority shareholders get a bigger say in that.Some rationality has to prevail over the valuation gap that exists between the holding companies vis-à-vis the price of the holding company.We sold Noida Toll Bridge a while back when the announcement came from the high court that they were not allowed to charge any toll and as you see, the numbers in the company continue to deteriorate because there is still no revenue collection as such.One thing that we learnt from that was not to mess with businesses where there is a lot of public outrage that can come in because of some or the other political motivation. there so it is really something that we learnt over there when if you are going against the public in terms of charging something more for something and you can see the outrage in pharma companies in the US as well where every pricing decline that is happening and everything affecting the Indian companies right now. The moment you go against that kind of a sentiment it is very difficult to know how the business outcome is going to be and the moment we saw that the business outcome has changed, we decided to get out of that idea.Yes. In domestic segment, we own Persistent Systems , it is our biggest position in the IT segment. The second one is Mphasis Ltd, which is another company we are owning for a while.In the past, when we had bought Mphasis, had a good base business from the HP company which was the parent of Mphasis and they were growing strongly on the non-HP side as well. Incidentally, it so happened that HP started declining. That was unfortunate for the company. Over a period of three years, they really saw a revenue decline or a flat revenue for a long time where the non-HP business continued to grow.Now, a strong partner in the form of Blackstone has come who acquired the HP global stake in Mphasis and being a private equity investor, there is a slightly more focus on better capital allocation and Mphasis always had very strong cash flows and good cash in the balance sheet. Even right now, a sixth of the market cap is in cash. They had that kind of a cash focus and the management team has been changed to realign their business to how the Blackstone idea for that business should be run. We have to wait and watch the outcomes but the trajectory of that business seems to be good so far. Summarise this report in a few sentences.
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right now about 20% of the portfolio is still in cash. a recent addition was Suzuki Motor Corp. the parent company of Maruti Suzuki India Ltd. gets royalties. a new e-commerce platform is being launched to help investors. a new e-commerce platform is being launched to help investors. a new e-commerce platform is being launched to help investors.
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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 Technology Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit Talking to ET Now Raunak Onkar , Research Head, PPFAS MF , says right now about 20% of the portfolio is still in cash.Edited excerpts:Actually, it was very scary because we have been seeing valuations being at a stretch over markets – both globally as well as in our domestic market. We have not been able to deploy money as easily as in the past. So, it is bit of a relief where we could at least add some more to our original interesting ideas and where we have some conviction. We will see the valuations correcting, if at all. If they are good enough to buy more, we will and probably just keep waiting and watching. Right now, we still have about 20% of the portfolio in cash.Maybe, maybe not. But it is better not to just put money behind expensive ideas.In some cases, we added a little bit. The recent addition we had in the portfolio was Suzuki Motor Corp which is the parent company of Maruti Suzuki India Ltd. and where we get a chance to even participate in the two-wheeler segment of Suzuki. At the same time, the Suzuki global business and about two-thirds of their profits at consolidation are from the Indian subsidiary and they also get the royalties.It is fair to say that it is out of tune with what we think, but the idea behind Apple was to buy because there was no growth priced into the stock and valuations were really at the bottom of what they had seen. We were just excited about the amount of cash they had on their balance sheet and the strong product positions that they had in several segments and we thought that was priced in and after a point, it does not really make sense to hold on to something where we believe has become a little expensive.We have added Suzuki Motor Corp. We get a chance to own a chunk of the Maruti Suzuki India Ltd. profits plus we get the royalty from the local Indian company plus we also get a chance to participate in the global business of Suzuki Motors -- the assets that they have invested in India as well as other markets and the two-wheeler business of Suzuki which is a little small right now.We have bought more of the same companies like pharma companies and IT companies which we own.The budget actually happens every year and since we look out for five-year holding periods, it actually does not make sense to change strategies or tactically allocate money based on the budget. So, the budget does give opportunities in terms of expressing whether government is taking the economy and what their plans are but over a period of time, if your portfolio is aligned to the longer term trends, it is okay to just sit on what you already have and buy more if the valuation seems reasonable.What is interesting about our strategy is it is more important to keep watching what we already own and what are the competitive problems that they can face going ahead? For example, if the company you are owning is in the industry where Amazon is a big competitor, I am pretty sure, you really will have to refocus your attention and figure out if it is still worthwhile to stay invested. It is a bad idea to compete with somebody who has unlimited amount of cash.Yes and they have the longer term horizon anyway. You have to keep watching your portfolio very carefully. Find out if the businesses are still competitive and the management is still aligned to what they had said in the past about the business and the growth and are the valuation still reasonable? It takes a lot of effort to really understand the dynamics plus we keep researching newer areas and right now if everything that we add is going to be in the portfolio anyways, I will wait for the portfolio announcement to happen if at all something is going to be added there.It is fair to say that it is also important to not chase valuations when you know that they are clearly stretched. That is one thing. Secondly, the cash also helps if shorter term redemptions happen. It helps you to take care of that without having to touch the portfolio of stocks that you already own. I understand that the money is not given for keeping in cash but also not given to chase valuations at any given price.We have not cleaned up aggressively, we have been selling parts of some of the stocks which have seen run up in valuation in terms of their historical trends. Those we keep paring down and you will see the percentage holding of that stock being reduced over a period of time in the fact sheet but apart from that, we have also added the same cash being used somewhere else immediately to buy some of our existing holdings where we thought the valuations are still reasonably to continue to own them.We shifted some of that to Bajaj Holdings which has more exposure to the auto business and little bit less to the financial part of Bajaj’s Group. We are still comfortable with owning holding companies. We think that the valuations should match up to the holding value because of the updates to the Companies Act where the promoters and related parties cannot vote in special resolutions which are related to capital allocation and the minority shareholders get a bigger say in that.Some rationality has to prevail over the valuation gap that exists between the holding companies vis-à-vis the price of the holding company.We sold Noida Toll Bridge a while back when the announcement came from the high court that they were not allowed to charge any toll and as you see, the numbers in the company continue to deteriorate because there is still no revenue collection as such.One thing that we learnt from that was not to mess with businesses where there is a lot of public outrage that can come in because of some or the other political motivation. there so it is really something that we learnt over there when if you are going against the public in terms of charging something more for something and you can see the outrage in pharma companies in the US as well where every pricing decline that is happening and everything affecting the Indian companies right now. The moment you go against that kind of a sentiment it is very difficult to know how the business outcome is going to be and the moment we saw that the business outcome has changed, we decided to get out of that idea.Yes. In domestic segment, we own Persistent Systems , it is our biggest position in the IT segment. The second one is Mphasis Ltd, which is another company we are owning for a while.In the past, when we had bought Mphasis, had a good base business from the HP company which was the parent of Mphasis and they were growing strongly on the non-HP side as well. Incidentally, it so happened that HP started declining. That was unfortunate for the company. Over a period of three years, they really saw a revenue decline or a flat revenue for a long time where the non-HP business continued to grow.Now, a strong partner in the form of Blackstone has come who acquired the HP global stake in Mphasis and being a private equity investor, there is a slightly more focus on better capital allocation and Mphasis always had very strong cash flows and good cash in the balance sheet. Even right now, a sixth of the market cap is in cash. They had that kind of a cash focus and the management team has been changed to realign their business to how the Blackstone idea for that business should be run. We have to wait and watch the outcomes but the trajectory of that business seems to be good so far. Summarise this report in a few sentences." summarise in a few sentences.
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Ayushman Bharat CEO Indu Bhushan feels Covid-19 is on its way out in India, and the vaccine effort might not be the best way to spend the State’s scarce resources. He may want to reconsider his line of argument. Experts in Seoul, Tokyo, Sydney and several European towns, besides British Prime Minister Boris Johnson, had been similarly hopeful, once it appeared the virus was on the retreat in those places. But the virus thought otherwise, merrily mutated and pounced on unmasked, mingling humans and filled up local hospitals faster than anyone could say ‘Gesundheit!’ Bhushan, seemingly innocent of epidemiology if not economics, should consider this: if insurance has to cover the cost of treating hordes afflicted by an aggressively infectious variant of the virus, the cost would exceed, by far, that of vaccinating around 60% of the population. The Covid inoculation drive should be, like all other immunisation efforts, as much about herd immunity as it is about personal immunity. So, government at the central and state levels should provide the vaccination. In India, where price gouging and black markets are par for course, the surest way to universal inoculation is for the government to make the vaccine available for free. As more and more vaccines are certified and supplied, shortage would be confined to the first few months. There should be no bar on vaccines other than the ones being procured by the government being made available in private healthcare like medicines sold on a physician’s prescription. If the well-off who neither want to wait nor suffer a visit to government hospitals want to shell out good money and buy a vaccine made by, say, Moderna or Johnson & Johnson, they should be free to, so long as their vaccination event is recorded in the official database. The economic cost of slowing down the virus at a lower level of infectiousness has been immense. India cannot afford to pay a higher price now that there are some signs of economic revival. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Economic Times. END OF ARTICLE Summarise this report in a few sentences.
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indu Bhushan feels the virus is on its way out in india. he may want to reconsider his line of argument. if insurance has to cover the cost of treating hordes afflicted by an aggressively infectious variant of the virus, the cost would exceed that of vaccinating around 60% of the population. the surest way to universal inoculation is for the government to make the vaccine available for free.
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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 "Ayushman Bharat CEO Indu Bhushan feels Covid-19 is on its way out in India, and the vaccine effort might not be the best way to spend the State’s scarce resources. He may want to reconsider his line of argument. Experts in Seoul, Tokyo, Sydney and several European towns, besides British Prime Minister Boris Johnson, had been similarly hopeful, once it appeared the virus was on the retreat in those places. But the virus thought otherwise, merrily mutated and pounced on unmasked, mingling humans and filled up local hospitals faster than anyone could say ‘Gesundheit!’ Bhushan, seemingly innocent of epidemiology if not economics, should consider this: if insurance has to cover the cost of treating hordes afflicted by an aggressively infectious variant of the virus, the cost would exceed, by far, that of vaccinating around 60% of the population. The Covid inoculation drive should be, like all other immunisation efforts, as much about herd immunity as it is about personal immunity. So, government at the central and state levels should provide the vaccination. In India, where price gouging and black markets are par for course, the surest way to universal inoculation is for the government to make the vaccine available for free. As more and more vaccines are certified and supplied, shortage would be confined to the first few months. There should be no bar on vaccines other than the ones being procured by the government being made available in private healthcare like medicines sold on a physician’s prescription. If the well-off who neither want to wait nor suffer a visit to government hospitals want to shell out good money and buy a vaccine made by, say, Moderna or Johnson & Johnson, they should be free to, so long as their vaccination event is recorded in the official database. The economic cost of slowing down the virus at a lower level of infectiousness has been immense. India cannot afford to pay a higher price now that there are some signs of economic revival. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Economic Times. END OF ARTICLE Summarise this report in a few sentences." summarise in a few sentences.
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Prices in the residential real estate sector were largely steady in the Delhi-NCR region, barring Gurgaon where prices rose marginally, a report said on Thursday. Although enquiries increased during the quarter, sales and average prices are yet to revive in the Delhi-NCR region. “Gurgaon witnessed a marginal upswing in home values, while the twin cities of Noida and Greater Noida reported a plateauing market,” said the Insite Report 2018 (April-June) by 99acres.com. “Delhi recorded a stable realty landscape in anticipation of the long-pending Dwarka Expressway,” it added. Commenting on the developments in the Delhi and the National Capital Region, Maneesh Upadhyaya, Chief Business Officer, 99acres.com, said: “Construction activity is on a rise around Dwarka Expressway and certain pockets of Gurgaon, which is expected to be fully operational by February 2019. This has lifted market sentiment and the average ‘asks’ around the belt may see an uptick in quarters to come.” “The rental markets of Gurgaon and Delhi also saw residential leasing rates going up by three per cent, each, over the last one year. To summarise, Delhi NCR’s real estate market is benefitting from steadily improving connectivity and has positioned itself on the recovery path, Upadhyaya said. As per the report, the upcoming and completed infrastructure projects including the Jewar International Airport, elevated roads, new metro corridors, malls and medical units had improved the sentiment, but did not convert into higher sales volume in Noida and Greater Noida. Ghaziabad’s realty market, meanwhile, remained placid in the face of stale inventory. In Haryana, both the major cities of Gurgaon and Faridabad witnessed restricted number of new launches in April-June 2018. While price points inched up slightly in Gurgaon on the back of some project handovers and new flyovers easing traffic gluts at important junctions, Faridabad reported weak realty sentiment, it noted. According to the report, other than Delhi-NCR, Chennai and Kolkata, all major cities reported an upswing in average home prices between one and three per cent. Summarise this report in a few sentences.
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sales and average prices are yet to revive in the Delhi-NCR region. upcoming and completed infrastructure projects have improved sentiment. but the rental markets of Gurgaon and Delhi also saw residential leasing rates going up by three per cent, each, over the last one year. in Haryana, both the major cities of Gurgaon and Faridabad witnessed restricted number of new launches in April-June 2018.
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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 "Prices in the residential real estate sector were largely steady in the Delhi-NCR region, barring Gurgaon where prices rose marginally, a report said on Thursday. Although enquiries increased during the quarter, sales and average prices are yet to revive in the Delhi-NCR region. “Gurgaon witnessed a marginal upswing in home values, while the twin cities of Noida and Greater Noida reported a plateauing market,” said the Insite Report 2018 (April-June) by 99acres.com. “Delhi recorded a stable realty landscape in anticipation of the long-pending Dwarka Expressway,” it added. Commenting on the developments in the Delhi and the National Capital Region, Maneesh Upadhyaya, Chief Business Officer, 99acres.com, said: “Construction activity is on a rise around Dwarka Expressway and certain pockets of Gurgaon, which is expected to be fully operational by February 2019. This has lifted market sentiment and the average ‘asks’ around the belt may see an uptick in quarters to come.” “The rental markets of Gurgaon and Delhi also saw residential leasing rates going up by three per cent, each, over the last one year. To summarise, Delhi NCR’s real estate market is benefitting from steadily improving connectivity and has positioned itself on the recovery path, Upadhyaya said. As per the report, the upcoming and completed infrastructure projects including the Jewar International Airport, elevated roads, new metro corridors, malls and medical units had improved the sentiment, but did not convert into higher sales volume in Noida and Greater Noida. Ghaziabad’s realty market, meanwhile, remained placid in the face of stale inventory. In Haryana, both the major cities of Gurgaon and Faridabad witnessed restricted number of new launches in April-June 2018. While price points inched up slightly in Gurgaon on the back of some project handovers and new flyovers easing traffic gluts at important junctions, Faridabad reported weak realty sentiment, it noted. According to the report, other than Delhi-NCR, Chennai and Kolkata, all major cities reported an upswing in average home prices between one and three per cent. Summarise this report in a few sentences." summarise in a few sentences.
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Buy: 21 Hold: 15 Sell: 14 With a 2% y-o-y fall in consolidated revenue growth, Marico reported a lacklustre third quarter of 2019-20. The consolidated revenue fall would have been higher had the 5% y-o-y fall in domestic revenues not been partially compensated by 8% revenue growth in the international markets. The reasonable 10% y-o-y growth in consolidated net profit was due to higher financial income (up by 31% y-o-y) and lower corporate tax rate (22.9% this year vs 26.4% last year).Marico is expected to face growth challenges in the coming quarters also, mostly due to weak rural demand and the resultant consumer down-trading. Downtrading refers to the consumer behaviour of shifting from premium brands to cheaper brands during harsh times. For example, Marico is doing badly on its value added hair oil segments now. While the parachute volume came down only by 2% y-o-y, value added hair oil volume fell by 7%. This is an industry wide problem and Dabur , its main competitor in the value added segment, is also facing growth challenges.However, analysts are getting bullish on this counter now because the stock market has already reacted negatively to the growth challenges faced by Marico during the last six months. Its share price fell by 24% in the last six months compared to 4% gain in the ET FMCG Index. Due to this significant underperformance and the resultant fall in valuation, both in absolute terms and compared to other players in the industry, its growth challenges are fully priced in now.Marico is also proactively reacting to market situations. For example, Marico is slowly passing on the benefit of copra price fall to the consumers and thereby, reducing its price premium compared to unorganised players. Though this may result in margin moderation, this should help Marico shore up its coconut oil volumes. After a big fall, copra prices have started stabilising now and this should moderate the competition from unorganised players. Saffola’s sales volume benefitted due to sudden spurt in edible oil prices and resultant price increase by competitors. To protect its margin, Marico is also expected to pass on the cost inflation in the coming months.Marico’s international business, which contributes 22% to revenues, did well in the third quarter because of its good performance in Bangladesh. International business is also expected to do well in the coming quarters, due to strong macro environment in key markets like Vietnam and Bangladesh.We pick up the stock that has shown maximum increase in “consensus analyst rating” during the last one month. Consensus rating is arrived at by averaging all analyst recommendations after attributing weights to each of them (ie 5 for strong buy, 4 for buy, 3 for hold, 2 for sell and 1 for strong sell) and any improvement in consensus analyst rating indicates that the analysts are getting more bullish on the stock. To make sure that we pick only companies with decent analyst coverage, this search will be restricted to stocks with at least 10 analysts covering it. Summarise this report in a few sentences.
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marico reported a lacklustre third quarter of 2019-20. consolidated revenue fell 2% y-o-y but value added hair oil volume fell 7%. analysts are getting bullish on the counter now. the stock market has already reacted negatively to the growth challenges faced by Marico during the last six months. despite this, the company is expected to pass on the benefit of copra price fall to consumers.
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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 "Buy: 21 Hold: 15 Sell: 14 With a 2% y-o-y fall in consolidated revenue growth, Marico reported a lacklustre third quarter of 2019-20. The consolidated revenue fall would have been higher had the 5% y-o-y fall in domestic revenues not been partially compensated by 8% revenue growth in the international markets. The reasonable 10% y-o-y growth in consolidated net profit was due to higher financial income (up by 31% y-o-y) and lower corporate tax rate (22.9% this year vs 26.4% last year).Marico is expected to face growth challenges in the coming quarters also, mostly due to weak rural demand and the resultant consumer down-trading. Downtrading refers to the consumer behaviour of shifting from premium brands to cheaper brands during harsh times. For example, Marico is doing badly on its value added hair oil segments now. While the parachute volume came down only by 2% y-o-y, value added hair oil volume fell by 7%. This is an industry wide problem and Dabur , its main competitor in the value added segment, is also facing growth challenges.However, analysts are getting bullish on this counter now because the stock market has already reacted negatively to the growth challenges faced by Marico during the last six months. Its share price fell by 24% in the last six months compared to 4% gain in the ET FMCG Index. Due to this significant underperformance and the resultant fall in valuation, both in absolute terms and compared to other players in the industry, its growth challenges are fully priced in now.Marico is also proactively reacting to market situations. For example, Marico is slowly passing on the benefit of copra price fall to the consumers and thereby, reducing its price premium compared to unorganised players. Though this may result in margin moderation, this should help Marico shore up its coconut oil volumes. After a big fall, copra prices have started stabilising now and this should moderate the competition from unorganised players. Saffola’s sales volume benefitted due to sudden spurt in edible oil prices and resultant price increase by competitors. To protect its margin, Marico is also expected to pass on the cost inflation in the coming months.Marico’s international business, which contributes 22% to revenues, did well in the third quarter because of its good performance in Bangladesh. International business is also expected to do well in the coming quarters, due to strong macro environment in key markets like Vietnam and Bangladesh.We pick up the stock that has shown maximum increase in “consensus analyst rating” during the last one month. Consensus rating is arrived at by averaging all analyst recommendations after attributing weights to each of them (ie 5 for strong buy, 4 for buy, 3 for hold, 2 for sell and 1 for strong sell) and any improvement in consensus analyst rating indicates that the analysts are getting more bullish on the stock. To make sure that we pick only companies with decent analyst coverage, this search will be restricted to stocks with at least 10 analysts covering it. Summarise this report in a few sentences." summarise in a few sentences.
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MUMBAI: The second wave of bank mergers, contrary to the traditional modes of consolidation, has been based on technology integration rather than geographical compatibilities.The amalgamated entities will, as a result, have strong regional presence even as their cost of operations would reduce on the back of branch rationalisations due to overlaps.“We want to create big banks with strong national and global presence…the major thrust has been on ‘next gen’ technology features,” said Finance Minister Nirmala Sitharaman . “We have given a lot of mind application into the fact that the integration of fintech operations that these banks are into will be such that there will be no disruption to customers.”Explaining the rationale behind the selection of banks for mergers, Sitharaman said that while large overall capacity of one bank was chosen, the technology driven capacity of the other and the deposit franchise of the third was identified before the list for mergers was chalked up.Additionally, having learnt from the experience of the merger of Bank of Baroda with Dena Bank and Vijaya Bank, where challenges were faced during technology integrations due to mismatch in operating systems, the government has also taken clear steps to ensure that only those banks having compatible technology platforms are merged.“We have taken clear care that the platform they are using is compatible. Technology in bank one, bank two and bank three are compatible, leading to realisation of gains and without any disruption in services…. (They) are being merged,” Sitharaman said.Of the 10 banks that have been merged, two merged entity will have a strong presence regionally and the other two would operate as pan-India players. While the combined entity of Punjab National Bank , Oriental Bank of Commerce and the United Bank will have a strong presence north of Vindhyas, merger of Canara and Syndicate Bank will give way for a lender with strong presence in Karnataka and Kerala."Two confluences of events—it seems to be that it is working in multiple ways and not just in technology, but also complimentary of markets and culture," said P S Jayakaumar, MD and CEO, Bank of Baroda.The merger of Andhra Bank, Corporation Bank with Union Bank and the merger of Allahabad Bank with Indian Bank will create broader national entities with their almost uniform presence across the country.The finance minister also said that the complete potential of consolidation is being aimed as these banks would be able to save costs of operations through rationalisation of those branches which have overlapping presence.“The merged entities would have a high CASA and lending capabilities, and cost cutting capacity would be realised with those branches that are overlapping,” Sitharaman said. “The scaling up and reduction in cost of operations will result in reduced lending costs as well.” Summarise this report in a few sentences.
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two merged entities will have a strong presence regionally. the other two would operate as pan-India players. the government has also taken steps to ensure that only those banks having compatible technology platforms are merged. the merger of andhra bank, Corporation Bank with Union Bank and the merger of Allahabad Bank with Indian Bank will create broader banking services.
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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: The second wave of bank mergers, contrary to the traditional modes of consolidation, has been based on technology integration rather than geographical compatibilities.The amalgamated entities will, as a result, have strong regional presence even as their cost of operations would reduce on the back of branch rationalisations due to overlaps.“We want to create big banks with strong national and global presence…the major thrust has been on ‘next gen’ technology features,” said Finance Minister Nirmala Sitharaman . “We have given a lot of mind application into the fact that the integration of fintech operations that these banks are into will be such that there will be no disruption to customers.”Explaining the rationale behind the selection of banks for mergers, Sitharaman said that while large overall capacity of one bank was chosen, the technology driven capacity of the other and the deposit franchise of the third was identified before the list for mergers was chalked up.Additionally, having learnt from the experience of the merger of Bank of Baroda with Dena Bank and Vijaya Bank, where challenges were faced during technology integrations due to mismatch in operating systems, the government has also taken clear steps to ensure that only those banks having compatible technology platforms are merged.“We have taken clear care that the platform they are using is compatible. Technology in bank one, bank two and bank three are compatible, leading to realisation of gains and without any disruption in services…. (They) are being merged,” Sitharaman said.Of the 10 banks that have been merged, two merged entity will have a strong presence regionally and the other two would operate as pan-India players. While the combined entity of Punjab National Bank , Oriental Bank of Commerce and the United Bank will have a strong presence north of Vindhyas, merger of Canara and Syndicate Bank will give way for a lender with strong presence in Karnataka and Kerala."Two confluences of events—it seems to be that it is working in multiple ways and not just in technology, but also complimentary of markets and culture," said P S Jayakaumar, MD and CEO, Bank of Baroda.The merger of Andhra Bank, Corporation Bank with Union Bank and the merger of Allahabad Bank with Indian Bank will create broader national entities with their almost uniform presence across the country.The finance minister also said that the complete potential of consolidation is being aimed as these banks would be able to save costs of operations through rationalisation of those branches which have overlapping presence.“The merged entities would have a high CASA and lending capabilities, and cost cutting capacity would be realised with those branches that are overlapping,” Sitharaman said. “The scaling up and reduction in cost of operations will result in reduced lending costs as well.” Summarise this report in a few sentences." summarise in a few sentences.
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UK Chancellor of the Exchequer Rishi Sunak has unveiled a 1.57-billion pounds rescue package of emergency grants and cheap loans for arts, culture and heritage industries to help them weather the impact of coronavirus lockdown. Thousands of organisations across a range of sectors including the performing arts and theatres, heritage, historic palaces, museums, galleries, live music and independent cinema will be able to access the funding boost put in place on Sunday night. “Our world-renowned galleries, museums, heritage sites, music venues and independent cinemas are not only critical to keeping our economy thriving, employing more than 700,000 people, they're the lifeblood of British culture,” said Sunak. “That's why we're giving them the vital cash they need to safeguard their survival, helping to protect jobs and ensuring that they can continue to provide the sights and sounds that Britain is famous for,” he said. The Indian-origin finance minister indicated that many of Britain's cultural and heritage institutions have already received financial assistance to see them through the pandemic including loans, business rate holidays and participation in the Coronavirus Job Retention or furlough scheme, introduced by him earlier this year at the height of the pandemic. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show The Department for Culture, Media and Sport (DCMS) said the new package represents the “biggest ever one-off investment in UK culture” and will provide a lifeline to vital cultural and heritage organisations across the country hit hard by the pandemic. “From iconic theatre and musicals, mesmerising exhibitions at our world-class galleries to gigs performed in local basement venues, the UK's cultural industry is the beating heart of this country,” said UK Prime Minister Boris Johnson. “This money will help safeguard the sector for future generations, ensuring arts groups and venues across the UK can stay afloat and support their staff whilst their doors remain closed and curtains remain down,” he said. The arts industry had been lobbying for support for some time and many agree that this package would help them stay afloat while their doors remain closed under the lockdown restrictions still in place for most venues. Funding to restart paused projects will also help support employment, including freelancers working in these sectors. The new package will be available across the country, including 33 million pounds to Northern Ireland, 97 million pounds to Scotland and 59 million pounds to Wales and ensure the future of many multi billion-pound industries are secured. “Our arts and culture are the soul of our nation. They make our country great and are the lynchpin of our world-beating and fast growing creative industries,” said UK Culture Secretary Oliver Dowden. “I understand the grave challenges the arts face and we must protect and preserve all we can for future generations. Today we are announcing a huge support package of immediate funding to tackle the funding crisis they face. I said we would not let the arts down, and this massive investment shows our level of commitment,” he said. Of the total sum, 1.15 billion pounds support will go for cultural organisations in England delivered through a mix of grants and loans, made up of 270 million pounds of repayable finance and 880 million pounds grants. Targeted support of 100 million pounds will go for the national cultural institutions in England and the English Heritage Trust. Capital investment of 120 million pounds will be available to restart construction on cultural infrastructure and for heritage construction projects in England, which was paused due to the coronavirus pandemic. Decisions on awards of the different funding will be made working alongside expert independent figures from the sector, including the Arts Council England and other specialist bodies such as Historic England, National Lottery Heritage Fund and the British Film Institute. The government said the repayable finance, to be set out in the coming weeks, will be issued on “generous terms” tailored for cultural institutions to ensure they are affordable. “This is welcome news for the museum sector, both in the scale of funding and as a strategic commitment to our role in the life of the country,” said Sir Ian Blatchford, Chair of the National Museums Directors Council. Julian Bird, Chief Executive, Society of London Theatre & UK Theatre, added: “Venues, producers and the huge workforce in the theatre sector look forward to clarity of how these funds will be allocated and invested, so that artists and organisations can get back to work as soon as possible. “Our industry's united ambition is to be able to play its vital role in the nation's economic and social recovery and this investment will allow us to do so.” Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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Chancellor of the Exchequer unveils 1.57-billion pounds rescue package. arts, culture and heritage industries will be given emergency grants and loans. 'world-renowned galleries, museums, heritage sites, music venues and independent cinemas are critical to keeping our economy thriving,' says Chancellor. many cultural and heritage institutions have already received financial assistance.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "UK Chancellor of the Exchequer Rishi Sunak has unveiled a 1.57-billion pounds rescue package of emergency grants and cheap loans for arts, culture and heritage industries to help them weather the impact of coronavirus lockdown. Thousands of organisations across a range of sectors including the performing arts and theatres, heritage, historic palaces, museums, galleries, live music and independent cinema will be able to access the funding boost put in place on Sunday night. “Our world-renowned galleries, museums, heritage sites, music venues and independent cinemas are not only critical to keeping our economy thriving, employing more than 700,000 people, they're the lifeblood of British culture,” said Sunak. “That's why we're giving them the vital cash they need to safeguard their survival, helping to protect jobs and ensuring that they can continue to provide the sights and sounds that Britain is famous for,” he said. The Indian-origin finance minister indicated that many of Britain's cultural and heritage institutions have already received financial assistance to see them through the pandemic including loans, business rate holidays and participation in the Coronavirus Job Retention or furlough scheme, introduced by him earlier this year at the height of the pandemic. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show The Department for Culture, Media and Sport (DCMS) said the new package represents the “biggest ever one-off investment in UK culture” and will provide a lifeline to vital cultural and heritage organisations across the country hit hard by the pandemic. “From iconic theatre and musicals, mesmerising exhibitions at our world-class galleries to gigs performed in local basement venues, the UK's cultural industry is the beating heart of this country,” said UK Prime Minister Boris Johnson. “This money will help safeguard the sector for future generations, ensuring arts groups and venues across the UK can stay afloat and support their staff whilst their doors remain closed and curtains remain down,” he said. The arts industry had been lobbying for support for some time and many agree that this package would help them stay afloat while their doors remain closed under the lockdown restrictions still in place for most venues. Funding to restart paused projects will also help support employment, including freelancers working in these sectors. The new package will be available across the country, including 33 million pounds to Northern Ireland, 97 million pounds to Scotland and 59 million pounds to Wales and ensure the future of many multi billion-pound industries are secured. “Our arts and culture are the soul of our nation. They make our country great and are the lynchpin of our world-beating and fast growing creative industries,” said UK Culture Secretary Oliver Dowden. “I understand the grave challenges the arts face and we must protect and preserve all we can for future generations. Today we are announcing a huge support package of immediate funding to tackle the funding crisis they face. I said we would not let the arts down, and this massive investment shows our level of commitment,” he said. Of the total sum, 1.15 billion pounds support will go for cultural organisations in England delivered through a mix of grants and loans, made up of 270 million pounds of repayable finance and 880 million pounds grants. Targeted support of 100 million pounds will go for the national cultural institutions in England and the English Heritage Trust. Capital investment of 120 million pounds will be available to restart construction on cultural infrastructure and for heritage construction projects in England, which was paused due to the coronavirus pandemic. Decisions on awards of the different funding will be made working alongside expert independent figures from the sector, including the Arts Council England and other specialist bodies such as Historic England, National Lottery Heritage Fund and the British Film Institute. The government said the repayable finance, to be set out in the coming weeks, will be issued on “generous terms” tailored for cultural institutions to ensure they are affordable. “This is welcome news for the museum sector, both in the scale of funding and as a strategic commitment to our role in the life of the country,” said Sir Ian Blatchford, Chair of the National Museums Directors Council. Julian Bird, Chief Executive, Society of London Theatre & UK Theatre, added: “Venues, producers and the huge workforce in the theatre sector look forward to clarity of how these funds will be allocated and invested, so that artists and organisations can get back to work as soon as possible. “Our industry's united ambition is to be able to play its vital role in the nation's economic and social recovery and this investment will allow us to do so.” 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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As people stay indoors to contain coronavirus spread, the at-home economy has come into action, whether it is food delivery, online education classes or telemedicine. Fitness isn't behind too. Since people don't have access to gym or their aerobics centre, they are flocking to online fitness classes to burn calories. As lockdown started, healthcare startup Cure.Fit launched online fitness classes to ensure that its users continue their workout sessions. Within a month, a million users are accessing the online platform on Cure.Fit app and website to lead a healthy lifestyle within the confines of their homes. After the success of the digital product, the Bengaluru-based firm is now launching its freemium version. "Digital product was always in the pipeline to have a pan-India reach. With just physical centres, it is not possible to reach beyond top 20 Indian cities. Due to the lockdown, we fast forwarded our plans to launch online version by six to nine months," says Ankit Nagori, Co-founder, Cure.Fit. The original plan was to launch it in the first quarter of 2021. With its success, the firm is now launching the freemium model this month. The free version will continue to be there. In the new freemium model, a part of the content will be free but to access better experience, users will have to pay. The better experience will mean more content and much better technology features, says Nagori. Without divulging more details, he says, the focus will be on a host of social features, such as user's ability to create groups. The current energy meter feature would be expanded to tell the energy level of a class. The paid online classes will be 20 per cent of what they pay for Cult.Fit fitness centres. There will also be a free trial period for specific hours of content. Home fitness classes seem to be a business continuity plan for the offline fitness centres., Nagori predicts a 12 month cycle of business recovery. Demand will catch up from October onwards. "We are half way through it and the other half is left. The Q1 2021 will see the same demand as Q1 of 2020," he says. He adds, "Of course, macro-economic aspect will come into play, but health and fitness will now be seen as a non-discretionary spend. People would want healthy lifestyle and to achieve that they will prefer branded players due to their much better standards for health and hygiene." Founded by Nagori and Myntra cofounder Mukesh Bansal, the Bengaluru-based firm recently let go of its 250-300 trainers (from 2500) to keep cost structures sustainable. The founders announced they are forgoing their salary, senior management is taking a 50% cut and the rest will take 20-30 percent pay cut June onwards. The health and fitness app HealthifyMe too has launched home workouts on its app that have fitness, yoga and workouts sessions which are available for free and are suitable for users across all fitness levels. Also read: Coronavirus impact: Cure.fit now aims to deliver groceries within 24 hours Summarise this report in a few sentences.
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cure.fitt launched online fitness classes as lockdown started. within a month, a million users are accessing the platform on its app and website. after the success of the digital product, the firm is now launching its freemium version. the paid online classes will be 20 per cent of what they pay for Cult.Fit fitness centres.
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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 people stay indoors to contain coronavirus spread, the at-home economy has come into action, whether it is food delivery, online education classes or telemedicine. Fitness isn't behind too. Since people don't have access to gym or their aerobics centre, they are flocking to online fitness classes to burn calories. As lockdown started, healthcare startup Cure.Fit launched online fitness classes to ensure that its users continue their workout sessions. Within a month, a million users are accessing the online platform on Cure.Fit app and website to lead a healthy lifestyle within the confines of their homes. After the success of the digital product, the Bengaluru-based firm is now launching its freemium version. "Digital product was always in the pipeline to have a pan-India reach. With just physical centres, it is not possible to reach beyond top 20 Indian cities. Due to the lockdown, we fast forwarded our plans to launch online version by six to nine months," says Ankit Nagori, Co-founder, Cure.Fit. The original plan was to launch it in the first quarter of 2021. With its success, the firm is now launching the freemium model this month. The free version will continue to be there. In the new freemium model, a part of the content will be free but to access better experience, users will have to pay. The better experience will mean more content and much better technology features, says Nagori. Without divulging more details, he says, the focus will be on a host of social features, such as user's ability to create groups. The current energy meter feature would be expanded to tell the energy level of a class. The paid online classes will be 20 per cent of what they pay for Cult.Fit fitness centres. There will also be a free trial period for specific hours of content. Home fitness classes seem to be a business continuity plan for the offline fitness centres., Nagori predicts a 12 month cycle of business recovery. Demand will catch up from October onwards. "We are half way through it and the other half is left. The Q1 2021 will see the same demand as Q1 of 2020," he says. He adds, "Of course, macro-economic aspect will come into play, but health and fitness will now be seen as a non-discretionary spend. People would want healthy lifestyle and to achieve that they will prefer branded players due to their much better standards for health and hygiene." Founded by Nagori and Myntra cofounder Mukesh Bansal, the Bengaluru-based firm recently let go of its 250-300 trainers (from 2500) to keep cost structures sustainable. The founders announced they are forgoing their salary, senior management is taking a 50% cut and the rest will take 20-30 percent pay cut June onwards. The health and fitness app HealthifyMe too has launched home workouts on its app that have fitness, yoga and workouts sessions which are available for free and are suitable for users across all fitness levels. Also read: Coronavirus impact: Cure.fit now aims to deliver groceries within 24 hours 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 Indian School of Business ISB Professional Certificate in Product Management Visit IIM Lucknow IIML Executive Programme in FinTech, Banking & Applied Risk Management Visit New Delhi: India has an unprecedented opportunity to establish itself as an alternative destination for mobile phone manufacturing and become an export hub as global giants look at de-risking manufacturing from China in the post-COVID-19 era, a strategy document by ICEA-EY said on Thursday. The document, which has been shared with government authorities, has outlined a three-phase ' Restart, Restore and Resurgence ' strategy to help India achieve exports of USD 100 billion in mobile phones and nearly US 40 billion in components by 2025.The document said India appears to have all necessary ingredients to encourage mobile manufacturing at scale and boost exports from the country but what appears to be missing is the policy support to attract lead firms, incentivise production and unveil measures that provide cost competitiveness to industry or help offset the disabilities suffered by Indian firms vis-a-vis Vietnam and China.It is estimated that India suffers from various disabilities like high cost of power, tax and ease of doing business. This renders India almost 10 per cent and 20 per cent less competitive than Vietnam and China, respectively. India must address these disability issues in the long run, it added.In the short run, the government should endeavour to offset these disabilities by providing incentives which are WTO-compliant, easy to implement and help India take off from the export runway, it said.India spent USD 18.7 billion on import of mobile phones and parts, compared to exports of USD 2.0 billion of mobile phones and parts. India Cellular and Electronics Association (ICEA) Chairman Pankaj Mohindroo lauded the government's push to mobile phone manufacturing through production-linked incentive (PLI) scheme, Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) and Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme."The recently announced trilogy of schemes -- PLI, SPECS and EMC 2.0 -- have laid the foundation for starting something big. The impact of the PLI scheme will be visible before the end of 2020-21," he said.The document noted that five companies (Samsung, Apple, Huawei, Oppo and Vivo), which account for over 80 per cent of the mobile phone revenues, globally are already present in India. While they have started assembly in India to primarily serve the domestic market, assembling of mobile phones continues to be centred in China (including Hong Kong) and Vietnam."However, these brands are keen and capable to provide India with global market access. Some of these global brands have begun smartphone exports from India since 2018. They await policy certainty to increase global supply from India," the document said.The spread of COVID-19 and the subsequent lockdown of countries saw supply chains being disrupted, which has forced global firms to de-risk manufacturing out of China and diversify across multiple countries, as against reliance on a single source of production and procurement. Furthermore, the recent trade dispute between the US and China gave India an opportunity to plug itself as the third mobile phone assembler in the world (apart from China and Vietnam)."The post-COVID-19 era might thus present India an unprecedented opportunity to establish itself as an alternative destination for manufacturing to follow on the path of becoming a net exporter," it said adding that India needs to move "purposefully" and approach companies and supply chains in a targeted manner and address their particular concerns with alacrity.Hari Om Rai, chairman and MD of Lava International, said homegrown companies need support in two areas to be able to capture a larger chunk of the market."One is skill building, in terms of design, supply chain and manufacturing. And second is ability to access the markets of the world. I think these two areas, if we can get support, eventually we will be global champions and global champions from India are going to emerge," he said.The document suggested that from May to July 2020, focus may be kept on restarting operations and reaching 100 per cent capacity, and then till November, the country should aim to restore complete normalcy including supply chain, employee workforce, input imports, and normalise operations for both domestic supplies as well as export markets.In the period from December 2020 to 2025, India needs to chart its path towards becoming a leading exporter of mobile phones in the world, while pushing mobile exports as a top ranking Indian export from where it currently stands, it added."Today, India stands at the cusp of a great opportunity to ignite the mobile phone manufacturing, bring global value chain investors in India, and become leading exporters of mobile phones in the world," EY India Indirect Tax Partner Telecom sector Bipin Sapra said.Sapra added that the introduction of the incentive schemes such as PLI, SPECS and EMC will bring resurgence in the manufacturing environment and create a competitive global ecosystem for India to capture the global market share of mobile phones, parts and accessories. Summarise this report in a few sentences.
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restart, restore and resurgence' strategy to help india achieve exports of USD 100 billion in mobile phones and nearly US 40 billion in components by 2025. india suffers from various disabilities like high cost of power, tax and ease of doing business. this renders India almost 10 per cent and 20 per cent less competitive than Vietnam and China, respectively.
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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 Indian School of Business ISB Professional Certificate in Product Management Visit IIM Lucknow IIML Executive Programme in FinTech, Banking & Applied Risk Management Visit New Delhi: India has an unprecedented opportunity to establish itself as an alternative destination for mobile phone manufacturing and become an export hub as global giants look at de-risking manufacturing from China in the post-COVID-19 era, a strategy document by ICEA-EY said on Thursday. The document, which has been shared with government authorities, has outlined a three-phase ' Restart, Restore and Resurgence ' strategy to help India achieve exports of USD 100 billion in mobile phones and nearly US 40 billion in components by 2025.The document said India appears to have all necessary ingredients to encourage mobile manufacturing at scale and boost exports from the country but what appears to be missing is the policy support to attract lead firms, incentivise production and unveil measures that provide cost competitiveness to industry or help offset the disabilities suffered by Indian firms vis-a-vis Vietnam and China.It is estimated that India suffers from various disabilities like high cost of power, tax and ease of doing business. This renders India almost 10 per cent and 20 per cent less competitive than Vietnam and China, respectively. India must address these disability issues in the long run, it added.In the short run, the government should endeavour to offset these disabilities by providing incentives which are WTO-compliant, easy to implement and help India take off from the export runway, it said.India spent USD 18.7 billion on import of mobile phones and parts, compared to exports of USD 2.0 billion of mobile phones and parts. India Cellular and Electronics Association (ICEA) Chairman Pankaj Mohindroo lauded the government's push to mobile phone manufacturing through production-linked incentive (PLI) scheme, Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) and Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme."The recently announced trilogy of schemes -- PLI, SPECS and EMC 2.0 -- have laid the foundation for starting something big. The impact of the PLI scheme will be visible before the end of 2020-21," he said.The document noted that five companies (Samsung, Apple, Huawei, Oppo and Vivo), which account for over 80 per cent of the mobile phone revenues, globally are already present in India. While they have started assembly in India to primarily serve the domestic market, assembling of mobile phones continues to be centred in China (including Hong Kong) and Vietnam."However, these brands are keen and capable to provide India with global market access. Some of these global brands have begun smartphone exports from India since 2018. They await policy certainty to increase global supply from India," the document said.The spread of COVID-19 and the subsequent lockdown of countries saw supply chains being disrupted, which has forced global firms to de-risk manufacturing out of China and diversify across multiple countries, as against reliance on a single source of production and procurement. Furthermore, the recent trade dispute between the US and China gave India an opportunity to plug itself as the third mobile phone assembler in the world (apart from China and Vietnam)."The post-COVID-19 era might thus present India an unprecedented opportunity to establish itself as an alternative destination for manufacturing to follow on the path of becoming a net exporter," it said adding that India needs to move "purposefully" and approach companies and supply chains in a targeted manner and address their particular concerns with alacrity.Hari Om Rai, chairman and MD of Lava International, said homegrown companies need support in two areas to be able to capture a larger chunk of the market."One is skill building, in terms of design, supply chain and manufacturing. And second is ability to access the markets of the world. I think these two areas, if we can get support, eventually we will be global champions and global champions from India are going to emerge," he said.The document suggested that from May to July 2020, focus may be kept on restarting operations and reaching 100 per cent capacity, and then till November, the country should aim to restore complete normalcy including supply chain, employee workforce, input imports, and normalise operations for both domestic supplies as well as export markets.In the period from December 2020 to 2025, India needs to chart its path towards becoming a leading exporter of mobile phones in the world, while pushing mobile exports as a top ranking Indian export from where it currently stands, it added."Today, India stands at the cusp of a great opportunity to ignite the mobile phone manufacturing, bring global value chain investors in India, and become leading exporters of mobile phones in the world," EY India Indirect Tax Partner Telecom sector Bipin Sapra said.Sapra added that the introduction of the incentive schemes such as PLI, SPECS and EMC will bring resurgence in the manufacturing environment and create a competitive global ecosystem for India to capture the global market share of mobile phones, parts and accessories. 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 are exposed to various market risks, including changes in foreign currency exchange rates and interest rates that could adversely affect our results of operations and financial condition. To manage the volatility relating to these typical business exposures, we may enter into various derivative transactions when appropriate. We do not hold or issue derivative instruments for trading or other speculative purposes. Foreign Currency Exchange and Other Rate Risks We operate on a global basis and are exposed to the risk that changes in foreign currency exchange rates could adversely affect our financial condition, results of operations and cash flows. We are primarily exposed to foreign currency exchange rate risk with respect to transactions and net assets denominated in Euros ("EUR"), British pounds ("GBP"), Swiss francs ("CHF"), Canadian dollars, Japanese yen, Mexican pesos, Brazilian reais, Australian dollars and Chinese yuan. We manage the foreign currency exposure centrally, on a combined basis, which allows us to net exposures and to take advantage of any natural offsets. To mitigate the impact of currency fluctuations on transactions denominated in nonfunctional currencies, we periodically enter into derivative financial instruments in the form of foreign currency exchange forward contracts with major financial institutions. We temporarily record realized and unrealized gains and losses on these contracts that qualify as cash flow hedges in other comprehensive income, and then recognize them in other income or expense when the hedged item affects net earnings. From time to time, we enter into foreign currency forward exchange contracts to manage currency exposures for transactions denominated in a currency other than an entity’s functional currency. As a result, the impact of foreign currency gains/losses recognized in earnings are partially offset by gains/losses on the related foreign currency forward exchange contracts in the same reporting period. Refer to Note 6, Derivative Instruments for further information. We maintain written policies and procedures governing our risk management activities. With respect to derivatives, changes in hedged items are generally expected to be completely offset by changes in the fair value of hedge instruments. Consequently, foreign currency exchange contracts would not subject us to material risk due to exchange rate movements, because gains and losses on these contracts offset gains and losses on the assets, liabilities or transactions being hedged. The results of operations discussed herein have not been materially affected by inflation. Interest Rate Risk Cash and Cash Equivalents - We are exposed to the risk of interest rate fluctuations on the interest income earned on our cash and cash equivalents. A hypothetical 100 basis points movement in interest rates applicable to our cash and cash equivalents outstanding at December 31, 2019 would increase interest income by approximately $2.0 million on an annual basis. No significant decrease in interest income would be expected as our cash balances are earning interest at rates of approximately 2 basis points. We are subject to foreign currency exchange risk with respect to cash balances maintained in foreign currencies. Debt - Our interest rate risk relates primarily to U.S. dollar LIBOR-indexed borrowings. We use interest rate swap derivative instruments to manage our earnings and cash flow exposure to changes in interest rates. These interest rate swaps fix the interest rate on a portion of our expected LIBOR-indexed floating-rate borrowings. The Company held the following interest rate swaps as of December 31, 2019 (dollar amounts in thousands): These interest rate swaps were designated as cash flow hedges as of December 31, 2019. The total notional amount of interest rate swaps in effect as of December 31, 2019 was $900 million. Based on our outstanding borrowings at December 31, 2019, a 100 basis points change in interest rates would have impacted interest expense on the unhedged portion of the debt by $4.6 million on an annualized basis. ITEM 8. Summarise this report in a few sentences.
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FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
This text discusses the market risks that the company is exposed to, such as changes in foreign currency exchange rates and interest rates. The company manages these risks by entering into various derivative transactions and foreign currency exchange forward contracts. The company also uses interest rate swap derivative instruments to manage their earnings and cash flow exposure to changes in interest rates. A 100 basis points change in interest rates would have impacted interest expense on the unhedged portion of the debt by $4.6 million on an annualized basis.
