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https://economictimes.indiatimes.com/markets/forex/rupee-opens-20-paise-up-at-71-47-against-dollar/articleshow/66702672.cms | The rupee on Tuesday opened 20 paise higher at 71.47 against the US currency, extended its gaining streak for the sixth straight session buoyed by robust forex inflows and softening crude oil prices.Rupee also got some support after the outcome from the RBI’s board meeting on Monday removed uncertainty over a growing rift over policy decisions between the government and the central bank.The local currency advanced 26 paise to 71.67 against the US currency on Tuesday. The rupee gained over 1.50 per cent since November 13.Today, USDINR pair is expected to quote in the range of 71.20 and 71.80 against the dollar, according to Motilal Oswal Financial Services.Easing tensions between the Reserve Bank of India (RBI) and the government was likely to be positive for Indian Rupee (INR) assets, particularly as the central bank was seen to retain its operational autonomy, said a leading Singapore bank.“Knee jerk gains in bonds are likely, before returning to familiar drivers particularly in midst of the sharp overnight sell-off in the US markets,” said the DBS Banking Group in its report on Tuesday.The dollar hit a near two-week low against its peers on Tuesday with sentiment soured by Federal Reserve caution on the global outlook and weak data at home, pointing to slower rate hikes.Meanwhile, domestic equity markets opened in red following global cues. The BSE Sensex was trading 119 points, or 0.33 per cent, down at 35655.75 at around 9.20 am (IST), while the NSE Nifty index was down 37 points, or 0.34 per cent, down at 10,726.55. | rupee extended its gaining streak for the sixth straight session. rupee gained over 1.50 per cent since November 13. rupee also got some support after RBI’s board meeting on Monday removed uncertainty over a growing rift over policy decisions between the government and the central bank. the dollar hit a near two-week low against its peers on Tuesday. domestic equity markets opened in red following global cues. | Positive |
https://economictimes.indiatimes.com/industry/services/property-/-cstruction/exp-world-holdings-enters-india-with-real-estate-operations/articleshow/79843339.cms | NEW DELHI: eXp Realty , a subsidiary of eXp World Holdings , has expanded to India to offer cloud-based real estate brokerage model.India marks the fifth country of expansion in two months, along with Mexico, South Africa, Portugal and France.eXp Realty has recorded a robust growth in the US and other high-value international markets and expects to sustain the momentum in India.India is among the countries that eXp Global had identified for expansion by the end of 2020. eXpRealty is also present in the US, Canada, Australia.“Given its pool of over one million agents, India is one of the most dynamic real estate markets in the world and is perfectly poised to benefit from our agent-centric model. We have already received a phenomenal response after formally establishing operations and our preliminary marketing efforts,” said Michael Valdes, President, eXp Global.“In addition to increased revenue opportunities the model brings to agents in India, our focus will be to provide access to our cloud-based brokerage and virtual technology to help deliver valuable marketing resources and position our agents for the future of real estate,” Valdes said.eXp realty offers financial model for commercial and real estate agents, including revenue sharing and equity ownership opportunities, over and above 80-100% commission.The partnership model offers an exclusive suite of marketing resources, including the company’s cloud-based virtual environment and customized technology platform that enhances virtual prospecting, sales, training and communications for agents.“Our immersive-cloud-based model will revolutionize the real estate landscape in India. Our next-generation offerings of a propriety suite of cloud-based marketing resources will augment the revenue opportunities for real estate agents in India,” said Shashank Vashishtha, Executive Director, India. | eXp Realty has expanded to India to offer cloud-based real estate brokerage model. india is among the countries that eXp Global had identified for expansion by the end of 2020. eXp Realty is also present in the US, Canada, Australia. eXp Realty has recorded a robust growth in the US and other high-value international markets. | Positive |
https://www.moneycontrol.com/news/business/gst-a-transformational-economic-reform-says-baba-kalyani-2785591.html | Baba Kalyani
The Goods and Services Tax (GST), which was implemented by the government from August 1, 2017, is without doubt the most significant and pathbreaking economic reform in the country since Independence. It has seamlessly integrated the country into one single market, resulted in ushering in unprecedented efficiencies in our systems and reduced the cascading effect of multiple taxes, duties and levies on manufactured goods and services.
The vision of Hon. Prime Minister Narendra Modi is to double the size of the national economy from the present $2.5 trillion to $5 trillion by 2025. This would make India the third largest economy in the world. To achieve this growth, we would need national GDP to grow at about 10 percent every year for the next seven to eight years. Though achievable, this is undoubtedly a challenging target. One of our first tasks is to create a platform to make such exponential growth possible. I see GST as one of the essential building blocks to achieve this growth. Coupled with the government’s efforts on the “ease of doing business” front, which have already resulted in the country scaling up 43 places in global rankings, India is clearly consolidating its position as the fastest growing large economy in the world.
The Hon. Prime Minister’s vision is motivating states to also create conditions to catalyse investments, employment and growth. Devendra fadnavis, the Hon. Chief Minister of Maharashtra, which is one of the most industrialized states in the country, has recently announced his vision to increase the size of the state’s economy to $1 Trillion by 2025. Steps through various policy measures are being initiated to make this growth possible. Governments in other states including Gujarat, Madhya Pradesh, Rajasthan, Andhra Pradesh etc., are all implementing their own growth strategies. Major economic reforms of the central government in the past four years, of which GST is perhaps the most notable, combined with state-level initiatives are placing the Indian economy on a strong and sustainable growth trajectory. I am confident that introduction of more such bold reforms by the central and state governments will have a very positive impact on the economy and the agricultural, industrial and services sectors.
GST has already contributed to significant improvement in efficiencies across sectors. Transportation of goods and commodities in the country for example has become visibly more speedy and efficient. The long lines of trucks on state borders has given way to seamless movement of vehicles resulting in savings in fuel, vehicle utilization, costs etc. Journeys which at times took 10-12 days have now been reduced to 2-3 days. Significant improvement in transportation efficiencies will result in “Make in India” becoming a more compelling proposition for domestic and foreign investors. While transportation and logistics are just two examples, the impact on the entire supply chain because of GST will be phenomenal.
GST has been in force now for the past one year. Side by side government has also created the required architecture to implement GST. As can be expected there have been some initial hiccups but looking at the enormity of the task this was to be expected. Importantly the government, at every stage, has taken prompt corrective measures to iron out difficulties and in the process has effectively addressed concerns of tax payers. The rising GST collections are a clear manifestation of the success of this epoch making economic reform.
The ‘One Nation One Tax’ concept which is the key objective of GST has brought about uniformity and formalized trade across the economy. Businesses which had been out of the indirect tax regime have now been brought within the ambit of GST resulting in improved revenue collections. From an economic perspective, this is a major positive. GST has boosted competitiveness and performance of Indian Industry. Multiple indirect taxes had increased the administrative costs for manufacturers and distributors. With GST now in place, the compliance burden for tax payers has considerably reduced making industry more competitive and providing it with enhanced potential for growth. Under the previous indirect tax regime there was a multiplicity of taxes like excise, VAT, sales tax, road tax, motor vehicle tax, registration duty .etc. More than 17 taxes and 23 cesses have now been subsumed into GST thus bringing in uniformity in the taxation system and making compliance considerably easier. The impact that GST has had on “ease of doing business” has been phenomenal and I am confident that India’s global ranking on this score is bound to improve significantly.
One GST has enabled manufacturers to sell their products all over the country on same terms without hassles. The effective rate of tax on most of products has reduced as earlier many of these products used to attract in excess of 35% indirect tax i.e. combined excise and state VAT. It has achieved reduction in transportation, logistic costs and has helped the economy to retain inflation at low rates. As a result, companies are realigning their supply chains from being tax-centric to customer-centric thereby, delivering better value to their customers.
Industry appreciates that GST has considerably changed the rules of business for the better. In the GST regime, the entire value chain which includes Original Equipment Manufacturers, vendors, customers etc are now completely integrated for tax purposes. The shift is primarily due to the fact that in GST businesses cannot take unilateral decisions because a buyer can now take credit based only on his supplier’s invoice. Effectively GST has stitched up the entire supply chain and made businesses realise that every supplier is a cog in the wheel. This dependency among supply chains will further intensify, due to credit availability based on matching of invoices.
The government has been responsive to industry’s representations on issues such as rate anomalies, disparities etc. This has resulted in rationalizations and reductions in tariffs which have benefitted industry and the general public. As per recent reports, 95 percent of products are below the 18 per cent GST slab. Though it may not be feasible to introduce a single GST rate, the government has expressed that it may in future be open to rationalize slabs. This openness and responsiveness of the government is most welcome. It has also encouraged small and unorganized, businesses to embrace the culture of compliance. An increasing number of businesses have stopped procuring from un-registered vendors. This is evident from the fact that approximately 4.75 million new taxpayers sought registration in the GST regime. This is besides the existing 6.6 million taxpayers. Tax collection has reached the record Rupees Trillion mark, which is an indicator of successful GSI implementation. Larger tax collection is a big gain for the economy as more resources can now be deployed in the critical infrastructure, social and industrial sectors.
Implementation of GST is also expected to improve India’s export competitiveness. One of the basic principles of exports is that a country should be exporting only goods and services and not embedded taxes and duties. For a very long time exporters had been pleading with the government to provide them with a level playing field vis-à-vis their international competitors who do not suffer this disadvantage. Though the government through various measures attempted to neutralize the disadvantage, they were really not adequate. With introduction of GST, exporters will be able to claim refunds of most of the embedded taxes and duties. While the process of claiming refunds is still being streamlined, it is clear that Indian exports will gain considerable competitive advantage in international markets.
Since inception GST is highly technology oriented and is based on a robust technology platform. Till now, the system has achieved an estimated more than 120 million GST returns which in itself is highly commendable. We consider GST as a critical tool of e-governance whether it be filing of returns, applying for refunds, uploading e-way details or invoice matching. The simplicity, speed has resulted again in the saving of time, effort and money.
The implementation of GST has removed the cascading effect of taxes on goods and services. In some cases this has resulted in lower prices of goods, commodities and services.. An NCAER had suggested that GST besides being a revolutionary economic reform would also contribute in increasing national GDP by 1 – 3 per cent. I am confident that this will manifest quite strongly on the macro economy. Already in the 4th quarter of 2017-18 which was the year in which GST was launched, country’s GDP grew by 7.7 per cent. This was higher than China’s GDP growth of 6.8 per cent in the same period. I am confident that this trend will not only prevail but further improve in India’s favour when GST implementation progressively stabilizes.
In the overall assessment GST is a definite gain to the industry. Clearly there are more positives and with the passage of time whatever bottlenecks exist will get smoothened out making the entire system user friendly and cost effective. With the government gaining in confidence due to its successful implementation, I expect GST will be a harbinger for more bold and wide ranging economic reforms. Business sentiment in the country has already improved significantly in the past year and with global investors also showing renewed interest we can expect the investment cycle to regain momentum. Successful implementation of GST has contributed to growing investor interest in India and we are clearly on the path to become a preferred global investment destination.
The successful implementation and operation of GST is perhaps the best example of cooperative federalism anywhere in the world. Bringing a diverse country of 1.3 billion people in 29 states under one common tax umbrella is no mean feat. The GST Council under the Chairmanship of the Union Finance Minister and with the participation of State Finance Ministers as members is an excellent example of how decisions at the highest levels can be reached through consensus. Their efforts must be acclaimed. The spirit of building consensus between Central and State governments has clearly strengthened cooperative economic federalism in the country and given us the impetus to dream and aspire for inclusive economic and industrial growth.
(Baba Kalyani is Chairman & MD, Bharat Forge Limited. Views expressed are personal) | the goods and services tax (GST) was implemented by the government from august 1, 2017. it has seamlessly integrated the country into one single market. it has also reduced the cascading effect of multiple taxes, duties and levies on manufactured goods and services. the vision of Hon. Prime Minister Narendra Modi is to double the size of the national economy from $2.5 trillion to $5 trillion by 2025. | Positive |
https://www.businesstoday.in/current/economy-politics/debit-card-swipes-on-pos-terminals-rise-27-in-march-2019-as-per-rbi-data/story/347791.html | Indians are increasingly swiping their debit cards for making direct payments to merchants through Point of Sales (PoS) terminals, as compared to ATM withdrawals, data from the Reserve Bank of India (RBI) suggests.
Where ATM withdrawals grew at a slower pace of 15%, debit card swipes on PoS terminals have risen over 27% in March 2019 compared to the corresponding period a year ago.
In actual terms, the total number of financial transactions done by people using their debit cards at ATMs stood at 891 million for the month of March, increased by 15%, against 775 million in March 2018.
In contrast, the financial transactions done by the debit cards at POS terminals stood at 407 million, an increase of 27% against 318 million in the corresponding month last year.
The debit card payments for merchant transactions have logged an increase of 261% in March 2016-2019, from 112 million dealings in March 2016 period to 407 million in March 2019. This increase is in stark contrast to a mere 21.8% growth in the total number of ATM withdrawals from debit cards over the same span of time (March 2016-19).
Meanwhile, credit cards clocked 162 million PoS transactions this March (2019) against 127 million transactions in March 2018, a hike of 27%. Whereas, there is only a 9.8% increase in the credit card swipe through ATMs since last year.
In November 2016, the government through demonetisation took out almost 85% of the cash in circulation from the domestic economy, which gave the biggest push to debit card payments for merchant transactions.
According to the RBI data, the number of ATMs deployed by the banks has stayed constant over the years, at 2.02 lakh in 2019, 2.07 lakh in 2018, 2.08 lakh in 2017and around 1.9 lakh in 2016,respectively.
Although, PoS terminals (in terms of their number) have logged a growth of 20% from 30 lakh terminals in March 2018 to 37 lakh terminals in March 2019. However, they increased by 82% from 13 lakh terminals in March 2016 to 25 lakh terminals in March 2017.
(Edited by Rupa Burman Roy)
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Also Read: Sebi fines 2 entities for manipulative trade in illiquid stock options segment on BSE | debit card swipes on PoS terminals have risen over 27% in March 2019. total number of transactions done by people using debit cards at ATMs increased by 15%. credit cards clocked 162 million PoS transactions this March (2019) against 127 million transactions in March 2018, a hike of 27%. RBI: 'there is no reason to expect a 1% increase in the number of debit card swipes' | Positive |
https://www.financialexpress.com/industry/mahindra-aero-flying-high-adds-botswanas-major-blue-air-as-first-customer-for-10-seater-turboprop-aircrafts/1291830/ | In a historic feat, Mahindra Aerospace has added Botswana’s Major Blue Air as its first customer for Federal Aviation Administration (FAA) certified new 10-seater turboprop aircrafts.“Delighted that Major Blue Air of #Botswana has become our 1st customer of FAA certified new 10 seater turboprop #aircraft frm @Mahindra_aero. Heartiest congratulations to @arvind_mehra ,Keith Douglas & #Airvan team on their #flying success,” SP Shukla, Group President, Aerospace & Defence at Mahindra Group said in a tweet.
Congratulating the team for the major feat, Anand Mahindra said that it’s a historic milestone for the company. “A historic milestone for Mahindra Aerospace. A product developed and certified by Gipps Aero post acquisition by us. May you Rise with it to the skies, Team @Mahindra_Aero,” he said.
Earlier, Mahindra Aerospace had received a FAR 23 type certificate from Australia’s Civil Aviation Safety Authority for its Airvan 10, the company had announced. Australia’s first 10-seat, single-engine turbine aircraft has also received a type certificate from the FAA. Notably, while Mahindra Aerospace is based in India, its subsidiary manufacturer GippsAero, is based in Australia.
Explaining the features of the new aircraft, SP Shukla said that the aircraft provides a panoramic view and is popular with wildlife tourists. “Botswana is indeed Airvan8 country. This versatile #aircraft from Mahindra_Aero is most popular with tourists for scenic flights to view wildlife. Wide windows provide panoramic view & this plane has all window seats. Low maintenance is added bonus,” he said in a tweet. Mahindra’s Airvan 10 follows in the footsteps of the piston engine 8-seat Airvan 8, and the turbocharged version of the same aircraft, which now operates in 29 countries, according to a company statement in May this year. Australia-based GippsAero is involved in the manufacture of makes the Airvan 10 aircraft.
Mahindra Aerospace is a newcomer on the local aerospace scene and its Airvan aircraft are targeted at niche markets where there are few direct competitors. Earlier in 2015, Mahindra Group clinched a multi-million dollar aerospace contract with European consortium Airbus Paris Air Show, proving the major fillip to the ‘Make in India’ initiative. | Mahindra Aerospace has added botswana’s Major Blue Air as its first customer for FAA certified new 10-seater turboprop aircrafts. the aircraft provides a panoramic view and is popular with wildlife tourists. the company has received a FAR 23 type certificate from australia’s Civil Aviation Safety Authority for its Airvan 10. the aircraft follows in the footsteps of the piston engine 8-seat Airvan 8, and the turbocharged version of the same aircraft. | Positive |
https://www.financialexpress.com/industry/dr-reddys-readies-plan-to-scale-china-operations/1537350/ | Dr Reddy’s Laboratories is chalking a strategic plan to consolidate its presence in China, and intends to bring several products in the next five years in the select therapeutic areas across the market. The firm aims to grow its China portfolio significantly over the next seven to eight years from the current $100-million revenue.
Dr. Reddy’s operates in China through a representative office, a local manufacturing joint venture and wholly-owned subsidiary. “The strategic direction for this market is to strengthen our presence by scaling our JV business as well as by increasing the number of dossier submissions and entries into the new therapeutic areas,’’ MV Ramana, CEO, branded markets (India and emerging markets), told FE without specifying the numbers. However, a recent Edelweiss report revealed Dr Reddy’s, the largest foreign player in China, was well poised to benefit from regulatory changes in the country, and hoped to launch about 60 products and improve revenue significantly over the next seven to eight years.
The company has built strong relationships with its local partners in the country through whom some of the imported brands have been successfully commercialised. As operations expand, it will adequately support resources to enable its expansion strategy. In FY18, the company clocked revenue of $100 million, with the help of its JV — Kunshan Rotam Reddy.
“The size and growth of the market, our long presence and also the recent changes in China’s regulatory framework make this an attractive space for Dr. Reddy’s. In terms of market size and expanded generic opportunity, China is the second-largest pharma market with $130 billion in size, and generics form 65% of the hospital market. About 22% of the market is with off-patent innovators. While shortening the market access and reimbursement timelines for innovative drugs, China intends to replace the off-patent innovators with high quality generics that opens up this share of market to generic firms,’’ he said.
On the current regulations in China, he said the US/EU portfolio of Dr. Reddy’s would mostly comply, while additional studies specific to China might still be required. “While in the past five years, we have had some good pipeline of filings, the plan is to scale this up and file a good number of dossiers in next few years,’’ he said. The Edelweiss report states that a growing Chinese pharma market and a relaxed Chinese drug regulator, CFDA, are likely to attract many Indian generic players. With the relaxed norms, Indian companies can file their USFDA-approved products in China and expect CFDA approval within months. The prominent drugs in demand include those for treatment of obesity, diabetes, respiratory illness and cancer.
On the challenges to get approval, Ramana said, “While the regulations have been aligned with International Council of Harmonisation (ICH), there are China- specific requirements, which could pose challenges. Dr. Reddy’s will continue to work to build strong regulatory capability and build on our experience to increase the probability of success for any new filing.’’ | the firm aims to grow its China portfolio significantly over the next seven to eight years from the current $100-million revenue. the company operates in china through a representative office, a local manufacturing joint venture and wholly-owned subsidiary. in FY18, the company clocked revenue of $100 million, with the help of its JV — Kunshan Rotam Reddy. | Positive |
https://www.moneycontrol.com/news/business/moneycontrol-research/improvement-in-yields-and-pax-growth-helped-indigo-post-strong-numbers-in-q1-4230411.html | live bse live
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Highlights
- Highest-ever quarterly profit due to significant improvement in passenger growth and yield
- Significant capacity addition and allocation to new slots are the growth drivers
- Focus on international route is another key growth driver
- Accumulate as valuations are reasonable --------------------------------------------------
Fading competitive intensity due to the departure of Jet Airways has led to meaningful improvement in yield within the industry and Interglobe Aviation (IndiGo), the leader in the space, has taken advantage of the same and reported the highest ever quarterly profit in Q1 FY20. Strong revenue growth coupled with higher operating profit helped company post strong profits.
We continue to have positive outlook on the business and believe that the changing industry dynamics would help the company grow and cope up with the volatility in oil prices as yields are higher. We advise investors to accumulate the stock for the long term.
Quarterly snapshot
Key positiveNet revenue from operations witnessed a significant growth of 44.7 percent on year-on-year (YoY) basis. The growth was driven by 30.2 percent YoY growth in revenue passenger kilometres (RPK) and improvement in yield, which grew 12.7 percent. Yield witnessed improvement due to the Jet Airways fiasco that reduced competition from the industry. The management highlighted that the fares are higher in 0-15 days window as well.
With significant improvement in yield and increase in RPK, the company posted a YoY growth of 145.9 percent in earnings before interest, tax, depreciation, amortisation and rental (EBITDAR) and EBITDAR margin witnessed a YoY expansion of 1,214 bps in Q1 FY19.
Load factor remained largely same at 88.9 percent in Q1 FY20 and the company witnessed significant capacity addition of 30.9 percent YoY.
Outlook
Yields have improved significantlyDeparture of Jet Airways has led to significant improvement in yields as is evident from IndiGo’s result. The management, however, cautioned that the fares have started coming down now as the industry is witnessing lot of supply addition. However, expectations are that yields will not fall to previous low levels.
Capacity addition/ new slotsIn Q1 FY20, the company added 18 aircraft to its fleet, taking its fleet count to 235. Capacity grew 30.9 percent (YoY) in Q1 FY19. The management sees its capacity growing by 30 percent (YoY) in FY20 and 28 percent (YoY) in Q2 FY20.
In light of significant growth expected in the Indian aviation industry, the company has also placed huge orders, the delivery of which will help IndiGo retain its leadership position in the Indian market. Most of these additions would be of the fuel-efficient A320neo aircraft.
Additionally, IndiGo is getting new slots in heavily constrained airports which have been left behind by Jet Airways (40-50 percent slots in Mumbai and 20-25 percent in Delhi), which is expected to be an important trigger for growth.
Foray into the international marketThe company continues to focus on expanding its footprint in the long-haul international market. It has got into code share agreement with Turkish Airline. It has also added one new international destination during the quarter. In fact, it plans to allocate half of new capacity towards international markets.
Concern regarding the promoter’s riftThere have been differences between the two largest shareholders, Rahul Bhatia (38.26 percent stake, including family) and Rakesh Gangwal (36.69 percent stake, including family). The allegations have become formal with one of the co-promoters writing to SEBI pressing charges with regard to related-party transactions, appointment of senior management, chairman and directors.
We believe that differences between promoters won’t last long and the same would be sorted as it is in the best interest of everyone. However, the overhang is expected to be there on the company as the battle has been going on for a year and the solution doesn’t seem to be in sight yet.
The management, during the call, highlighted that there are no differences between the promoters regarding the business strategy and planning and that won’t affect the business.
Valuation – at reasonable levelsWe believe, IndiGo has the right business model that is required to retain its leadership position in the Indian aviation sector. Investors need to carefully monitor the oil prices and passenger growth. We advise investors to accumulate it in staggered manner.
RisksThe biggest risks for the business are the significant rise in oil prices, slowdown in the passenger growth, increase in competitive intensity and depreciation of the rupee against the dollar. One or all of these factors impact the financials of the company.
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For more research articles, visit our Moneycontrol Research page. | highest-ever quarterly profit due to significant improvement in passenger growth and yield. significant capacity addition and allocation to new slots are the growth drivers. focus on international route is another key growth driver. focus on oil prices is another key growth driver. fares are higher in 0-15 days window as well. fares have started coming down now as industry is witnessing lot of supply addition. | Positive |
https://www.moneycontrol.com/news/world/spacex-rewrites-history-blasts-off-rocket-ship-into-orbit-with-2-americans-5337971.html | NASA astronauts Douglas Hurley and Robert Behnken head to launch pad 39 to board a SpaceX Falcon 9 rocket for a second launch attempt on NASA?s SpaceX Demo-2 mission to the International Space Station from NASA?s Kennedy Space Center in Cape Canaveral, Florida, U.S. May 30, 2020. (Image Source: Reuters)
Elon Musk-owned aerospace company SpaceX on Saturday successfully launched a rocket ship with two NASA astronauts into orbit from the US state of Florida. With the liftoff, SpaceX became the first private company to launch people into orbit.
The blastoff from Kennedy Space Center in Florida also assumes significance as it marks the launch of humans into orbit from US soil for the first time in nearly a decade.
The SpaceX Crew Dragon spacecraft, carrying NASA astronauts Bob Behnken (49) and Doug Hurley (53), lifted off at 3:22 pm EDT Saturday atop the company's Falcon 9 rocket from Launch Complex 39A at NASA's Kennedy Space Center.
The feat was previously achieved by only three governments: the US, Russia and China.
The reusable, gumdrop-shaped capsule called Crew Dragon, would now take the two American astronauts to a 19-hour journey to the International Space Station (ISS). The spacecraft is scheduled to dock with the ISS at 10:29 am EDT on Sunday.
The successful launch, which was postponed early this week due to inclement weather, gave Americans something to cheer about as in the last three months they have lost over 100,000 of their countrymen due to the coronavirus that has brought the country's economy to its knee. More than 40 million people have lost their job and the pandemic has pushed the economy into a recession.
Top US leadership including President Donald Trump, First Lady Melania Trump, and thousands of curious Americans had gathered to watch the launch live on a bright Sunday afternoon.
Congratulating Musk, NASA and the astronauts, Trump described the launch day as a great day for the country.
"I'm so proud of the people, of NASA, public and private. When you see a sight like that, it's incredible. When you hear that sound — the roar — you can imagine how dangerous it is," he told reporters soon thereafter.
"I think this is such a great inspiration for our country. Our country is doing well... We suffered something that was terrible. It should have never happened — it should have never come out of China... That's one of the reasons why I wanted to be here today and I think any one of you would say that was an inspiration to see what we just saw," Trump said.
The President said he spoke with Musk, whom he called one of the "great brains." He also spoke with the two NASA astronauts prior to takeoff.
"What a historic opportunity to watch the first launch of astronauts from American soil to the Space Station since 2011," Secretary of State Mike Pompeo said. "Launch America is the first big step on our roadmap to the Moon for Artemis," he said. NASA's Artemis programme, the US initiative to explore more of the lunar surface, aims to land the first woman and next man on the Moon by 2024.
"This is a dream come true for me and everyone at SpaceX,” said Musk, who is also the CEO of Tesla.
"It is the culmination of an incredible amount of work by the SpaceX team, by NASA and by a number of other partners in the process of making this happen," he said.
"Today a new era in human spaceflight begins as we once again launched American astronauts on American rockets from American soil on their way to the ISS, our national lab orbiting Earth," said NASA Administrator Jim Bridenstine.
"The launch of this commercial space system designed for humans is a phenomenal demonstration of American excellence and is an important step on our path to expand human exploration to the Moon and Mars," he said.
"Today, in lifting our ambitions and our imaginations to the heavens, the United States has once more reshaped the future of space travel," said Joe Biden, former US Vice President and Democratic Party's presumptive presidential nominee.
"When Robert Behnken and Douglas Hurley blasted off from Cape Canaveral, Florida, on a mission to the ISS, they added their names to the long list of heroes who have changed the way we think about our universe and our place in it,” he said.
"Their voyage not only marks the return of American astronauts travelling to space from US soil, but a pioneering new phase of public-private cooperation for the peaceful exploration of space," Biden said as he asserted that the seed of today's launch was planted by the Obama-Biden administration.
"We planted the seeds of today's success during the 2009 Recovery Act, which according to NASA, has saved taxpayers up to USD 30 billion and invigorated an aerospace industry in Florida that accounts for more than 130,000 jobs in the state," he said.
House Science, Space, and Technology Committee Ranking Member Frank Lucas Lucas said, "Today marks a new era in space travel".
"It's been nearly 10 years for we last launched American astronauts from American soil on an American rocket. The successful launch today is the culmination of years of hard work and commitment through NASA's Commercial Crew Program," he said.
Congressman Kevin McCarthy said the launch of the spacecraft is a "testament to American ingenuity and our country's profound ability to overcome challenges as they arise, particularly in the age of COVID-19".
Congresswoman Kendra Horn, chair of the Space Subcommittee of the House Science, Space, and Technology Committee, congratulated NASA and SpaceX on successful demonstration launch of astronauts Hurley and Behnken to the ISS. Known as NASA's SpaceX Demo-2, the mission is an end-to-end test flight to validate the SpaceX crew transportation system, including launch, in-orbit, docking and landing operations.
This is SpaceX's second spaceflight test of its Crew Dragon and its first test with astronauts aboard, which will pave the way for its certification for regular crew flights to the station as part of NASA's Commercial Crew Programme.
After successfully docking, the crew will be welcomed aboard the International Space Station, where they will become members of the Expedition 63 crew, which currently includes NASA astronaut Chris Cassidy.
(With inputs from PTI) | astronauts Douglas Hurley and Robert Behnken launch rocket from florida. spacex crew dragon spacecraft is scheduled to dock with the ISS on Sunday. launch is the first private company to launch people into orbit. reusable capsule would take astronauts to a 19-hour journey to the ISS. a u.s. astronaut will be the first to orbit earth for the first time in nearly a decade. | Positive |
https://www.financialexpress.com/industry/dr-reddys-q4-net-up-76-at-rs-764-crore-on-greater-revenue-contribution-from-us-europe/1965596/ | Pharma major Dr Reddy’s Laboratories reported a net profit of Rs 764.2 crore for the fourth quarter, up by 76% from Rs 434.4 crore in the corresponding quarter of last year, on the back of greater contribution of revenues from the US and European markets. Revenues stood at Rs 4,431.8 crore, up by 10% from the year-ago period. For the full year, net profit increased by 11.2% at 1,949.8 crore, as against Rs 1,879.5 crore, on a revenue of Rs 17,460 crore, up by 13% from Rs 15,385 crore.
The company’s global generics segment clocked a 20% year-on-year increase to Rs 3,639.8 crore. Among other geographies, Europe’s segment saw a jump of 80% in revenue while North America and emerging markets rose 21% and 15%, respectively, while India revenues rose 5% year-on-year.
“FY 20 has been a very positive year for the company. Progress made during the year includes VAI status for CTO 6, healthy product pipeline build up, productivity improvement and strong financial performance across our businesses,” GV Prasad, Co-Chairman and MD, said. “We have taken up various initiatives to ensure that our manufacturing-related operations continue unabated enabling us to serve our patients. A few products related to Covid-19 are under development,’’ he added.
While the revenues from global generics stood at Rs 3,639.8 crore, a y-o-y growth of 20%, the pharmaceutical services and active ingredients (PSAI) segment revenues stood at Rs 719.5 crore as against Rs 676.5 crore in Q4 of FY19. Revenues from North America generics showed a y-o-y growth of 8% with new launches, scale-up of existing products and a favorable forex rate, which was partially offset by price erosion. The volumes were higher partially due to Covid-19 related stocking up.
During this quarter, the company launched five new products – major ones being Naproxen and Esomeprazole Magnesium delayed-release tablets (gVimovo), Pyrimethamine Tablets (gDaraprim) and Naloxone HCL Injection (with CGT exclusivity). As of March 31, 2020, cumulatively 99 generic filings are pending for approval with the USFDA (97 ANDAs and 2 NDAs under the 505(b)(2) route). Out of the pending ANDAs, 54 are Para IVs, and 30 have ‘first to file’ status.
Revenues from India showed a growth of 11%, driven by improved realisations in base business, volume traction and new products launched during the year. While the y-o-y growth was 5%, there was a decline of 10% q-o-q due to logistics related disruptions caused by Covid-19 lockdowns. Revenues from Europe for the year showed a y-o-y growth of 49%, primarily on account of volume traction in base business and new product launches across our markets, including newer markets of France, Italy and Spain, which was partially offset by price erosion.
