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https://www.moneycontrol.com/news/business/markets/asian-shares-gain-as-upbeat-us-jobs-data-offsets-trade-worries-2581795.html | Asian shares edged up on Monday as strong US jobs data offset worries that tariff wars between the United States and the rest of the world could drag global economic growth lower.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent while Japan’s Nikkei rose 1.0 percent.
On Wall Street on Friday, US tech shares soared, pushing up the Nasdaq Composite 1.51 percent to 7,554, near its record closing high of 7,588 marked in March.
In contrast, S&P 500, which rose 1.08 percent on Friday, was still about 140 points off its record peak of 2,872 set in January as concerns about trade frictions curtailed many other shares, including industrials.
Finance leaders of the closest U.S. allies vented anger over the Trump administration’s metal import tariffs on Saturday, setting up a heated fight at a G7 summit next week in Quebec.
In a rare show of division among the normally harmonious club of wealthy nations, the six other G7 member countries issued a statement asking US Treasury Secretary Steven Mnuchin to convey their “unanimous concern and disappointment” about the tariffs to President Donald Trump.
“The G7 is showing more divisions than unity, to the point where one has to wonder whether it is worth holding meetings,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
“The G7 summit this weekend could be equally terrible. There’s even talk that Trump may not go. Concerns on trade frictions are likely to continue to weigh on markets,” he added.
Still, the US economy is undeniably in a strong shape at the moment, keeping bears at bay.
Friday’s government data showed US job growth accelerated in May and the unemployment rate dropped to an 18-year low of 3.8 percent, pointing to rapidly tightening labor market conditions, which could stir concerns about inflation.
Average hourly earnings rose eight cents, or 0.3 percent last month after edging up 0.1 percent in April. That pushed the annual increase in average hourly earnings to 2.7 percent from 2.6 percent in April.
The strong employment report added to a string of upbeat economic data, including consumer spending, industrial production and construction spending.
They have suggested economic growth was regaining speed early in the second quarter after expanding at a moderate 2.2 percent annualized rate in the January-March period.
Given the strength, the Federal Reserve is all but certain to raise interest rates at its policy meeting next week.
That supported the dollar against other currencies.
The U.S. currency traded at 109.50 yen, having gained 0.6 percent on Friday, extending its rebound from Tuesday’s low of 108.115, which was its lowest level in over five weeks.
The euro traded at USD 1.1665, off Thursday’s high of USD 1.1725. Still, it kept some distance from Tuesday’s 10-month low of USD 1.1510 as concerns over Italy’s political crisis have eased.
US crude futures fell to as low as USD 65.51 per barrel on Friday, touching their lowest level in almost two months as growing US crude production and a glut trapped inland due to a lack of pipeline capacity have pressured their prices.
They last traded at USD 65.85, flat from Friday close. | tech shares push up the nasdaq composite 1.51 percent to 7,554. the u.s. economy is undeniably in a strong shape at the moment. the u.s. economy is undeniably in a strong shape at the moment. the u.s. economy is undeniably in a strong shape at the moment. | Positive |
https://www.financialexpress.com/opinion/india-us-relationship-rough-weather-better-environment/2124839/ | It is too early to say how India’s relations with a Biden administration will pan out, especially since the contours of its policy towards Chinese expansionism are unclear—many suggest a more accommodative policy—but it does seem likely India is not going to find a policy environment that is as alive to its sensitivities as the Trump government was; certainly a decision to revoke the Donald Trump ‘Muslim’ ban—Trump had banned travel from several Muslim majority countries including Iran and Syria—suggests that attempts to portray India as anti-Muslim may get more traction and that more uncomfortable questions will be asked about Kashmir.
While many believe Republican regimes are friendlier to India than Democratic ones, how this pans out really depends on India’s own pro-growth and investment policies. Not only was India growing at 7-8% in the days George Bush offered the nuclear deal, with investment levels at 38-39% of GDP levels at that point, India’s potential looked bright.
GDP will not just contract this year, potential growth over the next few years looks a lot less robust, and India’s treatment of several large global majors suggest a less rosy future; India’s inability to sign even a limited trade deal with the Trump administration has to be seen as a negative.
The immediate preoccupations apart, a lot of the excitement about a Biden administration is the promise of correcting Trump’s climate-scepticism. How much Biden is able to push the agenda, of course, will depend upon whether, by the end of January, the Democrats are able to wrest a majority in the Senate; that Florida, one of the states most vulnerable to climate change, went to Trump suggests climate change isn’t a hot-button issue for most of the country.
Biden has promised the US will be rejoining the Paris Accord on the first day of his presidency and that his administration will also be looking at injecting $2 trillion as a “green stimulus” to ease the US into a low-emission economic growth trajectory; given this will require higher taxes in other areas and tighter emission norms will hit large parts of the economy, delivering on this is not going to be easy, more so since not all Democrats are convinced about this either.
As president, though, Biden could make a start using the executive route; he could start with rolling back the dilution and overturning of nearly 100 environmental regulations that the Trump regime affected including the one that asked every federal agency to dismantle their climate policies.
Biden is pledging to cut US emission to net-zero by 2050 and clean up the power sector by 2035. If he is able to deliver on this, taken together with China’s pledge to reach carbon neutrality by 2060—EU targets 2050 for net-zero status—the US achieving the Biden target could pull global warming down to 2.3-2.4oC above the pre-industrial levels by the end of this century, as per the Climate Action tracker.
And, with the US willing to join China, the largest current emitter, and India, another top emitter (though a much smaller per capita emitter) on climate action leadership, chances of reaching the Paris accord ideal, of limiting global warming to 1.5oC would rise meaningfully, as per an expert cited in a Financial Times report. | a lot of the excitement about a biden administration is the promise of correcting Trump’s climate-scepticism. as president, biden could be a key player in the country’s economic recovery. he could also be a key player in the global economy. he could also be a key player in the global economy. he could also be a key player in the global economy. | Positive |
https://economictimes.indiatimes.com/hindi/markets/share-bazaar/kotak-mahindra-bank-jumps-4-per-cent-on-qip-launch/articleshow/76032048.cms | pawan nahar | ETMarkets.com | Updated: 27 May 2020, 2:28 pm
कोटक महिंद्रा बैंक के शेयरों में बुधवार को 6 फीसदी से अधिक की तेजी आई. दोपहर बाद इस बैंक का शेयर 6.3 फीसदी चढ़कर 1,227.35 रुपये के भाव तक पहुंच गए. | nahar: 'it's a great time to be a shopper' nahar: 'it's a great time to be a shopper' nahar: 'it's a great time to be a shopper' nahar: 'it's a great time to be a shopper' | Positive |
https://www.moneycontrol.com/news/india/adoption-of-tech-digital-economy-would-play-key-role-in-transforming-business-enterprises-piyush-goyal-5468361.html | Adoption of technology and the digital economy would play a vital role in transforming business enterprises in the future and achieving the target of $5 trillion economy, Commerce and Industry Minister Piyush Goyal said on Saturday.
He said this while addressing the 49th governing council meeting of National Productivity Council (NPC), an autonomous body under the Department for Promotion of Industry & Internal Trade (DPIIT).
He also stressed the role of productivity in the transformation of any organisation.
The minister also suggested NPC to work closely with all the stakeholders and emphasised on adopting the best practices from around the world.
Some of the suggestions made in the meeting include the formulation of specific action plans by NPC especially in agriculture and logistics sectors, identification of champion sectors which has the potential to drive the economy, adoption of technology to increase productivity and delivering cost-effective solutions for the marginalised sector.
Interlinking of academia and industry for the creation of a highly skilled labour force, financing of specific products to support Micro, Small,and Medium Enterprises (MSMEs) and increase their productivity, and national audit on security impact. | he said technology and the digital economy would play a vital role in transforming business enterprises. he stressed the role of productivity in the transformation of any organisation. he suggested NPC work closely with all the stakeholders. some of the suggestions made include the formulation of specific action plans.. plans especially in agriculture and logistics sectors.. identification of champion sectors which has the potential to drive the economy. | Positive |
https://www.financialexpress.com/market/bse-nse-closed-today-on-occasion-of-diwali-balipratipada-sensex-nifty-kick-off-samvat-2075-on-a-strong-note/1375939/ | The Indian stock markets BSE, NSE will be closed today on the occasion of Diwali Balipratipada. Yesterday, the Sensex and Nifty logged their best Muhurat trading session in 10 years. Kicking off Samvat 2075, the Sensex ended Diwali Muhurat session with gains of more than 245 points, even as the Nifty 50 gained about 70 points. Sensex ended the session 245.77 points higher at 35,237.68, while the Nifty 50 zoomed about 68.4 points to 10,598.40.
Notably, the benchmark indices Sensex and Nifty logged their best year in a decade. During the special trading session on Wednesday, 28 of the 30-share Sensex stocks ended in the green. Automobile stocks were among the major gainers; with shares of Mahindra & Mahindra gaining more than 2%, Tata Motors, Bajaj Auto and Hero MotoCorp rose around 1.2%, and Maruti Suzuki was up close to 1%.
BSE, NSE Holidays list: See full list of stock exchange holidays this year
Samvat 2074 had been a very volatile year with the Nifty gaining just 4% and the 30-share Sensex returning about 7%. However, it has been an excellent year for technology stocks, with the IT index zooming about 34%. In the IT pack, shares of Tech Mahindra have emerged as the overall winner returning a whopping 52% in the period, IT behemoth TCS comes second with returns of 49.5%. Infosys shares, with returns of 44.31% have emerged as the third best Nifty performer in the period. Titan (42.8%), ICICI Bank (37.7%), JSW Steel (37.66%), Axis Bank (30.7%) HUL (29.8%) Bajaj Finance (27.5%) have also managed to be among the top 10 performers in Samvat 2074. With returns of 21.67%, billionaire Mukesh Ambani-led Reliance Industries has been ranked at the 10th spot among the Nifty. | Sensex ended the session with gains of more than 245 points. the Sensex ended the session 245.77 points higher at 35,237.68. the Sensex ended the session with gains of more than 245 points. the Sensex ended the session with gains of more than 245 points. the Sensex ended the session with more than 245 points higher at 35,237.68. | Positive |
https://www.financialexpress.com/economy/increase-in-jobs-soaring-stock-market-shows-transition-of-greatness-for-us-has-begun-white-house/1985702/ | The soaring stock market and addition of 2.5 million jobs last month are the evidence that the transition of greatness for the US has officially begun due to its strong policies despite the coronavirus pandemic, a senior US official has said. “The transition to greatness has officially begun. Friday’s jobs report was encouraging to say the absolute least,” Kayleigh McEnany, the White House Press Secretary, told reporters at a news conference here as she exuded confidence about the revival of the American economy in the aftermath of the coronavirus pandemic.
The US is among the worst affected nations by the deadly coronavirus and till now has reported the deaths of more than 112,000 people and 1,960,642 confirmed cases, according to Johns Hopkins University. The White House statement came as US unemployment rate fell to 13.3 per cent on Friday, registering an increase of 2.5 million jobs, leading President Donald Trump to describe the numbers as an affirmation of the good work his adminstration is doing.
The unemployment rate for April was 14.7 per cent, which was the highest since 1948. With the addition of 2.5 million jobs, the monthly rate dropped to 13.3 per cent for May. “This was a 10 million swing toward the positive side and, in fact, the greatest number of jobs created in a single month on record. That is extraordinary, 225,000 manufacturing jobs, 464,000 thousand construction jobs, and 1.2 million leisure and hospitality jobs were all added in May, she said.
McEnany said that the stock market is absolutely soaring. “We saw with the S&P that it had its greatest 50-day rally in history. The Dow, likewise, is also booming. The markets clearly have confidence in President Trump — the jobs President who created the hottest economy in modern history once and will do it again, she asserted.
Why is this happening? Well, it’s happening because America has taken note of the fact that we have a President who ushered in the hottest economy in modern history, McEnany added. Responding to a question, McEnany said that Trump sees the job report as a great stride toward what he ultimately wants, which is this rearing economy that the US had, where paychecks were growing and at the fastest for low-income workers. | the soaring stock market and the addition of 2.5 million jobs are the evidence that the transition to greatness has officially begun. the white house press secretary said that the stock market is absolutely soaring. the unemployment rate for April was 14.7 per cent, which was the highest since 1948. the u.s. is among the worst affected nations by the deadly coronavirus. | Positive |
http://www.financialexpress.com/industry/federal-bank-acquires-26-pct-stake-in-equirus-capital/1075852/ | Private sector lender Federal Bank today made its foray into investment banking by acquiring a minority 26 per cent stake in Equirus Capital, a boutique investment bank.
Ganesh Sankaran, executive director, Federal Bank, said with a shift in client preferences, the bank’s foray into investment banking will help it participate in opportunities and instruments beyond traditional banking products.
It would widen the product offerings to a spectrum of wholesale clients by offering comprehensive financial solutions for debt and equity capital markets, structured finance, capital market products and advisory, according to a release issued today.
The association can also aid bank in offering a host of products including wealth management services to high networth individual (HNI) and the NRI diaspora.
“With our dominant position in the NR (non-resident) space and a strong customer base of over seven million, this will also help us provide superior wealth management offerings to our consumer bank clients,” Sankaran said.
The tie-up would help shore up non interest earnings for the bank while creating additional revenue streams with identified clients.
The board of directors of Federal Bank has approved acquiring a strategic minority stake of 26 per cent in Equirus Capital (ECPL) subject to statutory and regulatory approvals and satisfactory completion of financial and legal due diligence, the release said.
Federal Bank presently has around 1,250 branches and 1,679 ATMs across the country. | bank's foray into investment banking will help it participate in opportunities and instruments beyond traditional banking products. it would widen the product offerings to a spectrum of wholesale clients. the association can also aid bank in offering wealth management services to high networth individual (hNI) and the NRI diaspora. the tie-up would help shore up non interest earnings for the bank while creating additional revenue streams with identified clients. | Positive |
https://www.financialexpress.com/market/rupee-appreciates-15-paise-against-us-dollar/1511836/ | The rupee appreciated 15 paise to 69.99 against the US dollar Monday on weakening greenback, fresh foreign inflows and higher opening of domestic equities.
In its previous session Friday, the rupee edged 14 paise lower to close at 70.14. On a weekly basis, however, the domestic currency logged 78 paise gains.
The US dollar depreciated against most Asian currencies after Federal Reserve Chairman Jerome Powell said the central bank was in no hurry to change interest rates, forex traders said adding that fresh foreign fund inflows and positive sentiment on Dalal Street also buoyed the local unit.
Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,095.06 crore on Friday, as per provisional data.
Indian bourses opened on a positive note with Sensex trading 228.90 points higher at 36,900.33 and Nifty rose 75.90 points at 11,111.30.
Meanwhile, brent crude futures, the global oil benchmark, rose 0.44 per cent to USD 66.03 per barrel. | rupee appreciates 15 paise to 69.99 against the US dollar. rupee edged 14 paise lower to close at 70.14 in its previous session. foreign institutional investors remain net buyers in the capital markets. brent crude futures rose 0.44 per cent to USD 66.03 per barrel. Sensex opened on a positive note with Sensex trading 228.90 points higher. | Positive |
https://www.financialexpress.com/money/rbi-measures-to-ease-concerns-of-nbfcs-provide-relief-to-banks-borrowers/1937776/ | The RBI’s recent announcement of reducing the repo rate to the lowest ever level is a welcome step to improve liquidity in the Indian market. These announcement came within 24 hours of financial package of Rs 1.70 lakh crore given in the name of Pradhanmantri Garib Kalyan Yojna (PMGKY). Most of the benefits given under PMGKY are in the form of direct benefit transfer. These benefits are not possible to comply without sufficient liquidity in the market. Therefore, the RBI’s announcements were expected on similar lines.
While the relief package of the Finance Minister only addressed the issues of the poor and marginal members of the society, the RBI announcements are more comprehensive in nature. The RBI also allowed EMI and working capital holiday. This is not waiver, but a kind of deferment of payment of EMIs and Interest on Working Capital for three months. This is going to be a big relief to a large number of citizens who have taken credit from banks.
Objective of these announcements is to ensure that growth is not declined too much and at the same time too much liquidity does not increase inflation. According to estimates of the National Statistics Office, GDP growth of Indian economy is expected to be 5% for 2019-20. This was the estimation in February 2020. Except the agriculture sector, almost all sectors of economy are going to be hit the hardest. With the current pandemic, Indian GDP estimates are going to be revised. Since it is a black swan moment, it is difficult to reassess the figures.
Economy is composed of various sectors. Organized vs unorganized, registered labors vs unregistered labors, different types of industries, manufacturing Vs services and more such classifications are possible. All sectors cannot be addressed with one solution. Therefore, the Finance Minister and the RBI have taken two different trajectories to address most of the concerns of economy. The RBI also announced lowering of reverse repo rate by 90 basis point which will make deposits by commercial banks at RBI unattractive. These commercial banks will lend more money to the industry at cheaper rate expecting increase in demand post COVID times. Hopefully, it will help industry to work with cheaper capital. Increase in demand is also dependent on the cash available in the hands of customer. During lockdown, many citizens will have cash to fulfill their essential needs and they will not have surplus savings to purchase for shoes, clothes, electronic gadgets etc. Therefore, the Finance Minister package is seen from the point of boosting the demand and the RBI announcements to enhance the supply with cheaper inputs.
It is also important to realize that impact of these monetary stimulus cannot be checked from the performance of the Sensex. Many analysts are not able to find any relation between the sinking of the Sensex post announcement. RBI needs to keep a close watch on the macro indicators. Start of pandemic from the month of December 2019 till date means that Q4 results of almost all economies will be in negative. So it is going to give a level playing field to all major economies of the world. Since this is a global situation, a single country should not develop panic about growth rates. Can we think of removing this COVID period from the economic history of the world? Or we can think of starting fresh calculations post the COVID environment.
This is an extraordinary situation and extraordinary measures are being taken at all levels. India is home to the largest number of bottom of pyramid population in the world. Ensuring their well-being is our first priority. The RBI announcements and the Finance Minster’s relief package will help in the short term to these most vulnerable population of our country and at the same time provide relief to the MSME sector of the country.
(By Prof Rajat Agrawal, Department of Management Studies, IIT Roorkee) | RBI's recent announcement of reducing the repo rate to the lowest ever level is a welcome step to improve liquidity in the Indian market. announcement came within 24 hours of financial package of Rs 1.70 lakh crore given in the name of Pradhanmantri Garib Kalyan Yojna. RBI also allowed EMI and working capital holiday. this is not waiver, but a kind of deferment of payment of EMIs and Interest on Working Capital for three months. | Positive |
https://www.financialexpress.com/infrastructure/railways/tirupati-station-redevelopment-indian-railways-to-provide-5-star-like-experience-with-premium-lounge-pics/1443064/ | Indian Railways is all set to give a 5-star hotel like experience to passengers! In the coming days, people travelling to Balaji Temple via train can rest at ‘ATITHI’, a premium lounge at the Tirupati railway station, which will be inaugurated soon. With the launch of this lounge, passengers especially devotees travelling to Balaji Temple, will be able to wait or rest comfortably. Also, they will be able to enjoy many other modern facilities. Recently, the Railway Minister Piyush Goyal through a tweet said that the Tirupati railway station, which falls under the South Central zone of Indian Railways, will undergo a major redevelopment soon.
Goyal in his tweet, stated that the futuristic plans for Tirupati railway station, which will serve as a benchmark for other railway stations across the country will include drop off facility, hotel block, security check, waiting area for passengers, food court, departure concourse, and newly developed platform. In addition to these features, railway station plaza, as well as a multiplex, has also been proposed.
Recently, Minister of State of Railways, Rajen Gohain in a written reply to a query asked in Rajya Sabha stated that the Modi government has approved the proposal of the national transporter for redevelopment of railway stations through simplified procedures and for longer lease tenure by IRSDC (Indian Railway Stations Development Corporation Limited) as nodal agency. Therefore, all railways stations across the country have been entrusted to the corporation for undertaking the techno-economic feasibility studies. On the basis of the outcome of the feasibility studies, the railway stations are likely to be taken up for redevelopment, in phases, he informed.
The redevelopment of railway stations is being planned by the Railway Ministry by leveraging commercial development of land and air space in and around the station premises. With this initiative, the railway stations will also be provided with several state-of-the-art amenities for passengers. Also, according to a press release issued by the Cabinet a few months ago, the redevelopment of railway stations will have a multiplier effect in the economy with increased job creation as well as improved economic growth. | the 'ATITHI' lounge will be inaugurated soon at the Tirupati railway station. passengers will be able to rest at the lounge and enjoy other facilities. the redevelopment of railway stations will have a multiplier effect in the economy. the station will also be provided with several state-of-the-art amenities. the plans include drop off facility, hotel block, security check, waiting area for passengers, food court, departure concourse, and newly developed platform. | Positive |
https://economictimes.indiatimes.com/mf/analysis/have-a-longer-horizon-dont-expect-quick-returns-says-vinit-sambre-of-dsp-mf/articleshow/77864638.cms | The spotlight is on the mid cap segment as investors are anticipating a strong show by mid cap stocks in the near term.of ETMutualFunds.com reached out to, head-equities, DSP Mutual Fund , to find out what is going on in the mid cap universe. Sambre asks investors to be cautious and invest with a longer horizon. “Just to put it into perspective, the Nifty Midcap 100 index has fairly quickly recovered over 65% from its recent lows in March'20 and is now barely 5% away from its recent peak achieved pre-Covid in January '20. We believe a large part of the gain is pretty much behind us, leaving us with less margin of safety,” he says.Just to put it into perspective, the Nifty Midcap 100 index has fairly quickly recovered over 65% from its recent lows in March'20 and is now barely 5% away from its recent peak achieved pre-Covid in January '20. We believe a large part of the gain is pretty much behind us, leaving us with less margin of safety.We would advise investors to exercise caution and temper down their expectations as the economic reality is far from being normal. The economic uncertainty arisen due to covid-19 is still not behind us and the real impact on government spending and consumer demand would be known in due course. The markets seem to be assuming there being no dent to the economy and a quicker recovery, both of which may get tested leading to disappointment and volatility in the near term. Those looking to invest in this category need to come with a longer investment horizon of over five to seven years and strong ability to withstand volatility, which could be seen in the near term.Looking at the broader Nifty Midcap 100 index levels, the returns have not been satisfactory over two or five-year horizons, but DSP Midcap Fund has delivered over this period. We would say it is the choice of companies with which an investor participates in the midcap category that makes a lot of difference, as it is equally important to eliminate underperformers.Our philosophy of identifying high quality companies, backed by strong management and cutting out mediocre businesses, has allowed us to create satisfactory outcomes over a long period of time. To see meaningful returns from the midcap category, our advice to the investor is to be vigilant of the type of companies they invest in, have a longer investment horizon and not expect quick returns. It takes time for companies and businesses to grow and deliver returns.The Covid pandemic has caused disruptions and impacted businesses globally. We may agree that the Indian economy was in bit of a slow lane, even before Covid hit us. Hence, we need a much stronger push for our economy to come out of the slowdown. Given the state of government finances and poor consumer sentiment, we would expect it may take longer than usual to see a recovery.We appreciate the government’s initiative towards promoting India manufacturing and quick progress on this front has the potential to accelerate the pace of growth. The government needs to aggressively push this measure, along with disinvestment, which would give them liquidity to further push growth.As mentioned earlier, the strategy is to select sound businesses and stay invested for long. We buy companies with a view to hold them for a long time, just as we advise investors to stay invested for long. With so much information flow and noise in the market, the ability to cut out the noise and stay focused is very important, which is what creates differentiation.To talk about the last one year, our investment in pharmaceuticals and chemicals have contributed positively to returns. We held these companies through their low cycles and had to see them under-perform in 2017. The conviction to continue to own them during their dull phase is what has created a positive outcome today.Economic uncertainties leading to change in business outlook is not something new. We have to keep dealing with them regularly and we see them more opportunistically. That is, can we benefit out of the mispricing caused due to temporary disruptions? We would rather say that the bigger challenge is to align the investor behaviour to think long term and not chase a category as the prices keep going higher and not to get cautious when the prices are low.It is so difficult to comment on behalf of all investors with diverse skill sets and I am sure there are many smart individual investors around. I would only say that midcap as a category is fraught with high risk and an average investor is bound to get influenced by the noise and information flow in the market. It is important to follow a sound investment philosophy and not get swayed by the noise in the market. Investors who are blessed with this temperament can consider venturing out themselves. | investors are anticipating a strong show by mid cap stocks in the near term. the spotlight is on the mid cap segment as investors are anticipating a strong show by mid cap stocks in the near term. the Nifty Midcap 100 index has recovered over 65% from its recent lows in march'20. the economic uncertainty arisen due to covid-19 is still not behind us. | Positive |
https://www.moneycontrol.com/news/business/indias-gdp-expected-to-grow-at-7-3-in-2018-19-world-bank-3368071.html | India Economy
India's GDP is expected to grow at 7.3 percent in the fiscal year 2018-19, and 7.5 percent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment.
The bank said India will continue to be the fastest growing major economy in the world.
China's economic growth is projected to slow down to 6.2 each in 2019 and 2020 and 6 percent in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday.
In 2018, the Chinese economy is estimated to have grown by 6.5 percent as against India's 7.3 percent. In 2017, China with 6.9 percent growth was marginally ahead of India's 6.7 percent, mainly because the slowdown in the Indian economy due to demonetisation and implementation of the Goods and Services Tax (GST), the report said.
"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose told PTI in an interview.
"With investment picking up and consumption remaining strong, we expect India to grow 7.3 percent in the fiscal year 2018-2019, and average 7.5 percent in 2019 and 2020. India registered quite a bit of pick up in doing business ranking. The growth momentum is there (in India)," Kose told PTI.
In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report.
Domestic demand has strengthened as the benefits of structural reforms such as the Goods and Services Tax (GST) harmonisation and bank recapitalisation take effect.
"India's growth accelerated to an estimated 7.3 percent in FY2018/19 (April to March) as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid the GST harmonisation and a rebound of credit growth, consumption remained the major contributor to growth," the World Bank said.
According to the report, India's GDP is forecast to grow by 7.3 percent in FY2018/19 and 7.5 percent thereafter, in line with June forecasts. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds.
Strong domestic demand is envisioned to widen the current account deficit to 2.6 percent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's target range of 2 to 6 percent, mainly owing to energy and food prices, the bank said.
It said in India the recent introduction of the GST and steps toward demonetisation are expected to encourage a shift from the informal to the formal sector.
"India's recent growth numbers suggest that the economy remains robust despite temporary setbacks (due top demonetisation and GST)," Kose said. The World Bank's estimate suggest that India's potential growth rate is around seven percent, and is expected to remain around seven percent, he said in response to a question.
"The fact is that Indian economy is being able to deliver growth slightly above its potential is a very good sign,” he added.
Refraining from commenting on the economic performance of the Modi Government that too in an election year, the World Bank official said growth performance of India as compared to other emerging markets has been quite impressive. | the world bank says India will continue to be the fastest growing major economy. China's economic growth is projected to slow down to 6.2 each in 2019 and 2020. in 2017, china with 6.9 percent growth was marginally ahead of India's 6.7 percent. in India, the growth has accelerated, driven by an upswing in consumption and investment. a new report by the world bank says the growth outlook is "still robust" | Positive |
https://www.financialexpress.com/industry/technology/withings-move-ecg-a-rs-9200-alternative-to-apple-watch-series-4-launched-at-ces-2019/1437240/ | When Apple launched the fourth generation of Apple Watch last year, it showed the world the capabilities of a smartwatch can be extended to chart the electrocardiogram of the user’s heart. By far it was the most productive feature to be loaded on a smartwatch. Until now. At the CES 2019, Withings launched an analogue watch called Move ECG that comes integrated with an ECG feature and costs significantly less than the Apple Watch Series 4. Besides, the company also announced the launch of two more wearables – Move and BPM Core.
The Withings Move ECG, however, is still to get approval from US FDA for the functioning of the ECG, which means that the wearable will not make it to the market until the approval is given. But Withings is optimistically telling the customers that the Move ECG will start shipping in Q2. The Withings Move ECG costs $130, which is approximately Rs 9,200. The Withings Move (without ECG) costs $70 (approximately Rs 5,000) and is claimed to begin shipping in 4-5 weeks. The BPM Core is priced at $250 (roughly Rs 17,500) and will roll out in the markets in Q2, said Withings at CES.
Unlike the conventional smartwatches, the Withings Move ECG is an analogue watch that can be paired with an Android or iOS device. It is touted to deliver 12 months of battery life. The ECG feature on the wearable is facilitated by three electrodes – two under the bottom surface and one in the bezel. The user will need to touch both the sides of the bezel to begin the reading – the watch will vibrate when the reading is recorded. The ECG data will be available to see in a companion app called Health Mate on the phone.
Apart from recording the heartbeat patterns, the Move ECG can track steps, activities, and sleep of the user. All of these activities are available on the Withings Move except for the ECG feature. The Move is touted to give a battery life of 18 months. It is available to pre-order now via the company website.
The Withings BPM Core is an overall wearable that offers the tool to measure the blood pressure in addition to recording ECG of the user. It’s essentially a cuff that is attached to a cylindrical monitor for blood pressure, heartbeat patterns. It also doubles up as a digital stethoscope to record the heart beats and inform of any cardiovascular data. The wearable can be chared via a MicroUSB port. | withings launched an analogue watch called Move ECG that comes integrated with an ECG feature and costs significantly less than the Apple Watch Series 4. the move is still to get approval from the us FDA for the functioning of the ECG. the wearable is said to begin shipping in 4-5 weeks. the withings BPM core is priced at $250 (roughly Rs 17,500) and will roll out in the markets in Q2. | Positive |
https://www.moneycontrol.com/news/business/startup/sale-during-prime-day-doubled-against-previous-year-amazons-amit-agarwal-3028631.html | Rank 3 | Amazon | E-commerce company (Image: Amazon)
US-headquartered Amazon on Tuesday (October 9) said its sale during the first ten hours of early access given to prime members doubled the numbers reported during the 12 hours of prime day of the previous year.
The company, which kick-started its six day flagship sale event The Great Indian Festival, expects sales for all days to be much "bigger and explosive".
“We opened up prime early access for 12 hours. In the last 10-10.5 hours prime early access was already two times of what it was last year so we have seen people shop 100 percent more than they shopped the last year,” Amit Agarwal, Country Head, Amazon India said, adding that this sale will help the company break into the next 100 million customers in India.
Agarwal was speaking to the media just a few minutes before the midnight sale started.
While he did not comment on the growth in sale expected during the six day sale period, he said that typically the first ten hours of an open day is much “explosive and bigger”.
Rival Flipkart, which got acquired by US-based retailer Walmart for USD 16 billion, has also rung up its flagship sale The Big Billion Days the same day.
The stakes this year are high for Amazon as this time it fights Walmart in India much like the two behemoths compete in their home country.
“The stakes are high for us every single day. From our perspective trust is very easily lost, hard to earn. So it is not what we do in a five day or 30 days period that backs our future but what we do on a daily basis,” said Agarwal.
“We will leave the debate of who is bigger aside. For us what matters is building the next cent of very loyal customers that fuel the next five years of growth,” he added.
While the two companies haven’t disclosed the amount of sale expected during festive period, according to research firm Redseer Consulting, online retail firms led by Amazon and Flipkart may generate about USD3 bllion of sales during the five day period this year.
Amazon currently claims to have 150 million registered customers and India and is now looking to tap the next 100 million customers which will come from Tier 2-3 cities.
Small cities are important for Amazon with over 50 percent of sellers and 65 percent of customers coming from Tier 2 and 3 cities. Last month it also launched a Hindi version of its mobile app to deepen its presence in the smaller towns.
Agarwal said that the idea was to tap the customer base who would browse but would not shop.
“Now we are seeing a large part of that convert for the first time after the Hindi launch.
This period would allow us to break into meaningfully to the next 100 million just because the efforts are very focused on making things more affordable, and (introduction of) vernacular language,” he said adding the more languages will be launched soon.
Some of the top selling items on the Prime only day were smart television and phones.
The next 100 million customers indeed is a crucial number both for Flipkart and Amazon who lock horns for market leadership.
Agarwal claims Amazon to be the market leader even as the Flipkart Group that houses Myntra and Jabong besides Flipkart claimed to have garnered 80 percent market share during the sale season last year.
Flipkart is now focusing on low-priced items such as unbranded fashion and recharges, besides affordable payment options and Amazon is sticking to its tag line of being a platform for everything a customer needs.
To be sure, Flipkart's majority of the business comes from categories such as mobile phones.
“The challenge out there is to make sure that you are offering a daily convenience so that it becomes a daily habit and we through our focus across the board across categories see that happening. Prime is a good indication for us. So our objective is how we convert these 100 million into prime and prime up the next 100 million to start shopping so that over time they become prime members,” said Agarwal.
Over the last few years the awareness for e-commerce festive sale has been growing with social media and the television being the biggest source of awareness.
Mobile phones and fashion are the two most popular categories among the customers.
The willingness to purchase during the Diwali season has increased from 79 percent in 2017 to 100 percent in 2018, owing to the increase in discounts and promotional events run by the e-tailing platforms says Redseer adding that around 29% of the people surveyed by them plan to buy a mobile phone this sale season followed by 27% who want to buy fashion.
Interestingly, India which has conventionally been a cash economy with over 90 percent of e-commerce sale happening in cash, is witnessing a gradual shift by customers opting for digital modes of payment.
Around 26 percent of the customers said they used debit cards for making payments while 23 percent said they used cash on delivery in the Redseer report. Multiple offers given to them in partnerships with banks have fuelled the usage. | US-headquartered amazon kick-started its six day flagship sale event The Great Indian Festival. the company expects sales for all days to be much "bigger and explosive" amazon currently claims to have 150 million registered customers and India. the stakes are high for amazon as this time it fights Walmart in their home country. the company is also looking to tap the next 100 million customers in india. | Positive |
https://www.financialexpress.com/industry/sme/ficci-steps-up-support-to-startups-to-create-vibrant-economy-offers-access-to-mentoring-funding-more/2096032/ | Industry body FICCI on Thursday stepped up its support towards the Indian startup ecosystem with a new membership programme to enable mentoring, access to funding, policy advocacy with the government, and more. The membership is being offered free of cost to startups till December 31, 2020. “Startups are immensely essential to the growth of a nation’s economy. FICCI Start-ups is envisioned to help young Indian entrepreneurs to create a vibrant economy. This is the time to say Silicon Valley here we come,” said Dr Sangita Reddy, President, FICCI during a webinar to launch the programme. The Indian startup ecosystem is currently the third-largest following the US and China with 21 unicorns.
The overall benefits of the programme would include connecting startups to the corporate members of FICCI, mentorship by industry experts, access to not just angel network Indian Angel Network but also the upcoming FICCI-IAN social venture fund, FICCI innovation and startup programmes, exhibitions, delegations, and conferences at special costs. The programme would also enable startups to connect with the global investor community. Startups taking membership in the coming three months would be entitled to these benefits for free for the coming one year, according to Dr Reddy.
Also read: Covid fails to dampen investors’ spirits as Q3 startup funding jumps 200% from year ago,193% from Q1
“We are currently implementing 14+ national and global programs through PPP to encourage and enable startups to grow and creating joint ventures of startups between India and countries in Africa and Latin America and more recently in Russia,” said Dilip Chenoy, Secretary-General, FICCI. The industry body’s startup committee includes members such as IAN co-founders Saurabh Srivastava and Padmaja Ruparel, Ideaspring Capital’s MD & Founder Naganand Doraswamy and more.