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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 are exposed to various market risks, including changes in foreign currency exchange rates and interest rates that could adversely affect our results of operations and financial condition. To manage the volatility relating to these typical business exposures, we may enter into various derivative transactions when appropriate. We do not hold or issue derivative instruments for trading or other speculative purposes. Foreign Currency Exchange and Other Rate Risks We operate on a global basis and are exposed to the risk that changes in foreign currency exchange rates could adversely affect our financial condition, results of operations and cash flows. We are primarily exposed to foreign currency exchange rate risk with respect to transactions and net assets denominated in Euros ("EUR"), British pounds ("GBP"), Swiss francs ("CHF"), Canadian dollars, Japanese yen, Mexican pesos, Brazilian reais, Australian dollars and Chinese yuan. We manage the foreign currency exposure centrally, on a combined basis, which allows us to net exposures and to take advantage of any natural offsets. To mitigate the impact of currency fluctuations on transactions denominated in nonfunctional currencies, we periodically enter into derivative financial instruments in the form of foreign currency exchange forward contracts with major financial institutions. We temporarily record realized and unrealized gains and losses on these contracts that qualify as cash flow hedges in other comprehensive income, and then recognize them in other income or expense when the hedged item affects net earnings. From time to time, we enter into foreign currency forward exchange contracts to manage currency exposures for transactions denominated in a currency other than an entity’s functional currency. As a result, the impact of foreign currency gains/losses recognized in earnings are partially offset by gains/losses on the related foreign currency forward exchange contracts in the same reporting period. Refer to Note 6, Derivative Instruments for further information. We maintain written policies and procedures governing our risk management activities. With respect to derivatives, changes in hedged items are generally expected to be completely offset by changes in the fair value of hedge instruments. Consequently, foreign currency exchange contracts would not subject us to material risk due to exchange rate movements, because gains and losses on these contracts offset gains and losses on the assets, liabilities or transactions being hedged. The results of operations discussed herein have not been materially affected by inflation. Interest Rate Risk Cash and Cash Equivalents - We are exposed to the risk of interest rate fluctuations on the interest income earned on our cash and cash equivalents. A hypothetical 100 basis points movement in interest rates applicable to our cash and cash equivalents outstanding at December 31, 2019 would increase interest income by approximately $2.0 million on an annual basis. No significant decrease in interest income would be expected as our cash balances are earning interest at rates of approximately 2 basis points. We are subject to foreign currency exchange risk with respect to cash balances maintained in foreign currencies. Debt - Our interest rate risk relates primarily to U.S. dollar LIBOR-indexed borrowings. We use interest rate swap derivative instruments to manage our earnings and cash flow exposure to changes in interest rates. These interest rate swaps fix the interest rate on a portion of our expected LIBOR-indexed floating-rate borrowings. The Company held the following interest rate swaps as of December 31, 2019 (dollar amounts in thousands): These interest rate swaps were designated as cash flow hedges as of December 31, 2019. The total notional amount of interest rate swaps in effect as of December 31, 2019 was $900 million. Based on our outstanding borrowings at December 31, 2019, a 100 basis points change in interest rates would have impacted interest expense on the unhedged portion of the debt by $4.6 million on an annualized basis. ITEM 8. Summarise this report in a few sentences." summarise in a few sentences.
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Markets regulator SEBI Friday confirmed the interim directions passed earlier against Nu Tek India Ltd (NTIL) that features amongst the 331 suspected shell firms, for misrepresenting books of accounts. The regulator said, it "hereby confirms the directions issued vide interim order dated October 9, 2017" and added that before passing final order in the matter, Nu Tek will be given an opportunity to file a reply and appear for hearing on the findings of forensic auditor. In an interim order, SEBI had ordered forensic audit of the firm after it prima facie found misrepresentation of books of accounts. Besides, the order said the promoters and directors in NTIL would be permitted only to buy the securities of NTIL.The shares held by the promoters and directors in NTIL shall not be allowed to be transferred for sale by depositories. The other actions envisaged by SEBI and the consequential action taken by stock exchanges shall continue to have effect against NTIL. The regulator in a fresh order said that forensic auditor as directed in the interim order has submitted the report to SEBI and the "consequential action" in that regards will be taken in accordance with law. NTIL was in the list of 331 suspected shell companies provided by the corporate affairs ministry to SEBI, following which action was initiated against them. Summarise this report in a few sentences.
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SEBI confirms interim directions against suspected shell firms. forensic audit of NTIL found misrepresentation of books of accounts. forensic auditor has submitted report to SEBI. NTIL is among 331 suspected shell firms. a total of 69 suspected shell firms have been identified. a total of 69 suspected shell firms have been identified.
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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 "Markets regulator SEBI Friday confirmed the interim directions passed earlier against Nu Tek India Ltd (NTIL) that features amongst the 331 suspected shell firms, for misrepresenting books of accounts. The regulator said, it "hereby confirms the directions issued vide interim order dated October 9, 2017" and added that before passing final order in the matter, Nu Tek will be given an opportunity to file a reply and appear for hearing on the findings of forensic auditor. In an interim order, SEBI had ordered forensic audit of the firm after it prima facie found misrepresentation of books of accounts. Besides, the order said the promoters and directors in NTIL would be permitted only to buy the securities of NTIL.The shares held by the promoters and directors in NTIL shall not be allowed to be transferred for sale by depositories. The other actions envisaged by SEBI and the consequential action taken by stock exchanges shall continue to have effect against NTIL. The regulator in a fresh order said that forensic auditor as directed in the interim order has submitted the report to SEBI and the "consequential action" in that regards will be taken in accordance with law. NTIL was in the list of 331 suspected shell companies provided by the corporate affairs ministry to SEBI, following which action was initiated against them. 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 Kozhikode IIMK Chief Product Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit Indian School of Business ISB Chief Digital Officer Visit On the margin, there is quite a bit of change because if you want to use the thumb rule, each week of full lockdown is roughly 1% of the GDP; that means 50% to 60% of the country’s economic activity is shut down. So now, if you do the math, we are probably going to be negative GDP for this year per se but that is okay.I saw the World Economic Outlook (WEO) for India and it was still positive but post yesterday’s announcement, it is going to be negative now for the year. Now, it is a one-time impact. If you look at how the earnings and revenue shape out, especially for companies that are non-levered, it is not going to make as much of a difference. But it has other implications for the economy.So earlier we were expecting that the fiscal deficit goes to 5.7% and additional funding requirement of roughly Rs 5 lakh crore from markets; this goes up substantially now and this is where the focus is going to shift, too, for the government. How do you manage the borrowing program of the government while keeping the money markets stable? This is something to really watch out for and one reason why we are cautious on any NBFC in this environment is actually because through the year, we expect a fair amount of volatility at least in the money market. So it has implications. Overall, it is still a one-time event. Once India gets it under control, you will expect a slightly better outcome but that seems a little far away right now.What you are saying is absolutely correct. We will see how retail delinquency plays out and it is definitely a concern. Having said that, one has to remember two things. One is, going into this crisis, the penetration of credit rating agencies in India really picked up. More than the penetration, it is the awareness of credit. So going into the crisis, retail credit in India was actually quite well behaved. I will just give you anecdotal information. We did an IPO for an international MFI . They were operating in 12 different emerging markets two years back in London. One recurring message from that NBFC was that the credit behavior or retail behavior of credit in India is one of the best in the world and that is partly because of what has happened with the structure of retail credit in India.The second point is, retail credit in India itself is very underpenetrated. So what you may see actually coming out of it is that retail credit does not blow up the same way it did in 2008. So expectations may be a little bit better off than where we stand at present.Having said that, I just want to add to the point you made on NBFCs versus banks. Banks in this environment are flush with liquidity. They are even lowering their cost of deposit. So margin wise, there should not be an issue for banks. More people will watch out how the asset quality plays out and part of it will be retail. Summarise this report in a few sentences.
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each week of full lockdown is roughly 1% of the GDP. that means 50% to 60% of the country’s economic activity is shut down. if you look at how the earnings and revenue shape out, especially for companies that are non-levered, it is not going to make as much of a difference. once India gets it under control, you will expect a slightly better outcome.
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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 Kozhikode IIMK Chief Product Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit Indian School of Business ISB Chief Digital Officer Visit On the margin, there is quite a bit of change because if you want to use the thumb rule, each week of full lockdown is roughly 1% of the GDP; that means 50% to 60% of the country’s economic activity is shut down. So now, if you do the math, we are probably going to be negative GDP for this year per se but that is okay.I saw the World Economic Outlook (WEO) for India and it was still positive but post yesterday’s announcement, it is going to be negative now for the year. Now, it is a one-time impact. If you look at how the earnings and revenue shape out, especially for companies that are non-levered, it is not going to make as much of a difference. But it has other implications for the economy.So earlier we were expecting that the fiscal deficit goes to 5.7% and additional funding requirement of roughly Rs 5 lakh crore from markets; this goes up substantially now and this is where the focus is going to shift, too, for the government. How do you manage the borrowing program of the government while keeping the money markets stable? This is something to really watch out for and one reason why we are cautious on any NBFC in this environment is actually because through the year, we expect a fair amount of volatility at least in the money market. So it has implications. Overall, it is still a one-time event. Once India gets it under control, you will expect a slightly better outcome but that seems a little far away right now.What you are saying is absolutely correct. We will see how retail delinquency plays out and it is definitely a concern. Having said that, one has to remember two things. One is, going into this crisis, the penetration of credit rating agencies in India really picked up. More than the penetration, it is the awareness of credit. So going into the crisis, retail credit in India was actually quite well behaved. I will just give you anecdotal information. We did an IPO for an international MFI . They were operating in 12 different emerging markets two years back in London. One recurring message from that NBFC was that the credit behavior or retail behavior of credit in India is one of the best in the world and that is partly because of what has happened with the structure of retail credit in India.The second point is, retail credit in India itself is very underpenetrated. So what you may see actually coming out of it is that retail credit does not blow up the same way it did in 2008. So expectations may be a little bit better off than where we stand at present.Having said that, I just want to add to the point you made on NBFCs versus banks. Banks in this environment are flush with liquidity. They are even lowering their cost of deposit. So margin wise, there should not be an issue for banks. More people will watch out how the asset quality plays out and part of it will be retail. Summarise this report in a few sentences." summarise in a few sentences.
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Asian shares scaled four-month peaks on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery, even as surging coronavirus cases delayed re-openings across the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1% to its highest since February. Eyes were on Chinese blue chips, which jumped 3%, on top of a 7% gain last week, to their loftiest level in five years. Even Japan’s Nikkei, which has lagged with a soft domestic economy, managed a rise of 1.3%. “We think there is a case for raising tactical allocation on Asian equities in the context of global equity portfolios,” wrote analysts at Nomura in a note. “We see a number of catalysts that could drive Asia ex-Japan (AeJ) equities’ outperformance over U.S. equities in the near term,” they added. “Better COVID-19 trends and mobility data in economies/markets that dominate the AeJ index should translate into faster economic recovery vs the U.S.” E-Mini futures for the S&P 500 also firmed 0.8%, while EUROSTOXX 50 futures added 1.8% and FTSE futures 1.5%.Most markets had gained ground last week as a raft of economic data from June beat expectations, though the resurgence of coronavirus cases in the United States is clouding the future. In the first four days of July alone, 15 states have reported record increases in new cases of COVID-19, which has infected nearly 3 million Americans and killed about 130,000, according to a Reuters tally. “It is very clear that the U.S. never got the COVID outbreak under control the way that other countries did. By reopening the economy too soon, we have seen a frightening increase in the pace of new cases,” said Robert Rennie, head of financial market strategy at Westpac. Analysts estimate that reopenings impacting 40% of the U.S. population have now been wound back. “So markets will have to climb a wall of worry in July as economic activity likely softens from the V-shaped recovery seen over recent months,” warned Rennie. “We must remember too that U.S. and China relations are deteriorating noticeably.” Two U.S. aircraft carriers conducted exercises in the disputed South China Sea on Saturday, the U.S. Navy said, as China also carried out military drills that have been criticised by the Pentagon and neighbouring states. The risks, combined with unceasing stimulus from central banks, have kept sovereign bonds supported in the face of better economic data, with U.S. 10-year yields holding at 0.67% and well off the June top of 0.959%. Analysts at Citi estimate global central banks are likely to buy $6 trillion of financial assets over the next 12 months, more than twice the previous peak. Major currencies have been largely range bound with the dollar index at 97.189 having spent an entire month in a snug band of 95.714 to 97.808. The dollar was a shade firmer on the yen at 107.72 on Monday, while the euro edged up to $1.1271. In commodity markets, gold has benefited from super-low interest rates across the globe as negative real yields for many bonds make the non-interest paying metal more attractive. Spot gold traded at $1,772 per ounce just off last week’s peak of $1,788.96. Oil prices were mixed in early trade with Brent crude futures up 19 cents at $42.99 a barrel, while U.S. crude eased 23 cents to $40.42 amid worries the surge in U.S. coronavirus cases would curb fuel demand. Summarise this report in a few sentences.
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index of Asia-Pacific shares outside Japan climbed 1% to its highest since February. eyes were on Chinese blue chips, which jumped 3%, on top of a 7% gain last week. even Japan's Nikkei managed a rise of 1.3%. in the first four days of July alone, 15 states have reported record increases in new cases of COVID-19.
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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 scaled four-month peaks on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery, even as surging coronavirus cases delayed re-openings across the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1% to its highest since February. Eyes were on Chinese blue chips, which jumped 3%, on top of a 7% gain last week, to their loftiest level in five years. Even Japan’s Nikkei, which has lagged with a soft domestic economy, managed a rise of 1.3%. “We think there is a case for raising tactical allocation on Asian equities in the context of global equity portfolios,” wrote analysts at Nomura in a note. “We see a number of catalysts that could drive Asia ex-Japan (AeJ) equities’ outperformance over U.S. equities in the near term,” they added. “Better COVID-19 trends and mobility data in economies/markets that dominate the AeJ index should translate into faster economic recovery vs the U.S.” E-Mini futures for the S&P 500 also firmed 0.8%, while EUROSTOXX 50 futures added 1.8% and FTSE futures 1.5%.Most markets had gained ground last week as a raft of economic data from June beat expectations, though the resurgence of coronavirus cases in the United States is clouding the future. In the first four days of July alone, 15 states have reported record increases in new cases of COVID-19, which has infected nearly 3 million Americans and killed about 130,000, according to a Reuters tally. “It is very clear that the U.S. never got the COVID outbreak under control the way that other countries did. By reopening the economy too soon, we have seen a frightening increase in the pace of new cases,” said Robert Rennie, head of financial market strategy at Westpac. Analysts estimate that reopenings impacting 40% of the U.S. population have now been wound back. “So markets will have to climb a wall of worry in July as economic activity likely softens from the V-shaped recovery seen over recent months,” warned Rennie. “We must remember too that U.S. and China relations are deteriorating noticeably.” Two U.S. aircraft carriers conducted exercises in the disputed South China Sea on Saturday, the U.S. Navy said, as China also carried out military drills that have been criticised by the Pentagon and neighbouring states. The risks, combined with unceasing stimulus from central banks, have kept sovereign bonds supported in the face of better economic data, with U.S. 10-year yields holding at 0.67% and well off the June top of 0.959%. Analysts at Citi estimate global central banks are likely to buy $6 trillion of financial assets over the next 12 months, more than twice the previous peak. Major currencies have been largely range bound with the dollar index at 97.189 having spent an entire month in a snug band of 95.714 to 97.808. The dollar was a shade firmer on the yen at 107.72 on Monday, while the euro edged up to $1.1271. In commodity markets, gold has benefited from super-low interest rates across the globe as negative real yields for many bonds make the non-interest paying metal more attractive. Spot gold traded at $1,772 per ounce just off last week’s peak of $1,788.96. Oil prices were mixed in early trade with Brent crude futures up 19 cents at $42.99 a barrel, while U.S. crude eased 23 cents to $40.42 amid worries the surge in U.S. coronavirus cases would curb fuel demand. 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. Interest Rate Risk. We are primarily exposed to market risks from fluctuations in interest rates and the effects of those fluctuations on the market values of our cash and cash equivalents and our borrowings under our Facility that bear interest at a variable market rate. At the end of fiscal 2019, we had approximately $43.0 million of cash and cash equivalents and $43.0 million of borrowings under our Facility. The earnings on cash and cash equivalents are subject to changes in interest rates; however, assuming a constant balance available for investment, a 10% decline in interest rates would reduce our interest income but would not have a material impact on our consolidated financial position or results of operations. Subsequent to year end, on June 28, 2019, the Company made a $5.0 million principal payment on the Facility. Borrowings under the Facility bear interest at a rate per annum of either, at the Company’s option, (i) LIBOR plus a margin of 1.25% or 1.50% or (ii) an alternate base rate, plus margin of 0.25% or 0.50% with the applicable margin depending on the Company’s consolidated leverage ratio. The alternate base rate is the highest of (i) Bank of America’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the Eurodollar rate plus 1.0%. We are exposed to interest rate risk related to fluctuations in the LIBOR rate; at the current level of borrowing as of May 25, 2019 of $43.0 million, a 10% change in interest rates would have resulted in approximately a $0.2 million change in annual interest expense. Foreign Currency Exchange Rate Risk. For the year ended May 25, 2019, approximately 21.0% of the Company’s revenues were generated outside of the United States. As a result, our operating results are subject to fluctuations in the exchange rates of foreign currencies in relation to the U.S. dollar. Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the monthly average exchange rates prevailing during the period. Thus, as the value of the U.S. dollar fluctuates relative to the currencies in our non-United States based operations, our reported results may vary. Assets and liabilities of our non-United States based operations are translated into U.S. dollars at the exchange rate effective at the end of each monthly reporting period. Approximately 41% of our fiscal year-end balances of cash and cash equivalents were denominated in U.S. dollars. The remaining amount of approximately 59% was comprised primarily of cash balances translated from Euros, Mexican Pesos, British Pound Sterling and Chinese Yuan. The difference resulting from the translation each period of assets and liabilities of our non-United States based operations is recorded as a component of stockholders’ equity in other accumulated other comprehensive income or loss. Although we intend to monitor our exposure to foreign currency fluctuations, we do not currently use financial hedging techniques to mitigate risks associated with foreign currency fluctuations including in a limited number of circumstances when we may be asked to transact with our client in one currency but are obligated to pay our consultant in another currency. We cannot provide assurance that exchange rate fluctuations will not adversely affect our financial results in the future. ITEM 8. Summarise this report in a few sentences.
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FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The Company is exposed to market risks from fluctuations in interest rates and foreign currency exchange rates. At the end of fiscal 2019, the Company had approximately $43.0 million of cash and cash equivalents and $43.0 million of borrowings under its Facility. Borrowings under the Facility bear interest at a variable market rate. Approximately 21.0% of the Company's revenues were generated outside of the United States, and approximately 59% of its fiscal year-end cash and cash equivalents were denominated in foreign currencies. The Company does not currently use financial hedging techniques to mitigate risks associated with foreign currency fluctuations.
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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. Interest Rate Risk. We are primarily exposed to market risks from fluctuations in interest rates and the effects of those fluctuations on the market values of our cash and cash equivalents and our borrowings under our Facility that bear interest at a variable market rate. At the end of fiscal 2019, we had approximately $43.0 million of cash and cash equivalents and $43.0 million of borrowings under our Facility. The earnings on cash and cash equivalents are subject to changes in interest rates; however, assuming a constant balance available for investment, a 10% decline in interest rates would reduce our interest income but would not have a material impact on our consolidated financial position or results of operations. Subsequent to year end, on June 28, 2019, the Company made a $5.0 million principal payment on the Facility. Borrowings under the Facility bear interest at a rate per annum of either, at the Company’s option, (i) LIBOR plus a margin of 1.25% or 1.50% or (ii) an alternate base rate, plus margin of 0.25% or 0.50% with the applicable margin depending on the Company’s consolidated leverage ratio. The alternate base rate is the highest of (i) Bank of America’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the Eurodollar rate plus 1.0%. We are exposed to interest rate risk related to fluctuations in the LIBOR rate; at the current level of borrowing as of May 25, 2019 of $43.0 million, a 10% change in interest rates would have resulted in approximately a $0.2 million change in annual interest expense. Foreign Currency Exchange Rate Risk. For the year ended May 25, 2019, approximately 21.0% of the Company’s revenues were generated outside of the United States. As a result, our operating results are subject to fluctuations in the exchange rates of foreign currencies in relation to the U.S. dollar. Revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the monthly average exchange rates prevailing during the period. Thus, as the value of the U.S. dollar fluctuates relative to the currencies in our non-United States based operations, our reported results may vary. Assets and liabilities of our non-United States based operations are translated into U.S. dollars at the exchange rate effective at the end of each monthly reporting period. Approximately 41% of our fiscal year-end balances of cash and cash equivalents were denominated in U.S. dollars. The remaining amount of approximately 59% was comprised primarily of cash balances translated from Euros, Mexican Pesos, British Pound Sterling and Chinese Yuan. The difference resulting from the translation each period of assets and liabilities of our non-United States based operations is recorded as a component of stockholders’ equity in other accumulated other comprehensive income or loss. Although we intend to monitor our exposure to foreign currency fluctuations, we do not currently use financial hedging techniques to mitigate risks associated with foreign currency fluctuations including in a limited number of circumstances when we may be asked to transact with our client in one currency but are obligated to pay our consultant in another currency. We cannot provide assurance that exchange rate fluctuations will not adversely affect our financial results in the future. ITEM 8. Summarise this report in a few sentences." summarise in a few sentences.
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NEW DELHI: Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) on Monday to discuss various issues, including credit offtake, as part of efforts to prop up the economy hit by the COVID-19 crisis. The meeting, to be held via video-conferencing, will also take stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments, sources said.The RBI had on March 27 slashed the benchmark interest rate by a massive 75 basis points and also announced a three-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown.Earlier this month, RBI Governor Shaktikanta Das held a meeting with heads of both public and private sector banks to take stock of the economic situation and review implementation of various measures announced by the central bank.The deployment of excessive funds by banks under the reverse repo route may also come up for discussion on Monday, sources said.Besides, progress under the targeted long-term repo operations (TLTRO) for the NBFC sector and micro finance institutions (MFIs), and sanctions under the COVID-19 emergency credit line will also be reviewed.Under the emergency credit line, borrowers can avail a maximum of 10 per cent of the existing fund based working capital limits, subject to a cap of Rs 200 crore.Public sector banks have sanctioned loans worth Rs 42,000 crore to the MSME sector and corporates since the start of the lockdown.The finance minister had on Thursday said as many as 3.2 crore borrowers have taken advantage of the three-month moratorium scheme on repayment of loans announced by the Reserve Bank "PSBs complemented RBI on loan moratorium. Their effective communication & proactive actions ensured that over 3.2 cr. a/c availed 3-month moratorium. Quick query redressals allayed customer concerns. Ensuring responsible banking amid #lockdown," she had tweeted.Sitharaman also said state-owned banks have sanctioned loans worth Rs 5.66 lakh crore to borrowers during March and April, and disbursement will start soon after the lockdown is lifted.She said the banks sanctioned loans worth Rs 77,383 crore between March 1 and May 4 to provide sustained credit flow to non-banking finance companies (NBFCs) and housing finance companies.Besides, under TLTROs, total financing of Rs 1.08 lakh crore was extended, "ensuring business stability and continuity going forward", she had said.Meanwhile, MFI association Sa-Dhan, in a communication to the finance minister, said the sector expects to lend close to Rs 50,000 crore over the next six months, mostly by way of emergency or top-up loans to existing borrowers.However, it expressed concern that there is a possibility of shortfall of collections of over 30-40 per cent by September and a potential default by MFIs to their lenders to the extent of 10 per cent.There is likely to be a surge in demand from microfinance borrowers, given they urgently need credit to rebuild their lives and stabilise their incomes.However, field collections will be affected given the negative impact of the COVID-19 crisis on clients' incomes as well as uncertainty in operations post lockdown in many districts, Sa-Dhan said.Many of the mid and small MFIs will struggle to metheir operational expenses in full, with a potential shortfall of Rs 1,500-2,000 crore. The industry employs close to two lakh urban and rural youths, and sustaining their jobs is also an obligation for the sector, it added. Summarise this report in a few sentences.
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finance minister to hold review meeting with PSB CEOs on Monday. meeting will take stock of interest rate transmission to borrowers by banks. borrowers hit by COVID-19 have taken advantage of three-month moratorium. borrowers can avail up to 10 per cent of existing fund based working capital limits. borrowers can avail up to 10 per cent of existing fund based working capital limits.
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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: Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) on Monday to discuss various issues, including credit offtake, as part of efforts to prop up the economy hit by the COVID-19 crisis. The meeting, to be held via video-conferencing, will also take stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments, sources said.The RBI had on March 27 slashed the benchmark interest rate by a massive 75 basis points and also announced a three-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown.Earlier this month, RBI Governor Shaktikanta Das held a meeting with heads of both public and private sector banks to take stock of the economic situation and review implementation of various measures announced by the central bank.The deployment of excessive funds by banks under the reverse repo route may also come up for discussion on Monday, sources said.Besides, progress under the targeted long-term repo operations (TLTRO) for the NBFC sector and micro finance institutions (MFIs), and sanctions under the COVID-19 emergency credit line will also be reviewed.Under the emergency credit line, borrowers can avail a maximum of 10 per cent of the existing fund based working capital limits, subject to a cap of Rs 200 crore.Public sector banks have sanctioned loans worth Rs 42,000 crore to the MSME sector and corporates since the start of the lockdown.The finance minister had on Thursday said as many as 3.2 crore borrowers have taken advantage of the three-month moratorium scheme on repayment of loans announced by the Reserve Bank "PSBs complemented RBI on loan moratorium. Their effective communication & proactive actions ensured that over 3.2 cr. a/c availed 3-month moratorium. Quick query redressals allayed customer concerns. Ensuring responsible banking amid #lockdown," she had tweeted.Sitharaman also said state-owned banks have sanctioned loans worth Rs 5.66 lakh crore to borrowers during March and April, and disbursement will start soon after the lockdown is lifted.She said the banks sanctioned loans worth Rs 77,383 crore between March 1 and May 4 to provide sustained credit flow to non-banking finance companies (NBFCs) and housing finance companies.Besides, under TLTROs, total financing of Rs 1.08 lakh crore was extended, "ensuring business stability and continuity going forward", she had said.Meanwhile, MFI association Sa-Dhan, in a communication to the finance minister, said the sector expects to lend close to Rs 50,000 crore over the next six months, mostly by way of emergency or top-up loans to existing borrowers.However, it expressed concern that there is a possibility of shortfall of collections of over 30-40 per cent by September and a potential default by MFIs to their lenders to the extent of 10 per cent.There is likely to be a surge in demand from microfinance borrowers, given they urgently need credit to rebuild their lives and stabilise their incomes.However, field collections will be affected given the negative impact of the COVID-19 crisis on clients' incomes as well as uncertainty in operations post lockdown in many districts, Sa-Dhan said.Many of the mid and small MFIs will struggle to metheir operational expenses in full, with a potential shortfall of Rs 1,500-2,000 crore. The industry employs close to two lakh urban and rural youths, and sustaining their jobs is also an obligation for the sector, it added. 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 are exposed to certain market risks that are inherent in our financial instruments and arise from changes in interest rates and foreign currency exchange rates. We may enter into derivative financial instrument transactions to manage or reduce market risk but do not enter into derivative financial instrument transactions for speculative purposes. A discussion of our primary market risk exposure in financial instruments is presented below. BHGE LLC 2019 FORM 10-K | 38 INTEREST RATE RISK All of our long-term debt is comprised of fixed rate instruments. We are subject to interest rate risk on our debt and investment portfolio. We may use interest rate swaps to manage the economic effect of fixed rate obligations associated with certain debt. There were no outstanding interest rate swap agreements as of December 31, 2019. The following table sets forth our fixed rate long-term debt, excluding finance leases, and the related weighted average interest rates by expected maturity dates. (1) Fair market value of our fixed rate long-term debt, excluding finance leases, was $6.4 billion at December 31, 2019. (2) Amounts represent the principal value of our long-term debt outstanding and related weighted average interest rates at the end of the respective period. FOREIGN CURRENCY EXCHANGE RISK We conduct our operations around the world in a number of different currencies, and we are exposed to market risks resulting from fluctuations in foreign currency exchange rates. Many of our significant foreign subsidiaries have designated the local currency as their functional currency. As such, future earnings are subject to change due to fluctuations in foreign currency exchange rates when transactions are denominated in currencies other than our functional currencies. Additionally, we buy, manufacture and sell components and products across global markets. These activities expose us to changes in foreign currency exchange rates, commodity prices and interest rates which can adversely affect revenue earned and costs of our operating businesses. When the currency in which equipment is sold differs from the primary currency of the legal entity and the exchange rate fluctuates, it will affect the revenue earned on the sale. These sales and purchase transactions also create receivables and payables denominated in foreign currencies and exposure to foreign currency gains and losses based on changes in exchange rates. Changes in the price of raw materials used in manufacturing can affect the cost of manufacturing. We use derivatives to mitigate or eliminate these exposures, where appropriate. We use cash flow hedging primarily to reduce or eliminate the effects of foreign currency exchange rate changes on purchase and sale contracts. Accordingly, most derivative activity in this category consists of currency exchange contracts. We had outstanding foreign currency forward contracts with net notional amounts aggregating $1.8 billion and $2.8 billion to hedge exposure to currency fluctuations in various foreign currencies at December 31, 2019 and 2018, respectively. As of December 31, 2019, the Company estimates that a 1% appreciation or depreciation in the U.S. dollar would result in an impact of less than $5 million to our pre-tax earnings, however, the Company is generally able to mitigate its foreign exchange exposure, where there are liquid financial markets, through use of foreign currency derivative transactions. Also, see "Note 15. Financial Instruments" of the Notes to Consolidated and Combined Financial Statements in Item 8 Summarise this report in a few sentences.
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of this Form 10-K for additional information.
BHGE LLC is exposed to market risks arising from changes in interest rates and foreign currency exchange rates. The company has fixed rate long-term debt with a fair market value of $6.4 billion at December 31, 2019. To manage the economic effect of fixed rate obligations, the company may use interest rate swaps. Additionally, BHGE LLC conducts operations around the world in a number of different currencies, exposing them to market risks resulting from fluctuations in foreign currency exchange rates. To mitigate these exposures, the company uses derivatives such as currency exchange contracts. As of December 31, 2019, the company estimates that a 1% appreciation or depreciation in the U.S. dollar would result
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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 are exposed to certain market risks that are inherent in our financial instruments and arise from changes in interest rates and foreign currency exchange rates. We may enter into derivative financial instrument transactions to manage or reduce market risk but do not enter into derivative financial instrument transactions for speculative purposes. A discussion of our primary market risk exposure in financial instruments is presented below. BHGE LLC 2019 FORM 10-K | 38 INTEREST RATE RISK All of our long-term debt is comprised of fixed rate instruments. We are subject to interest rate risk on our debt and investment portfolio. We may use interest rate swaps to manage the economic effect of fixed rate obligations associated with certain debt. There were no outstanding interest rate swap agreements as of December 31, 2019. The following table sets forth our fixed rate long-term debt, excluding finance leases, and the related weighted average interest rates by expected maturity dates. (1) Fair market value of our fixed rate long-term debt, excluding finance leases, was $6.4 billion at December 31, 2019. (2) Amounts represent the principal value of our long-term debt outstanding and related weighted average interest rates at the end of the respective period. FOREIGN CURRENCY EXCHANGE RISK We conduct our operations around the world in a number of different currencies, and we are exposed to market risks resulting from fluctuations in foreign currency exchange rates. Many of our significant foreign subsidiaries have designated the local currency as their functional currency. As such, future earnings are subject to change due to fluctuations in foreign currency exchange rates when transactions are denominated in currencies other than our functional currencies. Additionally, we buy, manufacture and sell components and products across global markets. These activities expose us to changes in foreign currency exchange rates, commodity prices and interest rates which can adversely affect revenue earned and costs of our operating businesses. When the currency in which equipment is sold differs from the primary currency of the legal entity and the exchange rate fluctuates, it will affect the revenue earned on the sale. These sales and purchase transactions also create receivables and payables denominated in foreign currencies and exposure to foreign currency gains and losses based on changes in exchange rates. Changes in the price of raw materials used in manufacturing can affect the cost of manufacturing. We use derivatives to mitigate or eliminate these exposures, where appropriate. We use cash flow hedging primarily to reduce or eliminate the effects of foreign currency exchange rate changes on purchase and sale contracts. Accordingly, most derivative activity in this category consists of currency exchange contracts. We had outstanding foreign currency forward contracts with net notional amounts aggregating $1.8 billion and $2.8 billion to hedge exposure to currency fluctuations in various foreign currencies at December 31, 2019 and 2018, respectively. As of December 31, 2019, the Company estimates that a 1% appreciation or depreciation in the U.S. dollar would result in an impact of less than $5 million to our pre-tax earnings, however, the Company is generally able to mitigate its foreign exchange exposure, where there are liquid financial markets, through use of foreign currency derivative transactions. Also, see "Note 15. Financial Instruments" of the Notes to Consolidated and Combined Financial Statements in Item 8 Summarise this report in a few sentences." summarise in a few sentences.
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Trading turnover at BSE’s India International Exchange (India INX) has crossed USD 24 billion helped by an increase in investor participation and growth of its derivatives platform. The exchange, launched on January 16, 2017, has recorded USD 24.2 billion in turnover in terms of value and over 1.5 million contracts in terms of volume as of March 18, the exchange said in a statement today. Interestingly, of the total USD 24.2 billion turnover, USD 11.9 billion (49 per cent) was achieved in the just first 54 trading days of the current year. In comparison, it took the exchange 245 trading days to witness USD 12.3 billion worth of trading in 2017. “When we started India INX it was a new concept. But now we are seeing an increase in investor participation, international brokers have become active on the exchange and there is build up in liquidity of the products offered,” India INX managing director and CEO Balasubramaniam V told PTI. The exchange is now clocking an average daily turnover of USD 300-350 million. As per data provided by the exchange, the trading turnover on the INX markets had reached USD 10 billion in 235 trading days, but reached the same level in just last 40 trading days. The compounded monthly growth rate of trading volume for the period between October 2017 and February 2018 was 54 per cent per month. India INX has seen a rapid growth in derivatives segment primarily due to the increase in the exchange membership and overall market participation, he said. The India INX Futures are currently available on the Sensex , Sensex 50, gold, silver , Brent crude, euro, dollar, pound, and the yen, apart from 107 Indian equity stocks as well as international equities such as Apple, Microsoft Facebook, Google and JP Morgan. Option contracts have also been launched on several of these products. The exchange has received over 100 applications for membership with more than 50 active members trading in the derivatives segment as on date. India INX, an arm of leading bourse BSE , is the country’s first international exchange set up at Gift City. It is one of the world’s most advanced technology platforms with a turn-around time of 4 micro seconds. It provides a common platform for all asset classes – equities, currencies, commodities and bonds. Summarise this report in a few sentences.
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trading turnover at the india international exchange (India INX) has crossed USD 24 billion. this is helped by an increase in investor participation and growth of its derivatives platform. the exchange is now clocking an average daily turnover of USD 300-350 million. it took the exchange 245 trading days to witness USD 12.3 billion worth of trading in 2017. the exchange has received over 100 applications for membership with more than 50 active members trading in the derivatives 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 "Trading turnover at BSE’s India International Exchange (India INX) has crossed USD 24 billion helped by an increase in investor participation and growth of its derivatives platform. The exchange, launched on January 16, 2017, has recorded USD 24.2 billion in turnover in terms of value and over 1.5 million contracts in terms of volume as of March 18, the exchange said in a statement today. Interestingly, of the total USD 24.2 billion turnover, USD 11.9 billion (49 per cent) was achieved in the just first 54 trading days of the current year. In comparison, it took the exchange 245 trading days to witness USD 12.3 billion worth of trading in 2017. “When we started India INX it was a new concept. But now we are seeing an increase in investor participation, international brokers have become active on the exchange and there is build up in liquidity of the products offered,” India INX managing director and CEO Balasubramaniam V told PTI. The exchange is now clocking an average daily turnover of USD 300-350 million. As per data provided by the exchange, the trading turnover on the INX markets had reached USD 10 billion in 235 trading days, but reached the same level in just last 40 trading days. The compounded monthly growth rate of trading volume for the period between October 2017 and February 2018 was 54 per cent per month. India INX has seen a rapid growth in derivatives segment primarily due to the increase in the exchange membership and overall market participation, he said. The India INX Futures are currently available on the Sensex , Sensex 50, gold, silver , Brent crude, euro, dollar, pound, and the yen, apart from 107 Indian equity stocks as well as international equities such as Apple, Microsoft Facebook, Google and JP Morgan. Option contracts have also been launched on several of these products. The exchange has received over 100 applications for membership with more than 50 active members trading in the derivatives segment as on date. India INX, an arm of leading bourse BSE , is the country’s first international exchange set up at Gift City. It is one of the world’s most advanced technology platforms with a turn-around time of 4 micro seconds. It provides a common platform for all asset classes – equities, currencies, commodities and bonds. Summarise this report in a few sentences." summarise in a few sentences.
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By Rupa Chanda & Pralok Gupta A backlash to Global Value Chains (GVCs) seems imminent in the aftermath of Covid-19. There is an emerging view that global integration and dependence on GVCs have made countries more vulnerable to the spread of the disease and to the supply shocks arising from curbs on trade and travel. There are statements that had countries been more self-reliant, they would have been more resilient. The Covid-19 crisis has certainly exposed the risks of overdependence on a particular country for procurement of raw materials. Even when the virus was limited only to Wuhan, the supply of Active Pharmaceutical Ingredient (API) had become a cause of concern for the Indian pharmaceuticals industry. When the virus started spreading to other countries, including India, heavy dependence on China for personal protective equipment and testing kits affected their ability to test their populations to contain the spread of virus. It is ironical that the very country where this crisis originated has also become the main source country for the essential supplies needed to control the pandemic. It, thus, seems justified to question the unbridled enthusiasm with GVCs and globalisation that prevailed till recently. But would this be the right response? Would countries have fared better in terms of growth, employment and poverty alleviation had they taken the path of self-reliance instead of allowing the principles of competitive advantage to play out through trade and investment? India’s experience before 1991 with a more insulated economy certainly does not suggest so. On the contrary, the World Development Report 2019 has noted that regions having active participation in GVCs have seen faster reduction in poverty. It would not be correct to fault GVCs and dependence on trade for the failure of nations to provide for their health sectors or for the economic impact of this pandemic. A country’s ability to withstand this crisis due to a lower degree of integration should also not be seen as an endorsement of insulation. In this context, there are three important lessons from this crisis. First, excessive dependence on any particular country in a GVC is not desirable. China’s current dominance in global manufacturing value chains and the constraints this poses for other countries during this pandemic highlights the problem. Even large countries like the US and India, which have domestic manufacturing capabilities, are prone to disruptions in the supply chain as they rely on getting parts and intermediates from other countries. But this does not mean that countries should create entire forward and backward linkages domestically as it would not be feasible or cost-effective. Instead, the need is to distribute activities across more countries in GVCs. The scope of activities should also be widened where possible at different nodes in these GVCs, as a risk-mitigation strategy. This means trading-off scale economies by involving more players in the value chain with economies of scope, or ‘glocalisation’, i.e. mixing dispersion and local integration strategically. The second lesson is the importance of domestic preparedness and capacity. Any dispersion strategy is contingent on countries having the capacity to act as additional nodes and engaging in more parts of the value chain. This, in turn, is dependent on their policy and regulatory environment. Countries that invest in infrastructure, skills, standards, ease of doing business and social protection will not only have the capacity to benefit from GVCs, but will also be better placed in times of crisis like the current pandemic. Third, international coordination, strong multilateral institutions and collective leadership will be even more important in the future. Instead of withdrawing from institutions, the need of the hour is to improve their capacity and to give them more teeth in obliging member nations to abide by existing rules. There is also a need to address unfair and non-transparent trade and investment practices and hidden barriers that distort the outcomes of integration and create an uneven playing field. International platforms such as the G20 summits, international development agencies and institutions such as the WHO and the WTO must put greater thrust on playing by the rules of the game. The current crisis, in part, reflects the failure to address these issues. Unfortunately, when such enlightened leadership and coordination is most needed, the world seems to be moving in the other direction. In short, the Covid-19 pandemic is a wake-up call for governments, the private sector and international institutions to shape the future course of global trade and GVCs. The policy question at this juncture is not about whether countries should integrate or not into GVCs, but rather about the kind of global integration they should pursue. How can they calibrate their liberalisation strategies and GVC participation to ensure the desired benefits? How should they support external sector policies with appropriate domestic policies and preparedness to reduce the adverse impact of an external shock such as the current crisis? The pandemic also poses questions to transnational firms about how much dependence on GVCs as opposed to localisation is desirable and what kinds of GVCs they should build or be a part of in the future. This crisis should not result in thoughtless reaction. If it was thoughtless globalisation in the past, it shouldn’t be thoughtless localisation now. The risk, however, is that in a post Covid-19 world the discourse on globalisation and GVCs might just get shaped in a black and white manner. Chanda is RBI Chair professor in Economics, IIM Bangalore; Gupta is associate professor, Centre for WTO Studies, IIFT, Delhi Summarise this report in a few sentences.
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a backlash to global value chains (GVCs) seems imminent in the aftermath of Covid-19. there is an emerging view that global integration and dependence on GVCs have made countries more vulnerable to the spread of the disease. there are statements that had countries been more self-reliant, they would have been more resilient. a country’s ability to withstand this crisis due to a lower degree of integration should also not be seen as an endorsement of insulation.
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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 Rupa Chanda & Pralok Gupta A backlash to Global Value Chains (GVCs) seems imminent in the aftermath of Covid-19. There is an emerging view that global integration and dependence on GVCs have made countries more vulnerable to the spread of the disease and to the supply shocks arising from curbs on trade and travel. There are statements that had countries been more self-reliant, they would have been more resilient. The Covid-19 crisis has certainly exposed the risks of overdependence on a particular country for procurement of raw materials. Even when the virus was limited only to Wuhan, the supply of Active Pharmaceutical Ingredient (API) had become a cause of concern for the Indian pharmaceuticals industry. When the virus started spreading to other countries, including India, heavy dependence on China for personal protective equipment and testing kits affected their ability to test their populations to contain the spread of virus. It is ironical that the very country where this crisis originated has also become the main source country for the essential supplies needed to control the pandemic. It, thus, seems justified to question the unbridled enthusiasm with GVCs and globalisation that prevailed till recently. But would this be the right response? Would countries have fared better in terms of growth, employment and poverty alleviation had they taken the path of self-reliance instead of allowing the principles of competitive advantage to play out through trade and investment? India’s experience before 1991 with a more insulated economy certainly does not suggest so. On the contrary, the World Development Report 2019 has noted that regions having active participation in GVCs have seen faster reduction in poverty. It would not be correct to fault GVCs and dependence on trade for the failure of nations to provide for their health sectors or for the economic impact of this pandemic. A country’s ability to withstand this crisis due to a lower degree of integration should also not be seen as an endorsement of insulation. In this context, there are three important lessons from this crisis. First, excessive dependence on any particular country in a GVC is not desirable. China’s current dominance in global manufacturing value chains and the constraints this poses for other countries during this pandemic highlights the problem. Even large countries like the US and India, which have domestic manufacturing capabilities, are prone to disruptions in the supply chain as they rely on getting parts and intermediates from other countries. But this does not mean that countries should create entire forward and backward linkages domestically as it would not be feasible or cost-effective. Instead, the need is to distribute activities across more countries in GVCs. The scope of activities should also be widened where possible at different nodes in these GVCs, as a risk-mitigation strategy. This means trading-off scale economies by involving more players in the value chain with economies of scope, or ‘glocalisation’, i.e. mixing dispersion and local integration strategically. The second lesson is the importance of domestic preparedness and capacity. Any dispersion strategy is contingent on countries having the capacity to act as additional nodes and engaging in more parts of the value chain. This, in turn, is dependent on their policy and regulatory environment. Countries that invest in infrastructure, skills, standards, ease of doing business and social protection will not only have the capacity to benefit from GVCs, but will also be better placed in times of crisis like the current pandemic. Third, international coordination, strong multilateral institutions and collective leadership will be even more important in the future. Instead of withdrawing from institutions, the need of the hour is to improve their capacity and to give them more teeth in obliging member nations to abide by existing rules. There is also a need to address unfair and non-transparent trade and investment practices and hidden barriers that distort the outcomes of integration and create an uneven playing field. International platforms such as the G20 summits, international development agencies and institutions such as the WHO and the WTO must put greater thrust on playing by the rules of the game. The current crisis, in part, reflects the failure to address these issues. Unfortunately, when such enlightened leadership and coordination is most needed, the world seems to be moving in the other direction. In short, the Covid-19 pandemic is a wake-up call for governments, the private sector and international institutions to shape the future course of global trade and GVCs. The policy question at this juncture is not about whether countries should integrate or not into GVCs, but rather about the kind of global integration they should pursue. How can they calibrate their liberalisation strategies and GVC participation to ensure the desired benefits? How should they support external sector policies with appropriate domestic policies and preparedness to reduce the adverse impact of an external shock such as the current crisis? The pandemic also poses questions to transnational firms about how much dependence on GVCs as opposed to localisation is desirable and what kinds of GVCs they should build or be a part of in the future. This crisis should not result in thoughtless reaction. If it was thoughtless globalisation in the past, it shouldn’t be thoughtless localisation now. The risk, however, is that in a post Covid-19 world the discourse on globalisation and GVCs might just get shaped in a black and white manner. Chanda is RBI Chair professor in Economics, IIM Bangalore; Gupta is associate professor, Centre for WTO Studies, IIFT, Delhi Summarise this report in a few sentences." summarise in a few sentences.
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Nasdaq-listed IT services firm, Cognizant, which has a large employee base in India, performed well in the January-March quarter and provided a full-year guidance which is better than industry estimates. Debashis Chatterjee, president, global delivery, Cognizant, tells FE’s Pradeesh Chandran that the company is also looking at localisation of its talent. Excerpts: How do you see the Q1 performance? The year 2018 has been a solid start for us. We are one of the fastest growing professional services company given the scale we have. We have a distinctive approach towards digital; we always believe that we need to help our clients to become digital to the core. That strategy is working very well. Cognizant is heavily investing in terms of the full range of capabilities we need to have as a digital provider, whether it is the internet of things or artificial intelligence or augmented reality, blockchain or cloud. We are developing capabilities to help our clients to transform digital. In the digital economy, we are one of the leaders who have built a strong foundation. We are looking at three aspects of growth — digitise, internationalise and localise. Can you elaborate on the internationalisation part? The internationalisation strategy is clear. Last year, our revenue from the non-US market hit $3 billion and many of these geographies we believe by next decade will be more than a billion-dollar market for us. Internationalisation is critical for us and we have been investing a lot in it. If you look at the acquisitions done in the past, many of them were outside the US. The digital phenomenon is not restricted to one country, it is a global phenomenon. We can leverage the digital phenomenon and propel our growth across the world, not just the US. When you say localisation and internationalisation, does it mean you will hire more local talent? We feel that the kind of project we do is more agile and closer to the clients. That is why we have added 3,000 US citizens to the workforce in the US. We have regional development centres in more than 30 countries across 170 locations. We have been focused on getting the local talent closer to the client. That is something needed from a digital workforce standpoint. What are the reasons for a strong growth in healthcare while peers are facing pressure in the segment? If you talk about healthcare specifically, we are one of the players who has end-to-end solutions in the segment. For example, with the acquisition of Bolder Healthcare Solutions, we are a provider of the revenue cycle management (RCM) solutions to hospitals, physician practices, and other specialist healthcare organisations. We are supporting all the players in the ecosystem. Earlier also we had done a couple of acquisitions in the healthcare vertical to strengthen our offerings. What were the reasons for softness in financial services vertical this quarter? If you look at financial services we work with lots of money-centre banks. In the financial services business, the insurance part had a double-digit growth. Our insurance clients have done well and have bagged quite a few strategic deals. We are seeing strong growth mostly led by digital. Even in money-centre bank, the digital part of the portfolio we see significant growth. However, they are also under pressure in terms of cutting the cost in their legacy system or heritage. Essentially, though there is growth in terms of the digital transformation part of the portfolio in the money-centre bank, it is not good enough to ease some of the pressures they have in terms of the legacy part of the business. We are seeing a little bit of rebound in terms of financial services (money-centre banks), but overall, our strategy of leading with digital is working well in the financial services business. We are seeing modest improvement, as I said the growth is there. The digital part of the revenue is growing well. If you compare to the previous quarter we are seeing some improvement this quarter and hope that it will continue going forward. Last year, your hiring came down significantly. What is the hiring strategy going forward? We will continue to hire across all the geographies. We will hire in India as it is our largest development centre. Because as we internationalise and localise local talent hiring will happen in those geographies as it would be closer to the client. Summarise this report in a few sentences.
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cognizant, which has a large employee base in india, performed well in the January-March quarter. the company is also looking at localisation of its talent. last year, our revenue from the non-US market hit $3 billion. the company has added 3,000 american citizens to the workforce in the us. the company is also looking at a 'digitalisation' strategy.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Nasdaq-listed IT services firm, Cognizant, which has a large employee base in India, performed well in the January-March quarter and provided a full-year guidance which is better than industry estimates. Debashis Chatterjee, president, global delivery, Cognizant, tells FE’s Pradeesh Chandran that the company is also looking at localisation of its talent. Excerpts: How do you see the Q1 performance? The year 2018 has been a solid start for us. We are one of the fastest growing professional services company given the scale we have. We have a distinctive approach towards digital; we always believe that we need to help our clients to become digital to the core. That strategy is working very well. Cognizant is heavily investing in terms of the full range of capabilities we need to have as a digital provider, whether it is the internet of things or artificial intelligence or augmented reality, blockchain or cloud. We are developing capabilities to help our clients to transform digital. In the digital economy, we are one of the leaders who have built a strong foundation. We are looking at three aspects of growth — digitise, internationalise and localise. Can you elaborate on the internationalisation part? The internationalisation strategy is clear. Last year, our revenue from the non-US market hit $3 billion and many of these geographies we believe by next decade will be more than a billion-dollar market for us. Internationalisation is critical for us and we have been investing a lot in it. If you look at the acquisitions done in the past, many of them were outside the US. The digital phenomenon is not restricted to one country, it is a global phenomenon. We can leverage the digital phenomenon and propel our growth across the world, not just the US. When you say localisation and internationalisation, does it mean you will hire more local talent? We feel that the kind of project we do is more agile and closer to the clients. That is why we have added 3,000 US citizens to the workforce in the US. We have regional development centres in more than 30 countries across 170 locations. We have been focused on getting the local talent closer to the client. That is something needed from a digital workforce standpoint. What are the reasons for a strong growth in healthcare while peers are facing pressure in the segment? If you talk about healthcare specifically, we are one of the players who has end-to-end solutions in the segment. For example, with the acquisition of Bolder Healthcare Solutions, we are a provider of the revenue cycle management (RCM) solutions to hospitals, physician practices, and other specialist healthcare organisations. We are supporting all the players in the ecosystem. Earlier also we had done a couple of acquisitions in the healthcare vertical to strengthen our offerings. What were the reasons for softness in financial services vertical this quarter? If you look at financial services we work with lots of money-centre banks. In the financial services business, the insurance part had a double-digit growth. Our insurance clients have done well and have bagged quite a few strategic deals. We are seeing strong growth mostly led by digital. Even in money-centre bank, the digital part of the portfolio we see significant growth. However, they are also under pressure in terms of cutting the cost in their legacy system or heritage. Essentially, though there is growth in terms of the digital transformation part of the portfolio in the money-centre bank, it is not good enough to ease some of the pressures they have in terms of the legacy part of the business. We are seeing a little bit of rebound in terms of financial services (money-centre banks), but overall, our strategy of leading with digital is working well in the financial services business. We are seeing modest improvement, as I said the growth is there. The digital part of the revenue is growing well. If you compare to the previous quarter we are seeing some improvement this quarter and hope that it will continue going forward. Last year, your hiring came down significantly. What is the hiring strategy going forward? We will continue to hire across all the geographies. We will hire in India as it is our largest development centre. Because as we internationalise and localise local talent hiring will happen in those geographies as it would be closer to the client. Summarise this report in a few sentences." summarise in a few sentences.