The PSAI business registered a y-o-y growth of 7% largely driven by increase in volumes of key products of API business and favorable forex. During the year, the company has filed 10 drug master files (DMFs) in the US. In the proprietary products (PP) segment, the company posted a y-o-y growth of 67%. During the year, the company sold its US and select territory rights for Zembrace, Symtouch (sumatriptan injection) 3 mg and Tosymra (sumatriptan nasal spray) 10 mg, of its neurology franchise. | net profit of Rs 764.2 crore for the fourth quarter, up 76% from Rs 434.4 crore in the corresponding quarter of last year. revenues stood at Rs 4,431.8 crore, up by 10% from the year-ago period. net profit increased by 11.2% at 1,949.8 crore, as against Rs 1,879.5 crore, on a revenue of Rs 17,460 crore, up by 13% from Rs 15,385 crore. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/sensex-surges-490-points-nifty-reclaims-11700-factors-behind-market-rally/articleshow/69024619.cms |
NEW DELHI: Riding on the back of gains in Reliance Industries and FII darling HDFC twins, domestic benchmark indices jumped over 1 per cent on Wednesday, snapping their three-day losing spree.As worries over further hike in crude oil prices dimmed, Indian market started to look up.Market sentiment got a boost from a report by International Energy Agency (IEA), a watchdog for oil consuming countries.The IEA on Tuesday said that oil market is "adequately supplied" and "global spare production capacity remained at comfortable levels."Meanwhile, India VIX too eased 4.56 per cent. The advance-decline ratio however stood at 1:1.BSE benchmark Sensex ended 490 points or 1.27 per cent higher at 39,055 with 23 stocks in the green. NSE's Nifty closed the day at 11,726, up 150 points or 1.30 per cent.Factors:Oil prices fell after an IEA report allayed concerns about tightening supply, ending a rally that took prices to their highest since early November on concerns that Opec output cuts and sanctions would take too much oil out of the market.The IEA said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels." Also weighing on prices, US crude stocks rose by 6.9 million barrels last week, more than expected, data from industry group the American Petroleum Institute showed on Tuesday.Investors squared off position ahead of expiry of April futures and options contracts.The latest South Asian Climate Outlook Forum on Tuesday predicted a normal monsoon in most parts of India barring the west coast peninsular, including parts of the state and northern parts of central India.So far the earnings number reported by the largecap companies have been in line with Street expectations, thus fuelling hopes that the much-awaited earnings recovery will follow this quarter.Market rallied after a rangebound movement supported by short covering ahead of F&O expiry and in-line results for Q4FY19. Government 10-year yield slid as RBI announced open market operation, while rupee weakened due to uncertainty in oil prices. Prospects over quarter results may cap the anxiety on crude price volatility, while any consolidation will give an entry point to quality stocks- Vinod Nair, Head of Research, Geojit Financial ServicesIn the 30-pack index, HCL Tech was the best performing Sensex stock, rising as much as 3.40 per cent. ONGC, IndusInd Bank, YES Bank, Bharti Airtel and HDFC were among other stocks that logged gains.Tata Motors with a decline of over 3 per cent was the biggest loser.Auto stocks were the worst hit among Sensex stocks. Tata Motors, Maruti Suzuki and Hero MotoCorp were the top three Sensex drags.UltraTech Cement surged over 5 per cent following a better-than-expected earnings for quarter ended March 31. Standalone profit jumped 108.52 per cent year-on-year to Rs 1,017.47 crore during the quarter under review. Net sales increased 18.10 per cent to Rs 10,334 crore in Q4FY19 over Rs 8,750 crore last year.Midcap and smallcap indices too logged strong gains but still trailed benchmark Sensex. The BSE Midcap index rose 0.43 per cent and BSE Smallcap index 0.42 per cent.Barring auto, all other eighteen sectoral indices settled higher. Oil & Gas and Energy were lead gainers. Telecom, Teck and Finance too managed to score big. | domestic benchmark indices jump over 1% on a week-long losing spree. indices boosted by report by IEA, a watchdog for oil consuming countries. Sensex ends 490 points higher at 39,055 with 23 stocks in the green. u.s. crude stocks rose by 6.9 million barrels last week, more than expected. | Positive |
https://www.financialexpress.com/auto/industry/covid19-coronavirus-relief-measures-auto-industry-contributes-money-sanitisers-ventilators-tata-tvs-hero-mahindra-skoda-bajaj/1916792/ | The auto industry has come out united in the efforts to ensure that the relief measures are done swiftly to get the economy back on track.
It’s a known fact that the auto industry has been in doldrums the entire 2019. However, just when there were signs of recovery in 2020, things seemed to have taken a turn for the worse. In late January 2020, the coronavirus scare hit the Indian shores and before we knew or realised it, engulfed the nation. However, India is also known for its magnamity. Almost all the auto manufacturers have come forward to pitch their contributions for a faster recovery. Here is a list of what each maker has offered in the fight against this pandemic. While no contribution is small or large in case of a relief measure, each automaker has tried their best shot to offer the society back here.
Tata Trusts (Rs 500 crore)
The Tata Trusts foundation, with Rata Tata at the helm, has always been known for its generousness. At this critical hour, the group has announced a Rs 500 crore donation. The amount will be utilised for setting up modular treatment facilities for infected patients, testing kits, protective equipment for medical personnel, and respiratory devices. It is by far the biggest contribution from any group in India.
Maruti Suzuki (ventilators, mask)
Maruti Suzuki has entered into an agreement with AgVa Healthcare. The latter makes ventilators and Maruti will work alongside them to make up to 10,000 ventilators in a month. AgVa will be responsible for making these ventilators while MSIL will push it’s suppliers to provide the required components. Krishna Maruti Limited, JV of MSIL and Ashok Kapur will be will be making three-ply masks once the required approvals are received. Ashok Kapoor will be donating 2,000,000 masks as his own contribution. There are also talks with Bharat Seats to make protective clothing for the workers, once the approvals are in place.
Mahindra Group (ventilators, masks)
The Mahindra Group too has been making ventilators as well as masks at its Kandivali facility. Chairman of the Mahindra Group, Anand Mahindra recently tweeted that the company’s auto division’s partner, Ford, has helped them with making face masks. These will be distributed to medical personnel. Ventilators, with the help of skilled professionals too are being made. Mahindra Racing, is collecting personal protection equipment from motorsport teams as well as businesses. The chairman has also contributed his salary for the cause and is also helping other small/medium businesses with a fund.
Honda India Foundation (Rs 11 crore)
The Honda India Group has contributed Rs 11 crore for the prevention and relief of covid19. As part of this activity, the foundation has given 2,000 backpack sprayers that can be used for fumigation purpose. Honda ambulances stationed at their plants too will be shared with local hospitals. Moreover the local health administration can use Honda facilities. Associates at all Honda group companies have pledged to give their one day salaries for the relief efforts.
Skoda Auto Volkswagen India Private Limited (Rs 1 crore)
SAVWIPL has pledged to donate Rs 1 crore for setting up a special Covid19 facility at Pune’s Sasson General Hospital. The hospital will additionally be given 35,000 sanitisers. For those around the company’s Aurangabad facility, 50,000 food packets will be distributed till the lockdown lifts. Global supply chain will be leveraged to provide essential medical supplies for India too.
Mercedes-Benz India Limited (hospital)
Mercedes-Benz has set up a temporary hospital with a 1500-bed, 374 rooms capacity in Khed, Pune. There are isolation wards as well as required medical equipments. The company has also donated ventilators to the Grant Medial Foundation (Ruby Hall Clinic). Once the covid19 situation eases, the medical equipment will be donated to the Khed Civil hospital. Assets from the wards will be shared with the tribal youth hostels.
MG Motors (Rs 2 crore)
MG Motors made its India debut last year. The company sells around 3,000 units of the Hector every month. MG has decided to donate Rs 2 crore for the Covid19 relief fund. This amount will be used to make hospitals around the company’s head office as well as plant. This donation is split – Rs 1 crore by the company and the rest by the employees. What’s more, the MD, Rajeev Chaba, has decided to give away his one month’s salary too. In addition, the company’s UK arm has given more than 100 electric vehicles for use in Covid19 relief measures there.
TVS Motor and group companies ( Rs 25 crore)
The TVS Group has decided to donate Rs 25 crore to the PM’s relief fund. This is over and above the ongoing activities being already undertaken by Srinivasan Services Trust, the CSR wing of the group. More than a million protective masks will be made and distributed too.
Bajaj Group
A massive Rs 100 crore has been earmarked by the Bajaj Group. This amount will be utilised to develop the ICUs for coronavirus patients, in Pune. More than 200+ NGO partners have also been roped in this effort. The homeless and daily wage workers too are being fed by the CSR wing of the Bajaj Group.
Hero Group (Rs 100 crore)
Hero Group too has pledged a whopping Rs 100 crore for the Covid19 relief process. Hero has said that Rs 50cr will go for the PM’s relief fund, whereas the rest will be utilised for other CSR relief activities. These other activities include deploying modified two-wheelers as ambulances and distributing masks and sanitisers to the rural needy people.
Amara Raja (Rs 6 crore)
Amara Raja, the leading battery makers in India has contributed Rs 6 crore to the Andhra Pradesh CM’s relief fund. It includes one day’s salary by the employees of the company. Above this, Jayadev Galla, vice- chairman of Amara Raja Group, in his capacity as the member of Parliament, Guntur has announced Rs 2.5 crore from his MPLAD’s fund. | auto industry has come out united in the efforts to ensure that the relief measures are done swiftly to get the economy back on track. a year ago, the coronavirus scare hit the nation and before we knew or realised it, engulfed the nation. but the auto industry has also come forward to pitch their contributions for a faster recovery. | Positive |
https://www.moneycontrol.com/news/business/companies/coronavirus-lockdown-2-0-guidelines-appliance-makers-to-resume-operations-5150111.html | Appliance makers are all set to resume manufacturing operations from April 20 onwards with the government partially easing the lockdown for production units across India.
In its list of guidelines, the Ministry of Home Affairs said manufacturing and industrial establishments in special economic zones, export oriented units, industrial townships and industrial estates will be allowed to operate from April 20 if they fall under non-containment zones.
The government has taken steps to ease conditions for the manufacturing sector to resume operations. The steps include allowing industries outside limits of municipalities and municipal corporations to start operations, freeing up transportation of goods and setting guidelines for the movement and stay of labour.
Also Read: Live updates about Coronavirus outbreak in India
The guidelines were released by Ministry of Home Affairs on April 15. However, the countrywide lockdown to contain the spread of novel coronavirus, or COVID-19, has been extended to May 3.
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
With this, manufacturing can be resumed in industrial zones. Summer season accounts for the bulk of sales for products like air coolers, air conditioners and refrigerators. Moneycontrol had earlier reported that consumer durables firms were facing challenges due to the near shutdown in production.
Halt in production has also led to severe losses for appliance makers across the country. However, clarity in awaited on import of crucial parts like air compressors and open-cell for LED panels from markets like China.
Manish Sharma, President and CEO, Panasonic India, said the guidelines issued on April 15 are supportive and in favour of ensuring business continuity to some extent.
"As our factory in Jhajhar, Haryana is in the green zone, we are hoping to receive permission to start manufacturing soon. Summers are here and while we have enough inventory of ACs and refrigerators to meet consumer demands, we would like to start operations to ensure sustainability over the longer term. We are prepared for staggered operations with workers coming in batches while ensuring social distancing, frequent sanitising, usage of masks among other initiatives to protect our workforce," he added.
White goods firms, in particular, had requested some flexibility during the lockdown to ensure that manufacturing units are allowed to function. More than 90 percent of the manufacturing units are located in industrial clusters in the outskirts of major Indian cities.
As per the standard operating protocol of MHA, manufacturing units have been asked to make arrangements for stay of workers within the premises of the unit or in adjacent buildings. Transportation of workers also needs to be arranged by their respective companies.
Avneet Singh Marwah CEO of Super Plastronics (exclusive brand licensee of Thomson TVs in India) said, “It is a welcome move for the industry, Thomson TV will follow all operating procedures recommended by the government. We are installing human sanitisation machines, all the labour will stay inside the unit. e-commerce operations were really important for non-essential goods as India is a huge replacement market."
MHA has allowed e-commerce companies to also operate during the lockdown period. For appliance makers, e-commerce platforms are an important source of distribution.
Follow our full coverage of the coronavirus pandemic here. | government has taken steps to ease conditions for manufacturing sector to resume operations. lockdown to contain spread of novel coronavirus, or COVID-19, has been extended to may 3. a vaccine works by mimicking a natural infection. a vaccine can be used to protect against future COVID-19 infection. a vaccine can also help quickly build herd immunity to put an end to the pandemic. | Positive |
https://www.moneycontrol.com/news/business/startup/coronavirus-pandemic-startup-lobby-seeks-rs-25000-cr-fund-relook-at-fdi-changes-5206231.html | The Startup Association of India has requested the government to set up a Rs 25,000- crore fund to help companies struggling to raise fresh capital due to the slowdown brought by the coronavirus and the lockdown.
In a letter to commerce minister Piyush Goyal, the industry body representing the startup ecosystem of the country also called for a relook at the recent changes made to the foreign direct investment (FDI) guidelines, saying those should not be applied to existing investors.
Moneycontrol has seen a copy of the letter that was written on April 28.
“Indian startups haven’t had the benefit of access to capital due to a lack of domestic venture capital, whereas over 90% of the capital for startups in India is capital from overseas. This pandemic has significantly hurt future business prospects of Indian start-ups which were already reeling under financial pressure,” Startup Association of India chairman Mahendra Swarup said.
The corpus could include Rs 10,000 crore of Fund of Funds lying with SIDBI and Rs 15,000 crore additional funds from the government, said the letter.
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
Follow LIVE updates on the COVID-19 pandemic here
The fund could be registered as an AIF Category 2 fund on the lines of the National Investment Infrastructure Fund. It could raise a few billion US dollars from sovereign funds of friendly nations and also bring in CSR funds from large corporates. The money could be used to boost the Fund of Funds as well as investment in startups directly, it said.
Indian startups are facing two big challenges. One is the loss of investor interest and second, existing business revenues are down due to the nationwide lockdown which is in its sixth week. The outbreak has dealt a big blow to the already slowing Indian economy and start-ups are feeling the heat.
The association, which has more than 2,000 members, is worried that many of its members will not be able to survive this period.
The government’s recent decision to amend foreign investment guidelines mandating all investments coming from neighbouring countries to flow in after its approval has added to their worries.
With a global recession increasingly looking inevitable, the traditional source of capital from the US and Europe will dry out, which makes a strong case for the government to step in.
The government has tightened scrutiny of money flowing in from countries like China, one of the most prolific investors in the startup ecosystem of the country. Ant Financial, Tencent are few of the most active Chinese investors in unicorns in India like Byju’s Paytm, Zomato, Swiggy and others.
The body has also requested a relook into certain aspects of the revised FEMA guidelines like it should not apply to existing investors. Secondly, investments for a minority stake should be allowed to flow unhindered.
If investments from neighbouring nations are less than 49% of the corpus set up outside India, then they should be allowed to invest directly. The body has requested for a free flow of investments from Hong Kong, which is a special administrative region under Chinese control.
These relaxations and support structures were needed for Indian startups as they can transform the business environment and create jobs, the letter said.
Citing Nasscom data, the body said startups had already created between 3.9 lakh and 4.3 lakh jobs and could open up 12.5 lakh jobs by 2025. | the startup association of india has requested the government to set up a fund to help companies struggling to raise fresh capital due to the slowdown brought by the coronavirus and the lockdown. the corpus could include Rs 10,000 crore of Fund of Funds lying with SIDBI and Rs 15,000 crore additional funds from the government. a vaccine works by mimicking a natural infection. | Positive |
http://www.moneycontrol.com/news/india/moolah-masters-this-is-how-indias-super-rich-live-spend-and-invest-2507793.html | 1/10 In FY17, ultra HNI households represented an accumulated networth of Rs 153 lakh crore. The Ultra High Networth Households (UHNHs) are up by 10% to 1.6 lakh in 2017 and is expected to double to 3.3 lakh by 2022.
2/10 More than 50% ultra HNIs said that they have increased allocations in their primary businesses.
3/10 At 27% of total time spent per month, the most preferred fitness regime for ultra HNIs was exclusive memberships to health clubs or select gyms.
4/10 Apps that monitor fitness, health, and food intake have gained popularity among the affluent. Surprisingly, none of the fitness gadgets and apps were rated very highly by them.
5/10 On an average, ultra HNIs spend most of their time online catching up on current affairs and socialising every day, followed by planning parties and informal get-togethers. They spend the least amount of time browsing fashion.
6/10 Facebook and WhatsApp were the most favourite apps, with most ultra HNIs visiting these at least once a day. In fact, 52% of those who used WhatsApp visited the application more than thrice a day, while 86% looked at Facebook at least once a day.
7/10 About 95% said that in family-run businesses, the final decision is taken exclusively by the head of the family. About 85% said that family-run businesses have a formal framework in place to facilitate decision-making and conflict resolution. All ultra HNIs said that family-run entities take business decisions jointly after discussion.
8/10 About 80% say they are associated with charities that provide food for the poor. The second-largest cause that ultra HNIs support is education. Most believe this is a powerful tool to empower the country and eliminate poverty.
9/10 In terms of spends, the share of jewellery has decreased to about 12% from 17% last year. Higher gold prices have contributed to a fall in demand. The government that had made PAN disclosure mandatory for all transactions and purchases above Rs 2 lakh dented the sales of jewellery to some extent. A demonetisation-driven liquidity crunch, that too at the height of the wedding season, also contributed to falling sales. | ultra high networth households are up 10% to 1.6 lakh in 2017. they are expected to double to 3.3 lakh by 2022. ultra HNIs spend most of their time online catching up on current affairs. they spend most of their time planning parties and informal get-togethers. they spend the least amount of time browsing fashion. 80% say they are associated with charities that provide food for the poor. | Positive |
https://www.businesstoday.in/technology/launch/samsung-announces-5-galaxy-ecosystem-devices-at-unpacked-2020/story/412147.html | At the first-ever virtual Galaxy Unpacked event, live-streamed from Korea, Samsung announced the next-gen Galaxy Watch3 and the Galaxy Buds Live along with the Galaxy Note20 Series, Galaxy Tab S7 and S7+, and Galaxy Z Fold 2.
The next-gen Galaxy Watch3 smartwatch is claimed to be a companion for managing your routines, smashing fitness goals, and taking ownership over health. It has been built using premium materials and continues to have the popular rotating bezel. Focusing on health, the watch can measure and track oxygen saturation over time for fitness and wellness purposes. The new Samsung Health Monitor app on Galaxy Watch3 offers cuff-less blood pressure and electrocardiogram measurements (in markets where the feature has been authorised). In case of an accident, fall detection feature will send your location immediately to pre-designated contacts. Running Analysis will help you run better, improve form and prevent injuries, while VO2 max follows your cardio progress to provide insight into oxygen consumption. For staying fit at home, Samsung Health also provides more than 120 different home training programs.
The Samsung Galaxy Watch3 will be available in stainless steel and titanium variants, in 45mm and 41mm size. The 41mm variant will be priced starting $399 and the 45mm starts at $429.
The Galaxy Buds Live are said to be ergonomic, to offer a comfortable fit. It combines AKG's sound expertise with a bigger, 12mm speaker compared to Galaxy Buds+, along with a bass duct, for the deep and rich sound experience. The Galaxy Buds Live come with three microphones and Voice Pickup Unit and also features Active Noise Cancellation. For more convenient navigation, Galaxy Buds Live feature an intuitive touch-based PUI (physical user interface) for touch control, as well as Bixby voice wake-up, which allows you to navigate music, open apps, and send messages hands-free and eyes-free. A fully charged earbuds can support up to 6 hours of playback, and the charging case allows an additional 15 hours over multiple charges. The Galaxy Buds Live have been priced at $169.
"Never before have we relied on technology like we are today. It's how we are staying connected as we navigate the extraordinary challenges faced around the world. Technology must make life easier, not more complex. That's why we have introduced five new power devices. Alone, these devices are powerful tools to help you maximise work and play. Together, as part of the Galaxy ecosystem, they work together seamlessly so you can spend your time focused on what matters most," said Dr TM Roh, President and Head of Mobile Communications Business, Samsung Electronics. | the next-gen Galaxy Watch3 smartwatch is claimed to be a companion for managing your routines, smashing fitness goals, and taking ownership over health. the watch can measure and track oxygen saturation over time for fitness and wellness purposes. the new Samsung Health Monitor app on Galaxy Watch3 offers cuff-less blood pressure and electrocardiogram measurements. the watch will be available in stainless steel and titanium variants, in 45mm and 41mm size. | Positive |
https://www.financialexpress.com/industry/from-maggi-chyawanprash-laptops-to-parle-g-heres-what-indians-spent-money-on-amid-pandemic/2047682/ | Months of lockdown have altered the habits of Indian consumers: Their spending patterns reveal just how deeply concerned they are with protecting their health and fortifying their store-cupboards, warding off boredom and keeping their homes (and themselves) neat and tidy. And where new routines look likely to stick, some companies stand to gain a lot.
Here are a few of the products shoppers in the world’s biggest open consumer market have been stocking up on.
Immunity Boosters
Consumers around the world are showing an increased interest in safeguarding their health and boosting their immunity. In India, that often means ayurveda, the country’s ancient system of medicine.
Companies such as Dabur India Ltd. and The Himalaya Drug Co. are witnessing high demand for traditional products like chyawanprash (a cooked mixture containing Indian gooseberry or amla, honey, sugar, ghee, herbs and spices) and proprietary supplements like Septilin, which combines ayurvedic ingredients including licorice and guduchi.
Chyawanprash sales across the industry grew 283% in June and branded honey rose 39%, according to Nielsen Holdings Plc. Dabur, one of India’s largest ayurvedic products suppliers, said its chyawanprash sales surged 700% from April to June. The surge in spending is likely to last well beyond the next few months, according to Sameer Shukla, west market leader at Nielsen South Asia. “We saw very clear trends in terms of consumer ask — people would like to spend more on immunity boosters, health hygiene and stuff like that,” Shukla said. “This kind of ask is not a short-term one.”
Shiny Bhowmik, a working mother of two daughters, has been using chyawanprash for years. Since the onset of the pandemic, the 49-year-old’s family have begun to use the product too. “I like to include immunity boosters like chyawanprash, honey and cloves in my family’s diet,” she said. “I often end up taking spoons of the brown herbal product throughout the day.”
Patanjali Ayurved Ltd., the company associated with celebrity yoga guru Baba Ramdev, also reported high net sales between April and June, according to Brickwork Ratings. In June, the Indian government ordered the company to stop claiming that its “Corona Kit,” consisting of three herbal medicines, can cure Covid-19.
Comfort Foods
Sales of packaged foods have surged since March, as home-bound consumers stockpile familiar products that won’t go stale quickly. Breakfast cereals, instant noodles, rice and cooking fats are among the products experiencing the strongest growth but missed out on sales due to stock outages, according to Euromonitor.
Nestle India Ltd. — whose instant Maggi noodles are popular — saw revenue grow an “impressive” 10.7% in in the quarter ended March, driven by sales surges for Maggi, KitKat and Munch, according to Haitong Securities Co. analysts Gaurang Kakkad and Premal Kamdar.
Another iconic product for Indian families, Parle Products Pvt.’s Parle-G biscuits, logged record sales during April-May. Snackers in search of a familiar comfort food contributed to sales as well as government agencies and NGOs, who have distributed large quantities of the biscuits — which cost just a few rupees a packet — to needy households during the ongoing pandemic.
Listed rival Britannia Industries Ltd. “is emerging as the biggest beneficiary from the disruption, as packaged foods consumption is growing strongly, led by higher in-home consumption,” according to Emkay Global Financial Services Ltd. “The shift from unorganized/street food to packaged foods may sustain even post lockdown given higher preference for hygiene and trusted brands.”
The brokerage on July 17 raised its target share price on Britannia to 4,500 rupees compared with 3,857.65 rupees on Aug. 6.
Digital Services
With much face-to-face interaction off the table for now, it’s not surprising that Indians’ reliance on screens — for both work and recreation — has surged.
The number of new students using online education startup Byju’s grew at three times the usual pace between April and June, parent company Think and Learn Pvt. says. Plans for retaining new users include launching courses in vernacular languages and launching more subjects.
Online retailer Flipkart says overall laptop searches have more than doubled since March, with high-performance laptops the most popular search. ZEE5 — the homegrown rival to Netflix Inc. — reported a 33% jump in daily active users and 45% in app downloads in May, and, despite the lockdown being eased in several parts of India, there hasn’t been a significant drop, said Rahul Maroli, senior vice president and head SVOD at ZEE5 India, in an interview on July 20.
Homebound Indians are also turning to streaming platforms to mourn their favorite stars who died in recent months. “Consumers have really missed some of our actors who are no longer with us — Rishi Kapoor, Irrfan Khan, Sushant Singh Rajput — so we’ve seen a very sharp increase in consumption of shows where these actors have acted,” said Maroli.
Gold Loans
It isn’t all rosy. With the economy set for a rare contraction and millions of people losing their jobs, poorer Indians are pawning their gold jewelry. Some small business owners, either ineligible for government handouts or daunted by the paperwork involved, are also borrowing more against the precious metal.
The shift in behavior has been a bonanza for some firms. Shares of Muthoot Finance Ltd., India’s largest cash-for-gold lender, have surged about 57% this year and some analysts say it’s now big enough to be added to the MSCI India Index. Manappuram Finance Ltd. has experienced a 4.5% growth in its gold-loans portfolio during the lockdown-affected first quarter as existing customers borrow more.
Appliances
For Indians who can still afford it, their new-found spare time is being put to good use at home. Searches for white goods including juicers, mixers, microwaves and toasters quadrupled in July, according to Flipkart. Demand for hygiene appliances such as vacuum cleaners reached four times the pre-pandemic level in July. Companies such as IFB Industries Ltd. have suspended new orders for dishwashers because they can’t keep up with demand.
With barbers and salons shut for much of 2020, trimmers including men’s grooming kits have driven sales for Havells India Ltd. The electrical equipment company says monthly sales of trimmers were close to five times as high in this quarter compared to pre-Covid times.
“People are experimenting with tools to do activities earlier not done at home — be it beard styling, or a haircut or epilation,” said Gulbahar Taurani, vice president, personal health, Philips Indian subcontinent. Philips India Ltd. recorded a 60%-70% jump in sales of its male and female grooming products from May-June.
A quarter of Indians are planning to spend on home care products, driven largely by people aged 18 to 34 as they get more involved in their household and want to spend money to improve their living, according to Mintel Research. This millennial cohort is the largest in the world and, if spending patterns hold, companies all over the globe would do well to pay attention. | consumers are increasingly concerned about protecting their health and fortifying their store-cupboards. in india, that often means ayurveda, the country’s ancient system of medicine. companies such as Dabur India Ltd. and the Himalaya Drug Co. are witnessing high demand for traditional products like chyawanprash. chyawanprash sales across the industry grew 283% in June and branded honey rose 39%. | Positive |
https://economictimes.indiatimes.com/markets/expert-view/it-will-take-a-couple-of-years-for-market-to-bottom-not-1-2-months-daniel-niles/articleshow/75048190.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 IIM Kozhikode IIMK Chief Product Officer Programme Visit
There are a couple of things. We were worried about the coronavirus back in January and in late January, we started selling the stocks that we owned, either hedging them such as Disney or we got very negative on some like Apple which you can see on my twitter handle @DanielTNiles. On February 10, we had started to short Apple because we thought there was a virus risk from China. People just chose to ignore it which surprised me and did not make much sense to me. We tried to position ourselves appropriately because we thought eventually the US market would start reacting to it as the virus continued to spread. That, in fact, is what happened and that is how we saw the data.It is more important than ever because of the way the map works. We have talked about this on our website. Danniles.com is the name of our website and there we talk about the fact that if you lose 50 per cent of your assets, you have to be up 100 per cent to get even. It is not being up 50 per cent. That is really the key to making money over the long term.If you look at even the most recent correction in S&P500, you are down 34 per cent from peak to trough but you have to be up 52 per cent to get just even. From that angle, trying to make sure that you do not lose a lot of money is certainly the key to making money over a long period of time.We really try to focus very hard on not losing money and that is why we cannot talk about specific performance due to our funds private registration. But for March, we made money and for the year, we made money through the end of March as well.The way we would be able to do that is when the market was down 34 per cent. We were not down very much at all from the highs. That is how we are able to do well and managing the risk on the downside.We are seeing a lot of interest. We have decided to open a second hedge fund which does not meet the government required income and wealth criteria for being a hedge fund. Everybody deserves the chance to protect their investments when markets get bad and this is only going to be open for about 99 investors and we will see if there is demand.The issue with trying to buy into the market right now is that you are seeing a bear market rally. In other words, when the markets go down, the big moves higher but then eventually they go back down again. You see this very consistently. If you go back to the great depression, there were eight rallies in the S&P500. If you look at the nine prior times, S&P has come down about 30% or greater. The rallies averaged 11% in the S&P 500 while you lost about 41%. This type of move you have seen over the last two days when the market has been up high single digit.In three days, S&P went up 18%. That is typical. What people should focus on before they decide they want to invest in the US markets is wait for earnings to come out. We were in an 11-year expansion, the longest expansion in history. The stocks are still very expensive and that is why I think it is prudent to wait. The companies are poor.Mark Twain has a great quote which is “history does not always repeat itself but it often does rhyme.” If you look back at prior recessions and how long it took for stocks to find their ultimate bottom, if you look at the nine prior times when the market went down about 30% or more, it took about 23 months to find the ultimate bottom in stock prices. That is almost two years.So, it will take a couple of years. It is not going to take one month. When you have the dual shock of oil prices dropping a lot as well as the virus pandemic, it is going to change things permanently in terms of supply chains and companies.A lot of companies are going to go out of business. During this time, 6.6 million people filed for initial jobless claims last week, 3.3 million the week before. With that type of job loss plus valuations still being very high, market cap to GDP is still around 1.1 times. And that is for the entire US stock market where the average since 1970 is 0.8. That is all a lot lower than where we are today.When you look at all of those things together, one should think of one to two years minimum, not one month. We figured out how bad this is going to be. | a second hedge fund is being launched in the country to help people with disabilities. the fund is a diversified hedge fund that aims to help people with disabilities. the aim is to help people with disabilities and those with disabilities make a living. the aim is to help people with disabilities and those with disabilities make a living. a new book, "the iii - a new generation of leaders," will be published in june. | Positive |
https://economictimes.indiatimes.com/news/politics-and-nation/budget-2020-has-both-vision-and-action-pm-modi/articleshow/73849522.cms | NEW DELHI: Asserting that the Union Budget will accelerate the economic growth, financially empower every citizen and strengthen the foundation of the economy in the new decade, Prime Minister Narendra Modi on Saturday heaped praise on it for having both "vision and action".He also said provision of faceless appeal, new and simple structure of direct tax , move towards unified procurement system, stress on disinvestment are some of the steps which will reduce the government out of people's lives and will enhance their "ease of living"."I believe that this budget will increase income and investment, increase demand and consumption, bring new vigour in the financial system and credit flow," he saidThe budget, Modi noted, will meet the current needs of the country as well as the future expectations in the decade."The new reforms announced in the budget will work to accelerate the economy, financially empower every citizen of the country and strengthen the foundation of the economy in this decade," Modi said in his comments.Noting that the main areas of employment are agriculture, infrastructure , textiles and technology, he said the four have been given great emphasis in the budget to increase employment generation.Referring to the government's efforts to double the income of farmer, he said 16 action points have been created which will serve to increase employment in rural areas.Integrated approach has been adopted for the agriculture sector in the budget, which along with traditional methods will increase value addition in horticulture, fisheries, animal husbandry and also increase employment, he said."Under the Blue Economy, the youth will also get new opportunities in the field of fish processing and marketing," Modi noted.According to the World Bank , the blue economy is the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.The prime minister said new mission for technical textile has been announced. Man-made fibre has been reformatted into the duty structure of its raw material to be produced in India. This reform was in demand for the last three decades, he pointed out.Referring to the Ayushman Bharat scheme, Modi said it has given a new expansion to the health sector of the country."In this sector, there has been a lot of scope for human resources - doctors, nurses, attendants as well as medical device manufacturing. New decisions have been taken by the government to increase it," he said.The Ayushman Bharat Yojana , also known as the Pradhan Mantri Jan Arogya Yojana (PMJAY), is a scheme that aims to help economically vulnerable Indians who are in need of healthcare facilities.Prime Minister Modi had rolled out the scheme in September 2018.He said in the budget, the government has made several special efforts to promote employment generation in the field of technology.A number of policy initiatives have been taken for areas such as new smart cities, electronic manufacturing, data centre parks, biotechnology and quantum technology.He hoped that India will move strongly towards becoming an integral part of the global value chain.He pointed out that new and innovative initiatives have been announced regarding skill development of youth."For example, apprenticeships in degree courses, internships in local bodies and provision of online degree courses. Bridge courses are also being arranged for young people from India who want to go abroad for jobs," he said.Modern infrastructure is of great importance for modern India, he said, adding that the infrastructure sector is also a large employment generator. "Construction of 6,500 projects from Rs 100 lakh crore will increase employment opportunities in a big way. The National Logistics Policy will also benefit trade, business and employment. In the field of infrastructure, we will give new power to youth energy through start-ups and through project development," he said.Describing investment is the biggest driver for employment, he said some historical steps have been taken in this direction.Arrangements are being made to strengthen the bond market and for long-term financing of the infrastructure, he said.Due to the removal of the dividend distribution tax, Rs 25,000 crore will come in the hands of companies which will help them in further investments.Various tax concessions have been given to attract outside investment into India. Tax benefits have also been provided for start ups and real estate. All these decisions will accelerate the economy and through this will provide new employment opportunities to the youth.He said the rights of taxpayers will be explained in the taxpayer charters."Our government has always relied on small entrepreneurs associated with MSMEs. Audit on turnover up to Rs 5 crore will no longer be required," he said.Steps like establishing a common online exam for government jobs, Kisan Rail and Krishi Udaan are going to have long-term benefits for a cross section of citizens.He said to get government jobs, youth have to take many different exams and travel to places."Changing this arrangement, appointments will now be made through the online Common Examination taken by the National Recruitment Agency ," he said. | prime minister says the budget will accelerate economic growth and strengthen economy. he says the four main areas of employment have been given great emphasis in the budget. he says 16 action points have been created to increase employment in rural areas. he also says new mission for technical textile has been announced. he says the government has been able to reduce the government out of people's lives. | Positive |
https://www.financialexpress.com/money/axis-bank-launches-ace-credit-card-in-collaboration-with-google-pay-and-visa/2106145/ | With consumer preference for digital payments growing steadily over the last several years, Axis Bank, in collaboration with Google Pay and Visa, today launched the ACE Credit Card. The card is designed for the growing base of users keen to participate in the digital economy.