“Having supported 1000+ startups/innovators till date with over Rs 125 crores, FICCI has been an active player in the startup ecosystem. Start-up enterprises supported by FICCI have been able to generate 140,000+ jobs and leverage over five times from external market sources. Over 100 companies have been provided access to global markets across US, South Asia and Africa,” FICCI said in a statement. | the membership is being offered free of cost to startups till December 31, 2020. the Indian startup ecosystem is currently the third-largest following the us and china with 21 unicorns. the overall benefits of the programme would include connecting startups to the corporate members of FICCI. the startup committee includes members such as IAN co-founders Saurabh Srivastava and Padmaja Ruparel. | Positive |
https://www.financialexpress.com/market/reliance-industries-rights-issue-mukesh-ambani-capital-raising-plans-to-cut-debt/1941953/ | Mukesh Ambani’s Reliance Industries Ltd’s capital raising plan could see the oil-to-telecom conglomerate fetch up to Rs 50,000 crore from the proposed rights issue. India’s most valuable listed company, with a market capitalization of Rs 9.25 lakh crore, will consider a rights issue of equity shares in its board meeting scheduled for 30 April 2020. The move could help Reliance Industries Ltd (RIL) march towards realizing Ambani’s goal of making the company a zero-net-debt firm by March next year. Currently, RIL has a gross debt of over Rs 3 lakh crore and a net debt of Rs 1.5 lakh crore.
The move to raise capital during this time reflects the unflinching faith of promoters in the medium to long term prospects of various businesses, said Ajay Bodke, CEO, PMS Prabhudas Lilladher. “They are trying to reduce debt and raise equity when everyone is in a pessimistic mood. They are raising equity after so many years so it should be received well,” Sanjiv Bhasin told Financial Express Online. RIL will be a technology play in the long run, leaving its energy tag behind, he said, adding that he remains confident of the RIL-Saudi Aramco deal going through. Further, when asked about what could be the size of RIL’s proposed rights issue, Sanjiv Bhasin said: “They have a net debt 1.5 lakh crore and Rs 3 lakh crore is on the book. Maybe something in the range of Rs 50,000 crore could be in the offing.”
RIL, which is one of the most cash-rich companies in India with Rs 1.3 lakh crore cash in hand, is also one of the highest indebted firms. Charting its path towards the zero-net-debt goal, RIL last week announced a 10% stake sale in its telecommunications arm to Mark Zuckerberg’s Facebook for a whopping Rs 43,574 crore. However, RIL’s rights issue plan could help the firm become a zero-net-debt company by March next year, while the Facebook-Jio deal goes underway, and the Saudi Aramco deal waits for the light of the day.
“There are apprehensions that the Facebook investment may take time to fructify. The debt reduction plan could face delay, so to overcome that they (RIL) are probably thinking that they should come up with a rights issue probably of anything between $3-4 billion (up to Rs 30,000 crore),” Deepak Jasani, Head – Retail Research, told Financial Express Online. This would mean RIL issuing around 5 shares for every 100 held, under the rights issue. Among the other things that could delay RIL’s debt reduction plan, according to Deepak Jasani, include the slump in crude oil prices that have dented the oil and petrochemical business, Saudi Aramco deal probably getting reworked and equity markets underperforming for the coming quarters.
According to calculations done by Morgan Stanley on RIL’s rights issue, the global brokerage and research firm estimates the issue value to be $13.8 billion if new shares are issued to the tune of 12% of total equity and at a 5% discount to the current market price. The brokerage expects RIL to amass $2.3 billion if new shares issued are 2% of the total equity, at a 5% discount to the current market price. | oil-to-telecom conglomerate could fetch up to Rs 50,000 crore from rights issue. the move could help the firm achieve its zero-net-debt goal by march. currently, RIL has a gross debt of over Rs 3 lakh crore and a net debt of Rs 1.5 lakh crore. the firm has a 10% stake sale in its telecommunications arm to facebook for a whopping Rs 43,574 crore. | Positive |
https://economictimes.indiatimes.com/small-biz/startups/features/baked-by-ratan-tata-softbank-this-startup-predicts-when-the-next-flood-will-hit-you-climacell/articleshow/69019435.cms | Others
Others
Every year, the world witnesses devastating natural disasters claiming thousands of lives, leaving behind a trail of destruction and grief-stricken faces. Millions are displaced due to natural disasters like floods, wildfire, earthquake, drought and various calamities that we have very little control over. We may not be able to prevent such calamities from happening, but an early warning about such disasters can go a long way in reducing the impact.Today, an array of technology around the world aims to detect anything from a Tsunami to Tornadoes and mankind has made considerable progress in accurately detecting such a phenomenon. There are, however, areas where prediction is still very difficult. For example, it is very difficult to predict when the next earthquake will strike or under what conditions can flooding happen in an area. Worst hit are often the developing countries like India, where loss of life and property is substantial. Determined to resolve this issue, three young entrepreneurs from Israel came up with ClimaCell , a firm which provides accurate weather forecast in a bid to alert people of upcoming floods by using day-to-day devices as environmental sensors.Founded in 2015, ClimaCell is the brainchild of Rei Goffer, Shimon Elkabetz, and Itai Zlotnik, all of them 32. The trio previously served in the Israel Air Force and were perturbed with the complex weather situations which were often life-threatening. Moreover, the fact that weather forecasting is not very accurate and risked lives, hit them hard. When they met again while pursuing MBA in the US, they concocted the idea to establish a company that would bring out accurate weather predictions and serve as the harbinger of floods.The startup uses its own pure-software methods and takes the help of existing infrastructure or day-to-day devices such as street cameras, cellphones, internet-connected devices to sense the environment. Its technology comprises of three components- data such as real-time observations; models used for weather forecasting as well as derivative models such as hydrology for flooding; and products which include anything from their own API to web and mobile applications for consumers and businesses.In March, the company launched its new global flood prediction models and alerts which deploy a network of 500 million virtual sensors to boost a cutting-edge Hydro-Meteorological platform that accurately predicts when floods will strike, even for flash floods.“The idea is that many things around us are sensitive to the weather, and we use these sensitivities to see the weather much better,” Elkabetz told ET.He explained how the company derives data using simple electronic devices such as using street cameras for image recognition, or fetching anonymized sensor readings from mobile devices, and many other data from Internet-connected vehicles or Internet of Things (IoT) devices, smart meters, etc. In layman terms, the firm is turning these day-to-day devices into virtual sensors.“By analyzing very subtle changes in meta-data derived from cellular and satellite networks we can reconstruct precipitation maps at ultra-high geographical and temporal resolutions. All of this data helps us creating millions of new observations all over the globe. It’s a massive array of sensors that span across the globe and bridge the existing gap in observations,” he said.To spread the warning about forthcoming floods in the region, ClimaCell has developed an app, Hypercast, which will send an SMS alert to people residing in the flood-prone area. Currently, the app is B2B and the company’s B2C app is expected to be launched in June.Mobile alerts from the ClimaCell Microweather APiApart from the SMS warnings, ClimaCell also collaborates with other parties including big apps and is planning to work along with federal and local government to mitigate the damages.Further, the startup will be joining hands with emergency management authorities and support them by sharing post-storm data such as accumulated rainfall. This will help the authorities to create a better plan and implement rescue operations.In India, the company’s headquarters are located in Delhi and it has begun recruiting a local team that would assist with go-to market and partnership. Notably, India is also one of the leading markets of the weather forecasting startup.“We see the Indian market as one of great potential, and people who are in real need of our services. As of now, weather forecasting in India is very inaccurate,” he said. Meanwhile, ClimaCell is active globally and their flood warnings will soon be available in hundreds of cities and regions.Last year, a treacherous storm hit the O’Hare area of Chicago at 2 pm on May 2. While many other weather forecasting organisations predicted the storm to hit around noon to 2 pm, ClimaCell predicted it to appear exactly at 2 pm and were proven correct. Moreover, the company predicted it 25 hours earlier.However, since the warning was between noon and 2 pm, the storm led to cancellation of more than 30 flights owing to the predictions that throws a range, but not a precise time. ClimaCell claims it could have saved more than $250,000 in damages.Talking about the inefficiency of the traditional methods of weather forecasting, Elkabetz believe it’s the lack of accurate inputs that prevents in bringing out accurate weather predictions. These inputs include specific real-time monitoring, short-term prediction of precipitation, with high temporal and spatial resolution, sufficient coverage and low latency to feed the hydrometeorological models.“Without this critical input, even the most sophisticated modeling approaches are doomed to fail. It’s a classic ‘garbage in, garbage out’ case,” he said.It was, therefore, quite a challenge for the firm to convince people that weather forecast can be precise and they have the technology to provide it, considering the fact that people have been used to flawed weather forecasting for years.Hurrican Florence seen through HyperCastClimaCell’s brilliant initiative to offer error-free weather predictions garnered a lot of attention. It has raised three rounds of funding so far acquiring $70 million. Interestingly, Ratan Tata participated in the seed round funding in September 2016.Earlier this month, Japan’s SoftBank Group Corp. made an investment of $7 million in the startup. The investment was done through SB Energy and the forecasting company will use it for speedy deployment of its ‘microweather’ system.ClimaCell offers their services to customers across all industries from major airlines, energy and utilities, insurance, agriculture, and autonomous vehicles. Some of them include corporate bigwigs such as JetBlue Ford Motor Company , and Tata Motors According to Richard Benz, Department Manager, MSP ACC, Delta Airlines, Climacell has developed many enhancements customized to Delta’s operations, primarily in the areas of lightning tracking, high wind hazards, and winter precipitation.“We made daily use of ClimaCell’s technology throughout our recent winter operation to help stay ahead of the decision making curve for better resource allocations and customer service,” Benz said.The three-year-old startup is now looking to spread its wings and work on preventing other weather-related disasters, particularly wildfires. ClimaCell is working with many large companies in California, which last year witnessed a devastating wildfire claiming nearly 100 lives, to develop better fire forecasting models. | three young entrepreneurs from Israel came up with the idea to create a company to provide accurate weather forecasts. the company uses day-to-day devices as environmental sensors to alert people of upcoming floods. the company's technology deploys a network of 500 million virtual sensors to detect anything from a tsunami to a tornado. the company is aiming to provide a better way to detect natural disasters and to prevent them. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/stock-market-update-fertiliser-stocks-jump-up-to-11-national-fertilizer-rcf-top-gainers/articleshow/65804762.cms | NEW DELHI: Most fertiliser stocks were trading with decent gains in the morning session of trade on Friday.Rashtriya Chemicals & Fertilizers (up 10.63 per cent) and Fertilizers & Chemicals Tranvancore (up 9.61 per cent) were leading among fertiliser stocks.Shares of National Fertilizer (up 6.26 per cent), Rama Phosphates (up 6.06 per cent), Basant Agro Tech (India) (up 3.59 per cent), Mangalore Chemicals & Fertilizers (up 3.31 per cent), Chambal Fertilisers & Chemicals (up 2.43 per cent), Coromandel International (up 2.38 per cent), Southern Petrochemicals Industries (up 2.20 per cent) and GSFC (up 2.08 per cent) clocked decent gains.Shares of Shiva Global Agro Industries (down 1.74 per cent) and Bharat Agri Fert & Realty (down 1.35 per cent) were down around that time.Equity benchmarks Sensex and Nifty were up on healthy buying by domestic institutional investors as the industrial production grew at 6.6 per cent in July and retail inflation cooled to a 10-month low.Asian cues too were positive on optimism over China-US trade talks.The NSE Nifty50 index was trading 85 points up at 11,455 around 10:20 am. The 30-share BSE Sensex was up 214 points at 37,932 around the same time.Among the 50 stocks in the Nifty index, 41 were in the green and nine were in the red.Indiabulls Housing Finance, YES Bank, BPCL, UPL, PowerGrid, HPCL and Grasim Industries were leading among Nifty gainers. | most fertiliser stocks trading with decent gains in the morning session of trade. shares of national fertilizer (up 6.26%) and. Rama Phosphates (up 6.06%) were leading among fertiliser stocks. equity benchmarks Sensex and Nifty were up on healthy buying by domestic institutional investors. industrial production grew at 6.6 per cent in July and retail inflation cooled to a 10-month low. | Positive |
https://www.moneycontrol.com/news/business/godrej-properties-aims-to-raise-rs-2100cr-via-qip-4138661.html | live bse live
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Highlights:
- Firm plans to use funds for working capital needs, repay debt and to invest in its units
- If Godrej Properties raises the money, it will make 2019 one of the best years for realty fundraising -------------------------------------------------
Godrej Properties plans to raise around Rs 2,100 crore from its qualified institutional placement (QIP) launched on Tuesday, two people familiar with the development said.
The real estate arm of Godrej Group on Tuesday informed the stock exchanges that the QIP committee of its board met to consider and approve the issue price. In a QIP, a listed company sells equity shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into stocks, to a qualified institutional buyer.
The company said it has set a floor price of Rs 928 for the share sale. On July 25, shares of Godrej Properties closed at Rs 982 on the BSE, up 2.21 percent.
The fundraising effort follows the strong mandate for the Bharatiya Janata Party (BJP) in the recent general election and the interest shown by public market investors towards the real estate sector, especially for developers with large focus on commercial real estate.
So far this calendar year, real estate companies have raised the most capital in the primary market, through a QIP and an IPO.
In March, Blackstone-backed Embassy Office Parks REIT raised Rs 4,750 crore through the first IPO of India’s first real estate investment trust (REIT), while DLF raised around Rs 3,200 crore through a QIP.
If Godrej Properties raises the money as planned, it will make 2019 one of the best years for real estate fund raising. Last year, Oberoi Realty was the only developer to raise funds through a Rs 1,200-crore QIP, while in 2017, Sunteck Realty and Brigade Enterprises raised Rs 500 crore each through QIPs.
Godrej Properties plans to use the funds to invest in its subsidiaries and joint ventures; capital expenditure including acquisition of land; working capital requirements and repayment of debt, it said in the exchange filing.
Investment banks Kotak Mahindra Capital, Axis Capital, CLSA and Bank of America Merrill Lynch are managing the share sale.
Godrej Properties is not the only real estate company that is planning to raise funds from public markets.
Puranik Developers and Shriram Properties, which have filed their so-called draft red herring prospectus (DRHP) for their respective initial public offerings, are also planning to soon hit the market.
While Puranik is looking to raise around Rs 1,000 crore, Shriram Properties plans to raise around Rs 1,200 crore through its IPO. “Both Puranik and Shriram are conducting investor road shows currently and are aiming to launch their respective deals in the coming months, if the market conditions are supportive," said a third person aware of the companies’ plans.
The Shriram Properties IPO will see several investors including Starwood Capital, Tata Capital Financial Services, TPG Asia and Mauritius Investors partially sell their stakes in the company. Additionally, the company plans to raise Rs 250 crore in fresh capital.
Meanwhile, Puranik Builders plans to raise Rs 810 crore in fresh capital through its IPO, while promoters will sell around 1.85 million shares through the share sale. | firm plans to raise around Rs 2,100 crore from its qualified institutional placement. fund will use funds for working capital needs, repay debt and to invest in units. fundraising effort follows strong mandate for the BJP in the recent election. Oberoi Realty was the only developer to raise funds through a Rs 1,200-crore QIP. in 2017, Sunteck Realty and Brigade Enterprises raised Rs 500 crore each through QIPs. | Positive |
https://www.financialexpress.com/market/top-psu-shares-in-august-psu-stock-indices-set-to-outperform-sensex-nifty-will-the-rally-sustain/2068083/ | With the broad based rally in the stock markets helping lift stocks across the board, Public Sector Enterprises also seems to be gaining momentum. In the month of August, the BSE PSU index has gained 8.52% so far while the benchmark Sensex surged 4.7%. On the Nifty, the PSE index has managed to surge 6.7% while the 50-stock Nifty has gained 4.9% in the same period. Although no concrete reason seems to be aiding the bullish sentiment that the PSU indices are witnessing, analysts say stock specific movement and their cheaper valuations could be helping.
Some of the top performing PSU stocks in the month of August include, NMDC which has jumped 27% in August, SAIL with its 21% upward march, and Power Finance Corporation (PFC) that has gained 23% so far this month. While NMDC gained 12% on Friday on the back of the iron and steel plant demerger, PFC has seen easing of norms that allows it to extend loans to discoms above the already approved limit. In the Banking space State Bank of India’s shares have gained 18% so far in the month of August. “Some of the PSU power stocks have also seen smart uptick in the last two weeks after NTPC reported good numbers. Potential strategic divestment in BPCL has led to re-rating in many similar PSU stocks where there could be some strategic divestment in future,” said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.
“PSU Stocks were underperforming hugely, when the markets were weak it was the PSU stocks that were some of the worst performers,” Vinod Nair, Head of Research, Geojit Financial Services told Financial Express Online. He added that the stock markets are witnessing strong movement in small and midcap stocks which is also helping PSU stocks come in line with the broader markets.
PSUs have grossly underperformed the market in the last two years due to regular supply of shares by way of Follow-on public offering, Rusmik Oza added. However, the recent push towards ‘Atmanirbhar Bharat’ has helped PSU stocks gain on the bourses and has possibly led to re-rating. The import embargo on defence products helped lift defence sector enterprises like BHEL, BEML, HAL, and Bharat dynamics surge higher. With a number of new measures likely to be announced market participants believe that government owned companies on the stock market could be the biggest beneficiaries. “If ‘Atmanirbhar Bharat’ is taken up sincerely, PSU stocks could be the first to benefit and could witness strong demand,” said Vishal Wagh, Research Head, Bonanza Portfolios.
Talking particularly about public sector lenders, Vinod Nair, added that the public sector banks are nearing the end of their consolidation phase. “Of Course they (PSU Banks) continue to be risky when compared to their private peers, but they can be considered. If consolidation is done right then these banks could provide investors with fair opportunities. and on top of that valuations are cheap,” he added while picking State Bank of India and Bank Of Baroda as his top bets. Vishal Wagh on the other hand has BHEL in his sights with a multi-year long term view. | some of the top performing PSU stocks in the month of August include, NMDC which has jumped 27% in august. meanwhile, sAIL with its 21% upward march and power finance corporation (PFC) that has gained 23% so far this month. the recent push towards ‘Atmanirbhar Bharat’ has helped PSU stocks gain on the bourses. | Positive |
https://economictimes.indiatimes.com/news/international/world-news/china-wants-facilitation-of-talks-in-maldives/articleshow/62839053.cms | Saab Bags India’s First 100% FDI in Defence Project India has cleared the first 100% foreign direct investment (FDI) in the defence sector, with permissions granted to Sweden’s Saab to set up a new facility that will manufacture rockets.
Steady Loan Demand, Fall in Provisions Lift SBI Profit 8% State Bank of India (SBI), the country’s largest lender by loans outstanding, met D-Street expectations to report an 8% increase in the second-quarter net profit on steady credit demand and lower provisions as the nation’s most-valued government entity wrote back some accounts where recovery was delayed. The lender expects robust loan growth, underpinned by broad-based economic expansion. | first 100% foreign direct investment in defence sector cleared. permission granted to Sweden's Saab to set up rocket manufacturing facility. 8% increase in second-quarter net profit on steady credit demand. lender expects robust loan growth, underpinned by broad-based economic expansion. sBI expects robust loan growth, underpinned by broad-based economic expansion. | Positive |
https://www.moneycontrol.com/news/business/markets/initiate-long-positions-in-auto-banks-metal-stocks-indusind-bank-ripe-for-bounce-back-4542211.html | live bse live
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Vikas Jain
The second quarter results have started and we believe markets have seen decent recovery from the lower range. We expect some consolidation at current levels over the next few weeks and should provide individual stock specific movement with respect to the results announcements.
Bank Nifty can gain positive momentum once it crosses the 200-day average placed at 28,800 levels. Nifty500 has made higher bottoms on monthly charts in range of 8,650-8800 levels which indicates the broader markets are in a sweet spot and any incremental positive news flow from the domestic or global markets would lead the momentum rolling in midcaps and smallcaps.
We believe the investors should look at the Nifty Next 50 stocks, as the index is trading down by 3.3 percent YTD compared to 5.5 percent YTD positive for Nifty50. Among sectors we prefer to initiate longs in auto, banking and metal space for reasonable upside as the risk reward remains favourable.
Below are the top 3 stocks which can give good returns:
IndusInd Bank: Buy | CMP: Rs 1,275 | Target: Rs 1,460 | Stop loss: Rs 1,190 | Upside: 14 percent
The stock has witnessed a strong base in range of Rs 1,190-1,200 levels over the past two weeks and witnessed sharp bounce from its 52-week lows. Major technical indicators on the daily scale has bottomed out, signaling near-term turnaround and ripe for a bounce back.
Long positions can be initiated for the target of Rs 1,460 with a stop loss of Rs 1,190.
Cummins India: Buy | CMP: Rs 575 | Target: Rs 650 | Stop loss: Rs 540 | Upside: 13 percent
The stock has made a double bottom near sub Rs 545 levels with positive momentum in the stock and overall sector. Bullish cross-over in RSI and Stochastic are signaling turnaround and resume its northward journey to test the 100-day average.
Long positions can be initiated for the target of Rs 650 with a stop loss of Rs 540.
Cadila Healthcare: Buy | CMP: Rs 235 | Target: Rs 265 | Stop loss: Rs 220 | Upside: 13 percent
The stock has completed his 76.4 percent correction of prior up-move (212-560) signaling near-term turnaround. Higher bottoms on weekly charts and crossover of its short term averages will save the stock falling from current levels.
Long positions can be initiated for the target of Rs 265 with a stop loss of Rs 220.
The author is Senior Research Analyst, Reliance Securities.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | bank Nifty can gain positive momentum once it crosses the 200-day average placed at 28,800 levels. nifty500 has made higher bottoms on monthly charts in range of 8,650-8800 levels. major technical indicators on the daily scale has bottomed out, signaling near-term turnaround and ripe for a bounce back. nifty50 is trading down by 3.3 percent YTD compared to 5.5 percent YTD positive for Nifty50. | Positive |
https://www.financialexpress.com/auto/electric-vehicles/electric-cars-ev-adoption-india-electric-car-leasing-ev-cars-india-electric-car-models-india/1941901/ | Besides, the government is also looking to incentivize retail consumers by offering a tax deduction up to Rs 1.5 lakh on interest paid on loans taken to purchase an EV, in addition to slashing the GST from 12% to 5%.
The buzz surrounding electric vehicles (EV) is not new in the world of automotive technology. With the perils of climate change looming over us, the decision of switching over to EVs is not a question of ‘if’, but ‘when’. As per the World Air Quality Report 2018, 20 of the 30 most polluted cities of the world are in India. Millions of citizens in our metros are grappling with serious ailments, and an estimated 1.24 million deaths (12.5% of all deaths) in 2017 alone have been attributed to air pollution.
On the other hand, our substantial reliance on fuel imports poses various economic and strategic challenges for the future growth of the economy. Our oil import dependency reached an all-time high of 84% in 2018-19, of which 47% is consumed by the transport sector alone.
The government drives for a greener future
As a structured push towards a sustainable and greener future, the Central Government has recently announced the second phase of the Rs 10,000 crore scheme, termed Faster Adoption and Manufacturing for Hybrid and Electric vehicles (FAME II). Under this scheme, the centre has sanctioned incentives to the tune of Rs 8,596 crore to boost electric mobility and increase the number of electric vehicles in commercial fleets.
Alternatively, the government is looking to incentivize retail consumers by offering a tax deduction up to Rs 1.5 lakh on interest paid on loans taken to purchase an EV (Section 80EEB), in addition to slashing the GST on EVs from 12% to 5%, and providing road tax exemptions and registration waivers.
As per a NITI Aayog proposal, India needs to make a 100% switch to electric vehicles by 2030 for new automobile sales. While this is a very audacious goal, it could help us save 64% of energy demand for road transport and cut down carbon emissions by 37% pursuing a shared, electric, and connected mobility future.
OEMs buckle up
Automotive Original Equipment Manufacturers (OEMs) outside India, are working round the clock to make EVs lucrative in terms of design and performance improvements that will make EVs the first choice for consumers. The Tesla 3, for example, is not just a beautifully designed car but offers a “thrilling driving experience” as per a Consumer Reports survey. No wonder Tesla has a top-of-mind recall for EVs and has accounted for 13% of global plug-in vehicle sales for 2019.
Closer home, to make EVs a profitable proposition, OEMs are looking to aggressively cut costs. In fact, OEMs are going a step further by designing a few parts of these cars from eco-friendly or recycled materials that will help bring down costs and further reduce the ecological impact.
In some of the small-to-midsize car segments, OEMs have been able to bring the upfront cost of EV models almost at par with their diesel counterparts (helped partly by the subsidies) – a feat that was considered to be wishful thinking till very recently.
The stringent fuel-economy and emissions policies have created an opportunity for startups too; especially for those operating in the battery tech, vehicle diagnostics and analytics, and charging aspects of EVs.
Many startups have not only managed to raise funding from some of the biggest names in the venture capital space but are also benefiting from key public-private partnerships. Complementing the Central Government’s National Electric Mobility Mission Plan, many state governments such as Delhi, Maharashtra, UP, Kerala and Telangana have drafted their individual EV policies.
But is India prepared for these developments in mobility infrastructure?
While we are moving in the right direction, there are a lot of issues that need to be ironed out. EVs today are costlier to manufacture. There is a huge dependence on imported components and batteries. All this adds up to a higher upfront cost for the majority of currently available models (even after netting out the benefit from subsidies), which becomes a huge deterrent for the highly price-conscious Indian consumer. While addressing a consumer base in which only a fraction can afford the upfront cost of a car, and even higher upfront cost with lower “total cost of ownership” becomes a very hard sell.
Secondly, even when a consumer starts considering EVs, “where will I charge this thing” is the first question that pops up. The inadequate power supply in many parts of the country doesn’t help, and neither do the limited options for charging and battery swapping. As per a report, India had only 650 charging stations in 2018, compared to 456,000 in China during the same year. Even as residential apartments start setting up charging infrastructure in their parking lots, usage of these EVs for intercity purposes will continue being a challenge because the majority of the current models have a low range, and developing charging infrastructure along highways will be even less viable than doing it in denser urban pockets.
Further, “EV first” cars are yet to come to India. The expectation from the consumers is to buy EV versions of cars that are already available in ICE versions, as against creating EV-only cars that are so compelling that consumers say “I want this awesome car, and I’m fine even if it is an EV” (e.g., Tesla). The design science of an EV is different from that of an ICE. “EV first” cars will make better use of the new degrees of freedom that EV technology offers, e.g., the space that gets saved by the elimination of the engine and its associated peripherals in a fossil fuel car can be smartly used to increase the cabin space.
Yet another challenge that needs to be addressed is dependence on fossil fuels for upstream power generation. The lack of affordable renewable energy means charging EVs will put a greater toll on the already stressed coal-powered electricity infrastructure. We need to integrate power generation from renewable sources with conventional grids in order to meet EVs’ demand to bring an effective reduction in carbon emissions as well as cut down on electricity cost, which accounts for about 30% of the total cost of operating an EV.
Lastly, consumers have not had an opportunity to experience a personal rendezvous with EVs. There just aren’t enough private use EVs on the road at present. In the near future too, most of the EVs we will see will be the ones for commercial purposes and public transport. Hence, many people are hesitant to invest in an asset with such little information. A good way around this dilemma is to opt for subscription-based self-drive EVs, that will let consumers experience how an EV works at a fraction of the cost and without any long term commitment.
Also read: Car & bike sales boom likely but will come with job losses & pay cuts
Conclusion
The strong intent of the government to make a transition towards EVs has resulted in a slew of investments and technological advancements in the EV space. It has given an impetus to indigenous manufacturing through FAME II and tax breaks. The subsidies and incentives for promotion of electric mobility to three and four-wheelers for commercial and fleet applications will help bring in last-mile connectivity.
OEMs too are gearing up to bring electric versions of existing cars, despite concerns of a lack of charging infrastructure. This year, we can expect about 21 new EV variants to be launched in India. Hyundai, Mahindra, MG and Tata already have their EVs on Indian roads, with Lexus, Nissan, Porsche, Maruti, Audi, Tesla, and many others to make an entry soon with completely electric or hybrid models.
If the Indian automobile industry moves on course with NITI Aayog’s estimation, coupled with strong consumption demand, India could reduce its annual diesel and petrol dependence by 156 million tonnes of oil equivalent, resulting in fuel savings of US$60 billion, while cutting down on carbon emissions by as much as 1 Gigatonne by the year 2030!
Authors: Anupam Agarwal and Karan Jain, Co-founders, Revv shared mobility platform
Disclaimer: The views and opinions expressed in this article are solely those of the original author. These views and opinions do not represent those of The Indian Express Group or its employees. | government is offering tax deduction on interest paid on loans taken to purchase an EV. also slashing the GST on EVs from 12% to 5% and providing road tax exemptions and registration waivers. a total of 1.24 million deaths have been attributed to air pollution in 2017. a total of. 1.2 lakh people have been killed in the last three years. | Positive |
https://www.financialexpress.com/budget/budget-2020-offers-detailed-road-map-to-revive-demand-sbi-chief/1851444/ | By Rajnish Kumar
Budget 2020-21: This Budget is interesting in many respects. The basic macro strategy has remained intact – a thrust to rural economy which supports the bulk of the population and simultaneous enabling measures to transform India through ease of doing business, quality infrastructure and gladiator spirit entrepreneurship.
But within this broad strategy, the ingredients signal a very different story which the truncated Budget of July 2019 was not able to communicate. Standing on three pillars – aspiration, economic development and caring society – this year’s Budget offers very detailed road map to revive demand which has seen some erosion due to many reasons.
Agriculture, under the theme of ‘Aspirational India’, has received a massive thrust of Rs 2.83 lakh crore. The focus is now on infusing investment into the agriculture sector. The proposed investments aim at connectivity through rail and air, thereby widening the agriculture market. There is now a greater consciousness to preserve the quality of land through balanced use of all kinds of fertilisers, natural farming and better utilisation of fallow land by setting up solar units. The Budget talks about farmers’ sovereignty over seeds through Dhaanya Lakshmi and augmenting allied activities – horticulture and dairy with an eye on exports.
Thrust to creating additional capacity using the PPP mode for warehousing agriculture produce is also a good move as it reduces wastage, allows farmers to better time the market. The geo-tagging of the warehouse along with other remote sensing technique is indicative of government’s effort at making Indian agriculture smart, optimise its supply chain, thereby aiming at better price stability and creating a unified market in agriculture commodities.
Aspirations cannot reach their logical conclusion without the power of right skills and domain knowledge. The Budget must be complimented for giving a massive thrust to skill development and education. The Budget’s announcement to start a degree-level full-fledged online education programme by Top-100 institutions is right direction in keeping the cost of education and skill augmentation affordable.
India is young but the world around us is ageing fast. To this end, the Budget rightly proposes a special bridge course to be designed by the ministries of health and skill development to narrow the gap between desired standards in ageing countries for emergency medical technicians and paramedics.
Watch Video: What is Union Budget of India?
The Budget has also suggested digital refund of duties and taxes levied at the Central, State and local levels, which are otherwise not exempted or refunded for exporters. The proposal to carry out governance reforms in PSBs is a good move. The Budget has increased deposit insurance coverage to Rs 5 lakh. This will go a long way in addressing any fear in the mind of public due to certain unfortunate events. NBFCs also stand to benefit from reduced eligibility limit for debt recovery.
Talking about fiscal math, the finance minister has walked a tight rope. The calculated and transparent deviation from fiscal consolidation was the need of the hour. The proposed slabs and tax rates for personal taxes need some clarity but the intent towards a simplified personal income tax with minimal exemption is right.
The writer is chairman, State Bank of India | agriculture has received a massive thrust of Rs 2.83 lakh crore. the focus is now on infusing investment into the agriculture sector. the Budget must be complimented for giving a massive thrust to skill development and education. the budget’s announcement to start a degree-level full-fledged online education programme by Top-100 institutions is right direction. | Positive |
https://economictimes.indiatimes.com/industry/cons-products/fmcg/hatsun-agro-to-expand-retail-footprint-with-hap-daily-crosses-3000-outlets/articleshow/79527615.cms | New Delhi: Private sector dairy company Hatsun Agro Product (HAP) said on Wednesday it has reached a retail milestone of 3,000 outlets, which it said made it the first Indian private sector dairy company to open these many outlets in the organised format.A statement by Hatson said the milestone makes it the largest private dairy retail player in the industry. HAP Daily , the retail arm of Hatsun Agro, sells milk, milk products and ice-creams under the Arun brand at convenience stores.In addition to its ice-cream range, HAP Daily outlets will retail other dairy products such as milk, curd, paneer, milk-based beverages, yoghurt shakes and ghee in various markets, a statement by the company said.“HAP Daily outlets will also supply products to retail outlets within the vicinity, increasing ease of availability of products and expanding brand reach,” the statement said.HAP chairman RG Chandramogan said: “The retail outlet expansion is in line with Hatsun Agro Product’s growth strategy and vision of taking quality dairy products closer to masses.”He said HAP is augmenting its production capacities with the expected commissioning of a new plant in Maharashtra.The dairy company said it plans to open more HAP Daily outlets in newer markets to deepen its presence, and that it remains committed in expanding its retail foothold in existing as well as new markets. | private sector dairy company has 3,000 outlets in the organised format. it said it is the first private sector dairy company to open these many outlets in the organised format. the company said it plans to open more HAP Daily outlets in newer markets to deepen its presence. it said it remains committed in expanding its retail foothold in existing as well as new markets. ice-cream range of products will be sold under the ice-cream brand. | Positive |
https://www.businesstoday.in/markets/company-stock/alembic-pharmaceuticals-share-rises-q4-net-profit-revenue/story/401897.html | Share price of Alembic Pharmaceuticals hit its all-time high on Friday after the firm reported 81 per cent rise in its consolidated net profit on account of robust sales in international markets. Alembic Pharmaceuticals share price gained up to 15.61% to Rs 807 compared to the previous close of Rs 698.55 on BSE.
Total 1.71 lakh shares changed hands amounting to turnover of Rs 13.02 crore on BSE. The mid cap stock has gained 27.63% in last 3 days. Alembic Pharma share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The pharma stock has gained 55.45% in one month and 26.86% in last one week. The stock has risen 47.92% in last one year and 37.23% since the beginning of this year.
It hit 52 week low of Rs 435 on June 21, 2019. The Gujarat-based firm reported a net profit of Rs 224.93 crore in Q4 of last fiscal compared to net profit of Rs 124 crore for the corresponding period of the previous fiscal. Consolidated revenue from operations of the company rose to Rs 1,206.83 crore for the quarter under consideration as against Rs 926.95 crore for the same period a year ago.
Consolidated net profit of the company rose to Rs 829.12 crore for the fiscal year ended March 31, 2020 against Rs 584.37 crore for the previous fiscal year.
Consolidated revenue from operations for the fiscal year ended March this year rose to Rs 4,605.75 crore as against Rs 3,934.68 crore for the year ago period.
"It was a remarkable year for the company where we recorded our highest revenue and profit ever. This was led by strong growth in the US generics business. During the fourth quarter we saw our India and rest of world (ROW) business also getting back to a robust growth," Alembic Pharmaceuticals MD Pranav Amin said.
Share Market LIVE: Sensex slips over 400 points, Nifty below 9,200; financial stocks under selling pressure
Why Britannia Industries share price is rising in a falling market | firm reports 81 per cent rise in its consolidated net profit. firm's share price hits all-time high of Rs 807. total 1.71 lakh shares changed hands amounting to turnover of Rs 13.02 crore. firm has risen 47.92% in last one year and 37.23% since the beginning of this year. pharma stock has gained 55.45% in one month and 26.86% in last one week. | Positive |
https://www.financialexpress.com/economy/more-homebuyers-in-tier-ii-these-factors-fueled-growth-in-home-loans/1914965/ | As it is said that India is a country under construction, Tier – II & III cities are contributing more to it. Smaller towns and cities have seen better home loan offtake, beating the share of the metro by a significant margin, said a report by JLL Research. The report has revealed that there are 45 districts representing Tier- II & III cities that have registered higher growth than the national average. While the pace of home loan growth is at 19 per cent for the rest of the nation in the last six years, the growth rate of districts which comprise the top 7 metro cities is at 12 per cent in the same duration.
“Most of these cities have been driven by employment generation through manufacturing or services sectors like ceramic tiles, diamond processing, tourism, textiles, leather industry, agro-processing, automobiles, engineering goods, etc,” Jitesh Karlekar, Director-Capital Markets Research, JLL Consultants, told Financial Express Online.