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The temporary suspension of H-1B visas by the Trump administration will hit innovation, push investment and economic activity abroad, slow growth, and reduce job creation, the American corporate sector said on June 22. “Restrictive changes to our nation's immigration system will push investment and economic activity abroad, slow growth, and reduce job creation,” said Thomas Donohue, CEO of US Chambers of Commerce soon after President Donald Trump issued a proclamation to suspend issuing of H-1B and other foreign work visas till the end of the current year. Also read: Donald Trump suspends H-1B, other visas till year-end “Today's proclamation is a severe and sweeping attempt to restrict legal immigration. Putting up a ‘not welcome' sign for engineers, executives, IT experts, doctors, nurses and other workers won't help our country, it will hold us back,” he said. “We are fighting for more investment and more growth in America because that means more jobs, and today that fight takes on a new level of urgency. We have long advocated for a rational immigration system that meets the needs of our economy and reflects the values of our country,” Donohue said. The proclamation serves neither of those interests, he asserted. Ahead of the proclamation, several US business bodies including US Chambers of Commerce, US India Business Council, National Alliance of Manufacturers and Information Technology Industry Council had written letters to the Trump Administration against such a move. FWD.us, a bipartisan political organisation representing top IT companies like Facebook and Google said it is a full-frontal attack on American innovation and nation's ability to benefit from attracting talent from around the world. “Massive restrictions on legal immigration - including restricting immigrants who contribute to medicine, science, and research in the United States, and who are working as we speak to develop treatments for coronavirus and other deadly diseases - will not only hinder efforts to save lives, but prevent job creation and hurt our economy as our country struggles to recover,” said FWD.us president Todd Schulte. “The Trump administration should stop trying to create and exploit crises to enact the largest cuts to legal immigration in a century. This is deeply harmful to America,” Schultz said. Also read: US Congressmen urge Trump to revoke temporary suspension of H-1B visas Michael Clemens, a senior fellow at the Center for Global Development and a top migration economist, said the US administration's new ban on H-1B visas will affect innovation, productivity, and job creation in the country. “H-1B visas are a major channel for the most educated and entrepreneurial people in the world to begin working and putting down roots in America,” he said. Economists have shown that hiring more workers on these visas raises patenting by US firms without reducing their employment of similar native workers. That innovation and entrepreneurship end up creating jobs for American workers of all kinds. “And the positive effects of the programme extend around the world, bringing business growth to the countries that receive the visas, such as India,” Clemens said. “Today's executive action stands to upend the ability of US employers – in the tech sector and beyond – to hire the men and women they need to strengthen their workforce, repower the economy, and drive innovation at a critical time for the US economy. It will have a dangerous impact on the economic recovery and growth for years to come,” said Jason Oxman, president and CEO of global tech trade association ITI. As US companies get their employees back to work, immigrants working in the technology industry are vital to sustaining promising recovery trends, as well as supporting the United States' ongoing response to COVID-19, he said. ITI urged Trump to reconsider his actions and work with the business community on a plan that will actually bolster job growth and ensure economic security for all Americans. Also read | Suspension of H-1B, other visas to free up to 5.25 lakh jobs in US: White House National Association of Manufacturers president and CEO Jay Timmons said that such an action will make the US industry unquestionably weaker. “The reality is the visa programmes targeted by this executive order boost manufacturing in America and support job creation. We will lose talented individuals to other countries, giving them an added advantage in competing against us. This action will not help manufacturers lead our economic recovery and renewal,” he said. Click here for our full coverage of the H-1B visa ban Summarise this report in a few sentences.
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president Donald Trump has issued a proclamation to suspend issuing of H-1B visas till the end of the current year. the move will hit innovation, push investment and economic activity abroad, slow growth, and reduce job creation, the american corporate sector said. a bipartisan political organisation representing top IT companies like Facebook and Google said it is a full-frontal attack on american innovation.
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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 temporary suspension of H-1B visas by the Trump administration will hit innovation, push investment and economic activity abroad, slow growth, and reduce job creation, the American corporate sector said on June 22. “Restrictive changes to our nation's immigration system will push investment and economic activity abroad, slow growth, and reduce job creation,” said Thomas Donohue, CEO of US Chambers of Commerce soon after President Donald Trump issued a proclamation to suspend issuing of H-1B and other foreign work visas till the end of the current year. Also read: Donald Trump suspends H-1B, other visas till year-end “Today's proclamation is a severe and sweeping attempt to restrict legal immigration. Putting up a ‘not welcome' sign for engineers, executives, IT experts, doctors, nurses and other workers won't help our country, it will hold us back,” he said. “We are fighting for more investment and more growth in America because that means more jobs, and today that fight takes on a new level of urgency. We have long advocated for a rational immigration system that meets the needs of our economy and reflects the values of our country,” Donohue said. The proclamation serves neither of those interests, he asserted. Ahead of the proclamation, several US business bodies including US Chambers of Commerce, US India Business Council, National Alliance of Manufacturers and Information Technology Industry Council had written letters to the Trump Administration against such a move. FWD.us, a bipartisan political organisation representing top IT companies like Facebook and Google said it is a full-frontal attack on American innovation and nation's ability to benefit from attracting talent from around the world. “Massive restrictions on legal immigration - including restricting immigrants who contribute to medicine, science, and research in the United States, and who are working as we speak to develop treatments for coronavirus and other deadly diseases - will not only hinder efforts to save lives, but prevent job creation and hurt our economy as our country struggles to recover,” said FWD.us president Todd Schulte. “The Trump administration should stop trying to create and exploit crises to enact the largest cuts to legal immigration in a century. This is deeply harmful to America,” Schultz said. Also read: US Congressmen urge Trump to revoke temporary suspension of H-1B visas Michael Clemens, a senior fellow at the Center for Global Development and a top migration economist, said the US administration's new ban on H-1B visas will affect innovation, productivity, and job creation in the country. “H-1B visas are a major channel for the most educated and entrepreneurial people in the world to begin working and putting down roots in America,” he said. Economists have shown that hiring more workers on these visas raises patenting by US firms without reducing their employment of similar native workers. That innovation and entrepreneurship end up creating jobs for American workers of all kinds. “And the positive effects of the programme extend around the world, bringing business growth to the countries that receive the visas, such as India,” Clemens said. “Today's executive action stands to upend the ability of US employers – in the tech sector and beyond – to hire the men and women they need to strengthen their workforce, repower the economy, and drive innovation at a critical time for the US economy. It will have a dangerous impact on the economic recovery and growth for years to come,” said Jason Oxman, president and CEO of global tech trade association ITI. As US companies get their employees back to work, immigrants working in the technology industry are vital to sustaining promising recovery trends, as well as supporting the United States' ongoing response to COVID-19, he said. ITI urged Trump to reconsider his actions and work with the business community on a plan that will actually bolster job growth and ensure economic security for all Americans. Also read | Suspension of H-1B, other visas to free up to 5.25 lakh jobs in US: White House National Association of Manufacturers president and CEO Jay Timmons said that such an action will make the US industry unquestionably weaker. “The reality is the visa programmes targeted by this executive order boost manufacturing in America and support job creation. We will lose talented individuals to other countries, giving them an added advantage in competing against us. This action will not help manufacturers lead our economic recovery and renewal,” he said. Click here for our full coverage of the H-1B visa ban Summarise this report in a few sentences." summarise in a few sentences.
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Coronavirus outbreak: Sebi relaxes guidelines for default recognition by rating agencies Sebi extends second phase of UPI implementation for retail investors Sebi eases processing of documents for FPI STORIES FOR YOU RECOMMENDED STORIES FOR YOU India is considering a higher ₹3-crore threshold, up from ₹2 crore, for arrests and criminal prosecution in GST evasion cases. The decriminalization initiative is aimed at reducing harassment and improving ease of doing business. Telecom operators, chip makers, network providers and handset makers have strongly opposed any hurried decision on a proposed idea to beam TV content directly to mobile phones without a cellular data connection, as the technology is still immature. The Indian economy likely expected 6.7% in the July-September quarter, according to a median forecast of 10 economists polled by ET, boosted by a strong performance by the services sector. 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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3-crore threshold for arrests and criminal prosecution in GST evasion cases. telecom operators, chip makers, network providers and handset makers have strongly opposed any hurried decision on a proposed idea to beam TV content directly to mobile phones. the Indian economy likely expected 6.7% in the July-September quarter, according to a median forecast of 10 economists polled by ET.
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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 outbreak: Sebi relaxes guidelines for default recognition by rating agencies Sebi extends second phase of UPI implementation for retail investors Sebi eases processing of documents for FPI STORIES FOR YOU RECOMMENDED STORIES FOR YOU India is considering a higher ₹3-crore threshold, up from ₹2 crore, for arrests and criminal prosecution in GST evasion cases. The decriminalization initiative is aimed at reducing harassment and improving ease of doing business. Telecom operators, chip makers, network providers and handset makers have strongly opposed any hurried decision on a proposed idea to beam TV content directly to mobile phones without a cellular data connection, as the technology is still immature. The Indian economy likely expected 6.7% in the July-September quarter, according to a median forecast of 10 economists polled by ET, boosted by a strong performance by the services sector. 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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Nexus Venture Partners today said it has invested USD 1.1 million in Pune-based LiveHealth, which digitises diagnostic lab workflows. The funding will be used by LiveHealth to expand its platform across India, explore international markets and to strengthen the product and technology, NVP said in a statement. LiveHealth digitises records from diagnostic laboratories through its SaaS platform and makes them available on the cloud to patients and doctors. It works with over 650 diagnostic centres across India and Africa to automate their operations - to manage patients, financial transactions, automation between medical instruments, and inventory. The platform has already digitised more than 72 million records. LiveHealth was founded by Abhimanyu Bhosale and Mukund Malani. "Our focus is on addressing the tech gap in healthcare, and enable seamless interaction among all stakeholders. Our platform becomes one stop solution for care providers to improve their operations, reduce costs and errors and to enhance collaboration among stakeholders," Bhosale, who is also the CEO of LiveHealth, said. Summarise this report in a few sentences.
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the funding will be used by LiveHealth to expand its platform across India. it works with over 650 diagnostic centres across India and africa. the platform has already digitised more than 72 million records. the company is aiming to address the tech gap in healthcare. livehealth is a SaaS platform that digitises diagnostic lab workflows. it works with patients, financial transactions, automation between instruments, and inventory.
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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 "Nexus Venture Partners today said it has invested USD 1.1 million in Pune-based LiveHealth, which digitises diagnostic lab workflows. The funding will be used by LiveHealth to expand its platform across India, explore international markets and to strengthen the product and technology, NVP said in a statement. LiveHealth digitises records from diagnostic laboratories through its SaaS platform and makes them available on the cloud to patients and doctors. It works with over 650 diagnostic centres across India and Africa to automate their operations - to manage patients, financial transactions, automation between medical instruments, and inventory. The platform has already digitised more than 72 million records. LiveHealth was founded by Abhimanyu Bhosale and Mukund Malani. "Our focus is on addressing the tech gap in healthcare, and enable seamless interaction among all stakeholders. Our platform becomes one stop solution for care providers to improve their operations, reduce costs and errors and to enhance collaboration among stakeholders," Bhosale, who is also the CEO of LiveHealth, said. Summarise this report in a few sentences." summarise in a few sentences.
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Anheuser-Busch In-Bev plans to introduce global lager brand Beck’s in India and relaunch others in an attempt to ramp up investment in the country, which it expects could become the largest beer-consuming market in the world. The company’s shipments in India increased at a double-digit rate, putting it among the fastest-growing territories for the world’s biggest brewer. Premium brands Budweiser, Hoegaarden and Corona are driving this growth, Ben Verhaert, the company’s India president, said in his first interview after joining the country’s secondlargest brewer last year. “India has the second-largest consumer base and is one of the top priorities for the parent company. It is a country where we want to invest more. We have the most diverse portfolio and are extremely strong towards premium — the leader in this segment,” said Verhaert. The new brand, Beck’s Ice, will be first launched in Maharashtra and then rolled out nationwide. While AB InBev has been importing brands, this will be the first brewed-in-India brand launch in more than a decade. AB InBev, which produces one in four beers around the world, was a fringe player until two years ago in the Indian market, where United Breweries controlled a 51% share. In 2016, it took over secondranked SABMiller, which had a quarter of the market. Carlsberg has almost 17%. Although India is one of the world’s largest beer markets, growth has declined and brands such as Kingfisher and Tuborg make it difficult to muscle in.“In every market where we operate, we have competition. We believe our portfolio is the most diverse one and would like to leverage the positive trend towards premiumisation that will help us expand our reach to major markets across the country. As a country, we are committed to be successful in India,” Verhaert said. AB InBev’s portfolio in India includes Stella Artois, Leffe and Corona, which are imported, premium brands in a market where strong beer accounts for almost 80% of the segment. The company is relaunching Haywards 5000 in West Bengal and Maharashtra as well as Knockout in Karnataka. India is also the first country globally to host Bud X, an electronic music lab and a flagship event by Budweiser Experiences. Beer sales in India have declined in the past two consecutive years after bans and price increases in some states. “The industry will witness singledigit growth in 2018. People are willing to trade up in prices and the choice we are making now will enable us to stay focussed on the premium market,” said Verhaert. India remains one of the largest beer markets, with more than 20 million people entering the legal age for drinking every year. However, the alcoholic beverages industry is heavily regulated, with excise and other taxes forming an important source of revenue for state governments. In states that collectively account for 70% of the industry’s revenue, the government controls manufacturing, distribution, retailing and pricing of liquor. Summarise this report in a few sentences.
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shipments in india increased at a double-digit rate. premium brands Budweiser, Hoegaarden and Corona are driving this growth. the new brand, Beck’s Ice, will be first launched in Maharashtra. it will be the first brewed-in-India brand launch in more than a decade. AB InBev produces one in four beers around 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 "Anheuser-Busch In-Bev plans to introduce global lager brand Beck’s in India and relaunch others in an attempt to ramp up investment in the country, which it expects could become the largest beer-consuming market in the world. The company’s shipments in India increased at a double-digit rate, putting it among the fastest-growing territories for the world’s biggest brewer. Premium brands Budweiser, Hoegaarden and Corona are driving this growth, Ben Verhaert, the company’s India president, said in his first interview after joining the country’s secondlargest brewer last year. “India has the second-largest consumer base and is one of the top priorities for the parent company. It is a country where we want to invest more. We have the most diverse portfolio and are extremely strong towards premium — the leader in this segment,” said Verhaert. The new brand, Beck’s Ice, will be first launched in Maharashtra and then rolled out nationwide. While AB InBev has been importing brands, this will be the first brewed-in-India brand launch in more than a decade. AB InBev, which produces one in four beers around the world, was a fringe player until two years ago in the Indian market, where United Breweries controlled a 51% share. In 2016, it took over secondranked SABMiller, which had a quarter of the market. Carlsberg has almost 17%. Although India is one of the world’s largest beer markets, growth has declined and brands such as Kingfisher and Tuborg make it difficult to muscle in.“In every market where we operate, we have competition. We believe our portfolio is the most diverse one and would like to leverage the positive trend towards premiumisation that will help us expand our reach to major markets across the country. As a country, we are committed to be successful in India,” Verhaert said. AB InBev’s portfolio in India includes Stella Artois, Leffe and Corona, which are imported, premium brands in a market where strong beer accounts for almost 80% of the segment. The company is relaunching Haywards 5000 in West Bengal and Maharashtra as well as Knockout in Karnataka. India is also the first country globally to host Bud X, an electronic music lab and a flagship event by Budweiser Experiences. Beer sales in India have declined in the past two consecutive years after bans and price increases in some states. “The industry will witness singledigit growth in 2018. People are willing to trade up in prices and the choice we are making now will enable us to stay focussed on the premium market,” said Verhaert. India remains one of the largest beer markets, with more than 20 million people entering the legal age for drinking every year. However, the alcoholic beverages industry is heavily regulated, with excise and other taxes forming an important source of revenue for state governments. In states that collectively account for 70% of the industry’s revenue, the government controls manufacturing, distribution, retailing and pricing of liquor. Summarise this report in a few sentences." summarise in a few sentences.
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New Delhi: Online retailer Amazon India launched Amazon Prime Music, an ad-free music streaming service, exclusively for Prime members at no additional cost on Wednesday. The service comes to India nearly four years after its international launch in June 2014 and includes, in Amazon’s own words, ‘tens of millions of songs’ across major international and Indian labels in over 10 languages including English, Hindi, Tamil, Punjabi, Bengali, Kannada, Telugu and more. Besides offering unlimited offline downloads, the service will provide voice control on Alexa, a finely tuned automatic speech recognition and natural language understanding engine. Amazon Prime Music will be available on Android and iOS mobile phone apps, desktop app and web player, Amazon Fire TV sticks and Amazon Echo devices. In November, Amazon increased the subscription price for Prime to Rs999 a year from Rs499. The company launched Prime in July 2016 at an initial discount of 50% from its price of Rs999. “Our vision for this service is that we have no feature restrictions for customers. As we roll it out internationally, our goal is to make it really simple and easy for customers to listen to the music they want to and provide a lot of personalization tools for them to experiment with new music," said Sean McMullan, director, international expansion, Amazon Music. The service is currently available in countries like the United States, the United Kingdom and Germany and Amazon has drawn lessons from these markets to bring to India. “With this launch, we think we’re going to make music streaming easier and more fun than ever before," McMullan said. Clearly, the defining feature of the streaming service is the Alexa voice control option- while other services allow users to do usual things like play or skip songs, this will bring in an unprecedented amount of interactivity, Amazon believes, especially based on the success of the voice control feature in other countries. “We’re bringing a truly localized variant of a global service," said Sahas Malhotra, director, Amazon Music India referring to the user’s option to select a language as soon as he/she gets on to the platform. In India, Amazon’s research has shown, people typically listen to music in two or three languages. “So in the entire browsing experiences, those languages get prioritized. Obviously we honour what you want but we also show you other things," he said. The Prime Music library includes songs from Amazon’s global stations, besides content emerging from tie-ups with Indian labels like T-Series, Tips, Venus, Zee Music Company, Saregama, and regional players. A team of editorial experts have created playlists and stations to cater to diverse moods, genres, eras and artistes to come up with customized offerings ranging from fresh hip-hop to fresh Punjabi. To be sure, Prime Music in India will face competition from other music streaming firms such as Gaana, Saavn and Wynk complementing curated content with originals. Gaana raised $115 million from Chinese Internet investment company Tencent Holdings Ltd and Times Internet Ltd on Tuesday. According to a 2017 report in Medianama, Gaana boasted of 50 million app downloads as of December 2016 and Saavn had 20 million active users. According to the FICCI-KPMG Media and Entertainment Industry Report 2017, streaming audio contributed 10% to the total mobile Internet usage in India. The year 2016 saw a spike in the music streaming volume with 50-60 million active monthly users on music streaming applications. With over 300 million Internet-enabled mobile phones in the country and reducing tariff rates, this volume is expected to grow rapidly. Malhotra said differentiation will come from making sure there is selection available and complementing it with personalization and voice control. It’s about how we get you to your favourite music as effortlessly and simply as possible, he said. “Though music streaming has really revived the overall music industry, India is still in the infancy stage as far as streaming is concerned," said Jehil Thakkar, partner at management consulting firm Deloitte India. “Of course, everyone has recognized that there is a definite market and once full penetration is achieved, a couple of major players will emerge." Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. ABOUT THE AUTHOR Lata Jha Lata Jha covers media and entertainment for Mint. She focuses on the film, television, video and audio streaming businesses. She is a graduate of the Columbia School of Journalism. She can be found at the movies, when not writing about them. Read more from this author Topics Summarise this report in a few sentences.
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service comes to india nearly four years after its international launch in June 2014. includes 'tens of millions of songs' across major international and Indian labels. will be available on android and iOS mobile phone apps, desktop app and web player, Amazon Fire TV sticks and Amazon Echo devices. will provide voice control on Alexa, a finely tuned automatic speech recognition and natural language understanding engine.
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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: Online retailer Amazon India launched Amazon Prime Music, an ad-free music streaming service, exclusively for Prime members at no additional cost on Wednesday. The service comes to India nearly four years after its international launch in June 2014 and includes, in Amazon’s own words, ‘tens of millions of songs’ across major international and Indian labels in over 10 languages including English, Hindi, Tamil, Punjabi, Bengali, Kannada, Telugu and more. Besides offering unlimited offline downloads, the service will provide voice control on Alexa, a finely tuned automatic speech recognition and natural language understanding engine. Amazon Prime Music will be available on Android and iOS mobile phone apps, desktop app and web player, Amazon Fire TV sticks and Amazon Echo devices. In November, Amazon increased the subscription price for Prime to Rs999 a year from Rs499. The company launched Prime in July 2016 at an initial discount of 50% from its price of Rs999. “Our vision for this service is that we have no feature restrictions for customers. As we roll it out internationally, our goal is to make it really simple and easy for customers to listen to the music they want to and provide a lot of personalization tools for them to experiment with new music," said Sean McMullan, director, international expansion, Amazon Music. The service is currently available in countries like the United States, the United Kingdom and Germany and Amazon has drawn lessons from these markets to bring to India. “With this launch, we think we’re going to make music streaming easier and more fun than ever before," McMullan said. Clearly, the defining feature of the streaming service is the Alexa voice control option- while other services allow users to do usual things like play or skip songs, this will bring in an unprecedented amount of interactivity, Amazon believes, especially based on the success of the voice control feature in other countries. “We’re bringing a truly localized variant of a global service," said Sahas Malhotra, director, Amazon Music India referring to the user’s option to select a language as soon as he/she gets on to the platform. In India, Amazon’s research has shown, people typically listen to music in two or three languages. “So in the entire browsing experiences, those languages get prioritized. Obviously we honour what you want but we also show you other things," he said. The Prime Music library includes songs from Amazon’s global stations, besides content emerging from tie-ups with Indian labels like T-Series, Tips, Venus, Zee Music Company, Saregama, and regional players. A team of editorial experts have created playlists and stations to cater to diverse moods, genres, eras and artistes to come up with customized offerings ranging from fresh hip-hop to fresh Punjabi. To be sure, Prime Music in India will face competition from other music streaming firms such as Gaana, Saavn and Wynk complementing curated content with originals. Gaana raised $115 million from Chinese Internet investment company Tencent Holdings Ltd and Times Internet Ltd on Tuesday. According to a 2017 report in Medianama, Gaana boasted of 50 million app downloads as of December 2016 and Saavn had 20 million active users. According to the FICCI-KPMG Media and Entertainment Industry Report 2017, streaming audio contributed 10% to the total mobile Internet usage in India. The year 2016 saw a spike in the music streaming volume with 50-60 million active monthly users on music streaming applications. With over 300 million Internet-enabled mobile phones in the country and reducing tariff rates, this volume is expected to grow rapidly. Malhotra said differentiation will come from making sure there is selection available and complementing it with personalization and voice control. It’s about how we get you to your favourite music as effortlessly and simply as possible, he said. “Though music streaming has really revived the overall music industry, India is still in the infancy stage as far as streaming is concerned," said Jehil Thakkar, partner at management consulting firm Deloitte India. “Of course, everyone has recognized that there is a definite market and once full penetration is achieved, a couple of major players will emerge." Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. ABOUT THE AUTHOR Lata Jha Lata Jha covers media and entertainment for Mint. She focuses on the film, television, video and audio streaming businesses. She is a graduate of the Columbia School of Journalism. She can be found at the movies, when not writing about them. Read more from this author Topics Summarise this report in a few sentences." summarise in a few sentences.
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ET Bureau Autocar Show: 2018 Audi RS5 Coupé first drive review The third and final member of Audi's A5 'Brat Pack' is here, and it's the most potent of the lot - the 450hp RS5, and it's available as a sexy coupé. Autocar india's Renuka Kirpalani drives it in everyday traffic and then wrings it out on our favourite driving road to see what it's all about. Watch the video. Here’s a lowdown on top macro triggers that may move market on Tuesday. This report was compiled from agency feeds.Is the wait over? It seems so! The southwest monsoon is set to arrive in Kerala and Tamil Nadu on Tuesday slightly ahead of schedule. The southern part of the country has been receiving good pre-monsoon showers since the past few days, making conditions favourable for onset over the Indian mainland. The India Meteorological Department (IMD) earlier this month said that the monsoon will arrive in Kerala on May 29, three days ahead of its normal arrival date on June 1. According to private weather forecasting agency Skymet, monsoon has already hit Kerala.Petrol and diesel prices may decline soon after rising relentlessly for 15 days as international fuel rates retreat and the rupee strengthens. Crude oil went below $75 a barrel on Monday after touching $80 last week. Prices of petrol and diesel follow the directional trend shown by crude, and are already witnessing a decline in the international market. Oil marketing companies have raised prices of petrol and diesel by Rs 3.64 and Rs 3.24 a litre, respectively, in the last 15 days after keeping a price freeze for about 19 days ahead of Karnataka elections. Meanwhile, prices of daily-use consumer products such as packaged snacks, detergents and cooking oils may increase by 4-7% after petrol and diesel prices rose to a record, companies said, worried that the inflationary trend could adversely affect demand.The Tamil Nadu government on Monday directed the state Pollution Control Board to seal the Vedanta group's copper plant and close it down "permanently" following last week's violent protests during which 13 people were killed in police firing. Vedanta said that it will study the closure order of Sterlite's copper plant in Thoothukudi, Tamil Nadu and then decide on the future course of action. The government order endorsed the Tamil Nadu Pollution Control Board’s directive last week to close the unit citing constitutional provisions to “protect and improve the environment,” and “in larger public interest.”UltraTech appears to have won the race for Binani Cement after lenders, in a marathon, seven-hour meeting on Monday decided to sell the bankrupt cement maker to the country’s biggest cement producer. UltraTech has, however, stipulated a condition. Its offer of ?7,600 crore is conditional upon its proposal receiving approval from the courts. Rival Dalmia Bharat consortium's appeal against eligibility of UltraTech is pending before the Supreme Court. Lenders’ decision to back UltraTech comes after the Supreme Court decided not to stay the insolvency process in response to a plea filed by Dalmia Bharat, though hearings will continue.India said on Monday it abided by sanctions imposed by the United Nations but not those imposed by any other country, such as those announced by the United States against Iran. U.S. President Donald Trump this month withdrew the United States from the Iran nuclear deal and ordered the reimposition of U.S. sanctions suspended under the 2015 accord. Indian foreign minister Sushma Swaraj said New Delhi’s position was independent of any other country.The Delhi government has proposed regulations that would restrict hospitals and nursing homes from marking up prices of several medicines and consumables over 50% from their procurement price in a move to curb alleged profiteering at these establishments. A report by the drug pricing regulator that revealed patients here were paying up to 17 times more than the actual prices of these products. The government has also constituted a separate sub-committee to cap the prices that can be charged by private hospitals for investigations like diagnostic tests. The proposed amendments will come into effect in 30 days after seeking public comments.Bharti Group Chairman Sunil Mittal is looking to pump in $1 billion to fund acquisitions by Sharan Pasricha ’s Ennismore, a developer that owns the Gleneagles resort and Hoxton hotel chain, which is expanding in the U.S. and Europe. Pasricha is Mittal's son-in-law. The injection would come from a Bharti unit that handles Mittal’s family wealth and would help Pasricha acquire and convert properties in trendy urban areas in U.S. and European cities into hotels aimed at appealing to younger travellers.In two separate cases, stakeholders have complained of promoters abusing the Insolvency and Bankruptcy Code (IBC) to regain control of their lost assets even as government is proactively making changes to the law to plug loopholes. While US-based distressed fund Eight Capital has filed its objection in the National Company Law Tribunal against the insolvency proceedings of Delhi-based Tecpro, coaching institute FIITJEE has written to the government making similar allegations against Educomp Solutions Engineering major Larsen & Toubro has written off orders worth Rs 16,000 crore because of stalled projects, laid off staff and cut costs as it missed its revenue guidance in a challenging environment but is optimistic about 2018-19, expecting good business mainly from the government and state firms. Private orders may be muted for two years, but the company expects big projects to be announced by the government ahead of next year’s general elections, and it hopes to be bag significant orders.: The rupee continued its unabated rise for the third-straight day, surging by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries.: Government bonds (G-Secs) gained further following good demand from corporates and banks. The 7.17% G-Secs maturing in 2028 firmed up to Rs 96.18 from Rs 95.82 previously, while, its yield moved down to 7.74% from 7.79%. The 6.68% G-Secs maturing in 2031 surged to Rs 89.75 from Rs 89.31, while, its yield edged down to 7.94% from 8.00%. The 6.84% G-Secs maturing in 2022 went-up to Rs 96.53 from Rs 96.39, while, its yield eased to 7.76% from 7.79%. The 8.20% G-Secs maturing in 2022, the 8.19% G-Secs maturing in 2020 and the 6.79% G-Secs maturing in 2027 were also quoted higher to Rs 101.3950, Rs 101.14 and Rs 93.43 respectively.: The overnight call money rates ruled steady at its previous level of 5.80%, It resumed higher at 6.05% and moved in a range of 6.05% and 5.70%.: The Reserve Bank of India (RBI), under the Liquidity Adjustment Facility (LAF), purchased securities worth Rs 3,858 crore in 6-bids at the overnight repo opertion at a fixed rate of 6.00% as on today, while its sold securities worth Rs 36,808 crore in 82-bids at the 3-days reverse repo auction at a fixed rate of 5.75% as on May 25. Summarise this report in a few sentences.
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the southwest monsoon is set to arrive in Kerala and Tamil Nadu on Tuesday slightly ahead of schedule. prices of petrol and diesel may decline soon after rising relentlessly for 15 days as international fuel rates retreat. prices of packaged snacks, detergents and cooking oils may increase by 4-7% after petrol and diesel prices rose to a record. the Tamil Nadu government on Monday directed the state Pollution Control Board to seal the Vedanta group's copper plant and close it down "permanently"
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "ET Bureau Autocar Show: 2018 Audi RS5 Coupé first drive review The third and final member of Audi's A5 'Brat Pack' is here, and it's the most potent of the lot - the 450hp RS5, and it's available as a sexy coupé. Autocar india's Renuka Kirpalani drives it in everyday traffic and then wrings it out on our favourite driving road to see what it's all about. Watch the video. Here’s a lowdown on top macro triggers that may move market on Tuesday. This report was compiled from agency feeds.Is the wait over? It seems so! The southwest monsoon is set to arrive in Kerala and Tamil Nadu on Tuesday slightly ahead of schedule. The southern part of the country has been receiving good pre-monsoon showers since the past few days, making conditions favourable for onset over the Indian mainland. The India Meteorological Department (IMD) earlier this month said that the monsoon will arrive in Kerala on May 29, three days ahead of its normal arrival date on June 1. According to private weather forecasting agency Skymet, monsoon has already hit Kerala.Petrol and diesel prices may decline soon after rising relentlessly for 15 days as international fuel rates retreat and the rupee strengthens. Crude oil went below $75 a barrel on Monday after touching $80 last week. Prices of petrol and diesel follow the directional trend shown by crude, and are already witnessing a decline in the international market. Oil marketing companies have raised prices of petrol and diesel by Rs 3.64 and Rs 3.24 a litre, respectively, in the last 15 days after keeping a price freeze for about 19 days ahead of Karnataka elections. Meanwhile, prices of daily-use consumer products such as packaged snacks, detergents and cooking oils may increase by 4-7% after petrol and diesel prices rose to a record, companies said, worried that the inflationary trend could adversely affect demand.The Tamil Nadu government on Monday directed the state Pollution Control Board to seal the Vedanta group's copper plant and close it down "permanently" following last week's violent protests during which 13 people were killed in police firing. Vedanta said that it will study the closure order of Sterlite's copper plant in Thoothukudi, Tamil Nadu and then decide on the future course of action. The government order endorsed the Tamil Nadu Pollution Control Board’s directive last week to close the unit citing constitutional provisions to “protect and improve the environment,” and “in larger public interest.”UltraTech appears to have won the race for Binani Cement after lenders, in a marathon, seven-hour meeting on Monday decided to sell the bankrupt cement maker to the country’s biggest cement producer. UltraTech has, however, stipulated a condition. Its offer of ?7,600 crore is conditional upon its proposal receiving approval from the courts. Rival Dalmia Bharat consortium's appeal against eligibility of UltraTech is pending before the Supreme Court. Lenders’ decision to back UltraTech comes after the Supreme Court decided not to stay the insolvency process in response to a plea filed by Dalmia Bharat, though hearings will continue.India said on Monday it abided by sanctions imposed by the United Nations but not those imposed by any other country, such as those announced by the United States against Iran. U.S. President Donald Trump this month withdrew the United States from the Iran nuclear deal and ordered the reimposition of U.S. sanctions suspended under the 2015 accord. Indian foreign minister Sushma Swaraj said New Delhi’s position was independent of any other country.The Delhi government has proposed regulations that would restrict hospitals and nursing homes from marking up prices of several medicines and consumables over 50% from their procurement price in a move to curb alleged profiteering at these establishments. A report by the drug pricing regulator that revealed patients here were paying up to 17 times more than the actual prices of these products. The government has also constituted a separate sub-committee to cap the prices that can be charged by private hospitals for investigations like diagnostic tests. The proposed amendments will come into effect in 30 days after seeking public comments.Bharti Group Chairman Sunil Mittal is looking to pump in $1 billion to fund acquisitions by Sharan Pasricha ’s Ennismore, a developer that owns the Gleneagles resort and Hoxton hotel chain, which is expanding in the U.S. and Europe. Pasricha is Mittal's son-in-law. The injection would come from a Bharti unit that handles Mittal’s family wealth and would help Pasricha acquire and convert properties in trendy urban areas in U.S. and European cities into hotels aimed at appealing to younger travellers.In two separate cases, stakeholders have complained of promoters abusing the Insolvency and Bankruptcy Code (IBC) to regain control of their lost assets even as government is proactively making changes to the law to plug loopholes. While US-based distressed fund Eight Capital has filed its objection in the National Company Law Tribunal against the insolvency proceedings of Delhi-based Tecpro, coaching institute FIITJEE has written to the government making similar allegations against Educomp Solutions Engineering major Larsen & Toubro has written off orders worth Rs 16,000 crore because of stalled projects, laid off staff and cut costs as it missed its revenue guidance in a challenging environment but is optimistic about 2018-19, expecting good business mainly from the government and state firms. Private orders may be muted for two years, but the company expects big projects to be announced by the government ahead of next year’s general elections, and it hopes to be bag significant orders.: The rupee continued its unabated rise for the third-straight day, surging by 35 paise to end at a new two-week high of 67.43 against the US dollar after a surprise crash in crude prices quickly faded near-term trade deficit and inflation worries.: Government bonds (G-Secs) gained further following good demand from corporates and banks. The 7.17% G-Secs maturing in 2028 firmed up to Rs 96.18 from Rs 95.82 previously, while, its yield moved down to 7.74% from 7.79%. The 6.68% G-Secs maturing in 2031 surged to Rs 89.75 from Rs 89.31, while, its yield edged down to 7.94% from 8.00%. The 6.84% G-Secs maturing in 2022 went-up to Rs 96.53 from Rs 96.39, while, its yield eased to 7.76% from 7.79%. The 8.20% G-Secs maturing in 2022, the 8.19% G-Secs maturing in 2020 and the 6.79% G-Secs maturing in 2027 were also quoted higher to Rs 101.3950, Rs 101.14 and Rs 93.43 respectively.: The overnight call money rates ruled steady at its previous level of 5.80%, It resumed higher at 6.05% and moved in a range of 6.05% and 5.70%.: The Reserve Bank of India (RBI), under the Liquidity Adjustment Facility (LAF), purchased securities worth Rs 3,858 crore in 6-bids at the overnight repo opertion at a fixed rate of 6.00% as on today, while its sold securities worth Rs 36,808 crore in 82-bids at the 3-days reverse repo auction at a fixed rate of 5.75% as on May 25. Summarise this report in a few sentences." summarise in a few sentences.
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Amid Boardroom Feuds, Spotlight Falls on Women As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Tesla Ready to Drive in up to $2B, But With Riders US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. Summarise this report in a few sentences.
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women playing key roles in boardroom conflicts, or family disputes. rise in visibility in boardroom conflicts reflecting the number of women in positions. Tesla willing to invest up to $2 billion for setting up a local factory. government approves 15% duty on imported vehicles during first two years of operations. if government approves, Tesla will invest up to $2 billion for setting up local factory.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Amid Boardroom Feuds, Spotlight Falls on Women As more women take up senior leadership roles in India Inc, their visibility in boardroom battles is also rising. In a clear break from the past, women are playing key roles in several ongoing boardroom conflicts, or family disputes that may extend into the boardroom, reflecting the rise in the number of women in positions where they can have their say. Tesla Ready to Drive in up to $2B, But With Riders US electric carmaker Tesla is willing to invest up to $2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India. Summarise this report in a few sentences." summarise in a few sentences.
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Markets regulator SEBI on Thursday eased compliance rules pertaining to 25 percent minimum public shareholding for listed entities in the wake of coronavirus pandemic. The decision has been taken after receiving requests from listed entities and industry bodies as well as considering the prevailing business and market conditions. In a circular, the Securities and Exchange Board of India (SEBI) said it has decided to grant relaxation from applicability of minimum public shareholding (MPS) requirement. Coronavirus India News LIVE Updates The rules have been relaxed for listed entities for whom the deadline to comply with MPS requirements falls between the period from March 1, 2020 to August 31, 2020. 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 Under SEBI norms, listed entities are required to have at least 25 percent public shareholding. Stock exchanges have been asked to not take any penal action against such entities in case of non-compliance during the said period. Penal actions, if any, initiated by exchanges from March 1, 2020 till date for non-compliance of MPS requirements by such listed entities may be withdrawn, the regulator added. As per the norms, exchanges can impose a fine of up to Rs 10,000 on companies for each day of non-compliance with MPS requirements. Besides, exchanges can intimate depositories to freeze the entire shareholding of the promoter and promoter group. This circular shall come into force with immediate effect, the regulator said. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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SEBI eases compliance rules pertaining to 25 percent minimum public shareholding. decision taken after receiving requests from listed entities and industry bodies. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine is a vaccine that uses a combination of viruses.
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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 "Markets regulator SEBI on Thursday eased compliance rules pertaining to 25 percent minimum public shareholding for listed entities in the wake of coronavirus pandemic. The decision has been taken after receiving requests from listed entities and industry bodies as well as considering the prevailing business and market conditions. In a circular, the Securities and Exchange Board of India (SEBI) said it has decided to grant relaxation from applicability of minimum public shareholding (MPS) requirement. Coronavirus India News LIVE Updates The rules have been relaxed for listed entities for whom the deadline to comply with MPS requirements falls between the period from March 1, 2020 to August 31, 2020. 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 Under SEBI norms, listed entities are required to have at least 25 percent public shareholding. Stock exchanges have been asked to not take any penal action against such entities in case of non-compliance during the said period. Penal actions, if any, initiated by exchanges from March 1, 2020 till date for non-compliance of MPS requirements by such listed entities may be withdrawn, the regulator added. As per the norms, exchanges can impose a fine of up to Rs 10,000 on companies for each day of non-compliance with MPS requirements. Besides, exchanges can intimate depositories to freeze the entire shareholding of the promoter and promoter group. This circular shall come into force with immediate effect, the regulator said. 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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While several companies have been concerned about the migrant labour crisis after the mass exodus of daily wage earners from metro cities, they should be more concerned about getting the consumers back, Manish Sabharwal, chairman & co-founder of the staffing and human capital firm Teamlease Services, and Director, RBI Central Board, said at an event organised by The Indian Express. “I don’t think that the binding constraint for employers right now is labour. We can discuss the migrant issue separately, the binding constraint for companies to get back consumers, and the ending of the lockdown,” he said. As coronavirus hit the country, wage earners were forced to migrate to their hometowns in the absence of means to earn and eat. However, the issue of consumer sentiment also looms large as people remain pessimistic about the job situation and the overall economy. In fact, according to several studies, people are going to withhold impulse purchases for months to come. Consumer sentiment in general remains downbeat and has in fact hit six-years low in May 2020, according to latest RBI data. “Consumer perception on the general economic situation, employment scenario and household income plunged deeper into contraction zone; while expectation on general economic situation and employment scenario for the year ahead were also pessimistic,” it said in its latest survey. India was already grappling with economic slowdown even before coronavirus hit Indian shores. Meanwhile, the supply chains will also pose a major problem for companies while they battle various other issues. “In the 12 months after the lockdown is fully lifted — because supply chains and distribution chains don’t follow the red-green zones, they will never be fully back to normal till we have a lift-up of the lockdown,” Manish Sabharwal said. In the meantime, the government may look into removing other structural constraints which are holding India back. Summarise this report in a few sentences.
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consumer sentiment in general remains downbeat and has hit six-years low in May 2020. supply chains will also pose a major problem for companies while they battle other issues. government may look into removing other structural constraints which are holding India back. migrant labour crisis is a major concern for many companies. migrant workers are forced to migrate to their hometowns after coronavirus hit.
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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 "While several companies have been concerned about the migrant labour crisis after the mass exodus of daily wage earners from metro cities, they should be more concerned about getting the consumers back, Manish Sabharwal, chairman & co-founder of the staffing and human capital firm Teamlease Services, and Director, RBI Central Board, said at an event organised by The Indian Express. “I don’t think that the binding constraint for employers right now is labour. We can discuss the migrant issue separately, the binding constraint for companies to get back consumers, and the ending of the lockdown,” he said. As coronavirus hit the country, wage earners were forced to migrate to their hometowns in the absence of means to earn and eat. However, the issue of consumer sentiment also looms large as people remain pessimistic about the job situation and the overall economy. In fact, according to several studies, people are going to withhold impulse purchases for months to come. Consumer sentiment in general remains downbeat and has in fact hit six-years low in May 2020, according to latest RBI data. “Consumer perception on the general economic situation, employment scenario and household income plunged deeper into contraction zone; while expectation on general economic situation and employment scenario for the year ahead were also pessimistic,” it said in its latest survey. India was already grappling with economic slowdown even before coronavirus hit Indian shores. Meanwhile, the supply chains will also pose a major problem for companies while they battle various other issues. “In the 12 months after the lockdown is fully lifted — because supply chains and distribution chains don’t follow the red-green zones, they will never be fully back to normal till we have a lift-up of the lockdown,” Manish Sabharwal said. In the meantime, the government may look into removing other structural constraints which are holding India back. Summarise this report in a few sentences." summarise in a few sentences.
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With the entire country under a social and economic shutdown until April 14, this could be a very trying time for those who survive on daily labour. In absence of reliable data, it may be tough to number them, but not identify those whose livelihood would have been seriously jeopardised because of the lockdown. They include landless agricultural labourers, petty traders, tailors, barbers, construction workers, rickshaw/auto/Ola/ Uber drivers and many others. These workers need government support to survive the crisis. Some of the states have announced various measures, including cash transfer, PDS, food supply, etc. but going by the anecdotal evidence in Delhi and elsewhere and the plight of millions of inter-state migrant workers a lot more needs to be done. But before that here is a back-of-the-envelope estimate of the vulnerable. Also Read: Coronavirus update: Yogi Adityanath announces Rs 1,000 each for 37 lakh labourers Who and how many are vulnerable India's total workforce stood at 465.1 million in 2017-18, as per the Azim Premji University's 2019 study based on the unit-level data that the Periodic Labour Force Survey (PLFS) of 2017-18 provided. According to the ILO statistics (based on Government of India data), the share of agriculture in India's total workforce was 43.9% in 2018. That would be 204 million. The rest are employed in non-agriculture sectors like industry and services. How many are vulnerable in rural India? Of the total agricultural workforce in India, 45.1% are cultivators (farmers with land or self-employed in agriculture) and the rest 54.9% agricultural labour (or landless), as per the Pocket Book of Agricultural Statistics of 2017. This would mean there are 92 million cultivators (45.1% of 204 million), who are better placed and benefit from the PM-Kisan scheme providing Rs 6,000 every year to such families. But the rest 112 million landless agricultural labour are vulnerable. This isn't a harvesting or sowing season, nor is any possibility of the rural employment guarantee scheme (MGNREGS) work coming to their rescue anytime soon. That leaves 261 million of non-agricultural workforce (465 million minus 204 million agricultural workforce). According to the Economic Survey of 2018-19, "almost 93 per cent" of India's total workforce is 'informal'. This would mean there are 242.6 million informal workers in the non-agriculture sectors. These workers can be clubbed into three: (i) self-employed and professionals like doctors, lawyers, chartered accountants etc. (ii) regular wage earners and (iii) daily wage workers. How many self-employed in non-agricultural sectors are vulnerable? The PLFS 2017-18 says 39.2% of urban males and 34.7% of urban females are self-employed. Taking the ratio of male to female employment at 70:30, the self-employed would be 37.7%. This works out to be 91.4 million. The self-employed include both the privileged professionals like doctors, lawyers, chartered accountants and the underprivileged like petty traders, tailors, barbers, construction workers, rickshaw/auto/Ola/Uber drivers and many others. According to PC Mohanan, former chairman of the National Statistical Commission (NSC), one can assume that about 50% of the self-employed are underprivileged and vulnerable. Thus, the self-employed underprivileged in non-agricultural sectors could be 45.7 million. How many are regular wage earners and daily wagers in informal non-agricultural sectors? Deduction of 91.4 million of self-employed from the 242.6 million in the informal non-agricultural sectors would leave 150.6 million of regular wage earners and daily wagers. They are the vulnerable ones. That is because most of the establishments are closed and hence it is more likely that regular wage earners in the MSME sector would have lost their jobs too. This is clear from several newspaper reports in the past few days in which various MSME associations point to a collapse of economic activities and seek government assistance package to ride over the crisis. This crisis may have been aggravated by the coronavirus fear but has been long in the making as the economy went into a tailspin. Taken together, the number of vulnerable workers in India's informal sector would then work out to be 308.3 million (112 million of the landless agricultural labourers, plus 45.7 million underprivileged self-employed in informal non-agricultural sectors, plus 150.6 million regular wage earners and daily wagers in informal non-agricultural sectors). Migrant workers are the 'most vulnerable' These 308.3 million would include about 9 million inter-state migrant workers (calculation of the Economic Survey of 2016-17, based on the Railways' passenger data). Mohanan says they are the most vulnerable of all daily wage workers. Many have gone back to their home states and many others are stranded across the country without work or support. Also Read: Coronavirus: IT industry seeks help for vulnerable sections, deferred loan repayments for affected sectors What central government could do While several state governments like Kerala, Delhi, Odisha, Bihar, Rajasthan and Uttar Pradesh have taken several measures on their own but given their tight fiscal conditions and the magnitude of the problem, the Centre needs to step in. So far the Centre has focused on providing relief to the industry. For the vulnerable population, Finance Minister Nirmala Sitharaman tweeted on March 23 that the central government "has agreed to the Food and Public Distribution Department's proposal that food grain for 3 months can be lifted by states/UTs on credit from FCI". Mohanan suggests two measures for at least next two months: (a) free PDS supply to all who demand it (he says Kerala is giving it free to both BPL and APL families) and (b) targeted cash transfers to wage labourers, particularly the migrants, for their survival as well as boosting demand in the economy. Prof KR Shyam Sundar, labour economist at the Jamshedpur's XLRI, also bats for a temporary direct cash transfer programme for the vulnerable segments of the workforce, in addition to a host of other measures that include food support, safety gears and hardship allowances to those essential services and other social support. Chandan Kumar, trade union leader and a member of the National Minimum Wage Advisory Board of the Government of India, warns that unless PDS supplies are ensured immediately, there could be starvation deaths. He also appeals for at least a month's minimum wage or Rs 10,000 to the poor through their Jan-Dhan accounts. Moreover, he says, it is very important to provide homeless and slum dwellers in urban and peri-urban areas with basic healthcare immediately to prevent a potential disaster that a virus contamination can cause in such areas. Summarise this report in a few sentences.