Payments for essential use cases like mobile recharges, bill payments made via Google Pay earn users 5% in cashback. Users also get 4%-5% cashback for spends made on daily use categories such as food ordering, online grocery delivery, cab rides for transactions made on partner merchants’ platforms such as Swiggy, Zomato, BigBasket, Grofers and Ola. There is also an unlimited 2% cashback on all other transactions (except EMIs, Cash withdrawals, Fuel) making it one of the most rewarding credit cards in its segment.
The ACE Credit Card is aimed at bringing a seamless, digital experience to users, starting from application to issuance, with the entire user journey for the credit card application being completed digitally. Users will be able to get cashback directly into their ACE Credit Card accounts. The tokenization feature enabled in partnership with Visa, will allow Google Pay users to use their ACE Credit Card to make payments through a secure digital token attached to their phone without having to physically share their card details.
The primary cardholder should be between the age of 18 and 70 years. Unless there are case variations, the required documents for Axis Bank ACE Credit Card application include a copy of your PAN card or Form 60, residence proof, identity proof, a colour photograph and proof of income in the form of latest payslip / Form 16 / IT return copy.
The ACE Credit Card can be availed by eligible users through the Google Pay app.
Joining Fees
Rs. 499 – Waived for all applicants in 2020
In 2021, joining fee reversed if spends exceed Rs 10,000 within 45 days of issuance
Annual Fees
Rs. 499 (applicable from second year of use)
Annual fee waiver at Rs 2 lakh spends in the year
Cashback
Unlimited 5% cashback on Recharges & Bill Pay transactions (electricity, internet, gas, DTH, mobile recharge, and more) through Google Pay
Unlimited 4% cashback on online food delivery – Zomato, Swiggy, and cab rides – Ola
Unlimited 2% on all other transactions (exclusion of EMI, wallet load, cash withdrawal and fuel transactions)
Fuel Surcharge waiver
1% fuel surcharge waiver (valid for transactions between Rs 400 and Rs 4,000. Max benefit up to Rs 500 per month)
Finance Charges (Retail purchases and Cash): 3.4% per month (49.36% per annum)
Limited Time Offers
● Joining fee of Rs 499 waived for users who apply in 2020
● Unlimited 5% cashback on Grofers & BigBasket
● Rs 500 cashback after 3 transactions (min Rs 500 each) within 45 days of card issuance
Lounge Benefit
Complimentary lounge access 4 times a year at participating in domestic airports | ACE Credit Card is designed for users keen to participate in the digital economy. payments for essential use cases like mobile recharges, bill payments made via Google Pay earn users 5% in cashback. users also get 4%-5% cashback for spends made on daily use categories such as food ordering, online grocery delivery, cab rides. unlimited 2% cashback on all other transactions (except EMIs, Cash withdrawals, Fuel) | Positive |
https://www.financialexpress.com/defence/pakistans-fresh-bid-to-combat-terrorism-allows-us-to-expand-trade-ties-bilaterally-and-regionally-says-wilbur-ross/1883092/ | Pakistan’s fresh efforts to fight terrorism and promote security is “affording” the US to expand trade between the two countries and in the region, Commerce Secretary Wilbur Ross has said after meeting the country’s top leadership here.
Ross was in Islamabad on Wednesday, a day after US President Donald Trump concluded his high-profile maiden visit to India, and called on Prime Minister Imran Khan, Foreign Minister Shah Mehmood Qureshi and Minister of Energy Omar Ayub Khan and others.
Building on the productive discussions between President Donald Trump and Pakistani Prime Minister Imran Khan, “I met with Prime Minister Khan and his economic team today in Islamabad to explore ways to grow the US-Pakistan trade and investment relationship, including in the energy and digital sectors,” Ross said in a statement.
“Deepening our economic ties will provide measurable benefits for our two nations,” Ross said while thanking the Pakistani leaders’ willingness to engage in frank conversations.
The US Commerce Secretary recalled President Trump’s statement in New Delhi when he said, “Our relationship with Pakistan is a very good one.”
Ross noted that the US was Pakistan’s largest export destination and American companies have a long history of doing business in Pakistan, contributing to its economic development and providing high-value jobs.
“The work Pakistan has begun to do to fight terrorism and promote security is affording the US and Pakistan the opportunity to strengthen and expand trade in the region and between our countries,” Ross said.
In a stern message to Pakistan, India and the US on Tuesday asked Islamabad to ensure that no territory under its control is used to launch terror attacks and strongly condemned cross-border terrorism in all its forms.
A joint statement said Prime Minister Narendra Modi and President Trump called on Pakistan to expeditiously bring to justice the perpetrators of 26/11 Mumbai and Pathankot attacks.
The two leaders also called for concerted action against all terrorist groups, including Jaish-e-Mohammad, Lashkar-e-Taiba, Hizbul Mujahideen, the Haqqani Network, D-Company, Al-Qaeda, ISIS and Tehrik-e-Taliban Pakistan.
At a press conference, the US president also said that ways to deal with terrorism figured prominently in his talks with Prime Minister Modi who, Trump stressed, is determined to check the menace.
In his statement, Ross said the Department of Commerce will continue to facilitate private sector engagement between the US and Pakistan through organising Pakistani business delegations to America and regional trade shows. It will also support technical exchanges on trade facilitation, energy, intellectual property rights, and good regulatory practices.
“Our conversations provided opportunities to reinforce the critical importance of improving Pakistan’s business environment, including through developing a consistent tax framework, promoting regulatory transparency, and strengthening the intellectual property ecosystem,” he said.
This includes ensuring the free flow of data, which is crucial to businesses in all sectors of the economy and essential to helping Pakistan integrate into the global digital ecosystem, Ross said.
According to the Americna embassy in Islamabad, the US exported USD 2.6 billion worth of goods to Pakistan in 2019. American companies made more than USD 1.4 billion in direct investments in Pakistan since 2016, the embassy tweeted.
Meanwhile, Pakistan and the US have failed to achieve any breakthrough for promoting trade ties despite US Secretary of Commerce Ross’s visit to Islamabad, according to a media report on Thursday.
“This high-level visit proved a non-starter because the US did not make any firm commitment on three demands put by the Pakistani side on negotiating table,” The News reported.
“It could be just termed posturing visit for balancing act in the wake of US President Donald Trump’s visit to our arch rival India,” top officials of Pakistan’s Finance Division who were privy to meetings of Ross was quoted as saying by the report.
Top official sources told the paper that the Pakistani side tabled three demands before the US visiting delegation, including the initiation of Scoping Study for Free Trade Agreement (FTA) but the US side replied that “they would look into it” instead of making any commitment.
The Pakistani side also demanded of expanding the Generalized System of Preferences Plus list for providing concession on export items from the US side but Washington did not seem to agree to it, the report said.
The Pakistani side also demanded of moving towards TIFA (Trade and Investment Framework Agreement) but the visiting US authorities again replied that they would see how things could proceed in future, it said. | the work Pakistan has begun to do to fight terrorism and promote security is affording the US to expand trade, he says. the two countries are able to "enhance and expand trade in the region and between our countries," he says. the u.s. is Pakistan's largest export destination and american companies have a long history of doing business in Pakistan. | Positive |
https://www.financialexpress.com/brandwagon/chimpz-inc-bags-the-integrated-mandate-for-uk-based-edtech-startup-acetute/1966479/ | EdTech startup AceTute has awarded its branding, creative and digital mandate to Chimp&z Inc. The agency will act as a launchpad for the product in India by providing technology and digital marketing solutions. The account will be handled from the agency’s headquarter in Mumbai.
As per the mandate, the agency will create brand strategy and build the technology for the product from scratch while also designing and developing the website and mobile application for the EdTech start-up, to be launched in June 2020. Furthermore, the mandate demands the agency to perform social media marketing, media planning and execution, creative strategy, and public relations for the brand.
According to Dominic Shellard, founder and CEO, AceTute, the platform along with Chimp&z Inc aims to introduce a step-change in the educational achievements of the students. “EdTech was the future before March 2020, but its role is now absolutely essential to educational success, growing economies, and a safer world. With our digital partner Chimp&z Inc, we look forward to fulfilling our aspirations and revolutionizing EdTech.”
The agency won the mandate following a multi-agency pitch. It is an opportunity for us to think holistically for a brand and get it ready for a digital-first economy, Angad Singh Manchanda, CEO and co-founder, Chimp&z Inc said. “Together with the team at Theseus Global (Education) Ltd, we aim to create a product which not only delivers to the objective but also leaves a memorable experience behind for its consumers. We plan to create a strong player in the education sector of the country and look forward to launching the product on a global platform soon.”
Founded in 2013 by Angad Singh Manchanda and Lavinn Rajpal, Chimp&z Inc is a multi-dimensional marketing agency headquartered in Mumbai with a branch in Gurugram as well as operations in North America. Chimp&z Inc has been providing integrated solutions that enable data, media, and creative solutions to work together for optimal campaign performance across the entire customer journey.
Read Also: IdeateLabs bags multiple new business accounts
Follow us on Twitter, Instagram, LinkedIn, Facebook | the agency will act as a launchpad for the product in India by providing technology and digital marketing solutions. the agency won the mandate following a multi-agency pitch. Chimp&z Inc has been providing integrated solutions that enable data, media, and creative solutions to work together. the product is expected to be launched in June 2020. the agency will also design and develop the website and mobile application for the start-up. | Positive |
https://www.financialexpress.com/money/how-investment-landscape-in-real-estate-has-changed-in-4-years-of-modi-government/1198771/ | In May 2014, the people of India gave an unprecedented mandate to the BJP government, led by Mr Narendra Modi, hoping for a strong leadership and greater economic activity and prosperity. The Modi government came to power and promised to grow India into an economic hub which is inclusive for all its citizens. Since then a lot has changed.
The Modi government has brought about many reforms which have changed the way of doing business and these reforms have directly or indirectly impacted the real estate sector in India. Pre-Modi era investments in the real estate sector were limited to equity investments in residential projects which normally came via the FDI route. The FDI capital had exit restrictions at that time as well as investment restrictions. These FDI policies were further relaxed and now FDI investors can invest in projects less than 50,000 sq m of the built-up area, which makes it easy for such investors to target city-centric projects and make a quick exit.
Investments in leased office assets were also limited and there was a handful of large global PE funds buying assets as strategic yield investments. However, there was limited scope for exit from such assets as anybody trying to exit an asset would have to approach some of the other large investors in the market. There was limited liquidity in that space. However, one of the first reforms that were brought in within the BJP government tenure was the notification of REIT’s by SEBI. Today, investment activity in the office space and malls has increased manifold. Large investors want to take larger positions than they ever targeted before as REITs have given them an option to liquidate and exit their position once their returns are made. Investors such as Blackstone, Brookfield, GIC, etc. have created large asset platforms with a strategic option to REIT these assets.
Two other large policy announcements created a new organized sector in real estate — the ‘Make in India’ policy and GST implementation. The ‘Make in India’ policy attracted large multi-national corporations towards setting up their manufacturing facilities in India. Suddenly there was high demand for large-scale high-end industrial parks; industrial real estate being an unorganized sector until then. Large FDI investors saw the potential of partnering with key real estate developers in large manufacturing hubs to create high-end industrial parks which would address the needs of large manufacturing giants entering India. Implementation of GST gave another push to this growing sector. The introduction of GST meant a large impetus to the warehousing and logistics sector as well. These industrial real estate developers are now targeting warehousing and logistics parks. There is also demand from investors for leased out industrial and warehousing parks for investments to make good yields with the eventual plan to build a large platform to REIT the same. Some of the platforms in this sector have been formed by Bengaluru-based Embassy Developments and Blackstone, Bengaluru-based Assetz, LOGOS and Indospace and CPPIB, to name a few.
In the budget for the year 2017-18, the Modi government had made another huge announcement by granting infrastructure status to affordable housing in line with their goal of Housing for All by 2022. This announcement created a new sector for real estate development. With infrastructure status, the affordable housing projects were offered priority approval status and tax holidays. Home buyers were offered interest rate subsidies for home loans. Affordable housing is currently one of the key drivers for the residential real estate business. Many equity investors, both foreign and domestic, are allocating capital to affordable housing projects. Investors, such as BrickEagle, are creating platforms with leading developers in various micro markets to create affordable housing.
Other announcements, such as the implementation of RERA and demonetization have given investors a lot of comfort to make investments in the residential real estate. Demonetization has reduced the use of cash in real estate transactions, making them more transparent. RERA has made real estate developers more organized and accountable. They have made sure the compliance and disclosure levels of any real estate developer are at its best. These are some intangible benefits that have given investors more confidence to look at projects which are RERA compliant.
PM Modi-led BJP government has made a lot of policy announcements and that has changed the way business is done in India. These have had a major impact on the real estate sector, resulting in growth of new asset classes such as industrial and warehousing or in greater liquidity in leased assets or the fast-growing affordable housing market, in addition to all the compliance and transparency that comes from RERA compliance.
(By Suresh Castellino, Executive National Director, Capital Markets & Investment Services at Colliers International India) | the BJP government came to power in may 2014 and promised to grow India into an economic hub which is inclusive for all its citizens. the'make in india' policy attracted large multi-national corporations towards setting up their manufacturing facilities in india. implementation of GST gave large FDI investors the opportunity to invest in large industrial parks. the'make in india' policy was a major step forward for the real estate sector in the country. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/australian-shares-gain-on-gold-healthcare-stocks-nz-rises-most-in-a-week/articleshow/76549138.cms | 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.financialexpress.com/industry/concept-of-co-working-spaces-catching-on-in-india/1290882/ | For India’s commercial real estate, which is reviving after around four years of downturn, the concept of co-working spaces, popular across many countries, is attracting businesses and is growing in demand. A co-working space, as the name suggests, refers to an office area where a number of organisations work out of a shared space or floor, contrary to the conventional office area where a particular space is leased out or used by a single organisation. It also provides its members flexibility of space or desks as per its requirement and all the logistical amenities are taken care of by the space provider.
The price per seat in a co-working space varies from as low as Rs 5,000 per month to premium slots going for Rs 35,000 per month, depending upon the operator and the market dynamics. There are over 600 shared workspaces with over 1.80 lakh seats across the country. Area under co-working spaces is currently around 13.5 million square feet, data from consultancy firm CBRE showed.
In the overall office market space, co-working spaces have seen a rise in demand, especially among start-ups, Anshuman Magazine, Chairman, India and South East Asia, CBRE, told IANS. “While co-working companies took up a modest 0.17 million square metres (1.8 million square feet) in 2017, the first quarter of 2018 itself has exceeded the annual tally of 2017 at 0.19 million square metres (2 million square feet),” according to a Knight Frank report.
Quoting the CBRE’s India Office Market View, Q2 2018 report, Magazine said: “The share of co-working or business center operators doubled from just five per cent in H1 (January-June) 2017 to about 10 per cent in the review period.” In terms of investment in the last financial year, Viral Desai, National Director for Occupier Solutions at Knight Frank India, said: “I would say last year around two million square feet would have been signed up. in terms of investment, it could be around Rs 2,000-3,000 per square feet on setting it out.”
According to market participants, space-takers in the segment range from start-ups to big corporations; however, start-ups and small corporations form a major part. Market players say the rise in interest comes on the back of perks such as cost-effective and flexible leasing terms and hassle-free operations, among others.
The major sector players in India are Regus, WeWork, Cowrks, Awfis and Smartworks and, according to the consultancy firm Knight Frank, they have 8.5 million square feet of operational space, with plans for an additional seven million square feet by 2020.Currently, Delhi-NCR, Mumbai and Bengaluru house most of the co-working stock in India, followed by Pune and Kolkata. Talking of the convenience offered to the consumers, Ryan Bennet, Chief WeWork Officer, WeWork India, said: “It is a segment where you don’t have to put down a 10-month security deposit… you don’t have to put in any capital investment.”
You just have to show up on day one with your computers in hand and everything is taken care of for you,” he said. WeWork India is a joint venture of US-based WeWork and the Embassy Group. Normally, when an organisation signs up for a commercial lease in traditional real estate, it gets locked in for 5 to 10 years, allowing limited flexibility, while co-working spaces give the flexibility to scale up and scale down the space and occupancy duration as the need arises, Bennet added.
He was of the opinion that, on an average, a company would save 15-20 per cent annually while working out of a co-working space compared to the cost incurred in traditional office area. Along with domestic companies, the demand from foreign firms also is palpable, according to space providers.
Shouvik Mandal, Director of Apeejay Business Centre, said: “Foreign players also face restrictions in buying property… which further attracts them towards co-working spaces.” Apart from IT and other logistical support, many space providers also provide other amenities and facilities ranging from community meetings, food programmes, knowledge sharing sessions and so on, which sets them apart from the conventional office space providers.
Karanpal Singh, founder of The Circle, which recently launched its first co-working centre at the Huda City Centre Metro Station, Gurugram said: “Today the millennials want a good environment to work in, just as much as a good company to work in.”
Talking of the designing aspect, Yash Kela, founder of interior designing firm Arrivae, said that corporate offices are more formal and hierarchy-driven spaces while co-working spaces are more vibrant, casual spaces. Community areas like balconies or terraces are the primary areas where employees can interact and discuss.
“Overall, the two categories are the complete opposite. Corporates tend to attract an older age group whereas co-working spaces are catered for start-ups where the age groups are way more younger,” he said. Regarding competition between the conventional office space and co-working facilities, people in the market say that, for conventional spaces, the competition is not of much concern; in fact, both could prove to be complementary to each other.
“These two will basically make up for each other,” said Mandal, who also heads the firm, Apeejay Real Estate. Small firms which take up spaces business centres and would move out to a conventional office space in the long run when they grow and the number of employees increases, he added.
The concept of co-working spaces has so far been largely limited to the tier-I cities. Although business centers have cropped up in few tier-II cities, the popularity there is yet to pick up, market players said.
On the outlook for the market, sector players said the market seems positive and demand would increase from here on. “In India it will expand faster than a lot of other markets, because you have 600 million (people) under the age of 35, a strong GDP growth of over 7 per cent,” Bennet said. The Circle’s Singh said, “It’s only the beginning, and co-working is the largest growing market right now.” | co-working spaces are popular across many countries and are growing in demand. there are over 600 shared workspaces with over 1.80 lakh seats across the country. market players say the rise in interest comes on the back of perks such as cost-effective and flexible leasing terms. the share of co-working or business center operators doubled from just five per cent in H1 2017 to about 10 per cent in the review period. | Positive |
https://www.financialexpress.com/market/2020-likely-to-be-a-year-of-consolidation-says-aditya-birla-amc/1823405/ | The equity markets yielded double-digit returns in calendar year 2019 in what was an extremely narrow rally driven by about half a dozen stocks. The return of foreign portfolio investors (FPIs) further fuelled the rally.
Aditya Birla Sun Life Asset Management Company (AMC) is of the view that 2020 could likely be a year of consolidation as the economy and earnings catch up with the markets and transition as the broader market starts participating.
In CY2019, NSE Nifty Index gained13.4%, while NSE Midcap Index and NSE Smallcap Index were down by 3.7% and 9.2%, respectively. Mahesh Patil, CIO – equity at Aditya Birla Sun Life AMC, said: “Expensive stocks have become more expensive leading to a divergence in the market. Also, mid- and small-cap earnings were downgraded. However, as the economy recovers, earnings growth of mid- and small-cap companies should also pick up as they have a higher linkage to the domestic economy. Risk-on sentiment globally should also lead to continuing FPI flows. Hence, while large caps should continue to do well, mid and smallcaps could catch up and their relative underperformance can reverse.”
“We could see a transition from a narrow rally to broader market participation which provides an opportunity in the event of a convergence,” he added. In 2019, the rally in benchmark indices was led by stocks such as Reliance Industries, HDFC Bank, TCS, ICICI Bank and Kotak Mahindra Bank and among others. Aditya Birla Sun Life AMC also expects the flows into equity funds to further improve in 2020. A Balasubramanian, MD and CEO at Aditya Birla Sun Life AMC said: “With worst of economy behind us and past years returns looking better, we may see higher inflows through lump-sum and systematic investment plans (SIPs) in 2020.” | the equity markets yielded double-digit returns in calendar year 2019. the rally was driven by half a dozen stocks. the return of foreign portfolio investors (FPIs) further fuelled the rally. 2020 could be a year of consolidation as the economy and earnings catch up with the markets and transition as the broader market starts participating. in CY2019, NSE Nifty Index gained13.4%, while NSE Midcap Index and NSE Smallcap Index were down by 3.7% and 9.2%, respectively | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/wanna-play-safe-look-at-debt-free-stocks-that-rallied-up-to-122-in-2019/articleshow/73183322.cms |
Culturally, Indian society sees debt as something that should be generally avoided. Last year, at a time when a number of companies struggled with debts, this sentiment was all pervading among stock investors, who shunned leveraged businesses to bet on debt-free ones. That resulted in an asymmetric rise of pockets of stocks.Stocks of a majority of companies that are virtually debt free jumped as much as 122 per cent in 2019. Fifteen of the top debt-free companies rewarded their investors with over 50 per cent market returns during the year.They included Reliance Nippon Life Asset Management (RNAM), HDFC AMC, Astrazeneca Pharma India, Info Edge (India), Abbott India, Whirlpool Of India , Dr Lal Pathlabs, HDFC Life Insurance, SBI Life Insurance, Indraprastha Gas, Multi Commodity Exchange of India, Bata India and Avanti Feeds , among others.Analysts say their charm will roll on going forward given the difficult business environment in the economy.“In the current environment, when access to capital vis-a-vis what was 12 months back has become difficult and cost of capital has also moved upward, the health of the balance sheet of a company will play a far more important role and, hence, companies that have negligible debt will enjoy an advantage in the eyes of equity investors,” said Ajay Bodke, CEO & Chief Portfolio Manager -PMS at Prabhudas Lilladher.At the same time, these companies will enjoy a higher valuation multiple compared with the highly-indebted ones.The best performers among the 15 companies mentioned above are RNAM and HDFC AMC, both of which doubled investors’ wealth. Of the 13 analysts that cover HDFC AMC, seven are bullish while four have ‘hold’ ratings, Reuters data showed. Only two analysts had either ‘underperform’ or ‘sell’ ratings on the stock.Similarly, out of 10 analysts that cover RNAM, two had ‘buy’ recommendations, five ‘outperform’ and three ‘hold’.Vijay Kedia of Kedia Securities says owning debt-free companies is naturally advantageous. “But being only debt-free is not important, growth should also accompany it. Debt is not all bad, if it comes with 10-20 per cent growth. I will prefer that instead of a business with zero debt and no growth,” said Kedia.He said debt should be reasonable, so that a company has no problem servicing it. “Moreover, the cash flow of the company should also be strong after paying interest. Companies having high debt-equity ratios may go bust in a single slowdown.”Of the 95 names in the BSE500 index that have debt-equity ratios close to zero or zero, 54 delivered positive returns in 2019. Rest slipped up to 54 per cent.Tejas Networks was the biggest loser in 2019, followed by eClerx Services, Lakshmi Machine Works , NBCC India, Nocil, V-Mart Retail, TV Today Network and Care Ratings, among others. | culturally, Indian society sees debt as something that should be avoided. stocks of a majority of companies that are virtually debt free jumped as much as 122 per cent in 2019. Fifteen of the top debt-free companies rewarded their investors with over 50 per cent market returns during the year. they included RNAM, HDFC AMC, astrazeneca Pharma India, info edge (India),. Abbott India, Whirlpool Of India, HDFC Life Insurance, SBI Life Insurance | Positive |
https://www.financialexpress.com/industry/banking-finance/arvind-subramanians-idea-to-fight-npa-mess-allow-majority-private-participation-in-psbs/1401256/ | State-run banks need to be fundamentally reformed by allowing majority private sector participation in them as a way forward in resolving the crisis of massive non-performing assets (NPAs), or bad loans, former Chief Economic Advisor Arvind Subramanian has said.
In his shortly to be released book “Of Counsel: The Challenges of the Modi-Jaitley Economy”, published by Penguin, Subramanian argues for a “grand bargain” between the government and the Reserve Bank of India (RBI) to resolve NPAs which have accumulated to a staggering Rs 13 lakh crore, setting off a liquidity crunch and provoking a tiff between the Centre and the central bank.
“Fundamental reform of the PSBs (public sector banks) is facilitated by allowing majority private-sector participation in the PSBs,” Subramanian writes.
“In return, the RBI would deploy its surplus capital to augment the resources for recapitalising PSBs and capitalising any new holding companies.”
The government’s differences with the RBI centres on four issues — the former wanted liquidity support to head off any credit freeze risk, a relaxation in capital requirements for lenders, relaxing the prompt corrective action (PCA) rules for banks struggling with accumulated NPAs, and support for micro, small and medium enterprises.
Central to the liquidity issue was the government’s demand that the RBI hand over its surplus reserves by making changes to the “economic capital framework”.
“Regulatory/supervisory reform is further achieved by granting the RBI greater supervisory powers over public sector banks,” Subramanian says.
Taking some major names that have emerged in the banking controversy like Vijay Mallya, Nirav Modi, Chanda Kochhar, Rana Kapoor and Ravi Parthasarathy, the former CEA says: “Hearing this roll call of names is to be reminded of India’s astigmatised capitalism’.
He also suggests, to paraphrase from Shakespeare, that “something is rotten in this state of Indian banking for having allowed stigmatised capitalists to survive and thrive for so long”.
He also says that the recognition of the NPA crisis through the RBI’s PCA framework initiated in June 2015 is further advanced by sanctioning financial institutions that are not classifying their loans properly, especially power-sector loans, at banks and other loans at non-banking finance companies (NBFCs).
Besides, the asset resolution process, as enacted by the Insolvency and Bankruptcy Code, is accelerated by sending smaller assets to specialised distressed asset recovery firms, “while the powers sector assets would be shifted to a new government-run holding company”.
“The government should also allow the RBI to implement the Prompt Corrective Action (PCA) framework for less strong banks,” he said.
“Finally, check-ins and oversight of the banking system must be in place to ensure that the shenanigans we have seen over the last several years from Vijay Mallya to Nirav Modi to ICICI Bank to IL&FS are minimized; they can never be fully avoided (regulation),” he added.
While the NPA crisis is a legacy of the lending boom during the high growth years up to 2010, the current liquidity crunch, particularly among non-banking finance companies, follows a series of defaults last month by the privately-run Infrastructure Leasing and Financial Services and banks hesitating to lend after a series of scams, most notably the Rs 14,000 crore fraud on state-run Punjab National Bank by two absconding jewellers Nirav Modi and Mehul Choksi. | former chief economic advisor argues for a 'grand bargain' between government and RBI. he says reform is facilitated by allowing private sector participation in them. the government's differences with the RBI centre on four issues. he says the government should give the RBI greater powers over banks. he also says that the recognition of the NPA crisis through the RBI’s PCA framework is further advanced by sanctioning financial institutions that are not classifying their loans properly. | Positive |
https://www.financialexpress.com/market/analyst-corner-reiterate-buy-on-aurobindo-pharma-with-tp-of-rs-1100/2159403/ | ARBP building manufacturing capacity in parallel with drug development process Aurobindo Pharma(ARBP) and COVAXX have signed an exclusive agreement to develop, manufacture and commercialise a Covid-19 vaccine (UB-612) for India and the United Nations Children’s Fund (UNICEF). UB-612 is currently in Phase-I trials, with Phase-II/III to begin in 1QCY21. With investments of Rs 1.5 billion under progress to create an annual capacity (to be ready by Jun’21) of 480 million doses, the revenue potential from this vaccine could be ~$280 million/$580 million in FY22E/FY23E, subject to regulatory approvals. We remain positive on the company on, improved outlook for the injectable business, WIP for its complex product pipeline, significantly reduced financial leverage, completion of remediation measures at sites under regulatory issues, potential upside from vaccines, and f) comfortable valuation. We value ARBP at 16x 12M forward earnings to arrive at our target price of Rs 1,100. Reiterate ‘buy’.
With the inking of this agreement, the development skills of COVAXX would complement ARBP’s development, manufacturing as well as commercialisation infrastructure. Since UB-612 requires normal refrigeration (no freezing required) for distribution, it would enable faster availability of the vaccine worldwide during the pandemic, creating a win-win situation for all stakeholders.
Even as the vaccine candidates are progressing through various phases of clinical trials and approvals, companies and countries already have agreements for supplying these vaccines, subject to approval. Oxford-AstraZeneca vaccine is leading the pre-order race with ~3.3 billion doses, followed by Novavax and Pfizer– BioNTech. The pricing of these vaccines varies depending on quantities ordered and the economic status of countries.
The Pfizer-BioNTech vaccine is priced at $19.5/dose in the US, while the Oxford-AstraZeneca vaccine is expected to be priced at $3/dose till the pandemic is officially declared over.
ARBP is on track to build a niche portfolio: Biosimilars, Topicals (filings from FY21), Nasals, Transdermal Patches, Inhalers, Oncology, Hormone products, and Depot Injections (filings would begin next year). It is increasing its reach/expanding portfolio in the EU market and shifting its manufacturing base to India, thereby improving profitability. Building manufacturing capacity would fasten the contractual process with vaccine developers.