Also Read: No, Financial Year 2019-20 has not been extended, FinMin clarifies; here’s what caused confusion
The improved connectivity, infrastructure growth, better education, and health care facilities leading to improvement in living standards have also helped the real estate developers in these cities to adopt the latest trends and provide homes at competitive rates, he added. Cheap labour and land cost have also fueled the growth of home loans in such cities.
Meanwhile, government’s policy initiatives like Smart city mission, Industrial corridors, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Metro Rail projects, Prime Minister Awas Yojana (Urban) and Make in India, have also contributed to improving the interest of homebuyers in the Tier – II & III cities. The impact of these projects is expected to be long term and will make these cities more attractive destinations for various industries as well as residential real estate, said the JLL report. | Tier – II & III cities have registered higher growth than the national average. the growth rate of districts which comprise the top 7 metro cities is at 12 per cent. most of these cities have been driven by employment generation. the report was compiled by the prestigious firm, JLL Consultants. it also reveals that the government has been promoting the development of smart cities. | Positive |
https://economictimes.indiatimes.com/news/economy/policy/view-indias-urbanisation-challenges-and-the-way-forward/articleshow/79443872.cms | India is one of the fastest growing economies in the world, and its growth is propelled by its cities. Evidently, Oxford Economics ’ Global cities report estimates that 17 of the 20 fastest-growing cities in the world between 2019 and 2035 will be from India. Studies have also shown that Indian cities are likely to contribute to 70% of India’s GDP by 2030. All of these findings are reflected in the exponential rate of urbanization that the country is undergoing. While this is a turn towards greater economic growth, it also comes with a set of challenges with regards to liveability. Delving deeper into those challenges reveal an inherent limitation within the framework of governance.Metropolitans are the centres of economic growth and job creation. They enjoy economies of agglomeration that ensures steady growth, which further draws in the talent pool from different parts of the nation, leading to greater innovation and accelerated economic growth. However, it also entails more and more people moving to urban agglomerations. Since Indian cities have grown in an unplanned manner, they are not fully equipped to deliver basic services like housing, water and sanitation to the growing number of residents. Hence, despite high economic growth, India cities are also the centres of high income inequality and poor quality of life. In 2019, New Delhi and Mumbai ranked 118th and 119th respectively, on the Economist Intelligence Unit's Global Liveability Index 2019 that covered 140 cities.The political economy of development in India has always leaned towards rural development. It was not until 2005 when Jawaharlal Nehru National Urban Renewal Mission (JNNURM) was launched to reform the cities through planned development initiatives. Many of the projects undertaken were, however, unfinished. JNNURM has now been replaced by Atal Mission for Rejuvenation and Urban Transformation ( AMRUT ). Since 2014, there has been a marked shift in policy focus, reflecting a greater acknowledgement of the importance of urban development. Hence, Smart Cities Mission, Pradhan Mantri Awas Yojana – Housing for All (Urban) (PMAY-U), and Swachh Bharat Mission (Urban) (SBM-U) are some of the major urban development programmes that have been in operation for the last five to six years.Through focus on different components like housing, water supply, urban mobility, sanitation, etc., the programmes aim at improving the liveability of Indian cities. While the programmes have achieved milestones, there is still room for improvement.Building on the lessons learned from JNNURM, the programmes also aimed to enforce decentralisation by devolving some functions to Urban Local Bodies (ULBs), but the ground reality told a different story. Enforcement of the 74th Constitutional Amendment Act, 1992 is one of the main challenges in the implementation of all the urban development programmes. The amendment had added ULBs as the third tier of government to decentralise governance down to the grassroots. However, the provisions of the Act leave a lot of power in the hands of the state government, which ends up depriving the local governments of the autonomy required by them to perform their designated role. This challenge is at the root of issues that plague the existing programmes, be it the operational difficulties or the issue of under-utilisation of funds.According to the Constitution, there are 18 broad functions which can be performed by the ULB, but devolution of the functions is decided by the state government. States also have the discretion to define specific criteria for categorising various types of municipalities. They can remove the municipalities’ jurisdiction over certain geographical areas by categorising them as ‘industrial township’ under an appropriate state law. It dilutes the power of the municipalities as this proviso can easily be exploited by state governments who can take over the governance of any area they please.The lack of autonomy of ULBs also extends to finances. Municipal corporations have two types of revenue bases¾ revenue and non-revenue, but property tax is the only major internal source. However, issues of undervaluation, non-availability of database of properties, low rates, low collection efficiency and lack of indexation of property values disable the ULBs from fully accessing it. Further, the Constitution empowers the state governments to also decide on devolution of tax revenues and grants-in-aid to urban local governments. In this way, ULBs neither have financial autonomy nor the capacity to raise funds, so they heavily rely on public sources. It can be gauged from the funding pattern of many of the projects under the urban development programmes. The programmes require ULBs to raise a portion of the funds for projects, but do not have provisions for augmenting the capacity of ULBs to raise resources. Resultantly, the largest portion of finances remain public funds.Although there is a broad range of functions for ULBs outlined by the Constitution, the revenue required to deliver on those functions is dependent on the Centre and State. The imbalance between the powers and responsibilities assigned to ULBs results in their ineffective functioning.Lastly, the governance structure of Census Towns (CTs) is another concern that affects the quality of life in urban areas. There are very few metropolitan cities in India, so India’s urbanization journey is actually being driven by the CTs, which form urban agglomerations concentrated around the metropolitans. A village is classified as CT by the Registrar General of India (RGI) as a result of the population census exercise if they pass the threshold of 5,000 population size, population density of 400 people/sq. km., and 75% of male workforce working in non-farm activity.The population in CTs is categorised as “urban” but the GDP generated is recorded as “rural”, which distorts the estimation of per capita GDP for the urban sector as well as the extent of urbanization in the country. It is because despite its urban characteristics, a CT is governed by a Panchayat. The state exercises the right to categorise settlements as “urban” and “rural”, and are often apprehensive of bringing CTs under the “urban” fold, as it implies application of urban regulations on CTs. The stricter regulations and high tax rates on basic amenities could be unwelcome to the population and reflecting in their voting behaviour. As a result, CTs, the peri-urban areas that take some of the pressure off of metropolitans in terms of providing basic amenities to residents, are governed by a body that is ill-equipped to understand its developmental needs.Therefore, the framework of governance, and particularly the 74th Constitutional Amendment Act can be revisited to add provisions that can better enforce decentralisation of governance in urban areas. In the meanwhile, programmes and schemes can still be more effective if those are designed while accounting for the shortfalls in the Constitution, such that ULBs are more empowered to participate in governance.Amit Kapoor is chair, Institute for Competitiveness, India and visiting scholar, Stanford University. Harshula Sinha is researcher, Institute for Competitiveness, India. | india is one of the fastest growing economies in the world, and its growth is propelled by its cities. Oxford Economics ’ Global cities report estimates that 17 of the 20 fastest-growing cities in the world between 2019 and 2035 will be from india. however, it also comes with a set of challenges with regards to liveability. despite high economic growth, India cities are also the centres of high income inequality and poor quality of life. | Positive |
https://www.financialexpress.com/market/sgx-nifty-gains-50-points-on-monday-five-things-to-know-before-opening-bell-today/2134241/ | Domestic equity market benchmarks BSE Sensex and Nifty 50 are expected to open with gains on Monday. On the back of developments on COVID-19 vaccine, Indian share markets reached their record high levels last week. Market participants will track rising coronavirus cases, oil prices, newsflow related to COVID-19 vaccine, rupee trajectory and other global cues. According to the analysts, bourses are likely to witness bouts of buying in the lower order stocks hinting a catch-up rally. “Industry laggards such as mid and small caps are ready and are trying to catch-up the industry leaders in terms of a price movement. Investors are advised to book profits at these higher levels and patiently wait for a healthy correction for a buy on dips strategy,” said Nirali Shah, Senior Research Analyst, Samco Securities.
SGX Nifty in green: Nifty futures were trading 50 points up at 12,931 on Singaporean Exchange, suggesting a positive opening for BSE Sensex and Nifty 50 on Monday.
RBI IWG’s suggestion: In a significant shift of stance, large corporates and conglomerates could own banks if the suggestions of an internal working group (IWG) constituted by the Reserve Bank of India (RBI) are accepted. The well-run non-banking finance companies (NBFCs), with an asset size of Rs 50,000 crore and above could become banks post 10 years of operations once they pass the due exercise.
FII and DII data: On Friday, foreign institutional investors (FIIs) lapped up shares worth Rs 3,860.78 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 2,868.66 crore on a net basis in the Indian equity market, according to the provisional data available on the NSE.
Global watch: Asian stock markets were trading higher in the early trade on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.62 per cent higher. South Korea’s Kospi gained 1.68 per cent. Markets in Japan are closed on Monday for a holiday. On Friday, the US stock market ended lower. The Dow Jones Industrial Average fell 0.75 per cent, the S&P 500 lost 0.68 per cent, and the Nasdaq Composite dropped 0.42 per cent.
Technical talk: “The near term uptrend status remains intact and upside momentum is expected to continue after this small dip in the market. Hence, one may expect Nifty to move towards the new all time high of 12963 levels by next week. A decisive/sustainable move above 13000 levels could open next upside targets of 13500-13600 in the near term. Immediate supports to be watched at 12680-12730 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. | domestic equity benchmarks BSE Sensex and Nifty 50 are expected to open with gains on Monday. on the back of developments on COVID-19 vaccine, Indian share markets reached their record high levels last week. analysts predict bouts of buying in the lower order stocks hinting a catch-up rally. large corporates and conglomerates could own banks if the suggestions of an internal working group (iWG) constituted by the Reserve Bank of India (RBI) are accepted. | Positive |
https://www.businesstoday.in/money/insurance/iffco-tokio-launches-mos-bite-protector-policy-should-you-go-for-it/story/390572.html | Pay-as-you-go concept is catching up. People prefer paying for just what they need and not for the entire bundle. Many companies are coming up with micro products at highly affordable prices to target some specific demands that are often overlooked in a comprehensive product.
Insurance sector is buzzing with new innovation to cater to such micro demands.
IFFCO Tokio General Insurance has launched a new health insurance plan- MOS-BITE Protector Policy. It is a benefit plan, which pays you a lumpsum amount on diagnosis of vector-borne diseases at an affordable premium.
Vector-borne diseases are caused by viruses, bacteria and parasites that mosquitoes transmit. According to the World Health Organisation, Malaria causes more than 400,000 deaths every year globally. Similarly, major vector-borne diseases account for around 17 per cent of all infectious diseases.
Pallavi Roy, Head - Products, IFFCO Tokio General Insurance Company said, "There has been an increase in the number of claims relating to vector-borne diseases. With the rise in medical inflation, the treatment costs for these diseases have also gone up. Hence we have launched the product to provide financial support to our customers."
What the policy offers
The insurance plan pays you the sum insured in case the policyholder gets hospitalised for a continuous period of 48 hours due to any of the following seven diseases - Dengue fever, Malaria, Lymphatic Filariasis, Kala-azar, Chikungunya, Japanese Encephalitis, Zika Virus.
The insurance policy is available to an adult between 18 and 65 years of age without any medical tests. For a child, the cover is available from an entry age of 91 days to the maximum age of 23 years. The sum insured options are available up to Rs 1 lakh in multiples of Rs 5,000.
For an individual health plan with sum assured of Rs 5,000, the annual premium is Rs 44. The maximum sum assured under this plan is Rs 1 lakh for which you will have to pay a premium of Rs 876. The premium remains the same irrespective of the age of the person who is being insured. The policy is also available for the long-term period of two years and three years.
You can buy this policy for your family members with each having a separate insurance cover. The insurer is offering a discount of 5 per cent on policy premium if three or more people are covered in a single policy. For this you can include any of the family members - spouse, children, brothers, sisters, parents or parents-in-law.
Should you go for this plan?
Many comprehensive health plans also offer cover against these diseases. So, if you have such a comprehensive plan, you may not need this policy.
In case you do not have a comprehensive health policy that offers coverage against vector-borne diseases and you live in a disease-prone area, you may consider buying this plan that is quite affordable.
However, you must remember that while a comprehensive plan offers coverage when there is a hospitalisation of 24 hours, MOS BITE Protect Policy requires you to stay hospitalised for 48 hours before you make the claim.
The cost of treatment may go up significantly for such diseases when you have prolonged hospitalisation. This plan can work as a cushion against larger cash outflow. | IFFCO Tokio General Insurance has launched a new health insurance plan. it pays you a lump sum amount on diagnosis of vector-borne diseases. the plan is available to an adult between 18 and 65 years of age. the premium is Rs 44 for an individual plan with sum assured of Rs 5,000. the maximum sum assured under this plan is Rs 1 lakh for which you will have to pay a premium of Rs 876. | Positive |
https://www.financialexpress.com/money/6-digital-payment-modes-to-look-at-during-and-post-covid-19-outbreak/1946141/ | By Sunil Khosla
The far-reaching spread of novel coronavirus has become one of the biggest threats to the economy and financial markets world over. Countries across the globe are taking numerous measures to contain the cascading effects of the virus outbreak.
Among numerous precautionary measures, the COVID-19 outbreak is also encouraging the use of digital payments. Even the RBI has urged customers to use digital banking facilities, ensuring contactless transactions.
While some sectors such as airlines, travel, retail, theatres, restaurants and entertainment parks that are directly hit by the COVID19 outbreak have pulled down the usage of the digital payments, some new sectors have also emerged. Small grocery stores, OTT, online gaming, e-learning, ATM withdrawals and broadband usage are giving a boost to the use of digital payments.
Let’s explore digital payment modes that one can opt in the current circumstances:
1. QR Code
Quick Response Code-based payments are gaining popularity in modern payment apps and devices. One can simply scan a QR code to pay for fuel, grocery, utility bills, fuel, food, travel and several other services. QR codes can be scanned both from paper and screen, facilitating instant payments and fool-proof security. When a customer requests to pay via QR, the merchant needs to select the “QR Code” payment option on the terminal and input the bill amount. This will generate a dynamic QR code on the PoS screen which can now be scanned by any mobile-based QR app being used by the customer. If a merchant cannot invest in a PoS Terminal, he/she can use the mobile-based QR app to generate static/dynamic QRs. QR reduces transaction errors and the need to input any transaction-related data.
2. UPI
Unified Payments Interface (UPI), developed by National Payments Corporation of India (NPCI), is an instant payment system. When a customer requests UPI payment mode, the merchant needs to select the “UPI payment” option on his PoS terminal and input the bill amount. This will generate a dynamic QR code on the PoS screen, which can now be scanned by any mobile-based UPI app being used by the customer. The number of transactions via UPI continues to rise, hitting 1.3 billion transactions in December 2019, according to NPCI data.
3. Payment Gateway
Payment gateway, a merchant service provided by an e-commerce platform, ensures that sensitive information, such as credit card numbers, entered into a virtual terminal or on an E-commerce website, is passed securely through various channels.
Amid Covid-19 outbreak when people are being encouraged to maintain social distance, there has been an increase in orders placed on e-commerce websites and apps for grocery, entertainment and food. A person availing any such services on e-commerce platforms can opt to pay through a payment gateway.
4. Contactless Payment
The Near Field Communication (NFC) feature on the PoS terminal allows one to easily make contactless payment to retailer for purchase at their store. The customer can choose to pay via their contactless credit/debit cards or through a Tap & Pay feature on a mobile application by tapping their smartphones on the PoS terminal.
5. SMS Based Payment
There are different types of mobile payments with functionality revolving around various POS factors. SMS payments are the ones where a customer pays for products or services via an SMS link sent by the merchant. The usage of SMS based payments is high in the service-oriented industry like restaurants and salons who prefer advance payments for booking/reservation. With the penetration of advanced smartphones and introduction of newer modes of payment, SMS based payments have become less popular whereas scope remains high in the service segment.
6. Prepaid cards
Closed-loop prepaid cards are the ones that can only be redeemed at the merchant who issued them. On the other hand, “semi-closed loop cards” or “restricted open-loop cards” are similar to shopping centre cards that can be redeemed at various merchants but only inside the shopping centre. These cards can be swiped/inserted on the PoS terminal for top-up/withdrawal purposes.
Summing It All Up
In order to make our contribution in this fight against Covid-19, we must take all safety and precautionary measures. When contactless transactions are being encouraged, let’s opt for safe and easy digital payment modes.
(The author is President, Digital Business India Transact Limited) | small grocery stores, OTT, online gaming, e-learning and ATM withdrawals are giving a boost to the use of digital payments. the number of transactions via UPI continues to rise, hitting 1.3 billion transactions in December 2019. the RBI has urged customers to use digital banking facilities, ensuring contactless transactions. the number of transactions via UPI continues to rise, hitting 1.3 billion transactions in December 2019. | Positive |
https://www.financialexpress.com/market/fpis-invest-1-2-billion-in-bond-market-after-lok-sabha-poll-result/1601258/ | Foreign portfolio investors (FPIs) have invested $1.2 billion into Indian bond markets in the past nine trading sessions since May 24, a day after the Narendra Modi-led BJP government won a majority in Parliament, signaling a global positive sentiment against the political stability of the country.
The benchmark government bond —7.26% yielding notes maturing in 2029 — rose by 4 basis points to close at 6.97% on Friday on account of an increase in Brent crude oil prices. However, benchmark yields since the past week have been at their lowest levels since November 2017. The Brent on Friday traded at $62.63 bbl (per barrel), a 1.56% increase over Thursday.
Dealers believe bond yields can drop further by nearly 10-15 bps as situations have turned favourable for bond markets to flourish. “Crude oil prices being at a comfortable level and with rate cuts being off the table in India and in the US, bond yields are expected to fall to levels of 6.8% in the short-term period of one to two months,” said Ajay Manglunia, MD and Head-institutional fixed income, JM Financial.
Global funds invested $140 million into Indian debt on Thursday, when the Reserve Bank of India announced a 25 basis point (bps) rate cut to 5.75% and shifted its stance to ‘accommodative’, signaling no more rate hikes further. In June so far, FPIs have bought nearly $500 million worth of debt on the back of an inflow of $537 million in May.
The quota for FPI investment in gilts is Rs 2.34 lakh crore as on June 7, according to CCIL data; the utilisation as was 69.46% for gilts. The NSDL data shows that as of June 6, the limit for FPI investments in corporate bonds is Rs 3.03 lakh crore. The utilised level is 68.61%. FPIs invest in various debt market instruments such as government bonds (G-secs), state development loans and corporate bonds, but with prescribed limits and restrictions by the central bank. | foreign portfolio investors (FPIs) have invested $1.2 billion into india bond markets in the past nine trading sessions since may 24. the benchmark government bond rose by 4 basis points to close at 6.97% on friday on account of an increase in Brent crude oil prices. benchmark yields since the past week have been at their lowest levels since November 2017. dealers believe bond yields can drop further by nearly 10-15 bps as situations have turned favourable for bond markets to flourish. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/angel-funds-need-to-disclose-about-investment-material-changes-sebi/articleshow/64827246.cms | Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET.
Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales.
Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share.
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Top Trending Stocks: Sensex Today Live | luxury car buyers in india are getting younger with two out of five Audi buyers aged less than 40. at Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the german luxury carmaker globally. apple set a new quarterly revenue record in india with a strong double-digit year-on-year growth in the September quarter. apple is the world's second-largest smartphone market. | Positive |
https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/vc-funding-back-in-q2-with-big-bets-on-digital/articleshow/77968727.cms | Bengaluru: Early stage venture investments have picked up significantly since July, after a relatively slow period of deal-making in the previous quarter, multiple investors told ET. The pandemic is throwing up opportunities for new digital businesses, prompting more entrepreneurs to enter the fray.Deal flow and the number of startup ideas a venture firm evaluates registered a 50 per cent-plus uptick from the previous quarter, according to at least six funds ET spoke to, with some also attesting to an improvement in the quality of founders.“There has been a gradual realisation in July-August that this post Covid-19 world is going to be the new normal for some time,” said Karan Mohla, executive director at Chiratae Ventures India Advisors, which is evaluating more than 250 deals every month — a level comparable to its deal flow in January.Other funds such as Inventus Capital Partners , Lightspeed Venture Partners, Matrix Partners, WaterBridge Ventures and Orios Venture Partners said deal activity had picked up relative to April-June.The massive fundraising of Reliance Jio Platforms has also piqued the interest of many new investors, said venture capitalists.These new investors are eager to grab a share of India’s digital and technology sector, said venture capitalists, who have been galvanised into action by the realisation that the calendar year is ending.In contrast, in the first half of 2019 — one of the busiest years for early stage VC funds and startup investments — number of early stage deals was 476, compared to 240 in 2020, Tracxn data showed.“New investments slowed down for a quarter, but now the pace of deals is similar to last year. It is exciting to see founders who have factored in the new world and are starting up,” said Vikram Vaidyanathan, managing director, Matrix Partners India. He reckons there is an “overall jump in mass digital adoption” across every sector — from fintech, agriculture, health and education to consumer and gaming. “So it’s a broader set of sectors that seem interesting,” he said. The fund has invested in six startups since the lockdown, including CampK12, Vegrow, Zupee and GoDutch, with three more deals to be announced.In a recent interview with ET, Dev Khare, a partner at Lightspeed, said his fund had been investing through Covid-19. “When we look at our investment track record or investments done per year... it is actually very consistent over the last 20 years.... markets will go up and down in the short term but in the long term, (India) is up in the right direction.” The fund has disclosed recent investments in ed-tech startup FrontRow and a platform for blue collar workers, Apna. Early stage fund Whiteboard Capital said it has seen at least a 30 per cent increase in deal evaluations during the last six weeks, compared to the level in April-May. “We have committed to four new investments in the last six weeks, in addition to five follow-on rounds in our existing portfolio, that is the highest investing activity for us since the inception of the firm,” said Anshu Prasher, a partner. | early stage venture investments have picked up significantly since July. deal activity has picked up relative to the previous quarter. the pandemic is throwing up opportunities for new digital businesses. some investors also attest to an improvement in the quality of founders. in the first half of 2019, number of early stage deals was 476, compared to 240 in 2020. a total of 240 startups have been invested in the first half of 2019. | Positive |
https://www.moneycontrol.com/news/business/markets/ai-pharma-speciality-chemicals-telecom-may-lead-broader-market-post-covid-5316601.html | New market leaders will emerge who will adapt to new challenges created by this unprecedented impact on global economy. Historically, every bull run had new leaders to lead the pack. Post COVID-19, we feel, Artificial Intelligence(AI), Pharmaceuticals, Speciality chemicals & Telecom might lead the broader indices, Amit Jain, Co-founder & CEO at Ashika Wealth Advisors said in an interview to Moneycontrol's Sunil Shankar Matkar.
edited excerpt:
Q: The government announced more than Rs 20 lakh crore package to revive the economy. Have you spotted any new theme/s opportunity especially after this package, which can definitely create wealth and why?
Recently the stimulus package of Rs 20 lakh crore gave an emotional uplift to the stock market, however, we believe the Indian stock market will follow the global trend in the medium term. New market leaders will emerge who will adapt to new challenges created by this unprecedented impact on Global Economy. Historically, every bull run had new leaders to lead the pack. For example, heavyweight asset models weighed the most in Nifty till 2008. Post-2008, asset light models, such as banking & IT, took the charge to build up the Economy.
Post COVID-19, we feel, Artificial Intelligence(AI), Pharmaceuticals, Speciality chemicals & Telecom might lead the broader indices.
Artificial Intelligence (AI) is going to be the way forward & any company which has major exposure to Artificial intelligence(AI) in IT space will be doing very well in the coming decade.
As of now in telecom sector, we have only 2 major players compared to 16 players in 2008, both telecom providers will do well in the coming few years as they have created a scenario of duopoly in the market. Also, we have the cheapest call & data rate compared to rest of the World, hence we believe with this duopoly market equation, ARPU will catch up with Global peers.
India being a Pharmaceutical hub for the world might continue to perform better & further build on its strength. On post-COVID-19 era each individual shall allocate more money for healthcare needs.
To take advantage of new geopolitical power equation post-COVID 19 era, India will rely more on the indigenous supply chain of speciality chemicals. This sector shall be doing well in medium to long term.
Q: US Senate has passed the bill to delist Chinese companies from US stock exchanges. Do you think the war between US and China will intensify further and will it be really dangerous for the world which has been facing the COVID-19 crisis?
In my last interview with you in April, we feared for some sort of war (Trade war, Currency war, etc.) may take place between US & China. Now it looks US has initiated the proceedings for the same. This war between USA & China may intensify further & may take ugly shape going forward, which may change World Power Equation post-COVID-19 era. If US retaliate with trade war, then China may retaliate by way of currency war as it holds approximately 17 percent of US Treasury debt in $ which may trigger panic selling on the US Dollar.
Q: What is your advice to the first time investor who came in the market with the thought that crisis time is the real opportunity to grab to create wealth in the long term? What should be their focus and what should they avoid?
The COVID-19 hit has generated great opportunities for everyone to invest in quality business models at attractive valuations, This opportunity is being presented to investors after 12 long years and should not be missed. Investors should focus on investing in right Economy, right Sector, right Business models & rightly compliant Companies.
Investors should consult SEBI Registered Investment Advisors (RIA) before starting any investments in the markets. Investors should start investing in a systematic manner & Should diversify the portfolio across asset class to generate maximum Risk-adjusted returns on their overall portfolio.
Q: Do you think 2020 is the really bad year for the world including India or the real opportune time for investors to reshuffle or make a fresh portfolio in the current crisis?
2020 has turned out to be a bad year till date for investors, however, it looks really a good opportunity for investors to create a new portfolio by keeping in mind about 'World post-COVID-19'. Every recession brings out a new leader in the market & Investors should try to figure out these Sectors & invest in their underlying Business Models. For Example, From 1950 to 1980, We were an Agri based economy which led to growth of Agricultural Industries. From 1980 till early 2000's We were an Industrial Economy that helped heavy asset model industry to grow in the market & from year 2000 to 2020 we became a service-based economy & it was led by Banking and IT Industry. In the era of " Deglobalisation " & slogan of 'Atma Nirbhar Bharat', we may become manufacturing hub in medium-term if we play our cards right.
Post-COVID 19 era lot of Western World Companies shall be looking for alternatives of China. For this alternative, India has the best chance to emerge as a leader due to favourable demographics where 70 percent population is below 35 years of age that too with 1/4th of China's labour rate. With various 'Make in India' initiatives, the economy might turn out to be a manufacturing base hub in medium term. If our Government do long due reforms in Land, Labour, Legal & Tax reforms ASAP then we have much higher chances to emerge as manufacturing superpower by 2030. Our Government has Capability of taking these decisions as it is a Majority Government, However, these steps have to be immediate.
Q: Do you think these fiscal measures will create more NPA pressure for banks?
The total advances of Indian banks are close to Rs 100 lakh crore out of which Rs 15-18 lakh crore are under asset-heavy business models which might face challenge. These loans are given to old Economy business models which may face a demand recession. From these asset-heavy business models, a lot of business models may become unviable post-COVID-19 era.
With extended moratorium, halt in business activities, and an increase in exposure of group-level book, The banks might face the additional pressure of NPA's in their books. We believe as of now it is crisis of confidence rather than crisis of liquidity. We have enough liquidity in Economy, just to support this with fact, last week Banks have parked 8 lakh crores with RBI under reverse repo window at 3.75 percent rate of interest. Today with further cut in rates, banks may be willing to take some calculated risk of lending sooner than expected. However, risk of NPA's are much higher going forward.
Q: Real estate sector barring few stocks has been ignored for a long time now. Do you think it will revive in 2021 especially after measures taken by the government recently and in the past?
Major economies like USA & Europe may be shifting their industries & Manufacturing hubs from China to India by year 2025. This shift may revive India's Infra & real estate sector in the coming few years. Infrastructure & Real estate has been one of the key sectors of development for India from 2000 to 2010. Industrial & residential real estate in emerging markets like Hyderabad, Noida, Gurgaon, Banglore, Pune may see an uplift in demand Post COVID-19. Seeing on the measure taken out by corporates, atleast 20 percent jobs of IT sector may shift to work from home mechanism which will benefit this sector in medium-term.
If timely measures are taken by the government for Land & Labour reforms, then Infrastructure & Real Estate sector can become one of the major contributors of India's growth story.
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | Amit Jain: post COVID-19, we feel, Artificial Intelligence(AI) might lead the broader indices. he says the stimulus package of Rs 20 lakh crore gave an emotional uplift to the stock market. he says the stimulus package will create a new theme/s opportunity for the stock market. jain: if the stimulus package is implemented, it will create a new generation of wealth. | Positive |
https://economictimes.indiatimes.com/news/economy/indicators/indian-economy-likely-contracted-10-2-in-the-july-september-quarter-experts-say/articleshow/79294249.cms | NEW DELHI: The Indian economy likely contracted 10.2% in the July-September quarter from the year earlier according to the median estimate of 10 economists and experts polled by ET, which would be a substantial improvement from the 23.9% decline in the June quarter due to the Covid-led lockdown.It's also an advance from the 12% median estimate in poll ET conducted in September as the economy picked up pace toward the end of the second quarter. At a contraction of 10.2% from the year earlier, the implied sequential growth from the first quarter would be 57%.The latest estimates of the contraction ranged from 8% to 13.5% as agriculture and manufacturing propped up growth, aided by favourable government policies, while the services sector lagged behind on account of continued restrictions and consumer caution, independent economists said. The government is expected to announce second-quarter GDP figures at the end of this month."The pace of contraction in GDP is likely to have more than halved in Q2 FY2021 as compared to Q1 FY2021," said ICRA principal economist Aditi Nayar, adding that growth during the quarter was led by electricity within the industrial sector followed by mining and manufacturing. ICRA has estimated a second-quarter contraction of 9-10%. Industrial production expanded 0.2% in September, reversing six months of contraction with mining and electricity growing 1.4% and 4.9%, respectively.The Purchasing Managers' Index (PMI) rose to the highest in eight-and-a-half years in September and goods and services tax (GST) collections rose to a post-pandemic high of Rs 95,480 crore.September also saw record e-way bill generation at 57.4 million.While demand remained constrained, the removal of supply side restrictions drove growth, according to Rahul Bajoria, chief India economist at Barclays , estimating an 8% contraction in the second quarter."Since August, India's recovery is happening largely because the supply constraints that were very debilitating were removed and activity suddenly picked up," Bajoria said. While October saw improvements, pent-up demand combined with a festive season upsurge drove growth toward the end of the second quarter, said Pronab Sen, former chief statistician of India. He projected a 5-8% contraction in the September quarter."The level of economic activities in July and August were not very different from June," said DK Pant, chief economist at India Ratings and Research, pegging the September quarter contraction at 11.9%. "It was only in September that economic activities have shown significant improvement."The uptick in the July-September period and evidence of further acceleration in October and November triggered upgrades in FY21 GDP estimates.Goldman Sachs said Tuesday it expects India's economy to shrink 10.3% in FY21, compared with a 14.8% contraction it projected in September. While agriculture fared comparatively well, floods in many parts of the country disrupted the farm sector. The shortage of migrant labour resulted in patchy recovery in the construction sector, according to M Govinda Rao, chief economic advisor at Brickwork Ratings "Although the relaxation of the lockdown resulted in an improvement in economic activity to some extent, the capacity utilisation continued to be low," Rao said, estimating second-quarter shrinkage at 13.5%."The important thing is for six consecutive months we are seeing negative growth," said Madan Sabnavis, chief economist at CARE Ratings . "But this is very much on expected lines given that it was a manmade lockdown." The gradual pace of recovery is due to the calibrated lifting of restrictions, he said. The agency expects a 9.9% contraction in the second quarter.HDFC Bank estimated the second-quarter contraction at 11% while State Bank of India Research pegged it at 10-10.5% with a downward bias.While most economists agreed that the Reserve Bank of India (RBI) played its part in terms of providing support through monetary policy during the quarter, they felt fiscal policy was lacking. The government last week announced a Rs 2.65 lakh crore stimulus package - the third in the series - to provide a boost to the Covid-hit economy.Although a major stimulus was not called for in the second quarter, Sen said the government should have made its intentions clear and announced the steps it was going to take to provide some assurance to various sectors of the economy. | the median estimate of 10 economists and experts is 10.2%. it's an advance from the 12% median estimate in poll ET conducted in September. the implied sequential growth from the first quarter would be 57%. the pace of contraction in GDP is likely to have more than halved in Q2 FY2021. the government is expected to announce second-quarter GDP figures at the end of this month. | Positive |
https://economictimes.indiatimes.com/industry/energy/oil-gas/government-invites-public-comments-for-introducing-adoption-of-e20-fuel/articleshow/79800560.cms | New Delhi: The government on Friday said it has invited public comments for introducing adoption of E20 fuel to promote green fuel like ethanol. Adoption of E20 fuel means blending of 20 per cent of ethanol with gasoline as an automotive fuel.The move assumes significance in the wake of Transport Minister Nitin Gadkari stressing on promoting green fuel like ethanol to reduce huge Rs 8 lakh crore crude import dependence.The minister on Thursday said that the government aspires to take the ethanol economy to Rs 2 lakh crore in the next five years from Rs 22,000 crore at present."The Ministry of Road Transport and Highways (MoRTH) has published a draft notification ... seeking comments from the public for adoption of E20 fuel, i.e, blend of 20 per cent of ethanol with gasoline, as an automotive fuel and for the adoption of mass emission standards for this fuel," the ministry said in a statement.The notification facilitates the development of E20 compliant vehicles It will also help in reducing emissions of carbon dioxide, hydrocarbons, etc, the statement said.The move will help reduce the oil import bill, thereby saving foreign exchange and boosting energy security, it added."The compatibility of the vehicle to the percentage of ethanol in the blend of ethanol and gasoline shall be defined by the vehicle manufacturer and the same shall be displayed on the vehicle by putting a clearly visible sticker," the statement said. | the government has invited public comments for introducing adoption of E20 fuel. it means blending of 20 per cent of ethanol with gasoline as an automotive fuel. the move will help reduce the oil import bill, thereby saving foreign exchange. the transport minister stressed on promoting green fuel like ethanol. he said the government aspires to take the ethanol economy to Rs 2 lakh crore. | Positive |
https://www.livemint.com/Opinion/S51Nwpn3sHNNyHlCAumbgP/Opinion--Advertising-shift-to-digital-media-affects-print.html | Amardeep Singh, CEO of the IPG Mediabrands digital media agency, Interactive Avenues, is flooded with queries from his clients on digital media possibilities for brand promotions. “Every advertiser today has a focus on digital media," he says, adding that typically organisations have a digital marketing manager looking specifically at digital media. “Firms with a huge focus on digital, now have a chief digital officer. Advertisers are spending upwards of 15% of their total media budgets on digital." Three years ago, the fast moving consumer goods category had a negligible presence on digital. Today, they are big, adds Singh. So, is there a big shift in advertising from print to digital? Rajiv Dingra, CEO, WATConsult, a digital and social marketing agency, responds with a resounding yes. “The shift of monies from English print to digital is happening across clients and not just in FMCG. Firms such as Unilever, ITC Ltd and Godrej group are increasing their digital spends year-on-year. Although print still continues to be part of the marketing plan, but its significance is reducing gradually." Others advertising online are retail, banking, financial services and insurance, automobile, telecom, real estate and e-commerce.
Anita Nayyar, CEO, Havas Media, India and South-East Asia, elaborates on the logic behind the shift. There is a dramatic change in consumers’ media consumption habits, thanks to growing use of mobile phones, especially smartphones, and the internet. “1,300 PB (Petabyte) worth of internet data is being consumed monthly in India, witnessing nine times growth from 2016." India stands second in the global mobile traffic share. The impact of Jio saw 48% drop in data prices, leading to rise in streaming services. “We live in a world of content overload and consumers are consuming content on varied platforms and on various devices," adds Nayyar.
