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https://www.businesstoday.in/sectors/auto/renault-eyes-rural-market-to-cement-position-in-india-to-soon-launch-duster-turbo/story/411789.html | French automaker Renault aims to drive in new models and focus on sales initiatives, especially in rural areas, as it looks to strengthen its position in India, which continues to remain one of the top ten markets for it globally, according to a top company executive. The company recently introduced automated manual transmission (AMT) trims for entry level Kwid and new entrant Triber, in addition to the manual transmission variants.
The company is now gearing up to further bolster its product portfolio.
"We will soon launch Duster with an all-new turbo engine (petrol), making it the most powerful SUV in its segment," Renault India Operations Country Chief Executive Officer and Managing Director Venkatram Mamillapalle told in an interview.
Furthermore, the company is readying an all-new product for India market, he added.
"True to our product strategy, Renault's new offering will be a disruptor that will cater to the evolving customer expectations, while establishing the expertise of India's design, technical and manufacturing prowess on the global map," Mamillapalle noted.
India is one of the key markets for Groupe Renault and has been part of the top ten global markets on a cumulative sales basis for the last few years.
"We have some of the most popular global products in our portfolio, led by Kwid, which is one of the top cars for the group globally," he added.
Having introduced Triber recently and with Kwid still receiving a robust response, Renault saw its sales surge 75.5 per cent in July to 6,422 units as compared with 3,660 units in July 2019.
Robust response to AMT versions of Kwid and Triber have also helped the company shore up additional volumes.
Elaborating on the company's mid-to-long term strategic plan to strengthen rural markets for growth, Mamillapalle said last year the company initiated an activity which targeted 330 rural towns across the country.
"This is a new avenue that we are aggressively pursuing with an innovative and comprehensive strategy. We have also initiated a special project - VISTAAR to amplify and grow our presence in rural India and our dealership teams have recruited specialised sales consultants to reach out to rural markets," he added.
The share of rural markets in Renault India's total sales grew to 25 per cent in April-June quarter from 19 per cent in January-March period.
This has been achieved through strong product acceptance and focused efforts invested across the rural markets, Mamillapalle said.
Commenting on initiatives taken by the company to deal with the COVID-19 pandemic, he said that besides launching several initiatives for contactless sales and service, the company also supported its dealers in many ways.
"We announced incentives and relaxation on targets to ease the effects of the lockdown, and set up a task force to facilitate financial transactions with the dealership networks. We also supported our dealer partners in terms of inventory holding costs," Mamillapalle said.
At the same time, the company also started a special program for skill development and online training of network sales teams, he added.
On businesss outlook for current fiscal, Mamillapalle noted, "We look at 2020 and the mid-term with cautious optimism and hope. We are focused and committed to our India strategy, and are equipping ourselves to deal with the new normal."
The journey back to the pre-COVID growth rate will comprise of strategic cooperation and resilience across the value chain, he added.
"We have used this time to strengthen our strategy and operations for the future. We are putting in all our energies and efficiencies on consolidation with the approach and intention of bouncing back stronger," Mamillapalle said.
Also Read: Coronavirus update: Over 54,000 COVID-19 cases in India in single day, tally breaches 17 lakh-mark
Also Read: Renault, Nissan market results 'pathetic', says ex-boss Carlos Ghosn | Renault aims to focus on rural areas as it looks to strengthen its position in india. the company recently introduced automated manual transmission (AMT) trims for entry level Kwid and new entrant Triber. the share of rural markets in Renault India's total sales grew to 25 per cent in April-June quarter. the company is also gearing up to launch an all-new turbo engine (petrol) | Positive |
https://www.livemint.com/news/india/goldman-sachs-raises-indian-to-overweight-sees-11-upside-11605158611570.html | MUMBAI: Goldman Sachs has raised Indian equities to overweight on hopes that earnings recovery will lead rally. Goldman Sachs were structural bulls on India but had lowered India to marketweight in April on concerns of nationwide shutdown, rising pandemic cases and expectations of a significant contraction in domestic activity in the absence of fiscal space.
However, the global brokerage house thinks that the investment case for India has improved now and hence has upgraded Nifty to 14,100 by 2021 end, indicating an 11% upside from current levels. Indian benchmark indices have rallied over 60% from the lows hit in March, while making new record highs this week.
“First, India has been a laggard this year underperforming the region by 11 percentage points in US dollar terms. Indian equities are most positively sensitive to the improving prospects of a vaccine, and so we expect a ‘catch up’ laggard rally given the positive newsflow on the vaccine front (which could spur faster than expected recovery)," it said in a note on 11 November.
As the economy recovers from the pandemic-induced contraction, Goldman Sachs expects corporate profits to rebound 27% next year and a further 21% in 2022, after an expected decline of 11% year-on-year this year. “While valuations remain extended and could see some pressure, we expect further market gains driven by earnings recovery," it said.
Sectorally, it expects cyclical sectors to perform better as economic recovery continues to gather pace.
As domestic macro recovery is picking up, Goldman Sachs economists expect growth momentum to continue with real gross domestic product (GDP) growth rebounding strongly to 10% and 7.2% year-on-year over the next two years.
Overall, Goldman Sachs expects 18% total US dollar returns for Asia Pacific regional equities in 2021 as the global economy recovers from the pandemic shock and regional profits rebound from suppressed levels. It said that an upturn in growth and a lag in policy tightening create a sweet spot for equities, especially with light investor positioning.
Besides India, Goldman Sachs is overweight on China and Korea.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. | goldman Sachs raised india to marketweight in April. it had lowered India to marketweight on concerns of nationwide shutdown and rising pandemic cases. but the global brokerage house thinks the investment case for India has improved now and hence has upgraded Nifty to 14,100 by 2021 end. indices have rallied over 60% from the lows hit in march. | Positive |
https://www.financialexpress.com/economy/economy-needs-support-from-psbs-union-bank-chief/1974926/ | The country’s economy, which has been hit by the COVID-19 outbreak, needs support from the public sector banks (PSBs) to boost credit growth, an official said on Friday. The number of PSBs has come down after amalgamation of several lenders, and their ability to lend has increased manifold, Union Bank of India MD and CEO Rajkiran Rai G said. Recently, Oriental Bank of Commerce and United Bank of India were merged into Punjab National Bank, Syndicate Bank into Canara Bank, Allahabad Bank into Indian Bank and Andhra and Corporation banks into Union Bank of India.
He said the lenders will be able to meet the expectations of the business community. Speaking at a webinar session organised by the BCCI, Rai said that there will be a shift of credit growth in favour of the PSBs, adding that depositors will expect an interest rate of 5.5 per cent.
According to him, the issues of the depositors cannot be overlooked, and more stress will have to be given on the liability side to retain customers. Kotak Mahindra Bank whole-time director and president Gaurang Shah said the retail, a low-cost liability base, is key sustenance factor of the banks.
Ajay Kanwal, MD and CEO of Jana Small Finance Bank said around 65 per cent of micro-finance borrowers felt the COVID-19 impact to a large extent. He said customers at the bottom of the pyramid are most vulnerable and the right kind of support should be extended to them. | the number of PSBs has come down after amalgamation of several lenders. their ability to lend has increased manifold, said union bank of india. he said there will be a shift of credit growth in favour of the PSBs. depositors will expect an interest rate of 5.5 per cent. he said more stress will have to be given on the liability side to retain customers. | Positive |
https://www.financialexpress.com/industry/sme/fintech-startups-see-digital-and-online-payments-to-increase-following-covid-19-lockdown/1942150/ | Similar to 2016 demonetisation, fintech startups are looking at the current Covid-19 pandemic as another landmark development that is likely to jumpstart the digital or contactless payments again after the reported slowdown due to the virus impact. The view from the top suggests that India’s digital payments including online commerce and mobile point-of-sale transactions will grow from $64.7 billion in transaction value in 2019 with 513.84 million users to $134.5 billion with 657.77 million users in 2023, according to the data from statistics portal Statista. So, the current healthcare crisis may now let fintech startups to step on the gas as the user penetration in digital payments segment would also climb from 37.54 per cent in 2019 to 46.15 per cent as more users from Tier-III and IV cities along with rural areas experience digital commerce for the first time.
“Just like demonetisation gave a fillip to digital payments, this (Covid) is likely to digitize the lending chain. Digital Payments will start picking up as soon as the lockdown is removed and people start transacting again. There will be a further push to contactless (QR code) payments instead of cash due to possible concerns about the virus. Most of the technology like Aadhaar, eSign, eNACH, etc. are in place and have been working for a while,” Bala Parthasarathy, CEO & Co-founder, MoneyTap told Financial Express Online. The online credit provider is backed by Sequoia India and Moscow-headquartered RTP Global venture capital firm.
Also read: Reliance-Facebook: How landmark deal may trigger consolidation in e-grocery, put Mukesh Ambani on top
The signs of jump in digital payments are already visible during the lockdown. According to over 42,000 responses for a LocalCircles survey for the period between March 23 and April 13, 42 per cent respondents said they have started making more digital payments since the outbreak. This is driven by the purchase of essential goods and medicines in the market or on e-commerce portals along with mobile recharges done using digital payment modes.
However, importantly, the UPI transactions count had declined from 1.33 billion in February to 1.25 billion in March as the lockdown was imposed followed by curbs on economic activity. The data was shared by NPCI on Twitter earlier this month. Nonetheless, the real impact of lockdown on digital payments is likely to be clearer with April and May data if the situation extends in the coming month. “Most of us expect there will still be some form of partial lockdown beyond that. After that, it will take weeks if not months for the supply chain to reboot,” said Parthasarathy. But, “on a positive note, it is a good time to focus on fundamentals at the price of slow or no-growth.”
While there might be a stronger push for contactless payments like touch-based cards, QR code-based payments etc., there will be much lower discretionary spends due to the economic impact and job losses even as the current crisis has led to a stop in the current working capital cycle of many small business owners. Hence, startups are enabling businesses and customers to tide over the current crisis through relevant product launches and timely support.
Read Coronavirus in India Latest News Updates (LIVE): Coronavirus Latest Updates: Use Plasma therapy for trial only, it can be life-threatening, says Centre
“The right measures which are being taken right now is to modify the current offerings in a way that it enables the customers to adopt the product in such crisis situations. Fintech players are launching new products for the customers that might be useful. They have passed the benefits to customers by providing them with the moratorium, and in some cases, the products itself are designed in a way, that flexible payment is possible,” Manish Khera, Founder and CEO, HAPPY told Financial Express Online.
For instance, credit card-based loyalty platform Cred recently launched Cred RentPay for customers to pay rent and for other household expenses. The company had also introduced Cred Stash to provide instant credit line at a low-interest rate as a pilot with IDFC First Bank. Similarly, payment gateway PayU introduced multiple tools for small businesses to fight Covid-19 such as a free website with a built-in payment gateway. It had also partnered with lending startup Indifi to facilitate loans up to Rs 50 lakh to small businesses.
“Over the past few years, many fintechs have built deep relationships with banks, based on API integration with banks’ payment systems and balance sheets. This architecture is now enabling them to continue to service clients and grow business even in these challenging times. This also highlights the symbiotic nature of the Indian financial ecosystem,” Bhupinder Singh, Founder and CEO, InCred told Financial Express Online. However, when it comes to recovery, looking at China’s trend, it seems cyclical as their economy is reportedly trying to recoup and revive now. “We anticipate that it would be a five-six-month cycle for the economy including the fintech players to bounce back as the underwriting is done based on underlying data of the customer in terms of the transactions, which would take five-six months to normalize,” said Khera. | the current covid-19 pandemic is likely to jumpstart the digital or contactless payments. the data from statista suggests that india’s digital payments will grow from $64.7 billion in transaction value in 2019 with 513.84 million users to $134.5 billion with 657.77 million users in 2023. the user penetration in digital payments segment would also climb from 37.54 per cent in 2019 to 46.15 per cent. | Positive |
https://www.businesstoday.in/markets/company-stock/sensex-nifty-log-biggest-single-session-gains-what-fuelled-the-rally-today/story/400386.html | Sensex and Nifty logged their biggest single day gains (in terms of points ) as they closed nearly 9% higher on Tuesday, in line with global peers despite rising coronavirus cases in India. Global markets were emphatic by the slowing of coronavirus cases in US, Spain and Italy.
While Sensex gained 2,476 points at 30,067, 50-share barometer NSE Nifty rose 708 points at 8,792.
Indices have recorded the best trading day in percentage terms since May 2009 and posted the biggest ever single-day gains in absolute term today.
Volatility Index, India VIX also slipped 6% intraday and closed at a one-month low of 52.6, down 3.24 points or 5.86%.
All the sector-based indices ended in green with PSU Banking gaining the most at 11%. Banking, financials and pharma ended 10% higher, followed by 8% gain in FMCG, 7.5% rise in IT and 6.5% gain in metal. Realty and media indices ended 6% higher, respectively.
All 30 Sensex and 50 Nifty stocks closed in the green. Total 14 out of 30 Sensex stocks and 21 Nifty stocks closed over 10% higher at the closing bell.
S Ranganathan, Head of Research at LKP Securities said, "Even as the GOI chose to save lives at the cost of livelihood, markets showed no mercy and finally, the bulls took the bears to task today with a salute of more than 700 points on the NIFTY."
Domestic indices followed the bullish trend from overseas as investors worldwide banked upon hopes over prospects of falling fatalities numbers due to the tightened lockdowns and random screening by governments across the world to combat the virus spread.
Wall Street rallied on account of fall in the death toll from country's biggest virus hotspot-New York. Equity investors in Europe also were encouraged by the slowing death toll from the virus across major European nations, including France and Italy. China also reported no new coronavirus deaths for the first time.
The Dow Jones ended 7.73% higher, followed by the S&P 500 that closed 7.03% higher and the Nasdaq Composite that added 7.33% on Monday's trade. Wall Street rallied on account of fall in fatalities at biggest virus hotspot-New York.
Tracking trend from US, all the indices in Asia were gaining over 1% by Tuesday evening, while Japan's Nikkei was up 2%. European indices also opened higher on Tuesday, with Germany's DAX trading 4.2% higher, while France's CAC and London's FTSE gained over 3%.
Vinod Nair, Head of Research at Geojit Financial Services said, "Aided by the news that the infections were peaking in some of the worst affected areas around the world, the Indian markets in sync with the Global markets, witnessed a relief rally. Investors are also awaiting ease in lockdown procedures, so companies can get down to generating business. In a holiday-shortened week, any news regarding peaking infections will be bought into."
"Defensives like Pharma and FMCG, which has witnessed the least disruption in their business, will continue to be favoured, " he added.
On last Friday, the 30-share index BSE Sensex fell 674 points lower to close at 27,590 and Nifty fell 170 points to end at 8,083.
Commenting on market outlook, Ajit Mishra, VP - Research, Religare Broking said," Currently, the markets are largely being driven by developments w.r.t. coronavirus cases across the globe. A sustainable recovery would happen only when the cases start to recede in the country and the lockdown is eased gradually. We expect the next few sessions to remain volatile. Meanwhile, investors must opt for value-buying in select pockets of the Indian markets (FMCG, pharma, consumer durables) to build a long-term portfolio. On the benchmark front, Nifty has the next critical hurdle at 9,000."
On Nifty's outlook in the near term, Amit Shah, Technical Research Analyst with Indiabulls Securities said," We continue to have higher targets for the Nifty towards 9,300-9,500 zone. In the near term, 9,050 zone remains the resistance and once the index clears he mentioned resistance zone it is likely to build further momentum on the upside."
Share Market LIVE: Sensex climbs 1,300 points, Nifty at 8,400; JSW Steel climbs 5%
Wall Street indices climb 7% each on hopes of slowing coronavirus death toll
Investors gain over Rs 4 lakh crore as Sensex attempts recovery amid falling coronavirus cases globally | Sensex and Nifty logged biggest single day gains in terms of points. all sectors ended in green with banking, financials and pharma most popular. domestic indices followed the bullish trend from overseas. Sensex gained 2,476 points at 30,067, 50-share barometer NSE Nifty rose 708 points at 8,792. | 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://www.moneycontrol.com/news/business/markets/taking-stock-india-china-clash-halts-d-st-rally-nifty-closes-below-10k-5411991.html | Indian markets, which started with a gap-up opening on June 16, pared most of the gains in the second half of the session and turned negative amid ongoing border dispute between India and China.
The bulls managed to push the market back in the green towards the close of the trade. The S&P BSE Sensex rallied nearly 400 points while the Nifty50 rose 100 points but failed to close above the crucial 10,000-level.
The Sensex closed 376 points higher at 33,605 while the Nifty ended with gains of 100 points at 9,914.
“The border dispute between India and China resulted in volatility in the stock markets on tensions of further escalation of the dispute. This was in spite of steady global markets following the announcement of the US Fed Reserve’s expanded bond-buying programme,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
“Investors seem to have set aside the news emerging from the border and are still hoping on the fact that liquidity will keep propping the markets, for the time being. India can ill-afford another battlefront since it is still battling the virus pandemic and will need to be watched out for.”
Sectorally, the action was seen in Finance, Bankex, Metals, IT, and Consumer Durable space while selling pressure was visible in telecom, realty, power, public sector, and FMCG space.
On the broader markets front, the S&P BSE Midcap index rose 0.37 percent while the S&P BSE Smallcap index was up 0.04 percent.
Top Nifty gainers included JSW Steel, ICICI Bank, HDFC and HDFC Bank.
Top Nifty losers included GAIL India, Tech Mahindra, Bharti Infratel, and Tata Motors.
Stocks & Sectors
Sectorally, selling pressure was visible in the S&P BSE Telecom index which was down 1.4 percent, followed by the S&P BSE Realty index that fell 0.75 percent, and the S&P BSE Power index was down 0.6 percent.
Action was seen in the S&P BSE Finance index which rose 2.3 percent, followed by the S&P BSE Bankex that was up 1.9 percent and the S&P BSE Metal index closed with gains of 1.4 percent.
A volume spike of more than 100 percent was seen in stocks like Ambuja Cements, Jindal Steel, SAIL, JustDial and PVR.
Long Buildup was seen in stocks like Jindal Steel, Balkrishna Industries and REC Ltd
Short Buildup was seen in stocks like Tata Motors, Apollo Hospitals and Bata India.
Nearly 100 stocks hit their fresh 52-week high. These included Bayer Cropsciences, RIL, PI Industries, AstraZeneca, Ruchi Soya and Alembic Pharma.
Stocks in news
Tata Motors share price fell more than 5 percent after the company posted a consolidated loss of Rs 9,894.25 crore for the quarter ended March 2020.
Shares of HCL Infosystems shed 5 percent after the company’s consolidated loss widened to Rs 70.94 crore for the March 2020 quarter from Rs 43.9 crore in the year-ago period.
Shares of Jubilant Life Sciences fell over 2 percent after ace investor Rakesh Jhunjhunwala raised his stake in the company.
The share price of Bayer CropScience touched 52-week high of Rs 5,721.30, gaining 4 percent after a tie-up with agri-business division of ITC.
Shares of Shilpa Medicare fell 6 percent on June 16 despite the company registering a 45 percent year-on-year growth in March quarter profit at Rs 34.57 crore.
Telecom stocks closed with cuts a day ahead of AGR hearing in the Supreme Court.
Axis Bank falls over 2 percent following the resignation of its retail banking head.
IT stocks gained with rupee weakening to 76.21 against the dollar; TCS and Infosys were up 1-2 percent.
Technical View
The Nifty formed a bearish candle on the daily charts. It hit an intraday high of 10,046 but selling pressure accelerated after news of a violent clash between Indian and Chinese troops along the line of actual control.
The Nifty fell more than 300 points from its intraday high of 10,046 but recovered about 200 points from lower levels.
The Index formed a small red body candle on the daily chart. Traders should look to buy the dip above 9,800 levels, experts said.
“Going forward, 9,777-9,720 zones would act as immediate support and we may see an up move towards 10,040 and 10,180 zone. Thus, traders are advised to look for buying opportunities on declines in market,” Chandan Taparia of Motilal Oswal Financial Services Limited said.
India VIX moved up by 1.20% at 32.97 levels. A further rise in volatility index may result in a roller-coaster move in the market.
On the monthly options front, maximum Put OI is at 9000 followed by 9500 strikes, while maximum Call OI is at 10000 followed by a 10,500 strike.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Read our complete coverage on the India-China border tension. | bulls managed to push the market back in the green towards the close of the trade. the Sensex closed 376 points higher at 33,605 while the Nifty ended with gains of 100 points at 9,914. the action was seen in Finance, Bankex, Metals, IT, and Consumer Durable space. selling pressure was visible in telecom, realty, power, public sector, and FMCG space. | Positive |
https://www.financialexpress.com/lifestyle/travel-tourism/everything-you-need-to-know-to-visit-south-africa/2148062/ | Are you visiting South Africa for the first time? Or wondering is South Africa safe for tourists or what is the best time to visit South Africa? Look no further! An industry veteran of 20 plus years in the global tourism & hospitality arena with over three years of dedicated experience with South African Tourism, Neliswa Nkani, Hub Head – MEISEA, South African Tourism, has in-depth expertise of national government and local government positioning as well as familiarity with legislations, strategies and policies pertaining to the travel & tourism sectors.
Nkani’s in-depth knowledge and understanding of South Africa’s stunning landscape coupled with its destination packaging had paved the way for Dutch arrivals to South Africa exceeding targets for three consecutive years spanning 2003 to 2006.
In this interaction with Swapna Raghu Sanand, Neliswa Nkani told The Financial Express Online, “Attractive currency exchange rates and competitive pricing makes South Africa a lucrative, value for money, long haul destination. There are alluring options for both high end luxury planners and those on a budget.”
Furthermore, she highlighted South Africa’s internationally benchmarked bio-safety systems in place at all private game lodges and government-owned national parks as well as across accommodation facilities. Notably, travellers planning their trip to South Africa need to show a PCR test that is not older than 72 hours from the time of departure from the country of origin to South Africa.
What makes South Africa a must-visit destination for Indians from a travel and hospitality perspective?
The Rainbow Nation of South Africa – with its 3000+ unique adventure offerings, captivating wildlife, beautiful golden coastal beaches, vibrant nightlife, diverse culture, warm hospitality, rich heritage and culinary treats, promises travellers an immersive, memorable experience at every turn.
The destination has a plethora of world-class facilities, excellent infrastructure and distinctive attractions, along with internationally benchmarked health & safety standards; it also has surroundings that naturally promote social distancing – this makes it appealing to leisure, business & MICE travellers.
Attractive currency exchange rates and competitive pricing makes South Africa a lucrative, value for money long-haul destination. There are alluring experience options for both – the high-end luxury planner and those on a budget.
South Africa also offers a gamut of sustainable product offerings and ecotourism experiences, like cycling tours, nature safaris, conservation projects and rural experiences, along with some of the most beautiful self-drive routes in the world.
For travellers seeking offbeat destinations with good connectivity and a large number of activities within confined areas, the destination has opened up and heavily invested in their picturesque new regions, including the stunning and relatively unexplored Port Elizabeth, Robertson, West Coast, Drakensberg and Panorama Route.
What are the recent initiatives taken by South Africa to revive global tourism and measures to ensure safety protocols are not compromised?
In South Africa, we remain committed to the safety and health of our visitors.
There are internationally benchmarked bio-safety systems spanning all private game lodges, government-owned national parks, shopping hubs, restaurants and accommodation facilities. These safety initiatives include fewer number of tourists in a safari vehicle to promote social distancing, digital menus, touchless parking, e-payment systems, hand-sanitization and disinfection stations, individually sanitized and packed takeaways / room service etc.
Travellers can also expect precautionary and sanitation measures at various other transit touch points including international and domestic airports, and car rentals.
What category of global travellers (leisure, adventure, wildlife, corporate, business) are you expecting as you strategize on packages for tourists’ needs?
Experience-seeking millennials, HNIs and the family-oriented middle-class segments are anticipated to be the driving force behind leisure travel recovery, while MICE travel can be expected to recover early next year albeit with smaller group sizes. These travellers are now actively seeking safety assurance and good deals – and the competitive pricing edge that South Africa has over most other long-haul international destinations, will go a long way in aiding travel conversions.
We are aware of the effect the pandemic has on the global economy, and have been repackaging accordingly, with the intent to offer consumers’ excellent deals and discounts. Safety measures are transparent and well-communicated, and have been factored into overall packages, so that there is no surprise or extra-cost to travellers.
For Indian travellers, which are the must-visit South African tourist destinations that you recommend?
We are looking at introducing newer, customized experiences, products and itineraries for the rising FIT traveller segment. We anticipate that South Africa’s new regions and geographies will be a hit with Indian travellers post-Covid.
For the next couple of months, travellers can enter through cities that have restored international connectivity, so either through the Mother City – Cape Town, Johannesburg or Durban, and use these cities as a gateway to the rest of these picturesque new regions, including the stunning and relatively unexplored Port Elizabeth, Robertson, West Coast, Drakensberg in KwaZulu-Natal, Panorama Route (Mpumalanga) and Garden Route.
Are all national parks open for global tourists and what checks are currently being done?
All national parks are open for international and domestic tourists.
The South African safari is an adventure in itself, and has always been immensely popular with tourists from across the globe. Now the appeal of a safari holiday has increased given its natural ability to enable social distancing. Concrete jungles offer complete seclusion, fresh air, and the beauty of the wilderness bring forth a perfect social distancing experience. Travel consultants are now helping couples, families and small groups plan private and safe vacations to luxury game lodges.
With the natural world as its stage, the essence of a safari has not changed. However, guests will experience enhanced sanitization policies, regular temperature checks for guests and staff, smaller camps and smaller game drive groups to ensure social distancing is maintained even in the safari vehicle. | Neliswa Nkani is a 20 plus year industry veteran with over three years of dedicated experience with south african tourism. she highlighted South Africa’s internationally benchmarked bio-safety systems in place at all private game lodges and government-owned national parks. the destination has a plethora of world-class facilities, excellent infrastructure and distinctive attractions. | Positive |
https://economictimes.indiatimes.com/markets/expert-view/rural-is-the-big-prize-huge-potential-for-fmcg-biz-in-india-in-medium-term-harish-manwani/articleshow/65699185.cms | Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Digital Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit
, former CMD,, and Senior Partner at, discusses FMCG sector growth trends, rural vs India & why Indian FMCG businesses continue to remain so expensive with Ajaya Sharma of. Manwani says in India, one has to follow the people as well as the money.Edited excerpts:First of all, you have to take a somewhat medium-term and a long-term view of India. Without a doubt, India is a great story in long term, in terms of consumption and demand. We have a large population base. It is a young population and of course our markets are relatively underpenetrated. From that point of view, if you take a medium-term outlook of the consumer business, without a doubt there is a huge potential.Obviously, there will be some cycles in the short term. At times, there will be a tailwind and at other times, there will be some kind of headwinds. We are approaching a period now where demand is beginning to pick up, particularly rural demand. The next couple of years should be good years in terms of consumption in India and of course the latest GDP numbers are looking better. Private consumption has gone up. All these are good signs of things to come.It has always been the case that middle India will have the maximum potential. From my point of view, it is a good sign that we are seeing demand pickup in middle India because these are markets where the middle class is growing and consumption levels are still relatively lower compared to the big metros which behave very much like some of the other big cities of the developing markets. But for me, the big prize for consumer goods companies is rural. And we can see rural demand pick up. Remember, two-thirds of India still lives in rural areas. That is the big one to watch.You have to take a somewhat holistic view. There has always been a trend towards premiumisation India. It is an interesting phenomenon. Two sectors are set to see growth, a) at the mass end where we see a lot of under consumption and under penetrated categories will come up; b) the second big trend is premiumisation where people want to buy better. In urban markets, the trend is towards premiumisation and at the bottom end, you need to make sure that there are opening price points which will allow people and consumers who are currently non-consumers to come and buy our products. It is a bipolar kind of situation.From a global point of view, I can say that you are following where the people are and where the money is. The mistake that you must never make is only follow the money. You must follow the people. Because at the end, in our business, people is the potential. So, if you have a population base like India, China, Indonesia or for that matter, some of the other developing market, you are obviously going to build a bigger business for the future. Unilever , where I worked, always believed that our future was in the developing markets. It has the largest footprint in developing markets. We have had the patience and the perseverance to build our businesses in developing markets and importantly we have used developing markets as a talent pool for the rest of our business.India and some of the other big developing markets will always be on the radar of any global company which wants to expand. Remember, growth is difficult to come by globally. What everyone is looking for is new opportunities for growth and India offers that. | ajaya Sharma: in india, one has to follow the people as well as the money. rural demand is the big prize for consumer goods companies, she says. ajaya Sharma: "there is a trend towards premiumisation India" he says rural demand is the big one to watch. ajaya Sharma: "there is a huge potential for the consumer goods industry" | Positive |
https://www.moneycontrol.com/news/business/markets/weekly-wonders-top-15-stocks-that-rose-up-to-20-in-just-5-trading-sessions-2553825.html | The Indian market witnessed a roller coaster ride in the week gone by, with the Sensex closing 0.6 percent higher and the Nifty rising 0.8 percent.
But despite benchmark indices ending the week with marginal gains, there were plenty of stocks that rose by up to 20 percent in the same period.
Stocks that rose nearly 20 percent include Indiabulls Ventures, Parag Milk Foods, Bombay Burmah, Jindal Stainless, MindTree, Radico Khaitan, Sudarshan Chemicals, Take Solutions, Bombay Dyeing, and Mahindra CIE, among others.
Indiabulls Ventures is one of India’s leading capital market companies, providing securities, commodities, and currency broking services. The stock saw a spurt in trading activity and hit a fresh 52-week high Rs 401.80 this week.
Parag Milk Foods acquired Danone's manufacturing facility in Sonipat, Haryana, which will help it expand its footprint in north and northeast India.
Jindal Stainless saw an spike in trading activity, with volumes rising three times. The metals sector remained one of the top performing sectors, helped by a rise in global commodity prices.
MindTree rallied 14 percent in the week gone by. The rally gained momentum after the company reported a sequential growth of 27.9 percent in its March-quarter net profit, helped by strong deal wins, and said it expects better performance in the coming financial year.
Outlook for coming week:
The Nifty reclaimed 10,500 and 10,565 this past week and the way bulls are stepping in on every dip, the index looks on track to hit 10,600-10,700 levels in the expiry week.
After a disappointing March, April started on a positive note for investors. However, lingering fears of a trade war, as well as military action by the US on Syria, led to a knee-jerk reaction on equity markets across the globe, including India.
However, the bulls managed to push the index above key support levels, which could lead to a bit of short covering ahead of April expiry.
"The Nifty outlook to expiry is positive with the potential to move up to 10,720. The rally that started at the beginning of April is not over and might have more room to rise," Rohit Srivastava, Fund Manager – PMS, Sharekhan by BNP Paribas, told Moneycontrol.
"The level of 10,450 is the 20-weeks average that is acting as a strong near-term support for the trend. 50 percent retracement of the fall seen in February-March has been achieved at 10,560, and 61.8 percent is at 10,720," he said.
Srivastava added that rising commodities prices have triggered a rally in emerging markets, which could be a positive headwind for India, even in the face of a weak rupee. | the Sensex closed 0.6% higher and the Nifty 0.8% higher. but stocks that rose by 20 percent include indiabulls Ventures, Parag Milk Foods, Bombay Burmah, Jindal Stainless, MindTree, Radico Khaitan, among others. the index looks on track to hit 10,600-10,700 levels in the expiry week. | Positive |
https://economictimes.indiatimes.com/markets/commodities/news/gold-prices-surrender-early-gains-as-vaccine-hopes-spur-risk-appetite/articleshow/75825240.cms | Hedge fund luminaries are lining up behind gold again
China's Chifeng Jilong restarts gold production at Laos mine after 6 years
Covid-19 impact: Base metals brittle; gold glittering; spices turn bland & guar gum on a slippery slope
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Creditors have withdrawn 26,518 insolvency cases involving defaults of as much as ₹9.33 lakh crore before their applications were admitted by the adjudicating authority since the Insolvency and Bankruptcy Code (IBC) came into force.
IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024, as India’s largest airline looks to court more business flyers and rival Air India on international routes, said people with knowledge of the matter.
The initial public offering (IPO) market is in an unprecedented bull wave. Three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening.
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Top Trending Stocks: SBI Share Price | creditors have withdrawn 26,518 insolvency cases involving defaults of as much as 9.33 lakh crore. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024. the initial public offering (IPO) market is in an unprecedented bull wave. three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening | Positive |
https://www.businesstoday.in/technology/xiaomi-mi-band-5-launched-in-china-bigger-display-animated-watchfaces-and-more-sensors/story/406628.html | Xiaomi just got done launching its Mi Notebook laptops in India but in the Chinese market, the company has just ended up launching the Mi Band 5. The much-awaited successor to the Mi Band 4 has come out and there are some notable upgrades. The basic design remains similar to the Mi Band 4 but it is all-new on the inside. Xiaomi has managed to keep the price under control, starting at CNY 189 (approximately $2,000).
One of the major areas that got a much-needed upgrade is the charging technology. Previously, you had to pull out the tracker from the strap and put it in a socket. This was always difficult to do and required a lot of efforts, not to forget about the strap getting damaged.
With the new model, Xiaomi has gone for a magnetic dock similar to most fitness trackers and smartwatches. One only needs to keep the band on the charging dock to fill it up, without taking out the straps anymore. Battery life is not mentioned, which means it could be the same as the previous model.
The Mi Band 5 also gets a new 1.2-inch OLED display with a touch button below it. This is a colour display and to make the most out of it, Xiaomi will be using animated watchfaces based on several popular cartoon characters such as Neon Genesis Evangelion, Case Closed, Hatsune Miku, and SpongeBob SquarePants.
To match the watchfaces, the Mi Band 5 will accompany similarly coloured straps. Apart from the regular black, one can get the Mi Band 5 with yellow, orange and green straps. There are two-tone straps available as well.
When it comes to the fitness features, the Mi Band 5 has a couple of new tricks. There are a total of 11 fitness tracking modes and female users can also track their menstrual cycles with the band. There's also a PAI functionality added to the Mi Band 5, similar to the trackers from Amazfit. Sleep tracking is present too and Xiaomi says that with an improved processor, the data should be more accurate.
The Mi Band 5 retains the usual heart rate tracker but it gains a new barometer to track atmospheric pressure. There's NFC too for the Chinese markets, helping with payments on the go. The band can also be used as a remote camera shutter for your smartphone, a feature that has been present on other fitness trackers since ages.