We expect a 12% earnings CAGR over FY20-23E (on a high base of FY20, including Natrol sales), led by new launches/increased market share in key markets (US/EU), 180bp margin expansion, and lower financial leverage. The vaccine opportunity has the potential to add Rs 4.5/Rs12 to FY22/23E EPS, subject to regulatory approval. We value ARBP at 16x 12M forward earnings to arrive at our TP of Rs1,100. We remain positive on the company given capability to build a niche portfolio, cost efficiency owing to complete integration of manufacturing, and lower financial leverage. Reiterate ‘buy’. | UB-612 is currently in Phase-I trials, with Phase-II/III to begin in 1QCY21. revenue potential from this vaccine could be $280 million/$580 million in FY22E/FY23E, subject to regulatory approvals. UB-612 requires normal refrigeration (no freezing required) for distribution. | Positive |
https://www.moneycontrol.com/news/business/agri-infra-fund-to-benefit-farmers-create-jobs-develop-rural-economy-amit-shah-5670341.html | Union Home Minister Amit Shah on Sunday expressed gratitude to Prime Minister Narendra Modi for launching a Rs 1 lakh crore Agriculture Infrastructure Fund and said it will generate new employment opportunities and strengthen the rural economy.
In a series of tweets in Hindi, Shah said agriculture is the foundation of the Indian economy and the Modi government has been striving to strengthen it for the last six years.
Shah said many unprecedented steps have been taken to double the income of farmers and for the development of the agriculture sector.
"I am confident that due to the untiring efforts of PM Narendra Modi, Indian agriculture will become world class in the times to come," he said.
The home minister said the agriculture infrastructure fund will accelerate creation of many infrastructure projects such as cold storage, collection centres, processing units so that the hardworking farmers can get the true value for their produce.
Shah expressed his gratitude to the prime minister for launching the fund and transferring Rs 17,000 crore in the accounts of 8.5 crore farmers under 'PM-Kisan' for the development of agriculture sector and rural areas.
The prime minister on Sunday launched a financing facility of Rs 1 lakh crore under the Agri-Infra Fund that will help create post-harvest infrastructure in villages and generate jobs. | home minister says agriculture is the foundation of the Indian economy. he says the prime minister has been striving to strengthen it for the last six years. the agriculture infrastructure fund will accelerate creation of infrastructure projects. he expressed his gratitude to the prime minister for launching the fund. the fund will help create post-harvest infrastructure in villages and generate jobs. a total of 8.5 crore farmers will receive the funds under 'PM-Kisan' | Positive |
https://www.financialexpress.com/money/motilal-oswals-10-stock-picks-for-september-2020/2085363/ | Renewed investor interest is being witnessed in the equity market, which is evident from the performance of the Nifty and the Mid-Cap Indices during the past 12 months (Nifty up 5% and Mid-Cap Indices up 8%). We have also seen higher retail activity on the exchanges (retail share in the cash segment is at an all-time high – 72%).
Here’s a stock basket curated by the MOFSL Research Team to help retail investors participate in the market.
The key aspects considered for creating this basket are:
1. Strong businesses with visibility of revenue for the next 12 to 24 months.
2. Relatively lower impact of post-Covid consumer behaviour.
One can also consider building such basket through the SIP route:
1. TCS
Deal wins were stronger for TCS. More importantly, continued traction in large deals, a healthy pipeline, and better resilience in BFSI are encouraging factors. Management believes the worst impact of COVID-19 is behind (both in terms of revenue and profitability) even as some variables such as pricing and working capital cycles warrant a close watch. TCS has a historical track record of adapting to multiple business challenges and technology change cycles. Additionally, it has consistently maintained its market leadership, best-in-class operational metrics, and high return ratios. While the peak of COVID-19-led uncertainty may be behind, near-term negative surprises related to demand, pricing, and collections cannot be ruled out. Nevertheless, TCS should be able to better navigate through these challenges (v/s the rest of the industry). Over the medium term, we expect TCS to be a key beneficiary of the COVID-19-driven increase in technology intensity across verticals.
2. Infosys
Infosys delivered strong beat on both revenue and margin front in its Q1FY21 earnings. Notwithstanding the higher variable payouts, the company delivered robust margin expansion. Notably, this was witnessed in a quarter that has faced significant disruption on both the demand and supply fronts. Deal wins (~USD1.7b, ex-Vanguard) and the deal pipeline both remains healthy. The reinstatement of revenue (0–2% YoY, CC) and margin (21–23%) guidance is a key morale booster. We expect Infosys to be a key beneficiary in terms of recovery in IT spends in FY22. Additionally, as the COVID-19-led disruption eases, we expect further expansion in margins as investments stabilize and back-ended productivity benefits kick in. This should translate into strong outperformance on EPS growth (v/s the sector). As its outperformance v/s TCS continued in this quarter, we expect the valuation divergence to narrow (to 10%).
3. Dr. Reddy’s
Dr Reddy’s (DRRD) delivered strong 30% YoY growth in 1QFY21 earnings, led by a superior show in Pharmaceutical Services and Active Ingredients (PSAI) / EU and other emerging markets. We expect a 21% earnings CAGR over FY20–22, led by a sales CAGR of 6% in the US, 19% in DF, and 23% in PSAI, supported by 340bp margin expansion. DRRD is well-placed, supported by: a) limited price erosion in the base business, b) robust ANDA launches for the US segment, c) improving benefit from cost rationalization, d) a favorable demand-supply scenario in the PSAI segment, and e) synergy benefit through the addition of the Wockhardt portfolio.
4. Laurus Labs
After a long wait, the efforts towards product development/ building manufacturing base are reflected in the phenomenal financial performance of Laurus Labs. In fact, 1QFY21 redefines the earnings assessment over near to medium term. LAURUS has shown strong improvement in performance, with PAT doubling to INR2.5b in FY20 and coming in at INR1.7b in 1QFY21. We expect 2.7x FY20 earnings for FY21, primarily led by a doubling of formulation sales, 30% YoY growth in each API and CDMO segment supported with ~780bp margin expansion. We expect the API business to have a 20% CAGR in the API segment over FY20–22. We remain positive on Laurus on the back of superior execution across revenue segments, resulting in expansion of ROE to 32% and sufficient levers to sustain the earnings momentum over the medium term.
5. Bharti Airtel
BHARTI has delivered strong execution in the last few quarters, with industry leading revenue growth, ARPU increase and 4G subscriber adds. This should help Bharti generate healthy FCF/subsequent deleveraging in the future. However, any tariff hike or change in the structure of price plans would be to leverage increasing data growth, which remains the key growth lever and may stretch beyond 1-2 quarters. With SC verdict out on AGR payment timelines, we expect Bharti to be able to manage the payment with FCF post-interest of >INR100b/INR200b in FY21/FY22, with no tariff hike built-in and net debt of INR1,095b in FY21, including the AGR liability (net debt to EBITDA of 2.8x on pre-Ind-AS 116). With this verdict, balance sheet would weaken. We believe that with the Smartphone market largely settled and prevailing low ARPUs, there is a strong case for price hike. We believe that Bharti has the best hedged position. In order to survive, if VIL triggers a price hike or if the market turns duopoly, Bharti would benefit significantly in both cases, with a potential EBITDA increase of >100–120b.
6. Reliance Industries
RJio enjoys market leadership position in a 4-player industry with stretched balance sheet of competitors. Thus, it could leverage its position as a price maker to drive ARPU. Furthermore, the company is in the process of transforming from a telecom player to a digital company with an ability to expand revenue stream to multiple categories. The higher multiple captures the digital revenue opportunity, expected gains from any potential tariff hikes, growing market share and possible rationalization of tax levies for the sector, which are not built into our estimates. In a deal that could well shape the Organized Retail sector in India, RIL, through its retail subsidiary, Reliance Retail Venture Limited (RRVL), announced the acquisition of Future Group’s Grocery and Apparel Retail formats on slump-sale basis at INR247b recently. We expect robust revenue/EBITDA CAGR of 27%/49% over FY20-22E. Jio Platforms has raised INR1,520.6b across 13 investors with RIL holding ~66.48% equity stake on fully diluted basis. Of the total funds raised, INR229.8b would be retained in Jio Platforms while the rest would be used for optionally convertible preference share (OCPS). Our premium valuation underscores Reliance Retail’s aggressive footprint addition and the recent Jiomart led online opportunity, which could offer huge growth potential over time.
7. Hero Motocorp
HMCL has posted a notable operating performance in these tough times. The narrative around rural demand is positive, but supply chain ramp-up and broad-base demand are important for demand sustainability. Considering the favorable outlook for rural, HMCL should continue to see good demand recovery. However, considering sharp price increase over the last two years, we see the risk of an adverse mix restricting margins and EPS growth (8% CAGR over FY20–23E). Our target multiple is at a ~13% discount to the five-year average PE of 18.4x, factoring a changing growth profile, competitive positioning, and changes in the RoE profile. Sustained market share gains in Premium Motorcycles and Scooters could act as re-rating drivers. We upgrade our EPS estimate by 9% for FY21 to factor faster volume recovery.
8. HDFC Bank
HDFCB has been able to deliver its usual earnings growth trajectory. However, the COVID-19 pandemic has induced volatility on certain operating parameters like fee income and opex. This in turn has heavily dented loan origination across retail segments. Overall performance of the bank should remain steady and we expect the bank to offset near-term pressure on other income via tight control over opex. RBI approving the appointment of Mr Sashidhar Jagdishan as new MD & CEO addresses a key overhang. Moreover, succession by an internal candidate augurs well to boost investor confidence and continue the immaculate performance experienced by the bank under the leadership of Mr Puri. We expect HDFCB’s strong liability franchise and the fixed-rate nature of the book to support margins even as the bank maintains higher liquidity to navigate through the crisis. On the asset quality front, slippages are likely to pick up in 2HFY21 due to the COVID-19-led disruption, which could keep credit costs elevated. However, higher provisioning buffers should limit the overall impact on earnings. We estimate HDFCB to deliver 17% earnings CAGR over FY20-22E and RoA/RoE of 1.9%/16.9% in FY22.
9. SBI Life
SBILIFE’s strong parentage and wide branch network provides it with a distinct distribution advantage over its peers, helping it to maintain low cost ratios and capitalize on the large clientele of SBI (449m), thus, providing it with a long-term structural growth story. SBILIFE has reported an improvement in persistency trend over the years, led by focus on garnering a better quality business and need-based selling. 13th month persistency improved to 86%. It maintains the highest 61st month persistency at 60% (v/s peers), and thus, is supported by healthy growth in renewal premium. SBILIFE is also looking to optimize its product mix and is focused on improving its competitive positioning in the Protection/Annuity business. This should aid VNB margin expansion to reach ~21% by FY23E, which should drive 17% CAGR in VNB over FY20-23E. SBILIFE is in a sweet spot given its strong distribution network, cost leadership and access to its parent SBI’s large customer base. Overall, we expect operating ROEV to normalize toward 18% levels with Embedded Value (EV) reflecting 16% CAGR over FY20-23E.
10. Ultratech Cement
UTCEM’s result highlights the execution of its planned cost rationalization and de-leveraging roadmap. Despite negative operating leverage (volumes down 32% YoY), the company reported the highest ever EBITDA/t of INR1,416, led by cost reduction across heads of expenditure. Net debt also declined by INR22b (13%) QoQ to INR147b (1.7x EBITDA). UTCEM’s market mix has improved post acquisitions, with the stronger markets of northern/central India contributing ~45% to volumes. Besides strong FCF, non-core asset sales should further aid de-leveraging. The stock is also trading 35% cheaper than peer Shree Cement v/s the historical average of 10%.
(By Hemang Jani, Head Equity Strategist, Broking & Distribution, Motilal Oswal Financial Services)
Disclaimer: These stock recommendations have been made by Motilal Oswal Financial Services. Readers are advised to consult their financial planner before making any investment. | a basket of stocks curated by the MOFSL Research Team. the key aspects considered for creating this basket are: 1. Strong businesses with visibility of revenue for the next 12 to 24 months. 2. Infosys delivered strong beat on both revenue and margin front in its Q1FY21 earnings. 3. microsoft. microsoft. microsoft. microsoft delivered strong beat on both revenue and margin front in its. Q1FY21 earnings. | Positive |
https://economictimes.indiatimes.com/industry/services/retail/un-body-joins-hands-with-indian-think-tank-to-promote-e-commerce-amid-covid-19/articleshow/75083470.cms | NEW DELHI: The COVID-19 pandemic has disrupted and impacted the daily lives of people and hampered economic activities in many countries across the world. The coronavirus ’s continuing spread requires global stakeholders to collaborate, support each other and find innovative solutions together in order to address the core challenges that Member States are experiencing.In this context, the United Nations Industrial Development Organization UNIDO ) and the Consumer Unity and Trust Society (CUTS), have signed an agreement to empower consumers to contribute to the global development agenda as well as support their respective governments in times of global crisis.Director General of UNIDO, LI Yong, and the Secretary General of CUTS, Pradeep S. Mehta, have signed a memorandum of understanding for five years, which aims to initiate joint technical co-operation projects to support ongoing activities in achieving the 2030 Agenda for Sustainable Development CUTS has expressed a strong interest in supporting UNIDO in promoting e-commerce as a platform to accelerate Member States’ transition to the digital economy and adapt to the Fourth Industrial Revolution. UNIDO and CUTS plan to develop and implement a BRICS e-commerce project that will build upon the success of UNIDO’s pilot e-commerce project implemented in the BRICS countries between 2016 and 2018.E-commerce is one sector that can contribute to the economy during the COVID-19 emergency. Many lockdowns implemented across the world have required consumers to explore online purchasing options. This clearly indicates that e-commerce has an opportunity to grow as well as expand its attractiveness in countries that have yet to jump on the “e-commerce bandwagon”.E-commerce can also support the implementation of social distancing measures due to the limited amount of physical contact involved in this activity. However, it is also important to note that there are also challenges that enterprises need to address due to specific restrictions. For example, there are ongoing issues with increasing strains on existing IT infrastructure and reduced supply-chain capabilities.The proposed BRICS e-commerce project that UNIDO and CUTS intend to implement will encourage governments of these countries to understand different aspects of national and international regulations negotiations with respect to e-commerce.This project will also encourage MSMEs to use e-commerce platforms to reach consumers’ needs. It is also envisioned that UNIDO and CUTS will develop online capacity building courses to support enterprises’ capacities to take advantage of different e-commerce platforms, as well as target consumers by increasing awareness of consumer welfare and sovereignty.CUTS has also been invited by UNIDO to contribute to the on-going development of its “Culture of Quality Tool” which will support Member States establish a strong quality infrastructure to promote increased access to global value chains.CUTS is an India-based institution, established in 1983, working to achieve “consumer sovereignty in the framework of social justice, economic equality and environmental balance – within and across borders”. The core engagement areas of CUTS are promoting good governance, rules-based trade and effective regulations.CUTS facilitates good governance through grassroots capacity-building, networking, and awareness, leading to government engagement to bring marginalized voices to the table and ensure accountability of policy practices. The organization collaborates with an existing network of more than 60 research and civil society institutions all over the world to assist stakeholders across in developing countries to establish ecosystems that promote rules-based trade for consumers - enabling them to enjoy the benefits of liberalization and integration into the world economy.CUTS also engages with advocacy partners to ensure regulations are implemented to ensure that consumers can have better access to quality goods and services at affordable prices.Both organizations will continue to explore other sectors where joint collaboration can be initiated under the purview of UNIDO’s mandate of promoting inclusive and sustainable industrial development and CUTS mandate of promoting consumer sovereignty which includes the Sustainable Development Goals | e-commerce is one sector that can contribute to the economy during the COVID-19 emergency. many lockdowns implemented across the world have required consumers to explore online purchasing options. e-commerce is one sector that can contribute to the economy during the emergency. CUTS has expressed a strong interest in supporting UNIDO in promoting e-commerce as a platform to accelerate Member States’ transition to the digital economy. | Positive |
https://www.businesstoday.in/current/economy-politics/relief-for-employers-govt-to-bear-epfo-contribution/story/399304.html | Finance Minister Nirmala Sitharaman on Thursday said the government will pay the EPF (Employees' Provident Fund) contribution both of the employer and the employee (10 per cent each) for the next three months in wake of coronavirus outbreak. This scheme will be applicable for organisation with up to 100 employees, where 90 per cent of employees draw less than Rs 15,000 salary.
"Government of India will pay the EPF contribution - of both employer and employee (10% each) - for the next three months, so that nobody suffers due to loss of continuity in EPF contribution," she said.
The FM said that the provident fund scheme regulations will be amended which will allow workers under EPFO to draw up to 75 per cent of their non-refundable advance or 3 months of wages, whichever is lower. This scheme will benefit 4.8 crore workers registered with EPFO (Employees' Provident Fund Organisation), she added.
FM Sitharaman also announced Rs 1.7 lakh crore relief package under Pradhan Mantri Garib Kalyan Yojana for the economy hit by coronavirus. According to her, 80 crore people will benefit from this scheme.
Also Read: Nirmala Sitharaman LIVE updates: Rs 1.7 lakh crore relief package announced; cash to be transferred directly to poor
Among others, she announced an insurance cover of Rs 50 lakh per person to frontline health workers - ASHA workers, paramedics, doctors, nurses, sanitary workers - who are putting their lives at risk and treating coronavirus patients.
She also announced one-time amount of Rs 1,000 for senior citizens, widows and divyang people, in two installments over the next three months.
Also Read: Coronavirus: Doctors, nurses, healthcare workers receive Rs 50 lakh insurance cover per person
"20 crore woman Jan Dhan account holders to be given ex-gratia amount of 500 rupees per month for the next three months, to run the affairs of their household," she said.
The FM also announced that Self Help Groups (SHGs) can now obtain collateral-free loans up to Rs 20 lakh, which is likely to benefit 63 lakh SHGs and have an impact on 7 crore households.
By Chitranjan Kumar | finance minister says government will pay the EPF contribution for next three months. this will be applicable for organisations with up to 100 employees. 90 per cent of employees draw less than Rs 15,000 salary. 4.8 crore workers registered with EPFO will benefit from scheme. she also announced Rs 1.7 lakh crore relief package under pgaya. pgaya is a government-backed initiative to help the poor. | Positive |
https://www.financialexpress.com/economy/services-pmi-returns-to-growth-in-june-records-sharpest-expansion-in-a-year/1230765/ | Following a marginal contraction in May, the services sector returned to growth during June and registered the fastest rate of expansion in a year, supported by robust increase in new business orders, said a monthly survey. The seasonally adjusted Nikkei India Services Business Activity Index rose from 49.6 in May to 52.6, registering the fastest growth since June 2017. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
“The service economy returned to expansion territory in June. Encouragingly, the latest performance was the strongest seen in a year, against a backdrop of improving demand conditions,” said Aashna Dodhia, Economist at IHS Markit, and author of the report. Reflecting improved demand conditions, jobs growth picked up from May’s five-month low.
“In response to an improvement in demand conditions, service providers raised their staffing levels at a faster pace than in the previous survey period,” Dodhia said. On the price front, input cost inflation remained solid overall, however, services providers were unable to fully pass on higher input costs to price-sensitive consumers. “Overall input costs rose at the strongest rate since July 2014, and amid a weak rupee and higher oil prices, inflation may remain elevated,” Dodhia said, adding that given these circumstances, the chances of further monetary policy tightening have heightened.
In June, the Reserve Bank of India had upped its retail inflation projection by 0.30 per cent and kept the policy stance in the neutral zone, even as it hiked the key rate by 0.25 per cent to 6.25 per cent. Meanwhile, the seasonally adjusted Nikkei India Composite PMI Output Index, that maps both the manufacturing and the services industry, rose from 50.4 in May to 53.3 in June. The latest reading is the strongest since October 2016, indicative of a solid rate of expansion.
“The PMI data signalled the best improvement in the overall health of the economy since October 2016, propelled by solid growth in both the manufacturing and service economies,” Dodhia said. | the seasonally adjusted Nikkei India Services Business Activity Index rose from 49.6 in may to 52.6, registering the fastest growth since June 2017. a print above 50 means expansion, while a score below that denotes contraction. the latest performance was the strongest seen in a year, against a backdrop of improving demand conditions. input cost inflation remained solid overall, however, services providers were unable to fully pass on higher input costs to price-sensitive consumers. | Positive |
https://economictimes.indiatimes.com/nri/visa-and-immigration/uae-launches-golden-card-scheme-to-woo-wealthy-investors-exceptional-talents/articleshow/69433510.cms | The United Arab Emirates on Tuesday launched a permanent residency scheme to woo wealthy individuals and exceptional talents, a move that could attract more Indian professionals and businessmen to the Gulf nation.The " Golden Card " programme unveiled by UAE Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum is open to investors and "exceptional talents" such as doctors, engineers, scientists, students and artists."We want them to be permanent partners in our journey. Residents are an indispensable part of our country," Sheikh Mohammed bin Rashid, who is also Dubai's ruler, tweeted.The first group of 6,800 investors from over 70 countries with investments totalling 100 billion dirhams (USD 27 billion) were being given permanent residency, he announced.The Golden Card offers unprecedented benefits to the cardholders and their families while creating an attractive environment for business and growth."Throughout history, the UAE opened its door to millions of people looking for to pursue their dreams and better their lives. The Golden Card is our way to welcome all those seeking to be a part of the UAE's success story and making it a second home," he said.The new initiative will attract greater foreign investment and stimulate the local economy, making it more efficient and attractive for investors. It will also increase the UAE's competitiveness and reaffirms the country's position as a global incubator, Khaleej Times reported.The benefits of the permanent residency also include the spouse and children of the cardholder to ensure cohesive social ties, the report said.Expatriates in the UAE are usually given limited duration residence permits under a sponsorship system.Earlier this month, Major-General Saeed Rakan Al Rashedi, UAE's Director-General for Foreigners Affairs and Ports, said the "Golden Card" visa categories include general investors who will be granted a 10-year visa, real estate investors, who can get a visa for five years, along with entrepreneurs and talented professionals such as doctors, researchers and innovators 10 years.The fifth category — outstanding students — will also be permitted residency visas for five years. All categories of visas can be renewed upon expiry.The Indian expatriate community is reportedly the largest ethnic community in the UAE, constituting roughly about 30 per cent of the country's population of around nine million.Though most of the Indians living in the UAE are employed, about 10 per cent of the Indian population constitutes dependent family members, according to the Indian Embassy website. | the " Golden Card " programme is open to investors and "exceptional talents" the scheme is designed to attract greater foreign investment and stimulate the local economy. the benefits of the permanent residency also include the spouse and children of the cardholder. the Indian expatriate community is reportedly the largest ethnic community in the UAE. the scheme is aimed at attracting more Indian professionals and businessmen to the country. | Positive |
https://economictimes.indiatimes.com/markets/bonds/jsw-steel-raises-500-million-via-offshore-bonds/articleshow/68821658.cms | MUMBAI: JSW Steel , India's biggest maker of the alloy, Wednesday completed raising $500 million by selling dollar bonds, marking a revival in global debt issues by large local companies.The company received subscriptions worth $1.75 billion, about four times the quantum of bonds on offer, two people with direct knowledge of the sale told ET.The dollar-denominated bonds, maturing in five years, offered 5.95%.On April 4, ET reported that JSW Steel was set to raise $500 million through overseas bonds. The company would use the proceeds to expand capacity at its Vijayanagar plant in Karnataka. Deutsche Bank , First Abu Dhabi Bank, BNP, Citi, JP Morgan and Standard Chartered are among the investment bankers that helped JSW Steel raise the funds.“Quite frankly, even after the strong re-opening of the international bond markets for Indian high-yield issuers, the response to JSW Steel has been overwhelming,” said Amrish Baliga, MD & Head Financing, Deutsche Bank, one of the lead bankers to the issue.The order book reflected the quality of this credit instrument, which was well articulated to an international audience, said Baliga. Fitch and Moody ’s rated the steelmaker’s bonds BB and Ba2, respectively, one notch below the investment grade, with stable and positive outlook. | the steelmaker received subscriptions worth $1.75 billion. the dollar-denominated bonds, maturing in five years, offered 5.95%. the company would use the proceeds to expand capacity at its Vijayanagar plant in Karnataka. the response to the issue has been overwhelming, said one of the lead bankers. 'the response to JSW Steel has been overwhelming,' said amrish baliga. | Positive |
https://www.financialexpress.com/opinion/need-to-upscale-rural-to-urban-here-is-why/1420408/ | By Kalpesh Mehta
Traditionally, banking services and innovative products have followed the “urban-first” approach wherein the intensity of investments is focused in urban areas. Introduction of these innovations among rural customers is majorly an afterthought rather than being a primary objective. The Indian economy has traditionally been dominated by cash. However, the increased smartphone adoption, and favourable regulatory policies have created the baseline infrastructure required for a leapfrogging growth in digital payments. Digital payments have grown at a CAGR of 53% over the last 5 years, and is expected to reach $1 trillion in value by 2023. Further, relentless innovation, easy to use payment products, interoperable payment platforms and customer awareness are expected to continue to drive the shift to digital payments from cash.
To drive adoption among rural customers, financial institutions have introduced certain tweaks to their digital product offerings to promote awareness and adoption among rural customers, aimed at addressing the key challenges faced by rural customers. This has shifted the focus now from urban-first to rural-first taking cognisance of the fact that the rural areas could potentially become the growth engines for India.
Once unbanked uninsured customers are brought into the channel through financial inclusion, all ecosystem related customer needs could be offered through digital routes. Digital payments in India have evolved into a multi-modal experience. In 2017, there was a shift in digital payments from physical cards and wallets to newer forms of payments and more so as enabled by the government through the introduction of Unified Payment Interface (UPI), Bharat QR, Aadhaar Enabled Payment System, amongst others. Among these platforms, UPI has seen a dramatic rise as both new entrants (including technology giants) and incumbents alike have brought UPI offerings to the market. Trends notwithstanding, the current payment landscape is still evolving in the sense that there are multiple ways of payments, all seeking large-scale adoption.
The growth in digital payments is likely to continue its upward trajectory, driven by key catalysts such as increase in smartphone penetration, supportive regulatory policies, new platforms enabling proliferation of such transactions, and a thriving and innovative fintech ecosystem. India is witnessing significant growth in smartphone ownership and data usage. Increasingly, more people are becoming comfortable using smartphones for various purposes. This marked shift in behaviour can only prove to be encouraging for digital payment use cases through smartphones. All these factors augur well and contribute to the foray of digital payments in rural India where smartphones have changed the way people connect with and use it to remit and transfer.
UPI has demonstrated the fastest and the most consistent growth rate and is poised to become a key retail payment platform. With the objective of driving financial inclusion in rural areas along with the push by the government (introduction of Jan Dhan, Aadhaar and mobile), banks have started opening branches in the rural areas at a faster pace (CAGR 7.2%) than the overall bank branch network growth (CAGR 6.5%).
As the industry expands further, it is expected to see more collaboration and partnerships amongst various players across the value chain, aimed at providing holistic services with faster go-to-market offerings. Innovation and collaboration are crucial to elevate the reach of digital payments and financial services. However, while the digital payments are expected to grow by leaps and bounds, there is still a significant proportion of the population which is yet to jump on the bandwagon. Applications that support vernacular languages are likely to play a key role in driving customer adoption, comfort and trust in using these applications. Per IMRB’s estimates, by 2021, six vernacular languages (Hindi, Marathi, Bengali, Tamil, Telugu and Gujarati) are expected to comprise almost 75% of the vernacular language internet users. While banks are yet to fully adopt this approach in providing digital services, fintechs/start-ups have already started working on providing vernacular language support and are seeing market traction.
There is a strong interconnect between digital payments and financial inclusion. We are hopeful that this will create and build a platform to inculcate the habit of savings among people, especially the lower income category and provide a formal channel for availing credit facilities, which shall promote entrepreneurship. We are already witnessing small- and medium-sized establishments that are now using their local skills to create franchises and engage in gainful employment. Moreover, the combination of digital payments and inclusion will provide universal access to a wide range of financial services beyond banking, such as insurance products. Further, considering that there are varied socioeconomic backgrounds in the country, customised or tailored financial schemes should be offered to target the different segments of the unbanked population, with regular interactions to generate awareness on the offerings and benefits that will provide them the right insights into leveraging their resources and churning them to better use.
The author is Partner, Deloitte India | digital payments expected to reach $1 trillion in value by 2023. favourable regulatory policies have created the baseline infrastructure. digital payments have grown at a CAGR of 53% over the last 5 years. aadhaar enabled payment system is expected to be launched in 2023. aadhaar enabled payment system is expected to be launched in 2023. | Positive |
https://www.financialexpress.com/industry/sme/india-among-most-people-friendly-tax-regimes-one-of-most-attractive-economies-to-invest-says-modi/1753137/ | India is one of the most people-friendly tax regimes, Prime Minister Narendra Modi told a gathering of business leaders from Thailand and India on Sunday in Bangkok. Stressing on his government’s focus on tax reforms for its people and businesses, Modi said that while India has lowered the tax burden on the middle class considerably in the last five years, it is now starting ‘faceless’ tax assessment to avoid any discretion or harassment. “Our GST has fulfilled the dream of the economic integration of India. We want to work towards making it even more people-friendly. All of what I have said just now makes India one of the world’s most attractive economies for investment,” Modi said.
Speaking at the golden jubilee event of the Aditya Birla Group, referring to the Direct Benefit Transfer (DBT) scheme launched to help people get direct benefit of the government’s subsidies and benefits, the prime minister said that DBT has ended the culture of middlemen and inefficiency and has saved more than $20 billion so far.
Also read: Finance Ministry plans next tranches of CPSE, Bharat 22 ETFs in fourth quarter
Modi also stressed on the $286 billion FDI received in the last five years to highlight investors’ interest in the Indian economy. “90 per cent of this came through automatic approvals. And 40 per cent of this is Green Field Investment. This shows that investors are taking a long term call on India.”
The prime minister said India is among the top 10 FDI destinations, as per UNCTAD moved up 24 ranks on the Global Innovation Index of WIPO in five years. He further reiterated the government’s target of $5 trillion dollar economy. “In 65 years, 2 trillion. But in just 5 years, we increased it to nearly 3 trillion dollars. This convinces me that the dream of a 5 trillion dollar economy will soon become a reality. We are going to invest One Point Five Trillion Dollars for next-generation infrastructure,” he said.
Modi added that India is actively working on Industry 4.0 to adopt latest technologies for development and governance needs in order to become a global manufacturing destination. “If there is one thing I am especially proud of, it is India’s talented and skilled human capital. No wonder India is among the world’s largest start-up eco-systems,” the prime minister said. | prime minister stressed on his government's focus on tax reforms. he said India has lowered the tax burden on the middle class considerably in the last five years. but it is now starting 'faceless' tax assessment to avoid any discretion or harassment. he also stressed on the $286 billion FDI received in the last five years. he also reiterated the government's target of $5 trillion dollar economy. | Positive |
https://www.businesstoday.in/current/economy-politics/modi-announces-package-for-land-and-labour-talks-about-make-in-india-20-amid-coronavirus-crisis/story/403652.html | KEY HIGHLIGHTS
PM announces support for land, labour as part of Rs 20 lakh crore financial package to revive the economy
Package would cover cottage industry, MSMEs, labourers, middle class and industries among others
Modi signalled that focus on infrastructure development will continue to make India preferred destination for foreign companies
Critics, however, took a jibe at Prime Minister's speech and talks of Make in India
Amid demand from industry to provide payroll support, Prime Minister Narendra Modi on Tuesday announced support for labour as part of Rs 20 lakh crore financial package to fight coronavirus and revive the economy.
While announcing the much-awaited package, he hinted that a lot of support would be directed towards lower-end of the society which include workers and farm sector.
He noted that the proposed package will focus on land, labour, liquidity and laws.
"It will cater to various sections including cottage industry, MSMEs, labourers, middle class, industries, among others," Modi said.
In his address to the nation, the Prime Minister indicated that government will focus on factors of production to ensure that costs of manufacturing comes down and India emerges as global production hub for companies.
Modi signalled that focus on infrastructure development will continue to make India preferred destination for foreign companies planning to shift their production from China. Policy experts said that Centre is working with states to ensure that land acquisition process is eased and made available to investors at concessional rates.
Prime Minister said that several bold reforms are needed to make the country self-reliant and negate the impact of coronavirus. These reforms include supply chain reforms for agriculture, rational tax system, simple and clear laws, capable human resources, and a strong financial system.