According to estimates, 400-500 million Indians are online today. Clearly, as the eyeballs move online, so does the advertising dollar. The stickiness of these eyeballs has also been highlighted in a recent report. The average time spent by an Indian watching videos online has grown to 52 minutes per day in 2018 from a mere two minutes per day in 2012. It is expected to increase further to 67 minutes per day by 2019, reports media agency Zenith. A Boston Consulting Group report says that the OTT video streaming market in India is set to touch $5 billion by 2023 as the online video base grows on the back of rising affluence, increase in data penetration in rural markets and its adoption by women and older generations. Currently, 82% of the users in the Indian market are consuming advertising-led video-on-demand platforms. What makes digital attractive is its measurability and targeting capability, hence, when the medium suits the business objective, it becomes part of the overall strategy. “Efficiency, targeting and measurability are driving digital as print is more expensive and tracking it is still a challenge in most cases. Another factor is the changing trend of consuming news on digital platform due to growth in smart phone penetration. The younger generation is staying away from newspapers," says Neel Kamal Sharma, chief operating officer (buying), Madison Media.
According to estimates, the total digital media spend is ₹ 12,000-13,000 crore. Of course it is still small compared to TV and print, but it is the fastest growing media at about 30%. According to industry estimates, print is growing at 4-6% and television at 12%. Currently, of the total digital spends, the maximum share, 60-70%, is hogged by Google and Facebook. Says Nayyar: “India is clearly becoming mobile-first internet economy. Spend on mobile advertising (SMS/In-app ads) recorded high y-o-y growth of 34% from ₹ 1,314 crore in 2016 to around ₹ 1,761 crore in 2017, and is expected to grow at a CAGR of 49% to overtake spends on desktops by 2020. Search and video take the lion’s share of digital ad spending, hence, a major chunk of the revenue goes to Google/YouTube and Facebook."
But experts say that print needn’t worry. “While on the one hand we have FMCG brands like Godrej, Nestle and Reckitt Benckiser investing heavily in digital media, we also have brands like P&G cutting on its digital spends. Therefore, neither of the two mediums can be neglected." Agrees Sharma, “Print is still very strong with massive reach, as you can see digital giants such as Facebook, WhatsApp and Amazon, Snapdeal use print to expand their businesses."
Shuchi Bansal is Mint’s media, marketing and advertising editor. Ordinary Post will look at pressing issues related to all three. Or just fun stuff.
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Topics | advertisers are spending upwards of 15% of their media budgets on digital. the fast moving consumer goods category had a negligible presence on digital. the average time spent by an Indian watching videos online has grown to 52 minutes per day in 2018 from a mere two minutes per day. the average time spent by an Indian watching videos online has grown to 52 minutes per day in 2018. | Positive |
https://www.moneycontrol.com/news/business/commodities/top-oil-producers-agree-on-record-output-cuts-5137231.html | Top oil-producing countries agreed Sunday to record output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war.
OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour Sunday in a last-ditch effort to cement an accord struck early Friday that hinged on Mexico's agreement.
In a compromise, Mexico came onboard Sunday to an agreement to cut 9.7 million barrels per day from May, according to its Energy Minister Rocio Nahle, down slightly from 10 million barrels per day envisioned earlier.
Kuwait Oil Minister Khaled al-Fadhel tweeted that, following extensive efforts "we announce completing the historical agreement".
Saudi Energy Minister Prince Abdulaziz bin Salman, who chaired the meeting together with his Russian and Algerian counterparts, also confirmed that the discussions "ended with consensus".
US President Donald Trump welcomed a "great deal for all", saying on Twitter it would "save hundreds of thousands of energy jobs in the United States".
He added he "would like to thank and congratulate" Russian President Vladimir Putin and Saudi Crown Prince and de facto leader Mohammed bin Salman, both of whom he had spoken to.
Initial reticence from Mexico to introduce output cuts had led to a standoff that cast doubt on efforts to bolster oil prices, pushed to near two-decade lows.
Oil prices have slumped since the beginning of the year due to the COVID-19 pandemic that has sapped demand as countries around the world have put their populations under lockdown.
Compounding the problem, key players Russia and Saudi Arabia had engaged in a price war, ramping up output in a bid to hold on to market share and undercut US shale producers.
Rystad Energy analyst Per Magnus Nysveen said Sunday's agreement provided "at least a temporary relief" as fuel consumption was expected to fall globally by 27 million barrels per day in April and 20 million barrels per day in May.
His colleague Bjornar Tonhaugen said, however, that even though the deal made "the single largest output cut in history", prices were still expected to see "renewed downwards pressure".
"The oil market will see enormous stock builds in April as the deal is only in effect from 1 May, while gradual shut ins and production declines will already happen during the current month," he said.
Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite Trump's mediation efforts to end the standoff with Mexico.
The OPEC-led agreement foresees deep output cuts in May and June followed by a gradual reduction in cuts until April 2022.
Russian Energy Minister Alexander Novak was quoted by Russian news agency TASS as saying he expected oil markets not to recover before "end of the year, in the best case". | OPEC producers, dominated by Saudi Arabia, and allies led by Russia meet for an hour. in a compromise, Mexico comes onboard to cut 9.7 million barrels per day from may. the deal is expected to boost plummeting oil prices due to the new coronavirus crisis. the oil price slump has been exacerbated by a Russia-saudi price war. | Positive |
https://www.financialexpress.com/economy/rbi-to-infuse-rs-3-74-lakh-cr-liquidity-into-financial-system/1910947/ | Reserve Bank Governor Shaktikanta Das on Friday said about Rs 3.74 lakh crore liquidity on aggregate basis will be infused into the financial system to deal with the COVID-19 pandemic.
Financial markets are under stress and require steps by the central bank for market stability and revival of economic growth, he said while announcing the decisions taken by the Monetary Policy Committee (MPC) here. As part of liquidity infusion measures, he said, the Reserve Bank of India (RBI) will undertake repo operation of up to Rs 1 lakh crore to infuse liquidity into the market.
Further, he announced reduction in cash reserve ratio (CRR) of all banks by 100 bps to 3 per cent from 4 per cent, with effect from March 28 for one year. This is expected to release Rs 1.37 lakh crore liquidity in the market, he said.
CRR is the percentage of deposits that banks have to mandatorily keep with the central bank.
RBI last reduced CRR on February, 2013, by 25 basis points. In all, Rs 3.74 lakh crore liquidity to be injected into system through the measures announced today (Friday), he added. The governor also assured the public that the banking system in India was safe. | the governor says about Rs 3.74 lakh crore liquidity will be infused into the financial system. he says the central bank will undertake repo operation of up to Rs 1 lakh crore. he also announced reduction in cash reserve ratio (CRR) of all banks by 100 bps. this is expected to release Rs 1.37 lakh crore liquidity in the market, he says. | Positive |
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Islamabad/Doha: Cash-strappedon Monday secured apackage of USD 3oil-rich, a day after Emir Sheikh Tamim bin Hamad concluded his visit to Islamabad and agreed to cooperate in the fields of trade, anti-money laundering and curbing terror financing.The Gulf state is the fourth nation that has come forward to rescuedefault during past 11 months as the government of Prime Minister Imran Khan tries to overcome a ballooning balance-of-payments crisis.Earlier, China gave USD 4.6in shape of deposits and commercial loans and Saudi Arabia provided USD 3cash deposit and USD 3.2oil facility on deferred payments. The United Arab Emirates also provided USD 2cash deposit.'s financial assistance was announced by its foreign minister Sheikh Mohammed bin Abdulrahman Al Thani."Upon the directives of HH the Amir, the Deputy Prime Minister and Minister of Foreign Affairs announces of new investments in the form of deposits and direct investments worth a total of QR3in the Islamic Republic of," the officialNews Agency tweeted, quoted the minister as saying."The Qatari-Pakistani economic partnership will amount to $9affirms its aspiration for further development in the relations between the two countries at all political, economic, sports and cultural levels," he said.Advisor toPrime Minister on Finance Dr Abdul Hafeez Shaikh confirmed the Qatari financial help through his Twitter handle."I want to thank the Emir ofHRH Sheikh Tamim Bin Hamad Al Thani for announcing $3in deposits and direct investments forand for's affirmation to further develop relations between the two countries", Shaikh tweeted.On Sunday,conferred the visiting Qatari Emir with the 'Nishan-e-', the country's highest civil honour.Apartstepping up cooperation in trade and economy,andsigned a memorandum of understanding on cooperation in the field of exchange of financial intelligence related to money laundering and curbing terrorism financing.'s finance ministry did not immediately provide the break-up of the USD 3aid. It was not clear how much of the amount was in shape of deposit that will land in the State Bank ofto provide temporary cushion to the dwindling reserves, The Express Tribune reported.last month reached a preliminary agreement with the International Monetary Fund for a USD 6package aimed at shoring up its finances and strengthening a slowing economy.Despite these massive inflows, the official foreign currency reserves held by State Bank of, the apex bank, stood at only USD 7.6as of June 14, the report said.TheTehreek-e-Insaf (PTI) government led by Prime Minister Imran Khan is going to make a new record of foreign borrowings in one year, it said.is also required to convert its short term loans into long term borrowings aimed at improving the debt profile. It currently pays 41 per cent of its budget in debt servicing.The successive governments' inability to enhance exports has increased's reliance on bilateral and multilateral creditors. The exports further slipped over 1 per cent during first 11 months under prime minister Khan, the report said. | a package of USD 3oil-rich is secured a day after the visit of the emir. he agreed to cooperate in the fields of trade, anti-money laundering and terrorism financing. the emir was conferred with the 'nishan-e-', the country's highest civil honour. the uae also provided USD 3cash deposit and USD 3.2oil facility on deferred payments. | Positive |
https://www.financialexpress.com/industry/ioc-resumes-work-on-rs-1-04-lakh-cr-worth-of-projects/2017544/ | Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Wednesday said with easing of lockdown restrictions, it has resumed work on projects worth Rs 1.04 lakh crore which will help address future energy demand as well as kickstart the economy.
IOC said it is on track to achieve its planned capital spending of Rs 26,143 crore in the fiscal to March 2021, but future capex depends on long-term demand potential in the country.
“Since the easing of the lockdown, IOC has commenced works on 336 projects…at an anticipated project cost totalling to Rs 1.04 lakh crore,” the company said in a statement.
The government is falling back on public sector companies to revive the economy, hit hard by the COVID-19 pandemic, and is pushing them to frontload their capital spending which will help generate demand in industry as well as create jobs.
“The amount spent on these (336) ongoing projects is about 1,764 crore till the end of June 2020. Additionally, more than 50 projects have also resumed since July 1, 2020,” IOC said.
IOC said it is targeting a capex of Rs 26,143 crore during financial year 2020-21, and in the first quarter achieved expenditure of Rs 2,674 crore, overcoming various issues faced on-ground due to the coronavirus pandemic.
These projects are crucial from the perspective of addressing future energy demands as well as employment generation while kickstarting the economy with a focus on ‘Atmanirbhar Bharat’, it said.
The FY21 capex is “on track,” it said. “IOC’s future capex plans depend on long-term demand potential in the country.”
The nation’s largest oil refining and marketing company said it resumed works at various project sites across the country after the easing of lockdown from April 20 and more projects got added as restrictions were eased month after month.
“These mega projects would not only boost the economy, ensure smooth supply of petroleum products across the nation and also provide much-needed relief to the people looking to get back to work after the lockdown,” it said, adding that 13.3 lakh man-days of work were generated in these projects during April 20 to June 30, and Rs 276 crore was spent on this account.
Major pipeline projects where works have resumed include the Rs 3,338 crore Paradip-Hyderabad products pipeline, which traverses 1,212-km through Odisha, Andhra Pradesh and Telangana.
Work also resumed on the Rs 3,028 crore augmentation of Paradip-Haldia-Durgapur LPG pipeline and its extension to Patna and Muzaffarpur, which traverses 678-km through Odisha, Jharkhand, West Bengal, and Bihar, and the Rs 6,025 crore Ennore-Tiruvallur-Bangalore-Pondicherry-Nagapattinam-Madurai-Tuticorin R-LNG pipeline, which travels 1,170-km through Tamil Nadu, Andhra Pradesh, Puducherry, and Karnataka.
Works have also commenced at major marketing infrastructure projects like LPG import facilities at Kochi (Rs 714.25 crore), LPG import facilities at Paradip (Rs 690 crore), capacity augmentation of Kandla import terminal from 0.6 million tonnes per annum to 2.5 mmtpa (Rs 730.2 crore), construction of oil terminal at Motihari (Rs 522 crore) and pipeline tap of point (TOP) terminal at Hyderabad (Rs 611 crore).
Barauni Refinery expansion, including the petrochemical plant (Rs 14,810 crore), and ethylene glycol project at Paradip refinery (Rs 5,654 crore) are some of the refinery projects underway.
“Gearing up to ramp up activities, IOC is taking all necessary precautions to ensure that its entire workforce is aligned to the ‘new normal’ and detailed advisories issued from time to time, for the safety and health of the employees and workers during these COVID times, are being strictly followed,” IOC said. | IOC said it is on track to achieve its planned capital spending of Rs 26,143 crore in the fiscal to March 2021. future capex depends on long-term demand potential in the country. major pipeline projects where works have resumed include the Rs 3,338 crore Paradip-Hyderabad pipeline. the government is falling back on public sector companies to revive the economy, hit hard by the COVID-19 pandemic. | Positive |
https://www.financialexpress.com/market/sebi-to-set-up-virtual-museum-of-securities-market/2042500/ | Regulator Sebi is planning to set up a virtual museum of securities market to highlight achievements and milestones in the Indian capital market. In a notice, Sebi has invited Expression of Interest (EoI) from agencies to develop the virtual museum.
The museum is intended to be a visual online organised collection of history of evolution, achievements and milestones in the Indian securities market over the decades in terms of market infrastructure, regulation and enforcement, among others, Sebi said.
The achievements will be told through photos, videos, articles, media clippings, interactive display like quiz, paintings, drawings, diagrams, graphs, newspaper articles, transcripts of interviews and numerical databases, among others.
Information pertaining to history of securities laws as well as establishment of stock exchanges in India and history of institutions important to securities market, including UTI and Forward Market Commission (FMC), would be used as content for the proposed museum, it said.
In addition, trading practices, rules, regulations prior to and after establishment of Sebi or FMC, commodity trading during period of various dynasties’ rulers and landmark judgements for securities market, among others, would be exhibited in the museum.
Besides, information related to developments on account of events such as world war, independence of India and economic liberalisation would be exhibited through audio/video/images/articles/art works on the virtual museum.
Sebi said the proposed museum should become a unique resource for knowledge of Indian securities market –a must visit place for any student, researcher, investor and market participant having interest in securities market.
“The museum would provide the best in class engagement with the latest technology, dispensing the knowledge and content of securities market in India,” the Securities and Exchange Board of India (Sebi) said. It will have its own digital platform and website for online visitors in order to provide them maximum possible experience and interest like in physical museum.
The virtual museum will engage the audience with creative content through various means like video, audio, chat bot, voice assistants, virtual reality, analytics, interactive and animated elements.
Latest technologies –analytics, virtual reality or augmented reality, artificial intelligence and machine to machine communication — would be used to provide best possible showcase and experience.
Apart from English, the online platform should be able to develop and deliver content in Hindi and other Indian languages. Interested agencies are required to send their applications to the capital markets watchdog by August 24. | sebi has invited Expression of Interest (EoI) from agencies to develop the virtual museum. the museum is intended to be a visual online organised collection of history of evolution, achievements and milestones in the Indian securities market over the decades. the museum would have its own digital platform and website for online visitors in order to provide them maximum possible experience and interest like in physical museum. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/dalal-street-week-ahead-chase-the-momentum-but-stay-stock-specific/articleshow/76481193.cms |
After taking a breather during the week before this one, Indian equity indices moved higher again and closed the week with decent gains. The trading range remained less wide than that in the previous week. Nifty oscillates in a 784-point range in the previous week; this week that range narrowed to 546 points. Such a wider-than-usual trading range explains the liquidity gush occurring in line with the risk-on trade setup seen across global markets. Even as Nifty stayed below the key resistance point, it ended with a net gain of 271.50 points, or 2.72 per cent on a weekly basis.While Nifty surged 7.4 per cent during the week, volatility cooled off a bit.Volatility index INDIA VIX came off 2.78 per cent to 29.97. During the week before this one, Nifty had seen the 200-week moving average act as a strong resistance point. The 200-DMA currently stands a 10,368, and it will continue to pose very stiff resistance to the indec going forward.In the event of an extension of the current move, Nifty's price action vis-à-vis this level will be crucial to watch in the coming weeks. In the coming week, Nifty is expected to face overhead resistance at 10,368 and 10,435 levels, while supports will come in relatively lower at 10,135 and 9,960 levels. Like the previous week, Nifty trading range will continue to remain wider-than-usual this time as well.The weekly RSI stood at 50.20. It remains neutral and does not show any divergence against the price. This lead indicator often finds resistance in the 50-60 zones during bear market moves. It will be important to watch this level going ahead.The weekly MACD remains bullish and trades above the signal line. A White Body Candle emerged on the candles. Apart from this, no other formations were noticed.Pattern analysis suggests Nifty has managed to crawl above the decade-old upward rising trend line. In a way, this was an extraordinarily strong support that the market has breached on the downside. The significance of the breach of this support is that this was supposed to act as a very strong resistance on the way up. However, it posed resistance only once before the Nifty moved past it. The index may now face resistance at the 200-week moving average in the coming days in the event of continuation of the current up-move.Short-term traders have little choice but to keep following the trend. However, given the present technical setup, chasing such wild moves on the higher side is making the risk-reward ratio less favorable. To handle such a situation, it would be prudent to chase the momentum. But one must do so vigilantly with trailing stop losses, as this would help protect a major portion of profits in the event of any sharp corrective move.We reiterate staying highly stock-specific and moving along with the uptrend with a great degree of caution. A rapid move on the higher side is making the setup somewhat unhealthy.In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (Nifty500 Index), which represents over 95% of the free float market-cap of all the listed stocks.A review of the Relative Rotation Graphs (RRG) shows the sectoral setup is progressing on the expected lines. No untoward or sudden move was noticed in any sector. Consumption and the IT indices, which were about to slide in the weakening quadrant, has slipped into the weakening quadrant this week. The FMCG Index has moved further down in the weakening quadrant.Nifty Energy and Infrastructure indices remain in the leading quadrant. Along with these two groups, Nifty Pharma and Commodities indices also remain in the leading quadrant, though the pharma group appears to be slowing down in terms of relative momentum.However, these four groups will continue to relatively outperform the broader Nifty500 Index in the coming week.NIFTY Media, Metal and Auto Indices are in the improving quadrant; they are seen maintaining their relative momentum against the broader market. However, Nifty PSE Index appears to be taking a sharp negative rotation back towards the lagging quadrant.The Bank Nifty and Realty, PSU Banks, Services Sector and Financial Services groups are seen sharply improving their relative momentum. However, they still remain in the lagging quadrant and have not completed their bottoming out process.Important Note: RRG™ charts show the relative strength and momentum for a group of stocks. In the above chart, they show relative performance against Nifty500 Index (broader markets) and should not be used directly as buy or sell signals.(Milan Vaishnav, CMT, MSTA is a Consultant Technical Analyst and founder of Gemstone Equity Research & Advisory Services, Vadodara. He can be reached at [email protected]) Milan Vaishnav, CMT, MSTA | india equity indices closed the week with decent gains. the trading range remained less wide than that in the previous week. the weekly RSI stood at 50.20. It remains bullish and trades above the signal line. the weekly RSI stood at 50.20. It remains bullish and trades above the signal line. a white body candle emerged on the candles. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/sensex-surges-over-350-pts-nifty50-above-10250-key-factors-that-led-the-market-rally/articleshow/63622442.cms | NEW DELHI: Indian stock indices made a spectacular comeback on Thursday after the Reserve Bank of India (RBI) kept the policy repo rate unchanged at 6 per cent in its first bimonthly policy review of FY19.Besides, ebbing of trade war concerns and positive global cues too boosted sentiment.The Sensex ended 578 points or 1.75 per cent higher with SBI (up 5 per cent) being the top gainer and Power Grid (down 0.15 per cent) the worst laggard.The Nifty National Stock Exchange (NSE) reclaimed the 10,300 level to settle at 10,325.15, up 196.75 points or 2 per cent. Out of 50 constituents, 48 ended in the green.The central bank today kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6. Consequently, the reverse repo rate under the LAF remains at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent. The MPC noted that the decision was consistent with the neutral stance of monetary policy.Reserve Bank of India (RBI) has temporarily relaxed provisioning norms for lenders to defaulters undergoing bankruptcy resolution in a move that could help banks bolster their financial results for the year and quarter ended March. Provisions for accounts referred to the National Company Law Tribunal (NCLT) have been reduced to 40% of dues at the end of March for secured loans, down from 50% earlier, RBI told banks in a circular issued to them on Wednesday.Asian shares bounced from two-month lows on Thursday as world equities recovered from a selloff triggered by escalating Sino-US trade tensions, with investors hoping a full-blown trade war between the world’s two biggest economies can be averted, Reuters. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent. Japan's Nikkei gained 1.2 per cent. Markets in mainland China, and those in Hong Kong and Taiwan, are closed on Thursday, Reuters reported. US Dow Jones index rose 0.96 per cent to 24264.30 in overnight trade.Brokerage Centrum said, "We believe that India is much better placed now in comparison to 2007 and 2013. However, admittedly, the “sweet-spot” is behind us which India had enjoyed during 2014-2017 when macros and political stability were at enviable levels."Anxiety has been building-up in terms of slowing FDIs, widening trade deficit, tightening global liquidity with global central banks coming off their accommodative stance, concerns over fiscal slippage (indicating fiscal deficit at ~3.5% for FY18) and political uncertainty. Biggest headwind, of course, is painful banking woes in terms of frauds and non-performing assets (NPAs). At this juncture, macros are precariously poised.While the Nifty50 on Wednesday made a Bearish Engulfing pattern on the daily, technical analysts noted that the selloff had more to do with global concerns. Mazhar Mohammad of Chartviewindia.in said chances of stability in market post RBI policy outcome can’t be ruled out."The 10,016 level is a critical level to watch out for as breach of this level, based on our technical observations, shall lead to retest of 9950 kind of levels. Upsides for time being shall remained capped around 10,279 levels," the expert said. | Sensex ended 578 points or 1.75 per cent higher with SBI (up 5 per cent) being the top gainer and Power Grid (down 0.15 per cent) the Nifty reclaimed the 10,300 level to settle at 10,325.15, up 196.75 points or 2%. the reverse repo rate under the liquidity adjustment facility (LAF) remains at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent. | Positive |
https://www.financialexpress.com/industry/suzuki-and-toyota-extend-alliance-to-develop-electric-vehicles-for-india/1522941/ | Japanese carmakers Suzuki and Toyota have extended their alliance, as part of which both the companies will share more models, jointly develop hybrid and electric vehicles for India and the global markets, besides exchanging engines and technologies.
Under the latest agreement, Maruti Suzuki will supply its sedan Ciaz and MPV Ertiga to Toyota in India and Africa, in addition to the already agreed supplies of premium hatchback Baleno and compact SUV Vitara Brezza.
In return, Toyota will provide Suzuki its hybrid electric vehicle (HEV) technologies in India through local procurement of HEV systems, engines and batteries. Toyota will also supply its THS (Toyota Hybrid System) to Suzuki in the global markets. The two carmakers will jointly develop a new Toyota C-segment multi purpose vehicle (MPV) that will be supplied to Suzuki, the companies said in a joint statement.
The partnership between the two carmakers will help cost-conscious Suzuki to tap into Toyota’s strength in electric and hybrid technology where, Suzuki is struggling to keep up. The companies, however, did not disclose the timeline as to when the vehicles will be exchanged.
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Toyota President Akio Toyoda said hybrid technologies are seen as playing a huge role in many markets. “We look forward to the wider use of hybrid technologies, not only in India and Europe, but around the world,” he said.
Outside India, Toyota will supply two new electrified vehicles to Suzuki in Europe and Suzuki will supply Toyota with petrol engines for compact cars to be sold in Europe. Suzuki will also supply its India-produced vehicles – Baleno,Vitara Brezza, Ciaz and Ertiga – to Toyota for the African market as well. Even though Toyota is the largest vehicle manufacturer in Africa, it’s expertise is limited to bigger utility vehicles and sourcing small car engines from Suzuki’s will help Toyota in expanding its portfolio.
According to an agreement signed in March last year, while Suzuki will supply Baleno and Vitara Brezza to Toyota, the latter would supply its sedan Corolla to Suzuki. Toyota’s version of the Baleno hatchback will go on sale this year, while Vitara Brezza will be manufactured at the Toyota’ plant in Bidadi, Karnataka, from 2022. It is unknown by when will Toyota lend its sedan Corolla to Suzuki, but sources said it will happen in 2020.
Analyst said both the companies will benefit equally as Toyota has the technology for hybrid and electric cars and Suzuki has the expertise in developing low-cost cars. “Suzuki’s expertise in small cars is certainly is plus. If Toyota wants to make any dent in the segment, they would need Suzuki not only for the Indian market but for global markets as well, VG Ramakrishnan, managing partner, Avanteum Advisors, told FE.
Suzuki chairman Osamu Suzuki said his company has seen progress in the partnership with Toyota since it was announced last year and this led to Toyota offering to use their hybrid technology. Toyota’s Toyoda said the partnership with Suzuki will help in giving competitive edge.
In February 2017, Toyota and Suzuki concluded their agreement and since then, have been exploring concrete projects for collaboration in areas including environmental and safety technology, information technology, and the mutual supply of products and components.
Subsequently, the companies announced an MoU to consider a cooperative structure for introducing battery electric vehicles in India around 2020. | Toyota and Suzuki have extended their alliance to include hybrid and electric vehicles. the two carmakers will share more models and jointly develop hybrid and electric vehicles for India and the global markets. the companies will also jointly develop a new Toyota C-segment multi purpose vehicle (MPV) that will be supplied to Suzuki. the two carmakers did not disclose the timeline as to when the vehicles will be exchanged. | Positive |
https://www.businesstoday.in/current/world/coronavirus-crisis-imf-urges-tech-firms-to-work-on-access-to-digital-economy-for-all/story/403999.html | Big technology companies that are reaping gains as result of increased reliance on online systems during coronavirus quarantines and lockdowns should work to increase access to the digital economy for all, the head of the IMF said on Friday. International Monetary Fund Managing Director Kristalina Georgieva told an event hosted by Politico that the crisis was devastating the global economy, but it also offered an opportunity to tackle persistent inequality and other priorities such as climate change, if recovery funds were properly focused.
"I very much hope that the leadership of tech companies will see this as a chance to demonstrate responsible capitalism, responsible behavior," she said. Georgieva said that the big winners from the coronavirus pandemic were the digital economy, and providers of e-commerce, e-government and e-learning services.
Digital companies needed to act in a way that "is good for everybody for society as a whole," Georgieva said, without citing any specific companies. "It will be extremely important for all of us to watch whether there is further division in access to the internet, to the digital economy."
There were high risks that the crisis and its economic damage would worsen inequality, and governments needed to take steps to mitigate these risks, Georgieva said. Government spending to keep companies afloat during shutdowns and workers employed would help with the recovery from the crisis.
But she emphasized that even under the best-case scenario of a rebound that starts in the second half of 2020, there will be only a partial recovery in 2021. The crisis presented an opportunity for governments to invest in environmentally friendly growth stimulus, the IMF head said. Low oil prices also present an opportunity to eliminate "harmful" energy subsidies, a move Georgieva said would reduce government spending at a time of ballooning debt while boosting climate change resilience.
Some conditions for reducing emissions also could be built into the IMF's lending programs, she said.
Also read: Coronavirus Live Updates: Lockdown 4.0! Home Ministry may announce guidelines today; India's cases-85,940
Also read: World Bank sanctions another $1 billion to India to fight coronavirus; total assistance now at $2 billion | the crisis is a chance to tackle inequality, the IMF says. the digital economy is the big winner, the head of the international monetary fund says. the crisis presents an opportunity for governments to invest in environmentally friendly growth. the crisis also presents an opportunity to tackle climate change, she says. a partial recovery is possible in 2021, Georgieva says. | Positive |
https://www.businesstoday.in/current/economy-politics/coronavirus-pandemic-green-shoots-of-recovery-likely-to-grow-faster-in-non-metro-cities-says-ey-survey/story/410900.html | The green shoots of recovery are expected to grow faster in non-metro markets due to "higher resilience" shown by non-metro cities during the COVID-19 pandemic, says a survey by consultancy firm EY. The EY survey, which polled over 4,000 respondents equally divided between metro and non-metro markets, was conducted to ascertain the potential impact of pandemic-related disruptions on consumer sentiments, its report said.
Categories like consumer goods, travel, entertainment, automobiles and white goods are all expected to see increased and faster recovery of demand from non-metro markets post the lockdowns, it added. "Non-metro markets have shown higher resilience than metro markets in our study and could recover faster. The percentage of respondents who expected to spend more than before on a majority of categories was much higher in non-metro markets, indicating that when the lockdowns end, green shoots of recovery would probably sprout faster in these markets," EY said.
Respondents in non-metros are expected to spend much more on consumer goods, travel, outdoor and automobiles as compared to their metro counterparts, it said. According to EY India Partner and Media & Entertainment Leader Ashish Pherwani, the COVID-19 pandemic has radically shifted way of life.
However, despite uncertain and challenging conditions, our research shows that non-metros express a higher degree of resiliency and a resolve to bounce back quicker compared to metros. We may see long-term and even permanent changes in consumption patterns, he said.
During the lockdown period, digital trials increased significantly, indicating a significant mindset change. However, adoption continues to be higher for metros as compared to non-metros, said EY report 'Will non-metro markets propel India's recovery'.
Moreover, EY report suggests COVID-19 could have some significant and even permanent change to consumption patterns. Our study of alternative consumption options indicates that more people will consume in-home entertainment as compared to out of home entertainment options for some time to come..., it said.
The pandemic has impacted overall consumption, categories like health and online services are expected to benefit. Staples continues to remain largely unaffected, while household hygiene products, personal care and vitamins could see increased demand, it said.
According to it, the lockdown has led to a surge in consumption of online media contents such as OTT and online gaming. It has also increased the consumption of online services -- e-learning, Internet, mobile banking, e-wallets, online order of groceries and essentials etc.
Also read: India restricts Chinese bidders from public procurement projects | non-metro markets show higher resilience during COVID-19, says survey. consumer goods, travel, entertainment, automobiles and white goods expected to recover. non-metro markets expected to spend much more on consumer goods, travel, outdoor. despite uncertainty, non-metros express a higher degree of resiliency. despite uncertainty, non-metros express a resolve to bounce back quicker compared to metros. | Positive |
https://www.moneycontrol.com/news/business/ipo/embassy-office-parks-reit-raises-rs-1743-cr-radhakishan-damani-among-anchor-investors-3655491.html | Representative image
By March 15, Embassy Office Parks REIT garnered Rs 1,743 crore from anchor investors that mostly include foreign investors along with a few Indian ones.
Ace investor and Avenue Supermarts' owner Radhakishan Damani and his brother are among Indian investors, who invested Rs 160 crore against 53.36 lakh shares in Blackstone-backed company, through their five trusts.
Another Indian investor is Kotak Mahindra Life Insurance Company that bought 6.96 lakh shares worth Rs 20.88 crore in the company.
All others are foreign investors including big names like Fidelity Funds, Morgan Stanley, TT Emerging Markets Fund, DB International, National Westminster Bank, Citigroup, Wells Fargo, Japan Trustee Services Bank, etc.
"Under anchor investors (AIs) portion in the public issue of Embassy Office Parks REIT, 5,81,05,600 units have been subscribed at Rs 300 per unit," Embassy REIT said in its filing to the BSE.
Embassy Office Parks, which is a joint venture between the Bengaluru-based property developer and private equity firm Blackstone, has placed 33 million square feet of office and hospitality assets under its proposed REIT, which comprises seven business parks and four city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida.
The initial public offering (IPO) of Embassy Office Parks REIT, the first ever by a Real Estate Investment Trust in India (REIT), will open on March 18 in the price band Rs 299-300, the company said in a statement.
Embassy REIT is issuing units aggregating up to Rs 4,750 crore and will constitute at least 10 percent of the issued and paid-up units on a post-issue basis.
The issue, made through the book-building process, will close on March 20, the statement said. The units are proposed to be listed on the National Stock Exchange and BSE. The minimum bid size is 800 units and in multiples of 400 units thereafter.
Proceeds from the same will be used for: i) Partial or full repayment of bank/ financial institution debt, ii) Payment for acquisition of the Embassy One Assets currently held by Embassy One Developers Pvt, and iii) For general purposes.
The book running lead managers to the issue are: Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets (India), IIFL Holdings, JM Financial and Nomura Financial Advisory & Securities (India). | Embassy Office Parks REIT garnered Rs 1,743 crore from anchor investors. the initial public offering (IPO) will open on march 18. the company is a joint venture between the Bengaluru-based developer and private equity firm Blackstone. the units are proposed to be listed on the national stock exchange and BSE. a total of 5,81,05,600 units have been subscribed at Rs 300 per unit. | Positive |
https://www.moneycontrol.com/news/business/markets/podcast-stock-picks-of-the-day-nifty-likely-to-consolidate-in-11450-11800-range-3786541.html | live bse live
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Jayant Manglik
The market took a breather on expected lines and settled marginally higher amid volatility last week. The week started on robust note taking cues from the upbeat global markets.
Besides, favourable local cues viz. encouraging figure of GST collection and rise in foreign exchange reserves further boosted the sentiment. Participants preferred to book some profit as the week progressed.
The announcement of rate cut by the Reserve Bank of India (RBI) came in line with the market expectation and thus failed to trigger any major directional move.
Nifty made a new record high at 11,761 and finally closed at 11,665.95 - up 0.36 percent for the week ended April 5.
Going forward, participants will be closely watching the first phase of general elections, scheduled to start from April 11.
Besides, it would mark the beginning of the earnings season and IT majors — Infosys and TCS — will announce their numbers along with several others. On macroeconomic front, they will also be eyeing IIP number and CPI inflation data on April 12.
We expect Nifty to consolidate within 11,450-11,800 zone after the sharp surge while volatility will remain high on stock-specific front as participants would react to list of events and data during the week.
We strongly advocate focusing more on stock selection and trade management aspects. Also, keeping a close eye on global markets for cues.
Here is a list of top three stocks that could give 4-7% return in the next 1 month:
Shriram Transport Finance: Buy| Target: Rs 1,340| Stop-Loss: Rs 1,200| Return 7.2%
Shriram Transport Finance has been hovering in a range Rs 1180-1300 for the past one month and formed a strong base around the support zone of multiple moving averages on the daily chart.
On Monday, it completed the formation of a fresh buying pivot and looks set for fresh up move. We advise initiating fresh longs within Rs 1240-1250. It closed at Rs 1241.75 on April 8, 2019.
Marico: Buy| Target: Rs 380| Stop-Loss: Rs 345| Return 6.4%
We are currently seeing a mixed trend on FMCG front. Among the bullish counters, Marico has surpassed the hurdle of multiple moving averages on the daily chart of late and formed a fresh buying pivot.
We feel it is a healthy buying opportunity and advise traders to initiate fresh longs in range of Rs 354-357. It closed at Rs 359.35 on April 8, 2019.
Sun Pharmaceutical Industries: Sell April Futures| Target: Rs 448|Stop-Loss: 480| Downside 4.3%
Most pharma counters are reeling under pressure and Sun Pharma is no different. It has failed to cross the hurdle of 200-EMA on the daily chart of late and has gradually drifted lower now.
The chart pattern indicates possibility of sharp slide in near future. We suggest traders to use any uptick to go short in the given range of Rs 468-472. It closed at Rs 464.30 on April 8, 2019.