The Mi Band 5 is expected to come to the Indian market in the upcoming months and given the low pricing in China, it could easily be priced around the Rs 2,000-mark. | Xiaomi has just launched the Mi Band 5 in the china market. the new model has 11 fitness modes and a new barometer to track atmospheric pressure. the price is starting at CNY 189 (approximately $2,000) the band can also be used as a remote camera shutter. the company has also announced a new 1.2-inch oLED display. | Positive |
https://economictimes.indiatimes.com/markets/ipos/fpos/hals-valuation-and-earnings-visibility-make-it-a-good-buy/articleshow/63326100.cms | ET Intelligence Group: Longterm investors may subscribe to initial public offer ( IPO ) of Hindustan Aeronautics Ltd (HAL), India ’s largest military aircraft and helicopter maker given its dominant position in the country’s defence sector, strong revenue visibility and attractive valuation.Headquartered in Bengaluru , HAL is a public sector undertaking (PSU) under the Ministry of Defence, manufacturing aircraft and helicopters for Indian armed forces and for export markets . Its major offerings include aircraft such as MiG21, MiG27, Avro, Jaguar, Dornier 228, Su-30Mki and helicopters such as Cheetah and Chetak. The company is the largest defence PSU in terms of production value and 39th largest aircraft manufacturer in the world. HAL has provided 600 aircraft to different services in the past 10 years.India will require around 1,000 new aircraft in the next 10 years owing to its ageing fleet. The operational strength of Indian Air Forces fell to 33 squadrons as of October 2017, the lowest in four decades. This may result in higher future orders. The Air Force plans to replace its Mirage 2000, MiG 29 and Jaguar fighter jet fleets with LCA Tejas and could acquire up to 354 Tajas, according to news reports.Revenue for the company rose 7.1 per cent annually in the past two fiscals to Rs 17,951 crore in FY17. Net profit rose 62 per cent annually to Rs 2,624 crore buoyed by lower profit in FY15 due to higher provisioning after change in accounting standards. Services accounted for 31.9 per cent of revenue in FY17 from 21.5 per cent in FY15. It may improve to 40-42 per cent once the cumulative base of delivered aircraft expands.The company had an order book of Rs 68,461 crore at the end of December 2017, 3.7 times of the last fiscal revenue. The order book mainly includes manufacturing of Light Combat Aircraft (LCA) Tejas, Advance Light Helicopter, and remaining order of Sukhoi aircraft. Besides, the company has received a request for proposal from Ministry of Defence for the procurement of 83 LCA worth Rs 60,000 crore and 15 Light combat helicopters worth Rs 4,500 crore. The company has doubled its capacity to manufacture LCA to 16 per year from eight earlier.India’s armed forces is the largest client contributing over 90 per cent to revenue. In case of moderation in the government’s defence expenditure, HAL’s topline may suffer. The government’s decision to boost operational squadrons through the total buy-out method as they did in Rafale purchase may shrink the company’s prospective order pipeline.At the higher end of the price band, the HAL is priced at 15.8 times its FY17 earnings. Bharat Electronics , a defence supplier, trades at a P/E of 25. Global defence aircraft manufacturer and suppliers such as Lockheed Martin, General Dynamics, Safran, BAE System and Dassault Aviation trade a trailing P/Es between nine and 25. | HAL is the largest defence PSU in terms of production value. it has provided 600 aircraft to different services in the past 10 years. the company has an order book of Rs 68,461 crore at the end of December 2017. net profit rose 62 per cent annually to Rs 2,624 crore. the company has received a request for proposal from ministry of defence for the procurement of 83 LCA worth Rs 60,000 crore and 15 Light combat helicopters worth Rs 4,500 crore. | Positive |
https://www.moneycontrol.com/news/business/economy/cant-talk-about-air-india-building-buy-out-jnpt-chairman-2669381.html | In a conversation with Moneycontrol, Neeraj Bansal, chairman, Jawaharlal Nehru Port Trust (JNPT) talks about the trust's target for FY2018-19, being leader in direct port deliver (DPD) mechanism and changing business dynamics for container freight stations (CFS).
Edited excerpts:
Q) Major ports in India have been performing exceedingly well quarter-on-quarter basis. JNPT has been among the top three ports that handled highest traffic (volume basis). The port closed FY2017-18 by handling over 48 lakh TEU container traffic. What are your plans for FY2018-19 with respect to cargo handling, revenue etc?JNPT closed the financial year 2018 at a record level of 4.83 million TEUs and the annual growth of traffic too has been good over the last few years. With the addition of the 4th terminal and capacity addition, JNPT is capable of handling up to 7.5 million TEUs and the total capacity will go up to 10 million TEUs by 2022.
JNPT is also expanding the necessary infrastructure in terms of deepening of navigation channel, 6 or 8 lanes road corridor, dedicated freight corridors, centralised parking plaza and other facilities to meet this new challenge. The port trust recorded highest ever profit before tax of Rs 1,440 crore and record operating profit of Rs 1,120 crore during FY 17-18. With the coming up of 4th container terminal and other initiatives like dry ports, special economic zones (SEZ), Port is poised to see higher cargo handling and profits.
Q) Direct port delivery now constitutes approximately 39 percent of your cargo handling. How do you plan to take it forward in FY19?DPD is a win-win situation for export-import (Exim) trade as well as other stakeholders as it results in substantial saving of both time and cost to the trade. JNPT, although not designed to cater to this mode of transport, decided to take up the system with a view to reduce congestion and also ensure faster movement of cargo from the port. Today, JNPT has achieved close to 39 per cent cargo clearance through DPD system. We plans to increase DPD share further as trade is overwhelmingly in favour of DPD model. As of now, there are more than 1,600 importers who have been given permission to clear cargo under DPD facility. JNPT expects this number to go up significantly in the coming months and the share of DPD to go up to about 70 per cent.
… But, transporters have continuously expressed discontent regarding DPD coupled with decision to give four transport firms the tender to carry goods over five routes. What is the present situation? How do you plan to solve it?With a view to reduce congestion and implement ‘ease of doing’ business at JNPT, we thought of a transport solution in which technology-led Uber like model will result in faster movement of cargo from the port. For this, a very transparent process of tendering and selecting transport operators for five routes were conducted. There is some misunderstanding among a section of transporters who fear that their business will get impacted adversely. However, a dispassionate view would suggest that all transport operators can be absorbed by the four logistics companies selected to transport the cargo.
In fact, more and more transport operators are aligning with these four operators. The new transport solution is in the larger interest of trade and the economy as the process will help smooth, controlled and seamless movement of cargo from port to the destination. Both import and export community will benefit in the long run and thus contribute to the growth of the economy. JNPT is trying to bring a change and as always it takes time and understanding for the success of a new system and JNPT is confident of making the new process a success.
Q) While, it is true that reducing dwell time at ports is important to support Exim trade, the move to have direct port delivery is being seen as a dent on CFS operations. How do you look at the situation? Can we reach an equilibrium?JNPT and shipping ministry is trying to take all stakeholders into confidence and implement the DPD which is trade friendly initiatives resulting in significant reduction in cost and time. The CFS requirement will be there to cater to less than container load (LCL) cargo. CFS operations along with warehousing demand too will grow as the capacity addition in JNPT to 10 million TEUs will naturally result in more demand for all logistics support at port.
Q) Are you suggesting that CFS operators need to tweak their business models to adapt to changing business environment? Are we staring at a shift in the way goods are shipped and transported in India?Business dynamics keeps changing and it is natural that if a system has to protect itself from becoming redundant or obsolete, it should keep changing itself to meet the new challenges. Logistics costs in India are comparatively higher by global standards and there is an immediate need to bring logistics costs down to make the economy more efficient and compete at the global level. In that sense, there is need to change the way we are doing business.
Q) It has been reported that dry ports, CFSs and others facilities might see a cut in their numbers. Do you stand by the move? What can be an alternate move for it?JNPT is setting up four new dry ports to connect hinterland to port and also increase the supply of cargo from different parts of the country. JNPT is currently developing dry ports in Wardha, Jalgaon, Nashik and Sangli in Maharashtra which will boost the local manufacturing units and agriculture. CFSs volume too will grow as the volume of business itself grows. Through this initiative port is increasing container cargo volume in India. Such increased volume will create enough opportunities for all stakeholders.
Q) How are things going forward with the six firms that won plots at JNPT SEZ? What is the present status of the economic zone?JNPT-SEZ being developed on 277 hectare land has started attracting sizable investments and already 6 firms have won plots. Tendering process for another 15-20 plots of land is currently in progress and we expect good response from the manufacturing sector. JNPT is building the necessary infrastructure and it is expected that global firms and large corporate groups from India too will find the facilities attractive to set up base at the SEZ. | in a conversation with Moneycontrol, chairman, Jawaharlal Nehru Port Trust talks about the trust's target for FY2018-19. the port closed the financial year 2018 at a record level of 4.83 million TEUs. the trust is capable of handling up to 7.5 million TEUs and the total capacity will go up to 10 million TEUs by 2022. | Positive |
https://economictimes.indiatimes.com/markets/stocks/earnings/acc-q4-profit-rises-over-twofold-to-rs-206-crore/articleshow/62836733.cms | New Delhi, Feb 8 (PTI) Cement maker ACC today reported over twofold rise in consolidated profit at Rs 205.69 crore for the quarter ended December 2017.The company had posted consolidated profit of Rs 90.92 crore in the year-ago period, ACC Ltd said in a BSE filing.The consolidated total income of the company during October-December quarter increased to Rs 3,540.24 crore, over Rs 3,102.42 crore in the corresponding quarter of the previous fiscal."ACC registered revenue growth across categories and geographies with an increased focus on premium products and a targeted approach to customers and markets, delivering strong top-line growth," the company's managing director and CEO Neeraj Akhoury said in a statement.ACC's strategy, he said, remains focused on fundamental value drivers which reflects the company's priorities to support its customers and deliver attractive returns for its shareholders."We will continue to focus on cost improvements, profitable revenue growth and innovations that create new value," Akhoury said.The cement business of the company grew volumes by 27 per cent during the quarter on year-on-year (Y-o-Y) basis, as a result of a stronger focus on premium products and improved customer service levels, despite challenges such as sand availability constraints and subdued urban housing trends due to RERA compliance, the statement said.The company's ready mixed concrete sales volumes grew substantially by 19 per cent during the quarter.The board recommended payment of final dividend at Rs 15 per share of Rs 10 aggregating to Rs 339.02 crore. | consolidated profit of ACC rises to Rs 205.69 crore for the quarter ended December 2017. ready mixed concrete sales volumes grew substantially by 19 per cent during the quarter. board recommends payment of final dividend at Rs 15 per share of Rs 10 aggregating to Rs 339.02 crore. ACC's strategy remains focused on cost improvements, profitable revenue growth and innovations that create new value. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/market-now-nifty-auto-index-in-the-red-mampm-tata-motors-among-thenbsptop-drags/articleshow/64074856.cms | NEW DELHI: Losses in Bosch (down 1.98 per cent), Mahindra & Mahindra (down 1.94 per cent), Amara Raja Batteries (down 0.94 per cent) and Tata Motors (down 0.90 per cent) were keeping the Nifty Auto index in the red during Tuesday's trade.The Nifty Auto index was trading 0.21 per cent down at 11,466 around 11:20 am (IST).Apollo Tyres (down 0.41 per cent), Motherson Sumi Systems (down 0.35 per cent), Bajaj Auto (down 0.22 per cent) and MRF (down 0.14 per cent) were also down.However, shares of Eicher Motors (up 1.92 per cent), Ashok Leyland (up 1.12 per cent), Exide Industries (up 0.99 per cent), TVS Motor Company (up 0.82 per cent), Bharat Forge (up 0.57 per cent), Hero MotoCorp (up 0.35 per cent) and Maruti Suzuki India (up 0.18 per cent) were in the green in the index.Equity benchmarks Sensex and Nifty were trading up on buying by domestic institutional investors amid positive leads from Asian markets following overnight gains on the Wall Street.The NSE Nifty50 index was up 23 points at 10,738, while the BSE Sensex was up 94 points at 35,302.Among the 50 stocks in the Nifty index, 28 were trading in the green, while 22 were in the red.ICICI Bank, HPCL, Eicher Motors, TCS, BPCL, Axis Bank and ITC were leading the pack of gainers in the Nifty index.However, IndusInd Bank, Mahindra & Mahindra, Bajaj Finance and Larsen & Toubro were among the top losers in the Nifty pack. | shares of Eicher Motors, Ashok Leyland, exide industries and TVS Motor Company were trading up. ICICI Bank, HPCL, Eicher Motors, TCS, BPCL, Axis Bank and ITC were among the top gainers in the Nifty index. Sensex and Nifty were trading up on buying by domestic institutional investors. | Positive |
https://www.businesstoday.in/current/economy-politics/coronavirus-lockdown-will-stay-in-hotspots-follow-do-gaz-doori-pm-modi-10-key-takeaways/story/402122.html | Prime Minister Narendra Modi, in a video meeting with state Chief Ministers, on Monday said that the nationwide coronavirus lockdown has yielded positive results. He indicated that the lockdown may continue in the parts of the country worst affected by the infection. He reiterated that that social distancing is the most effective way of fighting against COVID-19 and by complying with the mantra of 'do gaz doori', people can protect themselves.
"The lockdown has yielded positive results as the country has managed to save thousands of lives in the past one and a half months," he said. This was the fourth such interaction of the Prime Minister with the CMs, the earlier ones had been held on 20 March, 2 April and 11 April, 2020.
Highlighting the importance to enforce guidelines strictly in the hotspots, especially in the red zone areas, PM Modi said that the efforts of the states should be directed towards converting the red zones into orange and thereafter to green zones.
Also Read: Coronavirus India Live Updates: Follow 'Do Gaz Doori' motto; lockdown to stay in red zones, says PM Modi
Here are the 10 takeaways from the crucial meeting of the PM Modi with the Chief Ministers:
Prime Minister underlined that the lockdown has yielded positive results as the country has managed to save thousands of lives in the past one and a half months. Comparing with other countries whose situation was almost similar at the start of March, he said that India has been able to protect many people due to timely measures. He, however, forewarned that the danger of the virus is far from over and constant vigilance is of paramount importance. He indicated that lockdown may continue in parts of the country worst affected by the coronavirus infection and asked the CMs to prepare state-wise exit policy in view of their red, orange and green zone. On the state of economy, he said that it is relatively good and one should not worry about it. "We have to give importance to the economy as well as continue the fight against COVID -19," he said, adding that emphasis should be given on the usage of technology to utilise time to embrace reform measures. He also emphasised on the significance of ensuring that more people download the 'Aarogya Setu' app to bolster the efforts of the country in the battle against COVID-19. "We have to be brave and bring in reforms that touch the lives of common citizens." The PM also suggested that people associated with universities can be integrated on devising ways to fight the pandemic and strengthen research as well as innovation. On the issue of bringing back Indians who are overseas, he said that this has to be done keeping in mind the fact that they don't face inconvenience and their families are not under any risk. Prime Minister also urged Chief Ministers to factor in the changes in weather - advent of summer and monsoon - and the illnesses that can potentially come in this season, while strategising ahead. The Chief Ministers praised the leadership of the Prime Minister during this period of crisis, and also highlighted the efforts undertaken by them in containing the virus. Four of nine Chief Ministers at the meeting advocated for the extension of lockdown, while five said that it should end. They spoke about the need to keep a close vigil on international borders, and also on addressing the economic challenge and ways to further boost health infrastructure. The Union Home Minister Amit Shah reaffirmed the need to enforce lockdown so that maximum lives are saved.
By Chitranjan Kumar
Also Read: Coronavirus crisis: Congress slams govt for allowing 'hoarding', profiteering on rapid test kits sold to ICMR | prime minister Narendra Modi says coronavirus lockdown has yielded positive results. he says the country has managed to save thousands of lives in the past month. he urges state chief ministers to prepare state-wise exit policy. he also urges the government to take steps to curb the spread of the virus. he also urges the government to take steps to curb the spread of the virus. | Positive |
https://economictimes.indiatimes.com/news/politics-and-nation/lack-of-support-from-big-leaders-funds-crunch-hurting-maharashtra-congress-candidates/articleshow/71589930.cms | Hello Tata, Goodbye Wistron: Anatomy of a Takeover Deal The Tata Group’s acquisition of Wistron’s manufacturing facility, which will make it the first Indian firm to assemble iPhones, is worth a total $750 million inclusive of debt, said people with knowledge of the matter. Both sides signed the takeover deal on Wednesday, they said.
India Graduates Summa cum Laude, Beats China Grades India has edged out Mainland China to become the most represented country in the QS World University Rankings: Asia 2024 for the first time ever, reflecting its higher education system’s rising prominence amid steps taken towards increasing research output, academic recognition and internationalization. | both sides signed the takeover deal on Wednesday. both sides will make it the first Indian firm to assemble iPhones. india has edged out Mainland China to become the most represented country in the QS World University Rankings: Asia 2024 for the first time ever. Mainland china is the most represented country in the rankings. a total of $750 million is being paid out by both sides. | Positive |
https://www.businesstoday.in/current/corporate/itc-dairy-beverages-market-launch-india-eyes-5-10--market-share/story/343112.html | ITC Ltd is mulling to broaden its reach in the Indian market by expanding its dairy beverages portfolio to the rest of the country by next summer. The company is also looking to grab a 5-10% market share in the first year of its operations.
With the launch of its three fruit beverages under its B Natural brand in PET bottles, ITC is on the expansion spree. The company presently offers nine flavours of fruit juices in tetra packs and has a market share of 9-10% in the Rs 2,000-crore fruit beverages component.
The Tobaccos-to-hotels major's food division is already present in India selling fruits-based beverages for the past four-five years. ITC also offers dairy-based beverages which it soft-launched in the South in December 2018.
Also Read: ITC, Patanjali under lens for not passing on GST rate cuts to consumers
With the launch of Sunfeast Wonderz Milk last December, the company entered the ready-to-drink dairy beverages market. The milkshake market in India is around 1,000 crore.
"We would be extending our dairy beverage business and will be launching across the country by the next summer. We expect to clock 5-10% of the Rs 1,000-crore market in the first year of operations," Sanjay Singal, Chief operating officer for dairy and beverages unit at ITC told PTI.
Also Read: ITC to launch milk-based beverages to take on Coca-Cola, Britannia
ITC is also planning to export its dry fruits-based dairy beverages badam milkshake to Dubai and Saudi Arabia. It had also unveiled its Aashirvaad brand in Kolkata and Bihar. The company offers packaged milk and curds under this brand.
Meanwhile, Singal told the news agency that ITC would focus concentrate only in the Eastern markets for its packaged milk business in the foreseeable future as there is less competition in these markets.
He also said that the company will launch vegetable juices within a month and is also assessing possibilities in the water segment. | ITC is mulling to broaden its reach in the Indian market by expanding its dairy beverages portfolio. the company is also looking to grab a 5-10% market share in the first year of its operations. the company presently offers nine flavours of fruit juices in tetra packs. it also offers dairy-based beverages which it soft-launched in the south in December 2018. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/exemption-from-share-buyback-tax-major-relief-to-it-bigwigs/articleshow/71224632.cms | NEW DELHI: The government's decision to not levy 20 per cent tax on buyback programmes of companies that had announced the move before July 5 will spell a major relief for IT giants Infosys and Wipro, and other companies.In July, the government, as part of the Budget, had announced a 20 per cent tax on share buyback by listed companies - a move that would have hurt IT services firms that often opt for the route to return surplus cash to shareholders.However, as part of its efforts to pull the economy out of a six-year low growth, the government on Friday said no tax will be charged on share buyback by listed companies that announced such a move prior to July 5.Reacting to the development, Wipro Chief Financial Officer Jatin Dalal said the government has taken a giant leap in tax reforms."Clarification on grandfathering of buyback tax on inflight buyback programs as of July 5, 2019 is a comforting outcome. This would go a long way in restoring confidence in the market & nudge companies to make fresh investments," he added.Wipro had announced a Rs 10,500-crore buyback programme in June this year that started on August 14 and closed on August 28.Similarly, Infosys had announced in January that it would buy back shares of the company for an amount aggregating up to Rs 8,260 crore. The buyback commenced in March and closed in August. The company, however, did not respond to the matter.Industry body Nasscom also welcomed the clarification from the government stating that the move "should help the listed companies that had not factored the buyback tax when the scheme was announced".Indian IT companies like Tata Consultancy Services, Infosys, HCL Technologies and others have taken the buyback route to return some wealth to their shareholders, while potentially boosting their stock prices.The Indian IT companies have been under pressure to return excess cash on their books to shareholders through generous dividends and buybacks.TCS has undertaken two buyback programmes - of Rs 16,000 crore each - in recent years. Infosys, which had announced an up to Rs 13,000 crore buyback in December 2017, followed by another buyback of Rs 8,260 crore this year.Apart from these big players, other Indian IT firms like HCL Technologies and Mphasis have also returned surplus cash from its books to shareholders in the form of buyback and special dividends. | government announced 20 per cent tax on share buyback by listed companies in July. move would have hurt IT services firms that often opt for the route to return surplus cash to shareholders. but government says no tax will be charged on share buyback by companies that announced such a move before July 5. 'this would go a long way in restoring confidence in the market & nudge companies to make fresh investments,' says wipro chief financial officer. | Positive |
https://www.moneycontrol.com/news/business/earnings/bajaj-finance-q4-profit-at-rs-948-crore-revenue-at-rs-6302-crore-5286471.html | live bse live
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NBFC major Bajaj Finance on May 19 announced a profit after tax of Rs 948 crore for the quarter ended March 2020, a 19.4 percent decline compared to numbers of the corresponding period last fiscal.
The profit was impacted by higher provisions but supported by lower tax as the company adopted a reduced rate of 25.17 percent for computation of income tax.
Loan losses and provisions (expected credit loss) for the quarter increased to Rs 1,954 crore against Rs 409 crore in Q4FY19.
During the quarter, the company said it had taken an accelerated charge of Rs 390 crore for two identified large accounts, an additional provision of Rs 129 crore on account of recalibration of its ECL model and a contingency provision of Rs 900 crore for COVID-19.
Hence, adjusted for contingency provision of Rs 900 crore for COVID-19, the profit for the quarter was up by 38 percent at Rs 1,622 crore, it added.
The company's net interest income (NII), the difference between interest earned and interest expended, increased sharply by 38 percent year-on-year to Rs 4,684 crore in the quarter.
New loans booked in the period increased by 3 percent to 6.03 million from 5.83 million in Q4FY19. "Adjusted for lower acquisition due to lockdown, new loans booked would have grown by 21 percent to approximately 7.03 million," Bajaj Finance told the BSE.
"Due to COVID-19 pandemic and the consequent lockdown, the company lost 10 productive days in Q4 FY20 resulting in lower acquisition of nearly 1.0 million loan accounts and lower AUM of approximately Rs 4,500
crore," it said.
Consolidated assets under management grew by 27 percent to Rs 1,47,153 crore compared to the year-ago period.
Gross non-performing assets (NPA) for the quarter remained flat at 1.61 percent on a sequential basis, while net NPA declined 5 bps to 0.65 percent compared to 0.70 percent in the previous quarter.
"Standard assets provisioning (ECL stage 1 and 2), including contingency provision of Rs 900 crore for COVID-19, stood at 159 bps and 97 bps excluding contingency provision under Ind AS," the company said.
The provisioning coverage ratio improved to 60 percent at the end of the March quarter from 57 percent in the December quarter.
The company said its liquidity position remained very strong, with overall surplus of approximately Rs 15,725 crore as of March 2020 on a consolidated basis and as of May 15, it was around Rs 20,900 crore.
For FY20, Bajaj Finance reported a 32 percent growth in consolidated profit at Rs 5,264 crore and a 42 percent rise in NII at Rs 16,913 crore compared to the previous year.
The stock has fallen 41 percent in a year, while it was down 53 percent year-to-date and 48 percent during the March quarter.
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Brokerages, however, say the stock will be the first to recover once the lockdown ends and economy reopens.
Morgan Stanley has an overweight rating on the stock, with a target price of Rs 2,740. HSBC has a “buy” call, with the target at Rs 3,700 per share.
Morgan Stanley expects the NBFC to have an above-industry return on equity (RoE) in FY21 and say it should bounce back the fastest as conditions improve.
"Structural asset growth and RoE potential have been expanding, while valuations are also attractive at current levels," the brokerage said.
HSBC feels the COVID-19 crisis may drive a marked change in spending patterns of consumers. "We may see 'in-house' spending being favoured against 'out-of-home' spending. Financing needs are set to rise as consumers and companies push for no-cost EMI," said the brokerage.
Growth moderation may be less in the medium term than feared by the market, it added. | NBFC major Bajaj Finance announces profit after tax of Rs 948 crore for quarter ended March 2020. the company adopted a reduced rate of 25.17 percent for computation of income tax. loan losses and provisions (expected credit loss) for the quarter increased to Rs 1,954 crore. net interest income (NII) increased sharply by 38 percent year-on-year to Rs 4,684 crore. | Positive |
https://www.financialexpress.com/industry/5-trillion-economy-rajnath-singh-wants-private-sector-to-play-bigger-role-sets-defence-export-target/1892465/ | To achieve the government’s $5 trillion economy target by 2024, Defence Minister Rajnath Singh sees the private sector playing a critical role. The minister speaking at the Global Business Summit on Saturday urged for increased participation of the private sector in defence manufacturing for India to become the $5 trillion economy, the Defence Ministry said in a statement. The minister highlighted the government’s major initiatives such as Make in India apart from introducing policies relevant to the digital economy and fostering human capital to hit $1 trillion goal by 2025 for the manufacturing sector.
To address the problem of private investment in the defence sector, the minister said the government has undertaken multiple reforms for establishing synergy between the industry and the public sector. “In our envisaged Defence Production Policy, we have clearly spelt out our goal to achieve a turnover of $26 billion in aerospace and defence goods & services by 2025. This will have huge implications for India’s endeavours to promote R&D, innovation and its efforts to secure a place in global supply chains,” said Singh.
Also read: Flipkart’s business ‘discipline’ impresses Walmart again despite expecting losses similar to last year
In order to boost defence exports, the minister that Defence Public Sector Undertakings have been encouraged to increase their export portfolio to 25 per cent of their turnover as the government intends to export defence goods and services worth $5 billion in coming five years. The government is willing to extend lines of credit and grants to friendly foreign countries over the next five years, he added.
The FDI ceiling under the automatic route, which was increased from 26 per cent to 49 per cent in 2014 and up to 100 per cent under the government approval route is now showing results, according to Singh. The FDI inflows till December 2019 in the defence and aerospace sector stood at more than Rs 3,155 crore. “Of this, Rs 1,834 crore have received since 2014. I am sure that the volume of investment will increase many-fold when some of the major programmes, which are in the pipeline, move into the execution phase,” he said. | defence minister says private sector must play a critical role to reach $5 trillion goal. government has undertaken multiple reforms to establish synergy between industry and public sector. FDI ceiling under automatic route increased from 26 per cent to 49 per cent in 2014. FDI inflows till December 2019 stood at more than Rs 3,155 crore. 'i am sure that the volume of investment will increase many-fold when some of the major programmes, which are in the pipeline, move into the execution phase,' he | Positive |
https://www.livemint.com/companies/news/airlines-do-away-with-international-change-fees-11607579114155.html | Major airlines are doing away with hefty fees to change international flights, as the carriers prepare to try to lure back globe-trotters next year.
Delta Air Lines Inc. and United Airlines Holdings Inc. said Wednesday that they are scrapping most international change fees for good, joining American Airlines Group Inc., which made a similar move last month. All three airlines said in August that they would permanently end flight-change fees for domestic flights.
Also read: The pandemic push to the silver economy
The moves to eliminate the fees, which start at $200 but can run much higher, are an indication of the lengths carriers will go to reassure passengers and compete for their business as the coronavirus pandemic continues to ravage travel demand. Restoring international travel is a priority for the airline industry, which has lost billions of dollars since the pandemic began.
Change fees, long been a pet peeve for passengers, have been lucrative for airlines based in the U.S. The charges brought in $2.8 billion last year, according to the federal Department of Transportation. But executives have said they believe travelers will place more value on flexibility once they return to the skies.
Air-travel demand plunged as Covid-19 spread this year and has only partially recovered. International travel has been hardest hit, as government travel restrictions and quarantine requirements have made such trips difficult or impossible. The number of domestic passengers in October fell 60% from a year earlier, while international travelers declined 77%, according to the latest government figures.
Airline executives say that could start to change next year as Covid-19 vaccines are distributed. They add that they hope that more flexible policies will spur bookings by helping people feel more comfortable in making long-term plans, despite uncertainty about how quickly the pandemic might recede.
“We don’t want just another reason why customers are nervous about booking and making advanced travel plans," Delta Chief Executive Ed Bastian said in an interview on CNBC Wednesday.
Delta said its new policy will apply to travel from North America. United said it is eliminating change fees from all international tickets purchased in the U.S. For both carriers, change fees will still apply to the cheapest Basic Economy fares, but such fees have been waived through March.
Airlines have also been pushing for governments to strike deals to establish safe-travel corridors between major U.S. and international cities.
Delta has negotiated with governments in Italy and the Netherlands to waive quarantine requirements for passengers on its flights who have taken Covid-19 tests before and after flying, although those countries still don’t allow most Americans to enter. United and American have run trials of testing protocols on certain flights to London in hopes of persuading governments that testing can be used in place of quarantines.
This story has been published from a wire agency feed without modifications to the text. | delta, united airlines scrap international change fees for good. all three airlines said in august they would permanently end flight-change fees. the fees have been lucrative for airlines based in the united states. the move is a priority for the airline industry, which has lost billions of dollars. a new policy will apply to all international tickets purchased in the united states. | Positive |
https://www.moneycontrol.com/news/business/markets/higher-investment-demand-in-silver-to-drive-prices-higher-in-2020-5276831.html | Silver
Sakina Mandsaurwala
Silver prices rallied by 8 percent last week on falling Gold-Silver ratio. At the end of last week, the price of silver was sitting around the $15.80 per troy ounce. Silver prices have under-performed gold prices in 2020 and made a low of $11.74 in March, the lowest price since 2009.
We are seeing some similarities in the silver market when compared its price moves during the recession like crisis back in 2008. Firstly, if we look at the stimulus measures announced during 2008 and 2020 recession like scenarios, Fed announced unprecedented stimulus package with short term rates to zero and started the Quantitative Easing (QE) program.
During Q3 2008, Fed borrowed $530 billion while this year it said it would borrow almost five five times the amount i.e. $3 trillion.
Secondly, Gold-Silver ratio in 2008 and 2020, the ratio hit its peak in both but the high in this year have been significant. The ratio rose to record high of 124 in March 2020 and currently the ratio is standing at 104.
Thirdly, the selling in Silver during 2008 before it dramatically rallied to record high of $49.82 an ounce in 2011 is similar when we look at the selling in March when prices made low at $11.74 followed by the price rally towards $17.10 an ounce till date.
To conclude with, if the history has to repeat in 2020 as Silver have performed better during Global Financial Crisis, we may see a huge upside in Silver prices in the next two years. The investment demand rather than industrial demand in Silver will drive the price higher in 2020. The falling Gold-Silver ratio and five times more monetary easing reflect far greater threat to our economy.
Therefore we expect MCX Silver prices to trend higher towards Rs 51,000-Rs 53,000 in the coming year. Currently, the MCX Silver prices are trading at Rs 47,000 per kg.
The author is Commodity Analyst at Narnolia Financial Advisors.
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. | silver prices rallied by 8 percent last week on falling Gold-Silver ratio. silver prices have under-performed gold prices in 2020 and made a low of $11.74 in march. if history has to repeat in 2020, we may see huge upside in silver prices. falling gold-silver ratio and five times more monetary easing reflect greater threat to our economy. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/hcl-techs-roshni-nadar-malhotra-is-wealthiest-indian-woman-heres-full-list/articleshow/79544609.cms | ETMarkets.com
NEW DELHI: HCL Technologies' Roshni Nadar Malhotra is the wealthiest active women in India . A new study by Hurun India, in association with Kotak Wealth, has named top 100 women wealth creators and leaders, which included many self made business entrepreneurs, start-up founders and professional managers.The cumulative wealth of women wealth creators on the list stood at Rs 2,72,540 crore, the report said. There are a total of eight dollar billionaires, while 38 women on the list had a wealth of Rs 1,000 crore and above. Average age of the women featured on the list is 53 years, the report added.New Delhi-based Roshni Nadar Malhotra has a fortune of Rs 54,850 crore. She has recently been appointed chairperson of the Rs 70,680 crore HCL Technologies. Roshni is currently the CEO and Executive Director of HCL Corporation, a holding company that controls HCL Tech and HCL Infosystems.Founder & MD of Biocon, Kiran Mazumdar-Shaw, needs no introduction. She is the second-most wealthiest woman in the list with a Rs 36,600 crore fortune. Kiran started Biocon in 1978 and has led the biopharmaceutical company in the field of complex APIs and molecular biology. She also sits on the board of Infosys.The third on the Kotak Wealth Hurun list is Leena Gandhi Tewari, who chairs privately-held USV, which is a pioneer in diabetic and cardiovascular medicines in India. Leena’s grandfather, the late Vithal Gandhi, started USV in 1961, in partnership with Revlon. USV earns around 80 per cent of its revenue from the domestic market.The fourth on Kotak Wealth Hurun list is Nilima Motaparti. Her fortunes are worth Rs 18,620 crore. Nilima is the Director (Commercial) of Divi’s Laboratories. The pharma company offers generic compounds, nutraceutical ingredients and custom synthesis of APIs and Intermediates for global companies.Nilima joined Divi’s Laboratories as a Chief Controller (Commercial) in 2012.Radha Vembu, sister of Zoho founder Sridhar, ranks fifth on the Kotak Wealth Hurun. The report estimates her wealth to be Rs 11,590 crore. After graduating from IIT-Madras, Radha joined Zoho, founded by her older brother Sridhar in 1997.Jayshree Ullal ranks sixth on the Kotak Wealth Hurun list with a networth of Rs 10,220 crore. She is the richest professional manager on the list. London-born and raised in Delhi, Jayshree is the CEO of the fastest-growing cloud-networking company, Arista Networks, which is currently valued at $16 billion under her leadership. Jayshree was earlier a Senior Vice President at Cisco.Renu Munjal, the wife of the late Raman Munjal, has a networth of Rs 8,690 crore. She is a former Executive Director of Hero MotoCorp and the current Managing Director of Hero FinCorp.Malika Chirayu Amin, who is the Managing Director & Chief Executive Officer of Alembic, is the seventh richest woman in India at Rs 7,570 crore. She has been with the company since 1988.With a wealth of Rs 5,850 crore, Anu Aga & Meher Pudumjee of Thermax rank ninth on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. In 2018, Anu retired from Thermax board after crossing the age of 76. Meher, a chemical engineer from Imperial College of Science and Technology, was appointed as Thermax Chairperson in 2003.Founder and CEO of Nykaa, Falguni Nayar & family, ranks tenth on the Kotak Wealth Hurun list with a wealth of Rs 5,410 crore. In April 2020, Nykaa entered the unicorn club as the Mumbai-based beauty retailer was valued at $1.2 billion.With 32 individuals, Mumbai tops the list followed by New Delhi (20) and Hyderabad (10). A total of 19 women in the rich list are under the age of 40. The 32-year-old Kanika Tekriwal of JetSetGo, Anjana Reddy of Universal Sportsbiz and Vidhi Shanghvi of Sun Pharma are the youngest on the list. Apollo Hospitals Enterprise produced the most number of women leaders on the list, followed by Godrej Group which contributed three entrants on the list.Data showed that 24 per cent of the women in India are in the workforce compared to the global standard of 48 per cent. Another research by BCG suggests that if female entrepreneurs receive the same funding as their male peers, the global economy would expand by a whopping $5 trillion dollar."It is rather obvious that only if gender parity is achieved, can India timely register the $5 trillion GDP mark," said Anas Rahman Junaid, MD and Chief Researcher at Hurun India.A McKinsey survey earlier this year suggested that American women control more than 10 trillion dollar in US household financial assets. And this amount is likely to triple within a decade. | cumulative wealth of women wealth creators on list stood at Rs 2,72,540 crore. there are eight dollar billionaires, while 38 women on list had wealth of Rs 1,000 crore and above. average age of women featured on list is 53 years. Founder & MD of biocon, Kiran Mazumdar-Shaw, is second-most wealthiest woman in the list with a Rs 36,600 crore fortune. | Positive |
https://www.livemint.com/Money/lS85t1yyIl33csfF0wlCyN/MFs-add-Rs-124-trillion-to-asset-base-in-2018-on-SIP-flows.html | New Delhi : Mutual funds have added a staggering ₹ 1.24 lakh crore to their asset base in 2018 assisted by consistent increase in SIP flows and a robust participation of retail investors despite volatile markets. The asset under management (AUM) of the industry grew by 5.54 per cent or ₹ 1.24 lakh crore to ₹ 23.61 lakh crore at the end of December 2018, up from ₹ 22.37 lakh crore at the end of December 2017, latest data available with the Association of Mutual Funds in India (Amfi) showed. The year 2018 also marked the sixth consecutive yearly rise in the industry’s AUM after a drop in the two preceding years. The pace of growth, however, declined for the asset size in 2018 as compared to the previous year. The industry saw a surge of 32 per cent in the AUM or an addition of over ₹ 5.4 lakh crore in 2017.