"These reforms will promote business, attract investment, and further strengthen Make in India," Modi said.
Critics, however, took a jibe at Prime Minister's speech and talks of Make in India saying the government had promised the same things when it launched its flagship scheme to promote India as a manufacturing hub in 2014.
"We had heard exactly the same things when Make in India was launched six years back. Today, common man was expecting Prime Minister to talk about their daily hardships but they were greatly disappointed," said a senior government functionary wishing not to be named.
Speaking days before the Lockdown 3.0 deadline ends on May 17, Modi said that the ongoing crisis had taught the importance of local manufacturing, local market and local supply chains.
"All our demands during the crisis were met locally," he noted. | prime minister Narendra Modi announces support for land, labour as part of Rs 20 lakh crore financial package. package would cover cottage industry, MSMEs, labourers, middle class and industries. critics take a jibe at prime minister's speech and talks of make in india. he said that reforms are needed to make the country self-reliant. | Positive |
https://economictimes.indiatimes.com/news/economy/indicators/indias-exports-to-surpass-usd-314-bn-peak-this-year/articleshow/67833568.cms | The country's exports in the current fiscal year are expected to surpass the earlier peak of USD 314 billion in 2013-14, a senior official said Monday."This year, we are very confident that we will go past our earlier peak, our earlier peak of 2013-14. We will go past that peak quite comfortably this year," Union Commerce Secretary Anup Wadhawan told reporters here.The earlier peak was 314 billion, he said.The achievement comes against the backdrop of a very challenging global environment, Wadhawan said."The earlier peak was 314 billion. We will be comfortably beyond that. Mind you, that is in a very, very challenging global environment. It's an environment where petroleum prices are coming down and 15 per cent of our exports are petroleum products. So, in spite of that, we are going to achieve a new peak," he said.The exports, in general, have been growing almost consistently for the last three years, he said."In fact, you all know about the downturn of 2008-09 when there was a financial crisis, that hit us quite badly. But then we recovered from that. We reached a peak figure of our exports in 2013-14 and then as you know that global crisis got accentuated," Wadhawan said."The real economy got affected and you saw, countries like China and all also getting affected for the first time. Then again, there were couple of years of slight downturn," he said.After that, for the last three years, the country's exports were growing, he added.Pharma, engineering products, petroleum products, gems and jewellery, leather products and even textiles would be among sectors that contribute to the growth in the exports, Wadhawan said. India is doing better, because of lot of effort which has been put into it, effort on the policy side, effort on the regulatory side, in terms of ease of doing business, in terms of simplification of procedures. There are so many interventions, starting with making credit available at affordable rates...," Wadhawan said.He also said the Current Account Deficit is well under control. "Current account is under control, thanks to the fact that exports are growing and then petroleum prices have also stabilised to some extent and are falling in the recent months... I think the economy is in good shape," he said.An export strategy is in place with the government listening to the exporters and addressing their problems, he said.He hoped the IT exports would grow at around 10 per cent which has been the trend for many years."The fact that we are dominant today (in IT), will in many ways, logically mean that we will remain dominant tomorrow also. So, certainly, I see a good future for Indian IT," he said.Replying to a query, he said the country's exports to China and the US are doing well and that the trade issues between the two countries also to some extent contributed to India's cause. | the earlier peak was 314 billion, the union commerce secretary says. the exports have been growing almost consistently for the last three years. the current account deficit is under control, he says. the economy is doing better, he says. he says the government is working on a plan to reduce the deficit. a spokesman for the government says it is preparing to launch a new budget. | Positive |
https://www.financialexpress.com/market/reliance-industries-raises-rs-8500-crore-using-cheaper-ncd-funds-plans-to-replace-high-cost-rupee-debt/1931571/ | Mukesh Ambani’s Reliance Industries Limited (RIL), taking advantage of the cheaper funds flooding the debt market, has raised Rs 8,500 crore from the sale of non-convertible debentures (NCD) with a coupon of 7.2%.The funds raised will be used by RIL to replace the high-cost rupee debt. Reserve Bank of India’s (RBI) targeted long term repo operations (TLTRO) has flushed the debt markets with funds, under which banks have been asked to invest 50% of the funds in commercial papers, corporate bonds and debentures with an aim to keep liquidity in the secondary markets.
The issue, which had hit the market Thursday, has been mostly subscribed by State Bank of India, HDFC Bank, ICICI Bank and Axis Bank, news agency PTI reported. The 7.2% coupon offered by RIL gives a 280 bps premium on the 4.4% repo rate. According to an exchange filing, RIL plans to use the funds gathered from the sale of NCDs to repay its existing rupee loans. Even after being the most cash-rich company in India, RIL sits on a debt pile of Rs 1.54 lakh crore.
RIL’s initial plan was to mop up Rs 9,000 crore in two tranches — two components — a Rs 4,500 crore fixed rate tranche, along with another Rs 4,500 crore tranche with floating rate. Both the issues will offer a coupon of 7.2% to 4.4% of repo, with a spread of 2.8%. The RIL debentures are rated AAA/Stable by both Crisil and Care Ratings.
The face value of each NCD will be Rs 10 lakh, which amounts to Rs 3,000 crore along with an option to oversubscribe up to Rs 1,500 crore, summing up to Rs 4,500 crore. RIL offered a floating interest rate tranche, under which, the company issued 35,000 unsecured redeemable, non-convertible debentures under the PPD Series K2, having a face value of Rs 10 lakh each, aggregating in cash to Rs 3,500 crore with an option to retain oversubscription up to Rs 1,000 crore, aggregating to Rs 4,500 crore.
The central banks had planned to pump Rs 1 lakh crore into the market through the TLTRO. Of the total amount, RBI has successfully infused Rs 75,000 crore into the system and the final tranche is in the market as this copy is being written. According to the announcement on targeted LTRO, made on March 27, lenders get three-year funds at the repo rate of 4.40 per cent. Banks have to invest 50 per cent of the fund in corporate debt. The funds have been earmarked for both secondary markets and primary issues.
On friday the RBI announced TLTRO 2.0, under which banks have been asked to disburse Rs 50,000 crores to mid and small size non-banking financial companies. RBI took note of the TLTRO it announced on March 27, acknowledging that it has largely benefitted large corporates and public-sector entities. | the 7.2% coupon offered by RIL gives a 280 bps premium on the 4.4% repo rate. the company plans to use the funds gathered from the sale of NCDs to repay its existing rupee loans. the face value of each NCD will be Rs 10 lakh, which amounts to Rs 3,000 crore along with an option to oversubscribe up to Rs 1,500 crore. | Positive |
https://www.businesstoday.in/markets/commodities/rupee-vs-dollar-rupee-gains-25-paise-to-74-per-dollar-over-rbis-liquidity-measures/story/398393.html | The Indian rupee appreciated by 25 paise to 74 against the US dollar in early trade on Tuesday tracking positive opening in domestic equities and the Reserve Bank of India's liquidity enhancing measures.
Forex traders said investor sentiments recovered after the Reserve Bank on Monday hinted at a rate cut at the next Monetary Policy Committee (MPC) meet on April 3 and announced more liquidity enhancing measures.
The RBI announced another round of USD 2 billion dollar-rupee swap on March 23 and up to Rs 1 lakh crore of long-term repo operations as and when required.
At the interbank foreign exchange the rupee opened at 74.16, then gained further ground and touched a high of 74.00 against the US dollar, registering a rise of 25 paise over its previous close.
On Monday, rupee had settled at 74.25 against the greenback.
Meanwhile, investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on the global economy, forex traders said.
The number of deaths around the world linked to the new coronavirus has topped 7,000.
Domestic bourses opened on a positive note on Tuesday with benchmark indices Sensex trading 407.89 points higher at 31,797.96 and Nifty up by 118.45 points at 9,315.85.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 3,809.93 crore on Monday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, rose 1.90 per cent to USD 30.62 per barrel.
Meanwhile, the dollar index, which gauges the greenback's strength against the basket of six currencies was trading 0.03 per cent lower at 98.04.
The 10-year government bond yield was at 6.23 per cent in morning trade. | rupee rose 25 paise to 74 against the US dollar in early trade on monday. the rupee opened at 74.16, then gained further ground and touched a high of 74.00. domestic bourses opened on a positive note with benchmark indices Sensex trading 407.89 points higher at 31,797.96 and Nifty up by 118.45 points at 9,315.85. | Positive |
https://www.moneycontrol.com/news/technology/worlds-best-camera-smartphone-huawei-p20-pro-coming-to-india-company-hints-on-twitter-2550181.html | Huawei is expected to launch a tri-camera smartphone — the Huawei P20 Pro — and the P20 in India. The news was almost confirmed in a tweet by the company on its official handle.
The phones were launched last month at an event held at the iconic Grand Palais in Paris last month.
The tweet reads, “Put aside the many for the one that’s here to deliver you all.
#SEEMOOORE #HuaweiP20Series #HuaweiP20Pro” and almost confirms that the phone will be launched in India.
The phones fall under the premium category and carry a price tag of EUR 649 (approx Rs 52,600) for the P20 model while the P20 Pro model comes at a price tag of EUR 899 (approx Rs 72,900) globally. Though there is no official confirmation yet, it is widely speculated the phones will be priced similarly in the Indian markets as well.
Huawei P20 Pro specifications
The big brother in the P20 series, Huawei P20 Pro, sports a 6.1 inch display with a resolution of 2,240*1,080 pixels, and density of 408 pixels per inch.
The phone is powered by an octa-core Hisilicon Kirin 970 processor with 4 cores clocked at 2.36 GHz and 4 cores clocked at 1.8 GHz and is supported by a 6 GB RAM, combined with 128 GB of internal storage. The phone features a Mali-G72 MP12 GPU.
Coming to its USP, the phone features an outrageous 40MP RGB camera + 20MP monochrome camera + 8MP telephoto Leica optics primary camera. The cameras have an aperture rate of f/1.8, f/1.6 and f/2.4 respectively. On the selfie front, P20 Pro features a 24 MP camera with an aperture rate of f/2.0.
The phone comes with a 4,000 mAh battery and comes in Black, Twilight, Pink Gold and Midnight Blue colours.
Huawei P20 specifications
The Huawei P20 features a 5.8 inch display with a screen resolution of 2,240*1,080 pixels and a density of 428 pixels per inch.
Like P20 Pro, the more affordable P20 too is powered by the octa-core Hisilicon Kirin 970 processor with 4 cores clocked at 2.36 GHz and 4 cores clocked at 1.8 GHz and features a 4 GB RAM combined with 128 GB of internal storage. The phone features a Mali-G72 MP12 GPU.
The big difference between the two phones are the cameras. The P20 sports a 12MP RGB camera + 20MP Monochrome camera duo at the rear with aperture rates of f/1.8 and f/1.6 respectively. At the front, the phone features a 24 MP camera with an aperture rate of f/2.0.
The P20 comes with a 3,400 mAh battery and is available in Black, Champagne Gold, Twilight, Pink Gold and Midnight Blue colours.
Other than these, both the phones come with EMUI 8.1 out of the box, which is based on Android 8.1. Other features include Type C USB 1.0 connector, NFC, gyro sensor, ambient light sensor, compass, proximity sensor among others. | the news was almost confirmed in a tweet by the company on its official handle. the phones were launched last month at an event held at the iconic grand palace in Paris. the phones fall under the premium category and carry a price tag of EUR 649 (approx Rs 52,600) for the P20 model. the P20 Pro model comes at a price tag of EUR 899 (approx Rs 72,900) globally. | Positive |
https://economictimes.indiatimes.com/small-biz/sme-sector/facebook-powering-small-business-to-access-markets-says-india-head/articleshow/68126027.cms | NEW DELHI: Social networking giant Facebook is powering small business across the country by providing tools on its platforms to access markets , which otherwise can’t find the supply chain and infrastructure to do so.“As many as six million businesses are live on Facebook in India today. We are the internet for small business because, for them creating a page costs nothing but our agenda is taking this economic possibility of providing marketing and access to people,” Sandeep Bhushan, head of India GMS at Facebook, said at the Economic Times Global Business Summit on Saturday.Bhushan explained how as many as 75-80% of these 6 million businesses reported increase in customers owing to their presence on Facebook’s platforms. “More than half tell us they added a job or two,” Bhushan said.Explaining how creating use cases was a crucial step for mass scale digital adoption, Bhushan said, “When we build Whatsapp for the cheapest smart feature phone, the idea is to get the depth of the access and thus create use cases,” he said.Drawing an example, he explained, there were 50 to 60 million businesses in the country, but one hears of only about 15 million of them being digitally active.“If you now flip the question and say how many of them have a Whatsapp account? The idea is to take the internet to them rather they coming to internet and therefore when we build an app, lets say Whatsapp today, the idea is to build the most basic app which lets you do CRM, the app today is live,” he explained. “That is the point of taking internet to folks where the use cases matter and not wait for them to come into the internet”.Speaking about India, Bhushan said Facebook was optimistic about its business in the country. “We are optimistic about India because of three things progressing. Firstly, infrastructure, both private and government. Second, of the whole government agenda around Digital India, and third, due to partners like us who build on top of that and create services,” he ended. | social networking giant is powering small business across the country. as many as six million businesses are live on Facebook in india today. as many as 75-80% of these 6 million businesses reported increase in customers owing to their presence on Facebook's platforms. 'we are optimistic about India because of three things progressing. Firstly, infrastructure, both private and government. second, of the whole government agenda around Digital India,' he said. | Positive |
https://www.financialexpress.com/industry/sme/why-ebix-is-paying-yatra-84-more-than-its-value-to-acquie-it/1521462/ | The due diligence process by global on-demand software and e-commerce services provider Ebix has commenced for signing an agreement to buy Nasdaq-listed India’s second largest online travel agency Yatra Online by May 15, Ebix announced today. The offer, based on approximately 48 million Yatra Online diluted shares outstanding, represents an 84% premium to Yatra Online’s closing share price of $3.80 as of March 8, 2019, Ebix had said in a statement earlier.
The acquisition amount offered to Yatra earlier this month was reportedly $336 million. “The company (Ebix) intends to merge Yatra Online with its Indian subsidiary EbixCash. The offer is subject to due diligence and customary regulatory and other closing conditions,” Ebix said in today’s statement.
Last week, Ebix had sent a letter outlining its offer to acquire 100% of the outstanding stock of Yatra Online for $7 per share on a debt-free basis to which Yatra had said that it will review the proposal.
Market Consolidation
If the deal goes through, it would mark one of the biggest consolidation in India’s online travel market after more than two years since market leader MakeMyTrip acquired competitor GoIbibo.
Morover, the deal would make Ebix, which has already acquired multiple travel companies, a dominant player in the online travel market. The company had acquired Via.com in November 2017, followed by a range of travel companies including Mercury, Leisure Corp, Pearl International Tours & Travel, and Lawson Travel & Tours, to strengthen its market position.
“At a macro level, this is part of Ebix’s early strategy of becoming a consolidator in various markets. The company first created dominance in money transfer market with the acquistion of digital payments company ItzCash in 2017. Then it dominated forex market as well with acquistion of Essel Forex and Weizmann Forex and acquired SL forex,” a source privy to Ebix’s growth strategy had told Financial Express Online requesting anonymity.
“For Ebix it makes sense, as part of its consolidation strategy, to make a bid for a hostile acquisition of Yatra considering the latter is a Nasdaq-listed company. Hence, Ebix can make an offer on equity swap and also it can help Ebix raise further debt to continue its acquistions,” the source said.
The deal would also mark the exit for investors at Yatra. In 2016, the company had done a reverse merger deal in 2016 with the US-based special purpose acquisition company Terrapin 3 Acquisition Corp to list on Nasdaq and had raised more than $92.5 million.
The company did the reverse merger because it was not finding an exit. When MakeMyTrip acquired GoIbibo and raised funding from Chinese’s travel services company Ctrip in 2017, the gap between MakeMyTrip and Yatra started widening more and more. Also, Yatra has been continuously loosing market share in the consumer booking or B2C side, the source added. MakeMyTrip had raised $330 million from Ctrip and Naspers in May 2017. | global on-demand software and e-commerce services provider Ebix has commenced for signing an agreement to buy india’s second largest online travel agency Yatra Online by may 15. the deal, based on approximately 48 million Yatra Online diluted shares outstanding, represents an 84% premium to Yatra Online’s closing share price of $3.80 as of march 8, 2019. the acquisition amount offered to Yatra earlier this month was reportedly $336 million. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-12-things-that-will-decide-stock-action-on-friday/articleshow/77132823.cms | Check out the candlestick formations in the latest trading sessions
ETMarkets.com
NEW DELHI: Nifty ended above the 11,200 level on Thursday forming a bullish candle on the daily chart. With this, the index is now trading above all its key moving averages, and there is no indication of weakness anywhere.Vinod Nair of Geojit Financial Services said liquidity seems to be driving up the market. Every dip is getting bought into and they are being short-lived, especially in the current mood of the market, which is overlooking all the negatives.Ajit Mishra of Religare Broking said the market is currently riding high on better-than-expected earnings and upbeat global markets . “Considering the momentum, Nifty might test the 11,350 level soon. Traders should align their trades accordingly, but we suggest preferring hedged trades,” he said.Chandan Taparia of Motilal Oswal Securities said support for Nifty50 is gradually shifting higher. “The index has been respecting its rising support trend line by connecting all the recent swing lows. It is also holding above its 200-day EMA. As long as Nifty holds above 11,100 level, it could extend its momentum towards 11,333 and 11,500. Supports for the index are now seen at 11,050 and 11,000 levels," he said.The S&P 500 struggled for direction on Thursday, following four straight days of gains as investors held out for a new coronavirus relief package, with latest data showing signs that a recovery in the labor market was stalling. The Dow Jones Industrial Average was down 51.44 points, or 0.19%, at 26,954.40, the S&P 500 was up 1.32 points, or 0.04%, at 3,277.34. The Nasdaq Composite was up 6.20 points, or 0.06%, at 10,712.33.European shares climbed on Thursday, as investors brushed off simmering U.S.-China tensions and focused on better-than-expected earnings reports from companies such as Unilever, Daimler and Publicis. The pan-European STOXX 600 index rose 0.7%Nifty50 resumed its upward trend on Thursday, negating a ‘Hanging Man’ candle formed on the previous day, which required follow-through selling. The index made a higher highs and lows and the consolidation range of 10,900-11,250 has remained intact. Analysts said supports are moving higher gradually, but Nifty is facing hurdles at higher levels.India VIX fell 0.96 per cent to 24.64. Overall lower volatility is supporting the bullish scenario, and every intraday decline is getting bought into. Options data suggested a shift in trading range between 11,000 and 11,400 levels.Momentum indicator Moving Average Convergence Divergence (MACD) on Thursday showed bullish trade setup on the counters of SBI, GMR Infrastructure, National Fertilizers, Indraprastha Gas Ltd, BEML, Dilip Buildcon, SMS Pharmaceuticals, Natco Pharma, Nelco, Can Fin Homes, City Union Bank, HSIL, Time Technoplast, Hikal, Mirza International, Archidply Industries, Essel Propack, Jayshree Tea, Eicher Motors, Indian Hume Pipe, Gulf Oil Lubricants, JK Cement, Career Point, Precision Wires, M Forgings, Schaeffler India and Vardhman Holdings, among others.The MACD showed bearish signs on the counters of Jindal Steel & Power, Hindustan Unilever, Tata Steel BSL, Hero MotoCorp, Sadbhav Engineering, Kaveri Seed Company, Gateway Distriparks, Aditya Birla Money, eClerx Services, L&T Technology Services, Gulshan Polyols, Ramco Industries, Timken India, Mahindra Logistics, Hinduja Global Solutions, Chemfab Alkalis, TCPL Packaging, DIC India and Tainwala Chem. Bearish crossover on the MACD on these counters indicated that they have just begun their downward journey.RIL (Rs 5479.32 crore) , Bajaj Finance (Rs 2865.95 crore) , Rossari Biotech (Rs 2585.33 crore) , Axis Bank (Rs 1870.69 crore) , BPCL (Rs 1693.76 crore) , ICICI Bank (Rs 1458.24 crore) , SBI (Rs 1386.77 crore) , Infosys (Rs 1183.84 crore) , HDFC Bank (Rs 1141.21 crore) and ZEEL (Rs 1060.96 crore) were among the most active stocks on Dalal Street on Thursday in value terms.YES Bank (shares traded: 45.19 crore) , Vodafone Idea (shares traded: 23.16 crore) , SBI (shares traded: 7.08 crore) , Uttam Value Steel (shares traded: 6.54 crore) , ZEEL (shares traded: 6.52 crore) , Federal Bank (shares traded: 4.62 crore) , Indian Oil Corp (shares traded: 4.49 crore) , Axis Bank (shares traded: 4.02 crore) , ICICI Bank (shares traded: 3.78 crore) and BPCL (shares traded: 3.65 crore) were among the most traded stocks in the session.RIL, Natco Pharma, Laurus Labs, PI Industries and Granules India witnessed strong buying interest from market participants as they scaled their fresh 52-week highs on Thursday signalling bullish sentiment.Aarti Surfactants, B.C. Power Controls, Borosil and Mittal Life Style witnessed strong selling pressure in Thursday’s session and hit their 52-week lows, signalling bearish sentiment on these counters.Overall, market breadth remained in favour of bulls. As many as 300 stocks on the BSE 500 index settled the day in green, while 195 settled the day in red.While abundant liquidity seems to be driving the markets and every dip is getting bought into, how should investors approach stocks now, especially when the market has been consistently overlooking the negatives? | Nifty ended above 11,200 level on Thursday forming a bullish candle. the index is now trading above all its key moving averages. there is no indication of weakness anywhere. the market is currently riding high on better-than-expected earnings. the pan-European STOXX 600 index rose 0.7%. the dow jones industrial average was down 51.44 points, or 0.19%, at 26,954.40. | Positive |
https://www.businesstoday.in/markets/stocks/share-market-live-sensex-nifty-dalal-street-stock-outlook-bse-nse-news-april-16/story/401139.html | Sensex, Nifty Updates: Equity indices Sensex and Nifty closed on a bullish note on Thursday, tracking gains in European and Asian counterparts. BSE Sensex closed 222 points higher to 30,602 and NSE Nifty rose 67 points to 8,992. UPL, HUL, Britannia, ICICI Bank and NTPC were among the top performers on Nifty, while Tech Mahindra, HCL Tech, Kotak Bank, Hero MotoCorp and Infosys were among the top losers today.
Traders said markets will continue taking cues from the worldwide trend. European indices also opened postive today, with CAC and DAX and FTSE trading above 1%. In Asian counterparts, Shanghai, SGX Nifty, Strait Times were trading 1% higher, while Kospi was flat. Nikkei was down 1.3%, with Hang Seng and Taiwan index trading marginally lower.
Here's a look at the updates of the market action on BSE and NSE today:
3.45PM : Closing bell
Equity indices Sensex and Nifty closed on a bullish note on Thursday, tracking gains in European and Asian counterparts. BSE Sensex closed 222 points higher to 30,602 and NSE Nifty rose 67 points to 8,992. UPL, HUL, Britannia, ICICI Bank and NTPC were among the top performers on Nifty, while Tech Mahindra, HCL Tech, Kotak Bank, Hero MotoCorp and Infosys were among the top losers today.
3.35PM: Bajaj Consumer Care up 3% on product launch
Bajaj Consumer Care shares climbed 3% to Rs 144 after the company said in ia press release that it has launched a hand sanitizer product.
3.30 PM : Suzlon Energy hist 5% upper ciruit
Suzlon Energy was locked on 5% upper circuit today after the company board said it plans to consider raising capital through shares, debentures, warrants etc. on April 18, 2020.
3.25 PM Endurance Technologies rises almost 3%
Endurance Technologies stock price touched an intraday high of Rs 609.95 rising 2.65% on BSE aftr the company said its Italian arm has acquired 99%stake in Adler for Euro 3.5 million.
Adler makes systems solutions for clutches, gears and friction plates with a niche in R&D, engineering services and product development for OEM customers in Europe, the filing added.
3.20 PM: Alert: Infosys to Announce Fourth Quarter and Annual Results on April 20, 2020
3.15 PM: Essel Propack
Essel Propack shares opened with a gain of 2.64% today and later climbed 8.3% to an intraday high of Rs 178.15 on BSE after the copmany said its board has appointed Sudhanshu Vats as CEO and MD of the company with effect from April.
3.10 PM : Shriram Transport Finance rises 5.5%
Shriram Transport Finance erased earlier gainsa and touched an intraday high of Rs 699.55, rising 5.42% on BSE. The company said it plans to consider raising funds through NCDs on April 20.
3.00 PM: Deepak Fertilizers and Petrochemicals climbs 4.5%
Deepak Fertilizers and Petrochemicals stock touched an intraday high of Rs 92.55, rising 4.46% on BSE after the market regulator SEBI granted the company extended time till May 15 for the conversion of warrants worth Rs 41.66 crore into equity shares made by the company promoters.
2.50 PM: Shree Cements climbs over 4%, top gainer on NSE
Shree Cements rose in the afternoon trade as the company said it is seeking necessary approvals from the relevant Government authorities for resumption of production facilities at its various locations.
The filing added that the company will resume operations at different production facilities in full compliance to the conditions of operation as have been/may be stipulated in the said permissions/approvals.
Share price of Shree Cement rose 4.4% higher to the intraday high of 18,956.4 on BSE, after falling 3.26% to the day's low of Rs 17,563.
2.45 PM: Rupee ends at record low of 76.86
Rupee ended at an all time of 76.86 against the dollar as compared to last close of 76.44 per dollar. Earlier, the local unit had opened at a record low of 76.82.
2.35 PM: Prataap Snacks soars 12%
Prataap Snacks stock price rose nearly 12% to the day's high of Rs 495 on BSE after the company stated that its job working manufacturing units in Uttarakhand, Maharashtra and Haryana have started operations.
2.25 PM: Escorts stock price falls 2%
Escorts share price fell 2% to the day's low of Rs 696.7 as the company said its factories and offices will remain shut till May 3.
2.15 PM: Eveready Industries rises over 5%
Eveready Industries share prcie climbed over 5% today after the company said its battery manufacturing facility at Karnataka has resumed operations partially.
1:55 PM: IndusInd bank rises over 4%
IndusInd Bank share price rose over 4% in early trade today after Goldman Sachs Singapore bought 41,00,000 shares of shares of the private sector lender. The transaction was worth Rs 176 crore. Share price of IndusInd Bank rose 4.17% intraday to Rs 441.8. Earlier, shares of IndusInd Bank opened flat at Rs 424.10 on BSE.
IndusInd Bank stock rises 4% after Goldman Sachs Singapore buys 4.1 million shares
1.45 PM:Top gainers and losers on Nifty
UPL, HUL, Britannia, ICICI Bank and NTPC were among the top performers on Nifty, while Tech Mahindra, HCL Tech, Kotak Bank, Hero MotoCorp and Infosys were among the top losers today
1.25 PM: Punjab & Sind Bank gains over 11%
Punjab & Sind Bank shares gained over 11% on BSE today after the state-owned lender said it will raise up to Rs 1500 crore through equity and preferential issue of shares. The filing added that the board of directors at its meet approved to raise equity capital through qualified institutional placement (QIP) up an amount of Rs 750 crore and through preferential issue up to an amount of Rs 750 crore.
1.10 PM: Market update
Equity indices Sensex and Nifty traded 1% higher by the afternoon session on Thursday, accounting the reverse of global markets to positive territory. With the start of March quarterly earnings' season, BSE Sensex gained 350 points higher to 30,717 and NSE Nifty rose 102 points to 9,028.
1.00 PM: Navin Fluorine shares climb 5%
Navin Fluorine shares opened with a gain of 2.14% today and later touched an intraday high of Rs 1470.5, rising 5.04% on BSE after the company said it has resumed operations at its facilities in Gujarat and Madhya Pradesh from 14 April after obtaining requisite permissions.
12.50 PM: European indices open higher
European indices also opened postive today, with CAC and DAX and FTSE trading above 1%. In Asian counterparts, Shanghai, SGX Nifty, Strait Times were trading 1% higher, while Kospi was flat. Nikkei was down 1.3%, with Hang Seng and Taiwan index trading marginally lower.
12.40 PM: Tata Steel drops 3%
Tata Steel stock price opened with a loss of 2.86% today and fell 3.14% to an intraday low of Rs 276.2 after the company said tha S&P Global has lowered its rating to 'B+' with a negative outlook. The ratings agency said the downgrade was on account of the expectations that COVID-19 related disruptions and the consequent economic slowdown will adversely impact the steel maker.
12.30 PM: HDFC Securities on Pharma sector
- Our positive stance on Indian pharma is premised on sector's relative resilience to Covid disruption, favorable currency tailwinds and stable outlook for India and US business. India growth has picked up (10% growth for IPM as of MAT Mar'20) and we forecast 11% growth for covered companies over the next two years. US pricing environment continues to remain benign and the regulatory challenges are well understood.
- The pharma sector is up approx 1% YTD and has outperformed the Nifty Index by 28%.
- We prefer stocks with high India exposure as it offers greater earnings visibility, supported by reasonable valuations.
- Reiterate Buy on Cipla. Downgrade Dr. Reddy's to Reduce.
12: 20 PM Zuari Agro Chemicals climbs 5%
The share price of Zuari Agro Chemicals opened with a gain of 2.82% today and later touched an intraday high of Rs 93, rising 5.08% on BSE after the rating firm ICRA has upgraded the credit rating of Zuari Agro Chemicals Ltd
12.10 PM: Biocon climbs almost 5%
Biocon Biologics shares rose 4.72% to the day's high of Rs 352.8 after the company said it has received Establishment Inspection Report (EIR) from USFDA for Pre-Approval Inspection (PAI) at two of its biologics manufacturing facilities in Bengaluru. The inspection was conducted between September 10 & September 19, 2019.
12.00 PM: Bajaj Auto falls over 2%
Bajaj Auto shares declined 2.5% to an intraday low of Rs 2274.95 on BSE after the company told CNBC it has decided to go for a pay reduction till the May 3. Sources at Bajaj Auto suggested that the company is not looking at laying off employees for the moment.
11.50 AM: Hero Motocorp drops almost 4%
Hero Motocorp shares were among the top losers today, after Morgan Stanley lowered FY20 EPS for the auto major by 7.8% as it built in the actual March sales numbers. The brokeage said that FY21 and FY22 EPS changes are less than 1%.
Hero Motocorp shares touched an intraday low of Rs 1,753.2, falling 3.93% on BSE today.
11.40 AM: JSW Energy rises 3%
Share price of JSW Energy climbed 3% to the intraday high of Rs 41.85 on BSE after the company said Brickwork Ratings India Pvt. Ltd (Brickwork) has reaffirmed its ratings of 'BWR A1+' on Commercial Papers of the company.
11.30 AM : Market climbs higher
Sensex and Nifty turned postive on Thursday, accounting the reverse in SGX Nifty that traded 100 points higher. With the start of March quarterly earnings' season, BSE Sensex gained 200 points higher to 30,566 and NSE Nifty rose 66 points to 8,998.
11: 20 AM Care Ratings up 6%
Care Ratings share price rose to an intraday high of Rs 441.75, rising 6.2% on BSE after the company announced that it has appointed Ajay Mahajan as the MD & CEO of the company for 5 years commencing from April 15,2020.
11.10 AM L&T climbs over 4%
Larsen and Toubro shares climbed 4.08% to an intraday high of Rs 915.8 on BSE after the company announced that its heavy engineering arm has won contracts in the range of Rs 1,000-2,500 cr.
11.00 AM: Motherson Suni rises over 7%
Motherson Sumi share prcie today touched an intraday high of Rs 76, rising 6.74% on BSE after the company said its board has approved raising of capital up to Rs 500 cr through NCDs.
10: 50 AM: IMF says,' Asia's economic growth this year will grind to a halt for the first time in 60 years'
Markets turned negative after Reuters reported that IMF said in a report note on Thursday that Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations.
"Policymakers must offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic," said Changyong Rhee, director of the IMF's Asia and Pacific Department.