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a shutdown of the government will last until the end of the month. landless agricultural labourers, petty traders, tailors, barbers, construction workers are among those who are vulnerable. of the total workforce in india, 45.1% are cultivators and the rest 54.9% agricultural labour (or landless). the government is focusing on a plan to help rural workers.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "With the entire country under a social and economic shutdown until April 14, this could be a very trying time for those who survive on daily labour. In absence of reliable data, it may be tough to number them, but not identify those whose livelihood would have been seriously jeopardised because of the lockdown. They include landless agricultural labourers, petty traders, tailors, barbers, construction workers, rickshaw/auto/Ola/ Uber drivers and many others. These workers need government support to survive the crisis. Some of the states have announced various measures, including cash transfer, PDS, food supply, etc. but going by the anecdotal evidence in Delhi and elsewhere and the plight of millions of inter-state migrant workers a lot more needs to be done. But before that here is a back-of-the-envelope estimate of the vulnerable. Also Read: Coronavirus update: Yogi Adityanath announces Rs 1,000 each for 37 lakh labourers Who and how many are vulnerable India's total workforce stood at 465.1 million in 2017-18, as per the Azim Premji University's 2019 study based on the unit-level data that the Periodic Labour Force Survey (PLFS) of 2017-18 provided. According to the ILO statistics (based on Government of India data), the share of agriculture in India's total workforce was 43.9% in 2018. That would be 204 million. The rest are employed in non-agriculture sectors like industry and services. How many are vulnerable in rural India? Of the total agricultural workforce in India, 45.1% are cultivators (farmers with land or self-employed in agriculture) and the rest 54.9% agricultural labour (or landless), as per the Pocket Book of Agricultural Statistics of 2017. This would mean there are 92 million cultivators (45.1% of 204 million), who are better placed and benefit from the PM-Kisan scheme providing Rs 6,000 every year to such families. But the rest 112 million landless agricultural labour are vulnerable. This isn't a harvesting or sowing season, nor is any possibility of the rural employment guarantee scheme (MGNREGS) work coming to their rescue anytime soon. That leaves 261 million of non-agricultural workforce (465 million minus 204 million agricultural workforce). According to the Economic Survey of 2018-19, "almost 93 per cent" of India's total workforce is 'informal'. This would mean there are 242.6 million informal workers in the non-agriculture sectors. These workers can be clubbed into three: (i) self-employed and professionals like doctors, lawyers, chartered accountants etc. (ii) regular wage earners and (iii) daily wage workers. How many self-employed in non-agricultural sectors are vulnerable? The PLFS 2017-18 says 39.2% of urban males and 34.7% of urban females are self-employed. Taking the ratio of male to female employment at 70:30, the self-employed would be 37.7%. This works out to be 91.4 million. The self-employed include both the privileged professionals like doctors, lawyers, chartered accountants and the underprivileged like petty traders, tailors, barbers, construction workers, rickshaw/auto/Ola/Uber drivers and many others. According to PC Mohanan, former chairman of the National Statistical Commission (NSC), one can assume that about 50% of the self-employed are underprivileged and vulnerable. Thus, the self-employed underprivileged in non-agricultural sectors could be 45.7 million. How many are regular wage earners and daily wagers in informal non-agricultural sectors? Deduction of 91.4 million of self-employed from the 242.6 million in the informal non-agricultural sectors would leave 150.6 million of regular wage earners and daily wagers. They are the vulnerable ones. That is because most of the establishments are closed and hence it is more likely that regular wage earners in the MSME sector would have lost their jobs too. This is clear from several newspaper reports in the past few days in which various MSME associations point to a collapse of economic activities and seek government assistance package to ride over the crisis. This crisis may have been aggravated by the coronavirus fear but has been long in the making as the economy went into a tailspin. Taken together, the number of vulnerable workers in India's informal sector would then work out to be 308.3 million (112 million of the landless agricultural labourers, plus 45.7 million underprivileged self-employed in informal non-agricultural sectors, plus 150.6 million regular wage earners and daily wagers in informal non-agricultural sectors). Migrant workers are the 'most vulnerable' These 308.3 million would include about 9 million inter-state migrant workers (calculation of the Economic Survey of 2016-17, based on the Railways' passenger data). Mohanan says they are the most vulnerable of all daily wage workers. Many have gone back to their home states and many others are stranded across the country without work or support. Also Read: Coronavirus: IT industry seeks help for vulnerable sections, deferred loan repayments for affected sectors What central government could do While several state governments like Kerala, Delhi, Odisha, Bihar, Rajasthan and Uttar Pradesh have taken several measures on their own but given their tight fiscal conditions and the magnitude of the problem, the Centre needs to step in. So far the Centre has focused on providing relief to the industry. For the vulnerable population, Finance Minister Nirmala Sitharaman tweeted on March 23 that the central government "has agreed to the Food and Public Distribution Department's proposal that food grain for 3 months can be lifted by states/UTs on credit from FCI". Mohanan suggests two measures for at least next two months: (a) free PDS supply to all who demand it (he says Kerala is giving it free to both BPL and APL families) and (b) targeted cash transfers to wage labourers, particularly the migrants, for their survival as well as boosting demand in the economy. Prof KR Shyam Sundar, labour economist at the Jamshedpur's XLRI, also bats for a temporary direct cash transfer programme for the vulnerable segments of the workforce, in addition to a host of other measures that include food support, safety gears and hardship allowances to those essential services and other social support. Chandan Kumar, trade union leader and a member of the National Minimum Wage Advisory Board of the Government of India, warns that unless PDS supplies are ensured immediately, there could be starvation deaths. He also appeals for at least a month's minimum wage or Rs 10,000 to the poor through their Jan-Dhan accounts. Moreover, he says, it is very important to provide homeless and slum dwellers in urban and peri-urban areas with basic healthcare immediately to prevent a potential disaster that a virus contamination can cause in such areas. 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 × Country’s largest lender State Bank of India has re-launched ‘SBI Insta Saving Bank Account’ an Aadhaar-based instant digital savings account, for customers who would like to open an account online through bank’s integrated banking and lifestyle platform – YONO. This new service aims to provide convenient digital banking services. This new service will offer complete paperless and instant digital savings account opening experience with just PAN and Aadhaar number. The SBI Insta Saving Bank Account holders can have 24x7 banking access. SBI will also issue basic personalized RuPay ATM-cum-debit card to all the new account holders of Insta Saving Bank Account. Coronavirus India News LIVE Updates Customers just need to download YONO app, enter their PAN and Aadhaar details, submit OTP, and fill other relevant details to open the SBI Insta Saving Bank Account. The nomination facility is available for SBI Insta Saving Bank Account holders along with SMS Alerts and SBI Quick Missed call service. Once the process is complete, the account holder will get his/her account activated instantly and can start transacting immediately. Customers will have the flexibility to upgrade to full KYC by visiting their nearest SBI branch within one year’s time. SBI chairman Rajnish Kumar said, “We are glad to re-launch SBI Insta Saving Bank Account. This account has all the features that would provide our potential customers a convenient, hassle-free and paperless banking experience without visiting the bank branch. In this digital age, we constantly aim to offer our customers the best digital banking experience backed up with the technology which would give them access to banking services anytime and anywhere. This product would be beneficial to customers in this prevailing COVID 19 situation, who can open Savings Account at the comfort of their homes, without visiting a Bank Branch”. YONO SBI is to offer its customers a gamut of banking and lifestyle services at their doorsteps with just the click of a button. YONO SBI for the past two years is accepted greatly by the customers. The Platform has now reached global markets with YONO Global in UK & Mauritius. YONO has also crossed the landmark of 51 million downloads and 23 million registered users in a little over two years. It has partnered with more than 100 e-Commerce players across 20 plus categories. SBI through YONO has also come up with various initiatives which include YONO Cash, PAPL, YONO Krishi and the likes, catering to all categories of customers. Follow our full coverage of the coronavirus pandemic here. Summarise this report in a few sentences.
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SBI Insta Saving Bank Account' is an instant digital savings account. the service will offer complete paperless and instant digital savings account opening experience with just PAN and Aadhaar number. customers will have the flexibility to upgrade to full KYC by visiting their nearest SBI branch within one year's time.'sBI Insta Saving Bank Account' is available for customers who would like to open an account online through bank's integrated banking and lifestyle platform - YONO.
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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 × Country’s largest lender State Bank of India has re-launched ‘SBI Insta Saving Bank Account’ an Aadhaar-based instant digital savings account, for customers who would like to open an account online through bank’s integrated banking and lifestyle platform – YONO. This new service aims to provide convenient digital banking services. This new service will offer complete paperless and instant digital savings account opening experience with just PAN and Aadhaar number. The SBI Insta Saving Bank Account holders can have 24x7 banking access. SBI will also issue basic personalized RuPay ATM-cum-debit card to all the new account holders of Insta Saving Bank Account. Coronavirus India News LIVE Updates Customers just need to download YONO app, enter their PAN and Aadhaar details, submit OTP, and fill other relevant details to open the SBI Insta Saving Bank Account. The nomination facility is available for SBI Insta Saving Bank Account holders along with SMS Alerts and SBI Quick Missed call service. Once the process is complete, the account holder will get his/her account activated instantly and can start transacting immediately. Customers will have the flexibility to upgrade to full KYC by visiting their nearest SBI branch within one year’s time. SBI chairman Rajnish Kumar said, “We are glad to re-launch SBI Insta Saving Bank Account. This account has all the features that would provide our potential customers a convenient, hassle-free and paperless banking experience without visiting the bank branch. In this digital age, we constantly aim to offer our customers the best digital banking experience backed up with the technology which would give them access to banking services anytime and anywhere. This product would be beneficial to customers in this prevailing COVID 19 situation, who can open Savings Account at the comfort of their homes, without visiting a Bank Branch”. YONO SBI is to offer its customers a gamut of banking and lifestyle services at their doorsteps with just the click of a button. YONO SBI for the past two years is accepted greatly by the customers. The Platform has now reached global markets with YONO Global in UK & Mauritius. YONO has also crossed the landmark of 51 million downloads and 23 million registered users in a little over two years. It has partnered with more than 100 e-Commerce players across 20 plus categories. SBI through YONO has also come up with various initiatives which include YONO Cash, PAPL, YONO Krishi and the likes, catering to all categories of customers. 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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After over two years of long wait, messaging platform WhatsApp has finally rolled out its UPI-based payments service, WhatsApp Pay, for Indian users. "Starting today, people across India will be able to send money through WhatsApp," the company announced today. WhatsApp said its payments service is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment. The service is available both iPhone and Android apps. With the launch its UPI-based payments service, WhatsApp now joins the list of GooglePay, PhonePe and Paytm. The company said this secure payments experience makes "transferring money just as easy as sending a message". WhatsApp's announcement to start payments service came after it received the go-ahead from the Reserve Bank of India's (RBI) National Payments Corporation of India (NPCI) to offer UPI-based digital payments on Thursday. Also read: NPCI allows WhatsApp to start UPI services with only 5% users The social media giant said people can now safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank. The company had to wait for two years to get the mandatory approval due to data localisation requirements. Facebook founder Mark Zuckerberg, in a video message, said he is glad to support India's digitisation efforts through the UPI platform. "With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. India is the first country to do anything like this. I'm glad we were able to support this effort and work together to help achieve a more digital India," Zuckerberg said. The NPCI, the umbrella organisation for operating retail payments and settlements in India, while taking a cautious approach, has allowed WhatsApp to expand its UPI user base in a graded manner, starting with a maximum registered users of 20 million in UPI. This effectively means that not all WhatsApp users will be able to use payments service in India for now. It can use only 5 per cent of its 400 million users in India for UPI-based payments. The NPCI has not clarified the time period for increasing WhatsApp Pay's user base to higher limits. "In the long run, we believe the combination of WhatsApp and UPI's unique architecture can help local organisations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before," the Facebook-owned company said. WhatsApp said it'll work with five leading banks in India, including ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. How to send money via WhatsApp Summarise this report in a few sentences.
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WhatsApp has rolled out its UPI-based payments service, WhatsApp Pay, for Indian users. the service is available both iPhone and android apps. it is designed with a strong set of security and privacy principles. the company said this secure payments experience makes "transferring money just as easy as sending a message" the company had to wait for two years to get the mandatory approval.
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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 over two years of long wait, messaging platform WhatsApp has finally rolled out its UPI-based payments service, WhatsApp Pay, for Indian users. "Starting today, people across India will be able to send money through WhatsApp," the company announced today. WhatsApp said its payments service is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment. The service is available both iPhone and Android apps. With the launch its UPI-based payments service, WhatsApp now joins the list of GooglePay, PhonePe and Paytm. The company said this secure payments experience makes "transferring money just as easy as sending a message". WhatsApp's announcement to start payments service came after it received the go-ahead from the Reserve Bank of India's (RBI) National Payments Corporation of India (NPCI) to offer UPI-based digital payments on Thursday. Also read: NPCI allows WhatsApp to start UPI services with only 5% users The social media giant said people can now safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank. The company had to wait for two years to get the mandatory approval due to data localisation requirements. Facebook founder Mark Zuckerberg, in a video message, said he is glad to support India's digitisation efforts through the UPI platform. "With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. India is the first country to do anything like this. I'm glad we were able to support this effort and work together to help achieve a more digital India," Zuckerberg said. The NPCI, the umbrella organisation for operating retail payments and settlements in India, while taking a cautious approach, has allowed WhatsApp to expand its UPI user base in a graded manner, starting with a maximum registered users of 20 million in UPI. This effectively means that not all WhatsApp users will be able to use payments service in India for now. It can use only 5 per cent of its 400 million users in India for UPI-based payments. The NPCI has not clarified the time period for increasing WhatsApp Pay's user base to higher limits. "In the long run, we believe the combination of WhatsApp and UPI's unique architecture can help local organisations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before," the Facebook-owned company said. WhatsApp said it'll work with five leading banks in India, including ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. How to send money via WhatsApp Summarise this report in a few sentences." summarise in a few sentences.
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While the first economic package by the government tackled demand concerns, second is expected to fix supply-related issues, said India's Chief Economic Advisor (CEA) KV Subramanian on Thursday. The second stimulus package is likely to be announced anytime soon, Subramanian also said at the India Today E-Conclave Jumpstart India Series. "Firstly, it's a demand side shock because households may not consume discretionary items. People will think twice before buying items like cars. Therefore, there is a demand-side shock in discretionary items," Subramanian said. "Therefore, the government's response is to take care of demand-side needs. First part of the package focused on the vulnerable class. Now the second part is about fixing supply-side issues related to companies," he added. Subramanian said that the government is actively working on providing liquidity support to industry in its second relief package. He had recently cautioned against the demands of a stimulus on similar lines as other nations saying that it would come at a huge cost to the economy. Monetising the fiscal deficit will have an impact on the macro fundamentals and incur significant costs, Subramanian had said. The GDP is likely to see a strong rebound in the second half and grow at 2 per cent for complete FY21, he had also said. In March, India outlined a Rs 1.7 lakh crore economic stimulus plan providing direct cash transfers and food security measures to give relief to millions of poor hit by coronavirus lockdown. Prime Minister Narendra Modi recently held important meetings with key ministers, including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, and top government officials to discuss a second stimulus package for sectors hit by coronavirus lockdown. Also read: Coronavirus lockdown: Aviation industry stares at Rs 25,000 crore revenue loss, says CRISIL Also read: Vizag gas leak: Gas valve malfunction, valve burst triggered accident; 8 dead, 200 hospitalised Summarise this report in a few sentences.
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the second stimulus package is likely to be announced anytime soon, says chief economic advisor. the package addressed demand concerns, but is expected to fix supply-related issues. the government is actively working on providing liquidity support to industry. in march, india outlined a Rs 1.7 lakh crore economic stimulus plan. a similar package was announced in march for sectors hit by coronavirus 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 "While the first economic package by the government tackled demand concerns, second is expected to fix supply-related issues, said India's Chief Economic Advisor (CEA) KV Subramanian on Thursday. The second stimulus package is likely to be announced anytime soon, Subramanian also said at the India Today E-Conclave Jumpstart India Series. "Firstly, it's a demand side shock because households may not consume discretionary items. People will think twice before buying items like cars. Therefore, there is a demand-side shock in discretionary items," Subramanian said. "Therefore, the government's response is to take care of demand-side needs. First part of the package focused on the vulnerable class. Now the second part is about fixing supply-side issues related to companies," he added. Subramanian said that the government is actively working on providing liquidity support to industry in its second relief package. He had recently cautioned against the demands of a stimulus on similar lines as other nations saying that it would come at a huge cost to the economy. Monetising the fiscal deficit will have an impact on the macro fundamentals and incur significant costs, Subramanian had said. The GDP is likely to see a strong rebound in the second half and grow at 2 per cent for complete FY21, he had also said. In March, India outlined a Rs 1.7 lakh crore economic stimulus plan providing direct cash transfers and food security measures to give relief to millions of poor hit by coronavirus lockdown. Prime Minister Narendra Modi recently held important meetings with key ministers, including Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, and top government officials to discuss a second stimulus package for sectors hit by coronavirus lockdown. Also read: Coronavirus lockdown: Aviation industry stares at Rs 25,000 crore revenue loss, says CRISIL Also read: Vizag gas leak: Gas valve malfunction, valve burst triggered accident; 8 dead, 200 hospitalised Summarise this report in a few sentences." summarise in a few sentences.
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Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index ended the session with nearly 2 per cent gains on Wednesday. The 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. While the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. It ended the session at 9,553, up 173 points or 1.84 per cent. As many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent, followed by HCL Tech, M&M, HDFC Bank and State Bank of India (SBI). On the other hand, the pack of laggards was led by Axis Bank, down 3.63 per cent. Asian Paint, Hindustan Unilever (HUL), Titan and IndusInd Bank were among other losers on the Sensex. Barring Nifty FMCG and Nifty Pharma, all the sectoral indices ended the session in positive territory. Nifty Metal index was top sectoral gainer with a growth of 3.74 per cent, led by SAIL, Hindalco Industries and Jindal Steel. Moody’s Investors Service on Tuesday slashed India’s growth forecast to 0.2 per cent for the 2020 calendar year from the earlier projection of 2.5 per cent released in March. Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody’s in its Global Macro Outlook 2020-21 (April 2020 Update) projected that all G-20 advanced economies would contract by 5.8 per cent in 2020. Summarise this report in a few sentences.
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the 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. while the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. as many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index ended the session with nearly 2 per cent gains on Wednesday. The 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. While the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. It ended the session at 9,553, up 173 points or 1.84 per cent. As many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent, followed by HCL Tech, M&M, HDFC Bank and State Bank of India (SBI). On the other hand, the pack of laggards was led by Axis Bank, down 3.63 per cent. Asian Paint, Hindustan Unilever (HUL), Titan and IndusInd Bank were among other losers on the Sensex. Barring Nifty FMCG and Nifty Pharma, all the sectoral indices ended the session in positive territory. Nifty Metal index was top sectoral gainer with a growth of 3.74 per cent, led by SAIL, Hindalco Industries and Jindal Steel. Moody’s Investors Service on Tuesday slashed India’s growth forecast to 0.2 per cent for the 2020 calendar year from the earlier projection of 2.5 per cent released in March. Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody’s in its Global Macro Outlook 2020-21 (April 2020 Update) projected that all G-20 advanced economies would contract by 5.8 per cent in 2020. Summarise this report in a few sentences." summarise in a few sentences.
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The country's leading lender SBI is upgrading its existing work-from-home policy to work-from-anywhere, as it gears up to adjust to the new challenges posed by COVID-19. On the business side, the focus of the bank in the days ahead would be on revisiting risk assessment and business procedures in addition to rapid adoption of digital technology, said State Bank of India's annual report. This fiscal will be challenging as the full impact of the COVID-19 outbreak will be felt in this financial year. However, from the bank's point of view, the true impact COVID pandemic must also consider the behavioral impact on Bank's customers, and composition of portfolio, the report said. "For instance, likely job cuts and salary reductions will have relatively low level of stress on account of higher proportion of Govt/ Quasi Govt sector customers," the report quoted SBI Chairman Rajnish Kumar as saying. As of now, only 21.8 per cent of the customers have availed the benefit of moratorium, it said and added that the bank was able to achieve 98 per cent branch operability as well as 91 per cent alternate channel operability during the period of lockdown. Nevertheless, an elaborate Business Continuity Plan (BCP) is in place to manage disruptions, said SBI. Business continuity hub branches have been identified to cater to customers in case of emergency and BCP sites identified to support essential backend services, it said. "With global acceptability of Work-from-Home (WFH) arrangements, the Bank is in process of upgrading its existing WFH policy to Work from Anywhere (WFA). "Productivity tools and technology are in already place to perform administrative work remotely," Kumar said in the report. Furthermore, WFA reduces commute time that can be utilised for providing better services to customers as well as ensuring better work life balance. "WFA facility has already been rolled out across 19 foreign offices and soon domestic operations will also be covered. This is expected to drive down the operational cost for the Bank, besides ensuring better motivation and productivity for staff members," the lender said. It further said the impact of COVID-19 outbreak on economy and financial markets has been dramatic and severe. However, COVID-19 pandemic has also opened opportunities for the banks. Reordering of global supply chains presents unique opportunity to India to position itself as manufacturing hub to meet global demand. To the extent state governments are able to secure such relocation of businesses from China; banks will see opportunities to expand business, it said. The report emphasised that rapid adoption of digital technology in response to the COVID-19 also augurs well from point of view of the banks as it may accelerate the adoption of digital offerings by the lenders. "In a nutshell, the outlook on Bank's business and the economy will be conditional on time frame by which the virus is completely eliminated, and normalcy restored," SBI said. The recently released fiscal stimulus package, its priorities and funding strategy will decide how banks will respond in the post-COVID scenario. "Bank will also have to revisit its risk management framework, its internal models of risk assessment and capital planning and business procedures to better adapt to new operating environment," the report said. SBI had posted a net profit of Rs 14,488.11 crore for 2019-20, as compared to Rs 862.23 crore in FY2019. Summarise this report in a few sentences.
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the bank is upgrading its work-from-home policy to work-from-anywhere. the bank is gearing up to adapt to the new challenges posed by COVID-19. the full impact of the outbreak will be felt in this fiscal. but the true impact must also consider the behavioral impact on customers. a spokesman for the bank said the bank is preparing to launch a new 'work from anywhere' policy.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The country's leading lender SBI is upgrading its existing work-from-home policy to work-from-anywhere, as it gears up to adjust to the new challenges posed by COVID-19. On the business side, the focus of the bank in the days ahead would be on revisiting risk assessment and business procedures in addition to rapid adoption of digital technology, said State Bank of India's annual report. This fiscal will be challenging as the full impact of the COVID-19 outbreak will be felt in this financial year. However, from the bank's point of view, the true impact COVID pandemic must also consider the behavioral impact on Bank's customers, and composition of portfolio, the report said. "For instance, likely job cuts and salary reductions will have relatively low level of stress on account of higher proportion of Govt/ Quasi Govt sector customers," the report quoted SBI Chairman Rajnish Kumar as saying. As of now, only 21.8 per cent of the customers have availed the benefit of moratorium, it said and added that the bank was able to achieve 98 per cent branch operability as well as 91 per cent alternate channel operability during the period of lockdown. Nevertheless, an elaborate Business Continuity Plan (BCP) is in place to manage disruptions, said SBI. Business continuity hub branches have been identified to cater to customers in case of emergency and BCP sites identified to support essential backend services, it said. "With global acceptability of Work-from-Home (WFH) arrangements, the Bank is in process of upgrading its existing WFH policy to Work from Anywhere (WFA). "Productivity tools and technology are in already place to perform administrative work remotely," Kumar said in the report. Furthermore, WFA reduces commute time that can be utilised for providing better services to customers as well as ensuring better work life balance. "WFA facility has already been rolled out across 19 foreign offices and soon domestic operations will also be covered. This is expected to drive down the operational cost for the Bank, besides ensuring better motivation and productivity for staff members," the lender said. It further said the impact of COVID-19 outbreak on economy and financial markets has been dramatic and severe. However, COVID-19 pandemic has also opened opportunities for the banks. Reordering of global supply chains presents unique opportunity to India to position itself as manufacturing hub to meet global demand. To the extent state governments are able to secure such relocation of businesses from China; banks will see opportunities to expand business, it said. The report emphasised that rapid adoption of digital technology in response to the COVID-19 also augurs well from point of view of the banks as it may accelerate the adoption of digital offerings by the lenders. "In a nutshell, the outlook on Bank's business and the economy will be conditional on time frame by which the virus is completely eliminated, and normalcy restored," SBI said. The recently released fiscal stimulus package, its priorities and funding strategy will decide how banks will respond in the post-COVID scenario. "Bank will also have to revisit its risk management framework, its internal models of risk assessment and capital planning and business procedures to better adapt to new operating environment," the report said. SBI had posted a net profit of Rs 14,488.11 crore for 2019-20, as compared to Rs 862.23 crore in FY2019. Summarise this report in a few sentences." summarise in a few sentences.
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Mirroring the trends in global markets, BSE Sensex and Nifty 50 gained over half a per cent each in Tuesday’s session led by buying in ICICI Bank, HDFC, Reliance Industries and Axis Bank. The 30 share index advanced 187 points or 0.54 per cent to reclaim its crucial 35,000-mark, while the broader Nifty 50 index was up 56 points or 0.54 per cent to rule at 10,368. As many as 25 stocks in the Sensex pack traded in the positive territory with Tata Steel gaining the most, up 4.37 per cent. It was followed by ICICI Bank (up 2.32 per cent). HDFC (up 1.92 per cent), NTPC (up 1.79 per cent), Axis Bank (up 1.54 per cent) and Ultratech Cement (up 1.53 per cent). On the other hand, TCS, Sun Pharma, Infosys, HDFC Bank and HUL were down between 0.14 per cent and 1 per cent. Here’s what analyst has to say: “The markets have made a high of a little above 10400 which is close to the upper range of 10450. We need to get past that level to see a meaningful upside rally. The support continues to be at 10200. Above 10450, we could go up to 10700. Month-end 10400 call options can be considered once we cross 10450 on the spot Nifty,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. Nifty Metal top sectoral gainer: Except for Nifty IT and Nifty Pharma, all the sectoral indices were trading in the positive territory. Nifty Metal was top sectoral gainer, up 2.19 per cent. Similarly, Nifty Bank gained 1.27 per cent. PM Modi address at 4 PM: The government issued the guideline for unlock phase 2 keeping the schools, colleges and coaching institutions closed. Investors will keep tabs on Prime Minister Narendra Modi’s address scheduled at 4 PM today where he is expected to speak on phase 2 of unlock. Also, the fresh guidelines, issued by Union Home Secretary Ajay Bhalla, stated domestic flights and train services would be further expanded in a calibrated manner. Corporate earnings: NBCC, RITES, Shalimar Paints, ONGC, Vodafone Idea, SAIL, Deepak Fertilisers, Godfrey Phillips, ICRA, Mishra Dhatu Nigam, The New India Assurance Company, Bajaj Healthcare, Hindustan Motors, Ircon International and Rajesh Exports are among 596 companies scheduled to announce their March quarter earnings. FII and DII data: On Monday, foreign institutional investors (FIIs) sold shares worth Rs 1,937.06 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,036.13 crore on a net basis, according to the provisional data available on the NSE. Global markets: Asian stock markets were trading higher on Tuesday following gains on Wall Street. US stock indices ended higher in overnight trade on Wall Street as investors hoped for a stimulus-backed economic rebound. The Dow Jones Industrial Average rose 2.32%, the S&P 500 gained 1.47% and the Nasdaq Composite added 1.2%. Summarise this report in a few sentences.
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ICICI Bank, HDFC, Reliance Industries and Axis Bank all gain. broader nifty 50 index is up 56 points or 0.54 per cent to rule at 10,368. nifty metal is top sectoral gainer, up 2.19 per cent. nifty metal was top sectoral gainer, up 2.19 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 "Mirroring the trends in global markets, BSE Sensex and Nifty 50 gained over half a per cent each in Tuesday’s session led by buying in ICICI Bank, HDFC, Reliance Industries and Axis Bank. The 30 share index advanced 187 points or 0.54 per cent to reclaim its crucial 35,000-mark, while the broader Nifty 50 index was up 56 points or 0.54 per cent to rule at 10,368. As many as 25 stocks in the Sensex pack traded in the positive territory with Tata Steel gaining the most, up 4.37 per cent. It was followed by ICICI Bank (up 2.32 per cent). HDFC (up 1.92 per cent), NTPC (up 1.79 per cent), Axis Bank (up 1.54 per cent) and Ultratech Cement (up 1.53 per cent). On the other hand, TCS, Sun Pharma, Infosys, HDFC Bank and HUL were down between 0.14 per cent and 1 per cent. Here’s what analyst has to say: “The markets have made a high of a little above 10400 which is close to the upper range of 10450. We need to get past that level to see a meaningful upside rally. The support continues to be at 10200. Above 10450, we could go up to 10700. Month-end 10400 call options can be considered once we cross 10450 on the spot Nifty,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. Nifty Metal top sectoral gainer: Except for Nifty IT and Nifty Pharma, all the sectoral indices were trading in the positive territory. Nifty Metal was top sectoral gainer, up 2.19 per cent. Similarly, Nifty Bank gained 1.27 per cent. PM Modi address at 4 PM: The government issued the guideline for unlock phase 2 keeping the schools, colleges and coaching institutions closed. Investors will keep tabs on Prime Minister Narendra Modi’s address scheduled at 4 PM today where he is expected to speak on phase 2 of unlock. Also, the fresh guidelines, issued by Union Home Secretary Ajay Bhalla, stated domestic flights and train services would be further expanded in a calibrated manner. Corporate earnings: NBCC, RITES, Shalimar Paints, ONGC, Vodafone Idea, SAIL, Deepak Fertilisers, Godfrey Phillips, ICRA, Mishra Dhatu Nigam, The New India Assurance Company, Bajaj Healthcare, Hindustan Motors, Ircon International and Rajesh Exports are among 596 companies scheduled to announce their March quarter earnings. FII and DII data: On Monday, foreign institutional investors (FIIs) sold shares worth Rs 1,937.06 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,036.13 crore on a net basis, according to the provisional data available on the NSE. Global markets: Asian stock markets were trading higher on Tuesday following gains on Wall Street. US stock indices ended higher in overnight trade on Wall Street as investors hoped for a stimulus-backed economic rebound. The Dow Jones Industrial Average rose 2.32%, the S&P 500 gained 1.47% and the Nasdaq Composite added 1.2%. Summarise this report in a few sentences." summarise in a few sentences.
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By Prashanth Rao In the age of the internet, how do we reach the grassroots? The answer may lie in audio. If we consider the Indian Prime Minister, Narendra Modi’s “Mann Ki Baat” as a podcast, then the listener base stands at 600 million. That being said, it’s still early days for the audiobook and podcast market. The industry is relatively small and is expected to earn less than US$5 billion in revenues globally in 2020, according to Deloitte’s TMT predictions 2020. However, the audiobook and podcast market is expected to grow by 25 to 30 percent compared with the overall media and entertainment industry growth of just 4 percent, globally. So what does the future hold for audiobooks and podcasts, and how will it be realised? Audiobooks are creating a niche of their own in India with launches by established brands, such as Google, Audible, and Storytel, offering more than 300,000 audiobooks/titles as of January 2020. Contrary to the general perception, audiobooks may not be as much competition with physical pages as they are with other digital modes of reading/listening, e.g., e-books. For instance, in the United States, the global audiobook market leader, revenue from printed book sales and audiobooks grew by 2.5 and 34 percent, respectively in 2019. However, e-books’ revenue declined by 4 percent, making the war in the digital arena very evident. Publishers have identified a new target audience—the non-readers—thanks to audiobooks. Globally, publishers have started setting up in-house recording studios to target non-readers and catch them early. Given the long transit times in India, a key source for audiobook consumption growth globally, the segment has great potential for high revenues and opportunities. In addition, the category of children’s audiobooks is also driving up the demand. And, with the advent of smart speakers and streaming-books-on-demand (SBOD), the growth is likely to accelerate in India. Podcasts could be the growth leader among a clutter of streaming and on-demand audio/music services available today. With over 40 million monthly listeners and 60 percent year-on-year growth in 2018, India is among top three podcast listing markets (below China and US). Curation and customisation are key to consumer preferences and that is why radio is still thriving. Podcasts, however, are more difficult to monetise compared to audiobooks generating less than a third of the audiobooks’ revenue globally. This is despite podcasts having more established avenues of revenue generation, viz. advertisements, sponsorships, merchandise, etc., compared to audiobooks, which rely mostly on direct revenue streams, that is, outright purchases and monthly subscriptions. Generating no direct revenue, enterprise podcasts are sometimes perceived as mere organisational expense with no real value add. Instead they should be viewed as vehicles for marketing, brand-building, training, and recruiting. Creating value for enterprises of all stripes, as well as for their customers and current and prospective employees. With 700,000 active podcasts and more than 29 million episodes available for consumption, players are shifting focus from meeting consumer demand to enhancing consumer experience to increase penetration and revenues. A leading player in the market has eliminated the need of an application for android phone users trying to access the content. In addition, they plan to introduce content based search and leverage upon increased interest based selections and not just genre / title / author based search. Companies are striving to deliver best-in-class service to existing enthusiastic customers rather than blindly following ‘the broken window’ theory for customer experience. Investments are made towards improved narrations, enhancing app functionalities and advanced analytics enabled demographics-based customisations. Interestingly, by looking at the recent growth rates and usage patterns, one can infer that podcasts generate demand for audio content and users turn towards audiobooks to fulfil this newfound appetite. Although both podcasts and audiobooks are expected to grow mutually, there appears to be an overlap in the listener base. Studies have shown that listeners preferred podcasts for shorter engagements (less than an hour) and audiobooks for the longer ones (flights, vacation, trips, etc.). While audiobooks publishers have reasons to cheer, podcasts need technology interventions and a leaf from audiobooks’ recording techniques to close the gap. Growing internet and smartphone penetration will act as a catalyst to the overall audio industry and bring about business model innovations even in the traditional mediums such as radio. The author is partner at Deloitte India Read Also: Coronavirus Impact: Why the print industry is headed for a tough time Follow us on Twitter, Instagram, LinkedIn, Facebook Summarise this report in a few sentences.
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the audiobook and podcast market is expected to grow by 25 to 30 percent. publishers have started setting up in-house recording studios to target non-readers. with the advent of smart speakers and streaming-books-on-demand (SBOD), the growth is likely to accelerate in India. the industry is relatively small and is expected to earn less than US$5 billion in revenues globally in 2020.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "By Prashanth Rao In the age of the internet, how do we reach the grassroots? The answer may lie in audio. If we consider the Indian Prime Minister, Narendra Modi’s “Mann Ki Baat” as a podcast, then the listener base stands at 600 million. That being said, it’s still early days for the audiobook and podcast market. The industry is relatively small and is expected to earn less than US$5 billion in revenues globally in 2020, according to Deloitte’s TMT predictions 2020. However, the audiobook and podcast market is expected to grow by 25 to 30 percent compared with the overall media and entertainment industry growth of just 4 percent, globally. So what does the future hold for audiobooks and podcasts, and how will it be realised? Audiobooks are creating a niche of their own in India with launches by established brands, such as Google, Audible, and Storytel, offering more than 300,000 audiobooks/titles as of January 2020. Contrary to the general perception, audiobooks may not be as much competition with physical pages as they are with other digital modes of reading/listening, e.g., e-books. For instance, in the United States, the global audiobook market leader, revenue from printed book sales and audiobooks grew by 2.5 and 34 percent, respectively in 2019. However, e-books’ revenue declined by 4 percent, making the war in the digital arena very evident. Publishers have identified a new target audience—the non-readers—thanks to audiobooks. Globally, publishers have started setting up in-house recording studios to target non-readers and catch them early. Given the long transit times in India, a key source for audiobook consumption growth globally, the segment has great potential for high revenues and opportunities. In addition, the category of children’s audiobooks is also driving up the demand. And, with the advent of smart speakers and streaming-books-on-demand (SBOD), the growth is likely to accelerate in India. Podcasts could be the growth leader among a clutter of streaming and on-demand audio/music services available today. With over 40 million monthly listeners and 60 percent year-on-year growth in 2018, India is among top three podcast listing markets (below China and US). Curation and customisation are key to consumer preferences and that is why radio is still thriving. Podcasts, however, are more difficult to monetise compared to audiobooks generating less than a third of the audiobooks’ revenue globally. This is despite podcasts having more established avenues of revenue generation, viz. advertisements, sponsorships, merchandise, etc., compared to audiobooks, which rely mostly on direct revenue streams, that is, outright purchases and monthly subscriptions. Generating no direct revenue, enterprise podcasts are sometimes perceived as mere organisational expense with no real value add. Instead they should be viewed as vehicles for marketing, brand-building, training, and recruiting. Creating value for enterprises of all stripes, as well as for their customers and current and prospective employees. With 700,000 active podcasts and more than 29 million episodes available for consumption, players are shifting focus from meeting consumer demand to enhancing consumer experience to increase penetration and revenues. A leading player in the market has eliminated the need of an application for android phone users trying to access the content. In addition, they plan to introduce content based search and leverage upon increased interest based selections and not just genre / title / author based search. Companies are striving to deliver best-in-class service to existing enthusiastic customers rather than blindly following ‘the broken window’ theory for customer experience. Investments are made towards improved narrations, enhancing app functionalities and advanced analytics enabled demographics-based customisations. Interestingly, by looking at the recent growth rates and usage patterns, one can infer that podcasts generate demand for audio content and users turn towards audiobooks to fulfil this newfound appetite. Although both podcasts and audiobooks are expected to grow mutually, there appears to be an overlap in the listener base. Studies have shown that listeners preferred podcasts for shorter engagements (less than an hour) and audiobooks for the longer ones (flights, vacation, trips, etc.). While audiobooks publishers have reasons to cheer, podcasts need technology interventions and a leaf from audiobooks’ recording techniques to close the gap. Growing internet and smartphone penetration will act as a catalyst to the overall audio industry and bring about business model innovations even in the traditional mediums such as radio. The author is partner at Deloitte India Read Also: Coronavirus Impact: Why the print industry is headed for a tough time Follow us on Twitter, Instagram, LinkedIn, Facebook Summarise this report in a few sentences." summarise in a few sentences.
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June 22, 2018 / 05:40 PM IST Organization of the Petroleum Exporting Countries (OPEC) ministers have agreed in principle on 1 million barrels per day nominal output increase from July for the group and its allies, Reuters has reported citing sources. The OPEC is meeting in Vienna together with non-OPEC oil producers to discuss output policy. Summarise this report in a few sentences.
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OPEC agrees nominal output increase of 1 million barrels per day. nominal increase will be 1 million barrels per day. OPEC meeting in Vienna to discuss output policy. OPEC and its allies have agreed to 1 million barrels per day increase...........
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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 "June 22, 2018 / 05:40 PM IST Organization of the Petroleum Exporting Countries (OPEC) ministers have agreed in principle on 1 million barrels per day nominal output increase from July for the group and its allies, Reuters has reported citing sources. The OPEC is meeting in Vienna together with non-OPEC oil producers to discuss output policy. Summarise this report in a few sentences." summarise in a few sentences.
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Despite witnessing redemptions of Rs 1.94 lakh from debt-oriented schemes in March, the mutual fund (MF) industry is estimated to have witnessed inflows of Rs 1 lakh crore in April so far. Data from Association of Mutual Fund in India (Amfi) showed that in March, the industry had seen outflows of Rs 2.12 lakh crore — the biggest decline since September 2018. Market participants say typically redemptions from the debt schemes occur at the end of every quarter as institutions such as banks and corporates redeem their investments to pay for quarterly advance taxes. However, this time the outflows were much sharper compared with the previous few quarters due to the overall concern about the novel coronavirus pandemic. “There was a concern that institutional money may not come in a big way in April, but there has been inflows into liquid funds, overnight funds and money market funds in April to the tune of around `1 lakh crore,” the CEO of a leading fund house said. Market participants say in the categories like liquid funds, overnight funds and money market funds, 70% of the investors are institutions such as banks and corporates, around 20% are high networth individuals (HNIs) and remaining 10% are retail investors. In March, among the open-ended debt-oriented schemes, liquid funds saw the highest outflows at Rs 1.10 lakh crore followed by ultra short duration funds and money market funds which saw outflows of Rs 29,052.98 crore and Rs 27,402.30 crore, respectively. “Banks are flush with liquidity and they have continued to invest in debt mutual funds in April, even some corporates have parked their money in liquid and money market schemes in April,” a fund manager said on condition of anonymity. Apart from debt schemes, the MF industry also believes that there may be some slowdown in equity flows as many investors have either stopped their systematic investment plans (SIPs) or have paused their investments into equity funds. In March, equity schemes had seen net inflows of Rs 11,722.74 crore — highest in the current financial year. Even inflows through SIPs stood at Rs 8,641 crore in March 2020. Despite flows continuing through equity funds, in March around 8.49 lakh SIPs were registered in the mutual fund industry-lowest in the last fiscal. At the same time, approximately 6.02 lakh SIPs were discontinued or its tenure got completed. Market participants say that even in April some investors have discontinued their investments in equity funds due to the volatility in the markets. “In April we might see slowing down of inflows through SIPs as many investors have stopped their investments. Even lump-sum investments have completely dried up and we might see lesser flows in equity this month,” said the CEO of a mid-size fund house. Summarise this report in a few sentences.
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in March, the industry had seen outflows of Rs 2.12 lakh crore — the biggest decline since September 2018. in the categories like liquid funds, overnight funds and money market funds, 70% of the investors are institutions such as banks and corporates. in addition to debt schemes, the MF industry believes that there may be some slowdown in equity flows. in march, equity schemes had seen net inflows of Rs 11,722.74 crore — highest in the current 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 "Despite witnessing redemptions of Rs 1.94 lakh from debt-oriented schemes in March, the mutual fund (MF) industry is estimated to have witnessed inflows of Rs 1 lakh crore in April so far. Data from Association of Mutual Fund in India (Amfi) showed that in March, the industry had seen outflows of Rs 2.12 lakh crore — the biggest decline since September 2018. Market participants say typically redemptions from the debt schemes occur at the end of every quarter as institutions such as banks and corporates redeem their investments to pay for quarterly advance taxes. However, this time the outflows were much sharper compared with the previous few quarters due to the overall concern about the novel coronavirus pandemic. “There was a concern that institutional money may not come in a big way in April, but there has been inflows into liquid funds, overnight funds and money market funds in April to the tune of around `1 lakh crore,” the CEO of a leading fund house said. Market participants say in the categories like liquid funds, overnight funds and money market funds, 70% of the investors are institutions such as banks and corporates, around 20% are high networth individuals (HNIs) and remaining 10% are retail investors. In March, among the open-ended debt-oriented schemes, liquid funds saw the highest outflows at Rs 1.10 lakh crore followed by ultra short duration funds and money market funds which saw outflows of Rs 29,052.98 crore and Rs 27,402.30 crore, respectively. “Banks are flush with liquidity and they have continued to invest in debt mutual funds in April, even some corporates have parked their money in liquid and money market schemes in April,” a fund manager said on condition of anonymity. Apart from debt schemes, the MF industry also believes that there may be some slowdown in equity flows as many investors have either stopped their systematic investment plans (SIPs) or have paused their investments into equity funds. In March, equity schemes had seen net inflows of Rs 11,722.74 crore — highest in the current financial year. Even inflows through SIPs stood at Rs 8,641 crore in March 2020. Despite flows continuing through equity funds, in March around 8.49 lakh SIPs were registered in the mutual fund industry-lowest in the last fiscal. At the same time, approximately 6.02 lakh SIPs were discontinued or its tenure got completed. Market participants say that even in April some investors have discontinued their investments in equity funds due to the volatility in the markets. “In April we might see slowing down of inflows through SIPs as many investors have stopped their investments. Even lump-sum investments have completely dried up and we might see lesser flows in equity this month,” said the CEO of a mid-size fund house. Summarise this report in a few sentences." summarise in a few sentences.
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In a first of its kind, a top American industry advocacy group will open its Bihar chapter to become partners in the development and facilitation of investments in the state.The US India Strategic and Partnership Forum (USISPF), whose membership comprises of Fortune 500 companies, announced its decision following a industry roundtable with the visiting Bihar's Deputy Chief Minister Sushil Kumar Modi Modi, along with a high powered state delegation comprising Health Minister Mangal Pandey and other senior officials, is currently on a visit to the US as part of the Bill & Melinda Gates Foundation's funded Bihar Technical Support Program.Hosted by the USISPF, the roundtable on Wednesday was attended by representatives from some of the top American companies like Amazon, FMC and Qualcomm , whose officials expressed their keen interest in becoming a partner in Bihar's developmental journey.The business leaders were apprised of the double-digit growth Bihar has achieved over the last decade and the vast investment opportunity it offers in sectors like agri-technology, food processing, healthcare, pharmaceuticals, energy and skill development among others.Encouraged by the interest of US industries in the state, Gaurav Verma, chief operating officer of USISPF, announced to open a Bihar Chapter under the Strategic Partnership Forum to enable development of partnerships and facilitation of investments in an organised manner."The first of its kind initiative by this American industry advocacy group is aimed at establishing a 'true partnership' between Bihar, which is the fastest growing Indian State and the business and industry leaders in the United States, which is the world's largest economy," Verma said.During the roundtable several business leaders showed interest to invest in Bihar considering wide opportunities.Shawn Whitman from Agri-chem firm FMC (Food Machinery Corporation) expressed interest in exploring investment opportunities in agriculture technology and making Bihar their base for Eastern India, a media release said.Similarly, Ron Somers representing the pharmaceutical innovator Gilead Sciences expressed interest in volunteer licensing to enable availability of top-line drugs for treating illnesses like Hepatitis, HIV and Kala-azar at low and affordable prices.Other business groups expressed interest to invest in the arenas of technology, higher education among others.David Roth from Amazon explained how organised retail is growing in Bihar and hoped to create more jobs by setting up logistics and distribution chains in the state.The delegation from Bihar also had a meeting with World Bank officials in Washington DC, seeking help to address its major socio-economic challenges, in addition to improving its infrastructure. Summarise this report in a few sentences.
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the US India Strategic and Partnership Forum (USISPF) will open its Bihar chapter. the group is aimed at establishing a 'true partnership' between the state and the business leaders in the united states. the group is currently on a visit to the us as part of the bill & melinda gates foundation's funded Bihar Technical Support Program.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "In a first of its kind, a top American industry advocacy group will open its Bihar chapter to become partners in the development and facilitation of investments in the state.The US India Strategic and Partnership Forum (USISPF), whose membership comprises of Fortune 500 companies, announced its decision following a industry roundtable with the visiting Bihar's Deputy Chief Minister Sushil Kumar Modi Modi, along with a high powered state delegation comprising Health Minister Mangal Pandey and other senior officials, is currently on a visit to the US as part of the Bill & Melinda Gates Foundation's funded Bihar Technical Support Program.Hosted by the USISPF, the roundtable on Wednesday was attended by representatives from some of the top American companies like Amazon, FMC and Qualcomm , whose officials expressed their keen interest in becoming a partner in Bihar's developmental journey.The business leaders were apprised of the double-digit growth Bihar has achieved over the last decade and the vast investment opportunity it offers in sectors like agri-technology, food processing, healthcare, pharmaceuticals, energy and skill development among others.Encouraged by the interest of US industries in the state, Gaurav Verma, chief operating officer of USISPF, announced to open a Bihar Chapter under the Strategic Partnership Forum to enable development of partnerships and facilitation of investments in an organised manner."The first of its kind initiative by this American industry advocacy group is aimed at establishing a 'true partnership' between Bihar, which is the fastest growing Indian State and the business and industry leaders in the United States, which is the world's largest economy," Verma said.During the roundtable several business leaders showed interest to invest in Bihar considering wide opportunities.Shawn Whitman from Agri-chem firm FMC (Food Machinery Corporation) expressed interest in exploring investment opportunities in agriculture technology and making Bihar their base for Eastern India, a media release said.Similarly, Ron Somers representing the pharmaceutical innovator Gilead Sciences expressed interest in volunteer licensing to enable availability of top-line drugs for treating illnesses like Hepatitis, HIV and Kala-azar at low and affordable prices.Other business groups expressed interest to invest in the arenas of technology, higher education among others.David Roth from Amazon explained how organised retail is growing in Bihar and hoped to create more jobs by setting up logistics and distribution chains in the state.The delegation from Bihar also had a meeting with World Bank officials in Washington DC, seeking help to address its major socio-economic challenges, in addition to improving its infrastructure. Summarise this report in a few sentences." summarise in a few sentences.