(The author is President - Retail Distribution, Religare Broking Ltd)
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | the market took a breather on expected lines and settled marginally higher amid volatility last week. the week started on robust note taking cues from the upbeat global markets. favourable local cues viz. encouraging figure of GST collection and rise in foreign exchange reserves further boosted the sentiment. the announcement of rate cut by the Reserve Bank of India (RBI) came in line with the market expectation and thus failed to trigger any major directional move. | Positive |
https://economictimes.indiatimes.com/news/politics-and-nation/first-ever-indian-cargo-ferry-to-maldives-opens-new-connectivity-business-links-in-southern-indian-ocean/articleshow/78334175.cms | New Delhi: The first ever Indian cargo vessel (MCP Linz) operated by the Shipping Corporation of India (SCI) reached northern Maldivian town of Kulhudhufushi on Saturday launching a new phase in connectivity in the Southern Indian Ocean Region.Despite a lockdown imposed at Kulhudhufushi, the vessel was received with fanfare and the virtual event - attended by the Foreign Minister of Maldives Abdulla Shahid, the Transport Minister Mrs. Aishath Nahula, the Island Council of Kulhudhufushi and the High Commissioner of India Sunjay Sudhir - was held to receive the vessel, according to an official statement.The maiden voyage of the direct Cargo Ferry Service between India and the Maldives was jointly launched on September 21 by Mansukh L. Mandaviya, Minister of State for Shipping (Independent Charge) and Aishath Nahula, Minister of Transport and Civil Aviation of the Maldives in a virtual ceremony. This is the first ferry service in the Indian Ocean region operated by the SCI. The service is expected to enhance bilateral trade and bring down costs for consumers.The Cargo Ferry Vessel MCP Linz operated by the Shipping Corporation of India (SCI) connects Tuticorin and Cochin ports in India with Kulhudhufushi and Male ports in the Maldives. The vessel is carrying garments, food items, kitchen equipment, coir pith, machinery tools, etc for the Maldives on its maiden voyage. It is expected to arrive in Male on September 28, according to the statement.The MCP Linz is a combination vessel which can carry 380 TEUs and 3000 MT on bulk cargo, and will have a turnaround time of 10-12 days for its voyages. The vessel has reefer plugs for refrigerated containers. This vessel provides direct cargo connectivity between India and the Maldives on a predictable and affordable basis for the first time, and will lower costs and times for traders in both countries.In his address to the People’s Majlis during his State Visit to the Maldives in June 2019, PM Narendra Modi announced India’s commitment to start a ferry service connecting India and the Maldives. An MoU was signed between the Ministry of Shipping in India and the Ministry of Transport, Maldives, on the sidelines of the State Visit. The decision to commence the Cargo Ferry Service between the two nations was announced during a virtual meeting between Foreign Minister S. Jaishankar and Foreign Minister Abdulla Shahid on August 13.Besides the expansion of markets for MSMEs in India, the Cargo Ferry service will provide an opportunity to Maldivian exporters of tuna and other marine products to scope the vast Indian market and also explore European markets through Cochin and Tuticorin ports, officials informed. | first ever Indian cargo vessel (MCP Linz) reached northern Maldivian town of Kulhudhufushi on Saturday. vessel was received with fanfare and virtual event attended by foreign minister of maldives Abdulla Shahid. it is carrying garments, food items, kitchen equipment, coir pith, machinery tools, etc for the maldives on its maiden voyage. | Positive |
https://www.financialexpress.com/market/commodities/uttar-pradesh-ushers-in-agri-reforms-waives-mandi-tax-for-46-fruits-veggies/1951658/ | In its first major move to usher in reforms in agri marketing space and promote farm-to-fork initiative, the Uttar Pradesh cabinet on Wednesday approved an ordinance de-listing 46 fruits and vegetables from the provisions of the APMC. This effectively eliminates the role of middlemen and allows farmers to sell their produce directly to consumers and traders outside the mandi yard.
By doing this, the government has not only done away with the condition of farmers bringing their produce to state mandis, but has also exempted them from paying the mandi tax. Farmers will now be free to sell these 46 commodities directly to food processing units and consumers at the farm itself and also sell their produce through the digital platform e-NAM and need not pay any tax. This would not only save them from paying the mandatory 2% mandi tax, but would help them reduce around 15% losses incurred in loading and unloading of their produce at the mandis. Besides, they would also save the transportation cost incurred in taking their produce from their fields to the mandis.
Agriculture minister Surya Pratap Shahi said the move was aimed at decongesting the mandis in view of the Covid-19 and would also help farmers enhance their income. “Now, licensed traders or common consumers can buy products from farmers outside the premise of mandis and farmers will be free to sell their products to food processing units or to anyone.”
He said the Cabinet also gave the nod for the proposal for permitting warehouses, silos, cold storages to set up farmers-consumer platform and realise user charges from traders for using the places as sub-mandi. “We have also taken steps to develop farmer consumer markets, which will allow vegetable growers to sell their produce at new small markets near their fields and villages.”
The state’s move comes in the backdrop of the Centre’s April 4 directive to states, asking them to facilitate direct purchase of farm produce by big retailers, aggregators and food processors. The idea behind the move is to unshackle the farmer community hit hard by the current lockdown from the fetters of the agricultural produce market committees (APMCs) that control mandis. While most states have already de-listed fruits and vegetables from the purview of APMCs, Uttar Pradesh is probably the last major state to do so. | the move is to usher in reforms in agri marketing space. it effectively eliminates the role of middlemen and allows farmers to sell their produce directly to consumers and traders outside the mandi yard. farmers will be free to sell these 46 commodities directly to food processing units and consumers at the farm itself. they will also sell their produce through the digital platform e-NAM. | Positive |
https://www.moneycontrol.com/news/business/companies/reliance-jio-silver-lake-deal-key-highlights-5217511.html | American private equity giant Silver Lake Partners has bought 1 percent of Jio Platforms for $750 million in a deal that values the digital unit of Reliance Industries Ltd (RIL) at $65 billion.
Commenting on the transaction with Silver Lake, Mr. Mukesh Ambani, Chairman and Managing Director - Reliance Industries Ltd, said, “I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation.”
Also Read: Silver Lake | Here are key things you need to know about the PE fund
Here are the key highlights of the deal:
> The investment is Rs. 5,656 crore in rupee terms for a 1.15 percent stake
> At this equity value, this is 52 percent of the total market cap. of Reliance
> This reaffirms that Jio continues to grab significant global attention for its deep understanding of the Indian markets, the rapid digitisation opportunity post-covid and our capabilities to bring cutting-edge technologies and tools such as AI, Blockchain, AR/VR, Big data into play for all Indians.
> The world’s largest tech investor is investing in Jio. SLP has a terrific track record of investing in some of the largest and successful tech companies globally such as Twitter, Airbnb, Alibaba, Dell Technologies, ANT Financials, Twitter, Alphabet’s Waymo and Verily amongst others.
> This is the first sizable investment by SLP in India.
> This reaffirms Jio’s tech. capabilities and the potential of the business model even in this COVID-19 world and beyond.
> This is at a 12.5 percent premium over the FB deal announced on April 22, 2020.
Follow our complete coverage of the Jio Silver Lake coverage here.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. | silver lake partners has bought 1 percent of Jio Platforms for $750 million. deal values digital unit of Reliance Industries Ltd (RIL) at $65 billion. reaffirms Jio's tech capabilities and potential even in COVID-19 world. at 12.5 percent premium over the FB deal announced on April 22, 2020. 'this is the first sizable investment by SLP in india,' says chairman and Managing Director. | Positive |
https://economictimes.indiatimes.com/industry/indl-goods/svs/paper-/-wood-/-glass/-plastic/-marbles/welspun-flooring-to-invest-rs-200-cr-to-increase-capacity/articleshow/79703722.cms | NEW DELHI: Welspun Flooring , a part of line pipes and home textiles major Welspun group , is investing Rs 200 crore to enhance its production capacity, according to a senior company official. The company, which had forayed into the flooring segment a couple of years back with an investment of Rs 1,150 crore at a plant in Hyderabad, is also witnessing good traction of its products in the international market, partly driven by anti-China sentiment in the global supply chain."Incremental investments are happening. We are expanding on the hard flooring side. Those are happening between now and June next year. We are currently at 3 million square metre capacity on the hard flooring. We will be ramping up this capacity into 12 million square metres," Welspun Flooring CEO-International Business Mukesh Savlani told .When asked about investment the company is putting in for the expansion, he said, "The additional investment will be about Rs 200 crore for hard flooring and also for soft flooring, for which we are adding our capability."Welspun Flooring had entered the market with stone polymer composite luxury performance tiles, carpet tiles, wall to wall carpets and artificial grass.When asked about the impact of the coronavirus pandemic, Savlani said, "Things are looking up bright now. When we were just about to take off, this COVID hit us but that is behind us now. For sure, things are looking bright and we are looking at both international and the Indian side."International exports volumes are multiplying month-on-month basis now, mainly driven by markets like the US, Europe and the Middle East which largely remained open even when India was under lockdown.Moreover, he said, "We do feel all the supply chains in the world are following a strategy of ' China plus one'. This will be visible in flooring also."Savlani, however, said the anti-China sentiment aside, India has to make sense as far as competitiveness is concerned."We were able to address competitiveness through our manufacturing facility in India and while anti-China did give us a start, we have to continue on our merits and ensure we get this sustained momentum going forward," he added.Many Chinese players are also setting up plants in Vietnam and the US in order to overcome hurdles of the trade war between the US and China, he said adding, "So competitiveness will be required to continue and sustain the momentum. So far we have set up meaningful long-term partnerships and we don't see an issue over there."Commenting on the revenue expectations, he said, "We should be looking at around Rs 250 crore by end of the year. This will be 2.5 times of last year. Next financial year we are looking at over Rs 500-600 crore."Currently, the company's international revenues are higher than domestic but in three to four years it will be 50-50, Savlani said.Welspun Flooring is planning to ramp up its distribution network by adding 500 more retail points to take it to about 1,000 retail points by the end of next year, he said. | welspun flooring is investing Rs 200 crore to increase its production capacity. the company is also witnessing good traction of its products in the international market. the company had forayed into the flooring segment a couple of years back with an investment of Rs 1,150 crore at a plant in Hyderabad. international exports volumes are multiplying month-on-month. | Positive |
https://www.financialexpress.com/industry/ioc-resumes-work-on-rs-1-04-lakh-cr-worth-of-projects/2017544/ | Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Wednesday said with easing of lockdown restrictions, it has resumed work on projects worth Rs 1.04 lakh crore which will help address future energy demand as well as kickstart the economy.
IOC said it is on track to achieve its planned capital spending of Rs 26,143 crore in the fiscal to March 2021, but future capex depends on long-term demand potential in the country.
“Since the easing of the lockdown, IOC has commenced works on 336 projects…at an anticipated project cost totalling to Rs 1.04 lakh crore,” the company said in a statement.
The government is falling back on public sector companies to revive the economy, hit hard by the COVID-19 pandemic, and is pushing them to frontload their capital spending which will help generate demand in industry as well as create jobs.
“The amount spent on these (336) ongoing projects is about 1,764 crore till the end of June 2020. Additionally, more than 50 projects have also resumed since July 1, 2020,” IOC said.
IOC said it is targeting a capex of Rs 26,143 crore during financial year 2020-21, and in the first quarter achieved expenditure of Rs 2,674 crore, overcoming various issues faced on-ground due to the coronavirus pandemic.
These projects are crucial from the perspective of addressing future energy demands as well as employment generation while kickstarting the economy with a focus on ‘Atmanirbhar Bharat’, it said.
The FY21 capex is “on track,” it said. “IOC’s future capex plans depend on long-term demand potential in the country.”
The nation’s largest oil refining and marketing company said it resumed works at various project sites across the country after the easing of lockdown from April 20 and more projects got added as restrictions were eased month after month.
“These mega projects would not only boost the economy, ensure smooth supply of petroleum products across the nation and also provide much-needed relief to the people looking to get back to work after the lockdown,” it said, adding that 13.3 lakh man-days of work were generated in these projects during April 20 to June 30, and Rs 276 crore was spent on this account.
Major pipeline projects where works have resumed include the Rs 3,338 crore Paradip-Hyderabad products pipeline, which traverses 1,212-km through Odisha, Andhra Pradesh and Telangana.
Work also resumed on the Rs 3,028 crore augmentation of Paradip-Haldia-Durgapur LPG pipeline and its extension to Patna and Muzaffarpur, which traverses 678-km through Odisha, Jharkhand, West Bengal, and Bihar, and the Rs 6,025 crore Ennore-Tiruvallur-Bangalore-Pondicherry-Nagapattinam-Madurai-Tuticorin R-LNG pipeline, which travels 1,170-km through Tamil Nadu, Andhra Pradesh, Puducherry, and Karnataka.
Works have also commenced at major marketing infrastructure projects like LPG import facilities at Kochi (Rs 714.25 crore), LPG import facilities at Paradip (Rs 690 crore), capacity augmentation of Kandla import terminal from 0.6 million tonnes per annum to 2.5 mmtpa (Rs 730.2 crore), construction of oil terminal at Motihari (Rs 522 crore) and pipeline tap of point (TOP) terminal at Hyderabad (Rs 611 crore).
Barauni Refinery expansion, including the petrochemical plant (Rs 14,810 crore), and ethylene glycol project at Paradip refinery (Rs 5,654 crore) are some of the refinery projects underway.
“Gearing up to ramp up activities, IOC is taking all necessary precautions to ensure that its entire workforce is aligned to the ‘new normal’ and detailed advisories issued from time to time, for the safety and health of the employees and workers during these COVID times, are being strictly followed,” IOC said. | IOC said it is on track to achieve its planned capital spending of Rs 26,143 crore in the fiscal to March 2021. future capex depends on long-term demand potential in the country. major pipeline projects where works have resumed include the Rs 3,338 crore Paradip-Hyderabad pipeline. the government is falling back on public sector companies to revive the economy, hit hard by the COVID-19 pandemic. | Positive |
https://www.financialexpress.com/economy/rbis-decision-in-line-with-pms-vision-will-keep-economy-strong-jp-nadda/1967585/ | BJP president JP Nadda on Friday welcomed the RBI’s decision to reduce the benchmark interest rates, saying it is in line with Prime Minister Narendra Modi’s vision to take steps which are both business and people friendly and will keep the economy strong during and after the COVID-19 pandemic.
Reserve Bank on Friday unexpectedly slashed benchmark interest rates to their lowest levels since 2000 and extended the moratorium on repayment of loans for three months to ramp up support for the economy which is likely to contract for the first time in over four decades.
“Today’s announcements by RBI Gov is in line with the vision of our Hon PM to take steps which are both business and people friendly,” Nadda said in series of tweets.
These announcements will go a long way to help Prime Minister Narendra Modi’s efforts to keep the economy strong during and after the pandemic, he said.
“RBI deserves praise for shepherding the economy in the right direction despite effects of coronavirus,” Nadda said.
Measures include cut in repo rate and reverse repo rate by 40 bps making cumulative rate cut to 155 bps till date and extending moratorium for another three months till August which will provide a significant boost to all loan borrowers who are unable to pay dues because of the lockdown, he said.
The steps like Rs 15,000 crore line of credit for 90 days to EXIM bank and hiking exposure limits of banks will help in dealing with the adverse effects of COVID-19 on Indian economy, the BJP chief said.
He further said some positives about Indian economy was also shared by RBI such as India’s foreign reserves have increased by USD 9.2 billion during 2020-21 and inflation is expected to fall below 4 per cent by third or fourth quarter. | RBI unexpectedly slashed benchmark interest rates to their lowest levels since 2000. the moratorium on repayment of loans extended for three months. measures include cut in repo rate and reverse repo rate by 40 bps. measures will provide a significant boost to all loan borrowers. BJP president said it is in line with prime minister's vision to take steps which are both business and people friendly. | Positive |
https://economictimes.indiatimes.com/news/politics-and-nation/business-enterprise-in-arunachal-pradesh-sought-working-capital-gap-funding-for-business-enterprise/articleshow/75583273.cms | Guwahati: Industries in Arunachal Pradesh has sought working capital gap funding for Business Enterprise as relief.A Committee has been formed under the chairmanship of the Principal Secretary (Finance) to look into the matter and to find out a feasible solution or policy to emerge from the existing situation and in conformity with the Central Govt decision, if any.Toko Tatung, Secretary General of Arunachal Chamber of Commerce & Industries while submitting a proposal to the State Government for COVID-19 Working Capital GAP Funding for Business Enterprise as relief said that this sector provides maximum employment to the unemployed youths of the State and sought the support of the State Government to tide over the current situations which arise due to COVID-19 pandemic. He said that if provided, such steps will greatly encourage the youths of the State to take up business enterprise in future too.Taking cognizance of the economic hardships face by the small traders and entrepreneurs that arise out of the Nation wise Lockdown since March 25 due to COVID-19 Pandemic, Deputy Chief Minister, Chowna Mein had convened a meeting with the executive members of Arunachal Chamber of Commerce & Industries and the senior officers from the Departments of Finance, Planning Investment and and discussed on ways and means to find a way forward in the emerging situation due to Corona virus pandemic.While citing that economy of the small traders and the entrepreneurs of the State had been hit hard among other service sectors in this long period of Nation-wide lockdown, Mein urged “to bring in an economic reform by optimum utilization of technology and through innovative ideas”.While giving emphasis on Agricultural and allied activities in order to thrive over such situation and to make our State self-sufficient in food and vegetables, he urged to make optimum utilization of the vast land resources of the State for maximum production of vegetables and crops.He further said to revive the Arunachal Pradesh Marketing Corporation for marketing of the farmer’s produces and also to regulate the flow of fruits and vegetables from the districts to the State Capital Region.Assam Governor Prof. Jagdish Mukhi while taking stock of the COVID 19 situation in the state, advised the health department to effectively implement ‘contact tracing’ to arrest the rise of novel coronavirus infection in Assam.The Governor said with the detection of two more positive cases one each in Goalpara and Kokrajhar district, concerted efforts should be made to aggressively implement contact tracing to arrest the chain of transmission.Governor Prof. said, “Since the state is allowed to have eased restrictions since May 5 and an anticipated further relaxation to strengthen its sluggish economy in days to come, an asymptomatic positive person may spread the infection to several others before he or she being detected as COVID positive. So, we need to aggressively implement contract tracing to halt further progression of the dreaded virus and break the chain of transmission”.He also maintained that the situation of Assam in the next 14 days or more will be very crucial in the face of eased restrictions. “It is time, surveillance of the government will become paramount important. Our response of mitigation adopted during the lockdown period will have to be replicated and actively exercised during the present times also to track every potential infection and its likely outbreak”, the Governor advocated. | A Committee has been formed to look into the matter and to find out a feasible solution or policy to emerge from the existing situation. Deputy Chief Minister, Chowna Mein, urged to bring in an economic reform by optimum utilization of technology and through innovative ideas. he said that if provided, such steps will greatly encourage the youths of the State to take up business enterprise in future too. | Positive |
https://www.moneycontrol.com/news/business/economy/opinion-diluting-corrective-action-rules-for-npa-laden-banks-a-bad-idea-3076561.html | live bse live
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There is a lack of capital but no dearth of bad ideas when it comes to state-owned banks. Two months after the government first floated the idea that the Reserve Bank of India (RBI) should dilute its prompt corrective action (PCA) framework, it is again took up the matter in the central bank's board meeting on October 23. The justification this time: if RBI relaxes theses norms, public sector banks (PSBs) will get more freedom and money to provide liquidity to the banking system. In other words, they can also buy debt paper of non-banking finance companies (NBFCs) which are currently facing a liquidity crunch.
This idea should be nipped in the bud. As RBI deputy governor Viral Acharya pointed out in a speech earlier this month, the PCA framework helps in financial stability by allowing the regulator to intervene in the affairs of weak banks in an early and effective manner. Such norms are an important part of banking regulatory frameworks in other nations as well.
What does the PCA framework do? It identifies banks which are facing troubles based on three quantitative parameters: capital adequacy, asset quality and profitability. Restrictions on management compensation, dividend distribution, branch and credit expansion are then placed on these banks to rehabilitate them.
In the absence of PCA, banks are free to carry out business as usual. Past experiences, both in India and other countries, shows that when such strictures are not implemented, banks tend to delay recognising bad loans and roll over debt of borrower who otherwise might have defaulted. In other words, extend and pretend.
Indeed, as Acharya’s paper shows, credit growth in PCA banks from 2008-2014 was as strong as that of other PSU banks. Typically such banks tend to lend to riskier borrowers in an effort to increase credit growth and in the process even crowd out healthier borrowers. Restrictions under the PCA framework will force them to cut back on lending and shift their exposure to government securities and more credit-worthy borrowers.
Banks under PCA and the government are not buying this theory. They are arguing that their growth is constrained because of the PCA strictures and this lack of growth will hinder them in coming out of the framework. For the government, relaxing PCAs (and the capital adequacy norms) will serve two purposes. It will allow New Delhi to save an estimated Rs 65,000 crore which it otherwise might have to inject into banks. Second, it helps in opening another source of funding for NBFCs, which are becoming a significant source of credit.
With mutual funds shying away from the NBFC space, these financial institutions are looking to banks for funding and also looking to sell loan portfolios. While a State Bank of India might have the appetite and capability to buy Rs 45,000 crore of NBFC loans, most state-owned banks are constrained thanks to lack of capital.
In this scenario, opening up the tap of these banks by relaxing PCA norms or risk weights is a bad idea. Bank credit to NBFC is already high. Some of the NBFCs facing a liquidity crunch are those who lend to a risky set of borrowers such as the commercial real estate sector. With banks already sitting on already sitting on Rs 10 lakh crore of bad loans, taking on more risk is ill-advised. Note that the government is already finding it difficult to infuse adequate capital to the banks it owns and a further rise in bad loans spell disaster.
The key point about PCA, as Acharya pointed out, is that it limits capital erosion and taxpayer losses. With time, PCA banks will de-risk balance sheets and emerge out of the framework. This should not be sacrificed at the altar of expediency. Yes, the NBFC problem could spiral into a credit crunch for the real economy and hobble economic growth. But that calls for a different set of tools from the regulator such as easing systemic liquidity, targeted liquidity for NBFCs and so on. | RBI took up the idea that it should relax its prompt corrective action (PCA) framework. public sector banks (PSBs) will get more freedom and money to provide liquidity to the banking system. this is a good idea as it allows the regulator to intervene in the affairs of weak banks in an early and effective manner. the PCA framework helps in financial stability by allowing the regulator to intervene in the affairs of weak banks in an early and effective manner. | Positive |
https://www.financialexpress.com/money/insurance/buying-a-health-plan-for-your-parents-check-these-4-crucial-factors/1760498/ | By Amit Chhabra
Considering the current rate of medical inflation in India, adequate health insurance has become a must-have for each and every individual, and if the individual happens to be your parent, the need to buy a senior citizen health insurance plan becomes all the more important. The insurance sector offers numerous health insurance plans that specifically target senior citizens and even those with pre-existing diseases. In the event of your parents falling ill and requiring hospitalisation, the major part of the medical expenses will be taken care of by your parents’ health plan, without burning a hole in your pocket.
Even if your parents are adequately covered under a corporate health insurance policy by your employer, the cover provided by your employer would cease to exist post-retirement. This makes it important for you as responsible children to purchase separate senior citizen health insurance.
A family floater healthcare plan can be a good option provided the age of your parents is not too much and they do not have any pre-existing diseases. While some of these health insurance covers impose a limit on the age of the parents, other insurers charge a high premium.
However, it is better to go for an independent policy as group policies do not always include pre-existing diseases. In an independent policy, most of the pre-existing diseases are covered and even the chances of claims getting approved are highest. You can even avail a tax benefit of up to Rs. 25,000 under Section 80D of Income Tax Act on health insurance premium paid for self, spouse, children, and parents. And in the case of elderly parents (above 60 years of age), the benefit goes up to Rs. 50,000 with the latest amendment in tax slabs.
Here are some crucial factors to consider when planning to buy health insurance for your elderly parents.
Entry age
Most of the insurance companies have entry age criteria to be eligible for buying a health insurance cover. However, the entry age guidelines vary from one insurer to another and it is advisable to compare the different policies. It is important to consider the age of the policy seeker before issuing the policy as it plays a great role in deciding the premium of the policy..
Extent of coverage
While buying a health insurance cover for your parents, do make sure to select a plan that offers extensive coverage. Pick a plan that promises adequate coverage against various critical illnesses, particularly pre-existing diseases. Though most insurers provide coverage against these diseases after a waiting period of two or three years, review your policy document to understand the conditions carefully.
Sum insured
The total sum insured plays a very important role in any health insurance policy. This is the amount that the insurer will reimburse against expenses incurred for medical treatment. While buying a health insurance policy for your elderly parents, go for a higher sum insured, as you will receive a larger amount for medical emergencies.
(The writer is business head, Health Insurance, Policybazaar.com) | the insurance sector offers numerous health insurance plans that specifically target senior citizens and even those with pre-existing diseases. in the event of your parents falling ill and requiring hospitalisation, the major part of the medical expenses will be taken care of by your parents’ health plan. a family floater healthcare plan can be a good option provided the age of your parents is not too much and they do not have any pre-existing diseases. | Positive |
https://www.moneycontrol.com/news/business/rupee-gains-34-paise-to-end-at-1-week-high-against-dollar-2952211.html | Rupee and dollar
The rupee, on Friday. surged by another 34 paise to close at a one-week high of 71.84 against the US dollar on positive macro data and hopes of policy intervention by the government to defend the volatile currency.
Extending gains for a second session, the domestic unit hit a session high of 71.53 in early trade.
Sustained dollar selling by exporters and banks along with the greenback's weakness against other major Asian and emerging market currencies, in turn keeping the buoyant tone intact.
Rupee also benefitted from the massive dollar re-pricing in the aftermath of the weak US inflation report, discounting the chances of Fed hiking rates four times this year.
A combination of positive macro-related developments after the country's industrial production grew at 6.6 percent in July and retail inflation cooled to a 10-month low of 3.69 percent in August, strengthened the rupee sentiment.
Earlier today, official data showed WPI-based inflation eased to a four-month low of 4.53 percent in August.
India's benchmark ten-year sovereign yield softened to 8.12 percent.
The rupee got a shot in the arm after the government said all steps will be taken to ensure the domestic currency does not depreciate to "unreasonable levels", amid reports that Prime Minister Narendra Modi will take stock of the economic situation over the weekend.
The rupee had rebounded from an all-time low of 72.92 to end up a strong 51 paise to end at 72.18 to the dollar in the previous session Wednesday.
The domestic currency has been sliding against the US dollar since August, depreciating over 6 per cent since then as oil prices rebounded and trade tensions revved up.
The 'feel good' factor in the economy and the relative political stability alongside government's continued commitments towards strong governance amid relatively low inflation rates largely shielded Indian currency from any big drag, a forex dealer commented.
Emerging market currencies also showed some sign of stability as investors sighed with relief after Turkey's central bank hiked its policy rate to 24 per cent to restore confidence in the lira.
Meanwhile, crude prices clawed back some of its losses after suffering the largest daily drop in a month as concerns about oil supply are countering worries that emerging market crises and trade disputes could dent demand.
Benchmark Brent crude is trading at USD 78.25 a barrel in early Asian trade.
Extending its recovery momentum, the rupee opened with a strong 48 paise gain at 71.70 at the inter-bank foreign exchange (forex) market.
It powered ahead to hit a high of 71.53 in mid-morning deals but erased strong gains towards the fag-end trade amid sudden dollar demand coming from large corporates.
It finally closed the day with gains of 34 paise or 0.47 percent at 71.84, the highest level since 7 September when it closed at 71.73.
The local unit has recovered 85 paise in the last two days.
The Financial Benchmarks India private limited (FBIL), meanwhile, fixed the reference rate for the dollar at 71.8129 and for the euro at 83.977.
In the cross-currency trade, the rupee also hardened against the Japanese yen to close at 64.22 per 100 yen from 64.74.
However, it fell back against the British Pound to end at 94.26 per pound as compared to 93.76 and also drifted against the euro to settle at 84.02 from 83.58 earlier.
In the forward market, the premium for dollar edged lower due to sustained receiving from exporters.
The benchmark six-month forward premium payable in January 2019 eased to 120.50-122.50 paise from 122.75-124.75 paise and the far-forward July contract softened to 278-280 paise from 279.75-281.75 paise.
On the global front, the greenback took a hit overnight on weaker-than-expected US inflation data amid signs of reduced trade tensions between the US and China.
Against a basket of other currencies, the dollar index is higher at 94.64.
Elsewhere, the British pound was trading up near six-week high against the greenback while the euro climbed to hit a two-week high. | rupee closes at 71.84 against the dollar on positive macro data. rupee has been sliding against the dollar since august. rupee gets a shot in the arm after government says it will take steps to protect currency. turkish central bank hikes its policy rate to 24% to restore confidence in the lira. a u.s. dollar re-pricing and dollar selling also keep rupee buoyant. | Positive |
https://www.financialexpress.com/world-news/pakistan-receives-1-39-billion-emergency-loan-from-imf-to-deal-with-coronavirus-crisis/1937490/ | Cash-strapped Pakistan has received an emergency loan of USD 1.39 billion from the IMF to boost its foreign exchange reserves in the wake of the further economic downturn due to the coronavirus crisis. The USD 1.39 billion loan is in addition to the USD 6 billion bailout package that Pakistan has signed with the International Monetary Fund (IMF) in July last year to stave off a balance of payment crisis.
“SBP (State Bank of Pakistan) has received $1.39 billion under the Rapid Financing Instrument (RFI) from the IMF,” the central bank said in a tweet on Wednesday. Pakistan in March had requested the global money lender for a low-cost, fast-disbursing loan under its Rapid Financing Instrument (RFI) to deal with the adverse economic impact of COVID-19.
The RFI is used to provide financial assistance to IMF member countries facing an urgent balance of payments need without requiring them to put a full-fledged programme in place. According to a report in The Express Tribune, the USD 1,39 billion loan will push Pakistan’s foreign currency reserves apparently to a one-month high above USD 12 billion.
The IMF executive board approved the low-cost emergency loan last week to help Pakistan meet the urgent balance of the international payment needs in the face of the COVID-19 pandemic, according to a recent IMF statement.
With the latest recovery of Rs 0.76 in the inter-bank market on Wednesday, the rupee has cumulatively regained Rs 7.53, or 4.5 per cent, in the past two weeks to a one-month high at Rs 160.36 to the US dollar, the SBP said in a statement. Earlier, the foreign currency reserves had dropped to a four-month low at USD 10.97 billion on April 10, 2020, according to the central bank’s weekly update on Thursday last week.
The reserves had partly depleted due to capital pullout worth around USD 2.69 billion by short-term foreign investors from Pakistan’s debt market over the past five to six weeks. Many of them sold premature treasury bills and long-term Pakistan Investment Bonds in panic following the fast spread of the coronavirus across the world.
Foreign debt repayments also consumed the foreign currency reserves in the past four months. Pakistan has also approached other multilateral donors for additional funds to fight the pandemic and its economic implications.
The World Bank has earlier approved USD 1 billion and the Asian Development Bank (ADB) USD 1.5 billion for Pakistan to keep its economy afloat. | the loan is in addition to the USD 6 billion bailout package that Pakistan has signed with the international monetary fund. the central bank said the loan will push Pakistan’s foreign currency reserves apparently to a one-month high above USD 12 billion. the rupee has cumulatively regained Rs 7.53, or 4.5 per cent, in the past two weeks to a one-month high at Rs 160.36 to the US dollar. | Positive |
https://www.financialexpress.com/economy/fm-sitharamans-agri-reforms-turn-corona-crisis-into-opportunity-farm-sector-finally-deregulated/1923644/ | Finance Minister Nirmala Sitharaman today announced major reforms in the agricultural sector, which are being considered as landmark decisions by converting the ongoing coronavirus crisis into an opportunity. In a major move, FM Sitharaman announced amendments to the Essential Commodities Act, enabling better price realisation for farmers. Various food products like edible oils, oilseeds, pulses, onions, and potatoes will be deregulated, and no stock limits will be imposed on the food producers. She also proposed to bring in a central law to provide adequate choices for the farmers to sell their produce at attractive prices by removing barriers to inter-state trade and providing a framework for e-trading of agriculture produce.
Better late than never
“The government deserves all the compliments. The crisis has been converted into an opportunity and it will have a very positive impact for the farmers as private investments come in and the markets get opened,” Ashok Gulati, Infosys Chair Professor for Agriculture at ICRIER, told Financial Express Online. What could not be done by any Prime Minister of India has been done by Coronavirus, he added. Though agriculture experts believe that these reforms will take some time to reach on ground, they say that it is never too late to take such bold steps. Also, it is expected that the fruit will start to appear after the gestation period is over.
Also Read: Modi govt’s answer to migrant workers, street vendors crisis too little, too late; this issue remains
“Today’s announcement of FM Sitharaman is pro-farmer and pro-labour. She has addressed many issues and this will be very helpful. It is a landmark and a very comprehensive package. Sometimes, there is a difference between policy and governance. The policy is good, I hope that the governance remains good too,” Ashok Vishandaas, former chairman of the commission for agricultural cost and prices, told Financial Express Online. Albeit, there is expected to be some lag as there is no system to identify the needy people. However, the Finance Minister assured that she will definitely take care of it and there is always a possibility to improve technology and data systems anyday, he added.
Watch video: Modi’s Rs 20 lakh cr package: India has never seen agriculture market reforms this big!
What more could government do
Even as the government tried to address most of the farmers’ problems by giving them more freedom and facilities, there are a few things that were expected and remained unfulfilled. One such point is including the agricultural activities under the ambit of MGNREGA as it could have helped the labourers and the farmers together to a large extent. Since other works of MGNREGA are stopped, those workers should be employed for farming and related activities and the wages should be given as per the MGNREGA scheme, Ashok Vishandas added.
(This story was published on Friday, May 15, 2020, on http://www.financialexpress.com) | finance minister Nirmala Sitharaman announced major reforms in the agricultural sector. she also proposed to bring in a central law to provide adequate choices for the farmers to sell their produce at attractive prices. the reforms are being considered as landmark decisions by converting the ongoing coronavirus crisis into an opportunity. agriculture experts believe that these reforms will take some time to reach on ground but they say that it is never too late to take such bold steps. | Positive |
https://www.moneycontrol.com/news/business/caplin-point-laboratories-gets-colombias-invima-nod-for-puducherry-sterile-injectable-division-3965001.html | Representative image
Caplin Point Laboratories on May 13 said it has received approval from Colombia's INVIMA for its sterile injectable division at Puducherry.
"The site inspection of unit-1 was completed on May 10 and found compliant as per INVIMA's norms of Good Manufacturing Practices (GMP) and Good Laboratory Practices (GLP)," Caplin Point Laboratories said in a BSE filing.
The facility is capable of manufacturing liquid injectables in vials, ampoules, lyophilized vials and pre-filled syringes, amongst other dosage forms, it added.
"Colombia is part of our expansion plans into the larger markets of Latin America. It also happens to be our first approval from Unit-1 site at Puducherry. We'll be focusing on niche opportunities in injectables in these newer geographies," Caplin Point Laboratories Chairman C C Paarthipan said.
Caplin Point Laboratories' unit-1 site currently caters to emerging markets of Latin America and Africa with a variety of dosage forms such as tablets, capsules, softgel capsules, suppositories, liquid orals and topicals.
Shares of Caplin Point Laboratories were trading 0.80 percent lower at Rs 334.40 apiece on BSE. | Caplin Point Laboratories has received approval from Colombia's INVIMA. the facility is capable of manufacturing liquid injectables in vials, ampoules, lyophilized vials. the approval is part of the company's expansion into the larger markets of Latin America. the unit-1 site currently caters to emerging markets of Latin America and africa. | Positive |
https://www.financialexpress.com/economy/saudi-prince-sees-useful-returns-from-expected-100-billion-investment-in-india/1493346/ | Saudi Arabia’s Crown Prince Mohammed bin Salman on Wednesday said that he saw investment opportunities of more than $100 billion in India over the next two years as he began his first official visit amid tensions between arch foes India and Pakistan.
India rolled out the red carpet for Mohammed bin Salman as it seeks diplomatic support against Pakistan following a militant attack in Kashmir. The crown prince was also given a lavish welcome this week in Pakistan where the two sides signed memoranda of understanding valued at about $20 billion to help prop up Pakistan’s economy.
In a joint press appearance after talks with Prime Minister Narendra Modi, the crown prince said terrorism was a common concern and Saudi Arabia was ready to share intelligence with India to tackle it. India blames Pakistan for not doing enough to roll up militant groups that operate from its soil including the one that claimed responsibility for the Pulwama terror attack on Thursday last week.