"These are highly uncertain and challenging times for the global economy. The Asia-Pacific region is no exception. The impact of the coronavirus on the region will be severe, across the board, and unprecedented," he added.
10.40 AM: US dollar today
The US dollar index, rose by 0.46% to 99.91.
10.30 AM: Rupee slips to record low of 76.82
Rupee, the currency benchmark opened at all-time low of 76.80 and slipped further to record low of 76.82 today. Rupee ended at day's low of 76.45 per dollar on Wednesday.
Rupee vs Dollar: Rupee drops 36 paise to all time low of 76.80 per dollar
10.25 AM: Crude oil today
Brent crude futures rose 1.66% to USD 28.15 per barrel today.
10.20 AM : Market Update
Equity indices Sensex and Nifty turned flat with positive bias on Thursday, accounting the reverse in SGX Nifty that traded 20 points higher. With the start of March quarterly earnings' season, BSE Sensex fell 250 points lower to 30,120 and NSE Nifty dropped 40 points to 8,889. Sectorally, gains in FMCG, realty, media, metal and IT were capped by losses in banking, finance, auto and pharma sectors.
10.10 AM: IT stocks tank
IT stocks fell in today's trade after Wipro posted weak earnings figures for the March quarter. The BSE IT index was the worst hit, falling over 2%.
TECh Mahindra, and Infosys were falling over 3%, followed by Tata Consultancy Services (TCS) shares that fell 3.3% lower to the low of Rs 1,691, as the IT major is scheduled to announce its quarterly earnings later in the day.
10.00 AM: Gainers and losers
On the Sensex pack, Infosys, Kotak Bank, Hero MotoCorp, Tech Mahindra, Titan and Axis Bank were maong the top losers. On the other hand, L&T, PowerGrid, Sun Pharma, Reliance Industries and ONGC were among the gainers
9.50 AM: Sectors mixed today
Sectorally, gains in FMCG, realty, media, metal and IT were capped by losses in banking, finance, auto and pharma sectors.
9.40 AM Wipro drops 6% post Q4 result
Wipro share price opened with a loss of 6.03% today and later fell 6.03% to an intraday low of Rs 175.3 on BSE after the IT major reported weak Q4 earning figures yesterday.
On the YOY basis, Wipro reported a 6% decline in profit at Rs 2,345.20 crore in March 2020 from Rs 2,493.90 crore in the same quarter last year. Revenue was up 4.7% at Rs 15,711 crore from Rs 15,006 crore in the year-ago period. Wipro has decided not to give revenue guidance for the June quarter due to uncertainties.
Wipro share price falls 6% on weak Q4 earnings, suspension of revenue guidance
9.30 AM: MCX Gold turns red after hitting lifetime high
After hitting fresh lifetime highs today at 46,783 per 10 gm, gold MCX futures for May month reversed trend and dropped 167 points lower to 46,529 per 10 gm. Gold closed yesterday at 46,696 per 10 gm.
On Gold's near term outlook Anuj Gupta-DVP-Commodities & Currencies Research, Angel Broking said,"We are expecting this rally may continue and Gold may test Rs 49,000 to Rs 50,000 on MCX and in the international market, it may test $1780 to $1800 soon."
9.20 AM: Market open lower
Equity indices Sensex and Nifty opened on a negative note on Thursday, accounting the sharp decline in global markets amid the start of March quarterly earnings' season. BSE Sensex fell 250 points lower to 30,120 and NSE Nifty dropped 40 points to 8,889.
According to experts, prevailing uncertain market conditions amid the rising cases of the virus and extension of the lockdown period have caused volatility and led to the downfall of broader markets on a global scale.
9.10 AM: Pre-open session
Equity indices Sensex and Nifty pre-opened on a negative note on Thursday, accounting the sharp decline in global markets amid the start of March quarterly earnings' season. BSE Sensex fell 250 points lower to 30,125 and NSE Nifty dropped 90 points to 8,834. SGX Nifty traded 50 points lower at 8,873 level, indicating a tepid start in domestic grounds today.
9.00 AM Outlook for market by experts
Ajit Mishra, VP - Research, Religare Broking said,"We reiterate our cautious view on Indian markets and suggest not to go overboard during this recovery move. Domestic factors such as sharp surge in the coronavirus cases and extension of the lockdown will continue to weigh on the investor sentiment ahead. The earnings season begins today. However, we believe that more than the earnings announcement, the outlook given by the management would hold significant importance for the participants."
Ruchit Jain (Equity Technical Analyst, Angel Broking) said, "During the mid-week holiday, our government announced extension of the ongoing lock down period. However, market participants had anticipated such move in advance and hence, it was already factored in due to which we did not see any impact at opening. However, as mentioned in our yesterday's report, the immediate resistance of the index was seen around 9320 which is the 38.2 percent retracement of the recent correction. Nifty almost rallied towards that resistance (made high of 9261) and then witnessed profit booking during later part of the day."
8.55 AM March quarterly release: major cue for market trend
With the start of earning season worldwide, investors will be keenly watching the company wise performance since the outbreak and the financial damage from the same.
Earnings season in India has also started with IT major Wipro reporting a 5.3% sequential fall in its consolidated profit at Rs 2,326.1 crore for the quarter ended March 2020. The company announced Q4 results after market hours today.
"With the earnings season starting, management commentary about the impact of Covid-19 on their respective businesses, will be in focus. IT companies will officially kick off the earnings season and investors will be keen on how the virus spread has impacted their services and the locations in which those services are offered," Vinod Nair added.
Wall Street closed in red over dismal economic data and poor start of the quarterly earnings' season. The Dow Jones Industrial Average fell 1.86%, the S&P 500 lost 2.20% and the Nasdaq Composite dropped 1.44%. Tracking bearish trend from overseas, Asian markets also opened lower today, with Nikkie dropping over 1.5% and SGX Nifty, Kospi, Hang Seng trading 0.70% lower. Taiwan was marginally red, while Shanghai was flat with positive bias. European indices closed 3% lower yesterday.
8.45 AM: Market cues
Domestic investors remained fragile turned red amid concerns over the economic damage from of COVID-19 induced nationwide lockdown. Traders said investors have already factored in the chances of extension and the domestic market will continue taking cues from the worldwide trend.
8.40 AM:Trade deficit data
India's trade deficit narrowed to $9.8 billion in March from $11 billion a year-ago. Exports and imports fell by 34.6%, 28.7%, on a yearly basis.
8.35 AM: FII/DII action on Wednesday
On a net basis, FIIs bought Rs 1,358.66 crore equities, while DII's offloaded Rs 1,097.86 crore
8.30 AM: Stocks to watch today on April 16
TCS, Wipro, IPCA Labs, JSW Energy, Bajaj Auto, Care Ratings, Man Industries India among others are the top stocks to watch out for in Thursday's trading session
Stocks in news: TCS, Wipro, IPCA Labs, JSW Energy and more
8.20 AM: Market expectations
Benchmarks Sensex and Nifty are likely to open on a negative note on Thursday, backed by weak global cues. SGX Nifty traded 50 points lower at 8,873 level, indicating a tepid start in domestic grounds today. Globally markets turned red amid concerns over the rising number of COVID-19 cases in the country and the economic fallout of the nationwide lockdown.
8.15 AM: WPI inflation figures
The Wholesale Price Index (WPI)-based inflation eased for the third month in a row in March 2020 to 1 per cent, lowest in the past four months and a four-year low for the full financial year 2019/20.
WPI inflation eases to 4-year low at 1% in FY20
8.10 AM : Coronavirus toll
According to experts, prevailing uncertain market conditions amid the rising cases of the virus and extension of the lockdown period have caused volatility and led to the downfall of broader markets on a global scale. There 20.83 lakh confirmed cases worldwide and almost 1.35 lakh deaths from the coronavirus COVID-19 outbreak. India has recorded a total of 12,370 cases, 442 deaths and 1,508 recoveries.
8.05 AM: Rupee closing
Rupee, the local unit ended at day's low of 76.45 per dollar on Wednesday
8.00 AM: Closing bell
Benchmarks Sensex and Nifty erased early gains and closed bearish by the afternoon session on Wednesday, in line with global trend. Extending decline for the second straight session, BSE Sensex closed 310 points lower at 30,379 and NSE Nifty 50 ended 68 points lower to 8,925. Sectorally, gains in realty, FMCG, IT were capped by losses in banking indices.
Sensex ends 310 points lower, Nifty at 8,925; Kotak Bank, Hero MotoCorp top losers | Sensex and Nifty closed on a bullish note on Thursday, tracking gains in European and Asian counterparts. european indices also opened postive today, with CAC and DAX and FTSE trading above 1%. in Asian counterparts, Shanghai, SGX Nifty, Strait Times were trading 1% higher, while Kospi was flat. | Positive |
https://www.moneycontrol.com/news/world/us-election-2020-joe-biden-promises-free-covid-19-vaccine-for-everyone-in-us-if-elected-as-president-6008501.html | US President -elect Joe Biden (Source: Reuters)
Democratic presidential candidate Joe Biden has pledged that if elected as president in the November 3 election, he will ensure free COVID-19 vaccination for all Americans, laying out his pandemic response plan just days before the US presidential polls.
In a major policy speech on the coronavirus in his home state of Delaware, Biden on Friday flayed US President Donald Trump for his policies to combat the coronavirus pandemic that has killed over 220,000 people and has had a devastating impact on the country's economy.
"President Trump said we're rounding the corner, it's going away, we're learning to live with it. They are quotes. But as I told him last night, we're not learning to live with it. We're learning to die with it. This is a dark winter ahead," Biden, 77, said.
Already more than 220,000 people in the US have lost their lives to this virus. Worse yet, a new study from Columbia University suggests that anywhere between 130,000 and 210,000 of those deaths were avoidable, he said.
"Once we have a safe and effective vaccine, it has to be free to everyone, whether or not you're insured," the former vice president said.
He said that if elected, he would direct the federal government to "bulk-purchase as many doses as necessary of the COVID-19 vaccine so we can provide it free to those who are uninsured, under-insured or Medicaid-eligible."
"COVID-19 dwarfs anything we've faced in recent history and it isn't showing any signs of slowing down. The virus is surging in almost every state. We passed 4.8 million cases. And when Trump was asked this week what he'd do differently to get the pandemic response right from the start his answer was and I quote, 'Not much. Not much.'," he said.
Alleging that Trump does not have a plan to fight the coronavirus, Biden said the longer he is the president, the "more reckless" he gets.
"We don't have to be held prisoner by this administration's failures. We can choose a different path. We can do what Americans have always done: come together and meet the challenge with grit, compassion, and determination," he said.
Revealing his plan, Biden said he would immediately put in place a national strategy that will position the country to finally get ahead of this virus and get back the lives.
Biden said he will ask the new Congress to put a bill on his desk by the end of January with all the resources necessary to see how both the public health and economic response can be seen through the end what is needed.
Biden said he will go to every governor and urge them to mandate wearing masks in their states.
"And if they refuse, I'll go to the mayors and county executives and get local masking requirements in place nationwide," he said, adding that as president he will mandate mask-wearing at all federal buildings and all interstate transportation.
"Because masks save lives," he said, adding that he will put a national testing plan in place with a goal of testing as many people each day as they are currently testing each week.
Describing this as a Biden-Harris agenda, he said that it is going to take all Americans working together. "And that's not hyperbole, all of us working together, watching out for one another. We're all still going to have to wear a mask or practise social distancing a while longer. It's going to be hard," he said.
"But if we follow the science and keep faith with one another, I promise you, we'll get through this and come out the other side much faster than the rate we're going now. Look, you all know this. The American people have always given their best to this country in times of crisis. And this time isn't any different," he said. | president -elect Joe Biden says he will ensure free COVID-19 vaccination. he says he will "bulk-purchase as many doses as necessary" of the vaccine. he says the longer he is president, the "more reckless" he gets. the coronavirus pandemic has killed over 220,000 people in the u.s. | Positive |
https://economictimes.indiatimes.com/blogs/ResponsibleFuture/can-lng-play-a-role-in-indias-path-to-clean-energy/ | Namrata Rana and Utkarsh Majmudar are authors of BALANCE – Responsible business for the digital age. Namrata is Director Strategy and Brand at Futurescape. (@namratarana on Twitter) Utkarsh is a keen observer and chronicler of companies’ business responsibility. He brings together academic rigour and strategic insights for a better world tomorrow. (@utkarshm on Twitter) LESS ... MORE
The link between rising prosperity and increasing climate change is a real one. This is because increasing living standards for expanding populations worldwide means dependence on reliable modern energy for lighting homes, making new things, e-commerce and more, which in turn leads to carbon emissions. By 2040, global GDP will likely double, and world population is expected to reach 9.2 billion people, up from 7.4 billion today. Asia will add the most people with a significant number moving out of poverty and therefore adding to additional energy demand.
India’s growth and energy story is also likely to follow a similar path. The big question is, “How can India grow and at the same time protect the environment?” says Bill Davis CEO South Asia of ExxonMobil. As per ExxonMobil’s own Energy Outlook India’s current energy mix is approximately 46% coal, 23% oil, 1% nuclear energy, 1% wind and solar, 23% other renewables (including traditional bio-mass) and 6% natural gas. India is expected to follow the worldwide trend of increasing energy efficiency and a move towards renewables to help manage emissions. As electricity use rises, the types of fuels used to generate electricity will include growing contributions from wind, solar, and natural gas.”
ExxonMobil forecasts global energy-related CO2 emissions are likely to peak by 2040 at about 10 percent above 2016 levels. Among the most rapidly expanding energy supplies will be electricity from solar and wind together growing about 400 per cent. The combined share of solar and wind to global electricity supplies is likely to triple by 2040, helping the CO2 intensity of delivered electricity to fall more than 30 per cent. What’s worth noting is that the shift in sources of energy is expected to be aided not just by renewables, but also by natural gas. Globally natural gas, which is cleaner than coal or oil, is expected to be used increasingly more than any other energy source, with about half its growth for electricity generation. Natural gas, when it’s cooled to -260°F, condenses and is referred to as liquefied natural gas, or LNG. In the form of LNG, natural gas can be efficiently transported over great distances to places like India, where a significant part of the gas consumption is expected to be imported to supplement limited local production.
Bill believes that to combat climate change, India needs a balanced blend of growth with low emissions. He says, “We look at India and its goal to double GDP and also to drive manufacturing through its “Make in India” program as an opportunity to drive growth through clean energy. We believe that natural gas can be an important part of driving this ambition. Clean energy is the need of the hour for the industry, for transportation for the residential sector and most importantly for the power sector for three main reasons. Firstly, natural gas resources are geographically and geologically diverse, abundant, reliable and versatile in use (power generation; residential, commercial, industrial heating and cooking; and even transportation). That makes natural gas both reliable and scalable. Scalability is key in India — a nation with rapidly rising energy demand. Secondly, as renewable power continues to grow as a source of electricity, natural gas-fired power generation stands out as a strong complement to renewables to ensure a reliable and resilient power grid. This efficient, flexible power source is ready to supplement dips in renewable energy at night and on cloudy and windless days. Thirdly, and most importantly, natural gas emits significantly fewer pollutants than coal power generation, including NOx, SOx, particulates, mercury, and up to 60 percent fewer GHGs.”
Bill says that decision making around energy needs to factor in long term gains which can only be achieved by doing the “hard math”. That means sitting down and counting all things that happen when you choose a particular energy source. It’s not just the cost per unit of energy – it’s about the value created in terms of a cleaner environment, more reliable power, and a strengthened economy. “Because at the end of the day what really matters is how this improves the lives of Indians,” he added. He further adds, “For this to work, it’s going to take a long-term view, investment in infrastructure, regulatory stability and sound policies to get gas to consumers in a cost-effective and timely way. Now is the time for India to shape its own energy and what’s clear is that natural gas can be part of the solution.”
(Based on a conversation with Bill Davis, Chief Executive Officer and Lead Country Manager, South Asia for ExxonMobil Gas India Pvt. Ltd.)
Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
END OF ARTICLE | by 2040, global GDP will likely double, and world population is expected to reach 9.2 billion people, up from 7.4 billion today. Asia will add the most people with a significant number moving out of poverty and adding to additional energy demand. Among the most rapidly expanding energy supplies will be electricity from solar and wind together growing about 400 per cent. globally natural gas, which is cleaner than coal or oil, is expected to be used increasingly more than coal. | Positive |
https://www.moneycontrol.com/news/business/economy/strong-indian-economy-continues-to-lead-global-growth-imf-2818511.html | India is a source of growth for the global economy for the next few decades and it could be what China was for the world economy, the IMF said today, as it suggested the country to take steps towards more structural reforms.
"India now contributes, in purchasing power parity measures, 15 per cent of the growth in the global economy, which is substantial," Ranil Salgado, International Monetary Fund's mission chief for India, told PTI. This is next to only China and the US, he said.
Salgado said spillovers from India are not that big because it is not a very open economy.
"But of total global growth in Purchasing power parity (PPP) terms, it's 15 per cent of total global growth. Trading is not as high as China trade levels," Salgado said as the IMF Executive Board released the report of its annual consultations with India.
He said the IMF views India as a "long-run source of global growth".
"India has three decades before it hits the point where the working-age population starts to decline. So that's a long time. This is India's window of opportunity in Asia. It's somewhat only a few other Asian countries have this," he said.
"For the (next) three decades, it (India) is a source of growth for the global economy and could be even longer. But three decades where India can be almost what China was for the world economy for a while," Salgado said.
In its report, the IMF Executive Board has forecast India's growth to rise to 7.3 per cent in FY2018/19 and 7.5 per cent in FY2019/20, on strengthening investment and robust private consumption.
"The Indian economy is recovering from the two shocks that started in late 2016: demonetisation and then the kind of implementation issues related to the GST. We see growth recovering. Generally, India is benefiting from good macroeconomic policies; stability-oriented policies as well as some important reforms that have been done in recent years," he said.
Although there are short-term issues, the IMF views that as a long-term major gain for India by implementing a national GST.
"It's something that's difficult to do. Other countries have struggled. In India, it's much more complex because you have 29 states and union territories and you need an agreement. I think that that was a great achievement," he said.
Insolvency and the bankruptcy code is the other big achievement, he said. "We are seeing certain positive steps there and we hope that can continue," he said.
"The third (big achievement) from an economist's point of view is the inflation targeting framework that you now have in the Reserve Bank of India, formally adopted in 2016 but informally even earlier. We have seen the benefits of that have lower inflation and inflation expectations," he said.
And then there are some of the key smaller steps like things to improve the business climate, steps to further liberalised FDI.
"In the near term, it's just to make sure that effective implementation of those are ongoing. If you think of the insolvency and bankruptcy code, it's a difficult change. Basically, the underlying system to resolve bad assets from the corporate sector side is something new. It takes time and experience has to be gained. And we're seeing some of the hitches along the way there, but generally things seem to be moving in the right direction," the senior IMF official said.
Noting that the government is taking steps to "streamline and simplify" the GST, he said the IMF believes that this is important. "Overall we're seeing efforts to improve the balance sheet of banks as well as corporate sector. In our view, these are all important things that need to continue," he said.
Salgado said that for India, things are relatively positive. "India has a young population. It has the potential for a demographic dividend of the next three decades," he said but quickly cautioned that demographic dividend is not automatic.
"It takes good policies to create jobs, to create even stronger economic growth. Seven to eight per cent growth is very good. It's one of the best in the world. But for India, which is appropriately aspiring to quickly catch up with the richer advanced countries, you need even stronger growth," he said in response to a question.
"So if you think about China, China had double-digit growth for many years and that's how we quickly caught out and that's something we should aspire to as well. Because if that doesn't occur, there is the risk that India could grow old before it becomes rich," he said, noting that the IMF is now suggesting India to take steps towards structural reforms.
"The second message we are saying that steps to structural reforms have to continue and, in some ways, have to even take a step further up," he said identifying labour reforms, improving the business climate, and enhancing infrastructure as key areas for continued reforms.
And finally, it is important to finish the cleanup of banking and corporate sector balance sheets, he said. | india contributes 15 per cent of global growth, the IMF says. it could be what China was for the world economy for a while, it says. the IMF views India as a "long-run source of global growth" it says it will implement a national GST in the next few decades. a new report has forecast India's growth to rise to 7.3 per cent in FY2018/19. | Positive |
https://www.moneycontrol.com/news/business/companies/mukesh-ambani-says-india-on-track-to-become-worlds-top-3-economies-4970701.html | Reiterating that India's time has come, Reliance Industries Chairman Mukesh Ambani said the country is set to become one of the top three economies in the world, and technology will play a big role in that journey.
"There is no doubt in anyone's mind (on India becoming the third-largest economy). We may argue if it will happen in five or 10 years," said Ambani in a conversation with Microsoft CEO Satya Nadella, in Mumbai.
Ambani said growth in the economy will be marked by India's emergence as the world's 'most premium digital society."
He said: "The opportunity we have in India is the opportunity to become the premium digital society in the world, with all the components coming in place... we will be the most technologically-enabled society," Ambani said in the fireside chat with the Microsoft CEO.
India had recently emerged as the fifth-largest world economy, overtaking the UK and France, as per a report by US-based think tank World Population Review. "India's economy is the fifth-largest in the world with a gross domestic product (GDP) of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot," it said. The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion.
The tie-up
Both Microsoft and Reliance Industries came together last year to announce a 10-year partnership that aims to "offer a detailed set of solutions comprising connectivity, computing, storage solutions... for Indian businesses."
Reiterating that "we are just at the beginning of this whole journey," Ambani said it will be imperative for India to be the 'pace-setter' when it comes to using technology.
Referring to Prime Minister Narendra Modi's call to use technology to improve ease of doing business in the country, Ambani added that the tech-enabled tools will also deliver ease of living for every citizen in India.
"The India that future generations will see will be nothing like the one you and I grew up in," Ambani told Nadella.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. | reliance chairman says india is set to become one of the top three economies. he says technology will play a big role in the country's growth. ambani says it will be imperative for India to be the 'pace-setter' when it comes to using technology. he says the country will be the world's'most premium digital society' | Positive |
https://www.financialexpress.com/market/ril-sbi-cards-hul-sbi-cards-and-payment-services-q4-earnings-icici-securities-gsk-no-longer-hold-any-hul-shares-reliance-industries-reliance-jio-stake-sale/1952003/ | In-line with Asian peers, Indian stock markets gained 2 per cent in Friday’s opening session. The rally was led by firm global cues, Rs 19,000 crore inflows from FPIs on the previous day and reopening of various manufacturing plants to revive the economy battered by the fast-spreading coronavirus. In the morning session BSE Sensex reclaimed 32,000-mark while Nifty 50 was trading near its crucial 9,400. On Thursday, Foreign institutional investors (FIIs) bought shares worth Rs 19,056.49 crore, while domestic institutional investors (DIIs), too, bought shares worth Rs 3,818.41 crore on net basis, according to the data available on the National Stock Exchange (NSE).
Reliance Industries (RIL): Mukesh Ambani led company announced that US-based technology firm Vista Equity will invest Rs 11,367 crore in Jio Platforms for a 2.32 per cent equity stake. This is the third investment announcement by the company in less than three weeks. The investment by Vista Equity Partners in Reliance Jio values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. RIL (Reliance Industries) share price gained 2.64 per cent at Rs 1547 apiece on BSE in the opening session.
SBI Cards and Payment Services: SBI Cards and Payment Services share price was trading 1.41 per cent higher at Rs 581.90 ahead of its March quarter results. Reliance Power, Reliance Infrastructure, Reliance Home Finance and Reliance Capital are among other companies set to announce their quarter earnings today.
Tata Motors: Tata Motors has decided to withdraw the issue for private placement of unsecured non-convertible debentures (NCD) in view of the higher cost expectations from the market participants due to the tight money market conditions. Tata Motors shares were trading nearly 2 per cent higher at 84.10 apiece on BSE.
Hindustan Unilever: GlaxoSmithKline Pte Limited and Horlicks Limited agreed to the sale of 133,772,044 ordinary shares in HUL at a volume-weighted average price of approximately Rs. 1,905 per share. Following settlement of the sale, GSK will no longer hold any HUL shares, GSK said in a filing. GSK has offloaded its 5.7 per cent stake in Hindustan Unilever for around Rs 25,480 crore. HUL shares gained over 3 per cent to trade at Rs 2,057.95 per equity share.
ICICI Securities: ICICI Securities reported a consolidated net profit of Rs 156 crore in the March quarter, up 28 per cent year-on-year (y-o-y). The company reported consolidated revenue of Rs 482 crore in the quarter ended on March 31. ICICI Securities share price jumped 7.16 per cent to Rs 403.95. | rally was led by firm global cues, Rs 19,000 crore inflows from FPIs. reopening of various manufacturing plants to revive economy battered by coronavirus. foreign institutional investors bought shares worth Rs 19,056.49 crore. domestic institutional investors bought shares worth Rs 3,818.41 crore. sbi cards and payment services shares were trading nearly 2% higher at 84.10 apiece on BSE. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/zircon-tech-gets-sebi-go-ahead-for-ipo-total-approvals-reach-70-in-2018/articleshow/66708298.cms | Zircon Technologies, engaged in the business of label printing for packaging of products, has received markets regulator Sebi 's go ahead to float an initial public offering With this, the total number of companies getting clearance from the Securities and Exchange Board of India (Sebi) to launch IPO has reached 70 so far this year.Zircon Technologies (India), which had filed draft papers with Sebi in September, obtained the regulator's observations on November 12, latest update with the markets watchdog showed.The regulator's observations are necessary for launch of any public issue such as initial public offer (IPO), follow-on public offer (FPO) and rights issue.Zircon, a research based organisation that creates innovative brand security, anti counterfeiting, and authenticity for brands and documents, as per company website.Going by the draft papers, the company's IPO comprises 59 lakh equity shares.Proceeds of the issue will be utilised for repayment of certain borrowings availed by the company, for setting up of new manufacturing facility at Dehradun, funding the working capital requirements of the firm and general corporate purposes."In addition, our company expects to receive the benefits of listing of the equity shares on the stock exchanges and enhancement of our company's brand name and creation of a public market for our equity shares in India," the draft papers noted.Systematix Corporate Services is the sole book running lead manager to the IPO. The equity shares of the company will be listed on NSE and BSE. | total number of companies getting clearance from the Securities and Exchange Board of India (Sebi) to launch IPO has reached 70 so far this year. the company's IPO comprises 59 lakh equity shares. proceeds will be used for repayment of borrowings availed by the company. company expects to receive benefits of listing the equity shares on the stock exchanges and enhancement of its brand name. | Positive |
https://www.businesstoday.in/sectors/banks/hsbc-first-foreign-bank-in-india-to-launch-green-deposit-what-it-means/story/413599.html | HSBC, in line with its global offerings, has launched a green deposit programme in India for its corporate clients, thus offering them an avenue to support eco-friendly projects. The money thus collected will finance green initiatives such as renewable energy, clean transportation, pollution prevention and control, green building, sustainable water and wastewater management, among others.
The green deposit will be available in rupee as a fixed tenure term deposit at a pre-agreed return and will offer similar levels of principal protection as a bank deposit. "The interest rates would vary depending on fund and liquidity requirements of the bank and would be in line with the rates for our regular term deposit product for corporate clients," Hitendra Dave, Head-Global Banking and Markets, HSBC India told Business Today.
The minimum or maximum investment amount will also align with the existing deposit framework for corporate clients. "However, the actual amounts would depend upon the availability of eligible projects and businesses," Dave adds.
HSBC will provide customers with a quarterly report containing portfolio-level information regarding the use of the deposited funds. So, corporates looking for the inclusion of a sustainability agenda into their treasury activities or those with limited opportunities for investment in environmentally beneficial projects may find this product particularly relevant.
"Our Green Deposit proposition is designed to help corporates participate in the sustainability agenda with the safety and assurance of a bank deposit. It is equally suitable for corporates who have either a mature sustainability agenda or are looking to start on this path. This product is aligned with our global commitments towards sustainable financing and will allow clients to participate in the journey towards a low carbon economy," says Dave.
HSBC is the first foreign bank in India to have launched this initiative. The bank is already known for its expertise in green loans across sectors. Recently, it financed a green loan project in the renewables sector for a 250 MW wind power project at Kutch, Gujarat.
Also read: HSBC to cut 35,000 jobs over three years
Also read: HSBC denies Chinese media reports that it 'framed' Huawei | HSBC launches green deposit programme in india for corporate clients. money collected will finance green initiatives such as renewable energy. HSBC is the first foreign bank in india to launch this initiative. a quarterly report will be provided on the use of the deposited funds. a similar scheme has been launched in china. a similar scheme has been launched in the uk in the past. | Positive |
https://www.moneycontrol.com/news/business/exclusive-idbi-bank-looking-to-raise-upto-rs-5000-crore-this-fiscal-suresh-khatanhar-dmd-5343241.html | live bse live
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On May 30, IDBI Bank posted a net profit of Rs 135 crore for Q4FY20 after 13 straight quarters of net losses. The bank had posted a net loss of Rs 4,918 crore in the corresponding period last year. Saddled with high NPAs, IDBI Bank was rescued by the Life Insurance Corporation of India (LIC) last year.
In January 2019, LIC completed acquisition of 51 per cent controlling stake in the lender. The state-owned life insurer infused Rs 21,624 crore into the bank.
The bank has now turned the corner and hopes to be out of Reserve Bank of India's Prompt Corrective Action (PCA) framework soon, said Suresh Khatanhar, Deputy Managing Director of IDBI Bank, in an exclusive interview with Moneycontrol.
Edited excerpts:
Q. IDBI Bank is back in the black after several quarters. When do you expect to come out of PCA?
A: We are keeping our fingers crossed. IDBI Bank has achieved all critical parameters to come out of the PCA. We have demonstrated a strong balance sheet this quarter. We had made a request to RBI to remove the bank from PCA just before the lockdown and in mean while we have declared Q4 results. It is our duty and responsibility to report to the regulator about improvement in numbers. We are very hopeful.
Q. There is general uncertainty in the industry about economic revival. What is your outlook?
A. We have relief measures (from RBI) available upto September. So till, September, there is no issue. After September, we have to see how things evolve. Already there are relaxations for small businesses to operate. Third quarter should show some good economic activity. Government has given Rs 90,000 crore to discoms also. So, this money should come to the system.
Q. What is the plan of action for IDBI Bank now?
A. We have positioned ourselves as a retail bank. Retail already comprises 56 percent of our books. We will continue to march ahead in that segment. Secondly, we are fine-tuning our strategies further for higher productivity and higher profitability. Every penny saved is a penny earned.
Q. What are the plans to raise capital? Will LIC put in more money?
A. We already have sufficient capital. but being a financial institution, we may need capital for growth. We are evaluating some options to raise capital this fiscal. These include from the government, LIC or may be through a QIP (qualified institutional placement). We will wait for a quarter to see how the scenario is panning out, including fresh delinquencies. We may be looking at raising growth capital in the range of Rs 5,000 crore.
Q. Are you worried about the legacy issues?
A. All our legacy issues are over. Large NPA bases are cleared. In retail, risks are diversified. The balance sheets now look really strong. We have a provision coverage ratio of 94 percent. We have used our PCA period really productively and effectively. We have gone through all pain points and are prepared to bounce back.
Q. Both government and RBI have announced measures to help borrowers during COVID-19. How is the implementation progressing?
A. These are very proactive and need-based measures from RBI and government. Liquidity is impacted and these measures shall help.
That has to be provided either through the postponement of debt payments or by providing additional amount. Banks are taking up these measures with the required importance. The only challenge for us was to reach out to the customers during lockdown. People don't often respond. Still we are making our attempts.
Q. Who are opting for moratorium?
A. Some borrowers want to preserve capital and hence want to opt for the moratorium while some have genuine cash flow issues. Both these categories have opted for moratorium. So far, we have 68 percent of the retail book under moratorium and 60 percent on the institutional side. We offered the scheme to everyone and gave an opt-out option for them.
Q. There were some concerns among NBFCs about moratorium scheme availability from banks
A. When RBI announced moratorium facility on March 27, they never stopped anybody from availing the facility. The RBI never said don't give moratorium to MFIs or NBFCs. RBI said banks are permitted to allow the scheme. Now, this is within the discretionary power of the bank. So, some banks did not offer this facility to NBFCs and MFIs.