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ARSS Infrastructure Projects | Company received order for execution of work of 4 laning of Itanagar to Banderdewa section of NH-415 on EPC mode in Arunachal Pradesh. India's real estate industry has been trying to get back on its feet ever since the 2016 note ban laid the sector low but 2020 was hardly the year to stand tall. With the pandemic devastating demand in the economy, the industry is now looking to the New Year with the hope of a sharp recovery in sales. Stable property prices, low home loan interest rates, discounts and freebies offered by developers and lower stamp duty rates offered by some states are what the industry hopes will aid in the recovery after housing sales and office space leasing sunk by 40-50 per cent this year. The economy, which witnessed one of the world''s strictest lockdowns that lasted over two months, saw muted demand for housing and office space through September even as the developers quickly adopted digital tools to reach out to prospective buyers. Only in October did the property market start seeing some traction, driven by pent up as well as fresh festive demand that got further consolidated towards trusted developers. Still, data compiled by property consultant Anarock showed that housing sales fell 47 per cent year-on-year to 1.38 lakh units in 2020 across top seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Pune, Chennai and Kolkata. Stamp duty cut by the Maharashtra government provided a big relief to builders and buyers alike, and was instrumental in reviving demand in Mumbai and Pune. Many developers absorbed the balance stamp duty to boost their sales. The pandemic reinforced the importance of home ownership in a world enamoured with the concept of shared economy. On the performance in 2020, realtors'' apex body CREDAI''s Chairman Jaxay Shah said the realty sector in the last few years has "borne the repercussions of fiscal and non-fiscal reforms", be it demonetisation, introduction of GST or RERA. "While the sector was under pressure owing to all the reforms, the COVID-19 pandemic made things worse as the sector is reeling under the worst ever crisis," Shah said. "The real estate sector has been facing headwinds for the past few years. The situation became tougher owing to the COVID-19... uncertainty over jobs and livelihoods robbed the market of its potential buyer-base leading to near-zero demand," CREDAI President Satish Magar said. Post-lockdown, he said sales have improved but are yet to touch pre-COVID levels in most cities. "There are indicators that point towards recovery in the sector, but at a less than desired pace," Magar told PTI. The CREDAI President said the government and the RBI took steps to help the sector but those do not address the prolonged problems as he sought both demand and supply side interventions in the upcoming Budget. To help developers tide over the crisis, the Centre invoked force majeure clause under the Real Estate (Regulation and Development) Act (RERA) to extend the deadline for completion of projects by six to nine months. Interest subsidy for middle-income group was extended till March 2021 while a scheme was launched to provide homes to migrants/ urban poor at an affordable rent. One-time loan restructuring was also allowed. As many central ministers kept advising developers to offload their unsold inventories and not wait for price increases, industry demanded changes in tax rules. Accordingly, Section 43 CA of the Income Tax Act was relaxed to allow primary sale of flats up to Rs 2 crore at a price that can be 20 per cent below the circle rate from the earlier 10 per cent differential. The government-backed Rs 25,000-crore SWAMIH stress fund, launched last year to complete around 4.5 lakh units, has been operationalised and an investment of over Rs 10,000 crore has already been approved but many builders complained about tough eligibility criteria to secure funds. These measures did offer some breathing space to developers but were not enough to trigger a V-shaped recovery in housing market. India''s office market, which has been performing well over the last few years despite overall slowdown in the property market, could not protect itself from the onslaught of COVID-19. Net leasing of offices is estimated to fall at 25-27 million sq ft in 2020 from record 46.5 million sq ft last year, according to JLL India. As companies deferred their decisions on expansion and adopted Work from Home (WFH) policy for employees, the fall in office demand was inevitable. Nevertheless, the office market was full of action and attracted huge investments with developers monetising their commercial portfolio to trim debt. Amid the pandemic, India''s second Real Estate Investment Trust (REIT) -- Mindspace Business Parks REIT -- got listed after a successful public issue of Rs 4,500 crore, signalling that the long-term growth story of office market remains intact. The year saw some big-ticket real estate deals, including RMZ group''s divestment of a large commercial portfolio to Brookfield for around Rs 14,500 crore. Prestige group sold its commercial assets to Blackstone for nearly Rs 10,000 crore. Among other development in the sector, Indiabulls Real Estate and Embassy group decided to merge their projects. The National Company Law Tribunal (NCLT) approved the NBCC''s bid to acquire Jaypee Infratech while the Centre took management control of crisis-hit Unitech, raising hopes of thousands of homebuyers stuck with stalled projects. Among all segments, retail real estate was the worst hit as shopping mall owners had to suffer huge losses due to rental waivers to retailers and low footfall. Co-working and co-living operators were severely impacted too. "The present is challenging, and times are tough but the best for the Indian real estate sector is not far away," Shah said. The misery of 2020 notwithstanding, the industry is looking to the New Year with hope. Summarise this report in a few sentences.
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india's real estate industry is hoping to recover after housing sales fell by 47% this year. the pandemic triggered a massive drop in demand in the economy. the industry is hoping for a sharp recovery in sales in 2020. the pandemic reinforced the importance of home ownership in a world enamoured with the concept of shared 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 "ARSS Infrastructure Projects | Company received order for execution of work of 4 laning of Itanagar to Banderdewa section of NH-415 on EPC mode in Arunachal Pradesh. India's real estate industry has been trying to get back on its feet ever since the 2016 note ban laid the sector low but 2020 was hardly the year to stand tall. With the pandemic devastating demand in the economy, the industry is now looking to the New Year with the hope of a sharp recovery in sales. Stable property prices, low home loan interest rates, discounts and freebies offered by developers and lower stamp duty rates offered by some states are what the industry hopes will aid in the recovery after housing sales and office space leasing sunk by 40-50 per cent this year. The economy, which witnessed one of the world''s strictest lockdowns that lasted over two months, saw muted demand for housing and office space through September even as the developers quickly adopted digital tools to reach out to prospective buyers. Only in October did the property market start seeing some traction, driven by pent up as well as fresh festive demand that got further consolidated towards trusted developers. Still, data compiled by property consultant Anarock showed that housing sales fell 47 per cent year-on-year to 1.38 lakh units in 2020 across top seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Pune, Chennai and Kolkata. Stamp duty cut by the Maharashtra government provided a big relief to builders and buyers alike, and was instrumental in reviving demand in Mumbai and Pune. Many developers absorbed the balance stamp duty to boost their sales. The pandemic reinforced the importance of home ownership in a world enamoured with the concept of shared economy. On the performance in 2020, realtors'' apex body CREDAI''s Chairman Jaxay Shah said the realty sector in the last few years has "borne the repercussions of fiscal and non-fiscal reforms", be it demonetisation, introduction of GST or RERA. "While the sector was under pressure owing to all the reforms, the COVID-19 pandemic made things worse as the sector is reeling under the worst ever crisis," Shah said. "The real estate sector has been facing headwinds for the past few years. The situation became tougher owing to the COVID-19... uncertainty over jobs and livelihoods robbed the market of its potential buyer-base leading to near-zero demand," CREDAI President Satish Magar said. Post-lockdown, he said sales have improved but are yet to touch pre-COVID levels in most cities. "There are indicators that point towards recovery in the sector, but at a less than desired pace," Magar told PTI. The CREDAI President said the government and the RBI took steps to help the sector but those do not address the prolonged problems as he sought both demand and supply side interventions in the upcoming Budget. To help developers tide over the crisis, the Centre invoked force majeure clause under the Real Estate (Regulation and Development) Act (RERA) to extend the deadline for completion of projects by six to nine months. Interest subsidy for middle-income group was extended till March 2021 while a scheme was launched to provide homes to migrants/ urban poor at an affordable rent. One-time loan restructuring was also allowed. As many central ministers kept advising developers to offload their unsold inventories and not wait for price increases, industry demanded changes in tax rules. Accordingly, Section 43 CA of the Income Tax Act was relaxed to allow primary sale of flats up to Rs 2 crore at a price that can be 20 per cent below the circle rate from the earlier 10 per cent differential. The government-backed Rs 25,000-crore SWAMIH stress fund, launched last year to complete around 4.5 lakh units, has been operationalised and an investment of over Rs 10,000 crore has already been approved but many builders complained about tough eligibility criteria to secure funds. These measures did offer some breathing space to developers but were not enough to trigger a V-shaped recovery in housing market. India''s office market, which has been performing well over the last few years despite overall slowdown in the property market, could not protect itself from the onslaught of COVID-19. Net leasing of offices is estimated to fall at 25-27 million sq ft in 2020 from record 46.5 million sq ft last year, according to JLL India. As companies deferred their decisions on expansion and adopted Work from Home (WFH) policy for employees, the fall in office demand was inevitable. Nevertheless, the office market was full of action and attracted huge investments with developers monetising their commercial portfolio to trim debt. Amid the pandemic, India''s second Real Estate Investment Trust (REIT) -- Mindspace Business Parks REIT -- got listed after a successful public issue of Rs 4,500 crore, signalling that the long-term growth story of office market remains intact. The year saw some big-ticket real estate deals, including RMZ group''s divestment of a large commercial portfolio to Brookfield for around Rs 14,500 crore. Prestige group sold its commercial assets to Blackstone for nearly Rs 10,000 crore. Among other development in the sector, Indiabulls Real Estate and Embassy group decided to merge their projects. The National Company Law Tribunal (NCLT) approved the NBCC''s bid to acquire Jaypee Infratech while the Centre took management control of crisis-hit Unitech, raising hopes of thousands of homebuyers stuck with stalled projects. Among all segments, retail real estate was the worst hit as shopping mall owners had to suffer huge losses due to rental waivers to retailers and low footfall. Co-working and co-living operators were severely impacted too. "The present is challenging, and times are tough but the best for the Indian real estate sector is not far away," Shah said. The misery of 2020 notwithstanding, the industry is looking to the New Year with hope. Summarise this report in a few sentences." summarise in a few sentences.
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The Maharashtra Cabinet on Wednesday approved its ‘Mumbai 24 hours’ policy allowing malls, multiplexes and shops to remain open round-the-clock in the city from January 27. Noting that London’s ‘night economy’ was five billion pounds, state Tourism Minister Aaditya Thackeray told reporters here after the Cabinet meeting that the government’s decision could help generate more revenue and jobs, in addition to the existing five lakh people working in the service sector. He also said keeping shops, malls and eateries open in the night was not mandatory. “Only those who feel they can do good business can keep their establishments open throughout the night,” he said. In the first phase, shops, eateries and theatres in malls and mill compounds situated in non-residential areas will be allowed to remain open. “In the Bandra-Kurla Complex and Nariman Point near NCPA, a lane will be opened for food trucks. Food inspectors will keep a watch on them. If rules on solid waste management, decibel limits and law and order are violated, there is provision of lifetime ban,” the Shiv Sena leader said. He said the police force will not be under stress because after 1.30 am, their job till now was to check if shops and establishments were shut down. “But, now they will be able to focus on law and order only,” said the minister, who is son of Chief Minister Uddhav Thackeray. He also said that while taking the decision, Excise rules have not been touched and pubs and bars will close as usual at 1.30am. “People can eat food, shop and watch movies even during the night,” he said. He said Mumbai is a “24×7 functional city”. “There are people who work in night shifts. There are tourists, too, in transit. Where do they go if they are hungry after 10 pm?” he asked. Thackeray also said there are provisions for security and CCTVs in malls and mill compounds and they have all the licenses. If these establishments need additional police security, they will have to pay for it, he added. Asked about criticism from the BJP over this move, the minister said the Maharashtra Vikas Aghadi government was working to fulfil people’s aspirations. “The BJP is against the youth, seeing the way they are handling students,” he said, referring to the recent violence in Delhi’s JNU and Jamia Millia Islamia. Summarise this report in a few sentences.
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the decision was approved by the cabinet on Wednesday. it will allow malls, multiplexes and shops to remain open round-the-clock. the move comes after a report by the nspcc found that the night economy in the capital is five billion pounds. the tourism minister said the decision could help generate more revenue and jobs. he said keeping shops, malls and eateries open in the night was not mandatory.
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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 Maharashtra Cabinet on Wednesday approved its ‘Mumbai 24 hours’ policy allowing malls, multiplexes and shops to remain open round-the-clock in the city from January 27. Noting that London’s ‘night economy’ was five billion pounds, state Tourism Minister Aaditya Thackeray told reporters here after the Cabinet meeting that the government’s decision could help generate more revenue and jobs, in addition to the existing five lakh people working in the service sector. He also said keeping shops, malls and eateries open in the night was not mandatory. “Only those who feel they can do good business can keep their establishments open throughout the night,” he said. In the first phase, shops, eateries and theatres in malls and mill compounds situated in non-residential areas will be allowed to remain open. “In the Bandra-Kurla Complex and Nariman Point near NCPA, a lane will be opened for food trucks. Food inspectors will keep a watch on them. If rules on solid waste management, decibel limits and law and order are violated, there is provision of lifetime ban,” the Shiv Sena leader said. He said the police force will not be under stress because after 1.30 am, their job till now was to check if shops and establishments were shut down. “But, now they will be able to focus on law and order only,” said the minister, who is son of Chief Minister Uddhav Thackeray. He also said that while taking the decision, Excise rules have not been touched and pubs and bars will close as usual at 1.30am. “People can eat food, shop and watch movies even during the night,” he said. He said Mumbai is a “24×7 functional city”. “There are people who work in night shifts. There are tourists, too, in transit. Where do they go if they are hungry after 10 pm?” he asked. Thackeray also said there are provisions for security and CCTVs in malls and mill compounds and they have all the licenses. If these establishments need additional police security, they will have to pay for it, he added. Asked about criticism from the BJP over this move, the minister said the Maharashtra Vikas Aghadi government was working to fulfil people’s aspirations. “The BJP is against the youth, seeing the way they are handling students,” he said, referring to the recent violence in Delhi’s JNU and Jamia Millia Islamia. Summarise this report in a few sentences." summarise in a few sentences.
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Foreign Institutional Investors invested heavily in the Indian markets in November 2020. With five more days to go in the month, FII investors have bought equities worth Rs 53,167 crore so far in November, which is the highest monthly investment received in history. While the total FII so far in the month stands at Rs 58,082 crore, the highest share is received by equities. On 24 November, the net investment in Indian equities was Rs 4,889.55 crore, according to the National Securities and Depository Limited (NSDL). Total FII inflow in the month of October was Rs 21,826 crore. What led to heavy FII inflow? “There are several factors that are driving this flight of capital to India. India is projected to be one of the few heavyweight economies that will quickly overcome the pandemic’s adverse effects. Besides China, India is the only economy that is largely expected to show GDP growth in the next year, which sends a bull signal for Indian equities,” Utkarsh Sinha, Managing Director, Bexley Advisors, a boutique investment bank firm, told Financial Express Online. The end of the Trump era in the US signals a shift away from the far-right economic policies of the last administration, which will shake up some of the capital that was tied in long term US equities and see it being allocated elsewhere, Sinha added. India is a key destination for such capital, not just for its return potential, but also due to its socio-political stability and the maturity of its capital markets, he further said. Also Read: Economic revival mostly due to pent up demand, base effect; unlikely to sustain after festivals Meanwhile, FIIs in India got severely affected in the month of March 2020, when the governmnet had announced a strict nationwide lockdown to arrest the spread of the coronavirus pandemic. The foreign institutional investors had pulled out a record Rs 1.18 lakh crore in only one month of March. Further, the investors remained net sellers in April and May as well, however, the intensity of withdrawal decreased. Summarise this report in a few sentences.
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foreign institutional investors bought equities worth Rs 53,167 crore in November. the highest monthly investment received in history is received by equities. the end of the Trump era in the us signals a shift away from the far-right economic policies of the last administration. the investors pulled out a record Rs 1.18 lakh crore in only one month of march.
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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 "Foreign Institutional Investors invested heavily in the Indian markets in November 2020. With five more days to go in the month, FII investors have bought equities worth Rs 53,167 crore so far in November, which is the highest monthly investment received in history. While the total FII so far in the month stands at Rs 58,082 crore, the highest share is received by equities. On 24 November, the net investment in Indian equities was Rs 4,889.55 crore, according to the National Securities and Depository Limited (NSDL). Total FII inflow in the month of October was Rs 21,826 crore. What led to heavy FII inflow? “There are several factors that are driving this flight of capital to India. India is projected to be one of the few heavyweight economies that will quickly overcome the pandemic’s adverse effects. Besides China, India is the only economy that is largely expected to show GDP growth in the next year, which sends a bull signal for Indian equities,” Utkarsh Sinha, Managing Director, Bexley Advisors, a boutique investment bank firm, told Financial Express Online. The end of the Trump era in the US signals a shift away from the far-right economic policies of the last administration, which will shake up some of the capital that was tied in long term US equities and see it being allocated elsewhere, Sinha added. India is a key destination for such capital, not just for its return potential, but also due to its socio-political stability and the maturity of its capital markets, he further said. Also Read: Economic revival mostly due to pent up demand, base effect; unlikely to sustain after festivals Meanwhile, FIIs in India got severely affected in the month of March 2020, when the governmnet had announced a strict nationwide lockdown to arrest the spread of the coronavirus pandemic. The foreign institutional investors had pulled out a record Rs 1.18 lakh crore in only one month of March. Further, the investors remained net sellers in April and May as well, however, the intensity of withdrawal decreased. Summarise this report in a few sentences." summarise in a few sentences.
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NEW DELHI: Domestic equity markets are likely to open in the green on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and global cues.ET Now spoke to various experts and here's what they have to recommend for today's trade: Ashok Leyland is a 'Buy' call with a target price of Rs 140 and a stop loss of Rs 128. Ambuja Cements is a 'Sell' call with a target price of Rs 235 and a stop loss of Rs 255. ICICI Prudential Life Insurance is a 'Buy' call with a target price of Rs 440 and a stop loss of Rs 410. Kaveri Seed Company is a 'Buy' call with a target price of Rs 486 and a stop loss of Rs 454. Jet Airways (India) is a 'Buy' call with a target price of Rs 755 and a stop loss of Rs 730. Apollo Tyres is a 'Buy' call with a target price of Rs 267 and a stop loss of Rs 255.(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.) Summarise this report in a few sentences.
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domestic equity markets are likely to open in the green on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and global cues.ET Now spoke to various experts and here's what they have to recommend for today's trade. Ashok Leyland is a 'Buy' call with a target price of Rs 140 and a stop loss of Rs 128.
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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 are likely to open in the green on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and global cues.ET Now spoke to various experts and here's what they have to recommend for today's trade: Ashok Leyland is a 'Buy' call with a target price of Rs 140 and a stop loss of Rs 128. Ambuja Cements is a 'Sell' call with a target price of Rs 235 and a stop loss of Rs 255. ICICI Prudential Life Insurance is a 'Buy' call with a target price of Rs 440 and a stop loss of Rs 410. Kaveri Seed Company is a 'Buy' call with a target price of Rs 486 and a stop loss of Rs 454. Jet Airways (India) is a 'Buy' call with a target price of Rs 755 and a stop loss of Rs 730. Apollo Tyres is a 'Buy' call with a target price of Rs 267 and a stop loss of Rs 255.(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.) Summarise this report in a few sentences." summarise in a few sentences.
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Mumbai: Reliance Industries raised over Rs 10,000 crore in a bond issue on Tuesday selling notes with tenors of about three years, taking the total funds garnered in FY21 through bonds in excess of Rs 21,500 crore. These funds would help India’s most valued company reduce its borrowing costs.Mutual funds and banks — Aditya Birla, ICICI Pru, HDFC MF, Nippon Life India, and HDFC Bank — are said to have subscribed to these shorter-duration bonds, three market sources told ET. Individual investors could not be contacted immediately.Reliance did not reply to ET’s mailed query.“The company finds it an opportunity to extend maturities by refinancing existing debt at a cheaper cost,” said one of the persons cited above.The HDFC Group including two entities could well be the largest subscriber collectively. RIL sold bonds in three series. While the company issued threeyear-and-four-month papers at 7.05 per cent raising Rs 4,235 crore, it mopped up Rs 5,000 crore offering 6.95 per cent with nearly three-year maturity.The oil-to-retail conglomerate raised Rs 825 crore fetching the same rate and three-year maturity.Rating firm Crisil rated RIL bonds triple-A with stable outlook.About three weeks ago, Reliance Industries had raised Rs 8,500 crore with three-year maturity, ET reported on April 17. Later, it sold five-year bonds collecting Rs 2,795 crore.Chairman Mukesh Ambani had promised shareholders in August 2019 that RIL would be a “zero-net-debt company” in 18 months, and this non-convertible debentures issue is a part of a broader strategy to either stretch leverage maturity or reduce net debt.RIL’s decision to sell minority stakes in each of its three major business segments — oil to chemicals, Jio Platforms and retail — will help reduce debt, drive growth, and improve financial flexibility, Crisil said in a note on May 7.The conglomerate is also in the process of raising up to $1.5 billion overseas loan from a group of 10-15 foreign banks, ET reported on May 11.Bond traders find funding costs obtained by Reliance Industries as reasonably cheaper, reflecting the cut in borrowing costs due to emergency action by the Reserve Bank of India on March 27 to cope with the effects of the Covid-19 pandemic.Shares of Reliance Industries have risen 67.42 per cent since March 23, when India’s equity markets sank to a record. The benchmark Sensex, in comparison, has risen 20.75 per cent since then. Summarise this report in a few sentences.
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the funds would help India's most valued company reduce its borrowing costs. the company sold bonds in three series. it raised Rs 5,000 crore offering 6.95 per cent with nearly three-year maturity. the oil-to-retail conglomerate raised Rs 825 crore fetching the same rate and three-year maturity. the company is also in the process of raising up to $1.5 billion overseas loan from a group of 10-15 foreign banks.
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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: Reliance Industries raised over Rs 10,000 crore in a bond issue on Tuesday selling notes with tenors of about three years, taking the total funds garnered in FY21 through bonds in excess of Rs 21,500 crore. These funds would help India’s most valued company reduce its borrowing costs.Mutual funds and banks — Aditya Birla, ICICI Pru, HDFC MF, Nippon Life India, and HDFC Bank — are said to have subscribed to these shorter-duration bonds, three market sources told ET. Individual investors could not be contacted immediately.Reliance did not reply to ET’s mailed query.“The company finds it an opportunity to extend maturities by refinancing existing debt at a cheaper cost,” said one of the persons cited above.The HDFC Group including two entities could well be the largest subscriber collectively. RIL sold bonds in three series. While the company issued threeyear-and-four-month papers at 7.05 per cent raising Rs 4,235 crore, it mopped up Rs 5,000 crore offering 6.95 per cent with nearly three-year maturity.The oil-to-retail conglomerate raised Rs 825 crore fetching the same rate and three-year maturity.Rating firm Crisil rated RIL bonds triple-A with stable outlook.About three weeks ago, Reliance Industries had raised Rs 8,500 crore with three-year maturity, ET reported on April 17. Later, it sold five-year bonds collecting Rs 2,795 crore.Chairman Mukesh Ambani had promised shareholders in August 2019 that RIL would be a “zero-net-debt company” in 18 months, and this non-convertible debentures issue is a part of a broader strategy to either stretch leverage maturity or reduce net debt.RIL’s decision to sell minority stakes in each of its three major business segments — oil to chemicals, Jio Platforms and retail — will help reduce debt, drive growth, and improve financial flexibility, Crisil said in a note on May 7.The conglomerate is also in the process of raising up to $1.5 billion overseas loan from a group of 10-15 foreign banks, ET reported on May 11.Bond traders find funding costs obtained by Reliance Industries as reasonably cheaper, reflecting the cut in borrowing costs due to emergency action by the Reserve Bank of India on March 27 to cope with the effects of the Covid-19 pandemic.Shares of Reliance Industries have risen 67.42 per cent since March 23, when India’s equity markets sank to a record. The benchmark Sensex, in comparison, has risen 20.75 per cent since then. Summarise this report in a few sentences." summarise in a few sentences.
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National Skill Development Corporation and professional network LinkedIn on Tuesday said they have joined hands to provide access to free LinkedIn Learning resources for imparting digital skills to youth for enhancing employability. Under the partnership, 10 free LinkedIn Learning paths, consisting of 140 courses for a range of in-demand tech jobs, will be made available for free on eSkill India digital platform until March 31, 2021. LinkedIn will also provide periodic labour market insights based on its economic graph of more than 69 million members in India. This will include in-demand skills, emerging jobs, and global hiring rates to NSDC to better understand the skilling ecosystem. According to LinkedIn data, Indian professionals with digital skills were 20 per cent more in demand than professionals without digital skills in 2020. LinkedIn is the world's largest online professional network. "With this in mind, the LinkedIn and NSDC collaboration aims to enable a future-ready digital workforce by providing access to free learning resources aligned with 10 in-demand jobs in today's digital economy", National Skill Development Corporation (NSDC) stated. The 10 free LinkedIn Learning paths will help India's youth develop the skills needed for those jobs, it added. Each learning path includes video content designed to help job-seekers develop core digital skills needed for an in-demand tech role, covering a range of skills from entry-level digital literacy to advanced product-based skills. Given the need for adaptable and transferable skills in the current times, LinkedIn is also making available for free, three additional soft skills learning paths on the eskill India portal, the statement said. “NSDC is facilitating online acquisition of skills through new-age platforms to create a technically competitive workforce. Our collaboration with LinkedIn reflects our commitment to advance digital competencies and skills of young professionals," NSDC CEO & MD Manish Kumar said. Ashutosh Gupta, India Country Manager, LinkedIn, said upskilling will prove to be a crucial factor on India's path to economic recovery. "By making digital reskilling resources more accessible, we hope to level the playing field so that everyone has an opportunity to not just get back into the workforce, but to also reskill and obtain meaningful work," he added. Summarise this report in a few sentences.
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10 free LinkedIn Learning paths will be made available for free until 2021. each learning path includes video content for job-seekers developing skills. NSDC: "our collaboration with LinkedIn reflects our commitment to advance digital competencies" LinkedIn: "we hope to level the playing field so that everyone has an opportunity to reskill and obtain meaningful work". a spokesman for the NSDC says the partnership is a "very positive step"
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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 "National Skill Development Corporation and professional network LinkedIn on Tuesday said they have joined hands to provide access to free LinkedIn Learning resources for imparting digital skills to youth for enhancing employability. Under the partnership, 10 free LinkedIn Learning paths, consisting of 140 courses for a range of in-demand tech jobs, will be made available for free on eSkill India digital platform until March 31, 2021. LinkedIn will also provide periodic labour market insights based on its economic graph of more than 69 million members in India. This will include in-demand skills, emerging jobs, and global hiring rates to NSDC to better understand the skilling ecosystem. According to LinkedIn data, Indian professionals with digital skills were 20 per cent more in demand than professionals without digital skills in 2020. LinkedIn is the world's largest online professional network. "With this in mind, the LinkedIn and NSDC collaboration aims to enable a future-ready digital workforce by providing access to free learning resources aligned with 10 in-demand jobs in today's digital economy", National Skill Development Corporation (NSDC) stated. The 10 free LinkedIn Learning paths will help India's youth develop the skills needed for those jobs, it added. Each learning path includes video content designed to help job-seekers develop core digital skills needed for an in-demand tech role, covering a range of skills from entry-level digital literacy to advanced product-based skills. Given the need for adaptable and transferable skills in the current times, LinkedIn is also making available for free, three additional soft skills learning paths on the eskill India portal, the statement said. “NSDC is facilitating online acquisition of skills through new-age platforms to create a technically competitive workforce. Our collaboration with LinkedIn reflects our commitment to advance digital competencies and skills of young professionals," NSDC CEO & MD Manish Kumar said. Ashutosh Gupta, India Country Manager, LinkedIn, said upskilling will prove to be a crucial factor on India's path to economic recovery. "By making digital reskilling resources more accessible, we hope to level the playing field so that everyone has an opportunity to not just get back into the workforce, but to also reskill and obtain meaningful work," he added. Summarise this report in a few sentences." summarise in a few sentences.
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In many countries in the world, marijuana has been legalised—indeed, there are entirely new industries in health and wellness being built around CBD as also THC (which is the “drug” aspect of marijuana). In India, however, we have the foolish situation of the CBI spending substantial precious resources unnecessarily arresting two young men for possession of “non-commercial amounts” of marijuana. This is completely ass-backwards. And it is particularly nuts because, for most of recorded time, India was the most liberal country on earth from the point of view of use of mind-altering substances. I (foolishly) never indulged when I was growing up, but after a year or so in college in the US, I quickly developed a taste for the “high” life. Visiting Bombay in the last 1970s, I remember strolling out towards Haji Ali dargah to buy some charas, which I smoked leaning against the wall of a police chowki. And, when I returned to India in 1985, I was directed to Mumbadevi, where I spent many hours over multiple evenings (and some afternoons) sharing chillums with the “support staff” of the mandir. Smoking charas or ganja was normal—daily life for a lot of people. It was not even seen as getting high. At Mumbadevi in the evenings, there would be a steady stream of labourers who would walk up to the adda, buy a ball of bhang for one rupee and pop it into their mouth on the way home from a hard day. I was high much of the time during my first five years back in Bombay, all while I was building my FX advisory business. Despite—or, perhaps, because of—my state of mind, I usually had a very clear view on where the rupee was going; and, judging from how well the business grew, I was obviously right, or reasonably right, most of the time. I have stopped smoking the stuff for the past 25 years or so, and the only time I do indulge these days is at Holi, when Indians are supposed to drink bhang. I used to buy bhang golis at Mumbadevi, blend them at home with store-bought thandai, and as the song goes—Holi hai! But, of course, never leave good enough alone. Some years into the game—it must have been 1995 or 1996—I took my then 15-year old son with me so he, too, could learn some nuances of our culture, but found, to my horror, that the police had clamped down and even my friends at the mandir—for God’s sake—were not allowed to sell, or even keep, bhang. I couldn’t believe it—we had to settle for some commercial cigarette-wallah stuff, which worked, of course, but didn’t have that transcendent kick. So much for celebrating traditional Indian culture! Which brings me back to the mundane reality of the politically-driven bickering over the tragic death of a young actor which reflects the wider, more horrifying tragedy our country is facing. Seasoned analyst after seasoned analyst have raised multiple and serious alarms about the economy, and how—even after a near 25% shrinkage in the April-June quarter—the worst is yet to come, certainly in terms of peoples’ welfare and business performance. The shocking part is that the powers-that-be seem to be oblivious—it is almost as if the government genuinely believes that things are not that bad and are, of course, getting better. It is hard to tell whether it is just deaf, dumb and blind, or just heartless. Its echo chamber seems to be completely sealed off from the reality that people live in. To be sure, this has been the government’s modus operandi since the beginning—we know what we are doing, and we will build a $ 5 trillion economy by 2024; demonetisation was actually a huge success; GST has changed the face of India and the Centre’s relationship with the States (we just need a few more tweaks); and the coronavirus—our plan is working. We only have over 90,000 new cases a day, which, in a country with a population as large as ours, is not bad—the US with a population just 25% of ours has 50% as many cases per day. China, with a population about as big as ours, has 20 new cases a day—but China is China, you can’t trust their numbers and we will take care of them on our borders and in the global markets—just wait and watch. It seems that the government must be smoking some very high-quality mind-altering stuff. I wonder where I could get some—it may help me rediscover how to forecast markets. The author is CEO, Mecklai Financial. Views are personal Summarise this report in a few sentences.
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samantha khan: in many countries, marijuana has been legalised. khan: in india, two young men arrested for possession of "non-commercial amounts" khan: for most of recorded time, India was most liberal country on earth. she says khan: khan: if we want to stop the 'drug' trend, we need to stop the 'drug' trend.
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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 many countries in the world, marijuana has been legalised—indeed, there are entirely new industries in health and wellness being built around CBD as also THC (which is the “drug” aspect of marijuana). In India, however, we have the foolish situation of the CBI spending substantial precious resources unnecessarily arresting two young men for possession of “non-commercial amounts” of marijuana. This is completely ass-backwards. And it is particularly nuts because, for most of recorded time, India was the most liberal country on earth from the point of view of use of mind-altering substances. I (foolishly) never indulged when I was growing up, but after a year or so in college in the US, I quickly developed a taste for the “high” life. Visiting Bombay in the last 1970s, I remember strolling out towards Haji Ali dargah to buy some charas, which I smoked leaning against the wall of a police chowki. And, when I returned to India in 1985, I was directed to Mumbadevi, where I spent many hours over multiple evenings (and some afternoons) sharing chillums with the “support staff” of the mandir. Smoking charas or ganja was normal—daily life for a lot of people. It was not even seen as getting high. At Mumbadevi in the evenings, there would be a steady stream of labourers who would walk up to the adda, buy a ball of bhang for one rupee and pop it into their mouth on the way home from a hard day. I was high much of the time during my first five years back in Bombay, all while I was building my FX advisory business. Despite—or, perhaps, because of—my state of mind, I usually had a very clear view on where the rupee was going; and, judging from how well the business grew, I was obviously right, or reasonably right, most of the time. I have stopped smoking the stuff for the past 25 years or so, and the only time I do indulge these days is at Holi, when Indians are supposed to drink bhang. I used to buy bhang golis at Mumbadevi, blend them at home with store-bought thandai, and as the song goes—Holi hai! But, of course, never leave good enough alone. Some years into the game—it must have been 1995 or 1996—I took my then 15-year old son with me so he, too, could learn some nuances of our culture, but found, to my horror, that the police had clamped down and even my friends at the mandir—for God’s sake—were not allowed to sell, or even keep, bhang. I couldn’t believe it—we had to settle for some commercial cigarette-wallah stuff, which worked, of course, but didn’t have that transcendent kick. So much for celebrating traditional Indian culture! Which brings me back to the mundane reality of the politically-driven bickering over the tragic death of a young actor which reflects the wider, more horrifying tragedy our country is facing. Seasoned analyst after seasoned analyst have raised multiple and serious alarms about the economy, and how—even after a near 25% shrinkage in the April-June quarter—the worst is yet to come, certainly in terms of peoples’ welfare and business performance. The shocking part is that the powers-that-be seem to be oblivious—it is almost as if the government genuinely believes that things are not that bad and are, of course, getting better. It is hard to tell whether it is just deaf, dumb and blind, or just heartless. Its echo chamber seems to be completely sealed off from the reality that people live in. To be sure, this has been the government’s modus operandi since the beginning—we know what we are doing, and we will build a $ 5 trillion economy by 2024; demonetisation was actually a huge success; GST has changed the face of India and the Centre’s relationship with the States (we just need a few more tweaks); and the coronavirus—our plan is working. We only have over 90,000 new cases a day, which, in a country with a population as large as ours, is not bad—the US with a population just 25% of ours has 50% as many cases per day. China, with a population about as big as ours, has 20 new cases a day—but China is China, you can’t trust their numbers and we will take care of them on our borders and in the global markets—just wait and watch. It seems that the government must be smoking some very high-quality mind-altering stuff. I wonder where I could get some—it may help me rediscover how to forecast markets. The author is CEO, Mecklai Financial. Views are personal Summarise this report in a few sentences." summarise in a few sentences.
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Moneycontrol Contributor Dev Ashish “I have no retirement savings. But now I think I should do something before its too late. But how and where exactly do I begin?” I am sure many of you would relate to this situation. Those of you in your 20s might feel its too early while those in 40s might feel it’s already late. But to be honest, both aren’t quite right. I will talk about this a little later in this article. But if you don’t have any retirement savings and wish to begin now, then what exactly should you do? The very first thing to consider as part of your retirement savings is the EPF (Employee’s Provident Fund). This is the mandatory savings that (thankfully) happens even before you get your salary. And that is exactly why it works so well - money is deducted automatically even before it reaches you, thereby eliminating the need to take savings decisions every month. And the best part is that the employer also matches your contributions. So for example - if your monthly EPF contribution is Rs 5000, then most probably the employer will also contribute an additional Rs 5000. This doubling up of EPF contributions help bulk up the saving. Fix this thought in your mind that EPF is only there for your retirement and nothing else. Make sure you don’t touch it even when you have the option of using it when switching jobs. EPF can be the core of your retirement savings for time being. But what after the mandatory EPF contributions? If you are a conservative investor, then consider making extra contributions via VPF to your existing PF corpus. And if your employer doesn’t offer EPF or if you are self-employed, then PPF can be the first thing that you should start with. Both EPF (+VPF) and PPF are a good starting point and take care of retirement savings to some extent. But the returns generated aren’t enough to beat inflation. So what else can be considered? Equity is known to deliver inflation-beating returns in the long run. So apart from your PF savings, start investing in equity mutual funds to further bulk up your retirement savings. A combination of EPF (PPF) + SIP in Equity funds should do the trick if you are beginning to save for your retirement. How much in debt and how much in equity is a question of asset allocation. A good investment advisor can help you take that call wisely. But if you are on your own, then keep it simple: > Conservative - More in EPF (+VPF and PPF) and less in Equity Funds > Balanced - Equally in EPF (+VPF and PPF) and Equity Funds> Aggressive - More in Equity Funds and the minimum mandatory amounts in EPF. Note: Some pointers on how to go about picking your mutual funds can be found here and here. Also, ensure that you increase the investment amount every year in line with salary hikes. This is as simple as it gets. Now allow me to come back to the point I made earlier. People in 20s might feel its too early while those in 40s might feel it’s already late. As I said, both aren’t quite right. Those advocates of early saving (me included) will tell you that if you start early, the power of compounding works in your favor and helps reach a big corpus by saving small amounts. And rightly so. This realization in itself results in many people having this guilt of not starting early enough. But let me tell you something - it’s not too late to start even if you aren’t very early. How? Read on. Suppose you wish to create a retirement corpus of Rs 6 crore by the age of 60. If you begin now aged 30, then you need about Rs 18-20,000 per month for the next 30 years. But if you wait 10 years and begin at age 40, then you need to save Rs 62-65,000 per month for the next 20 years. It is easy to see that you need to save less if you start early. Unfortunately, most people realize this late in life. But fortunately, their income too would have increased by then. So their ability to invest higher amounts later on in life also increases. So what is lost by not starting early, can to some extent be made up by investing more later. This isn’t exactly advisable but it isn’t that bad if you still haven’t started. But you shouldn’t delay it any longer! Starting early works very well as you have more time to build the corpus, that too with small savings. So your future ability to save more later, shouldn’t be the excuse of not starting early if you can. Summarise this report in a few sentences.
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if you don't have any retirement savings, then what exactly should you do? the very first thing to consider as part of your retirement savings is the EPF (Employee’s Provident Fund) this is the mandatory savings that happens even before you get your salary. if your monthly EPF contribution is Rs 5000, then most likely the employer will also contribute an additional Rs 5000.
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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 "Moneycontrol Contributor Dev Ashish “I have no retirement savings. But now I think I should do something before its too late. But how and where exactly do I begin?” I am sure many of you would relate to this situation. Those of you in your 20s might feel its too early while those in 40s might feel it’s already late. But to be honest, both aren’t quite right. I will talk about this a little later in this article. But if you don’t have any retirement savings and wish to begin now, then what exactly should you do? The very first thing to consider as part of your retirement savings is the EPF (Employee’s Provident Fund). This is the mandatory savings that (thankfully) happens even before you get your salary. And that is exactly why it works so well - money is deducted automatically even before it reaches you, thereby eliminating the need to take savings decisions every month. And the best part is that the employer also matches your contributions. So for example - if your monthly EPF contribution is Rs 5000, then most probably the employer will also contribute an additional Rs 5000. This doubling up of EPF contributions help bulk up the saving. Fix this thought in your mind that EPF is only there for your retirement and nothing else. Make sure you don’t touch it even when you have the option of using it when switching jobs. EPF can be the core of your retirement savings for time being. But what after the mandatory EPF contributions? If you are a conservative investor, then consider making extra contributions via VPF to your existing PF corpus. And if your employer doesn’t offer EPF or if you are self-employed, then PPF can be the first thing that you should start with. Both EPF (+VPF) and PPF are a good starting point and take care of retirement savings to some extent. But the returns generated aren’t enough to beat inflation. So what else can be considered? Equity is known to deliver inflation-beating returns in the long run. So apart from your PF savings, start investing in equity mutual funds to further bulk up your retirement savings. A combination of EPF (PPF) + SIP in Equity funds should do the trick if you are beginning to save for your retirement. How much in debt and how much in equity is a question of asset allocation. A good investment advisor can help you take that call wisely. But if you are on your own, then keep it simple: > Conservative - More in EPF (+VPF and PPF) and less in Equity Funds > Balanced - Equally in EPF (+VPF and PPF) and Equity Funds> Aggressive - More in Equity Funds and the minimum mandatory amounts in EPF. Note: Some pointers on how to go about picking your mutual funds can be found here and here. Also, ensure that you increase the investment amount every year in line with salary hikes. This is as simple as it gets. Now allow me to come back to the point I made earlier. People in 20s might feel its too early while those in 40s might feel it’s already late. As I said, both aren’t quite right. Those advocates of early saving (me included) will tell you that if you start early, the power of compounding works in your favor and helps reach a big corpus by saving small amounts. And rightly so. This realization in itself results in many people having this guilt of not starting early enough. But let me tell you something - it’s not too late to start even if you aren’t very early. How? Read on. Suppose you wish to create a retirement corpus of Rs 6 crore by the age of 60. If you begin now aged 30, then you need about Rs 18-20,000 per month for the next 30 years. But if you wait 10 years and begin at age 40, then you need to save Rs 62-65,000 per month for the next 20 years. It is easy to see that you need to save less if you start early. Unfortunately, most people realize this late in life. But fortunately, their income too would have increased by then. So their ability to invest higher amounts later on in life also increases. So what is lost by not starting early, can to some extent be made up by investing more later. This isn’t exactly advisable but it isn’t that bad if you still haven’t started. But you shouldn’t delay it any longer! Starting early works very well as you have more time to build the corpus, that too with small savings. So your future ability to save more later, shouldn’t be the excuse of not starting early if you can. Summarise this report in a few sentences." summarise in a few sentences.
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Tearing into the Congress and other opposition parties, Finance Minister Arun Jaitley on Saturday called the proposed grand alliance an anarchic combination, the likes of which were “tried, tested and failed” in India. Speaking at the Hindustan Times Leadership Summit here, the Minister said the experiment of grand alliances leads to instability where policy gets killed and the longevity of the government is reduced to a few months. He also attacked Congress President Rahul Gandhi on the non-performing assets (NPA) issue saying he needed to “grow up” and understand the issue before indulging in a public debate. Jaitley said there had been a lot of talk of a grand alliance in the last few months. “Grand alliances in India are tried, tested and failed ideas. It’s an experiment where policy gets killed and the longevity of the government is of a few months,” he said. The senior Bharatiya Janata Party (BJP) leader added that he was not against coalitions, but the nucleus of the alliance must be “very large” with smaller groups aligned around them, like in the case of former Prime Minister Atal Bihari Vajpayee who had 183 MPs supporting him in the BJP and the incumbent Narendra Modi who had the support of 282 MPs. “You can’t have the nucleus of a handful of people. Because that’s, per se, is an unstable nucleus. You can’t have an alliance with some political parties whose leaders are temperamentally mavericks, some whose interests are purely regional — give my state some extra money — and others who only want some criminal cases to be closed. “So if you get together this kind of a crowd, then 2019 will be choice between a stable government with a coherent policy and a strong leader versus a completely anarchic combination,” Jaitley said. He added that India could not afford to miss another opportunity to grow at a fast pace like it did multiple times in history. “We missed the industrial revolutions when the world progressed. And even in the 60s and the 70s, when we had the opportunity to open up, we were still a regulated economy. So when China started growing, we missed that opportunity,” he said. “History does not visit you again and again with opportunities. For the first time it’s visiting you with an opportunity where India is consistently growing fast notwithstanding global slowdown and various factors,” he added. He said this was a time when India needed coherence in governance and policy and could not afford to go for “an anarchic kind of a combination”. “And I think aspirational societies never commit suicides. So I am very clear what will happen in 2019,” the Minister said. Responding to Rahul Gandhi’s statement that the NPA crisis got worse after the BJP took over the reins of the government in 2014, Jaitley said Gandhi did not have a fair understanding of the issue. “Some people need to grow up and understand the issue. A debate on the NPA issue has to be a grown-up debate. It can’t be that you, on the surface, realise a slogan without understanding the issue,” he said. Jaitley said that for the Congress President, NPA was the same thing as a waiver of loans. He said the genesis of the NPA problem was the indiscriminate lending by banks during the UPA era, followed by the evergreening of loans thereafter. He said the actual NPAs were over Rs 8.5 lakh crore when the BJP came to power as against Rs 2.5 lakh crore which were reflected in the books. He said the rest of the NPAs were brushed under the carpet and were exposed after he, along with the then RBI Governor, decided to do an asset quality review of the banks. “You gave these fraudulent loans that we are struggling to bring them in by legislating… And that’s why I say a debate has to be an informed debate. You need to grow up if you are debating on public issues and understand the issue beyond just the slogan,” he said. Summarise this report in a few sentences.
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finance minister says grand alliances lead to instability where policy gets killed. he attacks Congress president on the non-performing assets issue. he says he needs to "grow up" and understand the issue before indulging in a public debate. he says india can't afford to miss another opportunity to grow at a fast pace. he says he is not against coalitions but against smaller groups aligned around them.
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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 "Tearing into the Congress and other opposition parties, Finance Minister Arun Jaitley on Saturday called the proposed grand alliance an anarchic combination, the likes of which were “tried, tested and failed” in India. Speaking at the Hindustan Times Leadership Summit here, the Minister said the experiment of grand alliances leads to instability where policy gets killed and the longevity of the government is reduced to a few months. He also attacked Congress President Rahul Gandhi on the non-performing assets (NPA) issue saying he needed to “grow up” and understand the issue before indulging in a public debate. Jaitley said there had been a lot of talk of a grand alliance in the last few months. “Grand alliances in India are tried, tested and failed ideas. It’s an experiment where policy gets killed and the longevity of the government is of a few months,” he said. The senior Bharatiya Janata Party (BJP) leader added that he was not against coalitions, but the nucleus of the alliance must be “very large” with smaller groups aligned around them, like in the case of former Prime Minister Atal Bihari Vajpayee who had 183 MPs supporting him in the BJP and the incumbent Narendra Modi who had the support of 282 MPs. “You can’t have the nucleus of a handful of people. Because that’s, per se, is an unstable nucleus. You can’t have an alliance with some political parties whose leaders are temperamentally mavericks, some whose interests are purely regional — give my state some extra money — and others who only want some criminal cases to be closed. “So if you get together this kind of a crowd, then 2019 will be choice between a stable government with a coherent policy and a strong leader versus a completely anarchic combination,” Jaitley said. He added that India could not afford to miss another opportunity to grow at a fast pace like it did multiple times in history. “We missed the industrial revolutions when the world progressed. And even in the 60s and the 70s, when we had the opportunity to open up, we were still a regulated economy. So when China started growing, we missed that opportunity,” he said. “History does not visit you again and again with opportunities. For the first time it’s visiting you with an opportunity where India is consistently growing fast notwithstanding global slowdown and various factors,” he added. He said this was a time when India needed coherence in governance and policy and could not afford to go for “an anarchic kind of a combination”. “And I think aspirational societies never commit suicides. So I am very clear what will happen in 2019,” the Minister said. Responding to Rahul Gandhi’s statement that the NPA crisis got worse after the BJP took over the reins of the government in 2014, Jaitley said Gandhi did not have a fair understanding of the issue. “Some people need to grow up and understand the issue. A debate on the NPA issue has to be a grown-up debate. It can’t be that you, on the surface, realise a slogan without understanding the issue,” he said. Jaitley said that for the Congress President, NPA was the same thing as a waiver of loans. He said the genesis of the NPA problem was the indiscriminate lending by banks during the UPA era, followed by the evergreening of loans thereafter. He said the actual NPAs were over Rs 8.5 lakh crore when the BJP came to power as against Rs 2.5 lakh crore which were reflected in the books. He said the rest of the NPAs were brushed under the carpet and were exposed after he, along with the then RBI Governor, decided to do an asset quality review of the banks. “You gave these fraudulent loans that we are struggling to bring them in by legislating… And that’s why I say a debate has to be an informed debate. You need to grow up if you are debating on public issues and understand the issue beyond just the slogan,” he said. Summarise this report in a few sentences." summarise in a few sentences.
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Representative Image Having raised nearly Rs 34,000 crore from the debt market and the National Housing Bank (NHB) in the past two months, housing finance companies (HFCs) are comfortably placed to meet their debt obligations despite lower collections, according to a report. The total maturing debt of HFCs for 2020-21 is estimated to be Rs 2.9-3.2 lakh crore, of which Rs 1.4 lakh crore is accounted for by debt markets, rating agency ICRA said in the report. "As HFCs raised approximately Rs 34,000 crore through debt market route and from NHB during April and May 2020, it is expected that most of the HFCs will maintain an adequate liquidity profile for meeting their debt obligations even with lower collection levels (50-80 per cent ) in the portfolio," ICRA Vice-President (Financial Sector Ratings) Supreeta Nijjar said in the report. The findings are based on the analysis of the rating agency-rated HFCs accounting for around 90 per cent of the sectoral asset under management (AUM). The findings have indicated that HFCs weighted average on balance sheet cash and liquid investments stood at about seven per cent of the AUM as on March 31, 2020, and at 12 per cent, including the sanctioned funding lines. The available liquidity is sufficient and could typically cover about two months of debt repayments (excluding securitisation and direct assignment outflows) of most HFCs, while access to the sanctioned funding lines could enhance the cover to three months (assuming no additional collections from advances), Nijjar said. Around 31 per cent of the HFCs' portfolio was under moratorium for two-three months as on April 30, 2020. Further, most of the HFCs have not applied for a moratorium from their lenders. "While the HFCs in the affordable housing segment have a higher share of portfolio under moratorium owing to the relatively marginal borrower profile, which may have been impacted more during the lockdown, they are carrying adequate liquidity to service their debt obligations till August 2020," she said. The rating agency expects the inflows from advances not under moratorium to likely support the liquidity profile of HFCs. However, the Reserve Bank of India's extension of the moratorium till August 31 could lead to an increase in the share of portfolio under moratorium, thereby reducing the liquidity cover, it said. Summarise this report in a few sentences.