The IL&FS default and the consequent blow to the NBFC sector because of the credit crunch, exposed mutual funds to ill-liquid debt funds worth lakhs of crores. This coupled with volatile markets could be some of the reasons for a slower growth in assets base last year. Quantum Mutual Fund MD and CEO Jimmy Patel attributed the rise in mutual funds’ asset base in 2018 to strong participation of retail investors that continued to remain buoyant with their SIP investments despite rising crude oil prices, rupee depreciation and stock market volatility. In addition, markets regulator Sebi’s efforts on investor education as well as Amfi’s ‘Mutual Fund Sahi Hai’ campaign also helped the industry, he added. Fund houses believe that an uptrend is expected in 2019 too as large amount of flow is expected through SIP (Systematic Investment Plan) route as it helps in rupee cost averaging and also in investing in a disciplined manner without worrying about market volatility and timing the market.
“Among the factors that will help such a move in 2019 is that an ever larger proportion of the flow is through SIP which adds to the existing AUM. Also, the number of folios that are added on a monthly basis continue to be robust indicating that more and more new investors are investing through mutual funds. “Increased geographical penetration and technology may also lead to greater participation in MFs," Essel Mutual Fund CIO Viral Berawala said.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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Topics | mutual funds added 1.24 lakh crore to asset base in 2018. industry saw a 32 per cent surge in the asset under management. a robust participation of retail investors despite volatile markets. a 'uptrend' is expected in 2019 as large amount of flow is expected through SIP route. 'increased geographical penetration and technology may also lead to greater participation in MFs,' says fund house. | Positive |
https://economictimes.indiatimes.com/news/defence/bharat-electronics-and-tech-mahindra-collaborate-to-build-digital-aerospace-defence-products/articleshow/74012974.cms | MUMBAI: State-owned Bharat Electronics Limited BEL ) and software provider, Tech Mahindra announced a partnership on Friday to design and build digital solutions for aerospace and defense applications. The companies signed a Memorandum of Understanding (MoU) at DefExpo India 2020, Lucknow , to jointly develop solutions in the field of defence products and systems for the armed forces with the use of latest technologies in Aerospace and Defence (A&D) Engineering Services, 5G and cyber security.Anandi Ramalingam, Director Marketing, Bharat Electronics, said, “The MoU will enable BEL and Tech Mahindra to make joint efforts to seize the opportunities available in the domestic markets on back of the policy initiatives of the Indian Government such as Make-in-India. It will further support in tapping into global markets for export of defence products produced by the individual companies or jointly developed and produced by the two companies, leveraging on the Export Promotion Policy of the Ministry of Defence , Government of India.”Sujit Baksi, Head APAC Business and President Corporate Affairs , Tech Mahindra, said the collaboration would allow the companies to tap export opportunities.“Tech Mahindra’s collaboration with Bharat Electronics extends our vision of supporting government’s ‘make in India’ initiative to enhance our indigenous capabilities and build a robust 5 Trillion Dollar Indian economy. It is also in line with our TechMNxt charter that focuses on leveraging new generation technologies to deliver an enhanced experience to our customers,” she said. | Bharat Electronics and tech Mahindra signed a Memorandum of Understanding. the companies will jointly develop solutions in the field of defence products and systems for the armed forces. the collaboration will allow the companies to tap export opportunities. the companies will also use latest technologies in 5G and cyber security. the companies will also be able to tap into global markets for export of defence products produced by the individual companies or jointly developed and produced by the two companies. | Positive |
https://www.moneycontrol.com/news/india/consumer-loans-disbursement-back-to-pre-covid-level-hdfc-bank-5419641.html | live bse live
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India's largest private sector lender HDFC Bank on Wednesday said its consumer finance loans are growing and the amount disbursed has got back to the pre-COVID levels of Rs 1,000 crore a month.
The Mumbai-headquartered lender's country head for consumer finance Parag Rao said changes in lifestyle due to aspects like lockdowns and work from home has created additional demand for items such as television sets, laptops, Wi-Fi routers and even vacuum cleaners, which the bank is funding at present.
It can be noted that driving consumption demand in the economy has been one of the toughest challenges which policymakers are grappling with, and economists have expressed concerns about the same.
Acknowledging that a part of the traction being witnessed by the bank is pent-up demand, Rao said there is a "set of consumer appliances where demand is going up".
In April, the consumer finance business had fallen by 80-85 percent and recovered to the March levels in May, even though the non-lockdown conditions prevailed for only ten days.
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Rao, who also heads the credit card and payments verticals, said traditional high ticket expenditures in categories like air tickets and hotel bookings is not present as the services continue to be shut and it will take time for the same to jump back to the old levels.
From an expenditure perspective, shares of small value transactions have gone up as a share of the overall pie, Rao said.
As against 8-9 percent earlier, the small value spends of up to Rs 500 generally made for daily errands now account for nearly a fourth of the overall card spending on the reduced denominator, Rao said.
"People are pulling out their cards for more number of occasions and hence, activity on cards has gone up,” he said.
The upcoming fintech players are competitors but not disruptors, he asserted, adding that emergence of newer players helps broaden the market opportunity.
"The yeoman's job which this competition is doing is I think it is expanding the market," he said.
He said HDFC Bank is a full service bank offering an entire suite of products, including payments and deemed to suggest sustainability is important for the lender.
"Sustainable market leadership is not just about throwing cashbacks or having the best customer experience. It involves all of it but also means that in your business model you value sustainability,” he said. | the amount disbursed has got back to pre-COVID levels of Rs 1,000 crore a month. in April, the consumer finance business had fallen by 80-85 percent. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. a vaccine works by mimicking a natural infection. | Positive |
https://www.moneycontrol.com/news/business/companies/visaka-industries-to-set-up-new-facility-for-vnext-products-in-tamil-nadu-4135101.html | Representative image
Visaka Industries Ltd on Tuesday said it was planning toset up a new manufacturing facility for "Vnext boards" at an unfinalised location in Tamil Naduat an outlay of Rs 100 crore.
According to a press release issued by the company, with the new plant which would be completed in 15 months, the capacity goes up to 2.20 lakh tonnes per annum to 1.70 lakh tonnes.
Currently, Vnext plants are operational in Telangana, Maharashtra, and Haryana. Vnext's range of products are designed to substitute plywood and gypsum plaster boards with eco-friendly, modern and sustainable materials, it said.
Vnext board a non-asbestos, autoclaved fibre cement board is fire, water and termite resistant, which makes it ideal for long-lasting, sturdy and hazard-free construction.
Joint Managing Director of Visaka Industries,Vamsi Gaddam said, "Vnext's new plant in Tamil Nadu is a part of our expansion plans of the Vnext division. The new plant is a strategic step by Visaka Industries to supply to the growing market demands of Vnext board."
"We are confident that this will further strengthen our presence in the fibre cement board business as we continue to hold its largest production capacity. Our eco-friendly, futuristic and sustainable products are substitutes to plywood and gypsum boards," he said. | the new plant would be completed in 15 months. the company says it is planning to set up a new manufacturing facility in Tamil Nadu. the company says it is confident the plant will further strengthen its presence in the fibre cement board business. the company's products are designed to substitute plywood and gypsum plaster boards. a non-asbestos, autoclaved fibre cement board is fire, water and termite resistant. | Positive |
https://www.moneycontrol.com/news/business/markets/market-at-over-9-month-high-5-factors-that-are-supporting-the-rally-6077481.html | The market extended gains for the fifth consecutive session with the Nifty50 closing more than 9-month high on November 6.
At closing, the BSE Sensex rallied 552.90 points, or 1.34 percent, to 41,893.06, while the Nifty50 jumped 143.20 points, or 1.18 percent, to 12,263.50, the highest closing level since January 17, 2020 after hitting an intraday high of 12,280.40.
The benchmark indices around 1 percent away from previous record high levels seen in January this year.
But the broader markets underperformed benchmark indices, with the Nifty Midcap and Smallcap indices rising over half a percent each.
Here are 5 factors that are supporting the market rally:
FII Flow
Foreign institutional investors seem to having bullish view on the market as they remained net buyers in every session in November so far.
They net bought Rs 8,529.54 crore worth of shares in November, on top of Rs 14,537.40 crore in October, though they remained net sellers for the calendar year 2020.
US Election-led Rally in Global Markets
Most of global markets also traded in the green amid expectations of Democratic Party winning US election, following 2 percent rally in the US markets overnight.
Reports indicated that Democratic Party's Joe Biden already won 253 electoral votes. The party needs 270 votes to win the White House.
Japan's Nikkei gained 0.9 percent and Australia's ASX 200 rose 0.8 percent while South Korea's Kospi and Hong Kong's Hang Seng were flat with a positive bias. However, China's Shanghai Composite was down 0.24 percent.
Sectoral Leaders
Banking and financials stocks were at the driver's seat for recent rally as experts feel the rising hope for easing NPA pressure helped these stocks catch up the momentum where other major sectors - IT, Pharma, Metals, Infra, Auto, Telecom - already participated in the rally.
Nifty Bank and Financial Services indices gained 1.85 percent each.
"The banking industry looks in much better shape unlike what was feared, given the growing collection efficiency, adequate provisioning, and the fresh capital cushion lent to balance sheets," Yes Securities said.
Reliance Industries
The rally in Reliance Industries was one of major reasons behind upside seen in the market. The stock gained 3.8 percent after Saudi Arabia's Public Investment Fund (PIF) will invest Rs 9,555 crore or $1.3 billion in company's subsidiary Reliance Retail Ventures in exchange for a 2.04 percent stake.
With this deal, RIL has so far sold 10.09 percent in Reliance Retail Ventures, India’s largest retailer, for a combined Rs 47,265 crore.
Technical View
The Nifty50 climbed over a percent higher and formed bullish candle on the daily charts. In fact the index has formed bullish candle for fourth consecutive session.
With the index trading at more than 9-month high, experts expect the index to touch its previous record high levels soon.
"12,200 was a resistance level for this month's expiry. We have successfully crossed and closed above that. This should push the Nifty to its next level which is 12,400," Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments told Moneycontrol.
"The macro trend of the index is positive and any dip or correction can be utilised to buy into this market. The Nifty has a very good support at 11,500," he said.
Disclaimer: "Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Moneycontrol." | the market extended gains for the fifth consecutive session with the Nifty50 closing more than 9-month high on November 6. the benchmark indices around 1 percent away from previous record high levels seen in January this year. but the broader markets underperformed benchmark indices, with the Nifty Midcap and Smallcap indices rising over half a percent each. | Positive |
https://www.financialexpress.com/budget/budget-2019-demand-for-coworking-spaces-to-go-up-with-measures-across-rental-housing-commercial-real-estate/1642076/ | By Amit Ramani
Budget 2019 India: The budget came as a respite to start-ups and businesses seeking investments. The government announced a host of initiatives to further boost India — the youngest start-up nation amid its continuous efforts to ensure a sustainable business environment for budding Indian companies.
Amongst the key initiatives announced included the e-verification mechanism that will ease the angel tax obligation and is bound to strengthen the startup ecosystem. The measures across rental housing, commercial real estate, infrastructural development, and technology will indeed be a boon and lead to increased demand for coworking spaces. The coworking segment has had rapid growth with positive interests from the private equity funds in the recent past. Post budget, the commercial sector is expected to witness more fund infusion from the developers and institutional investors alike.
Also read: Budget 2019: New National Education Policy, focus on research and innovation to boost number of startups
The coworking industry has witnessed incredible growth in India and is slated to become the mainstream choice in the Indian commercial real estate sector too. With the industry expected to reach a valuation of $2.2 billion by 2022, it sets the tone for transformation within the sector. In addition to this, tier-II cities are expected to grow to 8.5 million seats by 2020 as per JLL, coming to the forefront with respect to shared workspaces. Hence it is crucial for the government to further accelerate and bolster the growth of the concerned patrons.
The announcement of a TV channel for startups is certainly a platform that would aid their progress. It will help them network and source the right resources overcoming the startup concerns. Easing out FDI rules into various startup segments and a multitude of enhancements to the digital payments ecosystem are expected to bring laurels to the startup ecosystem.
With the Indian economy set to touch a valuation of $3 trillion in the current year, the initiatives announced clearly focus on the government’s vision of building a ‘New India’ with startups and new corporations right at the core of the new economic regime. Given the government’s view of holistic progress, we welcome the budget’s intentions of steering the way for envisioning the development of macro India and thereby the welfare of the masses.
(Amit Ramani is the CEO and Founder at coworking startup Awfis. Views expressed are the author’s own.) | government announced a host of initiatives to further boost india. e-verification mechanism that will ease the angel tax obligation. measures across rental housing, commercial real estate, infrastructural development, and technology will indeed be a boon. coworking industry has witnessed incredible growth in india. industry expected to reach a valuation of $2.2 billion by 2022. | Positive |
https://www.financialexpress.com/industry/technology/with-rise-in-cloud-migration-druva-to-expand-workforce-in-india/2134788/ | Druva, a cloud data protection and management company, is planning to ramp up its workforce in India within the next 12 months. The company is looking at accelerating growth through 2021 as it sees a greater need for its cloud data protection technologies during these times of increased cloud migration.
Druva is one of the unicorns in the tech space in India. Founded in Pune by Jaspreet Singh and Milind Borate, it is a privately held company with headquarters in Sunnyvale, California. It is funded by Sequoia Capital, Viking Global Investors, Tenaya Capital, Riverwood Capital and Nexus Partners.
Druva delivers data protection and management for the cloud era. Its cloud platform is built on AWS and offered as-a-service to halve costs and free customers from the burden of unnecessary hardware, capacity planning and software management.
Druva has achieved 100% growth in the Asia-Pacific and Japan markets fueled by rapid cloud adoption. Its data centre workload revenue has been rising as startups and legacy companies embrace a cloud-first approach for data protection. The company has grown its data centre workload revenue more than 100% in the last 12 months and worked with 135 enterprises — including Adani Wilmar (India), NTT DATA (Japan), McConnell Dowell (Australia), Gold Peak (Hong Kong) and UNIADEX (Japan) — to navigate their digital transformation initiatives.
Druva has a workforce of 500 in Pune and is expanding its local presence. It is on track to add 15-20% to its headcount in Pune over the next few months.
Borate, co-founder and chief development officer, said cloud’s accessibility, robust security architecture and cost savings have made it the defining technology of 2020. “Built on that same principle, cloud-based data protection is bringing thousands of companies the business agility and data resilience needed to adapt with today’s dynamic marketplace. Druva is perfectly positioned to address this market and after a successful 2020, it is now focused on further accelerating growth through 2021,” Borate said.
Druva also extended remote working for all employees till June 2021. The company said the remote working model has minimally impacted the company’s regular activities, including onboarding, business delivery, timely promotions and annual salary increases. Once a return to office is deemed safe, the company intends to roll out a phased approach, with a hybrid model for some departments.
According to an IDC estimate, Asia Pacific is expected to have the highest revenue growth rate for cloud system and service management software between 2020-24, outpacing both the Americas and EMEA. Exponential growth in data and higher ransomware risks combined with rising data governance risks and regulations, are driving organisations to new technologies and solutions. | company is looking at accelerating growth through 2021. sees greater need for its cloud data protection technologies. a workforce of 500 in Pune and is expanding its local presence. a remote working model has minimally impacted the company’s regular activities. a return to office has minimally impacted the company’s regular activities. a return to office has minimally impacted the company’s regular activities. | Positive |
https://economictimes.indiatimes.com/news/economy/policy/time-for-action-to-make-india-a-global-manufacturing-hub-experts/articleshow/75447596.cms | Bengaluru: India can be the destination of choice for global manufacturing in the post-COVID 19 world if it gets its acts together with the right policies as a lot of things are going for the country, say industry experts. Areas like drones and robotics would see major investment and research going forward in India, which would move faster into the digital age, they said, discussing opportunities for the country once the coronavirus-inflicted situation returns to normalcy.Remote working will become a norm rather than something done once in a while, said a former President of the Confederation of Indian Industry . "There will be many work-from-home opportunities. We will see far greater participation from women, who chose to stay at home, and it will add to the productive workforce."A corporate leader said he is seeing the beginning of a fourth industrial revolution and added that India should strive to get a proper shareof the pie.Secretary General of industry body ASSOCHAM Deepak Sood , said there is a broader consensus that the global manufacturing supply chain would be more spread than concentrated in major economies like China."If India comes out of the present crisis with minimum of impact, we can be the destination of choice for the global manufacturing giants in different sectors like electronics, computer hardware, pharmaceuticals, including medical devices, automobile, including components and other engineering products," he told .Another industrialist said India really needs to open up and welcome whoever wants to diversify and bring manufacturing into India."Manufacturing is very, very necessary. At the end of the day we have really skipped that and gone into services. But manufacturing is very important and we need to be able to capture this moment when a lot of manufacturing could come to India if we show the right policies, set up single window clearances and hand-hold companies coming in," the industrialist, who did not wish to be named, said.Sood said crude prices are expected to stay muted at least for the medium term, adding that with India depending 80 per cent on imported crude,low prices would be a big advantage for the economy with a multiplier impact on consumer demand.The other major advantage for India, relative to other major economies, is that the country depends on domestic consumption, absorbing a large part of our output, he said.Though exports are important for meeting foreign exchange requirements, the global markets are likely to remain subdued for longer period.But post COVID-19 , our domestic consumption is expected to bounce back sooner than exports, he said.A top executive of a company said, "The Fourth industrial revolution is on us. We no longer have to sort of ask as to when it will come, it's here on us."Asked if he expects India to drive the fourth industrial revolution, he said the country does have the talent and depth of technology to be able to do quite a bit.India can definitely look toward diversification of supply chains.The wisdom of Indians should ensure that proper share comes to India. We have the people, the demographics, ability to skill our people very, very quickly. We have democracy,we have lot of things going for us , he said.But we have to make it count for us, instead of squabbling and wasting time; we really need to get our act together to be able to welcome whichever industry that wants to diversify its supply chains , he added. An industry executive said there would be far more focus on expanding social infrastructure going forward and fields such as biotechnology and biochemistry would get a boost, while online content writers would be very much in demand. Digital platforms are allowing customising teaching for individuals and education would become much more personalised, he said.Delivery will cease to be single channel or dual channel and it would all become omni channel .An operator in the MSME sector said the government's top priority post-COVID 19 should continue to be the health of the people and to feed the masses.These two will have to be top priority for a while till such time a medicine or vaccine is discovered, he said.Sood said thankfully, India's agriculture and rural economy have so far remained least affected by the pandemic.Foodgrains in the Central pool are three-times the buffer requirements even before arrival of the new crop in mandis.So the Centre and states would continue to have enough elbow room for looking after the vulnerable sections of society, he said.On what should be the Government's priority post-COVID 19, Sood said: "Ensure continuous and enough liquidity both for the consumers and producers of goods and services.Retain lower interest rate regime, stay nimble and act quickly as and when a sector starts showing any stress."He said that hospitality, transport, airlines and exports are being crushed the most by the health crisis, and these sectors would need special revival packages in the form of interest subvention, subsidy for repairing the impaired assets, reduction in taxes, including GST and other levies.He said the public expenditure on the healthcare sector should be at least doubled and eventually reach five per cent of the GDP from less than 1.5 per cent at present.The public-private partnership should be encouraged, not only in the area of front-end healthcare, but also in the R&D and development of cutting edge drugs and vaccines, he said. | drones and robotics would see major investment and research going forward in india. remote working will become a norm, said a former president of the confederation of Indian Industry. industry experts say if India comes out of the present crisis with minimal impact, we can be the destination of choice for global manufacturing giants. a corporate leader said he is seeing the beginning of a fourth industrial revolution and added that India should strive to get a proper share of the pie. | Positive |
https://economictimes.indiatimes.com/markets/expert-view/rs-16000-cr-buyback-not-big-enough-to-move-the-needle-for-tcs/articleshow/78546599.cms | Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Kozhikode IIMK Chief Product Officer Programme Visit IIM Lucknow IIML Chief Operations Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit
There might be a 5-7% revision in price targets because we have already upgraded it a bit. We also need to see how 3Q, 4Q margins will be because the currency is appreciating and there are wage hikes as well, says, analyst,The quantum is lower and will not move the lever in a big way. It will not even be 1.7% of equity.It is actually just 1.5% of the equity count. The Street would have been happy if it was somewhere around Rs 25,000 crore plus. Considering they had Rs 50,000 crore of net cash, people were expecting a much larger buyback. This is not going to move the needle for the stock now.There is a clear revenue beat. We were looking at 2.5% kind of CC growth and it has come at 4.5% CC growth and 6.9% kind of dollar growth. So there is a very strong rebound in terms of growth. We were expecting margins at 25%, it has come in at 26.2%. So even adjusted PAT is very ahead of estimate. I think there will be a further upgrade in the stock. It is currently at 27 times two years forward so multiple upgrades have already been happening. In the last three months, the stock is up almost 20%. We have to also take that into consideration. Overall, it has been a strong set of numbers with strong margin execution.Wage hikes are also back and that indicates confidence but that we have to see as a headwind for the next quarter in terms of margins because wage inflation is back.In light of this quarter’s performance, full year TCS will most likely see only 1% decline. which in the context of the Covid crisis, is hardly a big decline.There might be a 5-7% revision because we have already upgraded it a bit. Having said that, we need to see how 3Q, 4Q margins will be because the currency is appreciating and there are wage hikes as well. Internally, there is a strong bounce-back in growth in all the B2C verticals like retail and BFSI where the Covid-led transformation is accelerating. The vendor consolidation could have worked in favour of larger vendors like TCS because this is a steep bounce back after a soft first quarter. Even the full year numbers are likely to be flattish.Wipro anyways was expected to announce a buyback because it has not been paying dividend and it uses the buyback route. For Wipro, we are looking at a Rs 12,000-crore buyback at least, probably more than that because Wipro also has Rs 30,000 crore of net cash. I am expecting a buyback at HCL in December because the big part of cashflows from IBM acquisition is behind them. As for Infosys, it depends on its choice. Infosys has a wide institutional shareholding and it depends on the tax advantage between dividend and buyback. So I would not comment on Infosys. But Wipro for sure and HCL around December.A lot of transformational deals and vendor consolidation are in pipeline and so deal closures can increase. Big deals like Infosys Vanguard or the couple of deals TCS earlier had on the insurance platform moved the lever for the tier I IT companies. | the stock is currently at 27 times two years forward so multiple upgrades have already been happening. internally, there is a strong bounce-back in growth in all the B2C verticals like retail and BFSI where the Covid crisis, is hardly a big decline. the stock is currently up almost 20% in the last three months. analysts are expecting a further upgrade in the stock. | Positive |
https://economictimes.indiatimes.com/markets/stocks/etmarkets-podcast/market-watch-can-auto-stocks-be-good-contra-bets/podcast/75870224.cms | Transcript
Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Amritesh Malhan and here are the top headlines at this hour.
· Airlines told to adhere to lower and upper limits of fares
· Nearly 1.5 L tickets booked in 2 hrs for June 1 trains
· Oil at highest since Mar on lower US inventories
· RIL rights entitlement price jumps for 2nd day
· India Inc may take a year to return to normalcy, shows Survey
Let’s start with what happened in the market today. Domestic stocks extended gains for the third straight session. Buying in ITC, TCS and Asian Paints pulled the benchmark index higher while selling in HDFC, HUL and L&T capped the gains.
Sensex closed 114 points higher at 30,932 after paring most of its 370-point intra-day gains while Nifty added nearly 40 points to 9,106.
Midcaps and smallcaps outdid the largecaps. Sectorally, BSE Auto, Metal, Consumer Discretionary and IT indices ended the day in the green while Capital Goods index and Bankex closed in the red.
Among specific stocks, InterGlobe Aviation gained 7 per cent, while SpiceJet got locked in upper circuit limit after the government announced resumption of operations from May 25. In the broader market, Brigade Enterprises, Bandhan Bank and CPCL declined nearly 5 per cent each.
Analysts expect the market to remain rangebound, until it has further directional cues. March quarter earnings and sectoral impact of the lockdown measures will continue to trigger stock-specific moves.
We caught up with Vinod Nair of Geojit Financial Services to try and understand the market undercurrent.
Welcome to the show, sir
Can you list out the major drivers of today’s market?
Vinod Nair Byte 1
BSE auto index outperformed today. Can auto be a good contra bet idea in this market?
Vinod Nair Byte 2
Where do you see buying opportunities in this market?
Vinod Nair Byte 3
Nifty formed a bearish candle on the daily chart that resembled a 'Shooting Star' pattern. This, along with the fact that the index is facing strong resistance near 20- and 50-day moving averages, does not bode well for the bulls. Analysts said the 9,200 level would act as an immediate resistance for Nifty50.
We have with us Rohit Singre of LKP Securities to do the chart reading.
What are the technical charts telling us?
Rohit Byte 1
What is the reading from F&O data?
Rohit Byte 2
Give us a brief outlook for the next trading session.
Rohit Byte 3
Globally, Hang Seng, Nikkei and Shanghai ended in the red. European markets traded lower in early deals. US equity futures declined as deteriorating Sino-American ties cast cloud over the recent rally in risk assets.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Good bye! | domestic stocks extended gains for the third straight session. Sensex closed 114 points higher at 30,932 after paring most of its 370-point intra-day gains. Among specific stocks, InterGlobe Aviation gained 7 per cent, while SpiceJet got locked in upper circuit limit after the government announced resumption of operations from may 25. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/stock-market-update-hdfc-bank-hdfc-lt-infotech-hit-fresh-52-week-high/articleshow/65034780.cms | As many as 29 stocks on the BSE hit their fresh 52-week high on Wednesday morning.The list included stocks such as HDFC Bank, HDFC, HEG Ltd, Larsen & Toubro Infotech, Asian Paints, Envair Electro, Atlas Jewellery Ind, Dolat Invst, Shree Surgovind, Electrosteel, Danlaw Technologies, Deccan Bearings, Cigniti Tech, Astral Poly Tech, Pro Fin Capital Ser, Swaraj Automotives, Tiaan Ayurvedic & Herbs, Blue Circle Svc, Bajaj Finserv and Bhagiradha Chem.On the other hand, Bharti Airtel , Kwality, Greenply, Videocon Industries, BSL Ltd, SP Apparels, Diana Tea, Binny Mills, Hilton Metal, MPL Plastics, Remi Edelstahl, Biopac India, Talwalkars Fitness, JBF Industries, Easun Reyrolle, Sri Adhikari, Hanung Toys, Global Offshore, Sarda Plywood, ARSS Infra, Fedders Electric, Moser Baer and Revathi Equip hit their new 52-week low.Extending the rally of the previous trading session, the benchmark BSE Sensex jumped over 200 points to record a new high of 36,747.87 in early trade on Wednesday amid buying by domestic institutional investors and easing global crude oil prices.The market rally was driven by strong buying on the oil & gas, banking, PSU and realty counters and strength in the rupee.The 30-share BSE index spurted 227.91 points, or 0.62 per cent, to hit a new high of 36,747.87, surpassing its previous record of 36,740.07 recorded on July 13.The NSE Nifty was trading 47.10 points up at 11,055.15 amid buying by domestic institutional investors and easing global crude oil prices.On the Nifty 50 index, Ibull HousingFin, ONGC, Zee Entertainment, Eicher Motors, UltraTech Cement , HDFC Bank, HCL Tech, GAIL, Bajaj Auto , BPCL, Indian Oil Corp, HPCL, HDFC and Adani Ports SEZ were among top gainers. | 29 stocks on the BSE hit their fresh 52-week high on Wednesday morning. the benchmark BSE Sensex jumped over 200 points to record a new high of 36,747.87. the market rally was driven by strong buying by domestic institutional investors. the nifty was trading 47.10 points up at 11,055.15 amid buying by domestic investors. | Positive |
https://economictimes.indiatimes.com/news/defence/nepal-on-its-side-china-now-woos-bangladesh/articleshow/76477205.cms | NEW DELHI: In a bid to woo Bangladesh, China has provided a huge trade boost to the country by announcing tariff exemption for 97 per cent of Bangladeshi products effective from July 1.The decision has come one month after Bangladesh Prime Minister Sheikh Hasina and Chinese President Xi Jinping held a discussion to upgrade their bilateral relations during the COVID-19 pandemic.The Ministry of Foreign Affairs of Bangladesh announced on Friday that 97 per cent of items would be exempted of Chinese tariffs.As part of the government's economic diplomacy and the outcome of exchange of letters between Bangladesh and China, Tariff Commission of the Chinese State Council issued a notice recently on granting zero treatment to 97 per cent of tariff products of Bangladesh, the Dhaka Tribune reported, quoting the ministry's statement.With this announcement, a total of 8,256 Bangladeshi products will come under the 97 per cent of products that would be exempted from tariff.Currently, 3095 Bangladeshi products enjoy duty-free access to Chinese market under Asia-Pacific Trade Agreement (APTA). With the new announcement, 97 per cent of Bangladeshi products will join this zero-tariff club from July 1 that raised the numbers of Bangladeshi products with zero duty access to Chinese market to 8,256, the report said.During the Asian-African Conference which took place this week in Indonesia, Chinese president Xi announced that China will grant duty free market access for Least Developed Countries (LDC) 97 per cent of the tariff lines within a year.This beneficial market access scheme will be applied only for imports from LDCs that have diplomatic relations with China.China's tariff exemption is expected to help Bangladesh cushion the economic impact of the COVID-19 pandemic. | 97 per cent of items will be exempted from tariffs. the move comes one month after the COVID-19 pandemic. a total of 8,256 products will come under the zero-tariff club. currently, 3095 Bangladeshi products enjoy duty-free access to the Chinese market. a total of 97 per cent of Bangladeshi products will be exempted from tariffs. | Positive |
https://www.moneycontrol.com/news/business/stocks/d-street-buzz-banks-financials-rally-on-lockdown-relaxation-bajaj-twins-jump-6-each-5341191.html | Benchmark indices are trading on a robust note with Sensex surging 903.76 points or 2.79% at 33327.86, and the Nifty jumped 256.95 points or 2.68% at 9837.25.
Traders and investor are optimistic tracking the announcement of more lockdown relaxations with Asian markets also trading in the green.
Among the sectors, Bank Nifty jumped over 4 percent led by Axis Bank, ICICI Bank, IDFC First Bank, Kotak Mahindra Bank Punjab National Bank and RBL Bank which gaine dover 4 percent each followed by State Bank of India, HDFC Bank and Bank of Baroda.
Manali Bhatia, Senior Research Analyst at Rudra Shares and Stock Brokers has a buy recommendation on State Bank of India with target of Rs 185 per share. The stock is an expected bounce-back candidate from the highly oversold zone. Being available at a strong long term support zone, pullback buying is expected in the counter in the coming days. Bullish divergence on the weekly chart is providing an early indication that short-covering rally can be expected in coming days, she said.
Nifty Financial Services was up over 3 percent led by the Bajaj twins - Bajaj Finance and Bajaj Finserv both up over 6 percent followed by Cholamandalam Investment, Indiabulls Housing Finance, M&M Financial Services, PFC and REC among others.
The top positive contributors included HDFC Bank, HDFC, ICICI Bank, Bajaj Finance and Kotak Mahindra Bank while IDFC First Bank, State Bank of India and Punjab National Bank are the most active stocks on NSE in terms of volumes.
Share price of IDBI Bank hit upper circuit of 20 percent after the bank posted a profit of Rs 135 crore for the March quarter on account of recoveries from bad loans. The lender reported a profit after 13 straight quarters of net losses. Total income rose to Rs 6,925 crore as against Rs 6,616 in the fourth quarter of 2018-19, the bank said in a regulatory filing.
However, Umesh Mehta, Head of Research, Samco Securities in an interview to moneycontrol said that banks are expected to face a tough time given the lockdown and the extension in the moratorium. Their balance sheets will also be crippled which will eventually reflect on the stock price.
Hence, it would be safer for investors to avoid banking stocks for the moment at least until the pain has been completely discounted in their books, he added.
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. | Sensex jumped 2.79% at 33327.86 and the Nifty jumped 256.95 points or 2.68% at 9837.25. Among the sectors, Bank Nifty jumped over 4 percent led by Axis Bank, ICICI Bank, IDFC First Bank, Kotak Mahindra Bank Punjab National Bank and RBL Bank. | Positive |
https://www.moneycontrol.com/news/business/economy/how-govt-is-facilitating-stock-exchange-listing-of-msmes-5465991.html | The Micro, Small and Medium Enterprises (MSMEs) are often considered a harbinger of growth in an economy. World over, governments have recognised the role and importance of the sector that constitutes nearly 90 percent of the total enterprises in most of the economies and are credited for generating the highest rates of employment growth and account for a major share of industrial production and exports.
The biggest challenge being faced by these enterprises is access to capital.
To overcome this, most major capital markets have established a separate exchange for SME segment. The purpose of separate SME bourses is to create an SME friendly market architecture which with support of effective policies and institutions fosters a new class of investable equities.
In 2012, BSE and NSE launched BSE SME and NSE Emerge which allowed SMEs to list on the BSE and the NSE and later migrate to the main board of the bourses without the need to make an initial public offering.
The key difference between listing on the main board and these platforms is the strict eligibility criteria of the former. Additionally, the requirement of track record, cost, corporate governance norms, reporting requirements and time frame for listing is quite relaxed for SMEs compared to companies listed on the main board.
Since the launch over 320 companies have been listed on the platform that not only provides benefits to these companies but also benefits its investors by providing an exit route to private equity investors as well as liquidity to the ESOP holding employees.
It also helps in maintaining sustainability through good corporate governance, generate an independent valuation of the company and also build the company's profile with customers, suppliers, investors and media alike.
In May 2020, the BSE reduced the annual fee for listing on BSE SME by 25 percent to encourage small businesses to list and support them amid COVID-19 crisis.
The relaxation was preceded by centre's Rs 50,000 crore equity infusion plans for MSMEs through Fund of Funds to also encourage entities to list on the main board of stock exchanges.
"A fund of funds being created for infusing about Rs 50,000 cr as equity into MSMEs. This will benefit those MSMEs who have the potential and are viable. The corpus of the fund will be of Rs 10,000 crore," the finance minister had said.
Earlier this month, MSME Minister Nitin Gadkari said the government is looking at a specially created "MSME Stock Exchange", which will have such small businesses listed on it. The government will provide equity of 15 percent to those businesses which list on the platform.
Click here for our complete coverage of MSME day | a separate exchange for the micro, small and medium enterprises (MSMEs) is being established. the purpose of separate SME bourses is to create an SME friendly market architecture. the bourses are credited for generating the highest rates of employment growth. the bourses are also credited for a major share of industrial production and exports. | Positive |
https://www.financialexpress.com/money/dcb-bank-fixed-deposit-online-fd-with-free-life-insurance-cover-check-details/1982145/ | Savings bank interest rates of most banks have come down. Also, the average FD interest rate on 1-year or 5-year deposit is around 5.5 per cent. There are several investors who wish to invest in a bank FD at higher rates. It could be to park one’s retirement savings and get a regular income or if the financial goals are near and the safety and security of the money are paramount. While debt mutual funds and equity markets are looking volatile, the bank FD remains a safe place to park funds till the prevailing uncertainty due to COVID-19 subsides.
And, if going out in the lockdown or maintaining social distancing is still worrying you, there are online bank FDs you can invest in. Here is what DCB Bank is offering on its bank FD – Online opening of FD account, a life cover for free and a competitive rate of interest. Investors are, however, advised to make their own investment decision before proceeding.
DCB Zippi Online Fixed Deposit
The FD offers one to choose between regular DCB Zippi Online Fixed Deposit or opt for the benefit of free life insurance with DCB Zippi Online Suraksha Fixed Deposit. The regular Zippi FD allows the customer to select flexible tenure and interest payment options.
Individuals anywhere in India can invest in DCB Zippi Online Fixed Deposit without having to open a Savings Account with DCB Bank. Upon maturity of the DCB Zippi FD, the interest earned and principal amount are transferred to the customer’s savings account from which the principal or the original investment amount was received to make the Zippi FD.
According to the bank, creating a Zippi FD is completely contactless, no visit to a bank branch is needed. DCB Zippi FD customers can open, manage and close their FD accounts through their smartphones, tablets or desktop computers.