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Pakistan denies any involvement in cross-border terrorism and said it would retaliate against an Indian attack. “We face similar challenges, chief among them extremism and terrorism … and we reaffirm to India that we are ready to work in the intelligence and political arenas to coordinate our efforts…” the crown prince said.
Saudi Arabia’s formidable domestic security structure helped put down an al Qaeda bombing campaign over a decade ago. But the kingdom continues to face occasional attacks by Sunni Islamic State fighters and Shia militants in its Eastern Province.
SAUDI ARAMCO IN TALKS
Riyadh also leads a coalition of Arab states fighting in support of Yemen’s internationally recognised government against the Iranian-aligned Houthi fighters, who regularly fire rockets across the kingdom’s southern border.
The crown prince also said he wanted to expand commercial relations with India. “Today we expect the opportunities we are targeting in India in various fields to exceed $100 billion in the coming two years… we want to work with you, Mr Prime Minister, to ensure these investments are made and to ensure useful returns for both countries.”
Giant petroleum and natural gas company Saudi Aramco said it was in talks with India’s Reliance Industries Ltd for possible investments and was seeking other opportunities.
Both India and Pakistan had expected a scaling up of investments on the crown prince’s first tour of the region since the storm over the murder of Jamal Khashoggi, a Washington Post columnist, at the Saudi consulate in Istanbul in October.
The killing of Khashoggi, a known critic of the crown prince, has strained Saudi Arabia’s ties with the West and battered the prince’s image abroad. He’s next due in China.
The European Commission has added Saudi Arabia to an EU draft list of countries that pose a threat to the bloc because of lax controls against terrorism financing and money laundering, sources told Reuters last month. But Modi has sought to use India’s fast-growing economy to attract more investment from Saudi Arabia and other Islamic nations since he took office.
During the press briefing, Modi said he had agreed with the prince to strengthen cooperation on counter-terrorism and naval and cyber security. The two countries signed agreements on investment in infrastructure, housing sector and tourism. | the crown prince said he saw investment opportunities of more than $100 billion in India over the next two years. he was also given a lavish welcome this week in Pakistan where the two sides signed memoranda of understanding valued at about $20 billion. the two sides have signed memoranda of understanding valued at about $20 billion to help prop up Pakistan's economy. | Positive |
https://www.moneycontrol.com/news/business/markets/new-margin-framework-for-f-check-out-the-new-margin-requirements-5338461.html | Zerodha
This has been a long time coming, but NSE is finally going live on Monday, June 1, 2020, with the new margin framework for future and options trades. Users can use our F&O margin calculator. You can enter F&O strategies and see the new margin requirement.
Check this below example of margin required for a bear call spread.
The margin required for a bear call spread is now just Rs. 21,800 with margin benefit of Rs 1.05 lakh, almost 60% lower margins than what was required earlier.
Here are the important things to know
As is evident in the above example, the margin required for positions that hedge each other where the risk is capped drops dramatically. The potential yields for such low-risk strategies will go up significantly. For strategies like Iron Condor, the margin drops by a whopping 70%. With this, we are most likely going to see a new breed of risk-averse traders in the market, which should significantly increase the open interest, improve market depth, and lower impact cost for traders.
Price scan range which is used to determine F&O margins is now changed to 6 sigma from 3.5 sigma. What this means is that when markets are volatile, the margin required for naked positions will be higher than what it was before. This means that since we have had maybe the highest volatility after a very long time in the last three months due to COVID-19, the margin required for naked positions is up by ~20%. But this will reduce as the volatility in the market drops. The higher PSR means that there won’t be a sudden spike in increase or decrease of margin going forward, it will be gradual.
Note: If you held open positions at the end of day Friday, May 29, your margin requirement will change on June 1st on Kite. If you have any naked positions, the margin required will go up and you’d be required to add funds to maintain this additional margin to avoid positions being squared off. If you have hedged positions, the margin will reduce.
Check this presentation from NSE for more information.
If you have any questions about the new margin requirements, please post them here.
Note: The above article is for information only.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | NSE is finally going live on Monday, June 1, 2020, with the new margin framework. the margin required for bear call spread is now just Rs. 21,800 with margin benefit of Rs 1.05 lakh. potential yields for such low-risk strategies will go up significantly. for strategies like Iron Condor, the margin drops by a whopping 70%. if you held naked positions at the end of day friday, your margin required for naked positions is up by 20%. | Positive |
https://economictimes.indiatimes.com/markets/stocks/recos/buy-ultratech-cement-target-price-rs-4830-motilal-oswalnbsp/articleshow/77234508.cms | Motilal Oswal has given buy rating to UltraTech Cement with a target price of Rs 4830. The share price moved up by 2.69 per cent from its previous close of Rs 4135.70. The stock’s last traded price is Rs 4247.15.UltraTech Cement Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 119385.85 Crore) operating in Cement sector.For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 7633.75 Crore, down 28.96 % from last quarter Sales of Rs 10745.62 Crore and down 24.99 % from last year same quarter Sales of Rs 10177.63 Crore. The Company reported net profit after tax of Rs 796.54 Crore in latest quarter.The brokerage said that UltraTech Cement’s market mix has improved post acquisitions, with the stronger markets of northern/central India contributing ~45% to volumes. The valuation is reasonable at 11.2x FY22E EV/EBITDA and USD146/t of capacity, a ~35% discount to the past five-year average and ~20% discount to the past 10-year average. The stock is also trading 35% cheaper than peer Shree Cement v/s the historical average of 10%. The brokerage values Ultratech at 13x FY22E EV/EBITDA to arrive at TP of INR 4,830.Promoters held 61.7 per cent stake in the company as of June 30, 2020, while FIIs held 18.7 per cent, DIIs 8.7 per cent and public and others 10.9 per cent. | Motilal Oswal has given buy rating to ultratech with a target price of Rs 4830. the stock moved up by 2.69 per cent from its previous close of Rs 4135.70. the company reported a Consolidated sales of Rs 7633.75 Crore. the company's market mix has improved post acquisitions. | Positive |
https://www.financialexpress.com/industry/sme/msme-tech-msmes-can-now-go-online-in-a-jiffy-to-tap-into-e-commerce-spurt-get-e-payments-via-mswipes-new-tool/2106590/ | Technology for MSMEs: Small businesses would now be able to have a digital presence in no time to leverage massive e-commerce growth in the country. Businesses can now use a ‘free-to-use business website’ offered by financial services platform Mswipe to go live online with their own microsite within minutes. “While the lockdown has impacted the earnings of SMEs, it has also created the opportunity for them to become a part of the digital economy with customers embracing online commerce,” said Manish Patel, Founder and CEO, Mswipe. Merchants and retailers having an account on Mswipe would be able to create their own website through the existing account and add photos along with social media links to go live. Mswipe would also offer Search Engine Optimisation (SEO) of SMEs’ microsites to enable their visibility online.
The company had recently launched PayByLink that SMEs can share with customers to access the digital bill and complete the purchase. It claimed that nearly a fourth of total transactions facilitated by Mswipe is now done via contactless options such as NFC, QR and PayByLink. “Mswipe is the only player which has a complete range of digital payment solutions for SMEs in India including UPI QR, NFC based Tap and Pay, POS and Payment Link,” the company said in a statement. Mswipe is the largest POS acquirer in India with 6.75 lakh POS and 1.1 million QR merchants, it added.
Also read: Kunal Bahl interview | We added 6 million new buyers during Covid pandemic, says Snapdeal co-founder
Indian small businesses slowly though gradually are realising the significance of adopting digital technologies. According to a recent study by technology company HP covering post-Covid sentiments of SMEs, the companies unanimously agreed to the significance of technology adoption. 35 per cent said that digital adoption is ultimately essential for their success while 40 per cent believed it to be very important. The survey had captured sentiments of 200 SMEs in each of the eight countries including Australia, India, Indonesia, Japan, Singapore, South Korea, Thailand and Vietnam during May and June this year. | free-to-use business website' offered by financial services platform Mswipe. merchants and retailers would be able to create their own website. they would add photos along with social media links to go live online. the company had recently launched PayByLink that SMEs can share with customers to access the digital bill and complete the purchase. | Positive |
https://economictimes.indiatimes.com/news/economy/policy/shivaram-hebbar-labour-sugar-minister-cant-force-law-on-struggling-msme-sector/articleshow/75413869.cms | 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. | 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. | Positive |
https://www.businesstoday.in/markets/market-perspective/sensex-climbs-over-1100-points-nifty-nears-10k-mark-5-factors-behind-the-rally/story/405566.html | Sensex and Nifty carried forward last week's bullish trend and gained momentum on Monday, buoyed by positive Asian markets, along with the nationwide easing of restrictions on the coronavirus lockdown from June 1.
Extending rise for the fourth straight session, Sensex closed 879 points higher at 33,303 and Nifty ended 245 points higher at 9,826.
At day's high, Sensex rose 1,120 points to 33,608 and Nifty rose 331 points higher at 9,991.
Market capitalisation on BSE rose to Rs 130.05 lakh crore today compared to the previous session's market cap of Rs 127.06 lakh crore. That led the market cap to rise by Rs 2.99 lakh crore.
Axis Bank, Tata Steel, Bajaj twins, JSW Steel, IndusInd Bank, SBI, ICICI Bank and HDFC twins were among the top gainers. On the other hand, Dr Reddy's, Cipla, Infratel and Sun Pharma were among the major losers today.
On Friday, Sensex closed 233 points higher at 32,424 and Nifty ended 90 points higher at 9,580. Here's a look at factors that led the Sensex and Nifty higher today.
1. Technical indicators
Domestic equity market traded majorly bullish today after the government announced lifting of lockdown. As per technical indicators, the rise in second half of Friday signals continuation of the uptrend, as the index surpassed 9,600 levels extending its bullish momentum.
With today's strong push, Nifty is expected to aim for 10,000 mark, with downside marker placed at 9,348.
"Overall, sustaining above the current levels is very crucial for a move towards the 10,000 mark in Nifty, in the near future," said, Aamar Deo Singh, Head Advisory, Angel Broking
2. Rupee gains
The rupee ended mildly stronger at 75.54 per dollar as compared to its last closing of 75.61 per dollar
Indian rupee at the interbank forex market opened at 75.32 and then gained further ground to touch 75.30 on Monday, following announcement of ease in restrictions on the lockdown from June 1.
Today's opening was 32 paise higher than the close of 75.62 against the US dollar on Friday.
3. Unlock 1.0: Reopening of economy
On Saturday, government announced its phase-wise plan to unlock the country. Experts said market sentiments turned positive following announcement by the centre that restrictions on the lockdown will be eased from June 1.
MHA came up with new guidelines for a phased re-opening of "all activities outside containment zones for the next one month beginning June 1". In its order issued on Saturday, Ministry of Home Affairs (MHA) has allowed hotels, shopping malls, temples and restaurants to open from June 8 in the first phase.
In the second phase, schools, colleges, coaching institutes and other training centres are proposed to be opened in July after stakeholder consultations.
4. Stock specific action
Banking, metal and auto stocks traded higher among the top gainer's list in today's session. While ICICIBank, Axis Bank announced lending rate cut, Maruti, Eicher Motors and M&M gained in Monday's session despite the firms announcing weak sales data.
5. Positive Global cues
Investors worldwide were optimistic over slowing of new virus cases, with prospects of more government stimulus amid eased lockdowns across the world. Reduced US-China geopolitical tensions also boosted market sentiments.
European indices that closed lower on Friday, reversed the trend and gained, on back of positive global equities. Barring Germany's DAX that fell 1.65%, France CAC and London's FTSE gained 1.5% each. This helped Sensex, Nifty push further and gain up to almost 4% by the afternoon session.
US stocks ended higher on Friday after Trump refrained from China sanctions. Asian stocks rose on Monday as progress on opening up economies helped offset jitters over riots in US cities and unease over Washington's power struggle with Beijing. European markets closed lower on Friday ahead of Trump proposed press meet on sanctions against China.
SGX Nifty traded up 183 points at 9,665.25. Meanwhile, US Futures (Dow Jones) traded at 25419, up 41 points or 0.16%.
SBI share price rises 7% in afternoon trade, among top Sensex gainers
Coronavirus impact: Maruti registers 89% decline in sales in May 2020
Gold prices jump on George Floyd protests, strained US-China relations
Share Market Update: Sensex ends 879 points higher, Nifty at 9,826; Bajaj twins, M&M, Tata Steel top gainers | Sensex and Nifty gain momentum on Monday, buoyed by positive Asian markets. Sensex rose 1,120 points to 33,608 and Nifty rose 331 points higher at 9,991. rupee gains as india lifts coronavirus lockdown. shanghai govt. to ease restrictions on coronavirus from June 1. | Positive |
https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/data-analytics-startup-near-raises-100-million/articleshow/70255941.cms | BENGALURU: Near , a software-as-a-service (SaaS) startup, which collects real-life data on consumers and merges it with online data to create a wholesome profile, has raised $100 million (Rs 686 crore) from London-based private equity firm Greater Pacific Capital (GPC).Started in 2012, Near collects consumer data from various sources including telecom players, apps and Wi-Fiproviders to build real life-based data profiles that throw up consumer insights for its clients such as WeWork MetLife and Mastercard Based out of Bengaluru and Singapore, Near plans to sell its services in India soon, while it scales up core markets like Australia, New Zealand, and the US. | software-as-a-service (SaaS) startup near has raised $100 million from private equity firm. Near collects consumer data from various sources including telecom players, apps and Wi-Fi providers. the startup plans to sell its services in india soon, while it scales up core markets like australia, new Zealand, and the us. near plans to sell its services in india soon, while it scales up core markets like australia, new Zealand, and the us. | Positive |
https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/jsw-group-is-combining-distribution-supply-chains-into-a-single-integrated-initiative/articleshow/77739564.cms | KOLKATA: The $12 billion JSW Group is combining its distribution and supply chain network across the group's steel & cement businesses under an integrated retail initiative called JSW One. The group is initially targeting revenues of Rs 2,300 crore through JSW One in the first year of operations.JSW, which has a presence across steel, cement and paints businesses, feels the three products have a common set of customers as they are essential in building a home. The JSW One initiative is thus aimed at reaching out to these common set of consumers & channel partners.JSW One has commenced operations at Salboni in West Bengal taking advantage of JSW Cement'so strong presence in the eastern region. Surjayan Mukherjee, VP Sales & Marketing who is also eastern region head of JSW One said: "We are targeting a revenue if Rs 2,300 crore in the first year." The initiative will subsequently be scaled up pan-India over the next couple of years. It will derive synergies from both the steel & cement businesses by drawing upon the depth and expanse of JSW Group’s sales and supply chain network.JSW One will also combine the Group’s expertise across product portfolio to provide comprehensive service capability to its customers. JSW acquired Monnet Steel, a producer of TMT bars used in construction activities in the auction of stressed steel assets, and the thinking behind the new venture is that the markets addressed by TMT steel bar maker and a cement company are the same.Currently, we have 1,766 dealers of cement and 950 dealers of steel in the east. Only 110 of them sell both steel and cement. Our aim is to raise this figure to 1500 by the end of Q4FY21, Mukherjee added.The group is targeting cement sales of 3 million tonne and steel sales of close to 0.25 million tonne in the first year of operations through JSW One.JSW has set up a 2 million tonne mega stocking hub at Salboni, more in the nature of a fulfillment centre, which will later be scaled up to 3.5 million tonne, he added.The move comes at a time when according to a latest cement sector report by CRISIL, "a surge in demand from rural and affordable housing segments is expected to help contain the on-year drop in cement sales volume to 12-14% this fiscal, compared with an average annual growth of ~6% during the last three fiscals."Commenting on the launch of JSW One initiative, Parth Jindal, Managing Director of JSW Cement said: “We have launched JSW One to leverage our Group’s distribution, supply chain and product synergies across both the Steel and Cement businesses.""Our customers need TMT Rebars, Cement and Steel Roofs to construct their houses as well as Paint to beautify their homes. JSW Group is the only conglomerate globally which can offer Steel, Cement and Paints as a comprehensive offering to our customers," he added. Through JSW One, we leverage this unique opportunity to change and alter the way we market our products to our customers. I strongly believe in the opportunity for JSW One to be a force multiplier that will cater to an ecosystem of similar stakeholders.Jindal said JSW already has a very strong presence through its various businesses in eastern India, which can be leveraged to quickly scale up the group's combined offerings in this region. | the $12 billion JSW Group is combining its distribution and supply chain network across the group's steel & cement businesses. the group is initially targeting revenues of Rs 2,300 crore through JSW One in the first year of operations. the initiative will subsequently be scaled up pan-India over the next couple of years. the group has commenced operations at salboni in west Bengal taking advantage of JSW Cement'so strong presence in the eastern region. | Positive |
https://www.financialexpress.com/economy/china-outlines-fresh-tax-cuts-to-lift-economy/1537611/ | China has unveiled tens of billions of dollars worth of tax and fee cuts as part of a drive to kickstart the stuttering economy, extending pledges worth USD 300 billion announced last month. With growth at a two-decade low and the economy struggling under the weight of the US trade row and a soft global outlook, leaders are looking to grease the cogs by getting the country’s vast army of consumers to start spending. The State Council, or cabinet, said late Wednesday it would reduce electricity and internet costs, port and railway charges and a variety of fees for individuals and businesses to cut their annual burdens by about 300 billion yuan (USD 45 billion).
For businesses, the government will lower average electricity fees by 10 percent and cut broadband fees for small- and medium-sized businesses by 15 percent, the official Xinhua news agency reported. It will also cut trademark registration fees, the State Council said. For individuals, China will cut a variety of bureaucratic red tape, like fees on postal imports, real estate registration, passport issuance and mobile internet rates.
“Tax and fee cuts are our key measures to tackle the downward economic pressure this year,” said Premier Li Keqiang, according to Xinhua. The announcement follows promises last month to cut company taxes and employer social insurance contributions by nearly two trillion yuan (USD 298 billion), with the first batch of cuts kicking in April 1. The meeting Wednesday also outlined new draft amendments to beef up the foreign investment law passed last month, with a provision for “non-discrimination” in administrative licensing as well as measures to improve the protection of trademarks. | the state council, or cabinet, said late Wednesday it would reduce electricity and internet costs, port and railway charges and a variety of fees. for businesses, the government will lower average electricity fees by 10 percent and cut broadband fees for small- and medium-sized businesses by 15 percent. for individuals, the country will cut a variety of bureaucratic red tape, like fees on postal imports, real estate registration, passport issuance and mobile internet rates. | Positive |
https://economictimes.indiatimes.com/industry/energy/power/japans-orix-corp-to-invest-980-million-in-greenko-energy-at-5-75-billion-valuation/articleshow/78070770.cms | MUMBAI: NYSE-listed Japanese conglomerate Orix Corporation has agreed to invest $980 million for a roughly 18-20% stake in Greenko Energy Holdings , its largest overseas investment till date.The investment will be through a combination of primary and secondary sale of shares, valuing Greenko at $5.75 billion, making it the second-most valued green energy company after Adani Green Energy Ltd. This would also mark the single largest foreign investment in the Indian renewable energy sector till date.ET was the first to report the deal in its September 11 edition.As part of the transaction, Orix will also transfer its entire Indian wind power portfolio of 873 MW - which it had acquired from bankrupt shadow lender IL&FS last year -- to Greenko, it said in a statement on Friday.This would take the overall capacity of the Hyderabad-based Greenko to approximately 6.5 GW. Another 8 GW pipeline of integrated renewable energy projects ( IREP ) are under various stages of construction.Orix was competing with Warren Buffet's Berkshire Hathaway, Canadian pension fund Omers and Chinese state-backed investment fund CNIC Corp , which had even made a non-binding offer to buy into the company but the geo-political tensions between the two countries scuppered those negotiations, said people in the know.The acquisition of Orix's wind assets will add about $100 million to Greenko's Earnings Before Interest Taxes Depreciation and Amortisation (Ebitda) in the first full year after close.For FY20, Greenko clocked $570 million in Ebitda and $654 million in gross revenue, as per Fitch. The company's net debt stood at $3.7 billion.After the transaction, GIC will remain the largest shareholder with around 55% stake in Greenko, down from its current 65.8%, while ADIA will control a 16% block.The first-generation entrepreneur duo - Anil Kumar Chalamalasetty and Mahesh Kolli - who started the venture in 2006 will be left with a 13-14% shareholding on a fully dilutive basis.From being a pure play independent power producer ( IPP ), Greenko has pivoted towards energy storage, battery solutions and has been charting an evolutionary path as an energy solutions provider. This latest round will help it with funds for that next phase of growth which includes power storage projects with total capacity of 7.2 GW across six states, which will need an estimated $2 billion in investments."The transaction will further drive capacity, revenue, EBITDA and overall earnings growth for Greenko and our stakeholders. Indian energy markets are transitioning from deficit markets to demand-driven contracts requiring reliable, flexible and cost competitive energy. Greenko is focused on building IREP with storage, which can compete with conventional energy assets like thermal in quality, quantity and cost," said Chalamalasetty, the managing director of Greenko.The company is pursuing its first overseas acquisition of US-based large-scale battery installer NEC Energy Solutions and has also teamed up with NTPC to develop 'round-the-clock' power supply.The Japanese financial, aircraft and car-leasing group is also a large owner of infrastructure assets, including the Osaka airport.Of late, it has further diversified into clean energy.In 2016, it entered India's wind power business through a joint investment which it fully acquired in 2019. | greenko is the second-most valued green energy company after Adani Green Energy Ltd. the investment will be through a combination of primary and secondary sale of shares. it would also mark the single largest foreign investment in the Indian renewable energy sector till date. orix will also transfer its entire Indian wind power portfolio to greenko. the company has a capacity of approximately 6.5 GW. | Positive |
https://www.moneycontrol.com/news/business/personal-finance/maximize-tax-savings-using-health-insurance-for-yourself-and-family-3389451.html | Surya Bhatia
What is Insurance? Simply put, Insurance is spreading of risk - unexpected financial losses for some of the participants from a common fund formed out of contributions of the total participants, and where all participants are equally exposed to the same loss.
If we talk about Health Insurance, it is about paying for the unexpected hospitalisation expenses of those few insured (participants) persons who suffer from illness or injury and require medical treatment, and are part of the bigger group and are reimbursed from the contributions (premium) of all insured (participants) persons who are exposed to similar health risks.
It will not be wrong to say that any financial planning is not said to complete which is not covering health insurance. There are many compelling reasons which in today’s time and age makes it very important for everyone to consider getting health insurance. Some of them are:
Change in lifestyle
Long travelling time to offices, increase in stress in day to day life, hectic work schedules, wrong eating habits, quality of food, and rising levels of pollution have increased the risk of developing health problems.
Rising medical costs
The medical costs have constantly seen a rise over the last many years. The health inflation in India is among the highest in the world. And in a country with high inflation, health inflation is even higher.
The estimates are that health inflation has been as high as 15 percent. So in the unfortunate incidence of a medical emergency, consumers end up spending their life savings, which takes their financial planning for a toss. Reports highlight that Indians primarily depend on their own savings when it comes to tackling health emergencies.
Income tax benefit
Payments made towards health insurance premiums are also eligible for tax deductions under section 80D of the Income Tax Act. Individuals, up to 60 years of age, can claim a deduction of up to Rs 25,000 for the health insurance premium paid for themselves, or for their spouse or children. One can also claim another Rs 50,000 as a deduction if you buy health insurance for your parents aged 60 years and above.
This deduction will be available with respect of payments towards annual premium on health insurance policy including of a senior citizen, or medical expenditure in respect of super senior citizen (age of more than 80 years). So overall, if you are paying the health insurance premiums for your senior citizen parents, you can avail total deduction up to Rs 75,000 (Rs 25,000 + Rs 50,000).
There is one myth which we want to correct- if we have been covered by our employer’s medical insurance, we don’t need any further health cover.
There are so many reasons why you should be buying medical insurance even if you are covered under your employer’s insurance scheme. What happens post your retirement? And, in case you take a sabbatical from work or if you change your company and the new company does not cover you adequately. The employer may also reduce the sum assured over a period of time and they could just say as cost cutting!!
In all of the above, your insurance cover will just not be there or will not be enough. And if you plan to take insurance at a later age the chances of getting insured reduces due to medical issues or any pre-existing ailments or it may be issued with some pre-existing disease which could be a dampener.
How much health coverage one should buy?
With advancement of medical science, people are more likely to suffer and survive a lifestyle disease that will result in medical treatment. The advances in medical sciences have also increased the life expectancy in the last few decades.
Looking at the healthcare inflation coupled with the lifestyle disease epidemic across cities and towns, a future proof health insurance cover for a young family living in an urban area should be a floater cover of Rs 10 lakh, supplemented with the maximum top-up available, so that the cover should be around Rs 20-25 lakh.
And for senior citizens, an individual Rs 10 lakh cover with a super top-up cover of Rs 10 lakh should be adequate. However, this is very generic and the actuals may differ on a case to case basis.
Critical illness
This policy is complementing the medical insurance as it provides the claim on diagnosis of the specified critical illness and not on treatment thereby providing a fill up financially and hence making a case to opt for the same for the breadwinner in the family.
There are policies available for covering specified illness like cancer. This has come up as a recent study shows that every 13th cancer patient in the world is from India. While the probability of getting cancer has increased substantially, the treatment costs now have the potential to wipe out a common man's entire life saving and more so for cancer which has a recurring cost.
Payments made towards critical health insurance premiums are also eligible for tax deductions under section 80D.
The author is managing partner of financial advisory firm Asset Managers. | insurance is spreading of risk - unexpected financial losses for some participants. it is about paying for the unexpected hospitalisation expenses of those few insured (participants) persons who suffer from illness or injury and require medical treatment. the health inflation in India is among the highest in the world. and in a country with high inflation, health inflation is even higher. individuals, up to 60 years of age, can claim a deduction of up to Rs 25,000 for the health insurance premium paid for themselves, or for their spouse or children | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/market-draws-no-comfort-from-rbi-end-flat/articleshow/67884215.cms | NEW DELHI: RBI's decision to slash repo rate by 25 basis points in its bi-monthly policy meet failed to charm investors as key domestic indices settled flat on Thursday, but not before witnessing deep swings.The Reserve Bank, led by new Governor Shaktikanta Das, changed the monetary policy stance to 'neutral' from the earlier 'calibrated tightening', hinting at lower rates if inflation remains under control.The Sensex ended 4 points lower at 36,971, reversing its five-day winning streak. The NSE Nifty ended in positive territory for the sixth straight day, up 7 points at 11,069.Gains in Sun Pharma, ITC and Bajaj Auto were offset by losses in RIL and HDFC duo. In the 30-pack Sensex, 11 scrips lost and 19 looked up.Here's a glance at how the market stacked up today.Sun Pharma was the top gainer on the Sensex as it ended 4.48 per cent higher at Rs 434, buoyed by solid numbers from its subsidiary Taro Pharma for the December quarter. Bajaj Auto, Tata Motors, Coal India, Hero MotoCorp, Maruti Suzuki and M&M were among others that advanced. Most of the rate-sensitive auto stocks gained on RBI's decision to lower rates.Reliance Industries was the worst performing in the Sensex bag, followed by Power Grid, HDFC, L&T, IndusInd Bank and NTPC. These stocks declined up to 1.50 per cent.The Anil Dhirubhai Ambani Group stocks lay bruised and battered for another day, plunging up to 28 per cent. Reliance Infra was the worst hit, with a fall of 28.05 per cent, followed by RPower (down 21.96 per cent), Reliance Capital (down 19.17 per cent), Reliance Naval (down 5.35 per cent) and Reliance Communications (down 5.29 per cent).Midcaps and smallcaps beat the BSE Sensex, with stellar gains on Thursday. The BSE Midcap jumped 0.74 per cent whereas the BSE Smallcap firmed up 0.81 per cent.In the BSE sectoral space, six out of 19 indices ended with losses while 13 closed with gains. Utilities and Energy were among the worst hit while telecom was on the top of the pack. BSE Telecom was led by Vodafone Idea that soared 8.22 per cent.Healthcare, auto, and consumer discretionary goods and services advanced over 1 per cent each.Vinod Nair, Head of Research, Geojit Financial ServicesMarket turned volatile after the announcement of RBI's monetary policy as investors started booking profit from the recent rally. Market has gained well in the last one week by 5 per cent while 10,950–10,850 will be the immediate support. The change in stance to neutral was in line with expectations, but rate cut was a surprise. Benign inflation outlook and possibility of further ease in key rates will help revive credit growth, which is positive for rate-sensitive stocks. | the Sensex ended 4 points lower at 36,971. the Sensex ended in positive territory for the sixth straight day. the Sensex ended in positive territory for the sixth straight day. the Sensex ended in positive territory for the sixth straight day. the Sensex ended in positive territory for the sixth straight day. the Sensex ended in positive territory for the sixth straight day. | Positive |
https://www.financialexpress.com/world-news/gave-exemptions-to-some-after-they-sought-help-to-keep-oil-prices-down-trump-on-iran-sanctions/1376201/ | President Donald Trump said he gave temporary exemptions to India and seven other major importers of Iranian oil as they sought US’ “help” and he did not want to drive oil prices “up to USD 100 a barrel or USD 150 a barrel”. The US on Monday imposed “the toughest ever” sanctions on a defiant Iran aimed at altering the Iranian regime’s “behaviour”. The sanctions cover Iran’s banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.
However, Secretary of State Mike Pompeo said that eight countries — India, China, Italy, Greece, Japan, South Korea, Taiwan and Turkey — were temporarily allowed to continue buying Iranian oil as they showed “significant reduction” in oil purchase from the Persian Gulf country. “I gave some countries a break on the oil. I did it a little bit because they really asked for some help,” Trump told reporters at a press conference in the White House on Wednesday. The President said he also did it “because I don’t want to drive oil prices up to USD 100 a barrel or USD 150 a barrel”. “I am driving them (oil prices) down. If you look at oil prices, they have come down very substantially over the last couple of months,” he asserted. Trump said the sanctions may “get tougher as time goes by”, but he does not want them to have any effect on the global oil prices worldwide as he “consider that to be a tax, and I don’t like taxes”.
Later at another press conference, the State Department said its goal is to go down to zero oil import from Iran and during the next six months, it will monitor the diplomatic progress and the price of oil to ensure that the imposition of the sanctions was calibrated in the right way. “We have an adequate oil supply market.
We have to ensure that we advance our national security objectives without injuring our economic interests. If we were to increase the price of oil, it would be bad for American consumers, it would be bad for the global economy, and it would give an advantage to Iran,” Deputy State Department Spokesperson Robert Paladino said. He claimed that in 2019, there will be more oil supply than demand, which will put US in a “much better position to bring all countries importing Iranian crude to zero”. | the sanctions cover Iran’s banking and energy sectors and reinstate penalties for countries and companies that do not halt Iranian oil imports. but secretary of state Mike Pompeo said that eight countries — India, China, Italy, Greece, Japan, South Korea, Taiwan and Turkey — were temporarily allowed to continue buying Iranian oil. he said he did it “because they really asked for some help” and he did it “because I don’t want to drive oil prices up to USD 100 a barrel or USD 150 a | Positive |
https://www.livemint.com/Opinion/xvplAX8ZXPqUvYHtGKSBTO/Narendra-Modi-govts-last-mile-challenge.html | The Narendra Modi government completed four years in office last week. Its last few months before the nation goes to the polls could be dominated by economic pressure points—rising inflation, a weak rupee, rural distress and a persistent banking crisis. Yet, it is likely to leave behind an economy that is in a far better shape than what it inherited in 2014.
Macroeconomic stability has been one of the biggest achievements of the Modi government on the economic front, though it did not move early enough to deal with the banking crisis. India had a mini currency crisis in 2013, primarily due to the economic mismanagement by the United Progressive Alliance government in the preceding years. Although the damage control started after P. Chidambaram returned to finance ministry, Arun Jaitley carried forward the process. The fiscal deficit has come down from about 5% of the gross domestic product (GDP) in 2012-13 to 3.5% of GDP in 2017-18. It would have been a lot more satisfying had the Modi government attained the medium-term target of bringing the fiscal deficit down to 3% of GDP.
The return of sanity in government finances helped contain inflation and the current account deficit. The government also benefited from lower crude prices, and did well to use the opportunity to improve its finances and push capital expenditure.
Apart from better fiscal management, the government also implemented a broad set of reforms that will help the economy in the medium to long run, though some of the measures were already in the works when it came to power. The Modi government used its political skills to push through the unfinished agenda it inherited. The adoption of inflation targeting framework has helped in anchoring inflationary expectations. After a long wait, India has finally become a single market with the implementation of the goods and services tax (GST). This will increase efficiency and compliance along with greater formalization of the economy. The GST Council has shown that the centre and states can work together to swiftly resolve issues. Similarly, the implementation of the Insolvency and Bankruptcy Code is an important step forward. It will improve credit culture in the economy and will no longer allow promoters to game the system. The code will also reduce the chances of accumulation of non-performing assets and avoid a situation like the banking system is currently facing.
Further, the Real Estate (Regulation and Development) Act, 2016, or RERA, is expected to bring transparency in the real estate sector. Since the implementation has not been as desired, this is an area where the centre should work with state governments for effective implementation. As we have argued above, some of these policy initiatives were inherited from the previous government. The Modi government needs to construct a policy playbook for the next decade.
The government has also taken a number of initiatives in the social sector which are worth noting. For instance, previous governments also worked in the area of financial inclusion, but the Modi government gave it a significant impetus through the Pradhan Mantri Jan Dhan Yojana. As a result, almost all households now have access to banking services. Although a large number of accounts are inactive, the fact that households have bank accounts would enable the government to significantly scale up the direct benefit transfer under various social sector schemes. Further, the Ujjwala scheme, which provides liquefied petroleum gas connections to poor households, has done well in terms of increasing the penetration in rural areas. The government has also increased infrastructure spending in rural areas, which should help improve the quality of life and economic activity. If implemented well, Modicare can significantly improve prospects for the poor, though its exact fiscal impact is not clear at this stage.
In its last year in office, while the government would want to build on the success of its schemes, it will also have to deal with a number of challenges. The rise in crude prices is the biggest challenge, as it could affect inflation, current account deficit and put pressure on government finances. In the emerging political situation, where the opposition has started to consolidate, there will be pressure from within the ruling party to loosen the purse strings in order to improve its re-election chances. Rural distress is also a big challenge. The government has announced to give minimum support price at 150% of the production cost, and has promised to ensure that all farmers get the benefit even if the government is not procuring from them. This could affect government finances. Further, the state of the banking system will continue to remain a drag. Therefore, the last year in office will also be the most difficult one for the Modi government, and the biggest challenge will be to protect macroeconomic stability by not compromising on fiscal discipline.
Will the last year be the most difficult year for the Modi government? Tell us at [email protected].
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. | the Narendra Modi government completed four years in office last week. it is likely to leave behind an economy that is in a far better shape than what it inherited in 2014. the fiscal deficit has come down from about 5% of the gross domestic product (GDP) in 2012-13 to 3.5% of GDP in 2017-18. the government also implemented a broad set of reforms that will help the economy in the medium to long run. | Positive |
https://www.financialexpress.com/economy/investment-in-construction-infra-key-to-sustain-demand-growth/2150821/ | The primary take out of the call for Atma Nirbhar Bharat relates to a robust and efficient manufacturing sector in India. It has suffered as the economy had deviated by thrusting the growth of the service sector ahead of manufacturing, while primary sector continued to observe a secular decline in share of GDP. Thus it came as a pleasant surprise that manufacturing having degrowing for last months has now entered the positive trajectory by clocking a growth rate pf 3.5% in October ’20.
The Industrial production that entered in the positive range in the last month ( 0.5% rise in September’20) continued to clock 3.6% growth in October. In the manufacturing sub-segments, the growth is observed in 1) rubber and plastic products (15.5%), 2) pharmaceutical products (12.9%), 3) food products (2.5%), 4) leather and related products (3.4%), 5) Chemical products (9.6%), 6) non-metallic mineral products (3.3%), 7) other manufacturing (10.6 %), 8) fabricated metal products (13.4%), 9) computer, electronic products (10.9%), 10) electrical equipment (20.3%), 11) motor vehicles and trailers (17.7%), 12) other transport (26.6%), 13) machinery and equipment (4.4%), and 14) basic metals (5.6%).