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housing finance companies (HFCs) comfortably placed to meet debt obligations. report: debt markets account for Rs 2.9-3.2 lakh crore for 2020-21. around 31 per cent of the HFCs' portfolio was under moratorium for two-three months. most of the HFCs have not applied for a moratorium from their lenders. a spokesman for the sri lanka-based rating agency said the report was a "very positive"
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Representative Image Having raised nearly Rs 34,000 crore from the debt market and the National Housing Bank (NHB) in the past two months, housing finance companies (HFCs) are comfortably placed to meet their debt obligations despite lower collections, according to a report. The total maturing debt of HFCs for 2020-21 is estimated to be Rs 2.9-3.2 lakh crore, of which Rs 1.4 lakh crore is accounted for by debt markets, rating agency ICRA said in the report. "As HFCs raised approximately Rs 34,000 crore through debt market route and from NHB during April and May 2020, it is expected that most of the HFCs will maintain an adequate liquidity profile for meeting their debt obligations even with lower collection levels (50-80 per cent ) in the portfolio," ICRA Vice-President (Financial Sector Ratings) Supreeta Nijjar said in the report. The findings are based on the analysis of the rating agency-rated HFCs accounting for around 90 per cent of the sectoral asset under management (AUM). The findings have indicated that HFCs weighted average on balance sheet cash and liquid investments stood at about seven per cent of the AUM as on March 31, 2020, and at 12 per cent, including the sanctioned funding lines. The available liquidity is sufficient and could typically cover about two months of debt repayments (excluding securitisation and direct assignment outflows) of most HFCs, while access to the sanctioned funding lines could enhance the cover to three months (assuming no additional collections from advances), Nijjar said. Around 31 per cent of the HFCs' portfolio was under moratorium for two-three months as on April 30, 2020. Further, most of the HFCs have not applied for a moratorium from their lenders. "While the HFCs in the affordable housing segment have a higher share of portfolio under moratorium owing to the relatively marginal borrower profile, which may have been impacted more during the lockdown, they are carrying adequate liquidity to service their debt obligations till August 2020," she said. The rating agency expects the inflows from advances not under moratorium to likely support the liquidity profile of HFCs. However, the Reserve Bank of India's extension of the moratorium till August 31 could lead to an increase in the share of portfolio under moratorium, thereby reducing the liquidity cover, it said. Summarise this report in a few sentences." summarise in a few sentences.
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Gujarat Co-operative Milk Marketing Federation (GCMMF), which owns the iconic Amul brand of milk and dairy products, will have to pay Rs 2 as TDS for every Rs 100 worth of cash payments it will make to new dairy farmers joining its network on request of Gujarat and Maharashtra governments. Amul has been asked to procure milk from these non-members by state governments of Gujarat and Maharashtra after their normal supply sources - local dairy firms and sweet shops - either shut down during the lockdown or failed to procure enough quantities. While all of Amul's regular suppliers are paid via electronic, cashless transfers, the new farmers require payments in cash. Amul's cash withdrawal from banks to pay these farmers incurs a 2 per cent TDS. As a result, every Rs 100 worth of milk procured in cash is costing Amul Rs 102. "Payment for non-members is by way of cash, and that is a problem. If you withdraw more than Rs 1 crore, there is a 2 per cent TDS that you need to pay. We are requesting the government to keep this limit in abeyance for the lockdown period because we do not have bank facilities everywhere, and our staff is limited," R S Sodhi, managing director of Amul says. Thousands of new diary farmers, who have temporarily joined its supply ecosystem during the ongoing lockdown Due to lockdown-linked restrictions, GCMMF is finding it difficult to get non-members on e-payment platforms and, thus, looking to reimburse them in cash. None of these farmers, who require cash payments, are the members of milk cooperatives from whom GCMMF sources milk on a normal business day. Amul is procuring 35 lakh litres of milk from farmers every day during the lockdown period. The direct payouts to farmers due to the additional milk procurement itself could amount to Rs 600 crore for the last 40 days, Sodhi says. In Union Budget 2019-20, the government announced levying 2 per cent TDS on cash withdrawals above Rs 1 crore. This was done in a bid to discourage cash transactions and move towards cash-less economy. The change came into force in September 2019. Also Read: Coronavirus lockdown 3.0: India sees biggest jump with 3,900 new cases, 195 deaths in 24 hours Also Read: Indian retail sector lost Rs 5.5 lakh crore in 40 days of lockdown: CAIT Also Read: IPO not necessary, Jio Platforms eyes Rs 1.4 lakh crore strategic investment Summarise this report in a few sentences.
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every Rs 100 worth of milk procured in cash is costing Amul Rs 102. the new farmers are members of milk cooperatives from whom they source milk. the government has asked the association to procure milk from non-members. the move comes after local dairy firms and sweet shops shut down during the lockdown. the government has announced a 2% TDS on cash withdrawals above Rs 1 crore.
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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 "Gujarat Co-operative Milk Marketing Federation (GCMMF), which owns the iconic Amul brand of milk and dairy products, will have to pay Rs 2 as TDS for every Rs 100 worth of cash payments it will make to new dairy farmers joining its network on request of Gujarat and Maharashtra governments. Amul has been asked to procure milk from these non-members by state governments of Gujarat and Maharashtra after their normal supply sources - local dairy firms and sweet shops - either shut down during the lockdown or failed to procure enough quantities. While all of Amul's regular suppliers are paid via electronic, cashless transfers, the new farmers require payments in cash. Amul's cash withdrawal from banks to pay these farmers incurs a 2 per cent TDS. As a result, every Rs 100 worth of milk procured in cash is costing Amul Rs 102. "Payment for non-members is by way of cash, and that is a problem. If you withdraw more than Rs 1 crore, there is a 2 per cent TDS that you need to pay. We are requesting the government to keep this limit in abeyance for the lockdown period because we do not have bank facilities everywhere, and our staff is limited," R S Sodhi, managing director of Amul says. Thousands of new diary farmers, who have temporarily joined its supply ecosystem during the ongoing lockdown Due to lockdown-linked restrictions, GCMMF is finding it difficult to get non-members on e-payment platforms and, thus, looking to reimburse them in cash. None of these farmers, who require cash payments, are the members of milk cooperatives from whom GCMMF sources milk on a normal business day. Amul is procuring 35 lakh litres of milk from farmers every day during the lockdown period. The direct payouts to farmers due to the additional milk procurement itself could amount to Rs 600 crore for the last 40 days, Sodhi says. In Union Budget 2019-20, the government announced levying 2 per cent TDS on cash withdrawals above Rs 1 crore. This was done in a bid to discourage cash transactions and move towards cash-less economy. The change came into force in September 2019. Also Read: Coronavirus lockdown 3.0: India sees biggest jump with 3,900 new cases, 195 deaths in 24 hours Also Read: Indian retail sector lost Rs 5.5 lakh crore in 40 days of lockdown: CAIT Also Read: IPO not necessary, Jio Platforms eyes Rs 1.4 lakh crore strategic investment Summarise this report in a few sentences." summarise in a few sentences.
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The Reserve Bank has initiated steps to set up a wide-based digital Public Credit Registry (PCR) to capture details of all borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies. The PCR will also include data from entities like market regulator Sebi, the corporate affairs ministry, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI) to enable the banks and financial institutions to get 360 degree profile of existing and prospective borrowers on a real-time basis.The Reserve Bank has invited expression of interest (EOI) for developing the registry from companies with a turnover of over Rs 100 crore in the last three years.In June this year, the RBI had announced to set up a PCR for India with a view to address information asymmetry, foster access to credit and strengthen the credit culture in the economy.Earlier, a high-level task force (HTF) was constituted by the RBI to review the current availability of information on credit, the adequacy of the existing information utilities, and identify gaps that could be filled by a PCR."In essence, PCR will be a digital registry of authenticated granular credit information and will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem," the EOI document said.The PCR would be the single point of mandatory reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of borrower.Currently, there are multiple granular credit information repositories in India, with each having somewhat distinct objectives and coverage.Within the RBI, CRILC is a borrower level supervisory dataset with a threshold in aggregate exposure of Rs 5 crore.Also there are four privately owned credit information companies (CICs) operating in India. The RBI has mandated all its regulated entities to submit credit information individually to all four CICs.As per the EOI, the proposed solution should allow easy integration with ancillory information sources, like the Ministry of Corporate Affairs, Sebi, GSTN, CERSAI, utility billers, Central Fraud Registry and Wilful Defaulter/Caution/Suit Filed Lists.Besides, borrowers would also be able to access their own credit information and seek corrections to the credit information reported on them.Setting up of the PCR assumes significance amidst rising bad loans in the financial system. The non-performing assets in the banking system is about Rs 10 lakh crore. Summarise this report in a few sentences.
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RBI has initiated steps to set up a wide-based digital public credit registry. the PCR will capture details of all borrowers including wilful defaulters. the PCR will also include data from entities like sebi and the corporate affairs ministry. RBI has invited expression of interest (EOI) for developing the registry. a high-level task force was constituted to review the current availability of information on credit.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "The Reserve Bank has initiated steps to set up a wide-based digital Public Credit Registry (PCR) to capture details of all borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies. The PCR will also include data from entities like market regulator Sebi, the corporate affairs ministry, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI) to enable the banks and financial institutions to get 360 degree profile of existing and prospective borrowers on a real-time basis.The Reserve Bank has invited expression of interest (EOI) for developing the registry from companies with a turnover of over Rs 100 crore in the last three years.In June this year, the RBI had announced to set up a PCR for India with a view to address information asymmetry, foster access to credit and strengthen the credit culture in the economy.Earlier, a high-level task force (HTF) was constituted by the RBI to review the current availability of information on credit, the adequacy of the existing information utilities, and identify gaps that could be filled by a PCR."In essence, PCR will be a digital registry of authenticated granular credit information and will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem," the EOI document said.The PCR would be the single point of mandatory reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of borrower.Currently, there are multiple granular credit information repositories in India, with each having somewhat distinct objectives and coverage.Within the RBI, CRILC is a borrower level supervisory dataset with a threshold in aggregate exposure of Rs 5 crore.Also there are four privately owned credit information companies (CICs) operating in India. The RBI has mandated all its regulated entities to submit credit information individually to all four CICs.As per the EOI, the proposed solution should allow easy integration with ancillory information sources, like the Ministry of Corporate Affairs, Sebi, GSTN, CERSAI, utility billers, Central Fraud Registry and Wilful Defaulter/Caution/Suit Filed Lists.Besides, borrowers would also be able to access their own credit information and seek corrections to the credit information reported on them.Setting up of the PCR assumes significance amidst rising bad loans in the financial system. The non-performing assets in the banking system is about Rs 10 lakh crore. Summarise this report in a few sentences." summarise in a few sentences.
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Samvat 2080 Opens on a Positive Note 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. Insolvency Gets All Personal Now in Boost for Recoveries 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. Summarise this report in a few sentences.
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india's stock benchmarks gained over half a per cent in the special 60-minute Muhurat trading session on Sunday evening. the move marks the start of the traditional Hindu new year. bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery. a new ruling by the supreme court will open up a new window of recovery.
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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 "Samvat 2080 Opens on a Positive Note 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. Insolvency Gets All Personal Now in Boost for Recoveries 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. Summarise this report in a few sentences." summarise in a few sentences.
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Mumbai: The Indian rupee settled 70 paise lower at 76.34 (provisional) against the US dollar on Wednesday amid rise in coronavirus cases in the country and weak domestic equities. Forex traders said rising brent prices and firm US dollar index also weighed on the local unit.At the interbank foreign exchange, the rupee opened weak at 75.83, then lost further ground and finally settled for the day at 76.34, registering a fall of 70 paise over its previous close.On Tuesday, the rupee had settled at 75.64 against the US dollar.Domestic bourses were trading on a negative note on Wednesday with benchmark indices Sensex was trading 177.93 points lower at 29,889.28 and Nifty down by 73 points at 8,719.20.The Reserve Bank of India (RBI) has reduced the timing of market hours for call money market, government securities market and currency market from April 7 to April 17 (from 10 am to 2 pm) following the unprecedented situation that has emerged due to the spread of coronavirus.Traders said investor sentiments remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.There are more than 14.30 lakh declared cases of coronavirus worldwide. In India, the tally of confirmed coronavirus cases has crossed the 5,000-mark. Summarise this report in a few sentences.
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rupee settles 70 paise lower at 76.34 against the US dollar. rupee opened weak at 75.83, then lost further ground. rupee had settled at 75.64 against the us dollar on tuesday. Sensex was trading 177.93 points lower at 29,889.28. nifty down by 73 points at 8,719.20.
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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: The Indian rupee settled 70 paise lower at 76.34 (provisional) against the US dollar on Wednesday amid rise in coronavirus cases in the country and weak domestic equities. Forex traders said rising brent prices and firm US dollar index also weighed on the local unit.At the interbank foreign exchange, the rupee opened weak at 75.83, then lost further ground and finally settled for the day at 76.34, registering a fall of 70 paise over its previous close.On Tuesday, the rupee had settled at 75.64 against the US dollar.Domestic bourses were trading on a negative note on Wednesday with benchmark indices Sensex was trading 177.93 points lower at 29,889.28 and Nifty down by 73 points at 8,719.20.The Reserve Bank of India (RBI) has reduced the timing of market hours for call money market, government securities market and currency market from April 7 to April 17 (from 10 am to 2 pm) following the unprecedented situation that has emerged due to the spread of coronavirus.Traders said investor sentiments remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.There are more than 14.30 lakh declared cases of coronavirus worldwide. In India, the tally of confirmed coronavirus cases has crossed the 5,000-mark. Summarise this report in a few sentences." summarise in a few sentences.
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PUNE: Four US Senators have urged President Donald Trump to suspend all non-immigrant work permits for at least a year or till employment levels return to normal.They have also asked for the suspension of the Optional Practical Training (OPT) programme which lets foreign students in science, technology, engineering and mathematics (STEM) work in the United States for up to three years after graduating. In 2019, over 223,000 people had their OPTs approved or extended.They also want the EB-5 investor visa program to be suspended.“These suspensions are critical to protecting American workers as our economy gets back on its feet,” Republican Senators Ted Cruz, Josh Hawley, Charles E Grassly and Tom Cotton wrote in a letter to Trump on Thursday.ET has reviewed a copy of the letter.However, the Senators want rules to be eased to allow more doctors and nurses to come in to bridge a shortage of health professionals in the wake of the Covid-19 pandemic.About a fifth of the country’s total workforce – or 33 million Americans - have filed for unemployment benefits in the last seven weeks as the pandemic cripples the American economy.In February, unemployment in the United States was at an all-time low of 3.5%.Trump, who took office on an anti-immigration plank, is seeking a second term in elections scheduled in November.The senators have also asked Trump to suspend all new guest-worker visas for a period of 60 days and furthersuspend certain visa categories till unemployment reaches normal levels.The letter argues that there is no reason to let in close to a million guest workers into the US each year when local unemployment rates are so high.If Trump accepts the proposal, Indian tech workers would be the hardest hit as Indian nationals account fortwo-thirds of the H-1B visas issued each year.Stopping the inflow of new H-1B visa holders would help protect those who are already in the US on such visas and their families in case they lose their jobs, the letter pointed out. In the event of losing a job, H1-B visa holders have to leave the country within 60 days. Summarise this report in a few sentences.
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four senators want to suspend all non-immigrant work permits for at least a year or till employment levels return to normal. they also want the suspension of the Optional Practical Training (OPT) programme which lets foreign students in science, technology, engineering and mathematics (STEM) work in the united states for up to three years after graduating. they also want the EB-5 investor visa program to be suspended.
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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: Four US Senators have urged President Donald Trump to suspend all non-immigrant work permits for at least a year or till employment levels return to normal.They have also asked for the suspension of the Optional Practical Training (OPT) programme which lets foreign students in science, technology, engineering and mathematics (STEM) work in the United States for up to three years after graduating. In 2019, over 223,000 people had their OPTs approved or extended.They also want the EB-5 investor visa program to be suspended.“These suspensions are critical to protecting American workers as our economy gets back on its feet,” Republican Senators Ted Cruz, Josh Hawley, Charles E Grassly and Tom Cotton wrote in a letter to Trump on Thursday.ET has reviewed a copy of the letter.However, the Senators want rules to be eased to allow more doctors and nurses to come in to bridge a shortage of health professionals in the wake of the Covid-19 pandemic.About a fifth of the country’s total workforce – or 33 million Americans - have filed for unemployment benefits in the last seven weeks as the pandemic cripples the American economy.In February, unemployment in the United States was at an all-time low of 3.5%.Trump, who took office on an anti-immigration plank, is seeking a second term in elections scheduled in November.The senators have also asked Trump to suspend all new guest-worker visas for a period of 60 days and furthersuspend certain visa categories till unemployment reaches normal levels.The letter argues that there is no reason to let in close to a million guest workers into the US each year when local unemployment rates are so high.If Trump accepts the proposal, Indian tech workers would be the hardest hit as Indian nationals account fortwo-thirds of the H-1B visas issued each year.Stopping the inflow of new H-1B visa holders would help protect those who are already in the US on such visas and their families in case they lose their jobs, the letter pointed out. In the event of losing a job, H1-B visa holders have to leave the country within 60 days. 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 Indian School of Business ISB Chief Technology Officer Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit Autocar Show: Honda X Blade first ride review Honda has found a gap between the CB Unicorn 160 and the CB Hornet 160R and filled it with this, the X Blade. But where does it fit in the scheme of things? And what does it bring to the table? Autocar India's Rishaad Mody rides it to find out. Here’s a lowdown on top macro triggers that may move market on Wednesday. This report was compiled from agency feeds.In its latest move to ease foreign investment rules, the Reserve Bank of India (RBI) said it will allow foreign portfolio investors (FPIs) to invest in treasury bills issued by the government,. The RBI’s announcement on Tuesday comes days after it withdrew a restriction that limited foreign investors to only investing in government and corporate bonds with tenures of three years or more. It was unclear when the rule change on investment in T bills would come into effect. However, if a non-resident entity sets up five funds, the total investment by the five FPIs would be considered when checking to see if they are within limits.Late on Tuesday, the department of telecommunication came out with the draft of the next telecom policy. The aims of the National Digital Communications Policy, 2018, are lofty: attract investments worth $100 billion by 2020 in the digital communications sector, create four million additional jobs and enhance the sector’s contribution to 8% of India’s GDP from about 6% in 2017, while adhering to the principles of net neutrality. The government plans to optimally price spectrum, review levies such as license fees and spectrum usage charges as well as M&A rules to ease exits and take a fresh look at spectrum sharing, leasing and trading norms.Oil prices rose on Wednesday, lifted by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains. Brent crude oil futures LCOc1 were at $73.25 per barrel at 0020 GMT, up 12 cents, or 0.2 per cent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.3 percent, at $67.45 per barrel. Iran re-emerged as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran’s nuclear programme.For the first time after the goods and services tax (GST) was rolled out in July last year, the government's revenue collection exceeded Rs 1 lakh crore in April, official data showed on Tuesday. According to the Ministry of Finance, the average monthly collection under the GST regime for the last eight months -- August 2017-March 2018 -- was Rs 89,885 crore. The total gross GST revenue collected in April 2018 is Rs 103,458 crore of which CGST (Central GST) is Rs 18,652 crore, SGST (State GST) is Rs 25,704 crore, IGST (Integrated GST) is Rs 50,548 crore and the cess is Rs 8,554 crore (including Rs 702 crore collected on imports).India’s automobile companies have started the new financial year with a bang, helped by robust sales in April. The trend looks set to continue, the only dark cloud in a suuny future being the increasing fuel prices posing growth challenges. Maruti Suzuki, which reported a 13.4 per cent increase in sales at 163,434 vehicles in April, continued to drive the market while Korean rival Hyundai Motor posted 4.4 per cent growth in local sales at 46,735 units in April. Mahindra & Mahindra and Tata Motors registered 13 per cent (selling 21,927 units) and over 34 per cent (17,235 units) expansion, respectively.The legislation for the Wage Code Bill 2017 could be pushed for passage in the Monsoon Session of Parliament after a parliamentary panel submits its report on the document. The bill's provision provides that states cannot set minimum wages below the benchmark set by the Centre. The bill also seeks to combine Payment of Wages Act, 1936, the Minimum Wages Act, 1949, the Payment of Bonus Act, 1965, and the Equal Remuneration Act, 1976, into one code.Larsen & Toubro Ltd., India’s largest engineering and construction company, sold its electrical and automation (E&A) business to the France giant Schneider Electric for Rs 14,000 crore in an all-cash deal. The E&A business had net revenue of Rs 5,038 crore in the financial year to March 2017.A group of 10 operational creditors has filed an application objecting to the proposed liquidation of the debt-laden Alok Industries under insolvency proceedings intensifying the fight to save a company where a 18,000-strong workforce stand to lose their jobs. The National Company Law Tribunal's Ahmedabad chapter will hear the matter on Wednesday.Private equity firm KKR-backed Radiant Hospital, one of the bidders for Fortis Hospital, on Tuesday, said it won't be revising its bid before completing due diligence. Meanwhile, IHH submitted a proposal on Tuesday for an "immediate equity infusion" at a share price of Rs 175 per share and a subsequent equity infusion at a per share price not exceeding this. The Munjal-Burman team hs revised their offer to invest Rs 1,800 crore directly into Fortis, up from Rs 1,500 crore earlier.Max Life Insurance and Exide Life Insurance have been shortlisted to buy a significant stake in IDBI Federal Life Insurance in a deal that is likely to value the company at more than Rs 6,000 crore, a person close to the matter said.: The growth of India’s core industries slowed to 4.1 per cent in March as output of refinery products, fertilisers, steel and cement moderated. Core sector had grown 5.4 per cent in February and 5.2 per cent in March last year.All major markets including BSE, NSE , forex, money, bullion, metals, oilseeds, spices and sugar were closed on Tuesday on account of Maharashtra Day. Summarise this report in a few sentences.
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Honda X Blade first ride review Honda has found a gap between the CB Unicorn 160 and the CB Hornet 160R. but where does it fit in the scheme of things? and what does it bring to the table? here's a lowdown on top macro triggers that may move market on Wednesday. here's a lowdown on top macro triggers that may move market on.
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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 Indian School of Business ISB Chief Technology Officer Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit Autocar Show: Honda X Blade first ride review Honda has found a gap between the CB Unicorn 160 and the CB Hornet 160R and filled it with this, the X Blade. But where does it fit in the scheme of things? And what does it bring to the table? Autocar India's Rishaad Mody rides it to find out. Here’s a lowdown on top macro triggers that may move market on Wednesday. This report was compiled from agency feeds.In its latest move to ease foreign investment rules, the Reserve Bank of India (RBI) said it will allow foreign portfolio investors (FPIs) to invest in treasury bills issued by the government,. The RBI’s announcement on Tuesday comes days after it withdrew a restriction that limited foreign investors to only investing in government and corporate bonds with tenures of three years or more. It was unclear when the rule change on investment in T bills would come into effect. However, if a non-resident entity sets up five funds, the total investment by the five FPIs would be considered when checking to see if they are within limits.Late on Tuesday, the department of telecommunication came out with the draft of the next telecom policy. The aims of the National Digital Communications Policy, 2018, are lofty: attract investments worth $100 billion by 2020 in the digital communications sector, create four million additional jobs and enhance the sector’s contribution to 8% of India’s GDP from about 6% in 2017, while adhering to the principles of net neutrality. The government plans to optimally price spectrum, review levies such as license fees and spectrum usage charges as well as M&A rules to ease exits and take a fresh look at spectrum sharing, leasing and trading norms.Oil prices rose on Wednesday, lifted by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains. Brent crude oil futures LCOc1 were at $73.25 per barrel at 0020 GMT, up 12 cents, or 0.2 per cent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.3 percent, at $67.45 per barrel. Iran re-emerged as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran’s nuclear programme.For the first time after the goods and services tax (GST) was rolled out in July last year, the government's revenue collection exceeded Rs 1 lakh crore in April, official data showed on Tuesday. According to the Ministry of Finance, the average monthly collection under the GST regime for the last eight months -- August 2017-March 2018 -- was Rs 89,885 crore. The total gross GST revenue collected in April 2018 is Rs 103,458 crore of which CGST (Central GST) is Rs 18,652 crore, SGST (State GST) is Rs 25,704 crore, IGST (Integrated GST) is Rs 50,548 crore and the cess is Rs 8,554 crore (including Rs 702 crore collected on imports).India’s automobile companies have started the new financial year with a bang, helped by robust sales in April. The trend looks set to continue, the only dark cloud in a suuny future being the increasing fuel prices posing growth challenges. Maruti Suzuki, which reported a 13.4 per cent increase in sales at 163,434 vehicles in April, continued to drive the market while Korean rival Hyundai Motor posted 4.4 per cent growth in local sales at 46,735 units in April. Mahindra & Mahindra and Tata Motors registered 13 per cent (selling 21,927 units) and over 34 per cent (17,235 units) expansion, respectively.The legislation for the Wage Code Bill 2017 could be pushed for passage in the Monsoon Session of Parliament after a parliamentary panel submits its report on the document. The bill's provision provides that states cannot set minimum wages below the benchmark set by the Centre. The bill also seeks to combine Payment of Wages Act, 1936, the Minimum Wages Act, 1949, the Payment of Bonus Act, 1965, and the Equal Remuneration Act, 1976, into one code.Larsen & Toubro Ltd., India’s largest engineering and construction company, sold its electrical and automation (E&A) business to the France giant Schneider Electric for Rs 14,000 crore in an all-cash deal. The E&A business had net revenue of Rs 5,038 crore in the financial year to March 2017.A group of 10 operational creditors has filed an application objecting to the proposed liquidation of the debt-laden Alok Industries under insolvency proceedings intensifying the fight to save a company where a 18,000-strong workforce stand to lose their jobs. The National Company Law Tribunal's Ahmedabad chapter will hear the matter on Wednesday.Private equity firm KKR-backed Radiant Hospital, one of the bidders for Fortis Hospital, on Tuesday, said it won't be revising its bid before completing due diligence. Meanwhile, IHH submitted a proposal on Tuesday for an "immediate equity infusion" at a share price of Rs 175 per share and a subsequent equity infusion at a per share price not exceeding this. The Munjal-Burman team hs revised their offer to invest Rs 1,800 crore directly into Fortis, up from Rs 1,500 crore earlier.Max Life Insurance and Exide Life Insurance have been shortlisted to buy a significant stake in IDBI Federal Life Insurance in a deal that is likely to value the company at more than Rs 6,000 crore, a person close to the matter said.: The growth of India’s core industries slowed to 4.1 per cent in March as output of refinery products, fertilisers, steel and cement moderated. Core sector had grown 5.4 per cent in February and 5.2 per cent in March last year.All major markets including BSE, NSE , forex, money, bullion, metals, oilseeds, spices and sugar were closed on Tuesday on account of Maharashtra Day. Summarise this report in a few sentences." summarise in a few sentences.
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At 864 cases and less than 21 deaths per million population, India has one of the world’s lowest COVID-19 infection and death rate, Union Health Minister Harsh Vardhan on Friday said underlining that the recovery rate among coronavirus-infected patients in the country is 63.45 per cent and the mortality is 2.3 per cent. These remarks were made by Vardhan at the Shanghai Cooperation Organisation (SCO) Health Ministers’ Digital Meet held digitally, the health ministry said. According to the ministry’s statement, Vardhan emphasised on how the Indian traditional system of medicine has also contributed substantially in boosting the immunity of general population during COVID-19. “There is currently no institutional mechanism within SCO to discuss cooperation in traditional medicine that has the potential to fulfil the WHO Traditional Medicine Strategy 2014-2023 and also reinforce the effective implementation of the joint statement on cooperation in combating epidemics signed at the Qingdao Summit in 2018,” the statement quoted him as saying. “This is in spite of such complementary medicine systems being widely practised in all member states of our SCO,” he said and proposed the setting up of a new sub-group on traditional medicine under the existing institutional meetings of the SCO health ministers. Expressing his condolences at the loss of lives across the world due to COVID 19, Vardhan described the India’s political commitment to contain the pandemic and spoke on how Prime Minister Narendra Modi has “personally monitored the situation and ensured a pre-emptive, pro-active and graded response to prevent the deadly virus from spreading”. He explained that a series of actions were initiated in a graded way that included issuing of travel advisories, point-of-entry surveillance, community-based surveillance, enhancement of laboratory and hospital surge capacities, wide dissemination of technical guidelines on managing different aspects of disease outbreak and communicating risk to the public. “The consecutive lockdowns provided India with much required time and opportunity to build up on technical knowhow, laboratory capacities, hospital infrastructure and also to build up its pharmaceutical and non-pharmaceutical interventions,” Vardhan said. Speaking on the result of the lockdown he said, “India has so far reported 1.25 million cases and more than 30,000 deaths due to COVID. At 864 cases per million and less than 21 deaths per million of our population, India has one of the world’s lowest infection and death rate. “Our recovery rate stands at 63.45% whereas our mortality at 2.3 per cent.” The Union Health Minister also spoke on the increase in testing capacity and health infrastructure during the lockdown and after, the statement said. On logistics, Vardhan said, “India didn’t have a single manufacturer of personal protective equipment (PPE) and now the country has developed indigenous capacity in the past few months to the extent that the country can export quality PPEs. “Similar scaling up was also done for achieving other indigenous capacity and reducing the demand & supply gap for ventilators and medical oxygen.” He also elaborated on the innovative use of information technology in virtually every aspect of COVID management. “Aarogya Setu app and ITIHAS, a cellular-based tracking technology, are used for surveillance and identification of potential clusters of disease, RT-PCR app for testing, facility app for managing information on admitted patients and hospital bed capacities, all integrated with a single COVID portal.” According to the statement, Vardhan called upon all member nations to rise in this time of crisis and mitigate the effect of COVID on health and economy. He also congratulated all the frontline staff dealing with the pandemics and called them “no less than God for humanity”. Summarise this report in a few sentences.
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at 864 cases per million population, india has one of the world's lowest COVID-19 infection and death rate. recovery rate among coronavirus-infected patients in the country is 63.45 per cent and the mortality is 2.3 per cent. he said the traditional system of medicine has contributed substantially in boosting the immunity of general population during COVID-19.
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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 "At 864 cases and less than 21 deaths per million population, India has one of the world’s lowest COVID-19 infection and death rate, Union Health Minister Harsh Vardhan on Friday said underlining that the recovery rate among coronavirus-infected patients in the country is 63.45 per cent and the mortality is 2.3 per cent. These remarks were made by Vardhan at the Shanghai Cooperation Organisation (SCO) Health Ministers’ Digital Meet held digitally, the health ministry said. According to the ministry’s statement, Vardhan emphasised on how the Indian traditional system of medicine has also contributed substantially in boosting the immunity of general population during COVID-19. “There is currently no institutional mechanism within SCO to discuss cooperation in traditional medicine that has the potential to fulfil the WHO Traditional Medicine Strategy 2014-2023 and also reinforce the effective implementation of the joint statement on cooperation in combating epidemics signed at the Qingdao Summit in 2018,” the statement quoted him as saying. “This is in spite of such complementary medicine systems being widely practised in all member states of our SCO,” he said and proposed the setting up of a new sub-group on traditional medicine under the existing institutional meetings of the SCO health ministers. Expressing his condolences at the loss of lives across the world due to COVID 19, Vardhan described the India’s political commitment to contain the pandemic and spoke on how Prime Minister Narendra Modi has “personally monitored the situation and ensured a pre-emptive, pro-active and graded response to prevent the deadly virus from spreading”. He explained that a series of actions were initiated in a graded way that included issuing of travel advisories, point-of-entry surveillance, community-based surveillance, enhancement of laboratory and hospital surge capacities, wide dissemination of technical guidelines on managing different aspects of disease outbreak and communicating risk to the public. “The consecutive lockdowns provided India with much required time and opportunity to build up on technical knowhow, laboratory capacities, hospital infrastructure and also to build up its pharmaceutical and non-pharmaceutical interventions,” Vardhan said. Speaking on the result of the lockdown he said, “India has so far reported 1.25 million cases and more than 30,000 deaths due to COVID. At 864 cases per million and less than 21 deaths per million of our population, India has one of the world’s lowest infection and death rate. “Our recovery rate stands at 63.45% whereas our mortality at 2.3 per cent.” The Union Health Minister also spoke on the increase in testing capacity and health infrastructure during the lockdown and after, the statement said. On logistics, Vardhan said, “India didn’t have a single manufacturer of personal protective equipment (PPE) and now the country has developed indigenous capacity in the past few months to the extent that the country can export quality PPEs. “Similar scaling up was also done for achieving other indigenous capacity and reducing the demand & supply gap for ventilators and medical oxygen.” He also elaborated on the innovative use of information technology in virtually every aspect of COVID management. “Aarogya Setu app and ITIHAS, a cellular-based tracking technology, are used for surveillance and identification of potential clusters of disease, RT-PCR app for testing, facility app for managing information on admitted patients and hospital bed capacities, all integrated with a single COVID portal.” According to the statement, Vardhan called upon all member nations to rise in this time of crisis and mitigate the effect of COVID on health and economy. He also congratulated all the frontline staff dealing with the pandemics and called them “no less than God for humanity”. Summarise this report in a few sentences." summarise in a few sentences.
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Istanbul: When Turkey’s president called early elections, most analysts figured they knew why: there was financial trouble ahead and he couldn’t risk waiting. The gambit worked. Recep Tayyip Erdogan was returned to office with sweeping new powers, after running the economy hot for more than a year. Now, preventing a meltdown is probably his most immediate and difficult task. “The election result doesn’t solve the most important question the Turkish economy faces: How to avoid a hard landing," said Inan Demir, an economist at Nomura International in London. On the campaign trail, the president could boast about growth rates that surpassed China’s last year—but only because he’d engineered them. Cheap money and government incentives helped plough billions of dollars into the economy following the coup attempt in 2016. Yet even before the weekend vote, cracks were forming in his growth-at-all-costs strategy: months of rebounding inflation and a widening current-account deficit triggered a run on the currency as foreign investors fled. Unorthodox views Most economists agree that Erdogan’s policies caused the rout. They say interest rates have consistently been too low, a byproduct of the president’s meddling in central bank affairs with his unorthodox views on how to fight inflation. The budget deficit, while small by past Turkish standards, is still too big for an economy at risk of overheating. Turkish companies have borrowed extensively in dollars and euros, debt that’s now more expensive to repay after the lira’s 20 percent slump against the dollar this year. The central bank has made domestic credit costlier too, by raising interest rates 500 basis points since April—a move green-lighted by Erdogan, after initial resistance, in a desperate bid to shore up the currency. On the first trading day after Erdogan’s double victory in Sunday’s presidential and parliamentary elections, there were signs that such risks were weighing on investors’ minds. Turkish assets posted initial gains, as various scenarios—including a challenge to ballot results in the courts or the streets—were removed from the table. But the benchmark stock index closed 1.9 percent lower, led by banks, while the lira reversed its election-night advance. Many vulnerabilities “Any period of respite is unlikely to be sustained," JPMorgan Chase & Co. analysts including Yarkin Cebeci wrote in an emailed note. “The list of vulnerabilities is a long one." An early sign of how Erdogan plans to tackle them could come in the next couple of weeks with the appointment of a new economic team. Deputy prime minister Mehmet Simsek, a former Merrill Lynch analyst who headed the outgoing administration’s economic team, is the name many market-watchers will be looking out for. “If he isn’t kept on, that would send a worrying signal to investors," said Jason Tuvey, an emerging-market economist at Capital Economics in London. The government announced a stimulus package worth about $5 billion two months before the election, having done something similar in the run-up to a referendum last year. Simsek and finance minister Naci Agbal had signalled that fiscal tightening would come after last weekend’s vote. ‘Not likely’ Turkey is running a budget deficit of about 1.6% of GDP and that’s likely to widen past 2% by year-end, JPMorgan estimates. In pre-Erdogan Turkey, governments regularly posted much larger shortfalls. Fiscal discipline has been one of the ruling AK Party’s watchwords. Still, spending that’s often directed toward consumption, combined with cheap money at the central bank, has contributed to Turkey’s imbalances in many economists’ eyes -- especially to a current-account deficit ratio that’s one of the world’s largest. But Erdogan may not be inclined to the kind of fix that his technocrats were flagging, according to Nomura’s Demir. “He cannot or will not cut personnel, social security or military spending. And he would not want to starve his megaprojects of funding," he said. “Rebalancing through fiscal tightening is not likely." In a Bloomberg interview weeks before the ballot, Erdogan had promised to take more direct control over interest-rate decisions—a prospect that alarmed many investors and accelerated declines on Turkish markets. ‘Stop interfering’ The president has repeatedly clashed with a string of central bankers, who began their terms feted as AK Party proteges and ended up being reviled. An obvious way for Erdogan to “regain some credibility" would be to “stop interfering with the central bank and allow it to take appropriate action to bring down inflation," said Tuvey. But Demir, referring to the president’s pledges in the Bloomberg interview, said that “investors should take Erdogan for his word on this. He will likely exercise stronger control over monetary policy." Erdogan campaigned hard on Turkey’s long-run economic performance on his watch, pointing to rising welfare standards as output grew at an average pace close to 6 percent a year. It’s a record that compares favourably with many developing-economy peers. ‘Mesh with reality’ But the early-Erdogan boom was achieved in an era when liquidity was flowing freely to such countries. The problem for the president now is that the opposite condition prevails, said Erinc Yeldan, a professor of economics at Ankara’s Bilkent University. The Federal Reserve is raising US interest rates, and Turkey hasn’t been the only country under pressure in recent weeks. Brazil and South Africa have seen currency wobbles. Amid the general emerging-market malaise, Turkey has a special feature, said Yeldan: a government that’s “stuck on the belief that you have to lower interest rates, that’s how the economy thrives, that’s how companies can roll over their debts." “But that doesn’t mesh with reality," he said. 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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preventing a meltdown is probably his most immediate and difficult task. preventing a meltdown is probably his most immediate and difficult task. preventing a meltdown is probably his most immediate and difficult task. preventing a meltdown is probably his most immediate and difficult task. a u.s.-based firm has been criticized for its handling of the crisis.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "Istanbul: When Turkey’s president called early elections, most analysts figured they knew why: there was financial trouble ahead and he couldn’t risk waiting. The gambit worked. Recep Tayyip Erdogan was returned to office with sweeping new powers, after running the economy hot for more than a year. Now, preventing a meltdown is probably his most immediate and difficult task. “The election result doesn’t solve the most important question the Turkish economy faces: How to avoid a hard landing," said Inan Demir, an economist at Nomura International in London. On the campaign trail, the president could boast about growth rates that surpassed China’s last year—but only because he’d engineered them. Cheap money and government incentives helped plough billions of dollars into the economy following the coup attempt in 2016. Yet even before the weekend vote, cracks were forming in his growth-at-all-costs strategy: months of rebounding inflation and a widening current-account deficit triggered a run on the currency as foreign investors fled. Unorthodox views Most economists agree that Erdogan’s policies caused the rout. They say interest rates have consistently been too low, a byproduct of the president’s meddling in central bank affairs with his unorthodox views on how to fight inflation. The budget deficit, while small by past Turkish standards, is still too big for an economy at risk of overheating. Turkish companies have borrowed extensively in dollars and euros, debt that’s now more expensive to repay after the lira’s 20 percent slump against the dollar this year. The central bank has made domestic credit costlier too, by raising interest rates 500 basis points since April—a move green-lighted by Erdogan, after initial resistance, in a desperate bid to shore up the currency. On the first trading day after Erdogan’s double victory in Sunday’s presidential and parliamentary elections, there were signs that such risks were weighing on investors’ minds. Turkish assets posted initial gains, as various scenarios—including a challenge to ballot results in the courts or the streets—were removed from the table. But the benchmark stock index closed 1.9 percent lower, led by banks, while the lira reversed its election-night advance. Many vulnerabilities “Any period of respite is unlikely to be sustained," JPMorgan Chase & Co. analysts including Yarkin Cebeci wrote in an emailed note. “The list of vulnerabilities is a long one." An early sign of how Erdogan plans to tackle them could come in the next couple of weeks with the appointment of a new economic team. Deputy prime minister Mehmet Simsek, a former Merrill Lynch analyst who headed the outgoing administration’s economic team, is the name many market-watchers will be looking out for. “If he isn’t kept on, that would send a worrying signal to investors," said Jason Tuvey, an emerging-market economist at Capital Economics in London. The government announced a stimulus package worth about $5 billion two months before the election, having done something similar in the run-up to a referendum last year. Simsek and finance minister Naci Agbal had signalled that fiscal tightening would come after last weekend’s vote. ‘Not likely’ Turkey is running a budget deficit of about 1.6% of GDP and that’s likely to widen past 2% by year-end, JPMorgan estimates. In pre-Erdogan Turkey, governments regularly posted much larger shortfalls. Fiscal discipline has been one of the ruling AK Party’s watchwords. Still, spending that’s often directed toward consumption, combined with cheap money at the central bank, has contributed to Turkey’s imbalances in many economists’ eyes -- especially to a current-account deficit ratio that’s one of the world’s largest. But Erdogan may not be inclined to the kind of fix that his technocrats were flagging, according to Nomura’s Demir. “He cannot or will not cut personnel, social security or military spending. And he would not want to starve his megaprojects of funding," he said. “Rebalancing through fiscal tightening is not likely." In a Bloomberg interview weeks before the ballot, Erdogan had promised to take more direct control over interest-rate decisions—a prospect that alarmed many investors and accelerated declines on Turkish markets. ‘Stop interfering’ The president has repeatedly clashed with a string of central bankers, who began their terms feted as AK Party proteges and ended up being reviled. An obvious way for Erdogan to “regain some credibility" would be to “stop interfering with the central bank and allow it to take appropriate action to bring down inflation," said Tuvey. But Demir, referring to the president’s pledges in the Bloomberg interview, said that “investors should take Erdogan for his word on this. He will likely exercise stronger control over monetary policy." Erdogan campaigned hard on Turkey’s long-run economic performance on his watch, pointing to rising welfare standards as output grew at an average pace close to 6 percent a year. It’s a record that compares favourably with many developing-economy peers. ‘Mesh with reality’ But the early-Erdogan boom was achieved in an era when liquidity was flowing freely to such countries. The problem for the president now is that the opposite condition prevails, said Erinc Yeldan, a professor of economics at Ankara’s Bilkent University. The Federal Reserve is raising US interest rates, and Turkey hasn’t been the only country under pressure in recent weeks. Brazil and South Africa have seen currency wobbles. Amid the general emerging-market malaise, Turkey has a special feature, said Yeldan: a government that’s “stuck on the belief that you have to lower interest rates, that’s how the economy thrives, that’s how companies can roll over their debts." “But that doesn’t mesh with reality," he said. 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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India Cellular and Electronics Association (ICEA) on Friday said that the Indian government has put a 10 per cent import duty on smartphones' display and touch panel. The custom duty on display of the phones which are imported is applied from October 1, 2020. The move has come in order to encourage the Make in India movement. With the new 10 per cent custom duty, the smartphones will certainly become costlier for the consumers as most of the displays and touch panels are imported. The maximum retail price (MRP) of many smartphones from brands like Apple, Xiaomi, Realme, Huawei, Vivo, Samsung and others will be increased. "There will be an impact on mobile phone prices between 1.5 and 3%," said Pankaj Mohindroo, ICEA National Chairman. With the 10 per cent custom duty which leads to increased prices of the phones, the government in a way has asked Indian companies to manufacture smartphone components within the country to discourage imports. "In a rare miss, the industry could not ramp up display assembly production adequately because of COVID-19 and NGT embargo. We continue to be fully committed to domestic manufacturing of sub-assemblies and components. However, now, the focus is to take a lion's share of global markets and not just import substitution," said Mohindroo. Under the Phased Manufacturing Programme (PMP) for cellular mobile handsets announced in 2016, the government initially imposed 15 per cent custom duty on: Charger and Adapters, Battery Packs and Wired Headsets. Earlier finance minister Nirmala Sitharaman had said, "Under Make in India initiative, well laid out customs duty rates were pre-announced for items like mobile phones, electric vehicles and their components. This has ensured gradual increase in domestic value addition capacity in India. Customs duty rates are being revised on electric vehicles, and parts of mobiles as part of such carefully conceived Phased Manufacturing Plans." Summarise this report in a few sentences.
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custom duty on smartphones' display and touch panel is applied from October 1, 2020. the move has come in order to encourage the make in india movement. the maximum retail price (MRP) of many smartphones will be increased. the government has asked Indian companies to manufacture smartphone components. a spokesman for the ICEA says the move is a "rare miss"
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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 Cellular and Electronics Association (ICEA) on Friday said that the Indian government has put a 10 per cent import duty on smartphones' display and touch panel. The custom duty on display of the phones which are imported is applied from October 1, 2020. The move has come in order to encourage the Make in India movement. With the new 10 per cent custom duty, the smartphones will certainly become costlier for the consumers as most of the displays and touch panels are imported. The maximum retail price (MRP) of many smartphones from brands like Apple, Xiaomi, Realme, Huawei, Vivo, Samsung and others will be increased. "There will be an impact on mobile phone prices between 1.5 and 3%," said Pankaj Mohindroo, ICEA National Chairman. With the 10 per cent custom duty which leads to increased prices of the phones, the government in a way has asked Indian companies to manufacture smartphone components within the country to discourage imports. "In a rare miss, the industry could not ramp up display assembly production adequately because of COVID-19 and NGT embargo. We continue to be fully committed to domestic manufacturing of sub-assemblies and components. However, now, the focus is to take a lion's share of global markets and not just import substitution," said Mohindroo. Under the Phased Manufacturing Programme (PMP) for cellular mobile handsets announced in 2016, the government initially imposed 15 per cent custom duty on: Charger and Adapters, Battery Packs and Wired Headsets. Earlier finance minister Nirmala Sitharaman had said, "Under Make in India initiative, well laid out customs duty rates were pre-announced for items like mobile phones, electric vehicles and their components. This has ensured gradual increase in domestic value addition capacity in India. Customs duty rates are being revised on electric vehicles, and parts of mobiles as part of such carefully conceived Phased Manufacturing Plans." Summarise this report in a few sentences." summarise in a few sentences.
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More than 2.5 crore people, a number greater than Australia's population, have applied for about 90,000 positions in India Railways, underlining the challenge Prime Minister Narendra Modi faces in providing millions of jobs ahead of an election in 2019. PM Modi was voted into power in 2014 on promises to reignite growth in Asia's third-largest economy and provide jobs. But his flagship "Make in India" initiative to lift the share of manufacturing in India's $2 trillion economy to 25 per cent from about 17 per cent and create 10 crore jobs by 2022 has so far failed to deliver on its promise. The railway, which currently employs 1.3 million people, said it was filling up tens of thousands of vacant positions for engine drivers, technicians, carpenters, track inspection crews and other roles related to improving safety in the world's fourth-largest network. "We've not been recruiting for the last couple of years and attrition is already there. And so we require people," Ashwani Lohani, chairman of the railways board, told Reuters. The Railway Recruitment Board advertised for the positions last month and since then 2.5 crore people have filed online applications from around the country, Lohani said. The closing date is Saturday. The recruitment drive would be the largest conducted by a state-run organisation since Modi took office four years ago, struggling to find jobs for an estimated 1 million young people that enter the labour force each month. "The huge number of applications shows the level of stress," said Mahesh Vyas, chief executive officer at economic think-tank CMIE. "It shows that there is really a paucity of jobs, and the other thing is about the great preference that Indians have got for government jobs. We need to move away from this." The railways are India's biggest employer and are in the midst of a $130 billion modernisation plan. Applicants will take a written test available in 15 languages, according to the ad. There is also a physical fitness test and different criteria for men and women have been specified. Lohani said it would be a logistical challenge sifting through 2.5 crore candidates but the railway was equipped to handle it. "We had to come out with an open advertisement, that is the only way to do it," he said. India's unemployment rate surged to a 15-month high of 6.1 per cent in February, think-tank CMIE said. Even after the railway has completed the recruitment, the challenge will be how to train the new workers, which is critical for safety, another expert said. "When you take 90,000 people in one shot, you don't have the training facilities," said Pronab Sen, country director for the UK-based International Growth Centre, which is focused on economic policies. Summarise this report in a few sentences.