DCB Suraksha Fixed Deposits
The maximum life insurance cover available is for Rs. 50 lakh, across all DCB Suraksha Fixed Deposits held in the name of the primary applicant. That means a single DCB Zippi Suraksha Fixed Deposit amount above Rs 50 lakh is eligible for a free life insurance cover of maximum Rs 50 lakh. The Insurance cover is valid from the age of 18 years till the account holder attaining the age of 55 years. It is required to provide PAN, nomination and email ID to open DCB Suraksha Fixed Deposit. The fixed deposit tenure is 36 Months. No life insurance premium is payable by the customer for this specific life insurance cover. No medical tests are required for linked life insurance.
An FD holder can opt for quarterly compounding by reinvesting the interest or receive the interest earned amount on a monthly or quarterly basis. The interest rate for a three-year fixed deposit is 7.35 per cent per annum (as on 3rd June 2020). Using the automatic renewal option with DCB Zippi Fixed Deposit ensures that the money does not remain idle even for a single day.
DCB Bank is a scheduled commercial bank regulated by the Reserve Bank of India. Anyone looking to invest need to consider one’s risk profile, tax status and carefully invest after speaking to one’s financial advisor. | the average FD interest rate on 1-year or 5-year deposit is around 5.5 per cent. investors are advised to make their own investment decision before proceeding. DCB Zippi Online Fixed Deposit offers free life insurance. the FD is completely contactless, no visit to a bank branch is needed. the maximum life insurance cover available is for Rs 50 lakh. | Positive |
https://www.financialexpress.com/lifestyle/science/india-to-host-one-of-the-worlds-largest-renewable-energy-expansion-programmes/1628825/ | Nirmala Sitharaman, the Minister for Finance and Corporate Affairs tabled the Economic Survey 2019 in parliament on Thursday. According to the Survey data, renewable energy sources are a strategical national resource. The report quotes “Harnessing these resources might play an important role in India’s vision to achieve social equity and energy transition with energy security and a stronger economy and climate and change mitigation.”
While providing abundant energy access is important, it is also significant that it cannot come at a high cost of environmental sacrifice and in the past, the advanced economies have done it successfully without threatening their environment, stated the survey.
Also read: Maharashtra asks dairies to buy back plastic pouches, firm on 15-day deadline
In the Indian electricity mix, the contribution of electricity produced from renewable sources is progressively increasing. In exclusion to hydro (above 25 MW) the share of total electricity generated from renewable energy sources increased to 10 per cent in 2018-19 from 6 per cent in 2014-15, the survey stated. As per figurative mention in the survey, it can be noted that India now ranks fourth in wind power, fifth in solar power and fifth in overall renewable power installed capacity, globally.
The Economic Survey estimates that there are expectations of an investment opportunity for over USD 30 billion annually for the next decade as there might be additional investments in renewable energy production plants estimating to about USD 80 billion for the time period up to 2022 and of around USD 250 billion for the period 2023-30.
Despite considerable growth in energy production from renewable sources, fossil fuel will still remain an important source of power the survey stated. | the Economic Survey 2019 was tabled in parliament on Thursday. renewable energy sources are a strategical national resource. the survey estimates that there are expectations of an investment opportunity for over USD 30 billion annually for the next decade. fossil fuel will still remain an important source of power. the survey also reveals that the u.s. is the world's second largest economy. | Positive |
https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/lipstick-index-holds-true-for-indian-market/articleshow/70889277.cms | (This story originally appeared in on Aug 29, 2019)
MUMBAI: Growth slowdown? “What’s that,” ask colour cosmetics players. With big brands like Lakme and L’Oreal clocking double-digit growth rates, the colour cosmetics category has bucked the slowdown.It’s a clear indicator that the ‘ lipstick index ’ exists in India. The term was coined by Leonard Lauder, former chairman of Estee Lauder, to describe the company’s increased cosmetics sales during the economic downturn of 2000. In India, while consumers are said to be delaying big ticket purchases like an automobile or a consumer durable, they find disposable income for small indulgences like a lipstick.Lakme owner HUL’s VP (skincare and colours) Prabha Narasimhan said, “One of the key reasons why colour cosmetics is less affected by the slowdown is that consumer usage is still low. As women become more aware about brands, they are willing to upgrade. There are a host of brands offering premium products at higher prices.”Given the growing demand for cosmetics, brands are rolling out 15-25 shades at every launch. More than a decade ago, this was restricted to a few shades at best. Further, building on another secular trend of premiumisation, Lakme has just unveiled a premium line of lipsticks in matte range, priced at around Rs 800.“If we look at the entire spectrum of consumers, the aficionados buy 5-7 lipsticks of a given range and, with every collection, while at the other end of the spectrum, there are consumers who pick up just 1-2 lipsticks annually,” said Narasimhan.Interestingly, L’Oreal India, which gets 35-40% of its sales from colour cosmetics, is growing in “high double digits”, said its director (consumer products division) Aseem Kaushik. “You will always find in a woman’s drawer a lipstick and a compact powder. Awareness and education about makeup, especially the ‘how to’ videos, are some of the building blocks driving the category’s growth,” said Kaushik.Makeup is a category where fashion trends change frequently, within a year, and are driven by global markets like New York and Paris. When products tweaked to Indian tastes are launched in line with these trends, consumers lap it up. “Social media has helped spread awareness, with the more evolved consumers continuing to spend disposable incomes,” said Kaushik. Affordability — with L’Oreal India launching its Maybelline ‘creamy matt’ lipstick and foundation at Rs 299 — is said to have fuelled volumes.Top beauty retailer Nykaa is seeing consumers spending regularly on makeup. Nykaa chief business officer Nihir Parikh said, “For us, business is great as usual. There will be no deviation from our growth path in 6-12 months. If we look at new customer acquisitions, the number of products in a consumer’s cart, which are typically associated with consumption patterns, and the growth rate has been good.”Nykaa, which has a portfolio of over a 1,000 brands across makeup, skincare, haircare and wellness, clocked 115% growth in 2018-19. “What’s driving the growth is new launches, especially in the premium segment. While our existing consumer base continues to purchase makeup products as rampantly, we are also seeing a new set of consumers entering the category. Consumers typically begin with buying a kajal or lipstick and move to purchasing concealers and foundation too,” said Parikh.E-commerce is said to be fuelling growth in this category, with products now accessible to consumers even in small towns and parts of rural India. | big brands like Lakme and L’Oreal are clocking double-digit growth rates. the colour cosmetics category has bucked the slowdown. consumers are said to be delaying big ticket purchases like an automobile. but they find disposable income for small indulgences like a lipstick. a 'lilac index' is a clear indicator that the ‘ lipstick index ’ exists in india. | Positive |
https://economictimes.indiatimes.com/news/international/business/interest-is-lively-at-deadline-for-obamacare-sign-ups/articleshow/79733965.cms | Washington: A crush of sign-ups expected Tuesday on the last day of open enrolment for HealthCare.gov could help solidify the standing of " Obamacare " as an improbable survivor in the Donald Trump years. In 36 states that use HealthCare.gov,- December 15 is deadline day for coverage that starts January 1, while another 14 states and Washington, D.C., have later dates. Analysts and advocates who follow the annual insurance sign-ups say interest has gotten stronger with the coronavirus pandemic gripping the nation.Also, the legal cloud hanging over the Affordable Care Act seemed to start lifting last month when Supreme Court justices gave a skeptical reception to the latest challenge from the Trump administration and conservative-led states seeking to overturn the law in its entirety."The safety net is working," said Chris Sloan of the consulting firm Avalere Health. When final numbers are released next year, Sloan says the ACA could surpass its current enrolment of 11.4 million people. "I think it's just reflective of the need being greater for people who have lost their jobs and need to find some other form of health insurance ," he said.The insurance markets offer taxpayer subsidized private plans to people who don't have job-based coverage. Insurers cannot turn away customers with pre-existing medical conditions. Medicaid expansion, another component of the health law, covers about 12 million people.Stephanie Burton, a solo practitioner lawyer from Kansas City, Missouri, said she recently renewed her coverage for 2021. For about USD 150 a month, after subsidies, Burton is also able to cover two young adult children as they negotiate their transition to self-sufficiency in a shaky economy.But Burton said she's noticed that the annual enrollment season gets very little promotion. After Trump failed to repeal former President Barack Obama 's signature law, not even the rising need for coverage amid coronavirus layoffs has persuaded his administration to rethink its opposition.Trump administration officials say what they have done is to focus on the smooth operation of the HealthCare.gov website for those who may want the coverage."Since I've always had it, I get reminders by email," said Burton, but "there are a lot of people who may not even know how to find this information." That's expected to change under the incoming Biden administration, which plans to build on the health law to expand coverage to more than 30 million who still lack it.Some former Obama officials who closely monitor the Trump administration's operation of the program say they have reason to hope in this sign-up season.Joshua Peck, who used to be chief marketing officer for Obamacare, says traffic is clearly up from current customers actively renewing their coverage, and the number of new consumers is tracking with previous years.Active renewals are seen an indicator that people are eager to keep their plans from lapsing. Those who take no action are automatically renewed, but they have to follow through to retain coverage by paying their premiums."It gives us reason to think that the end of this open enrollment period could be a strong one," said Peck. "We're cautiously optimistic."But Tuesday could get anxious for procrastinators because deadline day usually brings long waits for personal assistance via the call center and the website may run slow. Typically people who start the enrollment process before the end of deadline day are given a chance to complete it.Of some 28 million uninsured Americans before the pandemic, the nonpartisan Kaiser Family Foundation estimates more than 16 million were eligible for some form of subsidised coverage through the health law. | a crush of sign-ups expected Tuesday on the last day of open enrollment for health care.gov. the ACA could surpass its current enrolment of 11.4 million people. the coronavirus pandemic has prompted the administration to rethink its opposition. the u.s. has a "safety net" for those who want coverage. | Positive |
https://www.livemint.com/Companies/5Ss3dgoyztrUXS72xVEu3L/Aramco-eyes-bigger-market-share-in-Asia-ahead-of-possible-Op.html | Dhahran, Saudi Arabia: Saudi Aramco will expand its market share in Asia despite likely OPEC limits on output next year, and is eyeing deals in China and Africa as it aims to become a global leader in chemicals, the head of the world’s top oil producer said on Monday.
Amin Nasser, chief executive of the state oil giant, told Reuters that his company would abide by any OPEC agreement to cut crude production in 2019, less than two weeks before the exporter group meets to decide output policy.
But he added that he still sees growth opportunities in Asia - identifying China, India, Malaysia and Indonesia - and will push ahead with refining ventures to guarantee new outlets for Aramco’s crude.
“We are always going to be attempting to expand our market share but at the same time the company is obliged to meet any agreement by OPEC," Nasser said in an interview in Dhahran, Saudi Arabia.
“Asia is a very important market for us. We are looking at two potential JVs (joint ventures) for refineries in China right now ... We continue to expand our market share in different markets.
“We are looking at India, we are looking at Malaysia, we are looking at Indonesia, we are looking at China. All these markets are very important to us. And other markets as well, even in Africa," he added.
Aramco said last week it would sign five crude oil supply agreements with Chinese customers, taking its supply to China to a record-high 1.67 million barrels per day (bpd) in 2019.
Nasser did not explain how Aramco would meet that higher demand if the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de facto leader, decided to restrict production next year.
Asked whether the company planned to reduce crude exports to the United States as inventories there increase, he said: “All markets are important for us. Asia is the biggest market for sure, then Europe and the U.S."
Nasser added that plans to expand the company’s Motiva refinery in the United States and move into petrochemical production at that plant were going ahead as scheduled.
OPEC meets in Vienna on Dec. 6, amid expectations that Saudi Arabia will push for a production cut of up to 1.4 million bpd by the producer club and its allies to prop up sagging oil prices.
Benchmark Brent crude was trading near $60 a barrel on Monday, clawing back some losses after plunging nearly 8 percent the previous session amid fears of a supply glut.
Saudi Arabia’s crude production has hit an all-time high in November of about 11.1-11.3 million bpd, an industry source familiar with the matter told Reuters on Monday.
Saudi Energy Minister Khalid al-Falih said earlier this month that Aramco would ship less crude in December compared to November due to lower seasonal demand.
A chemical leader
Aramco aims to become a global leader in chemicals and the world’s largest integrated energy firm, with plans to expand its refining operations and petrochemical output.
The company plans to raise its total refining capacity - inside the kingdom and abroad - to 8-10 million bpd from around 5.4 million bpd now, Nasser said.
“We are the industry leader when it comes to upstream oil and gas. But when it comes to downstream, even though we have a big position in refining ... our ambition is much bigger, we are looking at 8-10 million bpd in refining," he said.
“Chemicals is a major area for expansion. We are going to be the global leader when it comes to chemicals."
To get there, Aramco is embarking on the possible acquisition of a strategic stake in Saudi Arabia’s SABIC, the world’s fourth-largest petrochemicals maker.
Nasser said he hoped to finalise talks “soon" with the Public Investment Fund to buy the sovereign wealth fund’s stake in SABIC.
“We are doing partly the due diligence and the negotiations at the same time. These things take time," he said.
“And then if we are able to conclude the negotiations, still there is the process of antitrust in different countries and that also takes some time. We did not put a timeframe that we need to have but we are hoping to have it soon."
Aramco aims to allocate some 2-3 million bpd of its crude production to petrochemicals, Nasser said.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
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Topics | amin Nasser said his company would abide by any OPEC agreement to cut crude production in 2019. but he added that he still sees growth opportunities in Asia - identifying China, India, Malaysia and Indonesia. he said he is looking at two potential JVs (joint ventures) for refineries in china right now. | Positive |
https://www.financialexpress.com/market/sharekhan-announces-launch-of-new-discount-broking-business/1979500/ | Sharekhan, a subsidiary of BNP Paribas, on Tuesday announced the launch of its new discount brokerage platform.
The full-service broking firm, however, did not divulge details about the name of the new subsidiary. It announced that Project Leapp will be the first phase towards launching the discount broking category
through a new subsidiary company.
The new discount brokerage is likely to be launched in the September ending quarter of the financial year 2021 after the broking firm finishes the process of beta testing. The beta company will allow 100
alpha traders and investors to test the platform in the live market mode. On the basis of first in, first win the selected 100 alpha traders and investors will have to give Rs 5 lakh as margin and will receive one year of brokerage for free as a welcome gift.
“The 100 alpha traders and investors can test the new platform in live-market mode including many innovations on Watchlist, Detail Quotes, Orders and Reports and give their feedback to the ‘founding senior leadership team’ of Project Leapp,” the brokerage said in its statement.
Jaideep Arora, chief executive officer, Sharekhan by BNP Paribas, said, “Our approach is to have separate companies and brands for discount broking versus full service as we believe that given India’s
low penetration in equity markets there is a lot of relevance for both subcategories to grow.” | project leapp will be the first phase towards launching the discount broking category through a new subsidiary company. the beta company will allow 100 alpha traders and investors to test the platform in the live market mode. the selected 100 alpha traders and investors will have to give Rs 5 lakh as margin and will receive one year of brokerage for free as a welcome gift. | Positive |
https://economictimes.indiatimes.com/news/economy/policy/71-indians-think-governments-stimulus-package-will-lead-to-economic-recovery-study/articleshow/76072362.cms | MUMBAI: Around 71 per cent of Indians believe the government's over Rs 20 lakh crore stimulus package will lead to economic recovery , a study said. The Centre earlier this month announced a mega relief package to mitigate the economic impact of the COVID-19 crisis.A vast majority (71 per cent) of Indians either agree or strongly agree that the relief package will lead to economic recovery, the study by global market research and data company YouGov said.The survey was done online by YouGov Omnibus among 1,005 respondents in India between May 19-22, 2020.It found that respondents from tier-III cities are more likely to view this package favourably (76 per cent) than those from tier-I cities (67 per cent).Further, only 15 per cent seem unhappy with the package.Dissatisfaction is the highest among people from the south (21 per cent) as compared to the other regional residents, the survey said.Similarly, tier-I residents (21 per cent) seem unhappier with the offered benefits compared to tier-II (14 per cent) and tier-III (10 per cent) residents.Even though a majority support the economic package, fewer than half see it benefitting them personally.From the various schemes, four in 10 urban Indians (43 per cent) feel they are most likely to benefit from the 'increased public expenditure on healthcare' and the 'reduction of TDS/TCS rates for non-salaried section' (40 per cent).One in three (33 per cent) see themselves benefitting from the 'extension of credit linked subsidy scheme for middle-income groups', 'starting of online courses by top 100 universities' (31 per cent) and 'interest subsidy for small business under Mudra-Sishu loans' (30 per cent), it added.Asked about the provisions that could benefit the underprivileged (migrants and poor, among others), majority of respondents (61 per cent) believed 'distribution of free food grains' is most likely to work to their advantage.More than half (53 per cent) were in support of 'one nation one ration card' provision under which the government has allowed inter-state portability of ration cards.Although the government believes the economic package will go a long way in realising the idea of a self-reliant India, only one-third (33 per cent) of urban Indians think so, it said.Some think this package will create new job opportunities (21 per cent), while others see it giving a boost to the smaller businesses (20 per cent) or the rural economy (17 per cent), the study added. | a vast majority of respondents either agree or strongly agree that the relief package will lead to economic recovery. only 15 per cent seem unhappy with the package. tier-III cities are more likely to view it favourably (76 per cent) than those from tier-I cities (67 per cent). fewer than half see it benefitting them personally. 'distribution of free food grains' is most likely to work to their advantage. | Positive |
https://economictimes.indiatimes.com/markets/stocks/recos/buy-cadila-healthcare-target-price-rs-311-nirmal-bang/articleshow/74885263.cms | Normal Bang has given a buy rating to Cadila Healthcare with a target price of Rs 311, an upside of 21.1 per cent on a CMP of Rs 257. According to the brokerage, Cadila Healthcare’s performance in the fourth quarter of FY20 should be aided by a growth in domestic business and a seasonally stronger wellness business.The share price of the company moved up by 0.16 per cent from its previous close of Rs 252.70. The last traded price is Rs 253.10. Incorporated in 1995, Cadila Healthcare has a market cap of Rs 25880.21 crore.The wellness business growth may be lower than normal due to demand disruption led by Covid-19 lockdown. In the US - their key products Lialda and Levorphanol witnessed the impact of additional competition which should be offset by volumes in Tamiflu suspension and appreciation in US dollar. The brokerage maintains its FY21 and FY22 estimates. It has rolled over to FY22 EPS and arrived at a target price of Rs 311 based on a target PE multiple of 20 times. Nirmal Bang expects the fourth quarter FY20 earnings to be monotonous for most pharma companies. It does not see a meaningful adverse impact of Covid-19 lockdown on earnings. With China resuming supplies of raw materials, potential disruption in manufacturing is now no longer a concern.The India pharma market is expected to show high single digit growth. In the US, marginal benefit could come from dollar appreciation and potential increase in stocking at the wholesaler level which should be offset by currency depreciation in emerging markets due to declining crude prices.For the quarter ended December 31, 2019, the company reported consolidated sales of Rs 3534.50 crore, up 8.95 per cent from last quarter sales of Rs 3244.20 crore and up 0.52 per cent from last year's same quarter sales of Rs 3516.10 crore. The company reported net profit after tax of Rs 364.40 crore in the latest quarter. | normal Bang has given a buy rating to Cadila Healthcare with a target price of Rs 311, an upside of 21.1 per cent on a CMP of Rs 257. the company's performance in the fourth quarter of FY20 should be aided by a growth in domestic business and a seasonally stronger wellness business. the brokerage maintains its FY21 and FY22 estimates. | Positive |
https://www.moneycontrol.com/news/business/economy/cm-jai-ram-thakur-urges-indian-diaspora-to-invest-in-himachal-pradesh-4138151.html | Chief Minister Jai Ram Thakur urged the Indian diaspora in the United Arab Emirates to invest in Himachal Pradesh owing to its peaceful and advantageous environment for the business, an official spokesperson said.
Thakur invited investment while addressing the members of the People of Indian Origin Chamber of Commerce and Industry in Dubai during his maiden visit to the UAE, he added.
Hailing the entrepreneurial spirit of Indians, he requested them to be part of the growth story of Himachal Pradesh.
Industries Minister Bikram Singh also made a strong pitch for investments in the hilly state and assured the potential investors of all possible support and assistance.
Addressing the Himachali people in Dubai earlier on Monday evening, he said the people of Himachal have succeeded in creating a special place for themselves throughout the world with their hard work and honest nature. | the chief minister invites investment from the diaspora. he hails the entrepreneurial spirit of the people of Himachal Pradesh. industries minister Bikram Singh also makes a strong pitch for investments. the state is a peaceful and advantageous environment for the business. a spokesman says the state is a peaceful place for the business. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/after-rising-100-since-march-lows-these-midcaps-have-analysts-abuzz/articleshow/79124392.cms | NEW DELHI: Better-than-expected September quarter earnings and lifting of the Covid-19 restrictions have helped some of the midcaps to move in tandem with the blue chips in the ongoing rally from March lows.BSE Sensex has advanced 61 per cent to 41,340 as of November 5 from 25,638 on March 24, the day when the benchmark equity index scaled its 52-week low. BSE Midcap Index gained 60.63 per cent during the same period with more than 20 stocks rallying over 100 per cent.On top of the chart, Jindal Steel and Power (JSPL) has soared 241 per cent to Rs 211.60 from its 52-week low of Rs 62.10; Adani Enterprises has rallied 203 per cent, Glenmark Pharmaceuticals 203 per cent and Emami 166 per cent.Analysts see further upside in a couple of these stocks despite a decent rally in the short term.For instance, Investec Capital Services is bullish on JSPL with a price target of Rs 341, indicating over 60 per cent upside from the current market price.Analysts say robust liquidity, an improvement in labour availability, strong traction in the rural economy led by several government measures and a huge fiscal stimulus of Rs 21.7 lakh crore (10.6 per cent of GDP) aided the economic recovery and domestic equities over last eight months.With a 76 per cent rally since March lows, the BSE Smallcap index has outpaced its midcap counterpart and even Sensex in this rally.Analysts are mostly positive on the broader market, considering the improved risk appetite. Sandeep Tandon, Founder, Quant Group told ETNOW that the data is still signalling a rise in risk appetite in India, meaning smallcaps and midcaps have the potential to outperform the largecaps.Among other midcap performers this financial year, L&T Infotech, Cholamandalam Investment, Muthoot Finance, Ashok Leyland, Tata Consumer Products, PI Industries and Info Edge also gained over 125 per cent from their March lows.Reliance Securities is bullish on Ashok Leyland with a target price of Rs 101. It is the second-largest commercial vehicle manufacturer in India, and globally fourth largest bus manufacturer and 12th largest truck manufacturer.“This is the worst phase of the current slowdown for medium and heavy commercial vehicles as well as for Ashok Leyland. We expect a likely up-cycle in FY22E and FY23E to bring back high earnings growth (415 per cent CAGR) and valuation expansion, which would transform into strong potential upside from the current level,” the brokerage said.Amara Raja Batteries, Bharat Forge, Mphasis, ICICI Securities, Max Financial Services, Balkrishna Industries, IDBI Bank, Natco Pharma, Adani Transmission, Apollo Hospitals and Oracle Financial Services have more than doubled investors’ money during this period.Axis Capital likes Amara Raja Batteries and had a price target of Rs 830. “The demand outlook remains reasonably strong and benign lead prices augur well for profitability,” Axis Capital said in a report.Likewise, ICICI Securities is positive on Balkrishna Industries with a price target of Rs 1,671. The brokerage said key export markets continue to recover smartly in Q2. The company provides superior risk-reward against its peers due to standout earnings resilience.BP Wealth is positive on midcap and smallcap stocks like Balrampur Chini, Carborundum Universal, City Union Bank, Jubilant FoodWorks, KPR Mills and Polycab India with a one-year purview.IIFL Securities likes Tube Investments, Apollo Tyres, Persistent Systems, JB Chemicals and Security & Intelligence Services. | Sensex has advanced 61% to 41,340 as of November 5 from 25,638 on march 24. JSPL has rallied 241 per cent to Rs 211.60 from its 52-week low of Rs 62.10. adani Enterprises has rallied 203 per cent, Glenmark Pharmaceuticals 203 per cent and Emami 166 per cent. | Positive |
https://www.moneycontrol.com/news/world/with-a-100-rally-what-is-driving-tesla-stock-5207221.html | Shares of electric carmaker Tesla surged 11 percent in the after-hours trading following the company's earnings report on April 29. This was on top of the 4 percent gain it recorded during the day.
With the sharp rise, the scrip has rallied over 100 percent, so far, in 2020, adding about 52.77 percent in April alone.
It has outperformed the benchmark S&P500, which has fallen over 9 percent in 2020 and technology giants FAANGM--Facebook (-5.39 percent), Apple (47.61 percent), Amazon (28.4 percent), Netflix (27.3 percent), Google's parent company Alphabet (0.21 percent) and Microsoft (12.51 percent)-- on a year-to-date basis.
This is despite factory closures in the wake of the coronavirus outbreak that forced the company to cut wages and furlough hundreds of hourly workers.
What has put the stock in the fast lane? Let's take a look.
"When share price swings +/- 100 percent within the span of three months, there can only be one answer- speculation," Darwin Arifin, COO and Co-Founder at Vested Finance, told Moneycontrol.
According to him, wild swings in the scrip goes back to the bears vs the bulls debate. He said bears usually take charge of the stock if there is any news which indicates that Tesla will not be able to meet its targets, as witnessed from the 60 percent crash between February 19-March 18.
On the other hand, its cutting edge technology and ability to out-innovate its competition give enough impetus to the bulls to drive the stock higher.
Another reason for the rally is that investors are valuing the company based on its future potential, he said.
"Clearly, investors are evaluating Tesla based on its future potential. Since its founding, Tesla has been at the centre of the transportation revolution: (1) transition from internal combustion engines to electric motors, and (2) self-driving revolution through its autopilot," said Arifin.
Comparing the enterprise value (EV) to sales reveals that Tesla is valued much higher than other carmakers.
"Tesla’s EV/sales ratio is about 5X that of BMW," said Arifin.
According to him, investors are looking at Tesla as a tech company rather than an automaker.
"Unlike other aforementioned tech companies (except Apple), Tesla produces real-world physical products and is constrained by manufacturing and supply-chain limitations (as opposed to a zero marginal cost software services)," he said. "Its operations are subject to global lockdowns, disruption of supply chains and change in consumer spending in times of recession, considering Tesla sells relatively high priced cars."
Better-than-expected Q1
Telsa managed to beat analyst's expectations in its first-quarter earnings on April 29. Its adjusted earnings per share was $1.24, crushing analysts' average forecast for a loss per share of $0.28.
Its revenue grew 32 percent year-on-year to $5.99 billion, fueled by tax credits sold to its competitors.
Two things investors must watch out for are Tesla's car deliveries and cash flow, Arifin said.
"Car deliveries is important because it is a leading indicator of revenue. Also, cash flow because if Tesla runs out of cash, it cannot produce cars, build inventories and deliver products," he said.
In Q1 2020, the car deliveries and cash flow were significantly down compared to the previous year.
The total car delivers fell 37 percent year-on-year, primarily driven by lockdowns in March. However, the company said the sales were strong during the first two months of the quarter.
Going forward, the deliveries may remain suppressed in Q2 2020 due to continued lockdown in the US and Europe.
Mounting inventories and falling revenue severely impacted the cash flow to the tune of $981 million in the January-March quarter.
Furthermore, continued investments in Fremont (California) and Shanghai (China) required more capital expenditures. Nonetheless, the company expects to weather the storm as it has $8.1 billion in cash, thanks to its recent $2.3 billion fundraising.
Going forward
Tesla's Fremont factory in California is shut until the end of May. The company, however, completed its Shanghai Gigafactory in record time in 2019, which helped sustain production.
"During the lockdown in China, Tesla enjoyed a special relationship with the government that led to minimal disruptions to its operations," Arifin noted.
Following the lockdown in China, Tesla only closed its Shanghai factory and that, too, for two weeks.
When the factory reopened, the local municipal body helped Tesla to smoothly transition to full capacity by installing infrared cameras to detect fevers, offered to house workers and even made arrangements to prevent supply-chain disruptions.
As a result, the company expects to meet its target of producing 200,000 Model 3 cars a year in 2020 as well.
However, the ability to meet its production targets does not necessarily translate to the sale of cars.
"During recessions, consumers reduce large spending, which typically hits car manufacturers hard. After the 2008 sub-prime crisis, the number of cars sold in the US decreased by 40 percent and took 4 years to recover to the previous level," Arifin said.
Verdict
Arifin believes Tesla has proved the sceptics wrong when it comes to operations but with a pandemic that can potentially push the global economy to a Great Depression-like recession, one must remain cautious when investing in Tesla.
"Whether you are a Tesla bull or bear, the company has proven its sceptics wrong time and time again but with a once in a 100 years global pandemic induced recession upon us, Elon might have met his match," he said, referring to Tesla's maverick boss Elon Musk.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | shares of electric carmaker Tesla surged 11 percent in the after-hours trading following the company's earnings report on April 29. the scrip has rallied over 100 percent, so far, in 2020, adding about 52.77 percent in April alone. investors are valuing the company based on its future potential, said the coo. the company's EV/sales ratio is about 5X that of BMW, according to the co-founder. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/munot-led-sbi-mf-bought-into-most-bearish-stocks-in-april-offloaded-old-warhorses/articleshow/75713586.cms |
SBI Mutual Fund, India’s largest asset management company, stopped accumulating banking names and instead turned to traditional economy stocks from energy, electronics and engineering sectors in April.The biggest addition to its portfolio in April was cigarette-to-notebooks maker ITC, which it had also acquired in large chunks in March. The fund house bought 3.11 crore shares of ITC during the month.The stock has found favours with Dalal Street analysts in recent times after a sharp drop in share price. It currently trades at 13 times its earnings, a large discount to its FMCG peers, making a case for buying. Analysts at JM Financials find it “too cheap to ignore” and see “deep value in the stock at current price”. It has a price target of Rs 315, an upside of nearly 100 per cent from last close. SBI MF also bought 1.5 crore shares of Bharat Electronics, which manufactures defence products, and 81 lakh shares of State Bank of India, India’s largest bank by asset size.Among other major stocks on its April shopping list, the fund house bought 10-69 lakh shares of GAIL, Engineers India, IndianOil, Torrent Power, NTPC, Tata Power, Sun Pharma and BPCL. There were two more interesting additions -- Chalet Hotels and Lemon Tree Hotels – which the fund house bought at a time when the tourism industry was staring at a bleak future.Another name that stood out among its top buys was a smallcap firm that manufactures compressors -- Elgi Equipments. The fund house bought 33 lakh shares of the company. The stock is tracked by just three analysts and they are mostly bearish on it. Navneet Munot , who heads the investment team at SBI MF, said the recent rise in markets has been too sharp given the challenging economic backdrop, and therefore, bouts of volatility can’t be ruled out.Blue chip index Sensex added 14.41 per cent in April while BSE Midcap Index rose 13.65 per cent and BSE Smallcap index 15.53 per cent.“There will be significant implications for investors from pricing tail risks to dealing with unpredictability, from enhanced ESG focus to asset allocation choices. The fundamental tenets of investing will always remain unaltered; however. Investors will have to adapt to the changing paradigm and evolve,” Munot said.Meanwhile, the fund house sold 10-31 lakh shares each in Ambuja Cements, Emami, Kotak Mahindra Bank, Bharti Airtel, Chennai Petroleum Corporation, ICICI Lombard General Insurance and Kajaria Ceramics.Some of the buying and selling of shares mentioned above might have been done by passively managed index funds. The fund manager completely exited CESC, GSK Consumer (which sold its Horlicks portfolio to HUL), JB Chemicals, Prestige Estates, SBI Cards, Shreno, SAIL, Triton Valves and UFO Moviez in April. On the other hand, CCL Products, Cyient and Metropolis Healthcare were new additions in the portfolio.SBI MF continues to be the largest mutual fund house with an asset under management (AUM) of Rs 3.58 lakh crore at the end of April. It is followed by HDFC AMC with AUM of Rs 3.45 lakh crore and ICICI Prudential AMC at Rs 3.22 lakh crore.April saw a sharp drop in net inflows into equity mutual funds , which crashed to Rs 6,212.96 crore from Rs 11,723 crore in March. Large and multicap funds, which saw increased interest from investors last month, could not sustain the momentum. Inflows to midcap and smallcap funds stood in the range of Rs 350-500 crore, Amfi data showed. | biggest addition to portfolio was cigarette-to-notebooks maker ITC. fund house bought 3.11 crore shares of the company during the month. it also bought 1.5 crore shares of Bharat Electronics, which manufactures defence products. also bought 81 lakh shares of state bank of india, india's largest bank by asset size. meanwhile, a smallcap firm that manufactures compressors -- Elgi Equipments - also bought. | Positive |
https://www.moneycontrol.com/news/business/exclusive-we-must-become-atmanirbhar-in-a-cost-effective-and-efficient-manner-says-kv-kamath-5516821.html | Sharing his views on Prime Minister Narendra Modi's clarion call for self-reliant India, former chief of the New Development Bank of BRICS countries, KV Kamath, said we must become Atmanirbhar in a cost-competitive and efficient way.
In an exclusive interview with Network18, Kamath said, "Atmanirbhar Bharat is the call of the day. We need to become self-reliant efficiently. Atmanirbhar Bharat is a much bigger concept."
"Historically speaking, if we were to execute Atmanirbhar Bharat 15 years ago, we did not have the scale. Industries were trying to gear up for a new scale, new quality connotation, new cost connotation, new competitiveness. All that was gained, but we still did not become truly Atmanirbhar in a wider context that the Prime Minister indicated. Now what we need to really look at is what are those constituents or support that we would need to provide to corporate India and the entire system to make this work," Kamath said.
Speaking about the credit flow to MSMEs, he said there are 3 components to this. "Cost of credit, the flow of credit and the momentum of credit. I think all 3 have to be in sync. Government has done its part by lending large package in terms of guarantee support now we need to make sure that the banks truly are able to lend this out," he added.
The veteran banker also said that he disagrees with economists who believe self-reliant India will lead to isolation vis-a-vis international trade.
"I don't think that is true at all. India is a very large market. As we enter the $5 trillion economy, the domestic market will expand, which means the domestic companies will have a large space to operate in," he said.
Further, speaking on the coronavirus pandemic and its impact, Kamath said that steps taken by the government have worked well for the Indian economy. Kamath said that new entrepreneurs have a new spirit and they can overcome the ongoing COVID-19 crisis.
"Agriculture sector has bounced back very quickly and rural India has been less affected by the challenges of COVID-19 crisis," Kamath said, adding that coronavirus is not going anywhere soon and we need to learn to live with it.
According to media reports, the 72-yer-old IIM-Ahmedabad alumnus is being considered for a senior role in BJP-led government. However, Kamath rebuffed the claims saying he is not looking at any role with the government right now. "I need time to be with family. My thoughts are always with the country, but I need to put my feet up," he said.
Kamath was the CEO of ICICI Bank for 13 years until 2009, and the chairman of Infosys for nearly four years till 2015. His latest assignment was a five-year stint as the founding-president of the five-nation New Development Bank in Shanghai.
Read all the stories on KV Kamath's exclusive interview with Network18 here | former chief of the new development bank of BRICS, KV Kamath, says self-reliant India is the call of the day. he says he disagrees with economists who believe self-reliant India will lead to isolation vis-a-vis international trade. Kamath also says that new entrepreneurs have a new spirit and they can overcome the ongoing coronavirus pandemic. | Positive |
https://www.moneycontrol.com/news/business/markets/slow-economic-growth-lack-of-domestic-trigger-likely-to-cap-upside-to-equity-markets-3650291.html | live bse live
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The Indian equity market continued to trade in upward trajectory on week-to-week basis for three consecutive periods favoured by steady inflow from foreign investors coupled with positive opinion polls for general-election. Further, strengthening of rupee at 69.67 odd levels against US dollar and stable global market aided the equity market to breakout from its consolidation phase of last three months.
During a week under review, the Nifty index managed to sustain above its long-term moving average and also closed above its psychological levels of 1100 on closing basis for a consistent period.
The index formed a weekly low of 11008 level on intraday basis, but managed to rebound to make weekly high of 11,383 levels. Despite a flat trade on daily scale to close at 11,343 levels, but index gained about 2.6 percent on week-to-week basis.