It is interesting to note that out of the above sub-segments in the positive category for the first time after the pandemic, the segments under categories 8-14 belong to steel industry. One must keep in mind that the indices of these groups include the updated production figures of July and September’20. The festive impact of the month of October in pushing the order flow and therefore the output as well as the pent up demand giving impetus to further rise in order flows are factors that can be said to be transient.
However, from the user segment point of view, it is certain that growth in 2 and 3 wheelers, passenger cars and tractors have been observed for the last few months and finally, albeit slowly, the trend is spreading to other user segments as well.
The use-based output indices indicate that capital goods (power equipment, fabricated metal product, transformers, material handling equipment, cranes, agriculture machineries, mining machineries, commercial vehicles, wagons and coaches etc) have clocked 3.3% growth in October’20. The infrastructure/ construction goods output (steel framework, railway products, pipes, tubes, steel casing etc.) rose by 7.8% in the month.
Significantly, the consumer durable segment (ACs, washing machines, electric equipment, passenger cars, auto components, SS Utensils etc) went up by 17.6% during the month. Electricity generation has achieved a significant rise in October’20 (11.2%). This indicates that thermal generation as well as renewable energy are contributing to enhanced power supply, also reflected in higher demand for coal for power generation.
The mining sector is continuing with its negative growth in October’20 also. The commercial mining is yet to exhibit any acceleration to the output growth in mining sector. The iron ore availability in the state of Odisha is still poor as the auctioned mines, both old license holders and the new ones, are taking some more time to resume production at a satisfactory level. As a result the small and medium scale steel units having no long term arrangement with confirmed sources and depending on spot purchases of iron ore in the open market are facing challenges to maintain and enhance production at a time when the demand for steel is rising.
The demand for the long products emanating from house building in tier II & III cities— private as well as under PMAY-U&G schemes, the EPC contractors for road construction, railways construction and state government projects generally catered to by these local players are not being met fully, contributing thereby a rise in prices of steel.
The MSME sector has an average share of 65% in TMT bars and wire rods and hence a supply shortage from them has accentuated the problem. The TMT prices have gone up by 24% during July to December’20. The second factor leading to rise in prices is the regular rise in prices of iron ore (both fines and lumps) which has led to rise in cost of steel production. The prices of merchant iron ore in the global market have reached $ 158/T (CFR China), a 44% rise in July-December’20. It has led to increased price expectation in the domestic market for Iron Ore.
There is a demand to completely stop exports of iron ore and pellets so as to enhance domestic availability. There is an export tax of 30% on exports of iron ore more than 58% Fe content. The government must consider putting a complete ban on iron ore exports as meeting the domestic demand should be the first priority of the industry.
Growth in manufacturing and industry signal an improvement in the commodities market. After the pent up demand has been unlocked, it is now the time for the industry to consolidate its position, restructure and strengthen the supply chain in order to move fast to reach the consumer.
A sustainable price rise for steel crucially hinges on regular order flows in the market, a feel-certain factor that assures reasonably good return for investment and a pro-active government to support the demand-supply parity by enhancing public investment in construction and infra sector that would multiply the demand acceleration activities in all other segments.
(Views expressed are personal) | industrial production that entered in the positive range in the last month ( 0.5% rise in September’20) continued to clock 3.6% growth in October. growth is observed in rubber and plastic products (15.5%), pharmaceutical products (12.9%), food products (2.5%), leather and related products (3.4%), 6) non-metallic mineral products (3.3%), 7) other manufacturing (10.6 %), fabricated metal products (13.4%), motor vehicles and trailers (17.7%), other transport (26.6%), 13) machinery and equipment ( | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/worse-than-2008-heres-what-emerging-market-numbers-show/articleshow/64209497.cms | Bloomberg
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Harvard economist Carmen Reinhart turned heads this week with her comments on emerging markets , saying they’re in worse shape now than during the global financial crisis in 2008.Her assessment comes at a time when investors are turning more cautious on the asset class -- and downright bearish on markets like Argentina, Indonesia and Turkey. But opinions differ on whether the recent turbulence is just a blip or the start of something bigger. The picture also varies from economy to economy, with some in better shape than others.Below is a look at how some of the key emerging-market indicators have evolved since 2008.Healthy current-account balances are the front line of defense for emerging markets. While the group boasted a big current-account surplus in 2008, it now has a small deficit -- in large part due to a significant drop in China ’s surplus. But the picture isn’t uniform. Some countries, such as Thailand, are notable for their strong positive balances.The world economy is enjoying its broadest upswing since 2011, and growth in emerging market and developing economies is tipped to accelerate further before leveling off over the next few years, according to the International Monetary Fund. That’s providing a buffer against headwinds such as rising interest rates, even if growth rates aren’t quite as high as they were on the eve of the global financial crisis.Emerging-market governments have borrowed steadily over the past decade amid rock-bottom interest rates. Companies have also binged: U.S. dollar credit to non-bank borrowers in developing countries reached $3.7 trillion at the end of last year, up from $1.5 trillion a decade earlier, according to the Bank for International Settlements.The JPMorgan Emerging Market Volatility Index, a measure of currency fluctuations, remains well below levels seen in 2008 despite pockets of turbulence in Argentina and Turkey. China’s yuan stands out for its stability over the past few months.The MSCI Emerging Markets Index is trading around 12 times estimated earnings for the next 12 months. While slightly above the historical average, that’s not an extreme reading. The gauge fetched about 15 times projected earnings in 2007, before the following year’s market slump sent the ratio to just under 6.Yields on emerging market dollar bonds are below their historical average, a sign that investor stress levels are still subdued. The current yield-to-worst reading on the Bloomberg Barclays EM USD Aggregate Index is about 5.6 percent, up from 4.5 percent at the beginning of the year. In 2008, the rate surged from 6.6 percent in January to a high of 14.3 percent in October as investors rushed for the exits.It’s worth noting again that there’s a lot of variation within the emerging world, and that’s particularly true when it comes to foreign exchange reserves . While China has a massive stockpile, reserves in countries like Argentina and Indonesia are dwindling after their central banks intervened to defend their currencies. | the world economy is enjoying its broadest upswing since 2011. growth in emerging market and developing economies is tipped to accelerate further before leveling off over the next few years. the world economy is enjoying its broadest upswing since 2011. the world economy is enjoying its broadest upswing since 2011. the world economy is enjoying its broadest upswing since 2011. | Positive |
https://www.moneycontrol.com/news/india/rupee-rebounds-from-lifetime-lows-gains-18-paise-3031891.html | Rupee and dollar
The rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar on October 10 after the American currency weakened overseas.
At the Interbank Foreign Exchange (Forex), the domestic unit opened higher at 74.18 and advanced to 74.05 on fresh dollar selling by exporters amid weakness in the greenback against some currencies overseas.
However, the rupee erased some gains and finally settled for the day at 74.21 -- up by 18 paise, registering its first rise after sixth straight sessions of losses.
On October 9, the rupee tumbled 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar.
Traders said a relief rally in domestic equity markets also boosted sentiment.
The BSE Sensex on October 10 settled for the day at 34,760.89, higher by 461.42 points, or 1.35 percent.
The broader Nifty too reclaimed the key 10,400 mark. It finished at 10,460.10, showing a significant gain of 1.54 percent.
Traders said RBI's decision to inject Rs 12,000 crore liquidity into the system through purchase of government bonds on October 11 to meet the festival season demand for funds supported the recovery in rupee.
Sentiment also got a lift after the SBI, coming to the rescue of cash-strapped NBFCs, decided to buy their assets to the tune of Rs 45,000 crore, a move that will provide liquidity support to non-banking financing companies (NBFCs) facing headwinds after a series of loan defaults by IL&FS group firms.
Meanwhile, domestic institutional investors (DIIs) bought shares worth Rs 1,526 crore, while foreign institutional investors (FIIs) pulled out a net Rs 1,242 crore Tuesday, as per provisional stock exchange data.
The FBIL set the reference rate for the dollar at 74.1316 per dollar. The reference rate for euro was fixed at 85.2637 and for the British pound at 97.6284. The reference rate for 100 Japanese yen was 65.60. | rupee ends six-session losing streak to end 18 paise higher at 74.21 against the US dollar. rupee erases some gains and finally settles for the day at 74.21. a relief rally in domestic equity markets also boosted sentiment. the broader nifty also reclaimed the key 10,400 mark. a broader rally in the bourse also boosted sentiment. | Positive |
https://www.businesstoday.in/current/economy-politics/gdp-growth-to-turn-positive-in-q3-rbi-analysis/story/425962.html | The Reserve Bank of India, in its latest bulletin on 'State of the Economy', says that positive indicators show the economy is pulling out of COVID-19's "deep abyss " and is breaking out towards a place in the "sunlight". "Although headwinds blow, steadfast efforts by all stakeholders could put India on a faster growth trajectory," an article written by the RBI officials says.
India recorded its worst-ever quarterly growth amid strict coronavirus lockdowns in the April-June quarter, which saw a slight improvement to 7.5 per cent in the second quarter. In its previous article, the RBI researchers said the GDP would shrink 8.6 per cent for the July-September quarter and that India would enter into a recession.
The economy is reflating at a pace that beats most predictions, which was evident after the National Statistical Office data for the second quarter was released, says the report.
The latest economic activity indicators suggest the real GDP growth is expected to break out into positive territory in Q3 - albeit, to a slender 0.1 per cent, it reads.
Also Read: Ind-Ra revises India's FY21 GDP contraction to 7.8% from 11.8% earlier
It says the RBI sent a powerful message by maintaining a status quo in terms of policy rates in Q2. "Growth projections - the intermediate target under a flexible inflation targeting framework and the most potent communication tool -- were revised upwards by 200 basis points from October and if they hold, the Indian economy will clock a growth rate of 14.2 per cent in the first half of 2021-22 on top of 0.4 per cent in the second half of 2020-21," the article says.
Two important forces are conspiring to bless this turning of the page on the virus, it says. "First, India is bending the COVID infection curve: since mid-September, barring localised surges, infections are slanting downwards week after week, and the recovery rate1 is nudging 95 per cent," the article added.
The RBI says a series of positive aspects are helping India get out of negative growth trajectory. A battery of vaccine candidates has successfully hit not only trial status but also suitability for transportation/trials/usage. "Second, it is now getting clearer that there is a system to the fiscal stimulus, a 'method' if you will," says the RBI.
Also read: Good news! Moody's revises India 2020 GDP target; expects contraction of 8.9% vs 9.6% earlier
Starting out with liquidity and cash, it is transiting in a calibrated fashion to supporting investment and consumption demand. The fiscal measures have been sequenced in a designed shift in focus from consumption expenditure in Pradhan Mantri Garib Kalyan Package (PMGKP) to investment expenditure in Aatma Nirbhar 2.0 and 3.0, the article opines.
"On the whole, the above-the-line fiscal stimulus will likely boost growth by close to 2 per cent of GDP in 2020-21," says the RBI.
In its conclusion, the RBI said the overall underlying trend reveals there's a pick-up in momentum of economic activity after the start of H2.
"The absence of the dreaded 'second wave' of the pandemic in India so far has imparted elevation to this momentum."
Also Read: S&P affirms 'BBB-' long-term credit rating for India; outlook stable
The article reads contractions estimates of various agencies for the year are being trimmed, and if the trend continues, the bounce back expected in the last quarter of the year may be stronger than expected.
"At the same time, efforts need to be redoubled to excoriate the 'worm in the apple' - inflation - before it hurts the impulses of growth that are taking root," they said.
The article says the views expressed in the article are those of the authors and do not necessarily represent the views of the RBI. | RBI says the economy is pulling out of COVID-19's "deep abyss" and is breaking out towards a place in the "sunlight" the economy recorded its worst-ever quarterly growth amid strict coronavirus lockdowns in the April-June quarter. the latest economic activity indicators suggest the real GDP growth is expected to break out into positive territory in Q3. | Positive |
https://economictimes.indiatimes.com/markets/expert-view/lic-is-buying-stocks-available-at-good-valuation-on-a-daily-basis-md/articleshow/75044937.cms | 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
These are extraordinary times and are something which we have never faced earlier. Definitely the premiums have been hit whether it is new business or premium collection. But one advantage we have is that we run very speedily throughout the year; so we have been able to substantially achieve whatever targets we were planning to achieve within the year. Of course, there will be loss in the business over the last 10 days but I think overall, the performance of the corporation is going to be very good.There are two kinds of customers involved. First is people whose premium was already due but whose policies were within the grace period. Let us say people whose premium was due may be up to 28 February and whose grace period would be up to 28 March; for them we have given a relaxation that up to 15 April, they can deposit their papers. For people whose premium became due in the month of March, they have been given one month extra; so their grace period would normally be expiring sometime in the month of April but they will get one month more. Besides this, the government has also given a relaxation in income tax that if they pay the premium now before June, they will be able to claim the income tax rebate in the previous financial year.Fortunately, our exposure to Ulips at this point of time was very little. So I do not think our customers will be hit much. We introduced two new Ulip policies in the month of March; one is the single premium policy which is Nivesh plus and the other is LIC’s SIIP, which gives an option of investment and insurance both. Both these policies were introduced in March only; so not much was sold. It is going to work in the advantage of the people who buy these plans now as they will be able to get better prices and more units of allotment at the initial stage.So far nothing concrete has come up about this. Unless we are able to really examine the total impact of the situation, I am not sure anybody will be able to assess what kind of relaxation may be required.One of the biggest advantage which LIC has with having a more than Rs 33 lakh crore of assets at this point of time is the huge amount of liquidity, which comes through renewal premiums as well as maturity of some of the investments which are there because of which even during this difficult time, we have been able to pay out huge amount of money to our policyholders and ensure that all our liabilities were discharged well in time.In fact I would like to tell you that in one single group insurance customer, we paid about Rs 5,000 crore in the last week of March. In spite of that, we are net buyers in the market even in the last 10 days. And we are investing almost on a daily basis because however the situation might be, there is still an opportunity. So when shares are available at good valuations, we are trying to see whatever best we can pick up.Ultimately, it will depend finally on what kind of financials come up but right now I do not see any reason for a major shift in the agenda. It is in any case a time consuming thing which is going to be there and it will entirely depend on when we start operating full time. If it happens soon enough, which we hope will happen, then it may not get impacted but if it goes on for a long time, then nobody can say anything of this.This is something which happened before the lockdown itself. This is something which has been in the pipeline even before the coronavirus problem came up and insurers had hinted at. So as a result of this, we explored the market and we were able to strike a deal whereby our rates will not change. So I would like to reassure LIC’s customers whether they are offline or online that LIC’s premium rates are not going to change because of the reinsurance issues.However, where people have been sort of competing very heavily on the premium rates, those companies are likely to have some trouble on this one but LIC does not have any worries.The way the interest rates are going down, it is something which is a universal phenomena. In fact I would like to say that interest rates have possibly gone down less in India compared to other economies of our size. We are also hoping that the impact of coronavirus on Indian economy is possibly going to be less than what has happened worldwide due to the proactive steps taken by the government.Ultimately when we are operating in the market, the customer looks at what is the comparison with the other products available; if the interest rates fall everywhere and if LIC’s rates also fall, I think competitively we are at the same place. In fact right now, if you look at it our Jeevan Shanti policy, which is one of our largest premium bringers, we are paying about 5.9% currently which I think is a very competitive rate available in the market.Then Pradhan Mantri Vaya Vandana Yojana, which was available up to 31 March also during this lockdown sold like hot cakes online. So I think on the business counter, whether it is now or whether it is at any point in the future, we should not have any more problems. Ultimately, it is a comparative rate which counts as far as customers' decision is concerned and that relationship between different products available in the market is going to continue. | LIC has a huge advantage with more than Rs 33 lakh crore of assets. a'smart' LIC has a'smart''smart''smart''smart''smart''smart''smart''smart''smart''smart''smart''smart''smart''smar | Positive |
https://www.moneycontrol.com/news/business/economy/rbis-three-year-repo-auction-sees-hefty-demand-4953021.html | The Reserve Bank of India's first-ever long term repo operation (LTRO) saw massive demand on Monday with banks bidding for 7.8 times the funds on offer.
The central bank had announced that it will auction funds worth a total 1 trillion rupees ($14.03 billion) via long-term repos at a fixed rate of 5.15% which is the current repo rate.
The RBI conducted the first such auction for 250 billion rupees for 3-year funds earlier today with banks bidding for 1.94 trillion rupees worth of funds. The RBI made an allotment of 12.86% on the 63 bids it received for 250.35 billion rupees.
The funds are expected to help lower banks cost of funds and prompt them to lend to customers in an effort to boost consumption and kickstart the flagging economy.
"We had expected 4X bid cover ratio. The demand is quite strong. It reflects that the terms of the LTRO are quite attractive," said A. Prasanna, economist with ICICI Securities Primary Dealership.
Traders said with the benchmark 3-year benchmark bond yield at 5.78%, 3-year funds at 5.15% was highly attractive and offered a straight yield arbitrage.
"Banks can also buy corporate bonds with the money and get an extra spread," a senior trader with a private bank said.
Bankers said the funds would cover several rate resetting cycles for banks and thus will also be used for lending purposes.
The RBI will be conducting a second auction for 1-year funds totalling 250 billion rupees on Feb. 24 but traders said that auction may not see as hefty demand as the 3-year one.
"There are likely to be only four auctions, so demand at all four will be high but 1-year funds are not as attractive as 3-year funds. 1-year auction will be mostly for the banks' asset-liability management desks," another senior fixed income trader at a private bank said. | the reserve bank of india's first-ever long term repo operation saw massive demand. banks bidding for 7.8 times the funds on offer. the funds are expected to help lower banks cost of funds. the RBI will conduct a second auction for 1-year funds on february 24. the funds are expected to help boost consumption and kickstart the flagging economy. | Positive |
https://economictimes.indiatimes.com/markets/ipos/fpos/varroc-engineering-ipo-subscribed-54-so-far-on-day-2/articleshow/64762576.cms | NEW DELHI: The initial public offering of Varroc Engineering was fully subscribed on the second day of the bidding process on Wednesday.Till 5:00 pm, total bids received stood at 1,44,79,575 shares, which was 1.02 times of the total issue size of 1,41,85,212 shares, NSE data showed.The portion set aside for qualified institutional buyers (QIBs) was subscribed 3.18 times, non-institutional investors 0.04 times and retail investors 0.22 times, according to data available with NSE and BSE.The offer was subscribed 33 per cent on Monday.Varroc Engineering, which supplies auto parts to Jaguar Land Rover , Bentley, Audi and Harley Davidson, raised Rs 584 crore from anchor investors including Canadian pension fund CDPQ and Smallcap World Fund Inc.The IPO will close on June 28. At the upper end of the price band, the issue will fetch Rs 1,955 crore.Founded in 1990 in Aurangabad, Varroc is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger cars and motorcycle segments worldwide.Majority of the brokerages are bullish on the issue.Nirmal Bang Securities in its research report says "Varroc is being offered at a PE of 28.9 times FY18 (vs domestic peer average of 41.6 times) and EV/EBITDA of 15.9 times FY18 (vs domestic peer average of 17.6x). Thus, based on the business capabilities, industry growth prospects and valuations, we recommend subscribing to the issue."The company has a strong competitive position in attractive growing markets has a long-standing customer relationship with low cost, strategically located manufacturing and design footprint. Also, the company has a consistent track record of growth and operational and financial efficiency. "Hence, looking after all above, we recommend “Subscribe” on the issue," says Hem Securities. | initial public offering of Varroc Engineering fully subscribed on second day of bidding process. total bids received stood at 1,44,79,575 shares, which was 1.02 times of total issue size. the company supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. the IPO will close on June 28. at the upper end of the price band, the issue will fetch Rs 1,955 crore. | Positive |
https://economictimes.indiatimes.com/news/politics-and-nation/first-ever-indian-cargo-ferry-to-maldives-opens-new-connectivity-business-links-in-southern-indian-ocean/articleshow/78334175.cms | New Delhi: The first ever Indian cargo vessel (MCP Linz) operated by the Shipping Corporation of India (SCI) reached northern Maldivian town of Kulhudhufushi on Saturday launching a new phase in connectivity in the Southern Indian Ocean Region.Despite a lockdown imposed at Kulhudhufushi, the vessel was received with fanfare and the virtual event - attended by the Foreign Minister of Maldives Abdulla Shahid, the Transport Minister Mrs. Aishath Nahula, the Island Council of Kulhudhufushi and the High Commissioner of India Sunjay Sudhir - was held to receive the vessel, according to an official statement.The maiden voyage of the direct Cargo Ferry Service between India and the Maldives was jointly launched on September 21 by Mansukh L. Mandaviya, Minister of State for Shipping (Independent Charge) and Aishath Nahula, Minister of Transport and Civil Aviation of the Maldives in a virtual ceremony. This is the first ferry service in the Indian Ocean region operated by the SCI. The service is expected to enhance bilateral trade and bring down costs for consumers.The Cargo Ferry Vessel MCP Linz operated by the Shipping Corporation of India (SCI) connects Tuticorin and Cochin ports in India with Kulhudhufushi and Male ports in the Maldives. The vessel is carrying garments, food items, kitchen equipment, coir pith, machinery tools, etc for the Maldives on its maiden voyage. It is expected to arrive in Male on September 28, according to the statement.The MCP Linz is a combination vessel which can carry 380 TEUs and 3000 MT on bulk cargo, and will have a turnaround time of 10-12 days for its voyages. The vessel has reefer plugs for refrigerated containers. This vessel provides direct cargo connectivity between India and the Maldives on a predictable and affordable basis for the first time, and will lower costs and times for traders in both countries.In his address to the People’s Majlis during his State Visit to the Maldives in June 2019, PM Narendra Modi announced India’s commitment to start a ferry service connecting India and the Maldives. An MoU was signed between the Ministry of Shipping in India and the Ministry of Transport, Maldives, on the sidelines of the State Visit. The decision to commence the Cargo Ferry Service between the two nations was announced during a virtual meeting between Foreign Minister S. Jaishankar and Foreign Minister Abdulla Shahid on August 13.Besides the expansion of markets for MSMEs in India, the Cargo Ferry service will provide an opportunity to Maldivian exporters of tuna and other marine products to scope the vast Indian market and also explore European markets through Cochin and Tuticorin ports, officials informed. | first ever Indian cargo vessel (MCP Linz) reached northern Maldivian town of Kulhudhufushi on Saturday. vessel was received with fanfare and virtual event attended by foreign minister of maldives Abdulla Shahid. it is carrying garments, food items, kitchen equipment, coir pith, machinery tools, etc for the maldives on its maiden voyage. | Positive |
https://www.financialexpress.com/economy/cabinet-nod-energy-infra-msmes-are-key-gainers/2060201/ | The government on Wednesday announced a clutch of decisions to impart momentum to the sputtering wheels of the economy — three more airports, in addition to an earlier three, will be transferred to the private sector Adani group under 50-year leases for modernisation and maintenance; more discoms will be able to raise working capital loans to the extent of their needs from the public-sector PFC-REC under a special liquidity window and clear the mounting dues to gencos; more MSMEs will find it possible to access NBFC funds under the so-called trade receivables discounting system, as the facility has been cast wider to include ‘all’ shadow lenders.
Also, the Cabinet Committee on Economic Affairs cleared a proposal to hike the fair and remunerative price (FRP) of cane to Rs 285 per quintal for the 2020-21 marketing year starting October 1 from the current Rs 275 but stopped short of raising the minimum selling price of sugar.
The Cabinet relaxed the eligibility criteria for still-not-out-of-the-woods power distribution companies (discoms) to avail working capital loans under the Centre’s new Rs 90,000 crore liquidity infusion scheme. As per the one-time relaxation, public-sector sector-specific lenders PFC-REC can now lend to discoms even beyond the cap of 25% of previous year’s revenue imposed under the Ujwal Discom Assurance Yojana (Uday) scheme. Tamil Nadu and Bihar discoms are among the ones that will benefit from the move, as these entities will now be able to raise loans to the extent of their estimated requirements under the liquidity scheme.
The discoms are supposed to use the loan amounts to clear their overdues — payment default of 60 days or more — to the generators. On an all-India basis, these dues stood at a staggering Rs 94,546 crore at the end of March 2020, according to the government’s ‘Praapti’ portal.
Tamil Nadu and Bihar had sought loans of Rs 20,622 crore and Rs 3,524 crore under the liquidity infusion scheme, and wanted the relaxation of the Uday borrowing limit. According to the design of the scheme, discoms having the headroom to borrow within the Uday working capital limits can receive the loans immediately. Discoms which have already borrowed beyond the Uday parameters will be eligible for these loans only to the extent of the amount receivable to them from their respective state governments, in the form of unpaid subsidies and dues (pending bills of civic bodies and other such institutions). Such government department dues to discoms stood at about Rs 54,000 crore across the country as on March 31. Wednesday’s Cabinet decision will primarily help discoms which have breached the working capital limit, but do not have substantial receivables from their state governments.
Paving the way for Adani Enterprises to bag three more airports — Thiruvananthapuram, Jaipur and Guwahati — the Cabinet accorded its approval for leasing of these airports to the firm for operation, management and development got a period of 50 years. Adani had emerged as the successful bidder in the global auction conducted by the Airports Authority of India (AAI) in November 2018, but certain litigation and other issues impended the handover process.
“Besides bringing in efficiency in running of these (three) airports, the upfront Rs 1,070 crore fee that will come to AAI from Adani will be used for developing smaller airports, union minister for environment Prakash Javadekar said. The government had commenced leasing process of state-run airports in November 2018 by inviting global bids for six airports, in all of which Adani had emerged as the highest bidder. Of these, Adani has already been issued letters of award for airports at Ahmedabad, Mangalore and Lucknow.
The Kerala government had moved the High Court and then the Supreme Court (SC) against the proposal of the AAI to award the airport to the Adani, which it said has no experience in managing airports. In December last year, the Kerala High Court had dismissed the plea filed by the state. In February this year, the SC sent back the dispute for adjudication back to the high court.
The move to raise cane FRP will raise the costs of cash-strapped mills by roughly Re 1 for producing each kg of sugar to at least Rs 34 and further strain their ability to clear cane dues on time unless the benchmark selling price is also revised up for 2020-21. Already, cane arrears stood at Rs 17,000-17,500 crore at the end of July, a record for this time of the year.
The Niti Aayog had in April recommended a hike in the minimum selling price to Rs 33 per kg from Rs 31now, factoring in the cane FRP of Rs 275 per quintal. A panel of ministers under home minister Amit Shah last month asked the food ministry to place the proposal before the Cabinet. Abinash Verma, director-general of the Indian Sugar Mills Association, said unless the minimum selling price of sugar isn’t revised up factoring in the latest hike in the FRP, “clearance of cane price arrears and payment of the higher FRP to farmers will get badly affected”.
The cane FRP is linked to a basic recovery rate of 10%, beyond which a premium of Rs 2.85 will be charged to mills for every 0.1 percentage point rise.
National Recruitment Agency
The Cabinet has approved a proposal to set up a National Recruitment Agency (NRA) that will conduct the Common Eligibility Test (CET) online to select candidates to non-gazetted posts in the central government and public sector banks. The Budget for 2020-21 had proposed the creation of the NRA. The NRA will conduct the first-level test by the Staff Selection Commission, the Railway Recruitment Boards and the Institute of Banking Service Personnel.
At present, on an average, 2.5-3 crore candidates appear in each of these examinations. A common eligibility Test would enable these candidates to appear once and apply to any or all of these recruitment agencies for the higher level of examination, according to an official statement. The score secured in the CET will remain valid for three years and there will be no bar on the number of attempts.
Trade receivables discounting system
To improve the cash flow of MSMEs, whose payments against supplies are stuck for more than 90 days, the Cabinet has decided to allow all non-banking financial companies to participate in the trade receivables discounting system, instead of limiting it to only select NBFCs, information and broadcasting minister Prakash Javadekar said after the Cabinet meeting. | three more airports will be transferred to private sector under 50-year leases. more discoms will be able to raise working capital loans to extent of their needs from public-sector PFC-REC. more MSMEs will find it possible to access NBFC funds under the so-called trade receivables discounting system. cabinet cleared a proposal to hike the fair and remunerative price of cane to Rs 285 per quintal for the 2020-21 marketing year starting October | Positive |
https://www.businesstoday.in/latest/trends/men-in-north-and-west-india-spend-more-on-grooming-than-south-and-east/story/390471.html | At a time when the economy is facing a serious consumption slowdown and FMCG head honchos are complaining about growth stalling, the one segment that has been showing impressive growth is male grooming.
As per a report by Nielsen, the Rs 5,000-crore male grooming segment has grown by 12.3 per cent compared to 9.4 per cent last year. In fact, the last one year has seen the launch of 177 new male grooming products.
A largely urban trend, especially popular among men in the North and West (30 per cent and 28 per cent of men in North and West, respectively invest in male grooming products, while in the South and East it is relatively lower at 23 per cent and 19 per cent, respectively), Indian men are not just investing on traditional shaving creams and razors (which continues to contribute about 53 per cent of the male grooming basket), but have also started indulging in a variety of other products in the hand and body category such as body butters, wax and face washes, especially targeted at men.
This category contributes 41 per cent (Rs 2,100 crore market) to the sales and is growing at 17 per cent. However, the category that is growing the fastest at 20.4 per cent is men's hair care, despite being a Rs 300-crore market. Here, the maximum social media chatter (almost one-fourth share of voice) happens around beards.
Beard and moustache care products in the form of oil, wash and wax have become a topic of discussion on social media and companies are going all out to innovate in this category. This also explains why the likes of Marico have invested in start-ups such as Beardo.
Social media chatter on beards and other male grooming products has also led companies to introduce male grooming gift packs on e-commerce platforms and in modern retail stores, which have increased trial of these products, says the Nielsen Report. Companies are even coming up with smaller pack sizes of products such as deodorants and body gels to trigger frequent use, as men are also learning that grooming requires careful planning and dedicated time.
The metrosexual man, according to the report, is comfortable with following a grooming regimen to look their best continuously. Sales figures also suggest that men's face cleaning products and creams, alongside deodorants, are growing in modern trade five times as fast as the growth in traditional trade. "Men want to look younger and better and that is driving consumption," says Sharang Pant, Lead, Retailer Vertical, Nielsen South Asia.
Male grooming products are growing 1.5 times higher in modern retail stores and they are doing a lot to amplify the presence of these brands by keeping them at the beginning of the personal care aisle so that it doesn't miss the attention of consumers.
Also read: Indian men spend 42 minutes everyday on grooming, says report | the Rs 5,000-crore male grooming segment has grown by 12.3% compared to 9.4% last year. last one year has seen the launch of 177 new male grooming products. social media chatter on beards has led to companies introducing male grooming gift packs. a largely urban trend, especially popular among men in the north and west. | Positive |
https://economictimes.indiatimes.com/industry/auto/auto-news/escorts-reports-21-increase-in-total-tractor-sales-at-10851-units-in-june/articleshow/76724496.cms | Farm equipment and engineering major Escorts Ltd on Wednesday reported 21.1 per cent increase in total tractor sales at 10,851 units in June. The company had sold 8,960 units in the same month last year, Escorts Ltd said in a regulatory filing.Domestic tractor sales were at 10,623 units in the month under review, as against 8,648 units in the year-ago month, a growth of 22.8 per cent, it added. Exports during June, however, declined 26.9 per cent at 228 units as compared to 312 units in the year-ago period."We have seen unprecedented demand in this month. The industry is expected to grow significantly backed by pent-up demand of the lockdown period, better farmer sentiment due to good monsoon prediction reflected in better than normal Kharif sowing, better rural cash flows owing to record crop output and crop prices, and reasonably good availability of retail finance," the company said. The industry is witnessing widespread growth in almost all markets barring one or two, it added."Our inventory levels, both with the company and with channel have been lowest ever. After necessary permissions, we were able to run our factories in multiple shifts to achieve production at about 90 per cent of the capacity," Escorts said. Supply chain situation, though better than before, continues to remain volatile, it added. | Escorts reports 21.1 per cent increase in tractor sales in June. the company had sold 8,960 units in the same month last year. exports during June decline 26.9 per cent. the industry is witnessing widespread growth in almost all markets. a lockdown period has boosted demand. a spokesman for the company says the supply chain is "very volatile" | Positive |
https://www.financialexpress.com/market/mahindra-and-mahindra-tata-motors-motherson-sumi-bajaj-auto-tvs-motors-hero-motocorp-shares-jump-more-than-nifty-sensex-since-april/2001083/ | After having fallen dramatically in February and March due to supply chain disruptions and already slowing down demand, auto stocks are now turning outperformers on stock markets, beating benchmark indices Sensex and Nifty by a large margin. Since the easing of restrictions in April, the Nifty Auto Index has jumped 42.3% while Sensex and Nifty have only managed a 21% recovery. Analysts say the sector has been helped by multiple reasons helping the sector, including the expected demand for two-wheelers and personal vehicles. The healthy tractor sales coming in from rural India.
Brokerage and research firm Motilal Oswal in a recent research note attributed the recent surge in auto stocks to the kickstart of economic recovery, where quick recovery in tractors, followed by two-wheelers and personal vehicles is being witnessed. The report claims that by mid-June, demand for the auto sector has recovered to 60–100% of pre-coronavirus levels across segments. “Valuations have now recovered, with ~20% of stocks trading at less than 15% discount to 10-year average P/BV, ~40% above 1SD below mean and with ~40% of stocks below 1SD. Also, implied terminal growth at CMP has also increased to an average of ~5.4% from an average of 3.7% earlier,” the report said. With this, the brokerage said that auto stock valuations have normalized to growth stocks from deep value.
Among the best performers in the sector has been, Mahindra & Mahindra which is up 81% since April began, Motherson Sumi which is now trading with 64% gains in the same time frame, and Hero Motocorp jumping 52%. Tata Motors has also seen a rise of 47% while Eicher Motors has surged 37%. Motilal Oswal has a BUY call on Eicher Motors, Maruti Suzuki, Tata Motors, Mahindra and Mahindra, and Ashok Leyland. While among auto ancillaries Bharat Forge, CEAT, and Motherson Sumi are recommended.
Although the auto sector has gained massively, analysts advise investors to remain cautious. “This is a contra bet right now, the retail side visibility was pretty lower earlier so now the companies are posting quarterly numbers, that will give clarity on the delar side inventory level. It is a contra bet so investors should be cautious when dealing with higher valuation stocks,” Saji John, Auto Analyst at Geojit Financial Services told Financial Express Online. Saji John added that tyre stocks are better placed owing to their linkages to the agricultural sector which is going strong on expectations of a good monsoon season.
Brokerage firm Edelweiss too is not too upbeat on the sector, downgrading the sector to Neutral. The brokerage said that the demand outlook is muted for the sector and the recent surge in stock prices leaves no margin for safety in auto stocks. “As a result (of the recent surge in share prices), valuations have mean-reverted to five years’ average versus a deep discount earlier. Hence, there is a limited margin of safety, compelling us to downgrade our view on the sector to Neutral,” it said. | auto stocks are now turning outperformers on stock markets, beating benchmark indices Sensex and Nifty by a large margin. the sector has been helped by multiple reasons including the expected demand for two-wheelers and personal vehicles. analysts advise investors to remain cautious, as auto stocks are gaining massively. the easing of restrictions in April has helped the sector recover to 60–100% of pre-coronavirus levels. | Positive |
https://www.financialexpress.com/industry/technology/work-from-home-e-learning-spur-tablet-demand/2075997/ | Work from home (WFH) and learning from home (LFH) have resulted in a strong demand for tablets during the April-June quarter in 2020, with consumers preferring tablets with a display of 10 inches and more.
As per CyberMedia Research (CMR), a strong consumer demand and good supply side dynamics by both vendors and channel ecosystem fuelled the domestic tablet market with shipments increasing by 23% quarter-on-quarter (Q-o-Q).
“This was primarily fuelled by the Covid-related lockdown and consumer demand for WFH and LFH needs. Shipment of tablets with WiFi capabilities grew a whopping 98% Q-o-Q in Q2 2020,” CMR said.