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more than 2.5 crore people apply for about 90,000 positions in india railways. the railways are the world's fourth-largest network and employs 1.3 million people. the closing date for applications is Saturday. the railways are in the midst of a $130 billion modernisation plan. ad: 'we had to come out with an open advertisement, that is the only way to do it'
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "More than 2.5 crore people, a number greater than Australia's population, have applied for about 90,000 positions in India Railways, underlining the challenge Prime Minister Narendra Modi faces in providing millions of jobs ahead of an election in 2019. PM Modi was voted into power in 2014 on promises to reignite growth in Asia's third-largest economy and provide jobs. But his flagship "Make in India" initiative to lift the share of manufacturing in India's $2 trillion economy to 25 per cent from about 17 per cent and create 10 crore jobs by 2022 has so far failed to deliver on its promise. The railway, which currently employs 1.3 million people, said it was filling up tens of thousands of vacant positions for engine drivers, technicians, carpenters, track inspection crews and other roles related to improving safety in the world's fourth-largest network. "We've not been recruiting for the last couple of years and attrition is already there. And so we require people," Ashwani Lohani, chairman of the railways board, told Reuters. The Railway Recruitment Board advertised for the positions last month and since then 2.5 crore people have filed online applications from around the country, Lohani said. The closing date is Saturday. The recruitment drive would be the largest conducted by a state-run organisation since Modi took office four years ago, struggling to find jobs for an estimated 1 million young people that enter the labour force each month. "The huge number of applications shows the level of stress," said Mahesh Vyas, chief executive officer at economic think-tank CMIE. "It shows that there is really a paucity of jobs, and the other thing is about the great preference that Indians have got for government jobs. We need to move away from this." The railways are India's biggest employer and are in the midst of a $130 billion modernisation plan. Applicants will take a written test available in 15 languages, according to the ad. There is also a physical fitness test and different criteria for men and women have been specified. Lohani said it would be a logistical challenge sifting through 2.5 crore candidates but the railway was equipped to handle it. "We had to come out with an open advertisement, that is the only way to do it," he said. India's unemployment rate surged to a 15-month high of 6.1 per cent in February, think-tank CMIE said. Even after the railway has completed the recruitment, the challenge will be how to train the new workers, which is critical for safety, another expert said. "When you take 90,000 people in one shot, you don't have the training facilities," said Pronab Sen, country director for the UK-based International Growth Centre, which is focused on economic policies. Summarise this report in a few sentences." summarise in a few sentences.
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Kshitij Anand The Nifty50 which started with a small gap on the higher side in morning trade on Thursday failed to garnet momentum as bears took control of D-Street in the first 15-minutes of trade. The index witnessed strong selling pressure throughout the session which made a ‘Bearish Belt Hold’ kind of pattern on the daily candlestick charts. A ‘Bearish Belt Hold’ pattern is formed when the opening price becomes the highest point of the trading day (intraday high) and the index declines throughout the trading day making up for the large body. The candle will either have a small or no upper shadow and small lower shadow. In Thursday’s price action, Nifty50 opened at 10,775.60 and rose marginally to 10,777.25 which made a small or non-existent upper shadow. The bears took control of D-Street in morning trade and pushed the index below its crucial support placed at 5-double exponential moving average (DEMA) placed at 10,737, and 13-DEMA at 10,712. The index bounced back from its 20-DEMA placed at 10,670 to close 58 points lower at 10,682.70. The positive takeaway is that it managed to close above its support placed at 10,680. But, bears are slowly tightening their grip on D-Street. The Moving Average Convergence and Divergence, popularly known as MACD, gave a 'sell' signal on the daily charts for the first time since March 2018. MACD is one of the most effective trend-following momentum indicators, which can be used to spot a change in the short-term trend of the market. The outlook has become slightly bearish as the index registers a 'sell' signal on the MACD; however, a confirmation will come if the index consistently trades below 10,700 levels. “In line with our projections, Nifty50 continued its slide before signing off the session with a Bearish Belt Hold kind of formation. Hence, it appears that to culminate the corrective structure it will continue its downward swing below 10601 and may test its 50-day moving average, whose value is placed around 10550 levels, before bottoming out,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol. “Hence, in the zone of 10,601 – 10,550 one can expect the correction to end and selectively look for stock specific opportunities. Meanwhile, daily MACD also generated a ‘sell’ signal confirming downward pressure on the markets,” he said. Mohammad further added that throughout the session the advanced decline ratio was skewed in favor of bulls suggesting that perhaps broader markets might have reached a value zone as many beaten down names from mid and small cap space clocked in decent gains. Strength on the upside can be resumed if the indices manage a close above 10,780 levels. Summarise this report in a few sentences.
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bears took control of D-Street in morning trade on Thursday. the index closed above its crucial support placed at 10,737. the moving average convergence and divergence (MACD) gave a'sell' signal on the daily charts for the first time since march 2018. the outlook has become slightly bearish as the index registers a'sell' signal on the MACD; however, a confirmation will come if the index consistently trades below 10,700 levels.
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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 "Kshitij Anand The Nifty50 which started with a small gap on the higher side in morning trade on Thursday failed to garnet momentum as bears took control of D-Street in the first 15-minutes of trade. The index witnessed strong selling pressure throughout the session which made a ‘Bearish Belt Hold’ kind of pattern on the daily candlestick charts. A ‘Bearish Belt Hold’ pattern is formed when the opening price becomes the highest point of the trading day (intraday high) and the index declines throughout the trading day making up for the large body. The candle will either have a small or no upper shadow and small lower shadow. In Thursday’s price action, Nifty50 opened at 10,775.60 and rose marginally to 10,777.25 which made a small or non-existent upper shadow. The bears took control of D-Street in morning trade and pushed the index below its crucial support placed at 5-double exponential moving average (DEMA) placed at 10,737, and 13-DEMA at 10,712. The index bounced back from its 20-DEMA placed at 10,670 to close 58 points lower at 10,682.70. The positive takeaway is that it managed to close above its support placed at 10,680. But, bears are slowly tightening their grip on D-Street. The Moving Average Convergence and Divergence, popularly known as MACD, gave a 'sell' signal on the daily charts for the first time since March 2018. MACD is one of the most effective trend-following momentum indicators, which can be used to spot a change in the short-term trend of the market. The outlook has become slightly bearish as the index registers a 'sell' signal on the MACD; however, a confirmation will come if the index consistently trades below 10,700 levels. “In line with our projections, Nifty50 continued its slide before signing off the session with a Bearish Belt Hold kind of formation. Hence, it appears that to culminate the corrective structure it will continue its downward swing below 10601 and may test its 50-day moving average, whose value is placed around 10550 levels, before bottoming out,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol. “Hence, in the zone of 10,601 – 10,550 one can expect the correction to end and selectively look for stock specific opportunities. Meanwhile, daily MACD also generated a ‘sell’ signal confirming downward pressure on the markets,” he said. Mohammad further added that throughout the session the advanced decline ratio was skewed in favor of bulls suggesting that perhaps broader markets might have reached a value zone as many beaten down names from mid and small cap space clocked in decent gains. Strength on the upside can be resumed if the indices manage a close above 10,780 levels. 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 Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit All the guidelines have been issued by the Home Ministry and they include very detailed instructions on which shops and establishments would remain open. The cabinet secretary has already told all the chief secretaries to ensure that the supply chains of all the essential commodities do not break down and they continue to work. So I think all the measures are being taken to ensure that there is no shortage. There are some further arrangements going to be made on ensuring that these supplies could be reached closer to the places of residence rather than people having to travel.On the business side and how they will survive the lockdown, they will now have to take on board the fact that their top line, their revenues will get affected and this is where the government is now working closely with the industry with all segments of the industry to make sure that they are able to go through this period with the least amount of pain. More importantly, those working there get some livelihood support. Also an assurance that when we get out of this period, hopefully free from the virus, we will get the economy back on track as quickly as possible.The most important thing that has to be done is to make sure that the spread of the virus is contained as rapidly and as securely as possible. That is where the entire attention of the government is. Now the economic package will be announced sooner rather than later. We have all been working on it. We have all been contributing to it. So that is the next step that we need to take and it will be taken. As for a direct benefit transfer of the UBI for people who would be impacted, let me not say much at this point except that the government is focusing upon these and you will see an announcement coming sooner than later. Summarise this report in a few sentences.
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a spokesman for the government says the government is working to ensure that there is no shortage. he says business will have to take on board the fact that their top line, revenues will get affected. spokesman says the government is working to ensure that the spread of the virus is contained. spokesman says the government is working to ensure that the virus is contained.
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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 Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit All the guidelines have been issued by the Home Ministry and they include very detailed instructions on which shops and establishments would remain open. The cabinet secretary has already told all the chief secretaries to ensure that the supply chains of all the essential commodities do not break down and they continue to work. So I think all the measures are being taken to ensure that there is no shortage. There are some further arrangements going to be made on ensuring that these supplies could be reached closer to the places of residence rather than people having to travel.On the business side and how they will survive the lockdown, they will now have to take on board the fact that their top line, their revenues will get affected and this is where the government is now working closely with the industry with all segments of the industry to make sure that they are able to go through this period with the least amount of pain. More importantly, those working there get some livelihood support. Also an assurance that when we get out of this period, hopefully free from the virus, we will get the economy back on track as quickly as possible.The most important thing that has to be done is to make sure that the spread of the virus is contained as rapidly and as securely as possible. That is where the entire attention of the government is. Now the economic package will be announced sooner rather than later. We have all been working on it. We have all been contributing to it. So that is the next step that we need to take and it will be taken. As for a direct benefit transfer of the UBI for people who would be impacted, let me not say much at this point except that the government is focusing upon these and you will see an announcement coming sooner than later. Summarise this report in a few sentences." summarise in a few sentences.
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Market regulator Securities and Exchange Board of India ( Sebi ) has opened the doors for several new off-shore investors seeking entry into the Indian markets.In its operating guidelines released on Tuesday, the regulator has allowed banks from countries whose central bank is not a member of the Bank for International Settlements (BIS) to get a foreign portfolio investor ( FPI ) licence.The development makes several Middle East-based banks including Qatar National Bank, Doha Bank and other banks based out of countries such as Bahrain eligible for trading in India.The regulator has also allowed global private banks and regulated brokerages to invest in India on behalf of their clients. Market participants say both the developments would augur well to attract wider pool of capital into Indian markets.Until now, only the banks from countries whose central bank is a part of BIS were eligible for an FPI licence. The BIS is promoted by central banks around the world and works as counterparty to several global transactions. Currently 60 central banks including the Reserve Bank of India (RBI) are part of the BIS system.However, banks coming from non-BIS jurisdictions will be eligible for only a Category II licence, as per Sebi’s operating guidelines.FPIs are classified into two categories based on their risk profile. Category I FPIs are the sovereign and publicly pooled funds who are subject to lenient know your customer ( KYC ) norms. Category II FPIs, on the other hand, are perceived as risker funds and are subject to higher documentation requirements.“We welcome the clarification that banks can come in as Cat II FPIs although the central bank of the home jurisdiction is not a member of BIS,” said Sriram Krishnan, head of securities services at Deutsche Bank . “In the past we know that several banks from non-BIS countries were keen to set up as FPIs. So this can potentially lead to an uptick in registrations.”An FPI consultant who remained anonymous said request for FPI licence of at least three Middle Eastbased banks was rejected in the past as their central bank wasn’t part of the BIS and after the new rules they will be eligible for a licence.In another key announcement, the regulator also allowed foreign brokerages and banks to invest on behalf of their clients. In other words, an off-shore investor wanting to trade in Indian markets without registering as an FPI can come through this route.The announcement assumes significance since Indian regulators have been wary of indirect investment routes. Infact, in the last five years, Sebi has cracked down on participatory notes (p-notes) which provided an indirect route for non-resident investors.“Allowing foreign individuals and family offices to invest through private banks and other regulated FPIs will encourage first time investors who do not wish to register in India, to start investing in India,” said Rajesh Gandhi, partner, Deloitte India. “Sebi has removed a key barrier by allowing such FPIs to invest client money without the need to pool their funds.” Summarise this report in a few sentences.
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the regulator has allowed banks from countries whose central bank is not a member of the Bank for International Settlements (BIS) to get a foreign portfolio investor ( FPI ) licence. the development makes several Middle East-based banks including Qatar National Bank, Doha Bank and other banks based out of countries such as Bahrain eligible for trading in India. the regulator has also allowed global private banks and regulated brokerages to invest in India on behalf of their clients.
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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 regulator Securities and Exchange Board of India ( Sebi ) has opened the doors for several new off-shore investors seeking entry into the Indian markets.In its operating guidelines released on Tuesday, the regulator has allowed banks from countries whose central bank is not a member of the Bank for International Settlements (BIS) to get a foreign portfolio investor ( FPI ) licence.The development makes several Middle East-based banks including Qatar National Bank, Doha Bank and other banks based out of countries such as Bahrain eligible for trading in India.The regulator has also allowed global private banks and regulated brokerages to invest in India on behalf of their clients. Market participants say both the developments would augur well to attract wider pool of capital into Indian markets.Until now, only the banks from countries whose central bank is a part of BIS were eligible for an FPI licence. The BIS is promoted by central banks around the world and works as counterparty to several global transactions. Currently 60 central banks including the Reserve Bank of India (RBI) are part of the BIS system.However, banks coming from non-BIS jurisdictions will be eligible for only a Category II licence, as per Sebi’s operating guidelines.FPIs are classified into two categories based on their risk profile. Category I FPIs are the sovereign and publicly pooled funds who are subject to lenient know your customer ( KYC ) norms. Category II FPIs, on the other hand, are perceived as risker funds and are subject to higher documentation requirements.“We welcome the clarification that banks can come in as Cat II FPIs although the central bank of the home jurisdiction is not a member of BIS,” said Sriram Krishnan, head of securities services at Deutsche Bank . “In the past we know that several banks from non-BIS countries were keen to set up as FPIs. So this can potentially lead to an uptick in registrations.”An FPI consultant who remained anonymous said request for FPI licence of at least three Middle Eastbased banks was rejected in the past as their central bank wasn’t part of the BIS and after the new rules they will be eligible for a licence.In another key announcement, the regulator also allowed foreign brokerages and banks to invest on behalf of their clients. In other words, an off-shore investor wanting to trade in Indian markets without registering as an FPI can come through this route.The announcement assumes significance since Indian regulators have been wary of indirect investment routes. Infact, in the last five years, Sebi has cracked down on participatory notes (p-notes) which provided an indirect route for non-resident investors.“Allowing foreign individuals and family offices to invest through private banks and other regulated FPIs will encourage first time investors who do not wish to register in India, to start investing in India,” said Rajesh Gandhi, partner, Deloitte India. “Sebi has removed a key barrier by allowing such FPIs to invest client money without the need to pool their funds.” Summarise this report in a few sentences." summarise in a few sentences.
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The CBDT has issued a fresh directive on 'limited scrutiny' assessment cases allowing the tax officials to widen the scope of such probes if they receive "credible" information of tax evasion by assessees.The policy-making body for the Income Tax Department , however, made it clear in its directive issued on Wednesday that such an enquiry will be specific to the allegation of tax theft that was flagged to the taxman by any other probe agency, in order to ensure that the assessing officer does not undertake a "fishing or roving" exercise resulting in harassment of the taxpayer. The Central Board of Direct Taxes (CBDT), as per the directive, said it received "several" representations by field officials of the I-T Department in 'limited scrutiny' cases where they pointed out "specific" instances of tax evasion for the relevant year (2017-18) which was provided to them by other law enforcement, intelligence or regulatory agencies like the CBI, Enforcement Directorate (ED), DRI, Intelligence Bureau or markets regulator SEBI.A 'limited scrutiny' exercise in tax parlance indicates to cases where the taxman has suspicion that some income of an assessee has escaped the tax net in lieu of a specific instance. The assessing officer (AO) then issues notice to the assessee for production of additional documents and proofs to review the case and such an exercise is to be completed in quick time and the taxman "cannot travel beyond" the specific issue under scrutiny.The larger version of such an enquiry is known as 'complete scrutiny' and all such cases are picked by a computer-enabled system that flags certain cases based on their unique transactions profile.The CBDT has said that it only picks less than 1 per cent cases, out of the total returns filed, for scrutiny every year.As per the latest directive of the CBDT, accessed by PTI, it has allowed the taxman to examine issues arising from such information (provided by other probe agency) during the conduct of assessment proceedings in 'limited scrutiny' cases but only after prior administrative approval of their boss (concerned Principal Commissioner or Commissioner of the I-T Department).It said such a decision was being made as the rules to undertake 'limited scrutiny' strictly "restricted" the taxman from undertaking a large enquiry or investigation except the specific issues concerned.The CBDT also made it clear to tax officials across the country that this exemption does not mean that they can widen the scope of a 'limited scrutiny' case to a 'complete scrutiny' one and the latest directions were only to "facilitate consideration of those issues wherein specific information of tax evasion has been furnished by any law enforcement, intelligence or regulatory authority or agency.""Therefore, in such 'limited scrutiny' cases assessing officer shall not expand the scope of enquiry/investigation beyond the issues(s) on which the case was flagged for 'limited scrutiny'...," the CBDT directive said.It further asked the taxman to "duly record the reasons for expanding the scope of 'limited scrutiny' and this shall be approved by the Principal Commissioner or Commissioner-rank officer.""The assessing officer shall issue an intimation to the assessee concerned that additional issue would also be considered during the course of pending assessment proceeding," the directive added.It also asked the supervising officers to "invariably pick up such cases" for review and inspection so that the taxpayer is not harassed and no roving or fishing enquiry takes place against them. Summarise this report in a few sentences.
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the taxman can examine issues arising from such information. the taxman can only do so after prior approval of their boss. the directive was issued by the central board of direct taxes (cbdt) it said it received representations by field officials of the I-T Department in 'limited scrutiny' cases. they pointed out'specific' instances of tax evasion by assessees.
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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 CBDT has issued a fresh directive on 'limited scrutiny' assessment cases allowing the tax officials to widen the scope of such probes if they receive "credible" information of tax evasion by assessees.The policy-making body for the Income Tax Department , however, made it clear in its directive issued on Wednesday that such an enquiry will be specific to the allegation of tax theft that was flagged to the taxman by any other probe agency, in order to ensure that the assessing officer does not undertake a "fishing or roving" exercise resulting in harassment of the taxpayer. The Central Board of Direct Taxes (CBDT), as per the directive, said it received "several" representations by field officials of the I-T Department in 'limited scrutiny' cases where they pointed out "specific" instances of tax evasion for the relevant year (2017-18) which was provided to them by other law enforcement, intelligence or regulatory agencies like the CBI, Enforcement Directorate (ED), DRI, Intelligence Bureau or markets regulator SEBI.A 'limited scrutiny' exercise in tax parlance indicates to cases where the taxman has suspicion that some income of an assessee has escaped the tax net in lieu of a specific instance. The assessing officer (AO) then issues notice to the assessee for production of additional documents and proofs to review the case and such an exercise is to be completed in quick time and the taxman "cannot travel beyond" the specific issue under scrutiny.The larger version of such an enquiry is known as 'complete scrutiny' and all such cases are picked by a computer-enabled system that flags certain cases based on their unique transactions profile.The CBDT has said that it only picks less than 1 per cent cases, out of the total returns filed, for scrutiny every year.As per the latest directive of the CBDT, accessed by PTI, it has allowed the taxman to examine issues arising from such information (provided by other probe agency) during the conduct of assessment proceedings in 'limited scrutiny' cases but only after prior administrative approval of their boss (concerned Principal Commissioner or Commissioner of the I-T Department).It said such a decision was being made as the rules to undertake 'limited scrutiny' strictly "restricted" the taxman from undertaking a large enquiry or investigation except the specific issues concerned.The CBDT also made it clear to tax officials across the country that this exemption does not mean that they can widen the scope of a 'limited scrutiny' case to a 'complete scrutiny' one and the latest directions were only to "facilitate consideration of those issues wherein specific information of tax evasion has been furnished by any law enforcement, intelligence or regulatory authority or agency.""Therefore, in such 'limited scrutiny' cases assessing officer shall not expand the scope of enquiry/investigation beyond the issues(s) on which the case was flagged for 'limited scrutiny'...," the CBDT directive said.It further asked the taxman to "duly record the reasons for expanding the scope of 'limited scrutiny' and this shall be approved by the Principal Commissioner or Commissioner-rank officer.""The assessing officer shall issue an intimation to the assessee concerned that additional issue would also be considered during the course of pending assessment proceeding," the directive added.It also asked the supervising officers to "invariably pick up such cases" for review and inspection so that the taxpayer is not harassed and no roving or fishing enquiry takes place against them. Summarise this report in a few sentences." summarise in a few sentences.
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business Should you invest in the fresh tranche of sovereign gold bonds? Rising gold prices are expected to elicit a strong response from investors Summarise this report in a few sentences.
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rising gold prices expected to elicit strong response from investors. rising gold prices expected to elicit strong response from investors. rising gold prices expected to elicit strong response from investors. gold prices expected to elicit strong response from investors. gold prices expected to elicit strong response from investors.. gold prices expected to elicit strong response from investors.
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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 Should you invest in the fresh tranche of sovereign gold bonds? Rising gold prices are expected to elicit a strong response from investors Summarise this report in a few sentences." summarise in a few sentences.
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After six months of severe stress triggered by the toughest lockdown so far, some high-frequency indicators point towards economic recovery but there are signs that this revival is fragile, Brickwork Ratings said. It estimated that the economy is likely to contract by 13.5 per cent in the second quarter (July-September), and the contraction in FY21 (April 2020 to March 2021) is likely to be around 9.5 per cent unless the government takes immediate initiative to revive the economy. "After six months of severe stress triggered by the severest lockdown so far, there finally is some good news on the economy. Some high-frequency indicators point towards economic recovery," it said in a report. The manufacturing PMI has shown a sharp increase from 52 in August to 56.8 in September, the highest in eight years. GST collections at Rs 95,480 crore in September have recovered to increase by 3.8 per cent from last year and were higher than August collections by 10 per cent. Passenger vehicle sale has increased by 31 per cent while railway freight traffic showed a 15 per cent rise. After a gap of six months, merchandise exports registered 5.3 per cent growth, driven by outbound shipments of engineering goods, petroleum products, pharmaceuticals and readymade garments. There was an increase in power demand and generation as well. "However, there are indications that this recovery is fragile. Capital expenditure on new projects declined by 81 per cent in the second quarter over the corresponding period last year, showing a continuous declining trend in investments," the rating agency said. Also, core sector growth was (-)8.5 percent in August. The credit-deposit ratio declined in the three fortnights ending September 11, 2020, and non-gold, non-oil imports continue to decline. In the first quarter, the GDP contraction was 23.9 per cent, and except agriculture and allied sectors, all other sectors suffered negative growth rates. The sharpest contraction was in the construction sector (-50.3 per cent), followed by trade, hotels, transport, storage and communication (-47 per cent) and manufacturing (-39.3 per cent). "Even as the economy is seen to be on the mend, contractions in these sectors are likely to continue, although at a slower pace," it said. Stating that 'crisis is the mother of reforms', Brickwork Ratings said the government has rushed in some important reforms to remove constraints in the farm sector and impart greater flexibility to the labour market. "The merging of 24 central labour laws into four codes is an important reform to impart greater flexibility to the labour market and ending inspector raj," it said. It said these structural reforms are important to improve the economic environment, ease of doing business and ending inspector raj. "However, the immediate task the government has to address is the removal of supply chain disruptions and augment aggregate demand to lift the economy out of the morass," it said. "This requires the government to initiate measures to increase public spending, undertake banking reforms to incentivise lending, police and judicial reforms to protect life and property, and enforce contracts and reverse the protectionist trend that has crept in during the last three years in the interest of making the domestic production sector competitive and export-oriented," the agency said. Brickwork Ratings said the stimulus package announced so far does not entail a substantial fiscal package. The quick economic revival requires the government to loosen its purse to augment aggregate demand, it said. "It should be less dogmatic on fiscal targets in the current and next year. More importantly, it can substantially augment public spending by undertaking disinvestment and in some cases such as Air India, privatisation to increase public investment expenditures," the agency said. Also read: RBI fines IndusInd Bank Rs 4.50 crore for non-compliance with apex bank's directions Also read: 'Unauthorised, ill-intentioned': MSME ministry warns public against 'MSME Export Promotion Council' Summarise this report in a few sentences.
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manufacturing PMI shows sharp increase in manufacturing. manufacturing PMI is highest in eight years. merchandise exports register 5.3% growth. 'crisis is the mother of reforms', brickwork rating agency says. a'severe lockdown' has triggered economic contraction. a government shutdown has slowed growth. a government shutdown has sparked a'severe 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 "After six months of severe stress triggered by the toughest lockdown so far, some high-frequency indicators point towards economic recovery but there are signs that this revival is fragile, Brickwork Ratings said. It estimated that the economy is likely to contract by 13.5 per cent in the second quarter (July-September), and the contraction in FY21 (April 2020 to March 2021) is likely to be around 9.5 per cent unless the government takes immediate initiative to revive the economy. "After six months of severe stress triggered by the severest lockdown so far, there finally is some good news on the economy. Some high-frequency indicators point towards economic recovery," it said in a report. The manufacturing PMI has shown a sharp increase from 52 in August to 56.8 in September, the highest in eight years. GST collections at Rs 95,480 crore in September have recovered to increase by 3.8 per cent from last year and were higher than August collections by 10 per cent. Passenger vehicle sale has increased by 31 per cent while railway freight traffic showed a 15 per cent rise. After a gap of six months, merchandise exports registered 5.3 per cent growth, driven by outbound shipments of engineering goods, petroleum products, pharmaceuticals and readymade garments. There was an increase in power demand and generation as well. "However, there are indications that this recovery is fragile. Capital expenditure on new projects declined by 81 per cent in the second quarter over the corresponding period last year, showing a continuous declining trend in investments," the rating agency said. Also, core sector growth was (-)8.5 percent in August. The credit-deposit ratio declined in the three fortnights ending September 11, 2020, and non-gold, non-oil imports continue to decline. In the first quarter, the GDP contraction was 23.9 per cent, and except agriculture and allied sectors, all other sectors suffered negative growth rates. The sharpest contraction was in the construction sector (-50.3 per cent), followed by trade, hotels, transport, storage and communication (-47 per cent) and manufacturing (-39.3 per cent). "Even as the economy is seen to be on the mend, contractions in these sectors are likely to continue, although at a slower pace," it said. Stating that 'crisis is the mother of reforms', Brickwork Ratings said the government has rushed in some important reforms to remove constraints in the farm sector and impart greater flexibility to the labour market. "The merging of 24 central labour laws into four codes is an important reform to impart greater flexibility to the labour market and ending inspector raj," it said. It said these structural reforms are important to improve the economic environment, ease of doing business and ending inspector raj. "However, the immediate task the government has to address is the removal of supply chain disruptions and augment aggregate demand to lift the economy out of the morass," it said. "This requires the government to initiate measures to increase public spending, undertake banking reforms to incentivise lending, police and judicial reforms to protect life and property, and enforce contracts and reverse the protectionist trend that has crept in during the last three years in the interest of making the domestic production sector competitive and export-oriented," the agency said. Brickwork Ratings said the stimulus package announced so far does not entail a substantial fiscal package. The quick economic revival requires the government to loosen its purse to augment aggregate demand, it said. "It should be less dogmatic on fiscal targets in the current and next year. More importantly, it can substantially augment public spending by undertaking disinvestment and in some cases such as Air India, privatisation to increase public investment expenditures," the agency said. Also read: RBI fines IndusInd Bank Rs 4.50 crore for non-compliance with apex bank's directions Also read: 'Unauthorised, ill-intentioned': MSME ministry warns public against 'MSME Export Promotion Council' 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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In the month of May, despite jumping gaining 6% in the last week, the 50-stock Nifty ended in the negative, losing 2.8%. Even the Nifty 500 was down 2.38% while Nifty Midcap 100 fell 1.7% and Nifty Small cap 100 slipped 1.8%. However, despite registering a weaker performance than the preceding month, a large number of portfolio management services outperformed the benchmark Nifty 50. Of the total 133 PMS strategies analysed by research-based financial services firm PMS AIF World, as many as 80 performed better than the 2.8% fall that Nifty 50 witnessed. Although 82% of the PMS strategies analysed, yielded negative returns in the month of May it is to be noted that only 53 performed worse than Nifty. Among the best performing PMS in the large cap strategies, Asit C Mehta Ace 15 led the tally with on-month gains of 6.50%. With less than Rs 50 crore in asset under management (AUM) the PMS that was started in 2017 has given returns of negative 7.70% in the month of May. Following closely behind was Asit C Mehta Ace 50 with 5.5% returns. ICICI Prudential large cap PMS was also among the gainers with 3.6% returns in May. Among the multi-cap PMSes, ICICI Pru Contra Portfolio was one of the shining stars with 3.24% returns in May. Among the 80 PSM schemes that better the performance of Nifty but failed to break into the green, big names such as Motilal Oswal Focused Midcap, Prabhudas Lilladher Fortune, Aditya Birla Capital Core Equity and others surfaced. “Yes, we are in unprecedented times, but, if your horizon is the next 10 years, 2020 is a good year to gradually build an equity portfolio,” PMS AIF World said. The new-age financial services firm said that multi-cap portfolios with a bias for large caps are something that investors should explore. Kotak Pharma PMS was the only one to yield positive returns in the month of May among the sectoral strategies. Basant Maheshwari equity fund, a multi-cap PMS with an AUM between Rs 100-200 crore was the worst performer in the month of may, down 13.92%, followed by Trivantage Capital Resurgent, a large-cap PMS which saw negative returns of 8.60%, according to PMS AIF World data. Interestingly, almost all PMS strategies analysed, except fourt, have seen negative returns in the one-year time frame. Summarise this report in a few sentences.
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80 of 133 PMS strategies outperformed the benchmark Nifty 50 in the month of may. only 53 of the schemes performed worse than the benchmark. a number of multi-cap PMSes outperformed the benchmark. a number of multi-cap PMSes were among the gainers with 3.6% returns. a number of multi-cap PMSes were also among the shining stars.
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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 the month of May, despite jumping gaining 6% in the last week, the 50-stock Nifty ended in the negative, losing 2.8%. Even the Nifty 500 was down 2.38% while Nifty Midcap 100 fell 1.7% and Nifty Small cap 100 slipped 1.8%. However, despite registering a weaker performance than the preceding month, a large number of portfolio management services outperformed the benchmark Nifty 50. Of the total 133 PMS strategies analysed by research-based financial services firm PMS AIF World, as many as 80 performed better than the 2.8% fall that Nifty 50 witnessed. Although 82% of the PMS strategies analysed, yielded negative returns in the month of May it is to be noted that only 53 performed worse than Nifty. Among the best performing PMS in the large cap strategies, Asit C Mehta Ace 15 led the tally with on-month gains of 6.50%. With less than Rs 50 crore in asset under management (AUM) the PMS that was started in 2017 has given returns of negative 7.70% in the month of May. Following closely behind was Asit C Mehta Ace 50 with 5.5% returns. ICICI Prudential large cap PMS was also among the gainers with 3.6% returns in May. Among the multi-cap PMSes, ICICI Pru Contra Portfolio was one of the shining stars with 3.24% returns in May. Among the 80 PSM schemes that better the performance of Nifty but failed to break into the green, big names such as Motilal Oswal Focused Midcap, Prabhudas Lilladher Fortune, Aditya Birla Capital Core Equity and others surfaced. “Yes, we are in unprecedented times, but, if your horizon is the next 10 years, 2020 is a good year to gradually build an equity portfolio,” PMS AIF World said. The new-age financial services firm said that multi-cap portfolios with a bias for large caps are something that investors should explore. Kotak Pharma PMS was the only one to yield positive returns in the month of May among the sectoral strategies. Basant Maheshwari equity fund, a multi-cap PMS with an AUM between Rs 100-200 crore was the worst performer in the month of may, down 13.92%, followed by Trivantage Capital Resurgent, a large-cap PMS which saw negative returns of 8.60%, according to PMS AIF World data. Interestingly, almost all PMS strategies analysed, except fourt, have seen negative returns in the one-year time frame. Summarise this report in a few sentences." summarise in a few sentences.
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Pleasing a nation of 1.3 billion people is an unenviable task. Yet, when the finance minister unveils his last budget of the current term, that is exactly what he needs to do. Budget in an election year is always a tricky balancing act for any incumbent government considering that they have to walk a tightrope between fiscal prudence and populist measures. In Budget 2019 , Finance Minister Arun Jaitley's travails are further magnified by the string of recent losses in state elections, lower than expected divestment achieved during the year, lower than targeted collections from GST, weak consumer spending and a fragile farm sector. We believe while the government will stay tethered to prudence, the balance will tilt in favour of populist measures designed to assuage restless voters who are currently sitting on the fence. We feel that the focus of the government in a populist budget would be to increase the disposable income in the hands of the citizens. This could have a multiplier effect as the increase in disposable income can likely give a fillip to consumption in the country, which will subsequently give a boost to consumer confidence. An incumbent government heading to elections and seeking a second term can certainly benefit from strong consumer confidence. Some of the key expectations from the government in this direction are as follows: Increase in standard deduction: There is a very strong case for increasing the standard deduction limit for taxpayers from the current Rs 2.5 lakh to Rs 5 lakh. Some hints for the same can be gleaned from the recent ruling of the government to provide reservation for the economically weaker sections of the society, in which they have defined the weaker section to be any family whose household income in a year is less than Rs 8 lakh. Increase the limit for 80C: It has been almost 5 years since the limit for investments under section 80C was revised upwards. We feel that the time is ripe to increase the limit for investments under 80C from the current Rs 1.5 lakh. This could have a positive impact on the markets as well as it will encourage citizens to invest in financial assets. Real Estate sops with a focus on affordable housing: The current government's focus on affordable housing has been quite evident. Additionally, the real estate sector has also been encouraging the government to take steps to boost demand in the sector. We believe that this could take shape through an increase in the exemption limit for interest and principal on housing loans which would be in addition to the exemption given under 80C for principal repayment. Also read: Govt may hike agricultural credit target to Rs 12 lakh crore Universal Basic income framework/Minimum income for farmers: Instead of announcing a farm loan waiver, the government could set the stage for crystallising a minimum wage framework for the unemployed on the lines of social security. If not for the masses at large, it could be directed in some way to the agricultural sector, where some basic income is assured for the farmers owning specific acreage of land. By announcing this minimum income for farmers, the Modi government could gain a headway in appeasing the large rural vote-bank. All the above changes, if implemented, would go a long way in driving the domestic consumption demand in the country and indirectly spurring industrial growth. Priority sector lending status to MSME: On the corporate side, we expect the government to maintain status quo on corporate taxation. However, as is evident from recent policy announcements, the SME and MSME sectors will continue to be a focus area for the government. In a bid to further augment this segment, the government could accord them priority sector lending status which would facilitate faster and better access to credit for these companies. For start-ups, doing away with Angel Tax is something on the wish-list. That would ease the burden on young startups, which are looking to raise growth capital from investors. The government so far has shown immense amount of prudence and has only occasionally resorted to appeasement politics. However, the stakes are higher in an election year and the tenuous balance between fiscal prudence and appeasement politics will have to be managed by the government with a great deal of finesse. (The writer is Executive Director, IIFL Wealth Management) Summarise this report in a few sentences.
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arun jaitley's last budget of the current term is expected to be released in 2019. he says the focus of the government in a populist budget would be to increase the disposable income. he says the government should increase the standard deduction limit from Rs 2.5 lakh to Rs 5 lakh. arun jaitley: a populist budget would be a good way to boost consumer confidence.
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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 "Pleasing a nation of 1.3 billion people is an unenviable task. Yet, when the finance minister unveils his last budget of the current term, that is exactly what he needs to do. Budget in an election year is always a tricky balancing act for any incumbent government considering that they have to walk a tightrope between fiscal prudence and populist measures. In Budget 2019 , Finance Minister Arun Jaitley's travails are further magnified by the string of recent losses in state elections, lower than expected divestment achieved during the year, lower than targeted collections from GST, weak consumer spending and a fragile farm sector. We believe while the government will stay tethered to prudence, the balance will tilt in favour of populist measures designed to assuage restless voters who are currently sitting on the fence. We feel that the focus of the government in a populist budget would be to increase the disposable income in the hands of the citizens. This could have a multiplier effect as the increase in disposable income can likely give a fillip to consumption in the country, which will subsequently give a boost to consumer confidence. An incumbent government heading to elections and seeking a second term can certainly benefit from strong consumer confidence. Some of the key expectations from the government in this direction are as follows: Increase in standard deduction: There is a very strong case for increasing the standard deduction limit for taxpayers from the current Rs 2.5 lakh to Rs 5 lakh. Some hints for the same can be gleaned from the recent ruling of the government to provide reservation for the economically weaker sections of the society, in which they have defined the weaker section to be any family whose household income in a year is less than Rs 8 lakh. Increase the limit for 80C: It has been almost 5 years since the limit for investments under section 80C was revised upwards. We feel that the time is ripe to increase the limit for investments under 80C from the current Rs 1.5 lakh. This could have a positive impact on the markets as well as it will encourage citizens to invest in financial assets. Real Estate sops with a focus on affordable housing: The current government's focus on affordable housing has been quite evident. Additionally, the real estate sector has also been encouraging the government to take steps to boost demand in the sector. We believe that this could take shape through an increase in the exemption limit for interest and principal on housing loans which would be in addition to the exemption given under 80C for principal repayment. Also read: Govt may hike agricultural credit target to Rs 12 lakh crore Universal Basic income framework/Minimum income for farmers: Instead of announcing a farm loan waiver, the government could set the stage for crystallising a minimum wage framework for the unemployed on the lines of social security. If not for the masses at large, it could be directed in some way to the agricultural sector, where some basic income is assured for the farmers owning specific acreage of land. By announcing this minimum income for farmers, the Modi government could gain a headway in appeasing the large rural vote-bank. All the above changes, if implemented, would go a long way in driving the domestic consumption demand in the country and indirectly spurring industrial growth. Priority sector lending status to MSME: On the corporate side, we expect the government to maintain status quo on corporate taxation. However, as is evident from recent policy announcements, the SME and MSME sectors will continue to be a focus area for the government. In a bid to further augment this segment, the government could accord them priority sector lending status which would facilitate faster and better access to credit for these companies. For start-ups, doing away with Angel Tax is something on the wish-list. That would ease the burden on young startups, which are looking to raise growth capital from investors. The government so far has shown immense amount of prudence and has only occasionally resorted to appeasement politics. However, the stakes are higher in an election year and the tenuous balance between fiscal prudence and appeasement politics will have to be managed by the government with a great deal of finesse. (The writer is Executive Director, IIFL Wealth Management) Summarise this report in a few sentences." summarise in a few sentences.
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live bse live nse live Volume Todays L/H More × Consumer wellness firm Zydus Wellness has said it will take a three-pronged strategy to drive growth going forward. As a part of the strategy, the company would accelerate growth of core brands with innovations to focus on portfolio diversification and expansion with an aim to recruit new customers. Besides, it is planning differentiated propositions for the products supported by strong "Go To Market", Zydus Wellness said in an investors' presentation. The second pillar of the strategy is building scale in international business by focusing on South Asian Association for Regional Cooperation (SAARC) countries, the Middle East and Africa region and Southeast Asia region, it added. The company is also planning to enter new markets with relevant offering as part of expanding its geographical footprint, Zydus Wellness said. Leveraging mergers and acquisitions is the third part of the company's strategy to significantly grow scale. The firm has a successful track record of integrating acquisitions, and is also open to bolt-on acquisitions at the right time, it said. Summarise this report in a few sentences.
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the company will focus on diversification and expansion to recruit new customers. it is planning differentiated propositions for the products supported by strong "Go To Market" the second pillar of the strategy is building scale in international business. the company is also planning to enter new markets with relevant offering. leveraging mergers and acquisitions is the third part of the company's strategy.
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Given the full article like this: "The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today. Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said. The government is expected to save Rs 1,600 crore annually, he added. On capital restructuring in Food Corporation of India (FCI) as announced in the Union Budget 2018-19, Paswan said the government will infuse equity in the FCI next fiscal to reduce interest burden. FCI will also issue long term bonds. FCI is the government's nodal agency for procurement and distribution of foodgrains. Asked about impact on inflation from proposed increase in the minimum support price (MSP) by 1.5 times, the minister said that there would be no impact on common man as the government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people of the country. Paswan informed that budget allocation for food ministry has been increased to Rs 2.24 lakh crore in 2018-19 from Rs 1.96 lakh crore in this fiscal. The food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore in this financial year. Paswan said the budget outlays for consumer affairs department is Rs 1,804.52 crore for next fiscal as against 3,733 crore this fiscal. This is because of reduction in price stabilisation fund to Rs 1,500 crore from Rs 3,500 crore. "The food subsidy bill has been rising as MSP is being increased every year, while the issue (sale) price of foodgrains under food law has not been hiked," he said. The government has deleted 2.75 crore bogus ration cards which has helped in providing Rs 17,500 crore worth subsidy to eligible beneficiaries, he said. Paswan said the government has linked over 80 per cent of ration cards with Aadhaar. Point of Sale (PoS) machines are being deployed in ration shops. This will help food ministry to introduce portability of PDS under which beneficiaries can take their foodgrains quota from any ration shops in the states. PDS portability has already been started in five states — Andhra Pradesh, Telangana, Haryana, Gujarat and Delhi." then the summary is "only GST is being levied on procurement and not state taxes. government is expected to save Rs 1,600 crore annually, he said. government will infuse equity in the FCI next fiscal to reduce interest burden. government is providing wheat and rice at Rs 2-3 per kg to over 80 crore people. food subsidy has been increased to Rs 1,73,323 crore from 1,44,781.69 crore."
Or full article like this "Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction after the earnings are out,, Executive Vice President, Markets , tells ET Now Edited excerpts:I have not seen any celebration. I only see pessimism and that is typically Indian behaviour. We have been an outperforming index globally and despite all walls of worry, Nifty is at 11,000. Rather than appreciate that, we are talking of underperformance. All you have to have is patience. The stock market is not going to be rekindling everything in a jiffy but this evidence of underperformance may soon be coming to end.If you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying coming in the midcaps. There is a lot of value accretion in the midcaps and today you may have seen a perfect day of foreigners buying and maybe the local mutual funds booking profit.But inherently, do not miss the woods for the trees. We are headed much higher and last six months every fund manager was talking about the outperformance of China and the underperformance of India. Well it is a total reverse. Indian stocks are going to be the best and most sought after and we have just had two $100 billion companies! In the next few years, we should be creating much more. I am extremely bullish over a slightly longer period of time and in the next 60 days, midcaps should do extremely well if the Nifty maintains above this 11,000 to 11,300.One of my top picks in the FMCG space was Nestle which was at Rs 6,700, then Rs 7,000, then Rs 7,200 and it has been making new highs ever since. Nestle and Lever will be the biggest beneficiaries after GST and the destocking and that will be evident in the numbers. The stocks are not cheap but they will keep getting more expensive.So, forget the top 10-20 stocks. Those will be too much in demand. That is how your extra beta is made but look at the broader market. That is where the real value lies. Look at it if you move from FMCG into consumer durables. Voltas and Havell's in both their spaces are looking extremely good and the underlying businesses are improving.In FMCG, the management commentary from Marico sounded extremely bullish over the next six to nine months. In this quarter, there may have been a little bit of pressure on margins. Look for a Marico, Emami, Bata or a Page Industry, but these are not to be available at any discount. They will always be at a premium. The real discount is where you can be discerningly patient because the market will give you returns but it is just a matter of time.IT, FMCG and consumption. Some of the NBFCs could be relative outperformers. I also think that larger banks like State Bank and Bank of Baroda could see some write backs which could add to the bottom line even though there would be pressure on treasury income.As I have been telling you, there would be an open offer for IDBI. I can reiterate the last tranche of government recapitalisation was done at Rs 72.50. You will get a price of at least Rs 75 on IDBI and that would mean that the floating 6-7% could actually get a huge upside over a period of time. Midcaps stocks like Nagarjuna Construction or a SAIL or a CESC will see a lot of traction. The broader market outperformance on results would be the key for rerating of some of the midcaps." then the summary is "despite all walls of worry, the nifty is at 11,000. if you get another 5% fall in crude in next seven days, ten days or a month, you will see pent up buying coming in the midcaps. if you do get another 5% fall in crude in next seven days, ten days or a month, then you will see a huge amount of pent up buying."
Or full article like this "In one of her interviews in 2017, when the interviewer asked veteran banker Kalpana Morparia about her work-life balance, Morparia's response was blunt. "What is this question for me? Life is work and vice-versa," she told the interviewer. The answer sums up Morparia's approach to work, according to her former colleagues. After around 12 years in JP Morgan, Morparia is now set to retire early next year. Her successor in JP Morgan has a tough task ahead. The world is fighting yet another crisis in the form of a deadly pandemic that will have catastrophic impact on world economy, presenting a crisis possibly a bigger one than the 2008 crisis. According to reports, Morparia's position will be split into two with Leo Puri, ex-chief executive at UTI Mutual Fund, taking over as chairman of South and Southeast Asia and Madhav Kalyan being elevated into Senior country officer position. Morparia, 71, is an iconic banker in true sense and one of the few women bankers to rise to the top in the Indian banking industry. Morparia made her name in the banking world during her stint at ICICI Bank. After retiring from ICICI Bank in 2007 as Joint Managing Director, Morparia took charge at JP Morgan in 2008 at a time the world was in the midst of a global financial crisis. Colleagues who worked with her describe Morparia as a hard working banker, who loved 12-hour working days. In her three-decade long stay at ICICI Bank, Morparia played an instrumental role in the bank's evolution from a domestic lending institution to a big private bank with a strong retail focus. Her journey from a law graduate to a top executive in ICICI Bank is also a significant chapter in the history of India's banking sector. In ICICI Bank, Morparia worked with the likes of S Nadkarni, KV Kamath and N Vaghul. Her work profile at the bank saw her handling multiple responsibilities like treasury, legal divisions, insurance and asset management. "She was a hard-working executive who set an example for juniors. Her ability to deal with crisis situations helped the bank tremendously," said a former colleague. Morparia's stint coincided with the rise of Chanda Kochhar. Morparia played a crucial role in steering the operations when the bank was going through a tough time, including a run on the bank in Gujarat in 2003 following rumours in local newspapers. Announcing her retirement, JP Morgan said Morparia has agreed to "stay with the firm until Q1 2021, and help lead the firm's efforts in South and Southeast Asia as we and our clients adapt to the new economic and work environment"." then the summary is this "Kalpana Morparia is set to retire early next year. she is one of the few women bankers to rise to the top in the Indian banking industry. Her career at ICICI Bank saw her handle multiple responsibilities. She is also a former ICICI Bank executive. a former colleague says she is a "hard-working executive"."
Now given this article "live bse live nse live Volume Todays L/H More × Consumer wellness firm Zydus Wellness has said it will take a three-pronged strategy to drive growth going forward. As a part of the strategy, the company would accelerate growth of core brands with innovations to focus on portfolio diversification and expansion with an aim to recruit new customers. Besides, it is planning differentiated propositions for the products supported by strong "Go To Market", Zydus Wellness said in an investors' presentation. The second pillar of the strategy is building scale in international business by focusing on South Asian Association for Regional Cooperation (SAARC) countries, the Middle East and Africa region and Southeast Asia region, it added. The company is also planning to enter new markets with relevant offering as part of expanding its geographical footprint, Zydus Wellness said. Leveraging mergers and acquisitions is the third part of the company's strategy to significantly grow scale. The firm has a successful track record of integrating acquisitions, and is also open to bolt-on acquisitions at the right time, it said. Summarise this report in a few sentences." summarise in a few sentences.
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Mumbai: The RBI has decided to reduce statutory liquidity ratio, the portion of funds which banks are required to park in treasury bills and other instruments, by 0.25% every quarter beginning January. The calibrated reduction in statutory liquidity ratio (SLR) will continue till it reaches 18%. The current SLR is 19.5%. “This reduction in SLR holding is likely to free up Rs1-1.5 trillion of funds in the next one and half year into the banking system," said Rajni Thakur, Economist, RBL Bank. In the ‘Statement on Developmental and Regulatory Policies’ post announcing its fifth bi-monthly monetary policy review, the RBI said it will reduce the SLR by 25 basis points (0.25%) every calendar quarter until the SLR reaches 18% of the net demand and time liabilities (NDTL) as part of aligning it with the liquidity coverage ratio (LCR). The first reduction of 25 basis points will take effect in the quarter commencing January 2019, the Reserve Bank of India said. The move may release funds locked in government securities and add to lendable liquidity. With inflation expectations lowered, this should not impact bond sentiment in a short run, said R.K. Gurumurthy - Head Treasury, Lakshmi Vilas Bank. Bonds have rallied on the back of announcement that open market operations will continue and future policy and rate stance will depend on incoming data — implying a longer pause is the way forward, he added. The move may release funds locked in government securities and add to lendable liquidity- R. K Gurumurty, Head Treasury, Lakshmi Vilas Bank The RBI has kept the key repo rate — at which it lends to banks —unchanged at 6.50%. It also cut the retail inflation projection to range between 2.7-3.2% during October-March or the second half of the current financial year. Zarin Daruwala, CEO, India, Standard Chartered Bank said it was heartening to note that the RBI was ready to ease monetary policy to support the economy. “The sharp reduction in the inflation forecast accompanied by planned SLR cuts should result in lower costs for borrowers," Daruwala said. The economists and bankers see the gradual reduction in SLR as a surprise move on part of the RBI. “Broadly, the policy is neutral for bond markets, though retains a positive bias, even as a progressive cut in SLR by 1.5% to 18% can reduce demand for Government bonds in the near term," said Kumaresh Ramakrishnan, Head - Fixed Income, DHFL Pramerica Mutual fund. A reduction in SLR would mean higher liquidity for the banks, so they would have more funds to lend. This would keep lending rates stable or push them down marginally, BankBazaar CEO Adhil Shetty said. The SLR is the reserve that the commercial banks in India are required to maintain in the form of cash, gold reserves, government approved securities before providing credit to the customers. Among others as part of the Statement on Developmental and Regulatory Policies, the RBI has proposed to allow NRIs to participate in the overnight indexed swap market for non-hedging purposes, subject to certain conditions. The non-resident Indians (NRIs) are also being allowed to hedge their rupee interest rate risk flexibly, using any available IRD (image replacement document ) instrument. In order to improve liquidity management by banks, the RBI also said that banks will be able to forecast their liquidity requirements with a greater degree of precision, as it will provide information on daily CRR balance of the banking system to market participants on the very next day. Currently, the cash reserve ratio (CRR) balance of banks at the end of the day is being disclosed with a lag of 2-3 days, while the details of the currency in circulation are being released with a lag of one week. The daily money market operations press release will contain the CRR figure for the previous day, with effect from 6 December 2018, the apex bank said. The RBI also said it will rationalise the Borrowing and Lending Regulations under FEMA, 1999 by consolidating the regulations governing all types of borrowing and lending transactions between a resident Indian and a person resident outside India in both foreign currency and rupee, in consultation with the government. “The proposed regulations, Foreign Exchange Management (Borrowing or Lending) Regulations, 2018 shall subsume the existing Notification No FEMA 3/2000-RB dated May 3, 2000, Notification No FEMA 4/2000-RB dated May 3, 2000 and Regulation 21 of Notification No FEMA 120/RB-2004 dated July 7, 2004," the Reserve Bank said. It will also rationalise the extant framework for external commercial borrowings and rupee denominated bonds with a view to improving the ease of doing business. The consolidated regulation and guidelines will be issued by the end of December 2018. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. Topics Summarise this report in a few sentences.