The top gainer was Nifty Realty and Banks, up by about 6.8 percent and 4.1 percent respectively. The Nifty IT index was only loser down by about 2.1 percent on weekly basis.
The Nifty index formed a long bullish candlestick pattern on weekly chart led by buying regime at lower level, but volatile trade on daily scale led to small bearish ‘hanging-man’ kind of pattern which indicates weak sentiment for buying. However, momentum indicator signaled a positive divergence with its weekly RSI 62 odd levels, and MACD continued to trade above its signal-line. The weekly resistance for index is now seen at 11,465 levels while support is placed at 11,060 odd levels.
Despite a positive cues backed by strong inflow in equity market and positive election sentiment, the India equity market is likely to remain capped on upside due to slow economy growth coupled with lack of major trigger on domestic front.
Further, overhang on Brexit issues and OPEC’s supply cut are likely to hit the domestic market in specific segment. Therefore, we advise to continue maintain a strict trailing stop loss on long position, and book profit at higher level on weakness. We maintain a weekly range-bound level at high of 11,465 levels on upside and 11,060 levels on downside.
Here are the top stock trading ideas which can give good returns:
DLF: Buy | Target: Rs 212 | Stop loss: Rs 190| Upside: 5%
DLF witnessed a strong breakout in last one-week sessions to trade above its 200-day moving average placed at Rs 182 odd levels on closing basis after remaining muted for three weeks, and further the scrip formed strong base on weekly scale.
The scrip largely traded in sideways direction with negative bias on its six-month price chart to consolidate from price-band of Rs 215-190 odd levels towards a low of Rs 140 zone which also stood as strong support level. The scrip also witnessed a significant volume growth during a same period to remain in positive trajectory, and formed a ‘long’ bullish candlestick pattern on both weekly and daily price chart indicating a buying regime.
The momentum indicator also outlined a positive divergence in price with weekly RSI at 61 odd levels coupled with MACD making bullish crossover to trade above its Signal-Line.
We have a buy recommendation for DLF which is currently trading at Rs 201.85
IndusInd Bank: Buy | Target: Rs 1750 | Stop loss: Rs 1620 | Upside: 4%
IndusInd Bank saw a significant breakout on weekly price-chart managing to close above its 200-days moving average placed at Rs 1630 odd levels, and continued to maintain a positive trajectory on daily scale for an extended period to outperform its market headlines.
The scrip initially consolidated from a price-band of Rs 1880 odd levels towards a low of Rs 1330 levels, and made a marginal rebound to remain in sideways direction. It formed a long bullish candlestick pattern on weekly price chart coupled with bullish pattern on daily scale backed by volume surge.
The momentum indicator outlined a positive divergence in price with RSI at 57 odd levels, and MACD likely to witness bullish crossover to trade above its Signal-Line.
We have a buy recommendation for IndusInd Bank which is currently trading at Rs 1682.70
Linde India: Sell | Target: Rs 489 | Stop loss: Rs 525 | Downside: 3%
Linde India continued to trade in negative trajectory for consecutive sessions to fall from higher price band of 800 levels towards a low of Rs 415 odd levels on its three-month price chart. It further breached below its important support level of 200-days moving average placed at Rs 519 odd levels this week after making a marginal rebound from low Rs 420 levels.
However, it failed to sustain upward trajectory which led to further selloff to trade below all the moving average levels. The scrip formed a long bearish candlestick pattern on weekly which indicates a persistent selling pressure coupled with bearish pattern on daily scale.
The momentum indicator continued to outline weak trend with weekly RSI at 49 odd levels while MACD made a bearish crossover this week to trade below its Signal-Line.
We have a sell recommendation for Linde India which is currently trading at Rs 504.85
The author is Founder and CEO at 5nance.com.
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. | the Indian equity market continued to trade in upward trajectory on week-to-week basis for three consecutive periods favoured by steady inflow from foreign investors. strengthening of rupee at 69.67 odd levels against US dollar aided the equity market to breakout from its consolidation phase of last three months. the top gainer was Nifty Realty and Banks, up by about 6.8 percent and 4.1 percent respectively. | Positive |
https://www.businesstoday.in/current/economy-politics/fiscal-deficit-inflation-check-macro-economic-stable-pm-modi/story/395596.html | Prime Minister Narendra Modi on Thursday said the government has kept the fiscal deficit in check, which has been pegged at 3.5 per cent for the next financial year beginning April 1. In his reply to the motion of thanks on the President's Address in Lok Sabha, PM Modi said that price rise is also under check and there is macro-economic stability.
He said that the vision of the government is "greater investment, better infrastructure, increased value addition, and maximum job creation". He said that government has taken several steps to improve investor confidence and strengthen the country's economy.
Modi told Parliament that the government was working on labour reforms after consulting labour unions. He also pitched for higher infrastructure spending to drive India's progress. "Among the things that will drive India's progress is next-generation infrastructure. In the earlier days, infrastructure creation brought 'economic opportunities' for a select few. Not anymore. We have made this sector transparent and are working to boost connectivity," he said.
He said that the government has taken many industry-specific initiatives related to irrigation, social infrastructure, rural infra, ports and water ways.
Talking about government's flagship schemes, Modi said that Stand up India, Start up India and Mudra initiatives have made lives of many people prosperous. He added that substantial numbers of the Mudra beneficiaries are women.
Taking about farmer's welfare schemes, he said that the issue of higher minimum support prices (MSP) was pending for decades. "We had the honour of solving this long-standing demand. The same applies to crop insurance and irrigation related schemes. The agriculture budget has risen 5 times during our government's tenure."
"PM-KISAN Samman Yojana is transforming the lives of many farmers and many of them have benefitted due to this. In this scheme there are no middlemen and no extra file-work," he said.
By Chitranjan Kumar with agency inputs | prime minister says fiscal deficit is under control. he says price rise is also under control. he says the government is working on labour reforms. he also pitches for higher infrastructure spending to drive India's progress. he says that the agriculture budget has risen 5 times during his tenure. he says that the government has taken several steps to improve investor confidence. | Positive |
https://www.financialexpress.com/brandwagon/budget-2020-will-there-be-a-quantum-growth-for-the-media-and-advertising-sector/1847996/ | From the rise of video streaming platforms to music apps to advertising moving onto digital – It has been a leap of faith for the media and entertainment industry, which is now transcending towards digital. Finance Minister Nirmala Sitharaman on Saturday, announced a host of initiatives under ‘New Economy’. “For new-age businesses which are being built online, moves such as setting up data centre parks to giving impetus to artificial intelligence (AI) and machine learning (ML) will further boost the growth. Data and connectivity is the foundation of businesses and it is important for the base to solidify,” Karan Bedi, CEO, MX Player, said.
Some of the steps include the creation of National Mission on Quantum Technologies and applications with an outlay of proposed Rs 8,000 crore proposed. Roll out of a policy to enable the private sector to build Data Centre parks throughout the country. “It will enable our firms to skilfully incorporate data in every step of their value chains,” FM said. Further, the government plans for Fibre to the Home (FTTH) connections through Bharatnet which will link 100,000-gram panchayats this year. It has proposed to provide Rs 6,000 crore to Bharatnet programme in 2020-21. According to Ashish Bhasin, CEO, APAC and chairman, India, Dentsu Aegis Network, the government’s move to establish data centres will not only allow internal management of data, thereby giving a competitive edge, India can also become a global data farm or repository. “With the government backing, AI and ML businesses like ours which is heavy on digital has a huge growth opportunity,” Bhasin noted.
The digital advertising industry which was valued at $1.93 billion in 2019 is estimated to grow at a CAGR of 27.42% to reach $8.25 billion by 2025, as per the recently released DAN e4m report. Much of the growth is driven by the penetration of smartphones which are largely sold online. Online channel reported a 45% growth in sales of smartphones while brick-and-mortar stores posted just 9% growth in terms of volume, shows data shared by GfK. For Apaksh Gupta, CEO, One Impression – an influencer marketing platform, over the years the company’s data has grown by 18%-20% year-on-year from 30,000 to now 14 million influencers. “The move is a good one, however, the challenge will reside at an implementation level — for example acquisition of land and selecting the right city, among others,” Gupta noted.
The DAN e4m Digital report further stated that 53% of the Internet users watch videos on YouTube on a monthly basis, the numbers being as high as 72% for 18-24 years. 30% of the audience sees more than even videos through Whatsapp in a week. With video gradually grabbing a big space online, OTT players among others feel the move will allow them to ink international deals. “The move will allow Internet businesses to create ‘propriety tech’, besides sealing co-funded international partnership,” Tarun Katial, CEO, ZEE5, said. On digital, social media will account for 28% of the marketing budget followed by paid search 25% and video at 21%, the digital report stated.
Read Also: Bad news for Central Government Employees, Private Sector workers with big pay cheques! | finance minister announced a host of initiatives under ‘New Economy’. move to establish data centres will give impetus to AI and machine learning. digital advertising industry is estimated to grow at a CAGR of 27.42% to reach $8.25 billion by 2025. a total of 78 million ad impressions are created every day. a total of 78 million ad impressions are created every day. | Positive |
https://www.moneycontrol.com/news/economy/policy/covid-19-crisis-technology-investments-in-indias-public-distribution-system-paying-off-5467791.html | By Gaurav Taneja and Muralidhara Honnur
The government recently announced its plans for the ‘one nation, one ration card’ scheme amid the coronavirus crisis to address the food security challenges that poorer sections of the society including the migrants are facing today.
The scheme is expected to benefit approximately 67 crore beneficiaries across 23 Indian states by August 2020 and all eligible beneficiaries pan India by March 2021.
The government had the confidence to announce the above plan, based on work done on the Public Distribution System (PDS) over the past several years.
The PDS system was stress tested at the start of the crisis when the government launched a massive food security mission under “Pradhan Mantri Garib Kalyan Anna Yojana” for distributing free ration (5kg food grains per person per month and 1kg of pulses per family per month) to beneficiaries for a period of three months starting from April 2020. The government had near accurate data of impacted communities, stock positions of food grains in warehouses across the country and the ability to ensure accurate targeting (through Aadhaar authentication) of beneficiaries. Almost 2 months into this mission, the is clear that the PDS system has delivered.
Technology backbone supporting the ‘Now’ phase
Looking back at the actions taken by the State governments over the last 6-8 weeks, reveals the crucial role played by digital technologies and how such digital initiatives are bearing fruits today. This clearly demonstrates government’s forethought efforts to invest in digitalization in critical areas linked to PDS. For years, Targeted Public Distribution System (TPDS) was inundated with several malpractices which prevented the government benefits from reaching the intended beneficiaries. Manual and stand-alone processes aided many intermediaries to indulge in various malpractices, and in addition to that, lack of real-time information made it even more difficult for the authorities to monitor the delivery of benefits. The programme lacked significant investments to strengthen the system.
Th National Food Security Act (NFSA) then provided the much-needed boost towards strengthening the systems in the last mile delivery by providing Rs. 170/tonne as incentive to undertake automation of the Fair Price Shop. In addition, the central government further strengthened one of its earlier schemes ‘end-to-end computerization’ to provide the IT backbone for the fair price shops (FPS) automation.
Fortified with dedicated funding, Centre and State governments started strengthening the TPDS under four major pillars: ration cards (RC), supply chain operations, FPS operations and grievance redressal with National & Informatics Centre (NIC) as their technology partner. With all the stakeholders working in tandem the results were dramatic, and led to the digitalization of ration cards (RCs), visibility of stock positions at warehouses, ability to execute on-line transactions at FPSs with biometric authentication for ration distribution and most importantly beneficiaries could lodge grievances online and through interactive voice response (IVR) systems directly with the government. These initiatives led to timely availability of food grains at FPSs, targeted beneficiaries availing their entitlements and elimination of bogus beneficiaries.
The success of these digitalisation efforts has then led to the ‘one nation, one ration card’ and the initial trials have shown good results. National portability plays a major role in assuring the poor people that they can access their entitlements wherever they are, and not only that different family members can draw their rations in different location based on the overall entitlement. This will be true game changer indeed.
The ‘Next’ and ‘Beyond’ phase: Digitalisation for TPDS
As can be seen, digitalisation investments till date have played a major role in the PDS system. However, given the advancements in technologies and stakeholders’ appetite to adopt, there are many areas that can be easily targeted by the government in the next phase.
Digital payments – This has seen a quantum jump over the last few years with infrastructure developed by both public and private enterprises. Government should look at driving digital payments for FPSs purchases as it moves PDS towards demonstrating transparency and further popularising its Jan-Dhan bank accounts and the wallets system. This would go a long way in ensuring the entitlements reach beneficiaries and the ability for the government to reach them with multiple services including the much discussed universal income guarantee.
Modernisation of supply chain operations – Two critical components of PDS are quality of food grains and timeliness of the distribution. Much needs to be done to digitalise the procurement, storage and movement of goods along with modernization of physical infrastructure. Government should explore options for private investments in this area, particularly given the recent announcements by the Finance Minister in strengthening the agriculture infrastructure.
Enhance food basket – Growth in rural economy is expected to increase the disposable income. Food being at the top value chain (wrt. roti, kapda & makan), families are expected to increase their spending towards pulses and other food items. Government can explore the possibility of increasing food basket at FPSs by connecting its digital platforms with e-commerce platforms. It would be win-win situation for all the stakeholders.
Mobile platform – Government, as part of its digitisation of physical data, can explore the possibility of sharing this data with the right stakeholders as per the guidelines from MeiTY. This would fuel innovation at multiple levels and enhance quality of information services that can be provided to beneficiaries and intermediaries without impacting any of the data privacy issues.
(The authors are Partners, Government and Public Sector, EY India)
Follow our coverage of the coronavirus crisis here | scheme is expected to benefit approximately 67 crore beneficiaries across 23 Indian states by august 2020 and all eligible beneficiaries pan India by March 2021. the public distribution system (PDS) was stress tested at the start of the crisis when the government launched a massive food security mission. Almost 2 months into this mission, the is clear that the PDS system has delivered. the government has a 'digital backbone' supporting the 'Now' phase. | Positive |
https://economictimes.indiatimes.com/news/international/business/barclays-ex-ceo-bob-diamond-calls-for-higher-rates/articleshow/65776867.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.financialexpress.com/market/wooing-non-residents-rbi-paves-way-for-india-to-join-global-bond-index/1914103/ | Paving the way for Indian bonds to become part of a global bond index, the Reserve Bank of India (RBI) on Monday notified five government securities (gilts) that would be eligible for investment by non-residents without any restrictions under the Fully Accessible Route (FAR).
Ananth Narayan, professor-finance at SPJIMR, told FE that specifying five existing securities under FAR is a positive step, since FAR now starts with about $60 billion of eligible securities. “The quantum will steadily increase as fresh 5-year, 10-year and 30-year adds to the kitty. While the process could still take some time, we are hopefully on our way to inclusion into at least a few gobal indices,” Narayan said.
“Depending on the outstanding value of the five securities, India could become a part of an index such as the JP Morgan Global EM Index or the Bloomberg Global Bond Index Fund. This is definitely a boost for the bond markets,” Jayesh Mehta, country treasurer, Bank of America, told FE. “Once the weightage in the index is known, the investors who follow the index will buy into these securities,” Mehta said.
These specified securities, once so designated, would continue to be eligible for investment by residents and would remain eligible for investment under the FAR until maturity, the RBI said. The government had announced in the Union Budget 2020-21 that certain specified categories of Central government securities would be opened fully for non-resident investors without any restrictions, apart from being available to domestic investors as well.
Of the five securities made eligible under FAR, two 5-year papers mature in 2024, two 10-year bonds mature in 2029 and one 30-year paper matures in 2049. “In addition, all new issuances of government securities of 5-year, 10-year and 30-year tenors from the financial year 2020-21 will be eligible for investment under the FAR as ‘specified securities’,” the RBI said in a statement.
The RBI also notified on Monday that it has increased the limit for FPI investment in corporate bonds to 15% of the outstanding stock for the fiscal year 2020-21 FY21. As a result, the revised limit for FPI investment will stand at Rs 4.29 lakh crore for the first half of FY21 and will increase to Rs 5.41 lakh crore for the second half of the fiscal. According to data on NSDL, Foreign Portfolio Investors (FPIs) have utilised just 54.65% of the investment limits in corporate bonds as on March 27. Since January, FPIs have sold a net $1.6 billion of corporate bonds. | five securities will be eligible for investment by non-residents under the Fully Accessible Route (FAR) two 5-year papers mature in 2024, two 10-year bonds mature in 2029 and one 30-year paper matures in 2049. RBI also increased the limit for FPI investment in corporate bonds to 15% of the outstanding stock for the fiscal year 2020-21 FY21. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/hdfc-twins-infosys-send-sensex-1411-pts-higher-nifty-reclaims-8600/articleshow/74829480.cms |
Mumbai: Benchmark equity indices surged for the third session in a row on Thursday, mainly due to short covering-led rally on the day of March F&O expiry. Investors were also encouraged by Finance Minister Nirmala Sitharaman’s relief package, which is expected to provide support to rural and semi-rural economy amid the lockdown in the country.The 30-share Sensex jumped 4.94 per cent or 1,411 points to close at 29,947, while the 50-share Nifty added 3.89 per cent or 324 points to end at 8,642.The market capitalisation of the BSE-listed companies rose by Rs 4.45 lakh crore.Market sentiments were also helped by the passage of a $2 trillion stimulus package in the US to mitigate the impact of coronavirus on the world's largest economy.Value-buying opportunities in the banking stocks also helped lift the market higher.After a long time, the market breadth was fairly positive with around two shares advancing for every share than declined on the BSE.NSE’s India VIX fell for the third straight session as it dropped 8.40 per cent to 71.10, indicating that the wild swings in the market may gradually calm down.The broader marker underperformed benchmark with BSE Midcap and BSE SmallCap indices rising 3.49 per cent and 3.73 per cent, respectively.BSE Telecom was the top sectoral performer with a 10.04 per cent gain. OnMobile and Bharti Airtel were the top gainers as they advanced 8.72 per cent and 8.13 per cent, respectively.BSE Capital Goods index followed next with a 7.24 per cent rise. Bharat Forge and Laxmi Machine Works were the lead gainers as they rose 12.59 per cent and 11.45 per cent, respectively.A total of 26 stocks in the 30-pack BSE Sensex ended in the green.Financials and IT major Infosys contributed the most to the benchmark’s gains. "Short covering mainly supported the banking and financial sector on Thursday, said Nirav Chheda, Technical Analyst at Nirmal Bang Securities Private lender IndusInd Bank jumped 45.07 per cent – the most since its IPO - as it witnessed a sharp rebound on the back of short-covering on the counter.Lenders HDFC Bank and HDFC climbed 6.76 per cent and 6.47 per cent, respectively. Telecom major Bharti Airtel rose 11.23 per cent.Energy-to-telecom major Reliance Industries (RIL) bucked the trend and fell 0.60 per cent as traders locked in gains after the stock logged its best gains in over a decade in the previous session."The key takeaway is that it will provide a solid support to rural & semi-rural economy due to high amount of benefit in term of food, cash in hand and job safety. Regarding the market it will provide safety to defensive stocks like the staple industries but does not provide any relief to corporates like banks, hospitality and others. It seems that the majority of the benefits announced is factored in the market given more than 15% bounce from the recent low. The recovery of the market will continue if strict lockdown system is implemented in the developed markets and number of new virus cases reduces,”- Vinod Nair, head of research at Geojit Financial Services.“This three consecutive gains was not visible during sharp downtrend of the last one month. This is positive indication. Hence, the recent swing (Nifty) low of 7,511 (March 24) could now be considered as a near term bottom reversal in the market. Hence, any decline from here is expected to form a new higher bottom around 8,200-8,000 levels. Any long positions need to place a stoploss of 7500 levels."- Nagaraj Shetti - technical analyst, HDFC securitiesWorld share markets fell on Thursday as nerves over jobs data likely to lay bare the economic carnage from the coronavirus pandemic outweighed a $2 trillion US stimulus package, Reuters reported. MSCI ’s broadest index of Asia-Pacific shares outside Japan rose 0.7 per cent but regional performances varied. The Nikkei snapped three days of gains with a 4 per cent drop.Europe’s broad Euro STOXX 600 fell 1.6 per cent, with bourses in Frankfurt, London and Paris all down around 2 per cent as a two-day rally faltered. | 30-share Sensex jumped 4.94 per cent or 1,411 points to close at 29,947. 50-share Nifty added 3.89 per cent or 324 points to end at 8,642. market capitalisation of the BSE-listed companies rose by Rs 4.45 lakh crore. broader marker underperformed with BSE Midcap and BSE SmallCap indices rising 3.49 per cent and 3.73 per cent, respectively. | Positive |
https://www.moneycontrol.com/news/business/free-food-housing-air-tickets-incentives-indian-companies-are-offering-to-lure-back-migrant-workers-5511241.html | Representative Image
Factories are offering a host of incentives such as free food, housing and travel tickets to lure rural migrant workers back to cities as economic activities pick up. Many are also hiring and skilling locals to meet labour demands.
Migrant workers flocked back to their villages after the Centre imposed a lockdown and shut all private companies and factories to combat the COVID-19 pandemic. Now, industries are giving benefits such as food and housing, and free travel back to work areas to attract workers, Mint reported.
VV Benugopal, Country Manager with Linfox Logistics India told the paper the company is offering food and arranging for workers transportation besides “skilling a new workforce to mitigate delays in return of the migrant labour.”
The Centre has now initiated Unlock 2.0 and industries are struggling with a labour shortage. Private companies are also competing with government incentives for rural opportunities which include free food, fuel, cash transfers and promise of jobs, it added. Savings on rent are also making migrants reluctant to return as they can now take home most earnings.
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COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show
The labour shortage is going to impact timely completion of construction projects, pointed out Rajan Bandelkar, president of the National Real Estate Development Council – Maharashtra. He said they are “trying to bring back the workers, including by air,”
On the whole, efforts seem to be working. Trains leaving Uttar Pradesh and Bihar – home to the largest migrant worker populations are running at full capacity. The unemployment rate for June has also dropped to 11 percent, compared to April’s 23 percent, data from the Centre for Monitoring Indian Economy (CMIE) showed.
Follow our full COVID-19 coverage here | migrant workers flocked back to their villages after the centre imposed a lockdown. now industries are giving benefits such as food and housing, and free travel back to work areas. the good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. a vaccine works by mimicking a natural infection. | Positive |
https://www.moneycontrol.com/news/business/markets/steady-growth-in-jan-makes-these-4-insurance-stocks-prabhudas-lilladhers-favourite-3519961.html | live bse live
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Life insurance industry's annual premium equivalent (APE) growth in January was at 14 percent YoY led by strong growth in group insurance business, according to Prabhudas Lilladher. However, it was slower for private players, at 11 percent YoY.
More importantly, retail (individual or non-group) APE growth rate for the industry was slower at 9.3 percent YoY as highest market share player SBI Life lost steam reporting flattish growth, Prabhudas Lilladher added. The biggest insurer in the country, LIC, reported 8 percent YoY growth.
For private sector insurers, the APE growth rate was 10 percent YoY in January. ICICI Prudential Life and HDFC Life saw recovery in growth, flourishing at 9 percent and 2 percent YoY, respectively in the month.
"ICICI Prudential Life has not seen recovery in ticket size due to the company's strategy. The firm is looking to reduce its overall ticket size and increase volumes (32 percent growth in policies in January). Barring HDFC Life, all other players are seeing a mix of volume and ticket size growth," Prabhudas Lilladher said.
Mid-sized players like Aditya Birla Sun Life Insurance, TATA AIA, Max Life continued to grow at a strong rate continuing to improve their respective market share, it added.
In fact, non-bank promoted players Bajaj Allianz and Birla Sun Life are emerging as strong players, Shailendra Kumar, Director at Narnolia Financial Advisors said.
Aditya Birla Sun Life Insurance continued its industry-leading growth at 84 percent YoY, Max Life grew at strong 35 percent YoY over the base of 64 percent growth registered in January 2018.
Prabhudas Lilladher said mid-sized insurers have seen higher growth due continuous addition to product line in both individual and group insurance segments trying to reach in-line with larger players' offerings.
Four mid-sized players have added 500bps in market share in January and 400bps in 10-month FY19 within the private market share.
Private insurers' retail APE market share improved to 60 percent, up 50bps YoY in January. This makes 10-month FY19 growth to be 58 percent, up 120bps.
Private players added 17 products in both individual + group segments during the month, which has been highest in a standalone month.
SBI Life added two new products in the individual category in ULIP segment. "On slower growth, SBI Life saw a sharper decline in market share at 150bps/270bps YoY in January," Prabhudas Lilladher said.
As financial markets remain volatile, ULIP sales growth could continue to be slow, the brokerage said. But taking cues from Q3FY19 results, companies continue to improve their protection share and non-par savings as well which are margin accretive, it added.
After steady growth in January, Prabhudas Lilladher expect four insurance companies (HDFC Life, ICICI Prudential Life, Max Financial and SBI Life) to give 23-67 percent return going ahead. | group insurance business saw strong growth in January. private insurers' retail APE growth rate was slower at 9.3 percent. ICICI Prudential Life and HDFC Life saw recovery in growth. aditya Birla sun life, TATA AIA, Max Life continued to grow at a strong rate. aditya birla sun life continued its industry-leading growth at 84 percent YoY. | Positive |
https://www.businesstoday.in/top-story/fm-sitharaman-announces-immediate-bank-recapitalisation-of-rs-70000-crore/story/374841.html | Finance Minister Nirmala Sitharaman has announced a slew of measures to nurse the ailing Indian economy to health, including an immediate release of Rs 70,000 crore to public sector banks. She also said that banks have agreed to pass on the benefits of repo rate cut to its customers and that EMI for various loans will be reduced by linking repo rates to interest rates.
These announcements come as Moody's cut India's GDP growth forecast to 6.2 per cent in 2019 calendar year from its previous estimation of 6.8 per cent. Sitharaman addressed issues from taxation measures and facilitating wealth creators to lending a hand to automotive sector as well as banks and MSMEs.
Here are the measures the Finance Minister announced to help banks, NBFCs and MSMEs.
Additional credit expansion through PSBs: Sitharaman announced that the government will release Rs 70,000 crore upfront and additional lending and liquidity to the tune of Rs 5 lakh crore to PSBs, thereby benefitting corporates, retail borrowers, MSMEs, small traders and others.
Sitharaman announced that the government will release Rs 70,000 crore upfront and additional lending and liquidity to the tune of Rs 5 lakh crore to PSBs, thereby benefitting corporates, retail borrowers, MSMEs, small traders and others. Timely rate cuts: While RBI has been cutting the repo rate, banks were yet to pass on the benefit to consumers. The Finance Minister said that banks have now agreed to pass on rate cut through MCLR reduction to benefit borrowers.
While RBI has been cutting the repo rate, banks were yet to pass on the benefit to consumers. The Finance Minister said that banks have now agreed to pass on rate cut through MCLR reduction to benefit borrowers. Reduced EMI: The minister said that EMI will be reduced for housing loans, vehicle and other retail loans by directly linking repo rates to interest rates. Working capital loans for industry is also supposed to become cheaper.
The minister said that EMI will be reduced for housing loans, vehicle and other retail loans by directly linking repo rates to interest rates. Working capital loans for industry is also supposed to become cheaper. Customer ease: PSBs will ensure return of loan documents within 15 days of loan closure to reduce harassment and bring in efficiency. This move will benefit borrowers with mortgaged assets.
PSBs will ensure return of loan documents within 15 days of loan closure to reduce harassment and bring in efficiency. This move will benefit borrowers with mortgaged assets. Online tracking of loan applications: In another move to benefit borrowers, Sitharaman announced that customers can track online loan applications for retail, MSME, housing, vehicle, working capital, limit enhancements, renewals and more. She said that this move would reduce turnaround time for customers, reduce harassment and increase transparency.
In another move to benefit borrowers, Sitharaman announced that customers can track online loan applications for retail, MSME, housing, vehicle, working capital, limit enhancements, renewals and more. She said that this move would reduce turnaround time for customers, reduce harassment and increase transparency. Transparent one time settlement policy: The Finance Minister said that banks will issue transparent one time settlement (OTS) policy for MSME and retail borrowers to settle their overdues.
The Finance Minister said that banks will issue transparent one time settlement (OTS) policy for MSME and retail borrowers to settle their overdues. Honest decision making: The minister said that CVC has asked Internal Advisory Committee (IAC) in banks to classify cases as vigilance and non-vigilance in order to support decision making and support genuine commercial decisions by bankers.
The minister said that CVC has asked Internal Advisory Committee (IAC) in banks to classify cases as vigilance and non-vigilance in order to support decision making and support genuine commercial decisions by bankers. Support to NBFC/HFCs: In order to give more credit support for purchase of houses, vehicles and consumption goods, Nirmala Sitharaman announced additional liquidity support of Rs 30,000 crore to HFCs. She also said that Partial Credit Guarantee scheme for purchase of pooled assets of NBFC/HFCs to up to Rs 1 lakh crore will be monitored at the highest level in each bank. Prepayment notices to banks will also be monitored by banks.
In order to give more credit support for purchase of houses, vehicles and consumption goods, Nirmala Sitharaman announced additional liquidity support of Rs 30,000 crore to HFCs. She also said that Partial Credit Guarantee scheme for purchase of pooled assets of NBFC/HFCs to up to Rs 1 lakh crore will be monitored at the highest level in each bank. Prepayment notices to banks will also be monitored by banks. Bank KYC to be used by NBFCs: The minister said that NBFCs have been permitted to use the Aadhaar-authenticated bank KYC to avoid repeated process. She also added that necessary changes will be made in the PMLA and Aadhaar rules to facilitate this move. Easier and faster onboarding of customers was also announced by Sitharaman.
The minister said that NBFCs have been permitted to use the Aadhaar-authenticated bank KYC to avoid repeated process. She also added that necessary changes will be made in the PMLA and Aadhaar rules to facilitate this move. Easier and faster onboarding of customers was also announced by Sitharaman. PSBs to fast-track collaboration for loans to MSMEs: In order to take advantage of liquidity with PSBs and last mile customer connect of NBFCs, PSBs will fast-track collaboration for loans to MSMEs, small traders and self-help groups, MFI client borrowers in co-origination mode with NBFCs.
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BT Buzz: Will new rules benefit patients and disrupt the pharmacy market? | finance minister announces release of Rs 70,000 crore to public sector banks. banks will pass on benefits of repo rate cut to customers, she says. EMI for various loans will be reduced by linking repo rates to interest rates. comes as moody's cut india's GDP growth forecast to 6.2 per cent. sitharaman addressed issues from taxation measures and facilitating wealth creators to lending a hand to banks and MSMEs. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/macro-impact-of-pandemic-more-severe-than-anticipated-das/articleshow/75910873.cms | Mumbai: In his third address since India was forced to go into a lockdown, Reserve Bank of India Governor Shaktikanta Das announced extension of moratorium on loans and asset classification standstill on stressed loans by another three months till August 31. The announcement, which came 10 days before the earlier May 31 deadline, almost allowed accumulation of interest payments on working capital loans, payable in a staggered manner between September and March 2021.The governor also painted a bleak picture of the economic growth indicating that these actions announced were quite warranted.“The MPC is of the view that the macroeconomic impact of the pandemic is turning out to be more severe than initially anticipated, and various sectors of the economy are experiencing acute stress,” Das said in a video-link address. “The impact of the shock has been compounded by the interaction of supply disruptions and demand compression.”Among its other measures, the regulator also rolled over the 15,000-crore Sidbi refinance facility by another 90-days, another 15,000-crore credit line was made available to Exim Bank to meet import-export credit demands while the group exposure limits were relaxed to 30%.“The latest round of rate cuts, moratorium extension, deferment of interest on working capital facilities and relaxation in asset classification will provide the requisite balm to the economy,” said Zarin Daruwala, CEO (India), Standard Chartered Bank. “The support shown to Exim Bank, Sidbi and to importers/exporters will also help boost sentiment.”Though in their wish-list to the RBI , lenders had also asked for a one-time restructuring of all loans, restructuring of overdue loans be considered standard loans, NPA classification extended to 180 days from the current 90 days and a special term-loan package be allowed for industries worst hit by the coronavirus-induced lockdown. These requests have so far not been entertained by the regulator.“Our tendency has become that whatever has been given, just take it and ignore it and then start talking about what has not been done,” said Rajnish Kumar, chairman, SBI. “The moratorium takes care of the situation around cashflow disruptions and if someone needs after 31 August, a recast then whatever is the policy response or if there are any amendments to 7 June circular of RBI, or no amendments, banks will have to deal with the situation.”The impact of the shock has been compounded by the interaction of supply disruptions and demand compression | the announcement came 10 days before the earlier may 31 deadline. the regulator also rolled over the 15,000-crore Sidbi refinance facility by another 90-days. lenders had also asked for a one-time restructuring of all loans. the latest round of rate cuts, deferment of interest on working capital facilities and relaxation in asset classification will provide the requisite balm to the economy. | Positive |
http://www.financialexpress.com/market/nasdaq-ends-over-7000-for-1st-time-reflects-growing-us-economy/1000225/ | US stocks begin their new year on a strong note, with the Nasdaq closing above 7,000 mark for the first time, driven mainly by the bullish technology industry. At the closing, the technology-rich Nasdaq Composite Index had jumped 1.5 per cent to end the first session of the year at 7,006.90. According to The Wall Street Journal, it raced to 1,000 points in just eight month – a pace not seen since the height of the technology boom.
Nasdaq, which mainly focusses on technology index, jumped 28 per cent in 2017 as against the Dow Industrial average of 25 per cent and S&P 500’s 19 per cent rise, it said. Riot Blockchain, a biotech-turned-blockchain company was the biggest winner in the run-up to the Nasdaq Composite’s latest milestone, the daily said.
Large tech companies such as Apple, Google parent Alphabet and Microsoft have played a key role in it. Fox Business attributed this to rallying technology and consumer-discretionary stocks. According to the Wall Street Journal, earnings for technology companies have soared in 2017, but they have been unable to keep up with price gains.
“The tech industry and its importance in the wider economy have changed dramatically since the last boom. In the late 1990s, investors were largely betting on the promise of the internet,” it said. “Today, with the decade-old smartphone boom and advances in areas like cloud computing and artificial intelligence, technology is deeply embedded into the way people work and do business, and has transformed industries including retail and entertainment,” the daily reported. Ryan Detrick, a senior market strategist at LPL Financial, said a good start to the year is usually followed by strong yearly performance. | technology-rich Nasdaq Composite Index jumped 1.5% to end the first session of the year at 7,006.90. it raced to 1,000 points in just eight months - a pace not seen since height of technology boom. Riot Blockchain, a biotech-turned-blockchain company was the biggest winner in run-up to the Nasdaq Composite’s latest milestone. | Positive |
https://www.moneycontrol.com/news/business/markets/extraordinary-measures-need-to-be-taken-for-msmes-startups-5242631.html | Much of it is from small and medium enterprises (SMEs) or small business owners. SMEs have contributed to a 35 percent to 40 percent recovery in hotel bookings compared with pre-COVID times and between 27 percent and 32 percent recovery in flights, according to online travel agency MakeMyTrip. (Source: Reuters)
Ajay Thakur
The world is passing through an unprecedented crisis caused by coronavirus pandemic resulting in large scale loss of life and severe human suffering globally. It has also resulted in a major economic crisis, with a halt in production, a collapse in consumption and confidence. The magnitude of the shock and the unfolding of the pandemic makes it difficult to forecast economic impact but there is all possibility of a global recession.
It is being recognized that due to this crisis various factors such as increased risk aversion, decreased liquidity, bleak prospects for economic growth etc. have a severe impact on SMEs. The SMEs are going to get impacted on both demand and supply sides.
On the demand side, there will be a sudden loss of demand and revenue which will adversely affect their ability to function resulting into severe liquidity shortages. The prevailing uncertainty and lower confidence will reduce consumer spending and consumption.
On the supply side, companies experience a reduction in labour as most of them are migrant workers who because of lockdown and quarantine will like to go to their native place to spend time with their families.
COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show
Furthermore, supply chains are interrupted leading to a shortage of parts and intermediate goods. There is also a spillover of the impact of the virus on financial markets resulting in further loss of confidence and credit availability.
In India, MSMEs primarily rely on bank finance for their operations, capex and working capital requirement and as such, all public policies primarily focus on ensuring timely and adequate finance to this sector.
The situation being very fragile, RBI has taken a slew of measures to ensure that sufficient liquidity should be available in the system. This will help the banks and NBFCs in providing credit to SMEs. The RBI cut the repo rate to 4.4 percent, lowest in 15 years, reduced the CRR by 100 basis points the first time in the last 7 years.
The reverse repo rate was also cut by a 90 basis point. Besides that RBI has also allowed the banks to keep the EMI on hold for all term loans for three months. The various measures taken by RBI are going to ease pressure on borrowers, lenders and other entities including mutual funds.
SEBI has also taken measures by relaxing guidelines and timeline for raising funds through right issue. Also they have extended the validity of observation on public issues and rights issues for a further period of six months from the date of expiry.
The measures taken by SEBI are aimed to expand the universe of listed companies, easing the compliance and providing flexibility raising the funds through the capital market in such turbulent times.
While banks play a major role in financing SMEs, the ability of SMEs and startups to access alternative sources of capital like equity funds need to be enhanced considerably to encourage and develop entrepreneurship.
Equity capital is often a more appropriate financing instrument for high-growth-potential SMEs and Start-ups. Equity capital puts finance into the business without committing the company to inflexible repayment schedules or debt covenants that could see them lose control if results come more slowly than expected. It is also a more fitting way to reward investors prepared to take the risk of putting money into SMEs and Start-ups.
Exchanges in India have launched its SME Platform on March 13, 2012. The objective was to provide an opportunity for the SMEs to raise the equity capital for their growth and expansion, unleash the valuation of the company, creating visibility and credibility. Start-up Platform was also launched in December 2018 so as to offer a simple, cost-effective, yet deeply impactful mechanism that enables the growth of a startup.
As of today, 550 SMEs got listed on SME Platform and 5 Startup got listed on Startup Platform who have raised fund to the tune of Rs 5,800 crore and Rs 22 crore respectively. There are further chances of almost 70 SMEs and 10 startups to get listed on the exchanges in this financial year.
Even during the lockdown period SMEs and Start-up raised funds and got listed on the Exchange. We have seen listing of three SMEs who have raised Rs 9.5 crore and a start-up which has raised Rs 3.75 crore.
A few months back Honourable Minister for MSME, Shri Nitin Gadkari has announced the creation of fund of funds for a tune of Rs 10,000 crore which will subscribe 15 percent of the equity of the SME going for listing.
Though measures have been taken to support the MSMEs, however, some more measures are required so that they can sail through this tough time. Some of the measures that the government may take to support MSMEs are:
1. Providing bridge loans/top-up finance even if drawing limits are exceeded
2. Interest on drawn limits to be waived or reduced till September 2020
3. Reduction on the applicable rate of interest for advances made by financial institutions
4. Waiver/reduction in commercial electricity bills, local body charges, government levy and collection
5. MSME transporters are given support in the form of increased depreciation, extension of roadworthiness and other RTO requirements, toll collection, subsidy in an auto loan.
6. The payments pending with the government should be released with immediate effect.
7. Retrospective demands and notices etc. served from December, 19 onwards by direct and indirect tax authorities may be put on hold till September, 20.
8. There should be speedier disposal of refund claims.
9. Moratorium period may be extended till September as lockdown period got extended.
10. The focus may also be put on providing equity funds in order to reduce the liability of servicing them.
The present time requires extraordinary measures to be taken by Government, RBI, SEBI, Stock Exchanges and other financial institutions for supporting and handholding the MSMEs and Start-ups. With the concerted efforts of all the stakeholders, we are sure that the SMEs and Start-up would sail through these tough times.
The author is Head of BSE SME & Startup.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | SMEs have contributed to a 35 percent to 40 percent recovery in hotel bookings. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by building herd immunity to put an end to the pandemic. | Positive |
https://economictimes.indiatimes.com/news/politics-and-nation/india-an-open-economy-pm-narendra-modi-to-tell-world-economic-forum/articleshow/62576952.cms | NEW DELHI: India is an open economy and ready for global investments across sectors, Prime Minister Narendra Modi will tell world leaders at the World Economic Forum in Davos next week. In first visit by an Indian PM since 1997, Modi will be in Davos on January 22-23 and address the opening plenary of the WEF.“It will be a 24-hour visit but a very focused one,” said MEA secretary Vijay Gokhale at an official briefing in New Delhi on Friday. “Our economy has expanded significantly since the last time an Indian prime minister went to Davos and therefore this visit is very important,” Gokhale said.“In addition to the keynote address, the PM will also have bilateral meeting with Swiss president Alain Berset. There will be scope for pull asides, details of which are being worked out. This will be a very significant visit and will give a message about our engagements with the world,” he said.“The central message that the PM will give is that India is open and ready to do business in a big way. We want to tell the world to invest in India. PM’s message will be about India being an economy that can be an engine of global growth. We want others to participate in our growth and want to participate in others’ growth as well,” he added.When asked why the PM has chosen to go to Davos, Gokhale said, “my sense is that PM wanted things to change on the ground before speaking about them. We have already opened our economy and it is no more the case that we are going to do it.”Industrial Policy and Promotion secretary Ramesh Abhishek said the PM will also host a round table dinner on January 22 for 60 top CEOs including 40 from global corporates and 20 from India.They will include CEOs of Airbus BAE Systems and IBM . Modi will also have an interaction with 120 members of the investor community at WEF on January 23 which will include heads of General Motors, Salesforce nd Royal Dutch Shell, Nestle and JP Morgan. DIPP will also host a welcome reception for the WEF members, where 1,500 people are expected. “We will showcase India’s progress while also giving a taste of Indian cuisine as well as of Indian culture and heritage.”Six ministers including finance minister Arun Jaitley will address three sessions on January 24. Suresh Prabhu will have nine sessions over three days, Dharmendra Pradhan five sessions, Piyush Goyal 10. Jitendra Singh will have three and MJ Akbar two. There will also be a large number of round table including on financial inclusion in India. Abhishek said reforms undertaken in the last few years will be showcased at Davos. | PM will be in davos on January 22-23 and address the opening plenary of the WEF. he will also have bilateral meeting with Swiss president Alain Berset. he will also host a round table dinner on January 22 for 60 top CEOs. the PM will also have an interaction with 120 members of the investor community. he will also host a welcome reception for the WEF members, where 1,500 people are expected. | Positive |
https://www.moneycontrol.com/news/business/markets/evening-walk-down-dalal-street-beaten-down-stocks-could-see-double-digit-gains-till-elections-3615381.html | What a day for Indian markets as Nifty50 climbed 11,000 levels for the first time since February 2019, but experts feel that it might be too early to call this as a pre-election rally.
The Nifty closed above its crucial 200-days moving average (DMA) placed at 10865 for the second consecutive day in a row. Supertrend indicator also gave a buy signal on the daily charts.
The final tally on D-Street – the S&P BSE Sensex closed 193 points higher at 36,636 while the Nifty50 ended 65 points up at 11053.
The S&P BSE Small-cap index outperformed as it rose by nearly 1 percent compared to 0.53 percent rise in the Sensex, and 0.6 percent gain seen in the Nifty50.
Barring Auto which ended marginally lower, strong buying was witnessed across all the other sectors such as Consumer Durables, Power, Oil & Gas, Metals & Realty which rose 0.7-1.4% respectively.
The strong upswing seen in the broader market suggests that the rally is broad-based and the bulls are here to stay. But, can we say that this is a pre-election rally which usually sees high beta names getting a lot of attention?
Vishal Malkan, Founder Malkans View in a podcast with Moneycontrol said that ‘It might be early to say that the pre-election rally has started but one thing is certain that March expiry will be better than February.
Commenting on high beta names, Malkan said we have already seen stock specific action on D-Street in which some of the stocks have already registered double-digit gains especially those which were beaten down in the last 6-8 months and the trend is likely to continue till the election. However, timing your trade will be important.
Stocks in news
The share of housing finance company Dewan Housing Finance Corporation (DHFL) zoomed 11 percent after an independent review report released by the company reported that it has not promoted any of the 26 shell companies, which were alleged to have siphoned off about Rs 35,000 crore of the company by investigative news portal Cobrapost.
Endurance Technologies shares plunged 9% after offer for sale by the promoter opened for subscription.
Wipro shares rallied 2 percent after the stock adjusted for bonus issue which means it started trading ex-bonus.
Edelweiss Financial Services shares closed 6 percent higher after North American fund manager CDPQ signed a deal to invest USD 250 mn in the company's NBFC subsidiary.
Global Updates
European markets are trading mixed on Wednesday as market players keenly watching the developments from US-China trade talks.
Asian markets ended on a mixed note with Shanghai Composite added 1.57 percent to close at 3,102.10, while Nikkei was down 0.6 percent to close at 21,596.81.
Hang Seng added 0.17 percent to close at 29037.60, while Kospi shed 0.17 percent to close at 2,175.60. | the Nifty closed above its crucial 200-days moving average (DMA) placed at 10865 for the second consecutive day in a row. the final tally on D-Street – the S&P BSE Sensex closed 193 points higher at 36,636 while the Nifty50 ended 65 points up at 11053. the S&P BSE Small-cap index outperformed as it rose by nearly 1 percent compared to 0.53 percent rise in the Sensex, | Positive |
https://www.financialexpress.com/brandwagon/cholayils-pradeep-cholayil-on-life-beyond-work/2132492/ | The Job
Being a strong leader in this ever-changing environment and motivating my team is the best part about my job. In today’s world, when consumers are embracing newer technology and experimenting, it’s extremely essential for a 50-year-old Ayurvedic heritage personal care brand to keep evolving and staying relevant. This leads to the second-best part of my job, which is to keep thinking about new products and innovations that will keep the brand agile and dynamic in the current environment. My constant endeavour is to keep modernising our factories to produce world-class quality products, and have greater efficiency at the same time.
The Weekdays
My day starts with a yoga session in the morning. In the office, I discuss and brainstorm a lot on how we can continuously keep improving our products. I keep meeting my teams regularly to discuss our performance and our short-term and long-term strategies. I often visit markets and my factories. Nothing is more satisfying than seeing our products being bought by consumers when I am on the field with my sales team. It keeps pushing me to do better, as our products are touching the lives of millions of consumers.
The Weekend
The weekend is the time to rekindle bonds with friends and families, as weekdays are too packed. Dining together with family and having great conversations are some of the best parts of the weekend. I also visit Cholayil Farm where we grow several fruits and vegetables. Being in the open land, away from the concrete jungle, breathing fresh air is extremely refreshing. It gets me ready for another hectic week. I also love watching movies over the weekend.
The Toys
I am an avid photographer. So, a good camera supported with an iPhone are usually my go-to gadgets. I keep a close tab on the developments in these two segments, and often upgrade based on the benefits on offer.
The Logos
There are several brands that people keep suggesting, both Indian and foreign, but I am a loyal user of Indian khadi apparel. It’s a great quality product available for any discerning consumer in all colours and likings. Apart from this, there are a few brands that I keep experimenting with across categories.
Follow us on Twitter, Instagram, LinkedIn, Facebook | 50-year-old Ayurvedic heritage personal care brand is evolving. ayurvedic heritage is a global brand that has been around for over 50 years. ayurvedic heritage is a global brand that has a strong reputation for innovation. ayurvedic heritage is a global brand that has a strong reputation for innovation. | Positive |
http://www.livemint.com/Money/lRtRWnSEyTOAK45FCofzrO/SME-IPOs-make-a-mark-in-2017-lap-up-record-Rs1785-crore.html | New Delhi: Spurred by investor interest, 132 small and medium enterprises (SMEs) raised a record Rs1,785 crore through initial public offerings (IPO) in 2017, which was more than three times the funds raised in the preceding year.
Funds raised were used for business expansion plans, working capital requirements and other general corporate purposes. A total of 132 SMEs got listed with IPOs worth Rs1,785 crore last year as compared to 66 firms garnering Rs540 crore in 2016 through the route, according to a data compiled by Pantomath Research.
Besides, 2017 witnessed more fund-raising than aggregate capital garnered in past five years cumulatively. Overall, the firms had mopped up Rs1,315 crore in last five years. Together, these 132 firms have a market capitalisation of more than Rs30,000 crore.
“The year 2017 has been pinnacle in SME capital market and we expect this trend to continue in 2018 as well," said Mahavir Lunawat, group managing director at Pantomath Advisory Services Group. Average initial share-sale offers have shot up to Rs13.42 crore last year from Rs8.18 crore in 2016.
The IPO chart in the year is led by Zota Healthcare that raised Rs58.50 crore, followed by Euro India Fresh Foods Ltd, which mopped up Rs51.26 crore. Geographically, Gujarat continued to dominate the IPO space by contributing 51 firms on SME bourses, followed by Maharashtra (39), Madhya Pradesh (11), Delhi (8), Rajasthan (6), Telangana (4), West Bengal (3) and two companies each got listed from Andhra Pradesh and Punjab.
The companies which got listed during the period under review represent diverse industry base such as media and entertainment, manufacturing, textiles, engineering, finance, chemicals, agriculture, food processing and construction.
“Some of the marque investors also participated in SME IPOs at pre-listing and post-listing stage. This clearly shows SME investing is gaining popularity day by day," he added.
The year 2017 also reaped bumper returns to investors. Out of 132 companies listed in 2017, 39 closed at 20% upper circuit limit on the first day of listing. Further, robust response from investors has been received in terms of subscriptions with five IPOs getting subscribed more than 100 times the issue size.
In terms of value, top five initial share-sale offers garnered Rs18,629 crore subscriptions from the investors.
BSE and NSE launched SME platforms in March 2012, becoming the only two bourses to offer such a segment in the country. Since then, around 329 companies have got listed on these platforms.
Further, SME indices outperformed broader markets in 2017. The secondary market witnessed 89% growth of BSE SME index and 67% surge in Nifty SME. In comparison, the broader indices—Sensex and Nifty 50—climbed 27% and 28%, respectively.
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Topics | 132 SMEs raised a record Rs1,785 crore through initial public offerings in 2017. this was more than three times the funds raised in the preceding year. overall, the firms had mopped up Rs1,315 crore in last five years. out of 132 companies listed in 2017, 39 closed at 20% upper circuit limit on first day of listing. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/sensex-hits-record-high-pares-gains-nifty50-tests-11150-symphony-dives-17/articleshow/65128096.cms | NEW DELHI: Benchmark indices opened on a higher note on Wednesday, tracking firm cues from other Asian markets, ahead of expiry of July series futures and options contracts on Thursday.The BSE Sensex rose just over 100 points to hit an all-time high of 36,928.06, only to erase gains. The Nifty50 breached 11,150 level and was less than 20 points away from its all-time high levels. This index too wiped out gains.At 9.24 am, the 30-pack BSE barometer was trading at 36,844.24, up 19.14 points, or 0.05 per cent. The 50-pack Nifty50 was ruling flat at 11,135.60.The market-wide rollovers till Tuesday stood at 44 per cent against 39 per cent in the last three F&O series, data showed. Nifty futures rollover stood at 36 per cent against 28 per cent in the last three series."The rollover activity was vigorous in stocks eligible for physical settlement, where in-spite of two days left for the series to expire, average rollovers in these names has touched 60 per cent," Edelweiss Securities said in a note.Vedanta led Sensex gainers by rising 1.99 per cent to Rs 220.45. Hero MotoCrop, Tata Steel and Adani Ports added 1.55 per cent, 1.28 per cent and 1.26 per cent, respectively.On the downside, Asian Paints dropped 2.09 per cent to Rs 1,436. Bharti Airtel , TCS, ICICI Bank and Infosys declined 1.67 per cent, 0.59 per cent and 0.42 per cent and 0.32 per cent, respectively.Shares of Symphony plunged 17 per cent in Wednesday’s early trade after the company on Tuesday reported 48.71 per cent year-on-year fall in consolidated net profit at Rs 20 crore for the quarter ended June 2018. It had posted a net profit of Rs 39 crore in the corresponding quarter last year.The day will see a host of blue chips such as Larsen & Toubro, BHEL, Hero MotoCorp and Ambuja Cements announcing their quarterly results. | the Sensex rose just over 100 points to hit an all-time high of 36,928.06. the 50-pack Nifty50 was less than 20 points away from its all-time high. the market-wide rollovers till Tuesday stood at 44 per cent against 39 per cent in the last three series. the series is due to expire on july 30. | Positive |
https://www.moneycontrol.com/news/business/companies/opinion-what-indias-pharma-ceos-can-learn-from-gsks-emma-walmsley-3312791.html | Emma Walmsley will leave GlaxoSmithKline Plc looking very different from when she took over. The chief executive officer, who’s been in office for eighteen months now, is moving to bulk up GSK and then break it up into two separately listed companies some years down the line.
Since she took over, on the deals front, GSK took full control of the consumer healthcare joint venture by buying out partner Novartis AG’s stake. Then GSK sold its Horlicks nutrition business to Unilever Plc for £3.1billion pounds, and on the same day announced the buyout of TESARO, an oncology-focused company for £4billion pounds.
Just as the investing community was ready to shutter their spreadsheets for the holidays, GSK followed up by hiving off its entire consumer health business to a joint venture with Pfizer. GSK conceded a premium to retain management control in the 68:32 venture, and within three years of the transaction closing, this venture would be demerged and listed separately.
That will leave GSK’s investors two distinct choices, to own a stake in the pharmaceuticals and vaccines business, or the consumer health business or both. The financial structure is such that the pharma business is being left with a lighter balance sheet, giving it the required ability to invest in research and in capital expenditure to grow.
As in most things corporate, the long run will reveal how all this actually works out. But the moves appear bold and sensible, reshaping the company to face up to a changed business environment.
Indian homegrown pharmaceutical companies could also do reflect on what kind of transformation their business model calls for. That painfully irritating interview question, ‘Where do you see yourself five years from now?’ is a question that investors should put to pharmaceutical companies more often. Most of them look like clones of each other, starting off with a domestic generic business that scaled up well, moving on to sell in relatively easy to enter emerging markets, and finally moving on to the lucrative western markets.
The situation today looks dramatically different from a decade ago, when all of this made eminent sense. US markets are no longer the gift that keeps on giving. A combination of competition, price erosion and quality problems at plants have affected sales growth of some of the biggest companies. While the worst can be said to be over, that’s hardly the phrase that excites. Myriad problems such as price controls, currency fluctuations and political upheavals are affecting their performance in other markets.
Companies are trying different tactics within existing business lines, to become more profitable, lower expenditure and focus their research investments. But is that enough? This may be the time when chief executives can call their boards’ attention to the transformative changes happening in the West, and argue it’s time for bolder steps. Most companies have healthy balance sheets and that’s an invaluable ally when attempting change. The decline in valuations in recent years may also make investors more receptive to plans that may have short-term costs.
There is the domestic complication of owners also being managers, and their desire to change. What could these steps be? It will vary but it could be one or more of acquisitions, divestments and even the unthinkable -- joining forces with domestic rivals in some markets or business lines.
(Correction: A previous version of this article erroneously said GSK had hived off its consumer healthcare business to Novartis, instead of Pfizer. The error is regretted.) | gsk has bought out partner's stake in consumer health joint venture. then sold its Horlicks nutrition business to unilever plc for £3.1bn. then announced buyout of TESARO, an oncology-focused company. gsk has also sold its entire consumer health business to a joint venture with Pfizer. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/bank-stocks-send-sensex-above-45k-for-1st-time-nifty-tops-13250/articleshow/79565232.cms | Bharti Airtel gains 3% as co pips Jio in subscriber addition after 4 years
UltraTech Cement climbs 4% as co announces Rs 5,477 cr expansion plan
Airliners rally up to 10% as govt revises cap on capacity
Burger King IPO subscribed 141 times so far
274 stocks hit 52-week high: IndiGo, Infibeam, Escorts, Eclerx, Cadila, Indostar and Bharat Forge top names
"Traders should not get carried away with the prevailing buoyancy and stick to quality names as we can’t ignore the possibility of an intermediate corrective phase" — Ajit Mishra, Religare Broking
Loan growth data: RBI will also release loan growth, deposit growth and forex reserves data in the evening, to which the market may react on Monday.
NEW DELHI: Buyers accumulated banks, along with select telecom and FMCG names, on Friday following bullish commentary from RBI about economic growth that took benchmark indices to fresh record highs.Talks of stimulus measures in the US also added to the momentum. Meanwhile, volatility plummeted sharply in the wake of vaccine approval in the UK, suggesting traders are less nervous now.The 30-share pack Sensex climbed over 45,000 level for the first time ever. The index settled at 45,079.55 after rising 446.90 points or 1 per cent. Its broader peer NSE Nifty climbed 124.65 points or 0.95 per cent to 13,258.55.Investors got richer by Rs 1.25 lakh crore as the total market cap of BSE listed firms rose to Rs 179.49 lakh crore.“With all the major events behind us, we feel global cues would dictate the market trend ahead. Besides, news related to COVID vaccines will also be in focus. Mostly rate-sensitive ended on strong footing and we may see follow-up buying next week,” said Ajit Mishra, VP - Research, Religare Broking.Among blue chip names, Adani Ports was the biggest gainer in Nifty, up 4.86 per cent. It was followed by ICICI Bank, Hindalco, UltraTech Cement, Sun Pharma, Bharti Airtel and SBI that added 3-5 per cent.Reliance Industries was the biggest drag on the index, falling 0.83 per cent. HDFC Life Insurance, Bajaj Finserv, BPCL, HCL Tech and Tata Motors were other losers.Broader market indices also gained but underperformed their headline peers. Nifty Smallcap added 0.36 per cent, while Nifty Midcap advanced 0.35 per cent. Nifty 500, the broadest index on NSE, rose 0.78 per cent.SpiceJet, Dilip Buildcon, Omaxe, Tata Chemicals, Edelweiss Financial Services and Page Industries were the top gainers from the mid and smallcap indices, rising in the range of 3-10 per cent.Dalmia Bharat, JSW Energy, Shriram Transport Finance, Vakrangee, Equitas Holdings and Heidelberg Cement were the major losers, falling in the range of 3-10 per cent.Sectorally, all indices registered gains. Nifty Bank was at the top of the list, rising 2.05 per cent. Nifty Pharma, Nifty FMCG and Nifty Metal were other indices that added over a per cent each.Market breadth was in favour of the gainers as 1,646 stocks ended in the green, while 1,249 names settled with cuts. As many as 274 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 31 names hit 52-week lows, mostly from the microcap space. About 405 stocks hit upper circuit limits and 182 lower circuit limits.European shares were trading mixed. FTSE was up 0.84 per cent while markets in France and Germany were up 0.35 per cent and down 0.01 per cent, respectively. Barring Nikkei and Jakarta Composite that ended in the red, all Asian markets closed with gains. Kospi was the biggest gainer, adding 1.31 per cent. | Sensex climbed over 45,000 level for the first time ever. adani ports was the biggest gainer in nifty, up 4.86 per cent. ICICI bank, Hindalco, UltraTech Cement, ICICI Bank, Sun Pharma, Bharti Airtel and SBI that added 3-5 per cent. bharti airtel jumped 4% as co announces Rs 5,477 cr subscriber addition. | Positive |
https://www.financialexpress.com/lifestyle/get-authentic-banarasi-silks-enchanting-itras-and-more-up-govt-website-is-a-treasure-for-handicraft-lovers/2147038/ | Once upon a time, many, many moons ago, there was an era when people used to shop (for real). You would stroll the markets, experience the buzzing bylanes and look for that saree or that design of sliver chaandbali. Shopping would mean channelising inner Buddha energy and keeping calm while haggling over price or perfect deal. This was the usual way until coronavirus changed our lives forever. The pandemic forced most of us to stay home and shopping essentially became a virtual exercise.
But what if you want best of Banarasi silks and that enchanting itra? While there are many online options available right now, there is always a nagging doubt over the authenticity of the product. So, in case you are looking for that ‘just right’ gift or something for yourself, there is a special website that will cater to all your handicraft needs. The UP government’s site has now started getting traction. While the website is still in its early stage, there are some unique plans in offing. Such as connecting the customers to the artist and buyers knowing about the backstory of each product in their carts.
In an exclusive email interview, UP government’s Additional Chief Secretary Navneet Sehgal (MSME, Khadi and Village Industries and Information and Public Relations Department) told the Financial Express.com about the grand ‘ODOP’ initiative plans, which supports PM Narendra Modi’s ‘vocal for local’ vision.
Here are the edited excerpts:
Q: Tell us about the ‘One District One Product’ initiative.
A: Launched in 2018, the ‘One District One Product’ (ODOP) is the flagship programme of the Uttar Pradesh government. The objective of the programme is to preserve, develop and promote local arts, crafts and traditional skill of communities spread across each district of Uttar Pradesh. We not only present a platform but also provide training to the artisans. For example, the artisans of the old wood carving industry of Saharanpur needed training. Now under the ODOP scheme, we are providing training facilities to them. This will not only improve the products, but will also decrease the production time. Additionally, the programme aims to add to the income and local employment thus, preventing migration due to lack of employment opportunities. We have further revived the traditional clusters.
Q: What steps have govt taken to mainstream these artisans?
A: The state government after an extensive ground study has identified unique products in every district during the launch of the programme. The MSME Department through its three ODOP schemes and through MOU partners is bringing the ODOP product aligned artisans under the ambit of the ODOP Programme. Furthermore, they are encouraged to onboard on important e-marketplaces like Amazon & Flipkart, through both, online & offline workshops (both are MOU partners of the ODOP Cell – The nodal body of the ODOP Programme)
Q: Please tell us about some commercial collaborations.
A: Apart from our website, we have joined forces with major players in the retail market that can provide much-needed exposure to our artisans. From Amazon to Flipkart, our products are available on these ecommerce sites and we have got very encouraging responses. a Singapore-based business-to-business platform Buy2SELL has written to us, expressing its intent to sell ODOP products online. The company which has B2B network in most of the countries in Asia and Europe, was quite impressed by ODOP and has asked for a detailed list of the products.
The World Bank too has evinced interest to develop the ecosystem of 14 agricultural and food processing products related to ODOP with the aim of promoting entrepreneurship through integrated cluster development.
Q: Is govt providing any help in terms of funds and skill training to the artists?
A: Yes, for supporting the artisans under ODOP Programme, there are two schemes, Margin Money Scheme and Training/ Tool Kit Scheme.
The Money Margin Scheme is aimed at promoting self-employment among ODOP artisans/ workers by addressing access to finance issue – by lending margin money (ranging up to Rs20 lakh), through formal banking system. The incentive ranges from:
S.No Project Cost (Rs. In Lakhs) Margin Money Subsidy
Up to 25 25% of the Project Cost or a maximum of Rs 6.25 lakh, whichever is less
2 . More than 25 to up to 50 20% the Project Cost or a maximum of Rs 6.25 lakh, whichever is high
More than 50 to up to 150 10% of the Project Cost or a maximum of Rs 10 lakh, whichever is high More than 150 10% of the Project Cost or a maximum of Rs 20 lakh, whichever is less
Q: Can you please elaborate on the process of mapping the products on e-commerce websites?
A: The products were selected keeping in mind the regional specialisation, advanced skill set used in production and artisanal cluster intensity of a product in the districts. For example – In Varanasi one can find Silk product clusters that specialise in the unparalleled art of “Banarasi weaves”. In near future, we will also connect the local artists and the buyers via our website odopmart.com . For this, we are training the artisans. | one district one product' initiative launched in 2018. aims to preserve, develop and promote local arts, crafts and traditional skill of communities spread across each district of Uttar Pradesh. 'we are providing training facilities to artisans', says UP government. 'we have revived the traditional clusters of artisans', says UP government. 'we are providing training facilities to artisans', says UP government. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/sensex-rises-for-5th-day-gains-187-points-infy-financials-surge/articleshow/76834200.cms |
Sensex, Nifty rise for 5th day in a row;
Both benchmarks log highest close since Mar 6
Sensex rises 0.51% or 187 points to close at 36,675
Nifty up 0.33% or 36 points to close at 10,800
India VIX drops for 5th day in a row, down 0.07% to 25.18
17 of 30 Sensex stocks close higher
Top Sensex gainers: Bajaj Fi up 7.84%, IndusInd 6.10%, Bajaj Finserv 4.98%
Top Sensex losers: NTPC down 2.78%, ITC 2.73%, Power Grid 2.58%
Market breadth neutral, advance-decline ratio at 1:1
BSE midcap index up 0.58%, smallcap 0.57%
BSE IT top sectoral gainer, up 2.10%; Aptech up 14.34%, NIIT 5.21%
BSE Finance up 1.73%; Ujjivan SFB up 19.94%, Maharashtra Scooters 17.72%
BSE Oil & Gas top loser, down 2.42%; IGL down 5.90%, Petronet LNG 4.83%
RIL drops 1.48% on profit booking after hitting new high in previous session
Bandhan Bank jumps 10.65% on healthy loan, deposit growth in Q1
Suzlon drops 5% as Q4 net loss widens
Relief on de-escalation of India-China tensions
Mixed world equities
Rapid rise in coronavirus cases
The continuously rising new coronavirus cases are a major cause of worry.
The movement of global markets will be closely watched as the domestic market tends to follow suit.
Progress on a domestic as well as overseas vaccine for Covid-19 treatment will be closely watched.
The June quarter corporate earnings, which start coming in later this week, will provide a better picture of the damage caused by the pandemic-induced lockdown.
The data of Index of Industrial Production (IIP), which is scheduled to be released on July 10 will be on focus.
Mumbai: Extending its gains to the fifth straight session on Tuesday, BSE barometer Sensex rose 187 points, led by gains in software major Infosys and financial stocks, disregarding weak global cues and surging coronavirus cases. Easing tensions between India and China did help investor sentiment.Both benchmark indices Sensex and Nifty settled at closing levels last seen on March 6.“Benchmark indices were volatile in trading today, after swinging from losses to end the day flat, with a positive bias. This was in spite of negative global cues, due to renewed uncertainty regarding economic recovery and delay in complete opening up of economies from lockdowns,” said Vinod Nair, Head of Research at Geojit Financial Services.“These uncertainties regarding the sustainability of the market rally was visible in the Indian markets also but were offset by gains in IT and financials Index. Any impact seen on momentum, which has been driving the market along with liquidity, can lead to nervousness in the markets and investors are advised to watch out for the same,” added Nair.The 30-pack Sensex, after briefly slipping into the red zone during the day, rose 187 points to end at 36,675 while peer Nifty climbed 36 points to shut shop at 10,800.A total of 17 Sensex stocks closed higher. Infosys contributed more than half to Sensex’s total gains as it rose 4.01 per cent. Consumer goods financier Bajaj Finance rose 7.84 per cent after the recent business updates suggested things are not as bad for the non-banking finance companies (NBFC) as previously thought.Private lenders ICICI Bank and Axis Bank rose 3.84 per cent and 3.09 per cent, respectively, while HDFC climbed 0.96 per cent. NSE ’s India Vix fell for the fifth day in a row. It dropped 0.07 per cent to 25.18.Despite the gains, the market breadth was neutral, as gainers and losers were almost equal on the BSE.Broader markets were in sync with benchmark, with BSE midcap and smallcap indices rising 0.58 per cent and 0.57 per cent, respectively.BSE IT index was the top sectoral gainer as it advanced 2.10 per cent. BSE Finance followed next with a 1.73 per cent gain.Oil & Gas index turned out to the worst loser for the day as it shed 2.42 per cent.Suzlon Energy hit 5 per cent lower circuit limit after it posted a net loss of Rs 824 crore for the quarter ended March 31. It had posted a net loss of Rs 293 crore in the corresponding quarter last year.Oil-to-telecom conglomerate Reliance Industries (RIL) shed 1.48 per cent on profit booking after the stock logged a new high in the previous session.Bandhan Bank jumped 10.65 per cent after the lender reported healthy loan and deposit growth in the April-June quarter on a yearly basis despite nationwide Covid-19-induced lockdown.The breakthrough in India’s attempts to get Beijing to pull back its troops in Galwan Valley came on Monday after two hours of tense negotiations between national security advisor A K Doval and China's state councillor and foreign minister Wang Yi. Separately, a day after de-escalation of border tensions between India and China, a White House official said the US military will stand with India in conflict with China.The Chinese share market extended its positive run on Tuesday, in line with the mainland government’s push for a stronger market, while the rest of the Asian region turned cautious on equities, Reuters reported. European shares fell as surging US coronavirus cases and forecasts for a deeper-than-feared recession in the euro zone dimmed optimism around a post-pandemic rebound, a Reuters report said. MSCI ’s broadest index of Asia-Pacific shares outside Japan see-sawed during the local session and was down 0.2 per cent, after it briefly traded in positive territory, while the pan-European STOXX 600 index slipped 1 per cent.Total new coronavirus infections in India rose past the 7-lakh mark today and the death toll crossed 20,000 following a spike in cases and deaths in the past 24 hours. This takes the total tally of coronavirus cases to 7,19,665, with 22,252 new cases reported over last one day. The death toll has climbed to 20,160 with 467 new fatalities. | Sensex rises 0.51% or 187 points to close at 36,675 Nifty up 0.33% or 36 points to close at 10,800. Sensex: gains in software major Infosys and financial stocks, disregarding weak global cues. Sensex: gains in asian software giants, asian telecoms, asian telecoms and asian telecoms. | Positive |
https://economictimes.indiatimes.com/markets/expert-view/pain-in-metal-stocks-to-be-substantial-in-near-term-sanjeev-zarbade/articleshow/74913653.cms | Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Marketing Officer Programme Visit IIM Lucknow IIML Chief Executive Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit
What we have been seeing is, the fear factor VIX which had gone up to almost 100 level now has come down to 64 for the Indian markets and sector-wise, some of them are doing well. So, metals and to some extent the oil and gas sector are also doing well.As far as the metal sector is concerned, China is a major factor and recovery in the Chinese demand and production remains the key factor as far as the sustainability of metal stocks are concerned. So in our view, it could still be early days. Metals is a very cyclical sector; so the near-term pain could be quite substantial because of the decline in commodity prices. Our preference in the metal sector would be Hindustan Zinc. It is one of the best in terms of balance sheet and has substantial cash. It is attractive on the dividend yield as well. So, we would rather go with Vedanta or Hindustan Zinc in the metal sector.In the power sector, based on the tracking of various websites, what we are seeing is that the demand for power has gone down by almost 20% to as high as 40% in some states. Within the power sector, there are various plays.Our preference would be with Power Grid primarily because the company is significantly insulated from whatever happens in the power sector. It has nothing to do with the demand because it gets paid on the basis of availability-based tariffs. So that would be one stock that we would be positive on. The other stock is NTPC where we see deep value and thirdly, we would be positive on CESC.We are not very positive on oil marketing companies because the way the global economy is slowing down, the demand for petrochemicals and refined products will be much lower; refining margins were anyway under pressure.In the oil and gas space, our preference has always been on the gas companies. It could be something like Petronet LNG or Mahanagar Gas because the government’s focus is also to drive higher consumption of gas within the economy and in Petronet LNG, what we are seeing is that the current valuations are not factoring any potential of growth in its gas volumes going forward. Plus the company has a very strong balance sheet to tide over the near-term economic pain and the dividend yield is also very attractive at 5% to 6%. Petronet LNG has been one of the best performers in PSU ever since it has been listed. So we would rather go with Petronet LNG or Mahanagar Gas instead of taking any positions in HPCL or BPCL.In the consumer discretionary segment, we have several sub segments like travel, hospitality, consumer durables and so on. We believe one of the biggest impact will be on aviation; travel as well as hotels will be the last because in all probability, we believe that income growth for the salary segment will really be in jeopardy and in the next one year, it is possible that most households would like to conserve or go for savings rather than go for discretionary spending. So to that extent, there will be a setback in consumer demand in the coming 12 months.Having said that, we believe that consumer durables would still perform better because these are largely linked to weather patterns or festivities. So although the summer season sales of room air conditioners would get significantly impacted but when things normalise and the lockdown is removed, festival sales could be much better going into the middle of FY21. In the initial phase, we believe that almost all these segments, including media to some extent, will be impacted.The big question for the market remains how long the lockdown will continue. When we spoke to the various corporates as well who are in the infrastructure segment, they are also really worried about how long this lockdown would continue because they are worried about future business, closing of deals, getting labour on time. There could also be some price negotiations from their clients. We are also hoping that this overall situation gets normalised and work could start. Probably only then we can look at economic growth coming back to normal; so that is where I think investors should look at.Having said that, there are several positives already for the Indian markets. As I said, the VIX index has come down to 64 from as high as 100, crude oil prices are at $23-24 a barrel. The global economy is now awash with liquidity and global investors would look at various investment avenues, including Indian equities; so there are positives as well as negatives.But in the short term, we are entering into a weak earnings season. When we hear the management commentary regarding the damage to their numbers and earnings, probably then we will get more confidence going ahead. We still do not have any handle on the FY21 numbers and how it will pan out; so the next few days remain crucial and we are continuously monitoring the COVID-19 situation. If there is any slowdown on that that front, it will really be quite positive for the Indian markets. | a number of companies are doing well in the metals sector. the fear factor VIX has now come down to 64. the power sector is doing well. the energy sector is doing well. the energy sector is doing well. the energy sector is doing well. the energy sector is doing well. the energy sector is doing well. the energy sector is doing well. | Positive |
https://www.financialexpress.com/industry/banking-finance/finance-minister-nirmala-sitharaman-says-working-capital-loan-sanctions-doubled-in-two-days/1953904/ | Finance Minister Nirmala Sitharaman on Saturday indicated that banks are ensuring businesses to have required liquidity to cope up with Covid-19 crisis. The FM’s office tweeted that banks have reached out to almost all eligible borrowers to provide emergency funds even as the amount sanctioned has been also enhanced. “PSBs (public sector banks) contacted more than 95% of borrowers eligible for emergency credit lines & working capital enhancements between March 20 – May 6. The amount sanctioned jumped to Rs 54,544 crore, more than double the amount 2 days ago. Number of cases covered more than tripled,” the tweet said.