Q. The government has announced loan scheme for MSMEs. How do you look at it?
A. We have already identified all the eligible borrowers and started approaching them. This scheme became necessary for the revival of the economy with respect to small companies. That's why the government has announced these loans with 100 percent guarantee. Some companies feel they have adequate liquidity and do not need further capital. Except those people for others, we are working out the details. The loan is "upto" 20 percent of the outstanding loan as on February 29.
Q. Have you issued any loans under this scheme so far?
A. Yes, we have already started giving loans under the scheme, although not very big amounts.
Q. What percentage of your MSME borrowers have started asking for this?
A. The scheme just started. We will have to wait and see how many clients approach us.
Follow our full coverage of the coronavirus outbreak here | IDBI Bank posted a net profit of Rs 135 crore for Q4FY20 after 13 straight quarters of net losses. the bank was rescued by the life insurance corporation of india last year. the bank has now turned the corner and hopes to be out of the Reserve Bank of India's Prompt Corrective Action (PCA) framework soon. | Positive |
https://economictimes.indiatimes.com/markets/expert-view/stay-short-stay-in-corporate-bonds-r-sivakumar-axis-mutual-fund/articleshow/63043358.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 Marketing Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit
Talking to ET Now , says one lakh crores of market stabilisation bills are due for maturity in March. So, actually a surge of liquidity will be coming back into the system from here to end of March.Edited excerpts:We have had a perfect storm of negative news for bond markets over the last few months. Of course, the inflation has been the one underpinning that along with the global rise in yields and commodity prices but the driving force really has been the fiscal slippage and the fact that the market is now very uncertain as to how the government is going to complete its market borrowing programme.Given the backdrop in which the RBI has been advising banks to reduce their interest rates risk, who is going to buy Rs 10 lakh crore of bond issuance by the centre and states next year and that has really the key reason why markets have been under tremendous pressure. There is both macro inflation worries and concerns about the fisc stance and supply-demand scenario.You are right, liquidity has been a contributing factor but on the flip side, we must remember that about one lakh crores of market stabilisation bills are due for maturity in March. So, actually a surge of liquidity will be coming back into the system from here to end of March and then of course the government which is today sitting on a large cash balance with the RBI is also likely to spend in the new financial year.When you look at it from 3-6 months’ perspective, our own view is that liquidity will come back into the system. Two factors are probably going to keep liquidity draining out –the ongoing increase in the currency in circulation and the other is that the FIIs have been selling and especially in equities. Therefore, the balance of payments on a monthly basis may see a draw down in reserves which will lead to some liquidity tightening. On balance, we should see liquidity situation improving over the next couple of months and that should provide relief for the money market in short-term bonds. This is not going to directly have a positive impact on long bonds, especially the government securities.Last year, when there was a surge of build-up in reserves, the RBI sterilised that buildup in reserves through OMO sales of securities. More recently, we have seen reserves drop and RBI may choose to do open market purchases rather than sales. That means they had to buy bonds in the market to infuse some liquidity and that could provide much needed support for the bond markets.Last year, we had higher deficit and that the RBI selling long-term bonds into the market certainly pressured the yields in the second half of the financial year up to now. If RBI sends a signal that they are going to use OMOs to support the market to address liquidity, markets will take a lot of heart from that. This is one trigger that we could see from the RBI in the next few weeks.Most of the factors are going to be domestic and from our own perspective, we did not see the blowout to 780 happen and I think bond yields are fairly priced relative to inflation. Inflation is at 5% and your 10-year is close to 8%. This is reasonably priced but the market is more concerned right now about the supply and demand situation and we must remember that in February and March, when there are no central government securities up for auction, we are seeing this kind of pressure.So, what happens when the new financial year starts and you get Rs 20,000-30,000 crore per week of G-Sec supply hitting the market? That is what the markets are really worried about. If the RBI were to do something to address the market concerns on this, then there will be value buyers. Close to 8% is really interesting from a buying perspective. We also need to remember that if RBI genuinely cares about the 4% inflation target and achieves it over the next one to two years, then we are talking about 4% real yields on the 10-year which is a fantastic level if you were to look at it from buying perspective.The short tend is significantly likely to outperform compared to the long end and reasons for this are two-fold – one, while the long end looks fairly valued, I do not see too many triggers for a sharp pull back in yields which will help us make money there.At the short end to the curve, clearly the market is worried about RBI rate hikes and tight liquidity. As liquidity comes back, that is the segment where we expect to see yields drop. That is the segment which we really like. Investors are not going to get compensated for higher duration through yields. The yield curve which you see from overnight to five years is reasonably steep but after five years, it is quite flat and that suggests that there is no real benefit to running long duration. So stay short, stay in corporate bonds which are still outperforming relative to government securities. That is how our portfolios are positioned and that is what we would recommend to investors. | one lakh crores of market stabilisation bills are due for maturity in March. so, actually a surge of liquidity will be coming back into the system. the government which is sitting on a large cash balance with the RBI is also likely to spend in the new financial year. 'we should see liquidity situation improving over the next couple of months and that should provide relief for the money market in short-term bonds, especially the government securities' | Positive |
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MUMBAI: As the role of Chief Financial Officers ( CFOs ) becomes even more important amidst Covid , many of them are struggling to strike a balance between long term objectives and strategy and short term targets, an EY survey said.The EY survey-- 2020 EY DNA of the CFO —took survey of top 812 CFOs in the biggest companies in Europe, the Middle East, India, and Africa.Describing their future priorities, 79% respondents in EMEIA (globally- 86%) say they will be required to protect their organization today, while enabling future growth. At the same time, 79% respondents (globally - 84%) agree that achieving a balance between short-term results and creating long-term value will become a priority. This will also include traditional mandates, such as corporate reporting, along with new ones like overseeing digital transformation, the report added.“The pandemic has highlighted the importance of driving bold, cohesive and innovative strategies to accelerate the digitization of finance. CFOs need to look at the finance of the future – integrating financial and non-financial aspects. This is key to long-term value creation by building a connection between the tangible and intangible assets,” said Sandip Khetan, National Leader and Partner, Financial Accounting Advisory Services (FAAS), EY India.“Digital adoption in the CFO’s office has been accelerating in India and will continue to do so at an exponential rate in the post-COVID era. Going forward, CFOs should look to reframe the finance function by harnessing new and emerging technologies such as intelligent automation, and thereby, creating value rather than cutting costs, and more importantly, embracing a superfluid structure that can adapt effortlessly to technological shifts in the market,” said Nikhil Sharma, Partner and Finance Leader, Business Consulting, EY India.As per the report the performance of markets is fundamentally changing. New virtual markets are emerging as platform-based giants connect buyers and sellers in a more seamless way, and new technologies converge to eliminate even more inefficiencies and frictions. | survey of top 812 chief financial officers in the biggest companies in Europe, the Middle East, India, and Africa. 79% respondents in EMEIA say they will be required to protect their organization today, while enabling future growth. 79% agree that achieving a balance between short-term results and creating long-term value will become a priority. 'the pandemic has highlighted the importance of driving bold, cohesive and innovative strategies to accelerate the digitization of finance,' said Sandip Khetan, | Positive |
https://www.financialexpress.com/industry/banking-finance/bank-of-baroda-to-offer-up-to-rs-12k-crore-loans-to-msmes-under-credit-guarantee-scheme/1968502/ | State-run Bank of Baroda on Saturday said it can offer up to Rs 12,000 crore in loans to MSMEs under the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) announced by the government.
Last week, Finance Minister Nirmala Sitharaman had announced a 100 per cent credit guarantee scheme worth Rs 3 lakh crore to support the medium, small and micro enterprises (MSMEs) which have been adversely affected by the coronavirus crisis.
All existing MSME borrowers with outstanding credit of up to Rs 25 crore as on February 29 and with an annual turnover of up to Rs 100 crore would be eligible for funding under the scheme.
“In our case, that particular portfolio amounts to be Rs 58,000 crore. So, 20 per cent of that would be around Rs 10,000 crore to Rs 12,000 crore. This, we can make available to our MSME clients in the times to come under the guaranteed scheme of the government,” the bank’s Managing Director and CEO Sanjiv Chadha told reporters through a video conference.
The ECLGS was the second-biggest component of the over Rs 20 lakh crore comprehensive package announced by the government for the coronavirus-hit economy.
Under the scheme, 100 per cent guarantee coverage will be provided by the National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Mudra scheme borrowers, in the form of a guaranteed emergency credit line (GECL) facility.
The amount of GECL funding to eligible MSME borrowers, either in the form of additional working capital term loans (in case of banks and financial institutions) or additional term loans (in case of NBFCs), would be up to 20 per cent of their entire outstanding credit of up to Rs 25 crore as on February 29, 2020.
Chadha further said under the COVID-19 emergency credit line launched in March, the bank has so far sanctioned Rs 3,000 crore in?loans and disbursed Rs 1,500 crore to MSMEs.
Nearly, 60-70 per cent of the bank’s borrowers have availed the three-month moratorium on repayment of term loans announced in March by the RBI.
“In terms of people availing the moratorium, it was around 60-70 per cent, although 90 per cent or more would have been eligible for that,” he said.
On Friday, State Bank of India Chairman Rajnish Kumar had said close to 20 per cent of the bank’s borrowers had availed moratorium on repayment of term loan instalments.
The RBI on Friday extended the moratorium for another three months to August 31, 2020.
Chadha sees the number of people availing moratorium declining going forward as economic activities resume.???
The bank has not offered a moratorium to NBFCs but is now considering granting them the facility on a case-to-case basis, he said.
“That (moratorium to NBFCs) is something which is being considered by us. We are clear that regardless of the category of borrowers, whether an NBFC, an industrial borrower, MSME or home loan borrowers, you do need to address what are very genuine requirements at this point of time,” he said.
“Therefore, when it comes to our NBFC borrowers, particularly the smaller ones where dependence on some banks would be little more, and where access to alternative sources of funding is not available, it (offering moratorium) becomes a simpler decision,” Chadha said.
According to him, the bank is well capitalised currently but may look to raise tier-1 capital to build its capital buffer.
“In terms of the equity market, it is not the best time. But we could be in the market for possibly tier-1 capital over the next two months,” he added. | bank of baroda says it can offer up to Rs 12,000 crore in loans to MSMEs. under the scheme, 100 per cent guarantee coverage will be provided. it is the second-biggest component of the over Rs 20 lakh crore comprehensive package announced by the government for the coronavirus-hit economy. nearly 60-70 per cent of bank’s borrowers have availed the three-month moratorium on repayment of term loans announced in March by the RBI. | Positive |
https://economictimes.indiatimes.com/markets/stocks/recos/buy-bajaj-electricals-target-rs-735-emkay-global-financial-services/articleshow/68724609.cms | Emkay Global Financial Services has a buy call on Bajaj Electricals with a target price of Rs 735.The current market price of Bajaj Electricals is Rs 540.75.Time period given by the brokerage is one year when Bajaj Electricals price can reach the defined target.Our interactions with distributors indicate that BJE has been ahead of the competition in capturing market share in tier-2 and rural markets , thanks to its distribution network. BJE has lined up new product launches in the premium and mass categories and the premium segment is growing faster than the mass market, albeit on a lower base. New launches in the premium segment should strengthen BJE’s portfolio in metros and large towns. This should help BJE’s consumer business to deliver 20 per cent plus YoY growth over the next two years. BJE will support new product launches by spending on advertisements via TVs and other mass media platforms.BJE’s consumer revenues increased by 27 per cent YoY in Q3FY19. This was the fifth consecutive quarter of 20 per cent plus revenue growth under the new distribution model. Consumer business’ 6.9 per cent EBIT margin in Q3FY19 was the highest under its new model. Acceleration in volumes and new product launches should expand the consumer segment’s EBIT margin by 200bps over FY19-21E.We expect BJE’s earnings to rise 25 per cent in FY20E and 20 per cent in FY21E as both businesses are performing well. Almost 81 per cent/86 per cent of earnings will come from the consumer business in FY20/21E. Our target price of Rs 735 is based on SoTP valuation (Rs 664 for consumer business based on 35x EPS FY20E and Rs 71 for project business based on 13x EPS FY20E). Keys risks are: 1) sharp rise in input costs, 2) price war by competition and 3) higher working capital requirement in project business. | the current market price of Bajaj Electricals is Rs 540.75. time period given by brokerage is one year when price can reach target. premium segment is growing faster than mass market. consumer revenues increased by 27 per cent in q3fy19. consumer business’ 6.9 per cent EBIT margin in q3fy19 was the highest under its new model. | Positive |
https://www.moneycontrol.com/news/business/commodities/top-oil-producers-agree-on-record-output-cuts-5137231.html | Top oil-producing countries agreed Sunday to record output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war.
OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour Sunday in a last-ditch effort to cement an accord struck early Friday that hinged on Mexico's agreement.
In a compromise, Mexico came onboard Sunday to an agreement to cut 9.7 million barrels per day from May, according to its Energy Minister Rocio Nahle, down slightly from 10 million barrels per day envisioned earlier.
Kuwait Oil Minister Khaled al-Fadhel tweeted that, following extensive efforts "we announce completing the historical agreement".
Saudi Energy Minister Prince Abdulaziz bin Salman, who chaired the meeting together with his Russian and Algerian counterparts, also confirmed that the discussions "ended with consensus".
US President Donald Trump welcomed a "great deal for all", saying on Twitter it would "save hundreds of thousands of energy jobs in the United States".
He added he "would like to thank and congratulate" Russian President Vladimir Putin and Saudi Crown Prince and de facto leader Mohammed bin Salman, both of whom he had spoken to.
Initial reticence from Mexico to introduce output cuts had led to a standoff that cast doubt on efforts to bolster oil prices, pushed to near two-decade lows.
Oil prices have slumped since the beginning of the year due to the COVID-19 pandemic that has sapped demand as countries around the world have put their populations under lockdown.
Compounding the problem, key players Russia and Saudi Arabia had engaged in a price war, ramping up output in a bid to hold on to market share and undercut US shale producers.
Rystad Energy analyst Per Magnus Nysveen said Sunday's agreement provided "at least a temporary relief" as fuel consumption was expected to fall globally by 27 million barrels per day in April and 20 million barrels per day in May.
His colleague Bjornar Tonhaugen said, however, that even though the deal made "the single largest output cut in history", prices were still expected to see "renewed downwards pressure".
"The oil market will see enormous stock builds in April as the deal is only in effect from 1 May, while gradual shut ins and production declines will already happen during the current month," he said.
Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite Trump's mediation efforts to end the standoff with Mexico.
The OPEC-led agreement foresees deep output cuts in May and June followed by a gradual reduction in cuts until April 2022.
Russian Energy Minister Alexander Novak was quoted by Russian news agency TASS as saying he expected oil markets not to recover before "end of the year, in the best case". | OPEC producers, dominated by Saudi Arabia, and allies led by Russia meet for an hour. in a compromise, Mexico comes onboard to cut 9.7 million barrels per day from may. the deal is expected to boost plummeting oil prices due to the new coronavirus crisis. the oil price slump has been exacerbated by a Russia-saudi price war. | Positive |
https://economictimes.indiatimes.com/markets/ipos/fpos/varroc-engineering-ipo-subscribed-54-so-far-on-day-2/articleshow/64762576.cms | NEW DELHI: The initial public offering of Varroc Engineering was fully subscribed on the second day of the bidding process on Wednesday.Till 5:00 pm, total bids received stood at 1,44,79,575 shares, which was 1.02 times of the total issue size of 1,41,85,212 shares, NSE data showed.The portion set aside for qualified institutional buyers (QIBs) was subscribed 3.18 times, non-institutional investors 0.04 times and retail investors 0.22 times, according to data available with NSE and BSE.The offer was subscribed 33 per cent on Monday.Varroc Engineering, which supplies auto parts to Jaguar Land Rover , Bentley, Audi and Harley Davidson, raised Rs 584 crore from anchor investors including Canadian pension fund CDPQ and Smallcap World Fund Inc.The IPO will close on June 28. At the upper end of the price band, the issue will fetch Rs 1,955 crore.Founded in 1990 in Aurangabad, Varroc is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger cars and motorcycle segments worldwide.Majority of the brokerages are bullish on the issue.Nirmal Bang Securities in its research report says "Varroc is being offered at a PE of 28.9 times FY18 (vs domestic peer average of 41.6 times) and EV/EBITDA of 15.9 times FY18 (vs domestic peer average of 17.6x). Thus, based on the business capabilities, industry growth prospects and valuations, we recommend subscribing to the issue."The company has a strong competitive position in attractive growing markets has a long-standing customer relationship with low cost, strategically located manufacturing and design footprint. Also, the company has a consistent track record of growth and operational and financial efficiency. "Hence, looking after all above, we recommend “Subscribe” on the issue," says Hem Securities. | initial public offering of Varroc Engineering fully subscribed on second day of bidding process. total bids received stood at 1,44,79,575 shares, which was 1.02 times of total issue size. the company supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. the IPO will close on June 28. at the upper end of the price band, the issue will fetch Rs 1,955 crore. | Positive |
https://www.businesstoday.in/markets/stocks/sensex-nifty-2020-gains-despite-covid-19-pandemic-corona-vaccine/story/426626.html | Sensex ended the roller coaster ride of 2020 at a record closing high, buoyed by positive sentiments in global markets. The index has gained 15.75% in 2020 despite falling to its multiyear low in March when coronavirus threat roiled the Indian equity market. The 30-share index has managed a huge gain of 6,497 points in 2020 to close at a record high of 47,751 on the last trading day of 2020. During the session, the index also touched its all-time high of 47,896.
Similarly, Nifty rose 14.90% or 1,813 points during the year to close at a life time high of 13,981. It crossed the key level of 14k for the first time and further touched a record high of 14,024 during the trading session today.
The benchmark indices have clocked highest returns this year since 2017. Sensex ended 2017 with a gain of 29.58% while Nifty rose 30.28%.
Benchmark indices are in a buoyant mood due to progress in development of coronavirus vaccines, results of US presidential election, hopes of economic recovery, expectations of additional stimulus in the US and consistent FII inflows in the last two months.
The year 2020 will remembered for the strong rebound Indian stock market staged from its March lows. Sensex and Nifty logged their highest losses ever after rising number of coronavirus cases in India and the resultant lockdown in a majority of states took a heavy toll on the financial markets on March 23.
Sensex, which crashed 3,934 points to 25,981 on March 23 has rebounded 83% since then.
Share Market Highlights: Sensex ends at record high, Nifty below 14K; HDFC, Maruti, Dr Reddy top gainers
Similarly, Nifty closed 1,135 points lower at 7,610 during the same session. The 50-share index too has gained 83% from its amrch low.
Interestingly, Sensex and Nifty had hit record highs before the pandemic induced stock market crash.
On January 20, 2020, Sensex hit a record of 42,274 riding high on the upcoming budget expectations. Nifty too reached a lifetime high of 12,430. Clocking the strongest rebound ever, Sensex has surpassed its January highs in last month of this year by a strong 5,622 points.
Nifty too has zoomed 1594 points past its January highs today.
With the bull run likely to continue in 2021, here's what analysts said on the movement of Sensex and Nifty.
Vinod Nair, Head of Research at Geojit said, "We have a target of 14,500 for Nifty50 in December 2021, which provides a moderate view on a YoY basis. This target is based on supreme high valuation of 20x P/E of one-year-forward basis, expecting high earnings growth next year. Nonetheless, the target has a upward bias due to positive economic development possible in 2021 based on the progress of vaccination and fiscal support. Today, the main indices may show a vague outlook, but we expect the broad equity market to be benefited by the dual effect of high liquidity and earnings growth. We expect mid and small caps to outperform the main index next year. "
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, "For the trend following traders, 13,935 should be the sacrosanct level to watch. Trading below the same, we can expect quick correction up to 13,875-13,850 On the flip side, 14,025 would be the immediate hurdle for the day traders. Above the same, we could expect further uptrend till 14,075-14,125.
Sumeet Bagadia, Executive Director at Choice Broking said, "On the technical front, Nifty has been rising continuously with higher highs & higher low formation, which suggests more bullishness for near term. At present, Nifty may find the resistance at 14,100 mark while on the downside, support is shifted to 13, 800 levels.". | Sensex ended the roller coaster ride of 2020 at a record closing high. the 30-share index has managed a huge gain of 6,497 points in 2020. the index also touched its all-time high of 47,751 on the last trading day of 2020. the benchmark indices have clocked highest returns this year since 2017. Sensex ended 2017 with a gain of 29.58% while Nifty rose 30.28%. | Positive |
https://www.moneycontrol.com/news/business/markets/bjp-seen-emerging-as-single-largest-party-in-karnataka-10-stocks-that-could-deliver-up-to-44-return-2568653.html | live bse live
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The Bharatiya Janata Party (BJP) on Tuesday managed to sweep a key election state— Karnataka. The ruling party was leading in as many as 110 seats and was seen emerging as the single largest party in the state.
The Karnataka unit of Congress has conceded defeat. JD(S) meanwhile said it accepted people's mandate and congratulated the BJP on its success in the assembly polls.
A BJP-led government in Karnataka would prove a major boost for Modi ahead of the 2019 elections, silencing critics who said his popularity had faded over the rocky adoption of a nationwide sales tax and a sudden ban on high-value notes late in 2016.
Modi's Bharatiya Janata Party was leading in 114 seats in the elections to the 225-seat state assembly, the Election Commission of India said. Congress was leading in 55 seats.
Going forward, state election results will play an important role in providing short-term direction to market. In the long run, the market has pinned its hopes on an earnings recovery and stocks which can still offer steady growth rate.
The Q4 FY18 results were largely inline with the Street’s estimates, despite a big miss by Axis Bank on account of higher slippages. Most experts are factoring in a steady recovery in earnings in FY19 and FY20, in spite of the recent deterioration in macros.
The market’s focus will increasingly shift to macros and earnings. India’s macros have weakened considerably in the past few months. It will have to likely contend with a weaker macro in CY18/FY19 versus CY17/FY18 given the likely higher inflation/interest rates and possibly higher current account deficit/weaker currency, Kotak Institutional Equities said in a recent note.
Going forward, the best bet for investors is to remain stock-specific, which holds potential to outperform benchmark indices in the next one-year. "Given the deterioration in macros, investors would do well to stay invested in companies that are delivering healthy earnings growth," Sanjeev Zarbade, Vice-President-PCG Research at Kotak Securities, said.
Here is a list of top 10 stocks that could deliver up to 44 percent return in the next one-year:
Sun TV: Buy| Target: Rs 1250| Return 44%
CLSA maintains a buy on Sun TV post Q4 results with a target price of Rs 1,250. The broadcaster reported a 22.82 percent increase in the net profit at Rs 289.76 crore for the fourth quarter ended March 31, 2018. The company had reported a net profit of Rs 235.91 crore during the corresponding quarter last year.
Ad growth remains strong while Tamil Nadu digitisation boosted subscriptions for Sun TV said the CLSA report. As per the management, the recovery in ad revenue could sustain in future as well.
CLSA expects Sun TV to deliver 17 percent CAGR earnings over financial years 2018 to 2021.
Titan Company : Outperform| Target: Rs 1050| Return 10%
CLSA maintains an outperform rating on Titan Company but raised its 12-month target price to Rs1,050 from Rs 950 earlier. The Tata Group firm reported 70.86 percent jump in consolidated net profit at Rs 304.41 crore for the fourth quarter ended March 31.
According to the global brokerage firm, Jewellery Ebit growth of 60 percent marks a great finish to FY18. The management reiterated its commitment to grow jewellery revenues by 2.5x in the next five years. However, performance eyewear remained muted in Q4.
Titan Company MD Bhaskar Bhat said while jewellery and watches business did well, its "eyewear business went through a tough period, especially in the sunglass segment".
For the 2017-18 financial year, Titan reported net profit of Rs 1,101.91 crore compared with Rs 697.28 crore in the previous year.
Dabur India: Buy| Target: Rs 430| Return 18%
Citigroup maintains a buy call on Dabur India post Q4 results with a 12-month target price of Rs 430. The result is a beat on profits which was much sharper as EBITDA/PAT rose 16%/19%.
The key drivers of margin improvement include lower promotions, favourable mix, and GST related gains. The stock is a play on the expected rural growth and improvement from overseas markets, said the Citigroup report.
Nestle India: Outperform| Target: Rs 10,200| Return 7%
CLSA maintains an outperform rating on Nestle India post Q4 results but raised its target price to Rs 10,200 from Rs 9,750 earlier. Nestle India started 2018 on strong footing with notable margin gains.
The margin uptick was largely backed by low commodity prices, particularly milk and milk solids. The stock is trading at 53x one-year forward PE which is slightly high but should sustain in the context of over 20 percent EPS CAGR.
Jubilant Foodworks: Buy| Target Rs 3150| Return 27%
CLSA maintains a buy rating on Jubilant FoodWorks post Q4 results but raised its target price to Rs 3,150 from Rs 2,800. The company reported Q4 marginal beat in Ebitda and margins.
The company reported strong earnings growth likely to drive stock. Going forward, strong SSSG coupled with margin expansion to drive over 40 percent EPS CAGR over FY18-20.
Petronet LNG: Buy| Target Rs 310| Return 44%
Citigroup maintains a buy rating on Petronet LNG with a target price of Rs 310. At current levels, the risk-reward is fairly attractive for investors.
Investors are largely nervous on the start-up of Mundra Regas Terminal & FSRU by H-Energy at Jaigarh. However, Citi believes that Mundra could get to 30 percent utilization in the near term.
Kotak Mahindra Bank : Buy| Target: Rs 1400| Return 11%
Nomura maintains a buy call on Kotak Mahindra Bank but raised its 12-month target price to Rs 1,400 from Rs 1,150 earlier.
The bank will remain a compounding story, said the global investment bank factoring in a 24-25 percent CAGR over FY18-21. It expects cost ratios to continue to moderate. Overall, Nomura expects over 25 percent PPOP CAGR over FY18-21.
ICICI Prudential Life Insurance Company : Buy| Target: Rs 570| Return 25%
Nomura maintains a buy call on ICICI Prudential with a target price of Rs 570. The global investment bank expects value on new business (VNB) margins to improve further over the medium term.
It also expects VNB margins at 18-19 percent for FY18, and over FY19-20 it could sustain at 18.5 percent. Improvement in protection mix, better margins in ULIPs, lower opex ratio and tax rate aid margins growth said the investment bank. ICICI Prudential remains preferred life insurance pick.
HDFC: Outperform| Target: Rs 2,305| Return 20%
Macquarie maintains an outperform rating on HDFC with a target price of Rs 2,305. The Q4 net profit was largely in-line with estimates adjusted for one-offs. It looks like HDFC is going down the market chain to deliver growth, said the note.
The main catalyst is the HDFC AMC IPO and increases in stake in HDFC Bank. Return of AUM growth could only drive core-book value re-rating for the counter.
Hindustan Zinc: Buy| Target: Rs 390| Return 30%
HSBC maintains a buy recommendation on Hindustan Zinc but raised its 12-month target price to Rs 390 from Rs 370 earlier.
The Q4 EBITDA was broadly in-line with estimates. Tightening of Zinc market and rise in silver output supported robust outlook for the counter. The global investment bank raised FY19/20 EBITDA estimates to factor in higher silver guidance and weak rupee.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are their own and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions. | the ruling party was leading in as many as 110 seats and was seen emerging as the single largest party in the state. the Karnataka unit of Congress has conceded defeat. a BJP-led government in Karnataka would prove a major boost for modi ahead of the 2019 elections. most experts are factoring in a steady recovery in earnings in FY19 and FY20, in spite of the recent deterioration in macros. | Positive |
https://www.moneycontrol.com/news/business/budget/budget-2019-lays-roadmap-for-india-becoming-5-trillion-economy-by-2024-25-pm-modi-4177751.html | Prime Minister Narendra Modi on July 6 said his government's Budget for 2019-20 lays down a roadmap for nearly doubling the size of the Indian economy to USD 5 trillion in five years by raising per capita income, boosting consumption and increasing productivity.
Speaking at the launch of his party's membership drive here, he warned the countrymen to be wary of "professional pessimists" who out of habit will criticize rather than provide solutions for achieving a target.
"Size of the cake matters. The larger the cake, larger pieces are what people will get. So we have set a target of making India a USD 5 trillion economy. Larger the size of the economy will be, the larger the prosperity will it bring for the country," he said.
Citing international examples, he said countries have leapfrogged from developing to developed status on the back of a jump in per capita income.
"India can also do that. The target is not difficult," he said. "When per capita income rises, there is a corresponding increase in purchasing power which triggers a rise in demand. To cater to this rise in demand, productivity increases and there is an expansion in services. All this creates new opportunities for employment. Per capita income rise also leads to an increase in savings."
Modi said some people even question the need to become a USD 5 trillion economy. "They are what I call a professional pessimists. They are detached from the common man and if you go to them for a solution, they will put you in crisis."
While there should be debate and criticism on ways and means, questioning the target of building a USD 5 trillion economy is wrong, he said. "The country needs to be vigilant of these pessimists."
The Prime Minister said the Union Budget presented on Friday did not make big announcements about the allocations made under different heads but laid down a path for the economy to achieve the USD 5 trillion target.
It provides for boosting farm and fisheries exports, making Rs 100 lakh crore investment in infrastructure such as roads and ports in next five years, constructing houses for all, promoting domestic manufacturing and cutting imports, he said.
While the country is self-sufficient in food grain production, the Budget lays emphasis on turning farmers into exporters of farm produce and value-added products. For this, investment in food processing has been stepped up, he said, adding shipments of vegetables and fruits from this town have increased after setting up of facilities for perishable commodities
"We are going to frame an export policy for farm products," he said.
Also, farm productivity can be increased by using drip irrigation and generating electricity from solar panels, with the surplus being sold to the grid to generate additional income for farmers.
The focus would also be on raising export of fisheries, Modi said.
The government's effort on cleanliness will boost tourism, which is the cheapest form of creating employment, he added.
"The economy will not pick up pace unless infrastructure is good. We are building infrastructure from crop storages in villages to modern facilities in cities. Highway, railway, airways, waterways, i-ways, digital infrastructure, broadband in villages... Rs 100 lakh crore will be invested in five years," he said.
To boost housing, the Budget has given an additional Rs 1.5 lakh income tax exemption on the purchase of affordable houses. Also, the government will build two crore houses to meet the target of housing for all by 2022, he said, adding that the Centre will draft a model tenancy law and send it to state governments to boost rental housing.
All these, he said, will boost employment, create demand for steel, cement and other goods.
While the Budget has given incentives to the brick-and-mortar industries, it has also cleared tax ambiguities around startups. Besides, there is an emphasis on small and medium enterprises, the Prime Minister said.
The Budget contains proposals to boost the manufacturing of solar panels and batteries and also provides tax exemption to electric vehicle manufacturers, he said. These would help bring down oil imports and save precious foreign exchange, Modi emphasised.
"India spends Rs 5-6 lakh crore every year on oil imports, on petrol and diesel," he said. "So if it is reduced, it will be a big relief to the country."
Reduction in imports will strengthen the economy and would lead to savings. The emphasis would be to meet the country's energy needs from resources within such as coal, solar energy, wind power and hydroelectricity. Generating electricity from waste and biofuels from crop residue is also a priority, he said.
Modi said the country has become self-reliant in food grain and pulses production and next it should look at bringing down the import of edible oil. "If farmers dedicate a tenth of their land for cultivation of oilseeds, we can cut the import dependence," he said.
The Budget also provides for social stock exchange for social organisations to raise funds, he added. | prime minister says he has set a target of making india a USD 5 trillion economy. he warns against "professional pessimists" who criticize rather than provide solutions. he says the country needs to be vigilant of these "professional pessimists" he says the budget for 2019-20 lays down a path for the economy to achieve the target. | Positive |
https://www.moneycontrol.com/news/business/markets/asia-stocks-extend-rally-as-economic-recovery-hopes-boost-confidence-5377761.html | Asian stocks rallied for their ninth straight day on Tuesday and oil prices jumped as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery.
Markets have been particularly encouraged by a May U.S. jobs report last week that showed a surprise fall in the unemployment rate, sending Wall Street indices surging with the Nasdaq hitting a record close on Monday.