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the reduction in statutory liquidity ratio (SLR) will continue till it reaches 18%. the current SLR is 19.5%. the move may release funds locked in government securities and add to lendable liquidity. RBI has kept the key repo rate — at which it lends to banks —unchanged at 6.50%. it also cut the retail inflation projection to range between 2.7-3.2% during October-March or the second half of the current 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 "Mumbai: The RBI has decided to reduce statutory liquidity ratio, the portion of funds which banks are required to park in treasury bills and other instruments, by 0.25% every quarter beginning January. The calibrated reduction in statutory liquidity ratio (SLR) will continue till it reaches 18%. The current SLR is 19.5%. “This reduction in SLR holding is likely to free up Rs1-1.5 trillion of funds in the next one and half year into the banking system," said Rajni Thakur, Economist, RBL Bank. In the ‘Statement on Developmental and Regulatory Policies’ post announcing its fifth bi-monthly monetary policy review, the RBI said it will reduce the SLR by 25 basis points (0.25%) every calendar quarter until the SLR reaches 18% of the net demand and time liabilities (NDTL) as part of aligning it with the liquidity coverage ratio (LCR). The first reduction of 25 basis points will take effect in the quarter commencing January 2019, the Reserve Bank of India said. The move may release funds locked in government securities and add to lendable liquidity. With inflation expectations lowered, this should not impact bond sentiment in a short run, said R.K. Gurumurthy - Head Treasury, Lakshmi Vilas Bank. Bonds have rallied on the back of announcement that open market operations will continue and future policy and rate stance will depend on incoming data — implying a longer pause is the way forward, he added. The move may release funds locked in government securities and add to lendable liquidity- R. K Gurumurty, Head Treasury, Lakshmi Vilas Bank The RBI has kept the key repo rate — at which it lends to banks —unchanged at 6.50%. It also cut the retail inflation projection to range between 2.7-3.2% during October-March or the second half of the current financial year. Zarin Daruwala, CEO, India, Standard Chartered Bank said it was heartening to note that the RBI was ready to ease monetary policy to support the economy. “The sharp reduction in the inflation forecast accompanied by planned SLR cuts should result in lower costs for borrowers," Daruwala said. The economists and bankers see the gradual reduction in SLR as a surprise move on part of the RBI. “Broadly, the policy is neutral for bond markets, though retains a positive bias, even as a progressive cut in SLR by 1.5% to 18% can reduce demand for Government bonds in the near term," said Kumaresh Ramakrishnan, Head - Fixed Income, DHFL Pramerica Mutual fund. A reduction in SLR would mean higher liquidity for the banks, so they would have more funds to lend. This would keep lending rates stable or push them down marginally, BankBazaar CEO Adhil Shetty said. The SLR is the reserve that the commercial banks in India are required to maintain in the form of cash, gold reserves, government approved securities before providing credit to the customers. Among others as part of the Statement on Developmental and Regulatory Policies, the RBI has proposed to allow NRIs to participate in the overnight indexed swap market for non-hedging purposes, subject to certain conditions. The non-resident Indians (NRIs) are also being allowed to hedge their rupee interest rate risk flexibly, using any available IRD (image replacement document ) instrument. In order to improve liquidity management by banks, the RBI also said that banks will be able to forecast their liquidity requirements with a greater degree of precision, as it will provide information on daily CRR balance of the banking system to market participants on the very next day. Currently, the cash reserve ratio (CRR) balance of banks at the end of the day is being disclosed with a lag of 2-3 days, while the details of the currency in circulation are being released with a lag of one week. The daily money market operations press release will contain the CRR figure for the previous day, with effect from 6 December 2018, the apex bank said. The RBI also said it will rationalise the Borrowing and Lending Regulations under FEMA, 1999 by consolidating the regulations governing all types of borrowing and lending transactions between a resident Indian and a person resident outside India in both foreign currency and rupee, in consultation with the government. “The proposed regulations, Foreign Exchange Management (Borrowing or Lending) Regulations, 2018 shall subsume the existing Notification No FEMA 3/2000-RB dated May 3, 2000, Notification No FEMA 4/2000-RB dated May 3, 2000 and Regulation 21 of Notification No FEMA 120/RB-2004 dated July 7, 2004," the Reserve Bank said. It will also rationalise the extant framework for external commercial borrowings and rupee denominated bonds with a view to improving the ease of doing business. The consolidated regulation and guidelines will be issued by the end of December 2018. 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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Item 7A. Quantitative and Qualitative Disclosures About Market Risk CURRENCY EXCHANGE RATE RISK Due to the global nature of our operations, we are exposed to currency exchange rate changes which may cause fluctuations in earnings and cash flows. We use operational and economic hedges, as well as currency exchange rate derivative instruments, to manage the impact of currency exchange rate fluctuations. In order to minimize earnings and cash flow volatility resulting from currency exchange rate fluctuations, we enter into derivative instruments, principally forward currency exchange rate contracts. These contracts are designed to hedge anticipated transactions in other currencies and changes in the value of specific assets and liabilities. At inception of the contract, the derivative instrument is designated as either a freestanding derivative or a cash flow hedge. The primary currencies of our derivative instruments are the Euro, Japanese Yen, and British Pound. Fluctuations in the currency exchange rates of currency exposures that are unhedged, such as in certain emerging markets, may result in future earnings and cash flow volatility. We do not enter into currency exchange rate derivative instruments for speculative purposes. The gross notional amount of all currency exchange rate derivative instruments outstanding at April 26, 2019 and April 27, 2018 was $11.1 billion and $11.5 billion, respectively. At April 26, 2019, these contracts were in a net unrealized gain position of $322 million. A sensitivity analysis of changes in the fair value of all currency exchange rate derivative contracts at April 26, 2019 indicates that, if the U.S. dollar uniformly strengthened/weakened by 10 percent against all currencies, the fair value of these contracts would increase/decrease by approximately $916 million. Any gains and losses on the fair value of derivative contracts would generally be offset by gains and losses on the underlying transactions. These offsetting gains and losses are not reflected in the above analysis. In the second quarter of fiscal year 2019, we began accounting for our operations in Argentina as highly inflationary, as the prior three-year cumulative inflation rate exceeded 100 percent. The change did not have a material impact on our results for fiscal year 2019. INTEREST RATE RISK We are subject to interest rate risk on our investments and our borrowings. We manage interest rate risk in the aggregate, while focusing on our immediate and intermediate liquidity needs. Our debt portfolio at April 26, 2019 was comprised of debt predominately denominated in U.S. dollars and the Euro, of which substantially all is fixed rate debt. We are also exposed to interest rate changes affecting our investments in interest rate sensitive instruments, which include our marketable debt securities, fixed-to-floating interest rate swap agreements, and forward starting interest rate swap agreements. A sensitivity analysis of the impact on our interest rate-sensitive financial instruments of a hypothetical 10 basis point change in interest rates, as compared to interest rates at April 26, 2019, indicates that the fair value of these instruments would correspondingly change by $49 million. For a discussion of current market conditions and the impact on our financial condition and results of operations, please see the “Liquidity” section of the Management's Discussion and Analysis in "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report on Form 10-K. For additional discussion of market risk, see Notes 6 and 8 to the consolidated financial statements in “Item 8. Summarise this report in a few sentences.
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Financial Statements and Supplementary Data” in this Annual Report on Form 10-K.
This text discusses the market risk of currency exchange rate and interest rate fluctuations that the company is exposed to due to its global operations. The company uses operational and economic hedges, as well as currency exchange rate derivative instruments, to manage the impact of currency exchange rate fluctuations. A sensitivity analysis of changes in the fair value of all currency exchange rate derivative contracts indicates that a 10 percent change in the U.S. dollar against all currencies would result in a $916 million change in the fair value of these contracts. A sensitivity analysis of the impact on the company's interest rate-sensitive financial instruments of a hypothetical 10 basis point change in interest rates indicates that the
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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 CURRENCY EXCHANGE RATE RISK Due to the global nature of our operations, we are exposed to currency exchange rate changes which may cause fluctuations in earnings and cash flows. We use operational and economic hedges, as well as currency exchange rate derivative instruments, to manage the impact of currency exchange rate fluctuations. In order to minimize earnings and cash flow volatility resulting from currency exchange rate fluctuations, we enter into derivative instruments, principally forward currency exchange rate contracts. These contracts are designed to hedge anticipated transactions in other currencies and changes in the value of specific assets and liabilities. At inception of the contract, the derivative instrument is designated as either a freestanding derivative or a cash flow hedge. The primary currencies of our derivative instruments are the Euro, Japanese Yen, and British Pound. Fluctuations in the currency exchange rates of currency exposures that are unhedged, such as in certain emerging markets, may result in future earnings and cash flow volatility. We do not enter into currency exchange rate derivative instruments for speculative purposes. The gross notional amount of all currency exchange rate derivative instruments outstanding at April 26, 2019 and April 27, 2018 was $11.1 billion and $11.5 billion, respectively. At April 26, 2019, these contracts were in a net unrealized gain position of $322 million. A sensitivity analysis of changes in the fair value of all currency exchange rate derivative contracts at April 26, 2019 indicates that, if the U.S. dollar uniformly strengthened/weakened by 10 percent against all currencies, the fair value of these contracts would increase/decrease by approximately $916 million. Any gains and losses on the fair value of derivative contracts would generally be offset by gains and losses on the underlying transactions. These offsetting gains and losses are not reflected in the above analysis. In the second quarter of fiscal year 2019, we began accounting for our operations in Argentina as highly inflationary, as the prior three-year cumulative inflation rate exceeded 100 percent. The change did not have a material impact on our results for fiscal year 2019. INTEREST RATE RISK We are subject to interest rate risk on our investments and our borrowings. We manage interest rate risk in the aggregate, while focusing on our immediate and intermediate liquidity needs. Our debt portfolio at April 26, 2019 was comprised of debt predominately denominated in U.S. dollars and the Euro, of which substantially all is fixed rate debt. We are also exposed to interest rate changes affecting our investments in interest rate sensitive instruments, which include our marketable debt securities, fixed-to-floating interest rate swap agreements, and forward starting interest rate swap agreements. A sensitivity analysis of the impact on our interest rate-sensitive financial instruments of a hypothetical 10 basis point change in interest rates, as compared to interest rates at April 26, 2019, indicates that the fair value of these instruments would correspondingly change by $49 million. For a discussion of current market conditions and the impact on our financial condition and results of operations, please see the “Liquidity” section of the Management's Discussion and Analysis in "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report on Form 10-K. For additional discussion of market risk, see Notes 6 and 8 to the consolidated financial statements in “Item 8. Summarise this report in a few sentences." summarise in a few sentences.
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A narration of someone's life story is something that you may not have heard in a Budget speech , which usually is a sedate and serious affair. Most of us remember the witty remarks, the comebacks and the couplets that have now become an inseparable part of the India 's biggest financial exercise.In all of India's budget history, there was, however, one such time when a digression from the 'routine' happened. And the finance minister at the centre of that episode was a person who is regarded as one of the most restrained and reserved politicians India has ever produced.The 1991 Budget speech by then finance minister Manmohan Singh was pathbreaking in more ways than one. It was the speech that changed India — ushering in what the posterity would know as liberalisation . It eased imports, allowed foreign investment and started disinvestment in inefficient PSUs.Most importantly, it marked the end of notorious licence-permit raj.The 1991 speech was also unique for something very unusual for the reticent Dr Singh — an emotional narration of personal life.Thus went his speech: "I was born in a poor family in a chronically drought prone village which is now part of Pakistan. University scholarships and grants made it possible for me to go to college in India as well as in England. This country has honoured me by appointing me to some of the most important public offices of our sovereign Republic. This is a debt which I can never be able to fully repay."Towards the end of his speech Manmohan cited Nehru's advice to daughter Indira that in dealing with the affairs of the state one should be full of sentiment but never be sentimental. "But the House will forgive me if on an occasion like this I cannot avoid being somewhat sentimental," said Manmohan before he began narrating the story of his life.To the story of his background Manmohan added, "The best I can do is to pledge myself to serve our country with utmost sincerity and dedication. This I promise to the House. A Finance Minister has to be hard headed. This I shall endeavour to be. I shall be firm when it comes to defending the interests of this nation. But I promise that in dealing with the people of India I shall be soft hearted. I shall not in any way renege on our nation’s firm and irrevocable commitment to the pursuit of equity and social justice. I shall never forget that ultimately all economic processes are meant to serve the interests of our people."Manmohan knew full well that his speech would become a milepost in India's history and be read and re-read for a long time to come. By peppering it with personal anecdotes, he was perhaps trying to make it even more unforgettable.Or probably he was aware that his radical reset of the economy might come across as mainly a pro-business gesture, so he brought up his own humble origins to underline his commitment to the poor. Summarise this report in a few sentences.
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1991 budget speech by then finance minister Manmohan Singh was pathbreaking. it was also unique for the reticent — an emotional narration of personal life. he cited Nehru's advice to daughter Indira that in dealing with affairs of the state one should be full of sentiment but never be sentimental. he promised to be firm when it comes to defending the interests of this nation.
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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 narration of someone's life story is something that you may not have heard in a Budget speech , which usually is a sedate and serious affair. Most of us remember the witty remarks, the comebacks and the couplets that have now become an inseparable part of the India 's biggest financial exercise.In all of India's budget history, there was, however, one such time when a digression from the 'routine' happened. And the finance minister at the centre of that episode was a person who is regarded as one of the most restrained and reserved politicians India has ever produced.The 1991 Budget speech by then finance minister Manmohan Singh was pathbreaking in more ways than one. It was the speech that changed India — ushering in what the posterity would know as liberalisation . It eased imports, allowed foreign investment and started disinvestment in inefficient PSUs.Most importantly, it marked the end of notorious licence-permit raj.The 1991 speech was also unique for something very unusual for the reticent Dr Singh — an emotional narration of personal life.Thus went his speech: "I was born in a poor family in a chronically drought prone village which is now part of Pakistan. University scholarships and grants made it possible for me to go to college in India as well as in England. This country has honoured me by appointing me to some of the most important public offices of our sovereign Republic. This is a debt which I can never be able to fully repay."Towards the end of his speech Manmohan cited Nehru's advice to daughter Indira that in dealing with the affairs of the state one should be full of sentiment but never be sentimental. "But the House will forgive me if on an occasion like this I cannot avoid being somewhat sentimental," said Manmohan before he began narrating the story of his life.To the story of his background Manmohan added, "The best I can do is to pledge myself to serve our country with utmost sincerity and dedication. This I promise to the House. A Finance Minister has to be hard headed. This I shall endeavour to be. I shall be firm when it comes to defending the interests of this nation. But I promise that in dealing with the people of India I shall be soft hearted. I shall not in any way renege on our nation’s firm and irrevocable commitment to the pursuit of equity and social justice. I shall never forget that ultimately all economic processes are meant to serve the interests of our people."Manmohan knew full well that his speech would become a milepost in India's history and be read and re-read for a long time to come. By peppering it with personal anecdotes, he was perhaps trying to make it even more unforgettable.Or probably he was aware that his radical reset of the economy might come across as mainly a pro-business gesture, so he brought up his own humble origins to underline his commitment to the poor. 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 Operations Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit The fundamentals will catch up with the market over the next 6 to 12 months, says S Krishna Kumar , CIO.I think you asked the same question in a different way. So the markets right now are driven by a lot of liquidity coming through from the US. The most important thing to observe at this point is the improving data that is coming through as we open up. We have seen a good experience in China in most sectors. They are back to near normal. The US, Europe and a lot of other countries have seen a fair bit of improvement in terms of their operating metrics across different parameters.In India also in the last one month, we have been doing a lot of checks with corporates and channels to see what is happening. The commentary definitely from the NBFCs and banks have been far better in terms of collections and disbursements moving ahead. Also in the case of the automotive sector, dealerships are seeing walk-ins and a good amount of pent-up demand is coming through. So all in all the experience globally and in India will be the same. While supply normalises there will be demand that will come through. While, of course, it is not going to hit the same levels of pre-Covid immediately, it will be a 6 months to 12 months journey as month on month we improve in terms of numbers.So the markets actually are not just driven by liquidity and I would beg to differ. I would also like to believe that there is a lot of improvement on the ground that we are noticing. While everybody is cautious and watchful, slowly and steadily the improvement is getting factored in into the prices; be it the frontline banks or the NBFCs or the mid and smallcaps. The stocks that have been beaten down 80-90% are seeing some pull back of 15-20%. So there is some normalisation that is happening and that is why we believe that the fundamentals will catch up with the market over the next 6 to 12 months and therein move on.The question in the longer term is how the liquidity will unwind. Definitely as the global central banks see normalisation in their economies, they would start to definitely tighten the liquidity and rise rates, but from the commentary of the US Fed and central banks in Europe, clearly that is quite some time away. So right now there will be supportive liquidity conditions globally and a bit of risk on trade that is happening driven by the opening up of the economy and the good news that is coming through.The initial reaction that we saw in February-March of sheer panic pushed valuations to levels much below fundamentals’ intrinsic values. So there has been a bit of a catch up on that as the fear gave way to some caution. I think markets and valuations have normalised and then there is this leg up that we are seeing now, which is discounting a bit of the improvement that we are seeing. While I do agree that these levels are the way the markets are, the markets’ valuations are quite reasonable. I would find it difficult to justify a strong rally from here in the near term.Of course, we will keep moving up slowly. So there could be a bit of correction in terms of time correction as we wait for more news flow to strengthen our case for the recovery. Of course, specifically there could be a lot of value in different sectors and stocks and hence in this kind of market move, after the sharp correction, we find that value will come back and value investing will play up and growth stocks will outperform. So the path of recovery we see is there will be initial value that will come back into the markets and then growth will take over after 6 to 12 months.I think in this current state of affairs, the good news is that the last one year has been good for agriculture and broadly rural incomes have been holding up and more efforts by the government to assuage the worries of the poor and the rural areas are helping. The good news is that this year the monsoons are good and the sowing area is going up. So what we do understand from the agri markets and rural areas are that things are a lot better than what was there a year back. So this really will be a very supportive factor for consumption broadly because there is a lot of base level consumption that comes through from the rural side in addition to the aspirational consumption that we always talk about as more and more of India becomes more aspirational and conscious of the up-scaling into the brands.So that is positive from a medium term perspective on consumption, particularly the higher-end FMCG products and also the low-ticket consumer discretionary; appliances, the two wheeler and the tractor space is what we would play. More importantly, on the agrochemical side, the industry has been doing well in the last six months and we do believe that in the next 12 months, there is going to be continued demand uptick and pricing benefits that will come through for that space. Also, these companies in agrochemicals and speciality chemicals have another leg in terms of global supply chains and we have seen most of them being able to secure large contracts for supplies overseas. So that is a sector that we continue to remain optimistic about in the medium term.Clearly in the last one year, consolidation across the industry with a lot of weaker players going out has been helpful. In a way that has also made the government more pro industry trying to help the industry to stay afloat and help the bank system to get back their dues from the sector. So I think that is the biggest change that we have seen in terms of the government coming into support the industry.Along with that, more than just the pricing expectations on the telecom space and the value creation, the larger part of the play has been how these telecom companies could turn themselves into more internet plays and framework plays like Alibaba. So if you look at one of our leading companies, we are seeing a lot of investments from global majors coming in and they are not coming in for just telecom. They are coming in for more benefits of being invested in a platform player from where they can leverage the social connect, the payments enterprise, the ecommerce across the different categories like groceries, other retail, apparel and footwear and other things.I think it opens up a whole host of enterprises that we could do through these telecom companies if you transform yourself, which Jio has proved. So I guess that is the biggest long-term story that has played out in the markets for the last three months. Summarise this report in a few sentences.
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a lot of liquidity coming through from the US, says S Krishna Kumar. the fundamentals will catch up with the market over the next 6 to 12 months, says Kumar. the question in the longer term is how the liquidity will unwind. the 'future is a very exciting time' for the u.s. and the world, says Kumar.
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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 Operations Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit The fundamentals will catch up with the market over the next 6 to 12 months, says S Krishna Kumar , CIO.I think you asked the same question in a different way. So the markets right now are driven by a lot of liquidity coming through from the US. The most important thing to observe at this point is the improving data that is coming through as we open up. We have seen a good experience in China in most sectors. They are back to near normal. The US, Europe and a lot of other countries have seen a fair bit of improvement in terms of their operating metrics across different parameters.In India also in the last one month, we have been doing a lot of checks with corporates and channels to see what is happening. The commentary definitely from the NBFCs and banks have been far better in terms of collections and disbursements moving ahead. Also in the case of the automotive sector, dealerships are seeing walk-ins and a good amount of pent-up demand is coming through. So all in all the experience globally and in India will be the same. While supply normalises there will be demand that will come through. While, of course, it is not going to hit the same levels of pre-Covid immediately, it will be a 6 months to 12 months journey as month on month we improve in terms of numbers.So the markets actually are not just driven by liquidity and I would beg to differ. I would also like to believe that there is a lot of improvement on the ground that we are noticing. While everybody is cautious and watchful, slowly and steadily the improvement is getting factored in into the prices; be it the frontline banks or the NBFCs or the mid and smallcaps. The stocks that have been beaten down 80-90% are seeing some pull back of 15-20%. So there is some normalisation that is happening and that is why we believe that the fundamentals will catch up with the market over the next 6 to 12 months and therein move on.The question in the longer term is how the liquidity will unwind. Definitely as the global central banks see normalisation in their economies, they would start to definitely tighten the liquidity and rise rates, but from the commentary of the US Fed and central banks in Europe, clearly that is quite some time away. So right now there will be supportive liquidity conditions globally and a bit of risk on trade that is happening driven by the opening up of the economy and the good news that is coming through.The initial reaction that we saw in February-March of sheer panic pushed valuations to levels much below fundamentals’ intrinsic values. So there has been a bit of a catch up on that as the fear gave way to some caution. I think markets and valuations have normalised and then there is this leg up that we are seeing now, which is discounting a bit of the improvement that we are seeing. While I do agree that these levels are the way the markets are, the markets’ valuations are quite reasonable. I would find it difficult to justify a strong rally from here in the near term.Of course, we will keep moving up slowly. So there could be a bit of correction in terms of time correction as we wait for more news flow to strengthen our case for the recovery. Of course, specifically there could be a lot of value in different sectors and stocks and hence in this kind of market move, after the sharp correction, we find that value will come back and value investing will play up and growth stocks will outperform. So the path of recovery we see is there will be initial value that will come back into the markets and then growth will take over after 6 to 12 months.I think in this current state of affairs, the good news is that the last one year has been good for agriculture and broadly rural incomes have been holding up and more efforts by the government to assuage the worries of the poor and the rural areas are helping. The good news is that this year the monsoons are good and the sowing area is going up. So what we do understand from the agri markets and rural areas are that things are a lot better than what was there a year back. So this really will be a very supportive factor for consumption broadly because there is a lot of base level consumption that comes through from the rural side in addition to the aspirational consumption that we always talk about as more and more of India becomes more aspirational and conscious of the up-scaling into the brands.So that is positive from a medium term perspective on consumption, particularly the higher-end FMCG products and also the low-ticket consumer discretionary; appliances, the two wheeler and the tractor space is what we would play. More importantly, on the agrochemical side, the industry has been doing well in the last six months and we do believe that in the next 12 months, there is going to be continued demand uptick and pricing benefits that will come through for that space. Also, these companies in agrochemicals and speciality chemicals have another leg in terms of global supply chains and we have seen most of them being able to secure large contracts for supplies overseas. So that is a sector that we continue to remain optimistic about in the medium term.Clearly in the last one year, consolidation across the industry with a lot of weaker players going out has been helpful. In a way that has also made the government more pro industry trying to help the industry to stay afloat and help the bank system to get back their dues from the sector. So I think that is the biggest change that we have seen in terms of the government coming into support the industry.Along with that, more than just the pricing expectations on the telecom space and the value creation, the larger part of the play has been how these telecom companies could turn themselves into more internet plays and framework plays like Alibaba. So if you look at one of our leading companies, we are seeing a lot of investments from global majors coming in and they are not coming in for just telecom. They are coming in for more benefits of being invested in a platform player from where they can leverage the social connect, the payments enterprise, the ecommerce across the different categories like groceries, other retail, apparel and footwear and other things.I think it opens up a whole host of enterprises that we could do through these telecom companies if you transform yourself, which Jio has proved. So I guess that is the biggest long-term story that has played out in the markets for the last three months. Summarise this report in a few sentences." summarise in a few sentences.
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As per tradition, Finance Minister @nsitharaman calls on President Kovind at Rashtrapati Bhavan before presenting t… https://t.co/iwFIIBSC5e — President of India (@rashtrapatibhvn) 1580530456000 NEW DELHI: The Union Cabinet headed by Prime Minister Narendra Modi on Saturday approved the Budget for the financial year beginning April 1, that may see measures to lift the economy from the worst economic slowdown in 11 years.Before coming to Parliament for presenting her second budget, Finance Minister Nirmala Sitharaman and her team met President Ram Nath Kovind She was accompanied by Minister of State for Finance Anurag Thakur and top officials of her ministry including Finance Secretary Rajiv Kumar."As per tradition, Finance Minister @nsitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget ," tweeted the President of India's handle along with two photographs from the meeting.Like last year, Sitharaman opted for a traditional red-coloured 'bahi-khata' to carry budget documents.Dressed in a crisp yellow silk saree, she posed for cameramen at the Parliament House gate with the budget documents wrapped in a red silk cloth, adorned with a golden Indian emblem.Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said.The real gross domestic product (GDP) growth is estimated to fall to an 11-year low of 5 per cent in FY20 from 6.1 per cent in FY19. Estimated nominal growth at 7.5 per cent in FY20 is the lowest since 1975-76 (FY76) as per the FY12-based GDP series.Index of Industrial Production (IIP) growth turned positive but remained low at 1.8 per cent in November 2019 after contracting by (-) 4 per cent in October 2019.Consumer Price Index (CPI) inflation increased to a 65-month high of 7.4 per cent in December 2019, its fifth sequential rise, mainly due to persistently rising vegetable prices.Also, growth in bank credit fell to a 25-month low of 8 per cent in November 2019. Summarise this report in a few sentences.
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finance minister Nirmala Sitharaman opted for traditional red-coloured 'bahi-khata' to carry budget documents. despite worst economic slowdown in more than a decade, she is expected to pull out all stops to spur consumer demand and investment. despite the economic slowdown, sitharaman is expected to pull out all stops to spur consumer demand and investment.
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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 per tradition, Finance Minister @nsitharaman calls on President Kovind at Rashtrapati Bhavan before presenting t… https://t.co/iwFIIBSC5e — President of India (@rashtrapatibhvn) 1580530456000 NEW DELHI: The Union Cabinet headed by Prime Minister Narendra Modi on Saturday approved the Budget for the financial year beginning April 1, that may see measures to lift the economy from the worst economic slowdown in 11 years.Before coming to Parliament for presenting her second budget, Finance Minister Nirmala Sitharaman and her team met President Ram Nath Kovind She was accompanied by Minister of State for Finance Anurag Thakur and top officials of her ministry including Finance Secretary Rajiv Kumar."As per tradition, Finance Minister @nsitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget ," tweeted the President of India's handle along with two photographs from the meeting.Like last year, Sitharaman opted for a traditional red-coloured 'bahi-khata' to carry budget documents.Dressed in a crisp yellow silk saree, she posed for cameramen at the Parliament House gate with the budget documents wrapped in a red silk cloth, adorned with a golden Indian emblem.Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said.The real gross domestic product (GDP) growth is estimated to fall to an 11-year low of 5 per cent in FY20 from 6.1 per cent in FY19. Estimated nominal growth at 7.5 per cent in FY20 is the lowest since 1975-76 (FY76) as per the FY12-based GDP series.Index of Industrial Production (IIP) growth turned positive but remained low at 1.8 per cent in November 2019 after contracting by (-) 4 per cent in October 2019.Consumer Price Index (CPI) inflation increased to a 65-month high of 7.4 per cent in December 2019, its fifth sequential rise, mainly due to persistently rising vegetable prices.Also, growth in bank credit fell to a 25-month low of 8 per cent in November 2019. Summarise this report in a few sentences." summarise in a few sentences.
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MOSCOW: Vladimir Putin now has a stronger hold on Russia _ and stronger place in the world _ thanks to an overwhelming mandate for yet another term as president.His domestic opponents are largely resigned to another six years in the shadows. His foreign opponents are mired in their own problems, from Britain's messy exit from the European Union to chaos and contradiction in the Trump administration.Even widespread voting violations are unlikely to dent Putin's armor. And accusations that he meddled in the U.S. election and sponsored a nerve agent attack in Britain have only bolstered his standing at home.Here's a look at what to expect from Putin's next six years in power, for Russia's rivals, neighbors and its own 147 million citizens.Relations between Russia and the West are already at their lowest level since the collapse of the Soviet Union 26 years ago.Despite a friendly-ish relationship with President Donald Trump , Putin's new mandate gives him little incentive to seek entente with Washington, especially as the investigation of alleged Russian interference in the 2016 U.S. election intensifies.Putin-friendly leaders have made gains in recent Italian and German elections. Western countries are likely to see more Russia-linked hacking and propaganda aimed at disrupting elections or otherwise discrediting democracy _ including the U.S. midterm elections in November.Since Putin's domestic popularity bumps whenever he stands up to the West, expect more tough talk from Putin the next time he faces threats at home, and bolder Russian vetoes at the U.N. Security Council of anything seen as threatening Moscow's interests.His claim several weeks ago that Russia has developed new nuclear weapons that can evade missile defenses clearly showed Putin's adamant determination to boost Russia's power to intimidate.Russian-backed Syrian forces helped rout the Islamic State group from Syria, and Putin argues that Russia saved the day in a conflict that had confounded U.S.-led forces fighting against IS.Now those Russian-backed Syrian forces are closing in on the last strongholds of Western-backed rebel forces.Viewing that as a geopolitical and military victory over an illegal Western-led intervention, Russia is unlikely to pull out of Syria anytime soon.An emboldened Putin could position the resurgent Russian military as a peacemaker in other regional conflicts _ for example in Libya, where Russia has oil interests and where a disastrous Western invasion seven years ago left a lawless state now seething with extremists.To Russians, Putin's biggest victory in 18 years in power was annexing Crimea and crushing Ukraine's ambitions to move closer to the EU and NATO.Putin is frustrated at the resulting U.S. and EU sanctions but appears unwilling to make concessions that would bring them to an end. Ukraine is split between a volatile government in Kiev and a Russia-backed separatist region stuck in a frozen but still deadly conflict that serves Putin's interests.Moscow's actions in Ukraine sent a warning signal to other countries in Russia's orbit that reaching westward is dangerous. And former Soviet bloc states within the EU are increasingly drifting back toward Moscow, from Hungary and Poland to the Czech Republic and Slovakia.Putin's new mandate could theoretically hand him the power to make bold reforms that Russia has long needed to raise living standards and wean itself from its oil dependence.But Putin has convinced Russian voters that drastic change is dangerous, and that protecting the country from threats takes precedence over improving daily life.Experts predict he may enact some changes like expanding affordable housing and fighting corruption on a local level.But less likely are bigger changes such as overhauling the pension system, which is unpopular among a strong Putin voting base, or spending cuts in the security sector, unpopular among the ex-KGB friends in Putin's entourage.Russia has weathered a two-year recession , and inflation and the deficit are low. But personal incomes have stagnated, the health care system is crumbling and corruption is rife.The biggest question for Russians over the next six years is what happens after that.Putin is constitutionally required to step down in 2024, but he could change the rules to eliminate term limits, or anoint a malleable successor and continue to run things behind the scenes.Asked at an impromptu news conference Sunday night if he would seek the presidency again in 2030, when he would be eligible again, the 65-year-old Putin snapped back: ``It's ridiculous. Do you think I will sit here until I turn 100?''Opposition leader Alexei Navalny, Putin's most serious foe, will face further pressure from authorities as he works to expose corruption and official lies.Other Putin rivals such as candidate Ksenia Sobchak and oligarch-turned-dissident Mikhail Khodorkovsky will try to gain a foothold through upcoming local elections and the parliament.And members of Putin's inner circle will be jockeying for position for the day when he is no longer in the picture.Putin may revive efforts to promote artificial intelligence and other innovation as part of a focus on the younger generation, whose loyalty he needs to ensure his legacy outlives him. Summarise this report in a few sentences.
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russian president has a stronger hold on Russia thanks to overwhelming mandate. domestic opponents are largely resigned to another six years in the shadows. his foreign opponents are mired in their own problems, from chaos in the Trump administration to widespread voting violations. despite a friendly-ish relationship with president., Putin's new mandate gives him little incentive to seek entente with.
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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 "MOSCOW: Vladimir Putin now has a stronger hold on Russia _ and stronger place in the world _ thanks to an overwhelming mandate for yet another term as president.His domestic opponents are largely resigned to another six years in the shadows. His foreign opponents are mired in their own problems, from Britain's messy exit from the European Union to chaos and contradiction in the Trump administration.Even widespread voting violations are unlikely to dent Putin's armor. And accusations that he meddled in the U.S. election and sponsored a nerve agent attack in Britain have only bolstered his standing at home.Here's a look at what to expect from Putin's next six years in power, for Russia's rivals, neighbors and its own 147 million citizens.Relations between Russia and the West are already at their lowest level since the collapse of the Soviet Union 26 years ago.Despite a friendly-ish relationship with President Donald Trump , Putin's new mandate gives him little incentive to seek entente with Washington, especially as the investigation of alleged Russian interference in the 2016 U.S. election intensifies.Putin-friendly leaders have made gains in recent Italian and German elections. Western countries are likely to see more Russia-linked hacking and propaganda aimed at disrupting elections or otherwise discrediting democracy _ including the U.S. midterm elections in November.Since Putin's domestic popularity bumps whenever he stands up to the West, expect more tough talk from Putin the next time he faces threats at home, and bolder Russian vetoes at the U.N. Security Council of anything seen as threatening Moscow's interests.His claim several weeks ago that Russia has developed new nuclear weapons that can evade missile defenses clearly showed Putin's adamant determination to boost Russia's power to intimidate.Russian-backed Syrian forces helped rout the Islamic State group from Syria, and Putin argues that Russia saved the day in a conflict that had confounded U.S.-led forces fighting against IS.Now those Russian-backed Syrian forces are closing in on the last strongholds of Western-backed rebel forces.Viewing that as a geopolitical and military victory over an illegal Western-led intervention, Russia is unlikely to pull out of Syria anytime soon.An emboldened Putin could position the resurgent Russian military as a peacemaker in other regional conflicts _ for example in Libya, where Russia has oil interests and where a disastrous Western invasion seven years ago left a lawless state now seething with extremists.To Russians, Putin's biggest victory in 18 years in power was annexing Crimea and crushing Ukraine's ambitions to move closer to the EU and NATO.Putin is frustrated at the resulting U.S. and EU sanctions but appears unwilling to make concessions that would bring them to an end. Ukraine is split between a volatile government in Kiev and a Russia-backed separatist region stuck in a frozen but still deadly conflict that serves Putin's interests.Moscow's actions in Ukraine sent a warning signal to other countries in Russia's orbit that reaching westward is dangerous. And former Soviet bloc states within the EU are increasingly drifting back toward Moscow, from Hungary and Poland to the Czech Republic and Slovakia.Putin's new mandate could theoretically hand him the power to make bold reforms that Russia has long needed to raise living standards and wean itself from its oil dependence.But Putin has convinced Russian voters that drastic change is dangerous, and that protecting the country from threats takes precedence over improving daily life.Experts predict he may enact some changes like expanding affordable housing and fighting corruption on a local level.But less likely are bigger changes such as overhauling the pension system, which is unpopular among a strong Putin voting base, or spending cuts in the security sector, unpopular among the ex-KGB friends in Putin's entourage.Russia has weathered a two-year recession , and inflation and the deficit are low. But personal incomes have stagnated, the health care system is crumbling and corruption is rife.The biggest question for Russians over the next six years is what happens after that.Putin is constitutionally required to step down in 2024, but he could change the rules to eliminate term limits, or anoint a malleable successor and continue to run things behind the scenes.Asked at an impromptu news conference Sunday night if he would seek the presidency again in 2030, when he would be eligible again, the 65-year-old Putin snapped back: ``It's ridiculous. Do you think I will sit here until I turn 100?''Opposition leader Alexei Navalny, Putin's most serious foe, will face further pressure from authorities as he works to expose corruption and official lies.Other Putin rivals such as candidate Ksenia Sobchak and oligarch-turned-dissident Mikhail Khodorkovsky will try to gain a foothold through upcoming local elections and the parliament.And members of Putin's inner circle will be jockeying for position for the day when he is no longer in the picture.Putin may revive efforts to promote artificial intelligence and other innovation as part of a focus on the younger generation, whose loyalty he needs to ensure his legacy outlives him. Summarise this report in a few sentences." summarise in a few sentences.
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A Parliamentary panel has batted for the abolition of long-term capital gains (LTCG) tax for all investments in startups which are made through collective investment vehicles such as angel funds, alternate investment funds and investment Limited Liability Partnerships.The former minister of state for finance Jayant Sinha headed Standing Committee on Finance in its report tabled on Tuesday said the tax should be removed at least for the next two years to encourage investments amid the pandemic.It also recommended that the exemption for income on investments made before March 31, 2024, subject to the investment being held for a period of at least 36 months as incentivised in the Finance Act, 2020, should be provided to long-term and patient capital invested across all sectors.Noting that businesses are stressed for liquidity and valuations of businesses have softened due to the Covid-19 pandemic, it also said the pricing guidelines prescribed under the various laws and regulations by SEBI , Income Tax Act, Companies Act, FEMA should be made more consistent to provide a certain, coherent and simple framework for facilitating large-scale investments in India."The Committee would like to strongly recommend that tax on Long Term Capital Gains be abolished for all investments in startup companies (as designated by DPIIT) which are made through collective investment vehicles (CIVs) such as angel funds, AIFs, and investment LLPs," the committee said in its report "Financing The Startup Ecosystem".India's startup sector welcome the recommendation of abolishing long term capital gains (LTCG) in startup investments. Industry leaders said that the move would open the floodgates for Rupee (domestic) capital to flow into the sector, which has been sorely lacking."These reforms would open the floodgates of domestic capital going into start-ups like never before, as long as the eligibility criteria of the tax benefits is not too narrow, enabling the widest set of startup investors and companies to benefit for a long enough period of time," said Kunal Bhal, cofounder and CEO at Snapdeal.Others pointed out that removing LTCG or bringing it at par with taxation of gains made through listed securities on the secondary market, has been one of the most long standing asks of the industry."The Parliamentary Panel has given voice to a longstanding ask of the Indian startup ecosystem. Investments into startups are in the form of primary investments into the company, which in turn generates new assets, economic growth and jobs. These measures, if adopted, will help accelerate the Indian startup ecosystem and allow them to meet the PM's goal of startups contributing 20% of India $5 trillion GDP by 2025," said Siddarth Pai, founding partner at 3one4 Capital & co-chair Regulatory Affairs Committee at IVCA.The panel recommended that after this two year period, the Securities Transaction Tax (STT) may be applied to CIVs so that revenue neutrality is maintained.Investments by CIVs are transparently done and have to be done at fair market value, the Standing Committee said, adding that it is easy to calculate the STT associated with these investments."This can be done in lieu of imposing LTCG on these CIVs and to make the taxation system fairer, less cumbersome, and transparent. This will also ensure that investments in unlisted securities are on par with investments in listed securities," it said.At present, LTCG earned by foreign investors in private companies attracts taxation at concessional rate of 10%, in comparison to the domestic VC/PE investments being taxed at 20% (for LTCG) with an enhanced surcharge of 37%. The panel also proposed that the sectors in which Foreign Venture Capital Investor (FVCIs) are allowed to invest should be expanded to include all sectors where Foreign Direct Investment (FDI) is permitted, as this route provides a flexible investment framework and hence will be able to attract significant capital in the economy."There is now a need to allow issuance of hybrid securities, which bear characteristics of both debt and equity under the FDI route, at least for a limited period to enhance the fund-raising capabilities of the companies to raise capital at commercially suitable terms in this difficult time," it said.The committee also recommended that the exemption for income on investments made before March 31, 2024, subject to the investment being held for a period of at least 36 months as incentivised in the Finance Act, 2020, should be provided to long-term and patient capital invested across all sectors.It also said that there is a need for AIFs to be allowed to be listed on capital markets, thereby creating permanent source of capital for the startup ecosystem besides creating more domestic Development Financial Institutions (DFIs) on the lines of International Finance Corporation (IFC) and The German Investment and Development Company (DEG).The committee said that India needs to reduce the startups' dependence on foreign funds as capital going into India's unicorns comes mainly from foreign sources such as the US and China. Currently more than 80% of capital going into India's unicorns comes from foreign sources. China has investment of over Rs 30,000 crore in India's growth companies and currently invested in 18 of 30 unicorns.It said India needs to become self-reliant by having several large domestic growth funds powered by domestic capital to support India's unicorns and suggested that Small Industries Development Bank of India (SIDBI) Fund-of-Funds vehicle should be expanded and fully operationalised/utilised to play an anchor investment role.The panel said domestic risk capital should not be punished at any level while observing that the current tax disparity was proving advantageous to foreign capital through low tax jurisdictions and low taxes for fund management services.As per the panel, such a move will establish a level playing field for domestic investments in comparison to foreign investments and domestic listed in comparison to unlisted securities.The committee recommended that CIV capital gains should always be taxed at the same rate as listed securities to encourage domestic investments in unlisted debt and equity securities.As per the report, large financial institutions in India should be encouraged to channelise a proportion of their investible surplus into domestic to bring in "much-needed" additional domestic capital for startup investments.The panel suggested that Pension Fund Regulatory and Development Authority and National Pension Scheme be encouraged to invite bids from professional fund managers for running a fund-of-funds programme on which SIDBI would be eligible to participate while major banks should join hands to float a fund-of-funds.For insurance companies (both life and non-life), it said, they must be given latitude to invest in fund-of-funds by IRDAI as well as directly in VC/PE funds along with a higher exposure cap and that investments by insurance companies in AIFs must be carved out under a separate category while calculating the applicable exposure limits and not clubbed with other investments under 'unapproved investments'.Foreign Development Finance Institutions may also be encouraged to participate with local asset management companies to set up fund-of-funds structure or direct VC/PE funds, particularly in social impact, healthcare and venture/startup sectors. Summarise this report in a few sentences.
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a panel has batted for the abolition of long-term capital gains (LTCG) tax. the tax should be removed at least for the next two years. industry leaders say the move would open the floodgates of domestic capital. the panel's report is a long standing ask of the Indian startup ecosystem. a spokesman for the panel says the panel is "deeply concerned"
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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 Parliamentary panel has batted for the abolition of long-term capital gains (LTCG) tax for all investments in startups which are made through collective investment vehicles such as angel funds, alternate investment funds and investment Limited Liability Partnerships.The former minister of state for finance Jayant Sinha headed Standing Committee on Finance in its report tabled on Tuesday said the tax should be removed at least for the next two years to encourage investments amid the pandemic.It also recommended that the exemption for income on investments made before March 31, 2024, subject to the investment being held for a period of at least 36 months as incentivised in the Finance Act, 2020, should be provided to long-term and patient capital invested across all sectors.Noting that businesses are stressed for liquidity and valuations of businesses have softened due to the Covid-19 pandemic, it also said the pricing guidelines prescribed under the various laws and regulations by SEBI , Income Tax Act, Companies Act, FEMA should be made more consistent to provide a certain, coherent and simple framework for facilitating large-scale investments in India."The Committee would like to strongly recommend that tax on Long Term Capital Gains be abolished for all investments in startup companies (as designated by DPIIT) which are made through collective investment vehicles (CIVs) such as angel funds, AIFs, and investment LLPs," the committee said in its report "Financing The Startup Ecosystem".India's startup sector welcome the recommendation of abolishing long term capital gains (LTCG) in startup investments. Industry leaders said that the move would open the floodgates for Rupee (domestic) capital to flow into the sector, which has been sorely lacking."These reforms would open the floodgates of domestic capital going into start-ups like never before, as long as the eligibility criteria of the tax benefits is not too narrow, enabling the widest set of startup investors and companies to benefit for a long enough period of time," said Kunal Bhal, cofounder and CEO at Snapdeal.Others pointed out that removing LTCG or bringing it at par with taxation of gains made through listed securities on the secondary market, has been one of the most long standing asks of the industry."The Parliamentary Panel has given voice to a longstanding ask of the Indian startup ecosystem. Investments into startups are in the form of primary investments into the company, which in turn generates new assets, economic growth and jobs. These measures, if adopted, will help accelerate the Indian startup ecosystem and allow them to meet the PM's goal of startups contributing 20% of India $5 trillion GDP by 2025," said Siddarth Pai, founding partner at 3one4 Capital & co-chair Regulatory Affairs Committee at IVCA.The panel recommended that after this two year period, the Securities Transaction Tax (STT) may be applied to CIVs so that revenue neutrality is maintained.Investments by CIVs are transparently done and have to be done at fair market value, the Standing Committee said, adding that it is easy to calculate the STT associated with these investments."This can be done in lieu of imposing LTCG on these CIVs and to make the taxation system fairer, less cumbersome, and transparent. This will also ensure that investments in unlisted securities are on par with investments in listed securities," it said.At present, LTCG earned by foreign investors in private companies attracts taxation at concessional rate of 10%, in comparison to the domestic VC/PE investments being taxed at 20% (for LTCG) with an enhanced surcharge of 37%. The panel also proposed that the sectors in which Foreign Venture Capital Investor (FVCIs) are allowed to invest should be expanded to include all sectors where Foreign Direct Investment (FDI) is permitted, as this route provides a flexible investment framework and hence will be able to attract significant capital in the economy."There is now a need to allow issuance of hybrid securities, which bear characteristics of both debt and equity under the FDI route, at least for a limited period to enhance the fund-raising capabilities of the companies to raise capital at commercially suitable terms in this difficult time," it said.The committee also recommended that the exemption for income on investments made before March 31, 2024, subject to the investment being held for a period of at least 36 months as incentivised in the Finance Act, 2020, should be provided to long-term and patient capital invested across all sectors.It also said that there is a need for AIFs to be allowed to be listed on capital markets, thereby creating permanent source of capital for the startup ecosystem besides creating more domestic Development Financial Institutions (DFIs) on the lines of International Finance Corporation (IFC) and The German Investment and Development Company (DEG).The committee said that India needs to reduce the startups' dependence on foreign funds as capital going into India's unicorns comes mainly from foreign sources such as the US and China. Currently more than 80% of capital going into India's unicorns comes from foreign sources. China has investment of over Rs 30,000 crore in India's growth companies and currently invested in 18 of 30 unicorns.It said India needs to become self-reliant by having several large domestic growth funds powered by domestic capital to support India's unicorns and suggested that Small Industries Development Bank of India (SIDBI) Fund-of-Funds vehicle should be expanded and fully operationalised/utilised to play an anchor investment role.The panel said domestic risk capital should not be punished at any level while observing that the current tax disparity was proving advantageous to foreign capital through low tax jurisdictions and low taxes for fund management services.As per the panel, such a move will establish a level playing field for domestic investments in comparison to foreign investments and domestic listed in comparison to unlisted securities.The committee recommended that CIV capital gains should always be taxed at the same rate as listed securities to encourage domestic investments in unlisted debt and equity securities.As per the report, large financial institutions in India should be encouraged to channelise a proportion of their investible surplus into domestic to bring in "much-needed" additional domestic capital for startup investments.The panel suggested that Pension Fund Regulatory and Development Authority and National Pension Scheme be encouraged to invite bids from professional fund managers for running a fund-of-funds programme on which SIDBI would be eligible to participate while major banks should join hands to float a fund-of-funds.For insurance companies (both life and non-life), it said, they must be given latitude to invest in fund-of-funds by IRDAI as well as directly in VC/PE funds along with a higher exposure cap and that investments by insurance companies in AIFs must be carved out under a separate category while calculating the applicable exposure limits and not clubbed with other investments under 'unapproved investments'.Foreign Development Finance Institutions may also be encouraged to participate with local asset management companies to set up fund-of-funds structure or direct VC/PE funds, particularly in social impact, healthcare and venture/startup sectors. Summarise this report in a few sentences." summarise in a few sentences.
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