Nirmala Sitharaman’s office on Thursday had tweeted that PSBs sanctioned loans worth Rs 5.66 lakh crore for over 41.81 lakh accounts in MSME, retail, agriculture and corporate sectors during March-April 2020. The disbursal will be made “soon after lockdown lifts. Economy is poised to recover!” the office tweeted. For non-banking financial companies (NBFC) and housing finance companies (HFC), PSBs have sanctioned Rs 77,383 crore in loans between March 1 and March 4 while additional funding of Rs 1.08 lakh crore have been sanctioned to NBFCs and HFCs “ensuring business stability & continuity going forward.”
Also read: ICICI Bank’s Q4 net below estimate; Rs 1,221 crore in March quarter
In a series of tweets on Saturday, Sitharaman also said banks have given the three-month loan moratorium facility to around 3 crore farmers for loans totalling Rs 4.22 lakh crore. “Since March 2020, 9.13 crore farmers have been paid Rs 18,253 crore under PM-KISAN during the #lockdown. About three crore farmers with agri loans totaling Rs 4,22,113 crore availed the benefit of the 3-month loan moratorium,” the minister said on her twitter handle. The government provides each farmer Rs 6,000 of income support annually in three instalments into their bank accounts under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme.
On March 27, the Reserve Bank of India had announced moratorium by banks on term loans that were scheduled for payments between March 1 and May 31.
The government has also provided support to states under the Rural Infrastructure Development Fund to boost rural employment. “Support of Rs 4224 cr was provided to states under RIDF during Mar, 2020 for promoting rural employment through infra projects. Working capital limit of Rs 6700 cr has been sanctioned for procurement of agriculture commodities to State Govt entities since Mar, 2020,” the tweet said. | finance minister says banks are ensuring businesses have required liquidity. the amount sanctioned has jumped to Rs 54,544 crore. the disbursal will be made "soon after lockdown lifts. economy is poised to recover!" the minister also said banks have given the three-month loan moratorium facility to around 3 crore farmers for loans totalling Rs 4.22 lakh crore. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/after-market-vodafone-idea-glenmark-zoom-yes-bank-slumps-31-stocks-flash-buy-signals/articleshow/72110302.cms |
NEW DELHI: Glenmark Pharma propelled 22 per cent on Monday after brokerage CLSA upgraded the stock from ‘sell’ to ‘buy’. Telecom stocks continued their rally and registered hefty gains. Vodafone Idea jumped 21 per cent while Bharti Airtel was the biggest Sensex gainer. Nifty Metal was the biggest sectoral gainer, rising 1.79 per cent, led by Tata Steel that jumped 4 per cent. Banks, IT and financial services indices ended flat.BSE benchmark Sensex was down 72.50 points at 40,284 while its NSE counterpart Nifty was down 1.2 points at 11,894. Broader markets bucked the trend and ended in the green.“Post Q2 results, market seems to have entered an indecisive period of trade having rallied well in the last two months and lack of major data releases this week. Globally, investors are awaiting triggers on resolution of the US-China trade tension and future interest rate trajectory of US central bank. In the short-term volatility may stay, but banks are expected to do well given a new life to distressed asset,” said Vinod Nair, Head of Research, Geojit Financial Services.Here is a lowdown on the movers and shakers of Monday’s session on Dalal Street:Shares of Glenmark Pharma soared 21.51 per cent to Rs 366 on BSE after global brokerage CLSA upgraded the stock and raised its target price to Rs 410 from Rs 350 per share.YES Bank continued to slide and ended 4 per cent lower at Rs 65.90 on BSE. The fall is despite the lender denying the news of fresh audit in a whistleblower complaint.Telecom stocks continued to rally shrugging of the massive losses reported by companies in the sector. Vodafone Idea was up 21.47 per cent to Rs 4.47 while Bharti Airtel gained 4.06 per cent to Rs 409.15. The stock was also the biggest gainer on the 30-pack Sensex. The BSE Telecom index gained 3.42 per cent to 997.61.Defying the headline trend, Nifty Smallcap rose 0.26 per cent to 5,689, while Nifty Midcap advanced 0.77 per cent to 16,933. Nifty 500 was up 0.07 per cent to 9,673. Reliance Industries and HDFC Bank together bled 100 points, pulling Sensex lower. The index heavyweights ended by 0.74 per cent to Rs 1458 and 1.28 per cent to Rs 1,262.As many as 58 stocks hit their 12-month highs on BSE. They include Abbott India, Bharti Airtel, Cholamandalam Investment and Finance Company, DLF, Credit Access Gramin, Muthoot Finance , Polycab India, RITES and Info Edge, among others.Bharti Airtel was the most traded stock on the NSE in terms of transacted value followed by Glenmark, SBI, YES Bank and ICICI Bank . In terms of volume, Vodafone Idea was the most traded stock followed by YES Bank, Reliance Communication, Dish Tv and Bharti Airtel.As many as 31 stocks crossed MACD signal line on NSE giving ‘buy’ signal. They included Vodafone Idea, Bank of India, Wockhardt , Muthoot Finance, Ujjivan FInancial, Voltas and Mahanagar Gas, among others. When the MACD falls below the signal line, it is a bearish signal that indicates it may be time to sell. Conversely, when the MACD rises above the signal line, the indicator gives a bullish signal, which suggests that the price of the asset is likely to experience upward momentum. | Glenmark Pharma soared 21.51 per cent to Rs 366 on BSE after brokerage CLSA upgraded the stock from ‘sell’ to ‘buy’. Telecom stocks continued their rally and registered hefty gains. Vodafone Idea jumped 21 per cent while Bharti Airtel was the biggest gainer on the 30-pack Sensex. Nifty Metal was the biggest sectoral gainer, rising 1.79 per cent, led by Tata Steel that jumped 4 per cent. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/modis-plastic-ban-plan-doubled-these-stocks-even-before-oct-2-proclamation/articleshow/71388666.cms | As Prime Minister Narendra Modi readies to unveil his drive to eliminate single-use plastic by 2022, marking the 150th birth anniversary of Mahatma Gandhi, investors on Dalal Street have made good use of the trigger to make some cool money.As shops and business establishments readied to get rid of single-use plastic bags from October 2, most paper stocks rallied in double digits through September, with Malu Paper Mills climbing the most at 95 per cent from Rs 20 on August 30 to Rs 38.90 on September 30.Star Paper Mills, Pudumjee Paper Products, Balkrishna Paper Mills, Hi-Tech Winding Systems and Genus Paper & Boards advanced 50-85 per cent during this period.Odhisha, Madhya Pradesh, Maharashtra and Tamil Nadu have already banned plastic products with hefty fines.Analysts are advising investors to stay stock-specific after the recent spike on the paper counters. “Reports of plastic ban from October 2 supported paper stocks in September. The government is trying to implement the ban on a pan-India basis, which will increase usage of paper,” said Rusmik Oza, Head of Fundamental Research, Kotak Securities.However, he advised investors to look for companies that are going to benefit directly from the ban. “Papers stocks were very cheap before the announcement of plastics ban on the Independence Day. Now, they trade at fair values. One should be stock-specific right now and accumulate quality paper stocks on correction. JK Paper has told us it will not get the maximum benefit, because it is more into normal paper and stuff like that,” he said.Shares of JK Paper, Emami Paper, South India Paper Mills and Tamil Nadu Newsprint have gained over 10 per cent in last one month.Others like Ballarpur Industries (down 27 per cent), International Paper APPM (down 17 per cent), Bio Green Paper (down 15 per cent), Cella Space (down 13 per cent) and Shree Karthik Papers (down 10 per cent) have, however, missed the bus and disappointed investors.“Paper demand has gone up due to government plan to ban plastics. Paper can be one of the best commodities that can rise more. Paper companies are seeing better margins. We are very bullish on paper price for next one year. Diversified firms ITC and Trident, as well as JK Paper, are our top picks in the paper segment,” said Sanjiv Basin, EVP-Markets, IIFL.Shares of ITC and Trident gained 5.76 per cent and 4.88 per cent, respectively, in September, while the benchmark BSE Sensex rose 3.57 per cent. | malu Paper Mills rose 95 per cent from Rs 20 on august 30 to Rs 38.90 on September 30. md, maharashtra and tamilnadu have already banned plastic products. investors are advising investors to stay stock-specific after the recent spike on the paper counters. jk paper, Emami Paper, South India Paper Mills and Tamil Nadu Newsprint have gained over 10 per cent in last one month. | Positive |
https://www.financialexpress.com/money/buyers-flock-to-market-as-homes-become-affordable-developers-sweeten-deals-this-festive-season/2107878/ | Having taken a big hit during the initial months of the lockdown, real estate in India has again started doing well, which is evident from the growing demand and rising sales, especially in the housing segment. Various studies undertaken by property consultants recently point towards this fact.
A quarterly analysis of India’s 8 prime residential markets by PropTiger.com, for instance, has revealed that the third quarter of 2020 saw primary residential sales to the tune of 35,132 units, recording a growth of 85% from the bottomed-out preceding quarter. Similarly, as per a study by ANAROCK, housing sales are all set to rebound to 90% of the pre-COVID-19 levels (Q1 2020), and the top 7 cities of the country may cumulatively witness a 35% jump in residential sales during the ongoing festive quarter (October-December) as against the July to September period.
The buoyancy in residential real estate may also be because developers — like earlier years — have pulled out all the stops to attract buyers during this festive season. And discounts and offers currently available juxtapose very advantageously with the rock-bottom property prices and home loan interest rates. Buyers are aware that such a fortunate confluence of advantages is unlikely to repeat itself in their lifetimes.
Industry experts say that it may seem like a paradox, but the pandemic has actually catalysed housing demand rather than suppressing it.
“COVID-19, in fact, has underscored the importance of owned homes because these are the only properties over which we can exert complete control. Also, the lockdowns and ensuing WFH (Work From Home) movement have caused our homes to double as offices – and rented homes do not permit many of the kind of changes that need to be made to recreate a genuine office setting. The home has become the centrepiece of our lives in many ways. Moreover, the financial uncertainties that arose from the pandemic have put empty, non-returns-yielding rental outgo under the spotlight. It is much more preferable to invest regularly in an owned home which provides a lifetime of safety and freedom from not only rent but the whims of landlords,” says Santhosh Kumar, Vice Chairman, ANAROCK Property Consultants.
Developers say that as the Indian economy limps towards normalcy after the lockdown, the real estate sector has been quick to adapt affectively in times of the crisis despite challenges.
“Festivals in India are considered the most auspicious time and a harbinger of prosperity and new beginnings. It is an opportune time for buyers to invest in a property and Central Park has seen a trend of a surge in sales during the festive season. Likewise, we expect the festive season this year to witness an increase in demand for residential properties as well,” says Amarjit Bakshi, Chairman and Managing Director, Central Park.
The depreciating rupee coupled with a conducive ecosystem at home such as low interest rates on home loan EMIs will motivate genuine buyers to purchase homes. “For a majority of home buyers, this is the most-awaited time of the year for buying a home that also coincides with bonuses and cash entitlements at the workplace. Not only buyers but also developers leverage this golden opportunity and come up with festive offers to attract consumers,” adds Bakshi.
Pankaj Bansal, Director, M3M Group, says, “The pandemic affected the real estate industry for a short term. However, with Unlock 5.0, re-strategizing business models and project launches have set the pace for recovery. As the festive season approaches, consumer sentiment would be strong and since we have offerings in all the spectrums — under construction-residential and commercial; delivered-residential and commercial — we are poised to cater to the customer needs.”
It may be noted that M3M recorded Rs 225 crore of sales in the first weekend of having announced their ‘Port Your Property’ campaign in October 2020, and is aiming for sales of Rs 5000 crore till December 2020 in the view of the festive season.
Karan Kumar, Chief Marketing Officer, DLF Ltd, says, “We foresee renewed interest in the upcoming festive season against the backdrop of the depreciating rupee, and low interest rates on home loans. All of these have improved attractiveness of real estate as an investment asset class against other traditional alternatives. Also, the recent RBI decision to rationalize the risk weights on home loans and linking them to LTV ratios will ensure more credit to borrowers, thereby giving a fillip to demand. The festive season, coupled with a number of recent measures by the government, and offers from developers, hopefully will nudge investors to make their decision during this period.”
Developers say the festive season is an opportune time for homebuyers. This year, a blend of demand and supply-side enablers, low rates of interest on home loans and government-aided recovery augur well for homebuyers.
“We have an omni-channel approach, where we are using both traditional and new-age mediums to put our vision across potential homebuyers. We also use a mix of all major social media platforms for lead generation, which have been giving us fruitful results. With travel taking a backseat due to Covid-19, people are now more inclined to invest in their future rather than looking at anything else. Hence the growth prospects of real estate are looking positive this festive season,” says Ashish Sarin, CEO, AlphaCorp. | india's housing market is set to rebound after the lockdown. the top 7 cities may see a 35% jump in residential sales during festive season. developers say that as the economy limps towards normalcy after the crisis, they are focusing on buying homes. the pandemic has catalysed housing demand rather than suppressing it. a study by ANAROCK Property Consultants has revealed that the third quarter of 2020 saw primary residential sales to the tune of 35,132 units. | Positive |
https://economictimes.indiatimes.com/markets/stocks/recos/buy-orient-cement-target-price-rs-71-centrum/articleshow/76032086.cms | The festive month of Diwali brought a much-needed boost in online shopping after a muted start to the year in the first half. Ecommerce platforms, retailers and online sellers reported a steady uptick in sales with categories like electronics, food and grocery, and jewellery reporting double digit growth over last year.
Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations.
Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year.
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Top Trending Stocks: Sensex Today Live | ecommerce platforms, retailers and online sellers reported a steady uptick in sales. categories like electronics, food and grocery, and jewellery reported double digit growth over last year. Sensex and nifty gained over half a per cent in the special 60-minute muhurat trading session on Sunday evening. Sensex and nifty are the most traded stocks in the world. | Positive |
https://www.businesstoday.in/markets/stocks/sensex-gains-2100-points-nifty-reliance-industries-facebook-reliance-jio-kotak-bank-hdfc-bank-maruti-suzuki-hdfc-axis-bank/story/399200.html | Sensex and Nifty continued to rally for the second consecutive session today as global markets bounced back on a $2 trillion stimulus for the US economy. Sensex which was trading volatile in early morning trade on the back of rising coronavirus cases in India changed gear in afternoon session. The benchmark index logged a 2,116 point rally to 28,790 compared to the previous close of 26,674. However, the index saw some profit-booking and closed 1861 points or 7% higher at Rs 28,535. Nifty gained 575 points intra day to 8,376 compared to the previous close of 7,801. The index closed 516 points or 6.62% higher at 8,317.
The huge rally in Sensex was powered by Reliance Industries which surged up to 22.51% to Rs 1,152 amid reports Facebook was reportedly planning to buy a multi-billion dollar stake in Reliance Jio. The stock pared some gains and closed 14.65% higher at Rs 1,081.25 on BSE.
RIL share price gains nearly 10% amid report Facebook likely to buy stake in Reliance Jio
Other gainers of today's rally were Kotak Bank (12.94%), HDFC Bank (9.41%), Maruti Suzuki (12.23%), HDFC (9.44%), HDFC Bank (11.77%), Titan (8.24%) Larsen and Toubro (8.22%) and Axis Bank (7.83%) on Sensex. Of 30 Sensex stocks, 26 ended in the green.
On Nifty, RIL ( 13.84%), HDFC Bank (12.41%), UPL (11.43%), Kotak Bank (11.89%) and Maruti (10.56%) were the top gainers. Of 50 Nifty stocks, 38 closed in the green.
Market breadth was positive with 1213 stocks closing higher compared to 989 stocks ending lower on BSE. Total 14 stocks hit 52-week highs against 736 touching 52-week lows on BSE.
149 shares hit their upper circuits against 373 falling to their lower circuits in Wednesday's trade.
BSE midcap and small cap indices gained 348 points and 252 points, respectively. BSE large cap index was the top gainer rising 6.24% or 189 points to 3,180 compared to the previous close of 2,993.
Among sectors, banking stocks led the recovery with BSE bankex rising 1,691 points to 21,321.Consumer durables stocks too powered the rally with the BSE index gaining 1,059 points to 18,720.
All 19 BSE sectoral indices closed in the green.
Bank Nifty too rose 8.03% or 1,373 points to 18,481 compared to the previous close of 17,107.
Global markets
The gains in domestic indices were fuelled by a massive rebound in global stock markets.
Overnight, US stocks surged with Dow rising 11.37% to 20,704.91 with S&P 500 index climbing 9.4% to 2,447.33. The Nasdaq composite jumped 8.1%, to 7,417.86. US stocks rebounded after Congress and the White House reached a deal to inject nearly $2 trillion of aid into the economy hit by coronavirus.
The gains in US markets spilled onto other markets today.
Japan's Nikkei 225 surged 8%. Tokyo logged its biggest daily gain since 2008.
Hang Seng rose 3.8% to 23,527.19. South Korea's Kospi gained 5.9% to 1,704.76 and the S&P/ASX 200 gained 5.5% to 4,998.10. The Shanghai Composite index rose 2.2% to 2,781.59. Taiwan's benchmark jumped 3.8%. Shares were also higher in Southeast Asia.
By Aseem Thapliyal | Sensex and Nifty continue to rally for second consecutive session. Sensex logged a 2,116 point rally to 28,790 compared to the previous close of 26,674. but the index saw some profit-booking and closed 1861 points higher at Rs 28,790. Sensex was powered by Reliance Industries which surged up to 22.51% to Rs 1,152. | Positive |
https://www.financialexpress.com/economy/unemployment-rate-falls-to-lowest-level-since-lockdown-began-shows-green-shoots-of-economic-revival/1986877/ | As economic activity catches pace in June, the employment situation in the country significantly improved in the first week after the months-long lockdown was lifted. The unemployment rate fell to 17.51 per cent in the week ending 7 June, according to weekly data released by CMIE. The unemployment rate in the first week is at the lowest level since the lockdown was announced in the last week of March 2020. The unemployment rate stood at 8.41 per cent just before the lockdown began and peaked to 27.1 per cent in the week ending May 3. A steep fall in the unemployment rate indicated green shoots of economic recovery after Prime Minister Narendra Modi’s government put an end to day travel restrictions and allowed most of the industries and businesses to operate.
Not only this, the unemployment rate fell despite a surge in labour participation, meaning that the country was able to provide jobs to an increasing number of jobseekers. India added 2.1 crore new jobs in the month of May, while labour participation rate also rose as the lockdown was partially lifted and many industrial activities and offices were allowed to open last month. This may bode well for the economy in the current month, as it shows migrant labourers are coming back to the job market and the industrial activity has started at a decent pace.
Also Read | Bad news for job seekers: Only 5% companies planning hirings in Q2; salary cuts also on cards
Standstill businesses and industries pushed the country’s unemployment rate to over 20 per cent for straight ten weeks during the nationwide lockdown. Also, with lakhs of migrant workers and labourers stranded amid lockdown, India saw an unprecedented reverse migration. This developed fear among industries about the migrant workers not returning.
However, the centre and various states, especially Yogi Adityanath-led Uttar Pradesh government, announced various schemes, compensation and social security for the labourers and migrant workers which may have helped in boosting sentiment in the job market. Meanwhile, the latest survey by ManpowerGroup underlined that the employment situation is likely to remain grim in the next quarter too, as only 5 per cent companies of India Inc are planning to hire new staff in Q2 FY21. | unemployment rate fell to 17.51 per cent in the week ending 7 June. it is the lowest level since the lockdown was announced in the last week of march 2020. the unemployment rate stood at 8.41 per cent just before the lockdown began and peaked at 27.1 per cent in the week ending may 3. india added 2.1 crore new jobs in the month of may. | Positive |
https://www.moneycontrol.com/news/business/earnings/britannia-q2-jumps-16-yoy-to-rs-303-crore-reports-good-operational-performance-3150841.html | live bse live
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Britannia, on Monday, reported a net profit of Rs 303 crore for the September quarter. This is a jump of 16 percent compared to the profit reported during the same quarter of last year.
The company reported revenue of Rs 2,869.59 crore during the quarter against Rs 2,545.29 crore posted last year. This is a rise of 13 percent year on year.
At an operating level, the earnings before interest, taxes, depreciation and amortization (EBITDA) rose to Rs 454.4 crore in Q2, a jump of 20 percent from Rs 377.6 crore reported last year.
Meanwhile, the operating margin was reported at 15.8 percent, up from 14.8 percent last year, a rise of 100 basis points.
Commenting on the results, Varun Berry, its managing director said, “This was the fourth successive quarter of double-digit volume growth primarily due to our investment in brands, multi-media campaign to bring alive the new identity and celebrating 100 years and widening our distribution network through focus on direct reach, rural market and weak states. In the base business we continued our premiumisation and innovation journey with the launch of “Pure Magic Chocolush,”, “Good Cashew Almond” and “Tiger Choco Cookies” and renovation of 50-50 & Bourbon."
Berry also said, "In line with our goal to become a “Global Total Foods Company” we launched two new categories “Cream Wafers” and “Flavoured Milk Shakes” in Tetra Packs," he added.
Further, the packaged food major's international business grew by a healthy double-digit despite slow-down in key geographies of Middle East and Africa.
Project work at the Greenfield unit in Nepal is progressing and is expected to be commissioned in the fourth quarter of the current year.
On the commodity front, Britannia witnessed marginal inflation in the prices of key raw materials.
"Our cost efficiency program and endeavour to leverage fixed costs have helped us improve our profitability”. We have progressed well in our journey of building technologically superior factories and the 1st Biscuit line at the Integrated Food Park in Ranjangaon has been commercialized," Berry said in an exchange filing.
The stock gained 5 percent in the past one month, while in the past three days, it rose over a percent. At 15:18 hrs Britannia Industries was quoting at Rs 5,772.10, up Rs 18.25, or 0.32 percent, on the BSE. It touched an intraday high of Rs 5,844.70 and an intraday low of Rs 5,599.25. | Britannia reports net profit of Rs 303 crore for the September quarter. revenue of Rs 2,869.59 crore against Rs 2,545.29 crore posted last year. operating margin reported at 15.8 percent, up from 14.8 percent last year. global business grew by a healthy double-digit despite slow-down in key geographies. a soaring rupee of 1.2 per cent helped boost the stock price. | Positive |
https://www.financialexpress.com/economy/green-shoots-in-the-economy-are-visible-pm-modi/1993732/ | Prime Minister Narendra Modi on Tuesday asserted that ‘green shoots’ had started to emerge in the economy and called for the need to focus on both lives and livelihood while ensuring that economic activity gathered pace, with the lifting of various lockdown-related curbs over the past two weeks.
Taking stock of the situation with chief ministers of various states via video-conference following the Unlock 1.0, the Prime Minister said: “Green shoots have begun to emerge in the economy, power consumption has begun to go up, fertiliser sale in May has been double that of May last year; kharif crop, two-wheeler production, digital payments too showing positive signs.”
Modi met chief ministers and lieutenant governors of 21 states and Union territories, including Punjab, Kerala, Uttarakhand and northestern states on Tuesday. On Wednesday, the Prime Minister is scheduled to meet chief ministers of another 15 states (relatively large ones), including Maharashtra, Uttar Pradesh, Tamil Nadu, Rajasthan and Gujarat.
He also exhorted the states to work together on strengthening value chains to revive trade and industry. “The more we are able to contain the spread of Covid-19, the more we will be able to open up our economy, markets, offices, transport modes and the more new job opportunities will emerge,” he said.
At the same time, Modi also highlighted the need to to follow all precautions such as wearing masks, maintaining physical distance and cautioned against any laxity.
Stressing that the country’s recovery rate has exceeded 50%, the Prime Minister said India is now among those countries where the number of death is among the least, even though the government considers every death as unfortunate and sad. Timely decisions have helped the country contain the fury of the pandemic, he added.
“Thousands of Indians have returned home from abroad, lakhs of migrant workers have reached their villages; rail, road, air and sea routes have been opened, even then, despite having such a big population, Covid-19 has not spread as much as in some countries,” Modi said. “When India’s fight is examined in future, how we fought this together, providing a fine example of cooperative federalism, will be noted,” he said.
According to the health ministry data, India has 1,53,178 active Covid cases, while 1,80,012 people have been cured and 9,900 people have died of the pandemic.
“Two weeks of the Unlock 1.0 has shown that if we follow rules and guidelines, there will be minimal harm due to Covid-19,” he added. “If we ensure through bankers’ committees that enterprises get prompt credit, it will help them resume operations and provide employment to people,” the Prime Minister said.
The Prime Minister also shed light on various relief measures for critical sectors of the economy under the recently-announced Rs 21 lakh crore package, including for MSMEs, agriculture, horticulture and fisheries. The package includes collateral-free, extra working capital loans for MSMEs (up to 20%) with official guarantee, which is expected to benefit 45 lakh MSME units. | prime minister says 'green shoots' have begun to emerge in economy. he met chief ministers of 21 states and utmost territories. he is scheduled to meet chief ministers of 15 other states on tuesday. he stressed that the country's recovery rate has exceeded 50%. he said the country is now among those countries where the number of death is among the least. | Positive |
https://www.businesstoday.in/markets/company-stock/hcl-technologies-share-hits-record-high-on-acquiring-australian-it-firm-dws/story/416648.html | Share price of IT firm HCL Technologies gained over 4% in Monday's early session to hit a fresh high of Rs 849.7 on BSE after the firm said it would acquire Australian IT solutions firm DWS Ltd for $115.8 million.
The company said this move would help the Indian company strengthen its position in the Australia and New Zealand markets.
Following the news, HCL Technologies share price traded as the top gainer on both BSE and NSE, rising 4.76% to an intraday as well as a new high of Rs 849.7, against the last close of Rs 811.10.
The stock saw high volatility today and also touched an intraday low of Rs 794.05, falling 2.1% due to major trend reversal in broader markets today. HCL Technologies shares have fallen after 2 days of consecutive gain. The stock has risen 0.93% in one week, 13% in one month and 41% since the beginning of the year. HCL Technologies stock is trading higher than its 5, 20, 50, 100 and 200-day moving averages.
Market capitalisation of the firm stood at Rs 2,29,033 crore as of today's closing session.
HCL Technologies announced its intent to acquire DWS Limited, an Australian IT, business and management consulting group that has over 700 employees and offices in Melbourne, Sydney, Adelaide, Brisbane, and Canberra.
DWS delivers business and technology innovation to large clients across a spectrum of verticals, the company said.
Michael Horton, Executive Vice President & Country Manager, Australia & New Zealand, HCL Technologies, said "We are excited for this expansion of HCL Technologies in Australia and New Zealand and are confident that our combined strengths will further accelerate the digital transformation journeys of our clients and innovations for their end customers. HCL has invested in the region for over 20 years and is committed to enabling digitalisation and growing the local ecosystem, he added.
Danny Wallis, CEO and Managing Director, DWS said, "We are delighted the DWS team is joining HCL. This acquisition represents an outstanding outcome for all DWS stakeholders: shareholders, employees, clients and other business partners."
On the development, Jyoti Roy, DVP- Equity Strategist, Angel Broking said, "We continue to maintain our positive outlook on HCL Tech as the announcement reflects the company's leadership position in the cloud migration space. We believe that HCL will be the biggest beneficiary of migration from public cloud to hybrid cloud driven by a strong presence in the Infrastructure management business."
Gold price falls to Rs 51,500, silver rates at Rs 67,500
Stocks in news: Route Mobile, RITES, DHFL, Future Enterprises, HCL Tech, Ajanta Pharma | HCL Technologies shares rise 4.76% to a fresh high of Rs 849.7 on the BSE. the firm said it would acquire australian IT solutions firm DWS Ltd for $115.8 million. the stock has risen 0.93% in one week, 13% in one month and 41% since the beginning of the year. the firm has invested in the region for over 20 years. | Positive |
https://www.moneycontrol.com/news/business/stocks/lt-share-price-up-3-after-heavy-engineering-arm-bags-order-of-rs-1000-2500cr-in-q4fy20-5152611.html | live bse live
nse live Volume Todays L/H More ×
Larsen & Toubro share price was up 3 percent intraday on April 16 after the heavy engineering arm of the company had won significant contracts in Q4 of FY20.
The unit secured orders for Key Gasification Equipment from Wuhan Engineering Ltd, China against stiff Chinese competition for Talcher Fertilizer, which is the first-of-its-kind Coal gasification project in India. It will produce 1.27 MMTPA of Urea through the gasification of the mixed feedstock of Indian coal with high ash content and pet coke, the company said in a filing to the exchanges.
"Financial Year 2020 has been yet another significant year for LOT Heavy Engineering and the team secured various orders of Critical Reactors both from international as well as domestic markets. Customers have reposed their confidence in our reliable performance through several repeat orders. Our focus on organizational excellence coupled with digitalization helped us to deliver value to our customers," said Anil V Parab, Executive Vice President and Head, LEtT Heavy Engineering.
Earlier, Larsen & Toubro received two contracts from National Capital Region Transport Corporation (NCRTC). The heavy civil infrastructure business of L&T Construction has secured two contracts to build regional rapid transit system (RRTS) infrastructure from NCRTC in Uttar Pradesh.
On April 9, Larsen & Toubro (L&T) said in a filing to the Bombay Stock Exchange (BSE) that its board had approved long-term borrowing of up to Rs 9,000 crore. It said in its statement that the Board of Directors had allowed the company to raise the funds “either through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate”.
It also bagged order from the Indian Army. The Smart World, a communication business of L&T Construction, has secured a large order from the army to establish a first-of-its-kind Unified Network Management System to manage, support and operate the countrywide Armed Forces Network under the Network for Spectrum (NFS), the company said in the release.
Global research firm Morgan Stanley maintained an overweight stance on the stock with target of Rs 941 per share. The firm is of the view that sharp correction in the stock price of L&T provides a good opportunity for long-term investors, a CNBC-TV18 report said.
L&T trades at relative P/B multiple of 0.7x, the brokarage firm said. It is of the view that key catalyst includes potential buyback or special dividend from the company adding that L&T may witness stronger domestic order from H2FY21, it said.
The stock price gained 13 percent in the last 5 days and was quoting at Rs 907.45, up Rs 27.55, or 3.13 percent. It has touched an intraday high of Rs 915.80 and an intraday low of Rs 871.70. | heavy engineering arm of the company wins significant contracts in Q4 of FY20. the unit secured orders for key gasification equipment from china. the company also bagged order from the Indian army. the firm maintains an overweight stance on the stock with target of Rs 941 per share. a sharp correction in the stock price could be a sign of a slowdown in the economy. | Positive |
https://www.financialexpress.com/brandwagon/ad-agency-atom-bags-multiple-businesses-during-lockdown/2001965/ | Advertising agency ^atom, which was started by Abhik Santara along with Yash Kulshresth and Ananda Sen in April this year, has onboarded clients across multiple categories- of edutech, e-commerce, health, food, and holistic living that includes names such as Ahimsa Trust, Ezee Products and Lifology. Along with these, ^ a t o m has also signed on with three international brands for APAC markets and a food e-commerce brand in India and an upcoming new university, the complete details of these will be announced soon.
“All the clients that we have won in the last two months, we are managing them across the full spectrum- from building their equity through strategic and creative ideas, digital and social media presence, media planning/buying and delivering business performance,” Abhik Santara, director and CEO of ^ atom said on the association.
According to Parag Agarwal, trustee, Ahimsa Trust and CFO-Health (a global British FMCG giant), at Ahimsa trust, the ambition is to change Indians’ food habits and move them towards plant-based diets – which are healthier, good for the mother planet and the animals. “Changing behaviours is never easy, and we were looking for an agency that would be able to develop insights into this multi-dimensional problem and offer a creative solution. We look forward to continuing our journey with ^ atom and scale this into a big brand by leveraging their creativity, digital and media performance skills,” he added further.
For Chanchal Sanyal, author and chairman, QED Communications (the group which is backing ^atom), this is an investment that is right for the times and right for all times. “A nimble, sure footed, digitally native brand communications company peopled with experts hungry to do path breaking work and deliver market results will always be in demand. Brands will always need stories to be told – and we are the storytellers,” Sanyal added.
^atom is a business first brand agency present in Mumbai, Delhi and Bangalore. It combines strategy, data, creative, media, technology and performance to bring platform-agnostic solutions. It is an independent agency under the QED Communications group umbrella.
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Follow us on Twitter, Instagram, LinkedIn, Facebook | atom has onboarded clients across multiple categories- of edutech, e-commerce, health, food, and holistic living. the agency has also signed on with three international brands for APAC markets and a food e-commerce brand in India. atom is an independent agency under the QED communications group umbrella. it is backed by a group of investors who are aiming to scale the agency into a big brand. | Positive |
https://economictimes.indiatimes.com/markets/expert-view/why-it-is-time-to-be-optimistic-on-the-indian-economy/articleshow/78571188.cms | RBI cheers bond market despite keeping rates on hold
'Surprised RBI thinks GDP growth can turn positive in Q4'
The festive month of Diwali brought a much-needed boost in online shopping after a muted start to the year in the first half. Ecommerce platforms, retailers and online sellers reported a steady uptick in sales with categories like electronics, food and grocery, and jewellery reporting double digit growth over last year.
Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations.
Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year.