Menka Kumari, analyst (Industry Intelligence Group) at CMR, noted that as Indians continue to operate in a homebound economy, the tablet is emerging as a preferred companion device for education, remote work and for content consumption. “Fuelled by WFH and LFH needs, the tablet market grew remarkably in Q2 2020, bucking historical faltering growth trends. In addition to the consumer demand, the tablet market grew on the back of agility shown by vendors and channel partners to offer attractive discounts to capitalise on the demand.”
Given their portability and larger screen size and, more importantly, much more affordable pricing, these devices are democratising access to digital content for all family members, said Prabhu Ram, head (Industry Intelligence Group) at CMR.
Among companies, Lenovo continued to lead the Indian market with 48% market share and capitalising on opportunities in the enterprise and consumer vertical, while the number two, Samsung garnered 29% market share. Its TAB A series did well, with the Galaxy Tab A 10.1 LTE & Wi-Fi (2019) series contributing close to 25% of the Korean electronics major’s market share.
Apple was third in Q2 2020 with 12% market share. The iPad 7 Series contributed close to 7% of market share and is one of its most favoured models. Apple also launched a new iPad Pro 2020 version with keypad, which is suitable for e-learning and content creators.
Shipments of tablets with 7-8 inches display constituted 35% of the overall shipments in the India market, while those with 10-inch and above displays contributed to 64% of the shipments.
Going ahead, Kumari said growth prospects continue to remain favourable with the market anticipated to grow 15-20% in July-December 2020. “Revival in the tablet market will continue in the coming quarters, driven by pandemic-related school and work closures. While the initial resurgence in tablet shipments could be attributed to pent-up demand, the demand going forward will be based on consumer realisation that this is the new normal,” she added. | tablets with 7-8 inches display constituted 35% of overall shipments in the india market. shipments of tablets with WiFi capabilities grew a whopping 98% Q-o-Q in Q2 2020. meanwhile, e-learning and content creators are increasingly using tablets. meanwhile, e-learning and content creators are using tablets to access content. | Positive |
https://economictimes.indiatimes.com/mf/analysis/auto-sector-will-feel-the-maximum-pain-this-year-prashant-jain/articleshow/76090346.cms |
Expect income to be disrupted in the most vulnerable sections of the society, says ED & CIO, HDFC AMC.You are right. I do have a value bias and you could say I have been one on a few occasions earlier than one would have liked to be. But what is value investing? It is simply saying that I want to buy a business that is strong, that is well-managed and at a price which I believe is lower than the fair value. The discovery of fair value at times is a function of the environment in the market and this time around value investing has struggled for longer than what we had anticipated.Initially, it was driven by the elongation of the corporate NPA cycle and the delay in resolutions in the IBC. When we made good progress around that, we were hit with this. Look at what has happened to many NBFCs and small banks. They have lost 70-80% value and in many cases, the permanent damage to those values is more than in the large banks which will come back pretty strong. So I think it is returns delayed and not returns denied and clearly this tests the patience of our investors or people like me and this is one of the difficulties in investing, especially in a benchmark situation.Let us go back 10 or 12 years and think about what were the hot sectors and what were the most preferred or the least preferred sectors? Utilities 10-12 years back was the most preferred sector and surprisingly, FMCG and pharmaceuticals which were the least preferred sectors. People willingly and happily bought these utilities at two times, three times price to book and they did not want to participate in FMCG and pharmaceutical companies in low double digit or high double digit multiples. That is when my funds did the opposite. We bypassed the whole infra boom and the subsequent pain and we were significantly overweight consumers, pharma etc. It caused a lot of pain in 2007 but the next few years were extremely strong. Today what is happening is, you have just the opposite situation. We have seen these FMCG companies go up from 12 to 20 PEs to all the way up to 70-80 PEs and on the other hand, the utilities have steadily moved down from two times or three times price to book to below book and the dividend yields on the utility space are now in many cases one time bond yields and in a few cases two times and in some cases possibly 2.5-3 times the dividend yields.Let us not forget that the environment that we are facing; one, it is of low interest rates and both the government and the RBI will keep on trying to push interest rates lower because it will make life easier for the borrowers, for the companies, for consumption and for the government itself. When interest rates move that low, it is supportive of high dividend yield stocks and these dividend yields are growing. So if you look at the per capita power consumption in India, it is a fraction of the world. So I think power in India represents a growing business and it is not a typical utility that they will not grow. If you look at the growth rates of these companies in the past and the future, they are quite respectable.On the other hand, what is the real impact of wages and on livelihoods? One is of course corporate profits and stock markets but the bigger issue here is that the share of the bottom half of Indian households in India have a 15% share of the GDP; that is it. So what that means is the monthly income of these people is Rs 25,000 a month. Now just imagine what is happening to retail, construction, service sectors, to SMEs and MSMEs. There will be a significant social impact. Incomes will be disrupted in the most vulnerable sections of the society. And unfortunately, over the last two decades because of the easy availability of small ticket retail loans and because of the propensity to consume, the savings with the lower income groups is much lower compared to what they used to be 10 or 20 years back.So I think because of the real impact on incomes, because of the fear of the uncertain environment and also because you may have EMIs to service, there will be a sharp cutback on consumption. And I think some people feel that FMCG is just basic; it is not discretionary at all. I do not think that is entirely true. To spend a few hundred rupees on an expensive chocolate or a biscuit or a juice or shampoo or deo or a skin whitening cream. These may not be discretionary for the middle and the high income groups but remember these are mass market products. There are tens of crores of customers consuming these and the incomes of many of them are going to be impacted. So these products become discretionary for those income groups especially at times like these. My view is let us see how things play out. I am also very keenly watching this. I think the growth in this space will be disappointing compared to what the expectations are and it does not justify the very rich multiples that this sector is trading at. But I would again like to revisit this with you after six or nine months. By then I think we will have greater clarity on this issue.If you see the last few years, the growth itself was in single digits. If you look at the two-wheeler sales growth or the four wheeler sales growth in the best of economic conditions, it was in single digits. And I think for some of these companies, a fair part of the earnings are also coming from other income. In fact in some cases, it could be as much as 30-40%. As you rightly said, they have cash on the balance sheets.I think this sector will feel the maximum pain in the current year. One, as you got into the current year itself, the sales were weak for the last few years and quarters. Number two, this a high fixed cost business at least in pockets and I am clubbing the auto ancillaries also in this space. So when volumes drop 20-30-40%, I do not think anyone has a clear sense on how much volumes will drop but they will drop quite sharply. While the other income component is very good for the balance sheet, at least for the larger companies, what will also happen is while you were earning 8-9% return on that cash, it is likely to fall to 4%. So the other income component will also take a hit. If you build in these kinds of numbers and even if you build in reasonable recovery, let us assume that next year life moves back to where it was in FY 20; even then the valuations are reasonable and are not screaming buys.However, the risks are considerable because it is a very big assumption that the volume comes back to where we were last year. Please understand the impact on wages is real and I do not think once companies get used to lower costs, they will let go of those costs. And when I speak with companies, the impact on wages is significant and auto at the end of the day is a discretionary product. There would be a very small section of people who can afford to buy an automobile; a two wheeler or four wheeler but who do not have one and because of the need to keep social distance, that demand may be there and in next few months, those who were contemplating to buy have not been able to buy. So in the next few months, we could see a surge in sales. Current indications are not that but it is possible. But I would like to wait for some more time before I can take a view on the likely revival in automobiles. | ed & cio: value investing is simply buying a business that is strong, well-managed. he says he has been a value bias on a few occasions earlier than one would have liked. ed & cio: 'value investing is a matter of finding a business that is strong' he says 'value investing' is a way of identifying the true value of a business. | Positive |
https://www.financialexpress.com/market/future-supply-chain-ratings-company-is-poised-for-strong-growth/1520445/ | By Bank of Baroda Capital Markets
Future Supply Chain Solutions (FSCSL) is among the leading players in India’s contract logistics space, where its deep expertise in consumer-oriented supply chain management paired with astute technology investments equips it well to capitalise on the robust 3PL industry prospects (17-18% CAGR). We expect rapidly growing anchor customers (Future Group entities) and a diversified non-anchor clientele to catalyse strong revenue/earnings CAGR of 28/27% over FY19-FY21 – initiate coverage with Buy and a Mar’20 target price of `780.
Differentiated player with niche focus
Established as a captive supply chain management arm for the Future Group’s retail business in 2006, FSCSL has since emerged as one of the leading contract logistics players in India with niche expertise in consumer supply chains (90%+ of revenue) – a key competitive moat considering that consumer verticals (durables, retail, fashion) have complex logistic needs and also offer the best growth opportunities in the 3PL space.
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Rapidly growing anchor clients
Consensus estimates peg revenue growth for FSCSL’s three key anchor customers at 18% over FY19-FY21. FSCSL is more than doubling warehouse space to 10 mn sq ft by FY20 over FY18 to cater to its fast-growing anchor customers (62% of revenue, >40% growth over FY15-FY18) and expanding non-anchor base.
Strong growth ahead
Established credentials, a robust client base, technology investments and conducive industry dynamics are forecast to drive a 30/17% CAGR in FSCSL’s contract logistics/express businesses for FY19-FY21. Standalone revenue/ Ebitda/earnings are forecast to log a robust 28%/31%/27% CAGR.
Initiate with Buy
We value FSCSL at 25x FY21E P/E, at a 20% discount to Mahindra Logistics’ 30x P/E multiple, yielding a Mar’20 target price of `780.
Investment thesis
While retail-focused Future Group entities — Future Retail, Future Lifestyle and Future Consumer — remain the mainstay anchor customers, the company has broadened its client base such that non-anchor customers formed 38% of revenue in 9MFY19. It has also added several value-added services to its repertoire. | future supply chain solutions (fscl) is one of the leading contract logistics players in india. its deep expertise in consumer supply chain management paired with astute technology investments equips it well to capitalise on the robust 3PL industry prospects (17-18% CAGR) we expect rapidly growing anchor customers and a diversified non-anchor clientele to catalyse strong revenue/earnings CAGR of 28/27% over FY19-FY21. | Positive |
https://www.moneycontrol.com/news/business/markets/trade-setup-for-friday-top-15-things-to-know-before-opening-bell-68-4781081.html | Bulls gained control of Dalal Street on January 2 as strong global and local cues pushed Nifty within striking distance of fresh record highs and led to over 300-point rally in the BSE Sensex.
The S&P BSE Sensex rose 321 points to 41,627 while the Nifty 50 ended at fresh record closing high of 12,282 with gains of nearly 100 points.
According to Vinod Nair, Head of Research at Geojit Financial Services, government’s plan of more than doubling CAPEX over the next 5 years, and the firming up of steel prices after the US and China announced a date to sign the trade deal, pushed the market higher. He believes expectations from the Union Budget, and positive data like GST revenue and 7-month high on India factory production led to the broad-based rally.
“The hike in steel prices undertaken by steelmakers boosted the market sentiment heavily. The move indirectly suggests a recovery in the core economy-related sectors like infra, capital goods, cement, commodities and transport going ahead. Technically, Nifty is heading towards 12,350 level, while on the lower side, 12,250-12,240 would act as major supports for the market,” said Shrikant Chouhan, Senior Vice-President - Equity Technical Research at Kotak Securities.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
According to the pivot charts, the key support level for Nifty is placed at 12,221.63, followed by 12,161.07. If the index continues moving up, key resistance levels to watch out for are 12,316.33 and 12,350.47.
Nifty Bank
Nifty Bank closed 1.04 percent up at 32,443.85. The important pivot level, which will act as crucial support for the index, is placed at 32,221.67, followed by 31,999.53. On the upside, key resistance levels are placed at 32,565.67 and 32,687.53.
Call options data
Maximum call open interest (OI) of 22.63 lakh contracts was seen at the 12,500 strike price. It will act as a crucial resistance level in the January series.
This is followed by 12,700 strike price, which holds 16.47 lakh contracts in open interest, and 12,200, which has accumulated 14.8 lakh contracts in open interest.
Significant call writing was seen at the 12,700 strike price, which added 1.49 lakh contracts, followed by 12,600 strike price that added 1.42 lakh contracts.
Call unwinding was witnessed at 12,300 strike price, which shed 2.2 lakh contracts, followed by 12,200 which shed 1.6 lakh contracts.
Put options data
Maximum put open interest of 38.7 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the January series.
This is followed by 12,200 strike price, which holds 19.32 lakh contracts in open interest, and 11,800 strike price, which has accumulated 14.75 lakh contracts in open interest.
Put writing was seen at the 12,300 strike price, which added nearly 4.36 lakh contracts, followed by 12,000 strike, which added 3.26 lakh contracts.
A minor put unwinding was seen at 12,500 strike price, which shed 8,025 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
74 stocks saw long buildup
Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.
5 stocks saw long unwinding
26 stocks saw short build-up
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on open interest (OI) future percentage, here are the top 10 stocks in which short build-up was seen.
40 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short covering. Based on open interest (OI) future percentage, here are the top 10 stocks in which short-covering was seen.
Bulk deals
(For more bulk deals, click here)
Upcoming analyst or board meetings/briefings
Authum Investment & Infrastructure: The board will meet on January 3 for a general-purpose.
Octaware Technologies: The board will meet on January 3 for a general-purpose.
Deccan Bearings: The board will meet on January 3 to consider and approve their quarterly results.
Mitshi India: The board will meet on January 4 to consider and approve preferential issuance of shares.
Unitech: The board will meet on January 4 to consider and approve their quarterly results.
Stocks in the news
SBI, Union Bank: The State Bank of India (SBI) and Union Bank of India are looking to sell their non-performing loans totalling Rs 2,836 crore to banks, asset reconstruction companies and other financial institutions.
ONGC: The company on January 2 walked away with all the seven oil and gas blocks on offer in the latest bid round that saw just eight bids coming in.
Hero MotoCorp: The country's largest two-wheeler maker Hero MotoCorp on January 2 reported a 6.41 percent decline in total sales at 4,24,845 units in December 2019.
MTNL: MTNL has started the process to monetise assets worth Rs 23,000 crore as it aims to turn profitable in the next fiscal year, PTI reported.
TVS Motor Company: The company reported a 14.67 percent decline in total sales to 2,31,571 units in December 2019.
IIFL Securities: Billionaire investor Rakesh Jhunjhunwala's RARE Enterprises bought 27,84,879 shares of the company in a bulk deal on BSE.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 688.76 crore, while domestic institutional investors (DIIs), too, bought shares of worth Rs 63.95 crore in the Indian equity market on January 2, provisional data available on the NSE showed.
Fund flow
Stock under F&O ban on NSE
Yes Bank is under the F&O ban for January 3. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit. | bulls gained control of Dalal Street on January 2 as strong global and local cues pushed Nifty within striking distance of fresh record highs. the S&P BSE Sensex rose 321 points to 41,627 while the Nifty 50 ended at fresh record closing high of 12,282 with gains of nearly 100 points. government’s plan of more than doubling CAPEX over the next 5 years, and the firming up of steel prices after the US and China announced a date to sign the trade | Positive |
https://www.businesstoday.in/latest/trends/xiaomi-launches-mi-power-bank-3-with-30000mah-battery-check-price-other-details/story/406904.html | Chinese smartphone maker Xiaomi has launched its largest power bank - Mi Power Bank 3 - with a massive 30000mAh battery capacity. Xiaomi's latest power bank would be able to hold enough juice to charge the latest iPhone SE over 10 times and its flagship Mi 10 smartphone around 5 times. New iPhone SE has a battery capacity of 1821 mAh, while the Xiaomi Mi 10 comes with a 4780 mAh lithium-ion battery.
The latest power bank from Xiaomi, with a big upgrade over Power Bank 2, has currently been launched in China, but Xiaomi is likely to bring its latest power bank to other international markets, including India.
Price
The Xiaomi Mi Power Bank 3 costs CNY 170, (approximately Rs 1,800) in China, and if the company decides to bring the Power Bank 3 to the Indian market, the expected price of Rs 1,800 could be quite attractive.
Recently, Xiaomi's rival Realme has also launched new power banks in China and is now expected to launch in India. The Mi Power Bank 3 is available for sale via JD.com starting June 18 in China.
Connectivity and Features
Xiaomi Power Bank 3 features two full-size USB-A ports with 18W output, one USB-C and one micro USB connector. You can get from the USB-A and USB-C ports.
The power bank also comes with a low-current mode for small gadgets like smartwatches or Bluetooth earbuds, which have trouble charging from some power banks. Most power banks have issues providing the required current to these devices.
Power Bank also comes with smart compatibility mode, which helps different brands of mobile phones and tablets, to meet the needs of photographers, couriers, outdoor anchors, backpackers, among others.
The Mi Power Bank 3 would be able to charge at up to 24W from its USB-C port and would take around 7.5 hours for its battery to be charged 100 per cent. The micro USB port's power handling capacity, however, is only limited to 18W.
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Also Read: NCLT allows Jet Airways to sell office in Mumbai's Bandra Kurla Complex | Xiaomi's latest power bank would be able to charge the latest iPhone SE over 10 times and its flagship Mi 10 smartphone around 5 times. the power bank is expected to be launched in other international markets, including india. the power bank is available for sale via JD.com starting June 18 in china. it comes with a low-current mode for small gadgets like smartwatches or Bluetooth earbuds, which have trouble charging from some power banks. | Positive |
https://economictimes.indiatimes.com/news/economy/policy/budget-2019-consumption-oriented-industry-officials/articleshow/67791707.cms | The slew of reforms announced by interim Finance Minister Piyush Goyal in the Budget on Friday will spur consumption of both rural consumers and the middle class, companies said.Management consulting firm EY partner, leader consumer and retail tax Paresh Parekh said: “Three key changes - higher personal disposable income due to higher tax rebate for up to Rs 5 lakh, more rural disposable income because of farmers package and interest subventions, and real estate and housing sector proposals like no notional tax on second home, capital gains tax exemption for two homes and no notional tax for unsold real estate inventories up to two years are potential game changers for the entire economy and the consumer sector in particular.”Among the measures announced, the FM said that under the Prime Minister Kisaan Samman Nidhi scheme, farmers holding up to 2 hectare of land will be given Rs 6,000 per annum via direct income support, and that the money will be transferred in three equal instalments of Rs 2,000 each, which will directly bring more money in the hands of rural consumers.This, industry stakeholders said, is much needed after the dual impact of currency ban and the implementation of the GST which had negatively impacted spending power of the middle class as well as the rural sector in the last two years.Consumer goods maker Dabur chief executive Sunil Duggal said: “The measures announced in the Budget are consumption-oriented, and will spur spending across bottom-of-pyramid consumers as well as lower middle class consumers, for both staples and discretionary products.”The focus on rural reforms such as MGNREGA and electrification of villages will also fuel consumption, officials said. Reforms include a hike in MSPs by 50%, creation of the PM Kisaan Fund for small and medium farmers, income support for farmers holding less than two hectares land and increase in tax-free gratuity from Rs 10 lakh to Rs 20 lakh. | reforms include higher personal disposable income due to higher tax rebate for up to Rs 5 lakh. farmers holding up to 2 hectares of land will be given Rs 6,000 per annum. reforms include a hike in MSPs by 50% and creation of the PM Kisaan Fund. a focus on rural reforms such as MGNREGA and electrification of villages will also fuel consumption, officials said. | Positive |
https://www.financialexpress.com/market/commodities/uttar-pradesh-ushers-in-agri-reforms-waives-mandi-tax-for-46-fruits-veggies/1951658/ | In its first major move to usher in reforms in agri marketing space and promote farm-to-fork initiative, the Uttar Pradesh cabinet on Wednesday approved an ordinance de-listing 46 fruits and vegetables from the provisions of the APMC. This effectively eliminates the role of middlemen and allows farmers to sell their produce directly to consumers and traders outside the mandi yard.
By doing this, the government has not only done away with the condition of farmers bringing their produce to state mandis, but has also exempted them from paying the mandi tax. Farmers will now be free to sell these 46 commodities directly to food processing units and consumers at the farm itself and also sell their produce through the digital platform e-NAM and need not pay any tax. This would not only save them from paying the mandatory 2% mandi tax, but would help them reduce around 15% losses incurred in loading and unloading of their produce at the mandis. Besides, they would also save the transportation cost incurred in taking their produce from their fields to the mandis.
Agriculture minister Surya Pratap Shahi said the move was aimed at decongesting the mandis in view of the Covid-19 and would also help farmers enhance their income. “Now, licensed traders or common consumers can buy products from farmers outside the premise of mandis and farmers will be free to sell their products to food processing units or to anyone.”
He said the Cabinet also gave the nod for the proposal for permitting warehouses, silos, cold storages to set up farmers-consumer platform and realise user charges from traders for using the places as sub-mandi. “We have also taken steps to develop farmer consumer markets, which will allow vegetable growers to sell their produce at new small markets near their fields and villages.”
The state’s move comes in the backdrop of the Centre’s April 4 directive to states, asking them to facilitate direct purchase of farm produce by big retailers, aggregators and food processors. The idea behind the move is to unshackle the farmer community hit hard by the current lockdown from the fetters of the agricultural produce market committees (APMCs) that control mandis. While most states have already de-listed fruits and vegetables from the purview of APMCs, Uttar Pradesh is probably the last major state to do so. | the move is to usher in reforms in agri marketing space. it effectively eliminates the role of middlemen and allows farmers to sell their produce directly to consumers and traders outside the mandi yard. farmers will be free to sell these 46 commodities directly to food processing units and consumers at the farm itself. they will also sell their produce through the digital platform e-NAM. | Positive |
https://www.moneycontrol.com/news/business/companies/reliance-jio-silver-lake-deal-key-highlights-5217511.html | American private equity giant Silver Lake Partners has bought 1 percent of Jio Platforms for $750 million in a deal that values the digital unit of Reliance Industries Ltd (RIL) at $65 billion.
Commenting on the transaction with Silver Lake, Mr. Mukesh Ambani, Chairman and Managing Director - Reliance Industries Ltd, said, “I am delighted to welcome Silver Lake as a valued partner in continuing to grow and transform the Indian digital ecosystem for the benefit of all Indians. Silver Lake has an outstanding record of being a valuable partner for leading technology companies globally. Silver Lake is one of the most respected voices in technology and finance. We are excited to leverage insights from their global technology relationships for the Indian Digital Society’s transformation.”
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Here are the key highlights of the deal:
> The investment is Rs. 5,656 crore in rupee terms for a 1.15 percent stake
> At this equity value, this is 52 percent of the total market cap. of Reliance
> This reaffirms that Jio continues to grab significant global attention for its deep understanding of the Indian markets, the rapid digitisation opportunity post-covid and our capabilities to bring cutting-edge technologies and tools such as AI, Blockchain, AR/VR, Big data into play for all Indians.
> The world’s largest tech investor is investing in Jio. SLP has a terrific track record of investing in some of the largest and successful tech companies globally such as Twitter, Airbnb, Alibaba, Dell Technologies, ANT Financials, Twitter, Alphabet’s Waymo and Verily amongst others.
> This is the first sizable investment by SLP in India.
> This reaffirms Jio’s tech. capabilities and the potential of the business model even in this COVID-19 world and beyond.
> This is at a 12.5 percent premium over the FB deal announced on April 22, 2020.
Follow our complete coverage of the Jio Silver Lake coverage here.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. | silver lake partners has bought 1 percent of Jio Platforms for $750 million. deal values digital unit of Reliance Industries Ltd (RIL) at $65 billion. reaffirms Jio's tech capabilities and potential even in COVID-19 world. at 12.5 percent premium over the FB deal announced on April 22, 2020. 'this is the first sizable investment by SLP in india,' says chairman and Managing Director. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/upside-looks-limited-for-balkrishna-industries-on-slowing-demand-trend/articleshow/76530713.cms | The stock of off-highway tyre maker Balkrishna Industries has gained 77% in the past three months, outperforming the 45% return of the S&P BSE Auto index. While investors have rewarded the company for its resilient volume growth in challenging times, its current valuation looks stretched. In addition, given the slower expected volume growth for the current fiscal and dwindling demand from its overseas industrial clients, the upside for the stock looks to be limited.Mumbai headquartered Balakrishna caters to the agriculture, and industrial sectors including mining. The company’s volume grew by 5% in the March 2020 quarter thanks to a steady replacement demand from the overseas market. The demand for the agricultural tyres in the US and the European markets was able to offset lacklustre volumes from the industrial sectors.The demand for agricultural tyres, which form two-third of the total volume, grew by 8% year-on-year to 37,678 tonnes in the March quarter. On the other hand, the tyre volume from the industrial and mining operations fell by 2.7%. The company’s volume grew by 9% annually between FY10 and FY20 to 2,01,760 tonnes. But, the pace is likely to slow down.The demand from the industrial segment will be most affected due to slower ramping in mining activities and lower capital expenditure by global companies. The company expects FY21 volume trend to be similar to the previous year when the volume dropped by 4.5%. In addition, the revenue trajectory of global peers such as Trelleborg Wheel and Titan International has not been encouraging. The deceleration in volume from the historical average and a hazy demand visibility may impact the company’s stock valuation.On the flip side, a backward integration to produce carbon black, a key raw material, may support operating margin to some extent. Analysts expect a margin of 30% for the current and the next fiscal compared with 28.5% in the previous fiscal.Balkrishna has so far enjoyed a steep premium valuation over the conventional tyre makers due to superior margins and a higher market share led by a strong labour arbitrage. At Tuesday’s closing price of Rs 1,242, the stock was traded at 25 times one-year forward earnings. This was at a 45% premium to its five-year average, according to Bloomberg. The extent of the premium valuation may compress due to slow volume growth and muted global demand. | the stock of off-highway tyre maker balkrishna Industries has gained 77% in the past three months. the company's volume grew by 5% in the March 2020 quarter thanks to a steady replacement demand from the overseas market. the demand for agricultural tyres in the us and the european markets was able to offset lacklustre volumes from the industrial sectors. | Positive |
https://www.moneycontrol.com/news/business/personal-finance/should-us-equities-be-the-core-investment-in-an-indian-portfolio-5687631.html | US equity markets are the largest in the world, with a market cap of around $30 trillion, representing around 35 per cent of the global stock market capitalization. With a nominal GDP of around $21 trillion, the US economy represents around 25 per cent of the global pie. No other single country comes close to being such a significant part of the global economic and financial system.
US-listed companies, as a group, can be considered truly global with more than 40 per cent revenues coming from international markets such as Europe and Asia. These companies follow the most transparent disclosure norms and are under constant scrutiny from regulators and analysts.
The US markets get the largest allocation from investors across the globe. However, most Indians, except ultra-high net worth individuals (UHNWI) and family offices, remain unaware and unexposed to the US markets.
Isn’t the US market in a bubble?
To test that assumption, a few valuation multiples and profitability ratios for the US markets are compiled. In the US markets, the S&P 500 represents large caps, S&P 600 the small caps, Nasdaq 100 represents the technology sector large caps, while S&P small cap IT is self-descriptive. For the financial data, an ETF tracking the index has been used.
For valuation multiples, PE (price-earnings), PCF (price to cash flow) and PB (price to book) are used. In the US, the GAAP earnings have numerous non-cash expenses and hence PCF based on cash flows is a more representative ratio. Similarly, the cash flow return on equity CFRoE is a better representation of the profitability of companies.
What are the expected returns?
Focusing on the PCF ratios, the US markets clearly do not look overvalued. In fact, for the S&P 500, a PCF of 13.64 is equivalent to a cash flow yield of nearly 7 per cent. The nominal US GDP has grown at nearly 4 per cent over the last decade, which is likely to continue in the long term. Assuming 25 per cent-50 per cent of the cash flow yield is reinvested for achieving the 4 per cent growth, the S&P 500 would yield an estimated 7.5 per cent-10 per cent in USD returns over the long term, similar to the historical S&P 500 returns. With a historical rupee depreciation of 2.5 per cent-5 per cent, the S&P 500 expected returns in INR terms are estimated at 10 per cent-15 per cent in the long term. This compares well with the long-term Nifty returns of 9.63 per cent since inception. (Source: Nifty 50 Index factsheet at niftyindices.com). Please note that all estimates in this article are based on the assumptions made and actual results could be different.
Similarly, the S&P 600 small caps provide an expected return of 11 per cent-14 per cent in USD and 13.5 per cent-19 per cent in INR. The Nasdaq 100, with higher growth rates of 8 per cent, provides an expected return of 11 per cent- 12 per cent in USD and 13.5 per cent-17 per cent in INR while the small-cap IT stocks provide an expected return of 12 per cent-14 per cent in USD and 14.5 per cent-19 per cent in INR.
Will Fed’s actions weaken the US dollar?
The US Fed has injected trillions of dollars in a matter of months. Normally, any increase in currency circulation without a corresponding increase in the real GDP should result in currency depreciation. However, similar actions from the other central banks towards their currencies makes dollar weakening unlikely. The relative strength of the US economy probably creates a bias towards appreciation of the dollar vis-à-vis other currencies. The dollar is likely to remain strong in the long run on the back of significant international revenue share of US companies and the global dominance of its technology sector. Any weakening of the dollar only makes the export competitiveness of the US stronger and would quickly stabilize the dollar further because of larger export volumes.
How should one invest in the US markets?
As shown above, the risk-rewards differ considerably across different segments of the US market. A curated multi-cap portfolio could avoid companies with weak balance sheets, thus enhancing safety, while adding companies at discount to their intrinsic values, thus enhancing returns.
The global economy is undergoing a multi-trillion-dollar, multi-decadal digital transformation. There are nearly 200 US companies, including FAANGs, in the areas of Artificial Intelligence (AI), Internet of Things (IoT), 5G, Cloud, Cyber Security etc. Many of these companies enjoy persistent advantages arising out of intangible assets like patents or network effects while being available below their intrinsic value from time-to-time.
“While the good player goes where the ball is, the great player goes where the ball is going to be.”
The smart investor would allocate to the US multi-cap—where the ball is—and also to the US technology sector—where the ball is going to be.
(The writer is CEO & Chief Investment Strategist, OmniScience Capital) | the US economy is the largest in the world, with a market cap of around $30 trillion. the nominal US GDP has grown at nearly 4 per cent over the last decade. most Indians, except ultra-high net worth individuals, remain unaware and unexposed to the US markets. the US markets get the largest allocation from investors across the globe. but most Indians, except ultra-high net worth individuals (UHNWI) and family offices, remain unaware and unexposed to the US markets. | Positive |
https://economictimes.indiatimes.com/small-biz/sme-sector/will-provide-15-equity-infusion-in-msmes-that-want-to-tap-the-capital-market-nitin-gadkari/articleshow/76637194.cms | Growth-oriented MSMEs looking to list on bourses can get 15% equity infusion from Govt: Nitin Gadkari MSMEs that are growing fast, have a good track record of GST, income tax and bank turnover; will get a rating through a simplified system. On the basis of that the Government will provide 15% equity infusion, which will be a good support for MSMEs looking to tap the capital market, says Union Minister for Micro, Small and Medium Enterprises, Nitin Gadkari.
AP
Hit particularly hard by the economic fallout of the Covid-19 pandemic, the micro, small and medium enterprises ( MSMEs ) across the country have struggled to keep their business running. The Government on its part has tried to provide a lifeline through policy and procedural announcements. In a conversation with ET Digital, Union Minister for Micro, Small and Medium Enterprises,, outlines his plan for the future, how he plans to tackle the problem of unpaid dues of small businesses and to get foreign investors to put money in MSMEs. Edited excerpts:It is very clear that MSMEs are facing acute problems and that there is a problem of working capital. We had to protect people from the virus and that is the reason why we had to close everything. Demand and supply were severely impacted, but we are trying to move on now. There is no lockdown at the moment, we have taken preventive measures, and we are supporting people. We need to now understand the art of living with Coronavirus. We need to start our businesses and industries, but at the same time protect ourselves.Across India, national highway traffic is back at 70-80% levels, our ports are now open and export-import has resumed. At the same time our markets are now open, services business are back, but we still need to take some preventive measures. I have a feeling things will get back to normal to the tune of 70-80% this month.There is also an apprehension that most industries are dependent on migrant labour, which would now be impacted. However, many that migrated to their home states now want to come back. I would suggest they apply to their district collectors and coordinate. The industries are ready to give them jobs, and my prediction is regular, routine work will start soon. We need normalcy in our lives, but with preventive measures.Watch the entire interview with the Minister for MSME, Nitin GadkariI do not know on what ground people are talking about this. The Chief Minister of Maharashtra is clear, many in the Government are clear and I do not think there is any talk in the State Government or the Central Government to go for another lockdown. However, this period is also very complicated because the number of people infected by Covid-19 is only increasing. We need to protect ourselves, and again, I would say, we need to understand the art of living with Coronavirus.Through the Pradhan Mantri Jan-Dhan Yojana (PMJDY) we have already transferred some amount directly to the accounts of the poorest. However, it is important to understand that the Government is not in a position to fulfill such expectations. They way we have decided to support small businesses will also enable them to resolve their problems.We are providing additional working capital finance of 20% of the outstanding credit as a Term Loan at a concessional rate of interest. This will be available upto Rs 25 crore outstanding and businesses with a turnover of up to Rs 100 crore. The collateral-free loan amounts to a total liquidity of Rs. 3.0 lakh crore and will benefit more than 45 lakh MSMEs.We have also created a Rs. 20,000 crore subordinate debt for two lakh MSMEs that are NPA or are stressed so that banks are able to restructure them. We have also created a Fund of Funds of Rs 50,000 crore for equity infusion. MSMEs that are growing fast, have a good track record of GST, income tax and bank turnover; will get a rating through a simplified system. On the basis of that we will provide 15% equity infusion. This will be a good support for MSMEs looking to tap the capital market.The most significant and historic decision has been the change in definition of MSMEs. Earlier the classification was divided into services and manufacturing. Now there is only one category and distinction between manufacturing and service sector has been eliminated. Accordingly, the new definitions state that to be classified as micro manufacturing and services unit, a business needs Rs. 1 crore of investment and Rs. 5 crore of turnover. The limit of small unit has been increased to Rs. 10 crore of investment and Rs 50 crore of turnover. To be classified as a medium manufacturing and service units, the limit is Rs. 50 crore of investment and Rs. 250 crore of turnover. These are significant changesWe have also asked the Government and Public Sector Units to clear all dues to SME within 45 days. I have also requested all Chief Ministers to pass similar orders when it comes to state PSUs. I have also requested all industries to give priority to clearing dues of MSMEs. If MSMEs get their dues on time, it will greatly benefit the working capital situation.Beyond this, at the moment we need technology upgradation and foreign investments in MSMEs. We can get foreign investment through an MSME stock exchange.We do not want to make new exchanges, but we need to make some arrangements. We are working on that idea, but the thought is that the Government will give 15% equity infusion to MSMEs that want to take the capital market route. When they raise funds on these exchanges in 2-3 years or when their share prices appreciate, we can sell our equity and reinvest in another promising SME. The amount of Rs 50,000 crore will be a rolling fund, which we will use to constantly invest. We are currently making the rules and regulations because this is a new concept and we will launch this scheme as early as possible.We have the Samadhaan portal through which we have cleared due to the tune of about Rs 40,000 crore. However, it lacks the teeth and we are now in serious discussion and consultation with the Ministry of Finance and the Company Affairs Ministry . We have a lot of suggestions, but this is not the appropriate time to take a strong decision. We will, however, find a way out.We have a good coordination with the foreign investors. We have specially appointed a Joint Secretary and the government has already appointed officers for this. Three state governments, Gujarat, MP and UP have amended labour laws to attract industries moving out of China.India's domestic market is a strength, skilled manpower is available, raw material is obtainable, and we have a good presence in the international markets. This is the opportunity for our industry to take advantage and increase our exports. We are taking all measures to ensure that those interested can get all clearances as early as possible. We want to roll out the red carpet for foreign investment. | a new simplified system will help growth-oriented MSMEs list on bourses. government will provide 15% equity infusion to help them tap the capital market. apne: "there is no lockdown at the moment, we have taken preventive measures" apne: "we need to understand the art of living with Coronavirus" apne: "we need to start our businesses and industries, but at the same time protect ourselves" | Positive |
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