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Top Trending Stocks: Sensex Today Live | ecommerce platforms, retailers and online sellers reported a steady uptick in sales. categories like electronics, food and grocery, and jewellery reported double digit growth over last year. Sensex and nifty both gained over half a per cent in the special 60-minute muhurat trading session on Sunday evening. Sensex and nifty are the most traded stocks in the world. | Positive |
https://economictimes.indiatimes.com/news/economy/foreign-trade/covid-19-g20-trade-ministers-agree-to-ensure-uninterrupted-flow-of-vital-medical-supplies/articleshow/74907912.cms | NEW DELHI: Trade and investment ministers of the G-20 group have agreed to ensure fair trade and continued flow of vital medicines as well as other essential goods to tackle Covid-19 pandemic.According to a joint statement issued after a video conference, the ministers agreed to support the availability and accessibility of essential medical supplies at affordable prices, on an equitable basis, where they are most needed and will guard against profiteering and unjustified price increases.The ministers also called for working together for a free and fair international trade."As we fight the pandemic both individually and collectively and seek to mitigate its impacts on international trade and investment, we will continue to work together to deliver a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open."We are actively working to ensure the continued flow of vital medical supplies and equipment, critical agricultural products, and other essential goods and services across borders, for supporting the health of our citizens," the statement said.The ministers stated that they will take immediate necessary measures to facilitate trade in those essential goods.They also agreed to implement those measures, upholding the principle of international solidarity, considering the evolving needs of other countries for emergency supplies and humanitarian assistance."We will ensure smooth and continued operation of the logistics networks that serve as the backbone of global supply chains. We will explore ways for logistics networks via air, sea and land freight to remain open, as well as ways to facilitate essential movement of health personnel and business people across borders, without undermining the efforts to prevent the spread of the virus," they said in the statement.It added that the countries will continue monitoring and assessing the impact of the pandemic on trade.They also called upon the international organizations to provide an in-depth analysis of the impact of COVID-19 on world trade, investment and global value chains "We will continue working with them to establish coordinated approaches and collect and share good practices to facilitate flows of essential goods and services," the statement added.The leaders of the G20 last week pledged to inject USD 5 trillion into the global economy to counter the pandemic amid forecasts of deep recession.The G20 is a grouping of developed and developing countries. Its members include India, the US, Italy, France, China, Japan and Turkey. | trade and investment ministers of the G-20 group have agreed to ensure fair trade. they will guard against profiteering and unjustified price increases. the ministers also called for working together for a free and fair international trade. they said they will take immediate necessary measures to facilitate trade in those essential goods. the leaders of the G20 last week pledged to inject USD 5 trillion into the global economy. | Positive |
https://www.moneycontrol.com/news/world/apple-doubles-china-donations-for-covid-19-recovery-efforts-5094631.html | Apple more than doubled its donation to China's efforts to fight COVID-19 to over 50 million yuan ($7 million), CEO Tim Cook posted on Weibo on Wednesday, weeks after the iPhone maker said it had opened all its 42 stores in one of its largest markets.
Cook said in a post on Twitter last week that Apple donated 10 million masks for health professionals in the United States and Europe, which it sourced through its supply networks.
Supplies and donations have come in from wealthy executives and corporates around the world to fight the coronavirus, which has killed more than 42,000 people globally.
Chinese billionaire and Alibaba co-founder Jack Ma has pledged similar medical supply donations including masks and testing kits, as have other Chinese tech giants such as Baidu, Tencent, Huawei and ByteDance, according to Chinese media reports.
Apple has already donated 20 million yuan of its promised amount through Beijing-based China Foundation for Poverty Alleviation to support six hospitals in Hubei, including the makeshift Leishenshan hospital in Wuhan, Cook said.
COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show
Apple will contribute the rest of the money to support longer-term public health recovery efforts, he said.
"China has shown incredible spirit and resilience during the COVID-19 outbreak and we are grateful to our teams, partners and customers for their support during these challenging times," Cook said in a message on China's Twitter equivalent Weibo.
COVID-19 is the name of the respiratory disease caused by the coronavirus.
Apple warned last month it was unlikely to meet its March-quarter sales guidance as the ramp-up of Chinese factories that produce iPhones was slower than expected after weeks of closures.
The flu-like virus originated in China last year and has since spread across 205 countries and territories. Globally it has infected more 850,000 people, according to a Reuters tally. | apple donates $7 million to fight the coronavirus in china. supplies and donations have come in from wealthy executives and corporates. apple has already donated 20 million yuan of its promised amount. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. | Positive |
https://www.businesstoday.in/top-story/indian-advertisers-betting-big-on-world-cup-mania-to-spend-400-million-this-year/story/359675.html | Indian advertisers are on track to spend more than $400 million during this year's ICC Cricket World Cup, looking to cash in on a mania that is smashing viewing records in the world's biggest market for the sport.
About 1.5 billion people are expected to watch the tournament worldwide, more than 15 times the audience for the Super Bowl of American football.
From ride-hailing firm Uber to tech giant Samsung Electronics and snacks maker Mondelez, companies are banking on television, radio and online campaigns, as well as live fan events, to woo cricket-mad consumers.
"We might have different religions, but cricket is the biggest one," said Shashi Kumar, a 34-year-old in the technology hub of Bengaluru, who said the game unites the country and brings people together.
The surge in advertisement spending during the six-week tournament that runs until July 14 could boost consumer demand and help India's economy run out its slowest period of growth in four years, analysts say.
"Brands would not like to lose the opportunity to capitalize on this frenzy," said Vinita Pachisia, senior vice-president at media agency Carat India, part of the Dentsu Aegis Network.
Although a niche sport with just 10 participating countries, versus 79 in the FIFA soccer championship, cricket's popularity in the Indian subcontinent means companies allot about half of their marketing budget to the World Cup. Sponsors and media buyers say they expect more than 800 million Indians to watch this year, but there are no official projections. Four years ago, 635 million watched, mainly on television, as online streaming was in its infancy in India.
The much-anticipated match between arch-rivals India and Pakistan on June 16 prompted 206 million fans to tune in to official broadcaster Star network, a unit of Walt Disney Co, to watch India win.
Star's streaming platform, Hotstar, said the 15.6 million concurrent users for the match was its highest tally for a one-day international game.
World Cup Mania
The matches start later in India's day and run through prime time, while the return to a round-robin format cuts the chances of an early knockout of favourites Australia, India and New Zealand.
They are also being broadcast in six more Indian languages this year, as well as Hindi and English.
Greater television and internet access and India's success under captain Virat Kohli have helped push spot advertising rates up by 40% to 60% from four years ago, media buyers say.
They estimate this year's advertising spend of more than $400 million will be nearly double of 2015.
Smartphone maker Samsung Electronics Co, which is giving away Amazon Echo devices with high-end TV sets, said it doubled sales of big-screen TV sets in the month before the tournament began on May 30, versus last year.
Uber Technologies Inc, which operates in eight World Cup countries, ran a contest offering tickets to the games in Britain as prizes, while Mondelez International Inc, maker of Cadbury's chocolates, launched a special variety.
The "World Cup Mania" sale of Amazon.Com Inc's rival Flipkart, a unit of Walmart, offers discounts on televisions, and its digital payments unit Phone Pe is running promotions online.
"We want to reach the next 250 million Indians who are on the internet, but not using digital payments yet," said the unit's chief executive, Sameer Nigam.
Spot TV advertising slots for the June 16 match cost up to 2.5 million rupees ($36,000), versus a package for all games ranging between 1 million and 1.5 million rupees, media buyers say.
Some companies are also sponsoring fanzones.
A thousand fans watched the India-Pakistan match at a brewpub in Bengaluru, in an event sponsored by Bira 91, a recent entrant to the beer market, backed by U.S.-based Sequoia Capital.
"We wanted to pick up a sport which had very very wide appeal to Indian consumers and there is nothing comparable to cricket," said Chief Executive Ankur Jain.
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Also Read: Flipkart plans to replace 40% of its delivery vans with EVs by March 2020 | advertisers are banking on television, radio and online campaigns to woo cricket-mad consumers. the six-week tournament runs until July 14. sponsors and media buyers say they expect more than 800 million Indians to watch this year. the tournament is the world's biggest market for the sport. the surge in advertising spending could boost consumer demand and boost the economy. a spokesman for the ICC says the tournament is a "very important event" | Positive |
https://economictimes.indiatimes.com/markets/forex/forex-news/rupee-settles-78-paise-higher-at-75-16-a-dollar-on-stimulus-boost/articleshow/74831769.cms | Mumbai: The Indian rupee surged by another 78 paise to 75.16 (provisional) against the US dollar on Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to tide through the coronavirus crisis.The government on Thursday unveiled a Rs 1.70 lakh crore economic package involving free foodgrain and cooking gas to poor for the next three months, higher wages to workers and measures to boost liquidity of employees as part of measures to ease the economic impact of lockdown.Forex traders welcomed the government initiatives and said the revival of the economy though welfare measures was very much needed as the slowdown in demand was further hit by COVID-19 pandemic.The rupee, which opened on a positive note at 75.90, settled for the day with gains of 78 paise at 75.16 against the American currency.During the day, the domestic unit touched a high of 75.10 and a low of 75.94.On Tuesday, rupee had gained 26 paise to settled at 75.94 against the US dollar.Forex market was closed on Wednesday on account of Gudi Padwa."Rupee rallies, playing catch-up with Asian currencies, amid a stock rally after the US Senate passes virus rescue plan. India also announced Rs 1.7 trillion spending plan as part of measures to ease the economic impact of lockdown," said VK Sharma, Head PCG & Capital Markets Strategy, HDFC securities. | rupee surges by another 78 paise to 75.16 (provisional) against the US dollar. government unveils Rs 1.70 lakh crore economic package to ease economic impact of lockdown. rupee opened on a positive note at 75.90, settled for the day with gains of 78 paise. rupee had gained 26 paise to settle at 75.94 against the US dollar on Tuesday. | Positive |
https://www.businesstoday.in/markets/company-stock/moderna-shares-spike-39-after-covid-19-vaccine-shows-positive-results-in-early-trail/story/404253.html | Shares of Moderna Inc rallied as much as 39 per cent in premarket trading on Monday on NASDAQ after the biotech firm said that its experimental COVID-19 vaccine showed positive effects in the first few patients in an early trial. Moderna's stock price has more than tripled since February and has surged 240 per cent in the year against Friday's closing level.
In line with premarket trading, Moderna shares opened higher at $86.14 against previous close level of $66.69. The stock gained as much as 30 per cent to hit a 52-week high of $87 in early deals on the NASDAQ as investors were buoyed by optimism over potential coronavirus vaccine.
In a press release, the Cambridge-headquartered firm announced positive interim phase 1 data for its mRNA vaccine (or mRNA-1273) against novel coronavirus, with the vaccine producing virus-neutralising antibodies similar to those found in recovered patients.
The early trial on eight patients showed that participants that received doses of Moderna's potential COVID-19 vaccine developed the same or greater amounts of antibody levels seen in blood samples of people who have recovered from coronavirus, as per the study conducted by the National Institutes of Health.
The company has signed deals with Swiss contract drugmaker Lonza Group AG and the U.S. government to produce massive quantities of its vaccine.
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"With today's positive interim Phase 1 data and the positive data in the mouse challenge model, the Moderna team continues to focus on moving as fast as safely possible to start our pivotal Phase 3 study in July and, if successful, file a BLA," said Stephane Bancel, Chief Executive Officer at Moderna.
"We are investing to scale up manufacturing so we can maximise the number of doses we can produce to help protect as many people as we can from SARS-CoV-2," Bancel added.
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The potential COVID-19 vaccine against SARS-CoV-2 was selected by Moderna in collaboration with investigators from Vaccine Research Center (VRC) at the National Institute of Allergy and Infectious Diseases (NIAID), a part of the National Institutes of Health (NIH). The first clinical batch, which was funded by the Coalition for Epidemic Preparedness Innovations, was completed on February 7, 2020 and underwent analytical testing. It was shipped to NIH on February 24, 42 days from sequence selection. The first participant in the NIAID-led Phase 1 study of mRNA-1273 was dosed on March 16, 63 days from sequence selection to Phase 1 study dosing, the company said.
Last week, the US drug regulator Food and Drug Administration (FDA) had granted fast track designation for the company's potential COVID-19 vaccine. Fast track is designed to facilitate the development and expedite the review of therapies and vaccines for serious conditions and fill an unmet medical need. | moderna's stock price has more than tripled since February. the biotech firm's experimental COVID-19 vaccine showed positive effects in the first few patients. the company has signed deals with the u.s. government and Swiss contract drugmaker Lonza. the company's stock price has more than tripled since february. a spokesman for moderna says it is focusing on a "big picture" | Positive |
https://www.moneycontrol.com/news/business/markets/wall-street-opens-higher-on-signs-of-lockdown-easing-5187281.html | US stock markets jumped at the open on Friday as some states prepared to relax curbs imposed to contain the coronavirus outbreak, with a surprise rise in orders for US-made capital goods adding to the gains.
The Dow Jones Industrial Average rose 112.98 points, or 0.48 percent, at the open to 23,628.24.
The S&P 500 opened higher by 14.84 points, or 0.53 percent, at 2,812.64. The Nasdaq Composite gained 35.32 points, or 0.42 percent, to 8,530.08 at the opening bell. | the Dow Jones industrial average rose 112.98 points, or 0.48 percent, at the open. the S&P 500 opened higher by 14.84 points, or 0.53 percent, at 2,812.64. the Nasdaq Composite gained 35.32 points, or 0.42 percent, to 8,530.08 at the opening bell. some states are easing curbs imposed to contain the coronavirus outbreak. | Positive |
https://economictimes.indiatimes.com/news/international/business/china-may-exports-slip-back-into-contraction-imports-worst-in-four-years/articleshow/76242001.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://economictimes.indiatimes.com/markets/expert-view/expecting-cognizant-growth-market-to-grow-20-30-in-years-ahead-brian-humphries/articleshow/71293864.cms | Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Operations Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit
India is a growth story and this is very much why I am spending so much of my time in India with the team over here, says, Director & CEO,. Excerpts from an interview withI tend to think about three categories of people as pretty critical to our future; one is our employee base, our associates and making sure I got my finger on the pulse in terms of their hearts and minds and their engagement. Then I also think about the two Cs -- customers and the competition. I wake up in the morning and I think about the outside world. I have spent the vast majority of the last six months with customers and with our associates and taking care of both these audiences.Cognizant has 25 years of tremendous heritage and legacy and it has been a growth company over the years and with that success, comes an opportunity facing the world of digital. to pivot some more resources on to the newer trends in the market. That could be Internet of Things, which should accelerate with 5G, data, cloud, or indeed digital engineering. That has been one of the key factors above ground that I have drawn out for the future.Of course, we want to optimise and protect the traditional businesses as well, including scaling areas like our international operations which are only about 25% of our business. What I meant by those comments was more the intent to take a fresh set of eyes to check what is critical to our future and whether we are putting overwhelming force behind fewer bets, to make sure our chances of success is increased.On the contrary, this is a growth story and this is very much why I am spending so much of my time in India with the team over here. We want to accelerate Cognizant growth. Part of that is optimising our traditional areas of focus and part of it is accelerating our shift to digital which is approximately one-third of the company’s revenue till date.The good news is that we have actually outgrown the industry in digital and the opportunity is for us to accelerate the mix of our business. With those data points, one should be optimistic about the future growth potential of Cognizant.First of all, we are in a growth industry. I believe the markets is shifting towards software and indeed services and we are in a great neighbourhood and that is something that I believe should allow us the opportunity to grow going forward.I think about growth and cost in the same breath and consider cost as being different from investments. As we think about re-skilling our organisation and getting after our strategic postures with a view to accelerating our relevance in front of customers, we are also thinking about efficiencies as well as investments back into the business.I am on record already as talking about the fact that we have approved upwards of 500 headcount hires in sales, with a view to showing a greater opportunity to get after the market growth opportunity that exists out there. Of course, we also want to scale our digital operations in key geographies like Europe, which represents big opportunities for us given our under penetration in historical levels vis-à-vis the North American market where we have been very strong.So, I think about growth and costs but I also think about investments and that something you should expect me to talk about in our next earnings call in the next month.It is a question people ask me on a daily basis but it is the question analysts and media ask me and never customers. I have got to be honest; when I wake up in the morning, I do not think about margin rates, I think about customers and solutions that we can bring to various customers to help them be successful in the digital world. This will help increase our relevance to them as they go through their own form of digital transformation.My number one priority starts with the customer and making sure we can show up. If we do so successfully with highly engaged associates, I am certain that our growth rates will accelerate and at that stage the machine kicks back again and we go back a little to the traditional Cognizant, where margin rate is the fallout of the revenue growth story. My priority is customers and revenue growth.North America is about three-quarters of our business and for us the single biggest country outside of North America is the UK. In UK, we have strong growth and we are doing well versus our internal plan year-over-year as well. Of course, currency is a factor.In North America, we have not been executing quite as well as our competition in this market. So, we have put a big focus on turning around North America operations. I have recently appointed DK Singh who has been with Cognizant for 23 years and he has a huge focus on growth to lead that market and you should expect intense pressure with a view to turning around our healthcare business and indeed our banking business.The great news is we are actually starting to see some green shoots and a better momentum in terms of win rates starting with a huge focus on client centricity. Being in front of clients every single day of the week, myself and DK lead by example and we animate the rest of the organisation below us.It has always been a question of complementing internal talents with some external hires as well. We have made some changes in our healthcare division recently and indeed in our banking division, which will be announced shortly. And generally I think if you get the balance right between internal promotions and external hiring, we can do great things in these markets.It is an interesting question in a sense that you have got to wake up in the morning and think about services almost being a cottage industry. Nobody has a huge amount of share. So regardless of the growth in the market, we all have opportunities to consolidate share and you can look at geographic lens or customer segmentation lens within it.I am not somebody who wakes up and feels optimistic or pessimistic relative to the external market. I know we are in a healthy market environment but even if it was not a healthy market environment, our intention will be to gain share and therefore grow the traditional areas of business as well. The digital arena grows at a factor of 8 to 10 times to traditional area and that is where we are outgrowing the competition. The only problem we have right now is that our mix in digital is a little lower than it needs to be. Therefore as we scale the digital business faster, the overall growth rate of Cognizant should accelerate accordingly.Well you are spot on. The digitisation agenda in India provides us a huge opportunity and we have 200,000 associates in India. In fact, we are the largest single MNC in terms of headcounts in India. And there is no reason on earth why we cannot take our tremendous skill set and deploy it more aggressively on the Indian market as well. We can leverage solutions that we brought to bear internationally and indeed we can also use our skills locally, given our delivery centres throughout India. We have 13 of them with a view to improve our concept or pilots domestically as well.I am expecting the growth market region of Cognizant to grow 20% to 30% in the years ahead. | a range of CXO courses are available in india. the company is focusing on accelerating its shift to digital. the good news is that we have actually outgrown the industry in digital. the company is also looking at a range of other opportunities. the company is also looking at a range of other opportunities. the company is also looking at a range of other opportunities. | Positive |
https://www.businesstoday.in/current/corporate/hurun-global-rich-list-2020-amazon-bezos-retains-top-spot-mukesh-ambani-richest-in-asia/story/407799.html | Amazon founder and CEO Jeff Bezos is still the richest person in the world, thanks to surge in his wealth in four months since COVID-19 pandemic, according to a latest report by Hurun Research. With a net worth of $160 billion, Bezos, 56, retained the top spot as his wealth zoomed from $20 billion in four months since COVID-19 pandemic. He added $7 million every hour for the past four months, as per the special report titled "Wealth Impact 4 months after COVID-19 Outbreak". The report measured wealth changes in the four months ending May 31, 2020.
Mukesh Ambani, Chairman of Reliance Industrial Limited (RIL), was the only Asian to feature in the Global Top 10 list. Ambani, 63, improved his position by one slot to become 8th richest person in the world as his "wealth bounce back $18 billion in last two months, after losing $19 billion in first two months after outbreak". The net worth of Mukesh Ambani fell by 1 per cent to $66 billion, despite stellar performance by his flagship company RIL whose share price hit record high in recent past.
Ambani saw a "V-shaped recovery" in his wealth, wherein the net worth fall in the first two months and recouped all the losses in the next two months, the report said.
Also Read: Mukesh Ambani becomes 9th richest person after RIL share hits fresh high
The RIL share has risen 108 per cent from its 52-week low of Rs 867.82 touched on March 23 to Rs 1,804.10 on June 22 on the Bombay Stock Exchange (BSE). The market capitalisation of Reliance Industries crossed $150 billion on Monday.
In a similar trend, Mark Zuckerberg, co-founder and CEO of the social media giant Facebook, saw his wealth drop by $13 billion in first two months of outbreak, but then recovered the same amount to rise to the 4th spot in the list of world richest persons.
Among other, Colin Huang Zheng, of Chinese e-commerce platform Pinduoduo, was the fastest riser of the Hurun Global Rich List Top 100 of the past four months, seeing his wealth almost double to $35 billion.
Also Read: Reliance Industries 1st Indian company to hit $150 billion market cap; Mukesh Ambani in world's top 10 richest
Another big winner was Eric Yuan Zheng, 50, of popular video conferencing app Zoom, who saw his wealth triple from $4.5 billion in January to $13 billion, propelling him up from 555th in the world four months ago to knocking on the door of the world's Top 100 today.
The biggest losers in the last four months were French billionaire business magnate Bernard Arnault and Warren Buffett, each down $18 billion, followed by Carlos Slim Helu, down $17 billion, and Amancio Ortega of Inditex, down $14 billion.
"Bernard Arnault and Warren Buffett were the biggest losers, down $ 18 billion each over the past four months. For Arnault it could have been a lot worse, since he was down $ 30 billion in the first two months after the outbreak, but managed to claw back $ 12 billion in the following two months," said Rupert Hoogewerf, Hurun Report chairman and chief researcher.
Also Read: Working to complete contours of $15 billion Saudi Aramco deal, says Mukesh Ambani
In the four months since the outbreak, 60 per cent of the entrepreneurs saw their wealth rise or stay the same, whilst 40 per cent were down. "Whilst the first two months of the outbreak saw a massive wealth wipeout of the Hurun Global Top 100, the second two months saw a V-shaped recovery for two-thirds of the Hurun Global Top 100, reminding us that it is dangerous to bet against the world's best wealth creators," said Hoogewerf.
Stock markets across the world dropped significantly in the first two months after the coronavoirus outbreak but clawed back some of the losses in the second two months. India, the UK and France were down around 20 per cent, with the NYSE, Japan, HK and Germany down around 10 per cent. Mainland China's stock exchanges were down slightly at 4 per cent, whilst the only major stock market to see a gain was NASDAQ, up 4 per cent.
Among currencies, the British pound and Indian rupee were down 5.6 per cent and 5.3 per cent, respectively, against the dollar, whilst the Chinese yuan and Euro were up 2 per cent and 1 per cent, respectively.
In terms of countries, while China added 3 individuals to the world's top 100 billionaires, the US, Russia and Italy each added one in the four months to May 31, 2020. Currently, the US has 39 in the Top 100, compared to 26 from China. "China has narrowed the gap with the USA at the top of the Hurun Global Rich List, from 13 down to 11," the report said. | amazon founder and CEO Jeff Bezos is still the richest person in the world. his net worth of $160 billion has surged in four months since the pandemic. he added $7 million every hour for the past four months. he is the only Asian to feature in the global top 10 list. he is the eighth richest person in the world. | Positive |
https://www.financialexpress.com/industry/sme/msme-fin-finance-minister-nirmala-sithraman-6-relief-measures-for-msmes-small-businesses-to-survive-covid-19/1958150/ | Credit and Finance for MSMEs: Out of the 15 relief measures announced by the Finance Minister Nirmal Sitharaman on Wednesday under the mega Rs 20 lakh crore stimulus package for the Covid-battered economy, six aimed at bringing lockdown-hit India’s vast MSME sector back to life. MSMEs across sectors and industries have been clamouring for a financial package from the government ever since the lockdown came into force on March 25. Sitharaman sharing the details of the humongous Covid-19 financial package – roughly 10 per cent of the Indian GDP – announced measures to boost liquidity in MSMEs, help them take benefit of the government schemes, enable them to compete with foreign companies, and strengthen their network.
Rs 3 lakh crore collateral-free loans
Banks and NBFCs will offer up to 20 per cent of entire outstanding credit as on February 29, 2020, to MSMEs. Units with upto Rs 25 crore outstanding credit and Rs 100 crore turnover are eligible for taking these loans that will have four-year tenor with a moratorium of 12 months on principal payment. The scheme can be availed till October 31, 2020. The government will provide complete credit guarantee cover to lenders on principal and interest amount.
Rs 20,000 crore subordinate debt
MSMEs declared NPAs or those stressed will be eligible for equity support as the government will facilitate the provision of Rs 20,000 crore as subordinate debt. The government will also provide Rs 4,000 crore to CGTMSE that will offer partial credit guarantee support to banks for lending to MSMEs.
Rs 50,000 crore equity infusion
The government will infuse Rs 50,000 in equity in MSMEs through a Fund of Funds that will be operated through a Mother fund and a few daughter fund. The Fund of Funds will be set-up with a corpus of Rs 10,000 crore to give equity-based funding to MSMEs having growth potential and viability. It will also urge MSMEs to list on stock exchanges.
“The amount allocated for collateral-free automatic loans, subordinate Debt for MSMEs and equity infusion through MSME Fund of Funds amounts to 76 per cent of the credit disbursed to MSMEs during FY20,” said Arun Singh, Chief Economist at Dun and Bradstreet India. During FY20, Rs 450 billion were disbursed to MSMEs under collateral-free loans and units who are likely to face increased risk averseness would benefit hugely from the Rs 200 billion subordinate loans announced for them, he added.
Also read: Nirmala Sitharaman gives MSMEs enormous headroom to grow bigger with revised definition
Revised MSME definition
To address MSMEs fear of outgrowing in size to receive benefits given by the government to businesses categorized as per the current MSME definition, Nirmala Sitharaman on Wednesday revised the definition. Under the new definition, manufacturing and service MSMEs will be defined under a common metric that will be a mix of investment in plants and machinery or equipment and turnover.
“Almost 50 per cent of Indian exports come via MSME units. The growth in MSME numbers will likewise increase their contribution to India’s export basket. This will make export-oriented fiscal and policy offerings all the more important in the future,” Pushkar Mukewar, Co-CEO, Drip Capital told Financial Express Online.
Manufacturing enterprises investing less than Rs 25 lakh, less than Rs 5 crore, and less than Rs 10 crore in plant and machinery or equipment were till now defined as micro, small and medium enterprises respectively. For services businesses, the investment threshold limit stood at less than Rs 10 lakh, less than Rs 2 crore and less than Rs 5 crore as micro, small and medium enterprises respectively.
Now, with the revised definition, combining manufacturing and service MSMEs to enjoy same benefits, investment less than Rs 1 crore and turnover under Rs 5 crore will be defined as micro-units while small businesses will be categorized based on investment less than Rs 10 crore and turnover under Rs 50 crore. Medium enterprises will be defined on the basis of investment under Rs 20 crore and turnover less than Rs 100 crore.
“The proposed definitional change for MSME sector based on turnover is progressive and is perfectly synchronized with the GSTN framework. It is time that we now implement this legislation,” said Rajnish Kumar, Chairman, SBI in a statement.
Global tenders disallowed
Addressing MSMEs’ issue of unfair competition from foreign companies in government procurement tenders due to the size and strength differ, the government said it will not allow global tenders in such schemes upto Rs 200 crore. “Necessary amendments of General Financial Rules will be effected,” according to the government document detailing the 15 relief schemes. “Through the recently revised measures, the government has instilled a lot of faith in India’s backbone – the MSME ecosystem. Particularly the collateral-free loans, and the push towards the government procurement tendering will help businesses like us, further innovate and address the upcoming needs of our country,” said Gautam Chopra, CEO, BeatO.
Clearing MSME Dues
Nirmala Sitharaman said that the government and central public sector enterprises will release all pending MSME payments in 45 days. The minister also said that fintech enterprises will be used to boost transaction-based lending using the data by the e-marketplace. This e-market for developing linkages for MSMEs will be promoted to replace trade fairs and exhibitions. | six measures aimed at bringing lockdown-hit sector back to life. banks and NBFCs will offer up to 20 per cent of outstanding credit. government will provide complete credit guarantee cover to lenders. 50,000 crore equity infusion. 450 billion were disbursed to MSMEs under collateral-free loans. a total of 1.2 billion rupees will be spent on. a new.'msme' fund to help. | Positive |
https://www.businesstoday.in/current/economy-politics/big-boost-for-msmes-how-india-inc-reacted-to-coronavirus-relief-package-economic-stimulus/story/403773.html | The industry bodies and leading businessmen have lauded the financial package and policy interventions announced by Finance Minister Nirmala Sitharaman on Wednesday. The Indian Chamber of Commerce stated that the turnover-based definition of MSMEs has addressed a long pending demand and extended the benefits to a large number of companies.
Sitharaman also announced Rs 3 lakh crore of collateral-free loans for small businesses. On which, the industry body said, "The Rs 3 lakh crore government-guaranteed loans to the liquidity-starved MSMEs would go a long way in stabilising and strengthening the sector".
Also read: FM's measures to bring liquidity, long term benefits to MSMEs, say experts
Gautam Adani, Adani Group chairman said that that the stimulus package could be a growth plank to push Make In India vision. Adani on Twitter wrote, "I truly believe that India's economic resilience thrives upon the tenacity of our smaller traders. FM Nirmala Sitharaman's stimulus for MSMEs can be a growth plank pushing the Make in India vision, creating jobs, and shaping a self-reliant India".
I truly believe that India's economic resilience thrives upon the tenacity of our smaller traders. FM #NirmalaSitharaman's stimulus for MSMEs can be a growth plank pushing the Make in India vision, creating jobs and shaping a self-reliant India. #AtmaNirbharBharatAbhiyan - Gautam Adani (@gautam_adani) May 13, 2020
Pawan Goenka, managing director of Mahindra and Mahindra Ltd wrote on Twitter, "Certainly a big boost for MSMEs. Should go a long way in strengthening MSMEs beyond COVID19. Public procurement, receivable clearance are big steps".
Certainly a big boost for MSMEs. Should go a long way in strengthening MSMEs beyond COVID19. Public procurement, receivable clearance are big steps. @MahindraRise - Pawan K Goenka (@GoenkaPk) May 13, 2020
Snapdeal CEO Kunal Bahl said that MSMEs were India's backbone and government's announcement would help them to get back on their feet. Bhal also said that "Additional collateral and guarantee free loans, equity funding options, better access to govt procurement, e-market linkage and higher thresholds are strong enablers".
MSMEs are India's backbone. Today's measures by FM @nsitharamanoffc will help them get back on their feet. Addl. collateral & guarantee free loans, equity funding options, better access to govt procurement, e-market linkage and higher thresholds are strong enablers. - Kunal Bahl (@1kunalbahl) May 13, 2020
Bahl also added that liquidity and credit guarantees for banks and NBFCs would remove hesitation in lending. "Friction-free implementation of these measures can slowly convert adversity to advantage".
Liquidity & credit guarantees for banks & NBFCs will help remove hesitation in lending. Friction-free implementation of these measures can slowly convert adversity to advantage. - Kunal Bahl (@1kunalbahl) May 13, 2020
Sajjan Jindal, Chairman and MD of JSW Group stated that "Sitharaman gave a strong thrust to MSMEs who are the backbone of our economy, through a combination of automatic collateral-free loans to the MSMEs as well as credit enhancements to banks and NBFCs who are key lenders to this sector".
This evening's announcement by @nsitharaman gave a strong thrust to MSMEs who are the backbone of our economy, through a combination of automatic collateral free loans to the MSMEs as well as credit enhancements to banks and NBFCs who are key lenders to this sector. (1/2) May 13, 2020
Jindal also added that the onus lied on banks and NBFCs to ensure that credit flows to the sector.
The onus now lies equally with the Banks and NBFCs to ensure that credit flows to the sector. Looking forward to see what ammunition the government has for us in this battle to revive our economy. @PMOIndia (2/2) - Sajjan Jindal (@sajjanjindal) May 13, 2020
The Finance Minister also announced the rates of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) have been cut by 25 per cent of the existing rates for the remaining part of the 2020-21 fiscal. The measure will release the liquidity of Rs 50,000, she added.
On which Goenka said that "TDS deferment is a big deal. Will put extra money in the hand of the consumers for the next 11 months. Should help to boost demand. A very smart move".
TDS deferment a big deal. Will put extra money in the hand of the consumers for the next 11 months. Should help to boost demand. A very smart move. @MahindraRise - Pawan K Goenka (@GoenkaPk) May 13, 2020
In a big relief to the domestic power sector, Sitharaman also announced liquidity injection of Rs 90,000 crore for the debt-ridden power distribution companies. The FM also ordered state governments and Union Territories to extend the timelines of RERA projects by six months.
Also read: Stimulus package 2.0: Power discoms get Rs 90,000 crore liquidity jumpstart
RPG Enterprises Chairman Harsh Goenka said that the FM has injected vaccines with unprecedented stimulus measures replacing corona with "Karo na".
From Lock Down to Lift Up - FM #NirmalaSitharaman injects vaccines with unprecedented set of stimulus measures replacing Corona with Karo na . The right blend of nationalistic pride is instilled through #AtmaNirbharBharatAbhiyan - Harsh Goenka (@hvgoenka) May 13, 2020
Also read: First tranche of Stimulus 2.0 worth Rs 5.94 lakh crore; govt's burden only Rs 56,500 crore | industry bodies and leading businessmen have lauded the financial package. the Indian Chamber of Commerce said the turnover-based definition of MSMEs has addressed a long pending demand. sitharaman also announced Rs 3 lakh crore of collateral-free loans for small businesses. experts say that the stimulus package could be a growth plank to push the Make in India vision. | Positive |
https://www.moneycontrol.com/news/business/ipo/indian-green-energy-firms-eye-stock-market-listings-sources-2559255.html | IPO
Two Indian renewable energy firms are set to unveil stock market listing plans in the coming weeks, giving investors a new way to gain exposure to the sector at a time when India is pushing to make renewable power a bigger part of its energy mix.
Adani Green Energy, a subsidiary of Indian trading firm Adani Enterprises Ltd, is expected to be spun out and listed on Indian stock exchanges within the next two weeks, said two bankers familiar with the company's plans.
Separately, ReNew, India's biggest company in terms of renewable energy assets, is expected to file papers with Indian regulators for an initial public offering as early as next week, the two bankers said.
The two companies will be the first new pure-play renewable energy firms to come to list in India, since wind energy firm Orient Green Power's listing eight years ago.
The sector has in recent years drawn significant interest from large global sovereign funds and private equity firms including Warbug Pincus, Abu Dhabi Investment Authority, Singapore's GIC and Macquarie Capital.
The listings will help investors gauge market interest and set a bar on valuations for rivals that may also explore listings, say bankers.
Adding over 100 gigawatts of renewable capacity will require "significant capital and private markets alone can't fund all of it," said Alok Verma, Executive Director of Investment Banking at Kotak.
India will need over $125 billion to fund its ambitious plan to add 175 gigawatts of renewable power to its grid by 2022, research firm Mercom said.
India's installed renewable power capacity stands at about 69 GW, and the majority of its renewable projects are yet to be bid out.
LIMITED INTEREST
"Adani Enterprises plans to offload around a quarter of its stake in Adani Green," one of the bankers said, adding this will be followed by Goldman Sachs-backed ReNew Power's IPO.
With operating assets of 3.6 GW and 2 GW under construction, ReNew is seen as "big enough to raise substantial capital" from the market, another banker said.
The company, which counts Abu Dhabi Investment Authority and other big firms as investors, plans to raise up to $900 million, according to media reports.
Adani Enterprises and ReNew Power did not respond to emails seeking comment.
Adani and ReNew are expected to be followed by several other companies aiming to raise funds. Sembcorp India, a unit of Singapore-based Sembcorp Industries, ACME Solar and Mytrah Energy India also have plans for listing.
The three companies did not reply to emails seeking comment.
While the Renew and Adani Green listings are expected to garner strong valuations given the size and scale of the assets they control, bankers warn listings by smaller rivals may fail to attract strong interest.
"We're not going to see six to nine successful IPOs in the next two years. We might see one or two successful ones," said Rahul Goswami, Managing Director, Greenstone Energy Advisors, noting small new players have bid aggressively on projects at very low tariffs undermining the economics of these assets.
In India, firms seeking to win rights to set-up renewable energy assets enter a bidding process with the company offering to supply power at the lowest possible tariff winning the auction process. | two renewable energy firms to list on stock exchanges in coming weeks. Adani Green and ReNew are the first new pure-play renewable energy firms to list in india. the companies will help investors gauge market interest and set a bar on valuations. india will need over $125 billion to fund its ambitious plan to add 175 gigawatts of renewable power by 2022. | Positive |
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