Global financial markets were battered in March as investors fretted over extent of both the short and longer term damage to the world economy from the coronavirus pandemic. But most indices are now back to pre-COVID-19 levels.
MSCI's broadest index of Asia-Pacific shares outside of Japan rose for a ninth straight session for its longest winning streak since early 2018. It was last up 0.76% at a three-month peak.
Australia's S&P/ASX 200 jumped 2.5% while Chinese shares started on a firm footing with the blue-chip CSI300 index rising 0.4%. Hong Kong's Hang Seng index climbed 1.2%.
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
Japan's Nikkei bucked the trend to be down 0.5%.
"The good news is that this shows central banks' effort to stabilise the market have worked," said Tai Hui, Chief Asia Market Strategist at J.P. Morgan Asset Management.
"The current risk rally is driven by investors belief that the worst of this recession is behind us, which we agree with. Yet, investors need to be mindful of the potential risks ahead."
Tai said the "road to recovery" was still long while the threat of a second wave of coronavirus infections cannot be ruled out yet.
Fears of renewed trade tensions between the United States and China and the second round impact from higher unemployment and bankruptcies worldwide also hung heavy on the outlook
For now, though, investors were taking a glass-half-full view on the global economy.
Financial, automotive and retail-oriented and energy shares - the stocks most beaten-down since the pandemic slammed markets - have been leading world equity indices higher recently.
Overnight on Wall Street, the Dow rose 1.7%, the S&P 500 gained 1.20% and the Nasdaq Composite added 1.13%.
U.S. stocks were also bolstered by a move by the Federal Reserve to ease the terms of its "Main Street" lending program to encourage more businesses and banks to participate.
Investors are now seeking further clarity on U.S. monetary policy after the Fed's two-day policy meeting ends on Wednesday.
In currency markets, the risk-sensitive Australian dollar hit a five-month top of $0.7043 after eight straight days of gains but has encountered some selling pressure at those heady levels.
Its New Zealand counterpart jumped to a four-month high.
The safe-haven Japanese yen also nudged up 0.2% at 108.15, while the euro was off a touch at $1.1285.
In commodities, U.S. benchmark crude rose $1.28 a barrel to $38.68 a barrel, while Brent added $1.13 to $41.25.
Gold prices were up after a steep decline, boosted by hopes of a dovish monetary policy outlook from the Fed. Spot gold was last up 0.1% at 1,697.1. | oil prices jump as investors hope for a relatively quick global economic recovery. a recent jobless report sent the u.s. indices on the rise. 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/magazines/panache/budget-2020-wishlist-tirun-boss-feels-cruising-industry-should-be-treated-by-it-for-a-booming-economy/articleshow/73730525.cms | iStock With the right focus, the cruising industry will have a direct and positive impact on the economy, and generate employment.
Agencies Ratna Chadha feels the Government should focus on tourism industry as it contributes to India's GDP directly.
As the Budget nears, anticipation has started running high. Key expectations from this year's Budget presented by Nirmala Sitharaman include women empowerment, tourism and cruising.Positive steps have been taken by the Government to empower women. However, the on-ground progress of these policies is not optimum. The Government must earmark a dedicated fund to ensure that women-centric policies are properly implemented throughout the country.India needs a higher number of women entrepreneurs and professionals. A special package should be announced for the same. Further, the Government must consider decreasing the income tax of women. Daycare centers for working women (especially across commercial areas) can be another good move this year.In 2020, the Government must also act as an economic catalyst. Tourism should be considered as one of the prime generators of employment and one which has a multiplier effect. However, there are a number of challenges faced by the industry that needlessly cause bottlenecks. The Government needs to take measures against them as tourism contributes to the GDP directly.Cruising needs to flourish in a clean, safe and secure environment, where our heritage sites are treated as true legacies having basic amenities and cleanliness. The Government may want to consider a quasi-private partnership to achieve this objective. Moreover, the cruise industry needs to be treated like the IT industry was a few years ago because it is at a very nascent stage. If similar benefits are transferred to the cruising industry, it will have a direct and positive impact on the economy and generate employment while also benefiting the allied services. The travel industry can utilise their cruise line and make room for domestic tourism to flourish without any documents required to travel. Plus, India has the ability to cover multiple destinations with its vast coastline in one itinerary unlike any other country. But, the cruise industry has its own challenges, which need focus of the Government to flourish like the IT industry.Inland waterway is another promising area where the Government policies can bring a tangible difference. These regions should be developed vis-à-vis cruising for both local as well as international tourists.(The author is Co-founder and Chairperson, Indian Representative of Royal Caribbean Cruises [TIRUN]) | cruising industry contributes directly to the economy and generates employment. government must earmark a dedicated fund to ensure women-centric policies are properly implemented. cruising industry needs to flourish in a clean, safe and secure environment. iStock argues that cruising industry should be treated like the IT industry. iStock argues that cruising industry should be treated like the IT industry. | Positive |
https://www.financialexpress.com/market/dividend-stocks-with-high-yields-getting-attractive-amid-low-interest-rates-check-popular-stocks/2135300/ | Dividend yield stocks are looking to become more attractive as liquidity rises and real interest rates decline. Domestic brokerage and research firm ICICI Direct said that in the past, dividend stocks performed well during sustained periods of low real yields. The brokerage firm’s observation of rolling one-year returns indicates that bulk of the outperformance of Nifty Dividend Opportunities 50 index was between financial year 2010 and 2012 period when real yields remained negative persistently.
“Over the past one year, as interest rates continued to dip and inflation rose, real interest rate has dipped into negative territory which improves prospects for high dividend yield stocks,” ICICI Direct said in a recent note.
Dividends, buybacks to increase?
With low interest rates expected to stay for a few years, dividend stocks are better placed according to ICICI Direct. “Postponement of capex spending and improved balance sheet strength of India Inc. will allow higher dividend payment/buybacks in the near term,” the report said. In the last financial year capex of India Inc was at Rs 5.4 lakh crore against Rs 5.8 lakh crore in financial year 2019 while cash flow from operations improved to Rs 8.8 lakh crore. Private capex is expected to remain muted in the near term owing to macro challenges of weak demand and lower utilisation levels. However, improving cash flows will leave more space for dividends and buybacks in ICICI Direct’s view.
Dividend: Fixed income and inflation hedge
High dividend yield stocks provide not just a source of fixed income but also provide an added advantage of ‘inflation hedge, a characteristic that equity as an asset class carries. With interest rates low, dividend yield stocks have now scaled to the level of fixed income assets.
Highlighting the extra edge that dividend plays while investing, ICICI Direct said that Nifty price return CAGR has been 12.6% over the past 20 years, while total return, based on dividend reinvestment, has been 14.3%. “Rs 10 lakh invested in June 1999 in Nifty 50 index has turned into Rs 37 lakh solely on the back of reinvestment of dividends, while capital appreciation gain has turned into Rs 1.08 crore,” they said.
Marquee dividend stocks
Some of the marquee dividend plays in the listed space that ICICI Direct has mention in the report include Coal India with a dividend yield of 9.8%, Hindustan Zinc with 7.4% yield, ONGC and GAIL at 6.9% and 6.8%, respectively. ITC, Power Grid, IOCL, NMDC are other such plays. Among equity indices, the CPSE and the dividend opportunities 50 index have the highest dividend yields currently at 6% and 3.65%. | domestic brokerage firm ICICI Direct said dividend stocks performed well during sustained periods of low real yields. bulk of outperformance of Nifty Dividend Opportunities 50 index was between financial year 2010 and 2012 period.'real interest rate has dipped into negative territory which improves prospects for high dividend yield stocks,' ICICI Direct said. 'postponement of capex spending and improved balance sheet strength of India Inc. will allow higher dividend payment/buybacks in the near term' | Positive |
https://economictimes.indiatimes.com/mf/analysis/world-bank-forecasts-7-3-per-cent-growth-for-india-making-it-fastest-growing-economy/articleshow/64479448.cms | The World Bank has forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for the next two years, making it the fastest growing country among major emerging economies.A top World Bank official said India's economy is robust, resilient and has potential to deliver sustained growth.Growth in India is projected to advance 7.3 per cent in Fiscal Year (FY) 2018/19 (April 1, 2018-March 31, 2019) and 7.5 per cent in FY 2019/20, reflecting robust private consumption and strengthening investment, the bank said in its June 2018 edition of the Global Economic Prospect report.The report, released yesterday, is the global lender's flagship publication on the state of the world economy.It said that growth in South Asia is projected to strengthen to 6.9 per cent in 2018 and to 7.1 per cent in 2019, mainly as factors holding back growth in India fade.India retains the tag of the fastest growing country among the world's major emerging economies, Ayhan Kose, Director of the Development Prospects Group at the World Bank, told ."India's economy (today) is robust, resilient and has potential to deliver sustained growth," Kose said.India's growth projections remain unchanged since its January 2018 forecast. China is expected to slow down slightly from 6.9 per cent in 2017 to 6.5 per cent in 2018, 6.3 per cent in 2019 and 6.2 per cent in 2020, it said.India's growth potential is about 7 per cent, and it is currently growing at a pace above its potential, he said, attributing it to the major economic reforms and fiscal measures undertaken by the NDA government."India is doing well. Growth is being robust. Investment growth remains high. Consumption remains strong. All in all these numbers are encouraging," Kose said, referring to the World Bank report on India's growth rate figures."And India is the fastest growing economy in major emerging markets," he said.Noting that India's growth prospects are strong, the official said the potential growth rate of India is around seven per cent."However, you look at it, India is in a very strong position," he said."In terms of economic growth, the fact that India is able to deliver a robust consumption growth, robust investment... All these are good news. The big issue is now that India has a potential to sustain this growth and we are optimistic about India to realise that potential," Kose said.Seeking an increasing female labour force participation, he said on the productivity side India has room for improvement in secondary education completion rates.Noting that there are risks that all emerging market economies are facing because of global economic developments, he said, for example the disorderly tightening of global financial conditions could have implications for emerging market economies."There is trade tensions out there. These tensions have been escalating in recent weeks. These have implications for growth prospects as well," he said.Like other oil importers, India is also facing a higher oil prices, he said.In its latest report, the bank said in India, investment growth has firmed recently, as the effects of temporary factors wane.It said that growth in South Asia is projected to accelerate to 6.9 per cent in 2018, mainly reflecting strengthening domestic demand in India as temporary policy-driven disruptions fade.Elsewhere in the region, ongoing recoveries in Bangladesh, Pakistan and Sri Lanka are expected to be accompanied by moderating activity in Afghanistan, Bhutan and Maldives."Over the medium term, growth is expected to remain strong and reach 7.2 per cent by 2020 amid robust domestic demand. Downside risks continue to predominate."They include the possibility of fiscal slippages, delays in reforms to resolve financial vulnerabilities and improve the health of regional banking systems, and a faster-than-expected tightening in global financing conditions," the report said.Stronger-than-envisioned global growth could result in better regional growth outcomes, the World Bank added. | the world bank has forecast a growth rate of 7.3 per cent for india this year. it is the fastest growing country among major emerging economies. india's growth potential is about 7 per cent, the official says. the big issue is now whether it can sustain this growth. ayhan kose: "the big issue is whether it can sustain this growth" | Positive |
https://www.financialexpress.com/lifestyle/health/life-saving-innovations-iisc-team-builds-icu-grade-ventilator-prototype/1994940/ | The outbreak of the Covid-19 disease has posed new challenges to the global economy as well as people’s daily lives. At the same time, crisis is also a strong driver of creativity and innovation. Take for instance, the research & development (R&D) work being done at Indian Institute of Science (IISc), Bengaluru; in addition to supporting startups that are developing solutions and services to combat the pandemic, a separate engineering team headed by IISc faculty has successfully completed the prototyping of an intensive care unit (ICU) grade ventilator called Praana.
Project Praana was started by IISc faculty members Gaurab Banerjee, Duvvuri Subrahmanyam, TV Prabhakar and Pratikash Panda, Bengaluru-based engineer Manas Pradhan, and retired IISc professor HS Jamadagni. Volunteers including physicians Supreet Khare, Sriram Sampath, and Krishna Prasad also pitched in. Built using a custom-designed pneumatic system controlled by a microprocessor, it uses proprietary algorithms and techniques to blend air and oxygen in the desired ratio. It also has fine-grained control of patient-side respiratory parameters such as respiration rate, inspiration to expiration etc. It supports both invasive and non-invasive ventilation.
“The project was spurred by the escalating Covid-19 crisis towards the end of March 2020,” says Duvvuri Subrahmanyam, assistant professor of aerospace engineering at IISc and one of the co-founders of Praana. “To overcome severe constraints on the international supply chains and costs, we decided to come up with an entirely new design for a ventilator which only involves components that are made (or easily available) in India, and yet meets the key functionality requirements of a full-fledged medical ventilator.”
The team took about 35 days to go from the drawing board to a proof-of-concept system, and then a working prototype in another two weeks. The project received internal support from IISc, external funding from the office of the Principal Scientific Adviser, government of India, and a CSR contribution from the State Bank of India Foundation. Narayana Health, Bengaluru, provided medical testing equipment for verification of the ventilator performance.
The project team subjected Praana’s design to extensive bench-top experimental testing, and after the design performance was successfully verified (proof of concept), it translated the technology into a working laboratory-grade prototype. The novel technical design and experimentation was an entirely academic exercise. The local industry in Bengaluru helped out with fabrication of the ventilator chassis.
During the design phase, it had regular inputs from the project medical team that consisted of doctors across India with specialisations in pulmonology and anesthesiology, says Subrahmanyam. “The prototype has been subjected to extensive testing on a medical test lung, and has performed very well. We are yet to subject it to trials at hospitals, and plan to do so after some more work on the product development front.”
While the immediate goal is to address the Covid-19 scenario, the Praana team also wants this technology to make a long-term impact on the low-cost, high-quality health care sector in India and elsewhere. “The next step we are taking is to further develop the prototype, which essentially is a technology demonstrator, to a field-ready product in terms of engineering reliability and quality/medical certifications. The final product will be about half the size of the prototype, and will contain more advanced hardware and software features,” he says. “We are also exploring options to collaborate with an established industry partner in the product development exercise.” | the outbreak of the covid-19 disease has posed new challenges to the global economy. a separate engineering team headed by IISc has successfully completed the prototyping of an intensive care unit grade ventilator called Praana. the ventilator uses proprietary algorithms and techniques to blend air and oxygen in the desired ratio. it supports both invasive and non-invasive ventilation. | Positive |
https://www.businesstoday.in/sectors/energy/reliance-and-bp-kickstart-the-rs-40000-crore-investment-plan-for-reviving-gas-production-in-kg-basin/story/275273.html | After eight years of inaction, the offshore hydrocarbon assets in Krishna Godavari (KG) Basin -- owned by Reliance Industries, BP Plc and Niko -- will see a flush of investments for reviving natural gas production. RIL and BP announced on Thursday that they sanctioned 'satellite cluster' projects to begin investments. The 'satellite cluster' is one of the three projects, others are R Series and MJ1, in the Block KG D6 integrated development. 'R-Series' deep-water gas fields was sanctioned in June 2017.
The government oversight panel, headed by the Directorate General of Hydrocarbons (DGH), had approved the Rs 40,000 crore investment plan for developing three sets of discoveries in the KG D6 block in February. RIL will invest about Rs 24,000 crore, while its partners BP and Niko Resources will contribute Rs 12,000 crore and Rs 4,000 crore, respectively. The production is expected to start from 2022, a company official said.
Mukesh Ambani, Chairman and Managing Director of RIL, said in a press statement: "This development supports the country's imminent need of increasing domestic gas supply and is a firm step towards making India a gas-based economy." Bob Dudley, BP Group Chief Executive said: "Reliance and BP are able to develop these discovered gas resources efficiently and economically."
RIL had put together multiple revival plans but failed to recover the gas trapped inside the difficult deep-water terrain in the Bay of Bengal. It roped in British giant BP Plc, which took 30 per cent stake in all of its hydrocarbon assets in a $7-billion deal in 2011, to arrest the production slide. Since formation of RIL-BP partnership in 2011, they have invested Rs 13,000 crore in deep-water exploration and production until now. In addition to the D55 gas discovery announced in 2013, they jointly worked to sustain production from the geologically complex reservoirs in D1, D3 and D26 fields on Block KGD6. However, they failed to increase the production from the old fields, which stands at 5 million standard cubic metres a day (mscmd) now vis-a-vis its peak of 60 mscmd in 2010.
The companies plan to produce 30-35 mscmd of gas from the new fields of KG D6, which consists of the R-Series, Satellites and MJ1. "For the development of R-Series, the companies have issued the tender and received bids from sub-contractors. We will be able to start work from next year, since the favourable weather for working is available only for four months in a year in the east coast, between January and April. For the development of satellite cluster, we will invite bids from sub-contractors to start the work," say the officials. RIL is also looking at the options to optimise the existing offshore infrastructure facilities in KG basin to reduce costs.
RIL and its partners had, in 2016, withdrawn some of its arbitrations against the government to be eligible for the gas price revisions. The Modi government was unwilling to heed RIL's demand for arbitration in revising gas price since 2014. The government then revised the price to $5.6 per million British thermal unit (mBtu) from $4.2 for gas producers in India, except for RIL. RIL officials expect that the withdrawal of arbitration will help the company to claim the revised price of gas from the new fields. | offshore hydrocarbon assets in Krishna Godavari (KG) Basin to see a flush of investments.'satellite cluster' is one of the three projects, others are R Series and MJ1. government oversight panel had approved the Rs 40,000 crore investment plan in February. production is expected to start from 2022, a company official said. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-tops-8000-for-first-time-since-march-amid-halving-hype/articleshow/75457320.cms | Bloomberg
Bloomberg
Excitement over Bitcoin ’s upcoming halving and an overall risk-on environment are pushing up cryptocurrencies, with the largest token reaching its highest level since before the coronavirus-induced crash.Bitcoin gained as much as 8.7 per cent to $8,406, according to composite prices on Bloomberg. Other cryptocurrencies also advanced, with Bitcoin Cash and Litecoin up more than 6.5 per cent each.Cryptocurrencies have moved in tandem with riskier assets -- stocks are up more than 30 per cent -- over the past month but many crypto fans are also pointing to Bitcoin’s so-called halving, which reduces the number of rewards miners receive. Ahead of the token’s last two halvings (it’s sometimes referred to as a halvening), it surged, with some enthusiasts positing the same could happen this time around.“The Bitcoin halving in under two weeks may explain some of the bullish activity by speculators,” Craig Erlam, senior market analyst at Oanda, wrote in a note. “But you have to think that an event that has been in the diary for so long will already be priced in. This could see some of these moves faded as we hit halving day.”However, with Wednesday’s jump above $8,000, the largest cryptocurrency entered overbought territory based on the GTI Global Strength Indicator. Assets are considered overbought if the reading exceeds 70 and could indicate that it may be difficult for the token to notch additional gains in the short-run.Here’s what other market watchers are saying:Christel Quek, chief commercial officer and co-founder at Bolt Global:“This is an unprecedented time as liquidity remains a priority for investors fleeing equity markets. Therefore, while Bitcoin should rise into $10,000s after the halving, it could be followed with a price drop as investors engage in profit taking,” said Quek. “No level of technical support can stand when the economy is drained.”Charles Hayter, co-founder and CEO at CryptoCompare:“The crypto market in 2020 is very different from previous halvings, and the impact of miners selling their Bitcoins differs substantially this time around. This will likely dampen the post-halving impacts from miner selling,” he said. “The impact of Covid-19 so close to the halving and Bitcoin’s correlation to equity markets means we may not see significant surges in price due to the halving.” | bitcoin gained as much as 8.7 per cent to $8,406. other cryptocurrencies also advanced, with Bitcoin Cash and Litecoin up more than 6.5 per cent each. bitcoin is the largest cryptocurrency to reach its highest level since before the coronavirus-induced crash. some enthusiasts are positing the same could happen this time around. halving means miners lose more rewards than they would have received before. | Positive |
https://economictimes.indiatimes.com/markets/stocks/recos/buy-quess-corp-target-price-rs-360-motilal-oswal/articleshow/76086487.cms | Motilal Oswal has given a buy rating to Quess Corp with a target price of Rs 360 based on 14 times FY22E EPS.The brokerage says the management has indicated that impact on operations in Apr-May’20 was not as bad as initially feared. Having large enterprises as customers and limited exposure to SMEs has helped the company in navigating through the crisis. According to the company, Excellus, Digicare and BPO are the worst hit. While facilities management may witness some headwinds due to Work from Home (WFM), formalisation in the industry should help offset it. Monster is expected to witness growth and margin challenges in the near term as renewals (typically happen in the last week of March) are hit. As recruitment picks up, this segment is expected to recover.The stock had corrected 66 per cent from pre-Covid-19 level on concerns of severe impact on (a) general staffing andcollections/receivables, (b) liquidity position, and (c) potential legal liabilities in outcome-based businesses in the event of massive employee lay-offs. However, according to the brokerage, these concerns were exaggerated as the business/ cash collections (both mark-up and outcome-based) did not witness any major dislocation over Mar-Apr’20.As the economy prepares for a gradual re-opening and enterprises look to dodge supply disruption, the brokerage believes the company/sector has already passed the peak of uncertainty. As both the central and state governments look forward to liberalising and formalising the labour markets , Quess should be among the biggest direct beneficiaries. The brokerage expects 13 per cent/21 per cent revenue/EPS CAGR over FY20–22E.Using residual income approach, the brokerage has arrived at a target price of Rs 360. The brokerage adjusted FY20 book value for appropriate share of outstanding goodwill/inter-company loans on the balance sheet. It has welcomed corrective steps being taken by the new management toward addressing some of the investor concerns around governance, prompting the brokerage to reduce the equity charge to 15 per cent in its residual income model (v/s 16 per cent earlier).For the quarter ended March 31, 2020, the company reported consolidated sales of Rs 2994.59 crore, up 1.51 per cent from last quarter sales of Rs 2950.02 crore and up 30.50 per cent from last year's same quarter sales of Rs 2294.77 crore. The company reported net profit after tax of Rs -620.79 crore in the latest quarter.Promoters held 54.86 per cent stake in the company as of March 31, 2020, while FIIs held 14.61 per cent, DIIs 16.55 and public and others 13.9 per cent | a buy rating has been given to the company with a target price of Rs 360. the brokerage expects 13 per cent/21 per cent revenue/EPS CAGR over FY20–22E. the company has been able to navigate through the crisis with limited exposure to SMEs. the company has also been able to improve its customer base and reduce its equity charge to 15 per cent. | Positive |
https://www.financialexpress.com/economy/outlay-for-rural-jobs-scheme-raised-65-to-rs-101500-crore/1962328/ | To ensure that crores of migrant labourers who have gone back to their villages find enough job opportunities, the government on Sunday allocated an additional Rs 40,000 crore under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MG-NREGS) for the current fiscal, over and above Rs 61,500 crore allocated in the Budget for 2020-21.
The finance minister said with the infusion, nearly 300 crore person days of jobs can be generated under the scheme and a larger number of durable and livelihood assets can be created. The move will boost the rural economy through higher production, she said.
The government had allocated Rs 71,002 crore under MGNREGA in 2019-20 and Rs 61,815 crore in 2018-19. Around 265 crore person days were created in the entire 2019-20. In 2018-19, the total number was 268 crore. As on May, 17, a total of 15.85 crore person days of job have been generated.
The scheme has always in great demand, and so the budged provisions almost invariably got revised upwards.
“There was a pressing need to increase the allocation as many migrant workers who have returned home from metros and other cities would substantially increase the demand for jobs under the scheme in rural areas,” said a senior government official.
As part of its relief package under Pradhan Mantri Garib Kalyan Yojana (PMGKY), the government had on March 26 enhanced daily wage rate under MG-MREGS by Rs 20 to Rs 202 per day. The increased rate came into effect from April 1. | finance minister says 300 crore person days of jobs can be generated under scheme. around 265 crore person days were created in the entire 2019-20. scheme has always in great demand, so provisions almost always revised upwards. government had on march 26 enhanced daily wage rate under MG-MREGS by Rs 20 to Rs 202 per day. migrant workers who have returned home from metros and other cities would substantially increase the demand for jobs under the scheme. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/australian-shares-gain-on-gold-healthcare-stocks-nz-rises-most-in-a-week/articleshow/76549138.cms | 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.financialexpress.com/economy/fdi-in-india-jumps-13-to-record-49-98-billion-in-2019-20/1973928/ | Foreign direct investment (FDI) in India grew by 13 per cent to a record of USD 49.97 billion in the 2019-20 financial year, according to official data.
The country had received FDI of USD 44.36 billion during April-March 2018-19. Sectors which attracted maximum foreign inflows during 2019-20 include services (USD 7.85 billion), computer software and hardware (USD 7.67 billion), telecommunications (USD 4.44 billion), trading (USD 4.57 billion), automobile (USD 2.82 billion), construction (USD 2 billion), and chemicals (USD one billion), the the Department for Promotion of Industry and Internal Trade (DPIIT) data showed.
Singapore emerged as the largest source of FDI in India during the last fiscal with USD 14.67 billion investments.
It was followed by Mauritius (USD 8.24 billion), the Netherlands (USD 6.5 billion), the US (USD 4.22 billion), Caymen Islands (USD 3.7 billion), Japan (USD 3.22 billion), and France (USD 1.89 billion).
FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth. | foreign direct investment (FDI) in india grew by 13 per cent to a record of USD 49.97 billion in the 2019-20 financial year. the country had received FDI of USD 44.36 billion during April-March 2018-19. FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth. FDI is important as the country requires major investments to overhaul its infrastructure sector to boost growth. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-tops-8000-for-first-time-since-march-amid-halving-hype/articleshow/75457320.cms | Bloomberg
Bloomberg
Excitement over Bitcoin ’s upcoming halving and an overall risk-on environment are pushing up cryptocurrencies, with the largest token reaching its highest level since before the coronavirus-induced crash.Bitcoin gained as much as 8.7 per cent to $8,406, according to composite prices on Bloomberg. Other cryptocurrencies also advanced, with Bitcoin Cash and Litecoin up more than 6.5 per cent each.Cryptocurrencies have moved in tandem with riskier assets -- stocks are up more than 30 per cent -- over the past month but many crypto fans are also pointing to Bitcoin’s so-called halving, which reduces the number of rewards miners receive. Ahead of the token’s last two halvings (it’s sometimes referred to as a halvening), it surged, with some enthusiasts positing the same could happen this time around.“The Bitcoin halving in under two weeks may explain some of the bullish activity by speculators,” Craig Erlam, senior market analyst at Oanda, wrote in a note. “But you have to think that an event that has been in the diary for so long will already be priced in. This could see some of these moves faded as we hit halving day.”However, with Wednesday’s jump above $8,000, the largest cryptocurrency entered overbought territory based on the GTI Global Strength Indicator. Assets are considered overbought if the reading exceeds 70 and could indicate that it may be difficult for the token to notch additional gains in the short-run.Here’s what other market watchers are saying:Christel Quek, chief commercial officer and co-founder at Bolt Global:“This is an unprecedented time as liquidity remains a priority for investors fleeing equity markets. Therefore, while Bitcoin should rise into $10,000s after the halving, it could be followed with a price drop as investors engage in profit taking,” said Quek. “No level of technical support can stand when the economy is drained.”Charles Hayter, co-founder and CEO at CryptoCompare:“The crypto market in 2020 is very different from previous halvings, and the impact of miners selling their Bitcoins differs substantially this time around. This will likely dampen the post-halving impacts from miner selling,” he said. “The impact of Covid-19 so close to the halving and Bitcoin’s correlation to equity markets means we may not see significant surges in price due to the halving.” | bitcoin gained as much as 8.7 per cent to $8,406. other cryptocurrencies also advanced, with Bitcoin Cash and Litecoin up more than 6.5 per cent each. bitcoin is the largest cryptocurrency to reach its highest level since before the coronavirus-induced crash. some enthusiasts are positing the same could happen this time around. halving means miners lose more rewards than they would have received before. | Positive |
https://www.financialexpress.com/market/banking-financial-stocks-zoom-up-to-21-after-rbi-lift/1931795/ | Banking and financial stocks were in high demand on Friday, advancing up to 21 per cent after the Reserve Bank announced a host of liquidity-boosting measures to support the economy amid the coronavirus crisis.
Axis Bank zoomed 13.45 per cent, ICICI Bank rose by 9.89 per cent, IndusInd Bank 9.13 per cent, Federal Bank 9 per cent, City Union Bank 5.39 per cent and Kotak Mahindra Bank 4.96 per cent on the BSE.
Axis Bank was the top gainer in the Sensex pack.
Also, HDFC Bank jumped 3.33 per cent, RBL Bank 3.22 per cent and SBI 2.49 per cent.
Led by the rally in these scrips, the BSE Bank index rose by 6.83 per cent.
Likewise, from the finance pack, Equitas Holdings zoomed 21.15 per cent, Shriram Transport Finance Company 20 per cent, J&K Bank 19.95 per cent, Indiabulls Housing Finance 17.61 per cent, Dhanlaxmi Bank 17.51 per cent, DCB Bank 16.54 per cent, Ujjivan Financial Services 14.54 per cent and Cholamandalam Investment and Finance Company 11.33 per cent.
The BSE Finance index gained 5.44 per cent.
“Given the unprecedented times we are in, it is heartening that RBI is addressing all these challenges at a war footing. We believe the key measures announced by RBI will help inject the much needed liquidity in the system, facilitate and incentivise credit flow and provide flexibility on regulatory forbearance. Markets are in buying zone,” according to Motilal Oswal, MD and CEO of Motilal Oswal Financial Services.
In the broader market, the 30-share BSE Sensex ended 986.11 points or 3.22 per cent higher at 31,588.72.
“The RBI’s announcement has correctly focused on the financial sector, specifically the NBFCs. However, given the current macro conditions, we need to watch how the banks utilize the various windows and options given by the RBI to assess whether credit growth increases and the extent of support that the NBFC sector gets,” said Suvodeep Rakshit, Vice President and Senior Economist, Kotak Institutional Equities.
The RBI on Friday further eased bad-loan rules, froze dividend payment by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points, as it unveiled the second set of measures to support the economy hit hard by the coronavirus-led slowdown.
In his second televised address since the nationwide lockdown began from March 25, the Reserve Bank of India (RBI) Governor Shaktikanta Das pledged to boost liquidity and expand bank credit.
Other interest rate-sensitive indices like auto and realty also closed with significant gains.
“NBFCs are clear beneficiaries of these measures. For investors in banks, the provision of higher liquidity and relaxation in provisioning norms are welcome, but the bar on dividend distribution and new provisioning norms are negatives for the time being.
“While the RBI is doing its part in providing reliefs in the current times, the street could keep expecting more and there could also be some concern about the time it would take for these measures to have an impact at the ground level,” said Deepak Jasani – Head Retail Research, HDFC Securities. | banks and financial stocks advance up to 21 per cent after RBI announces liquidity-boosting measures. axis bank is top gainer in the Sensex pack, followed by ICICI bank, ICICI bank, indusInd bank, federal bank, city union bank and khm bank. also, HDFC Bank jumped 3.33 per cent, RBL Bank 3.22 per cent and SBI 2.49 per cent. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/why-psu-bank-stocks-have-turned-untouchables-in-an-upbeat-market/articleshow/76527777.cms |
New Delhi: India’s public sector lenders were barely breathing easy from a crippling bad loan crisis when the Covid-19 disruption hit them along with other sectors of the economy.Now, the government expects these lenders to do the heavy lifting in efforts to revive the economy by lending proactively to small, medium and micro enterprises (MSMEs).The government has announced a Rs 3 lakh crore Emergency Credit Guarantee Scheme, that provides 100 per cent guarantee coverage through the National Credit Guarantee Trustee Company (NCGTC) in the form of a guaranteed emergency credit line (GECL) facility. The Finance Ministry on Monday said banks have sanctioned over Rs 75,000 crore loans under the scheme, out of which PSU lenders sanctioned Rs 42,739.12 crore and disbursed Rs 22,197.54 crore, while private sector banks sanctioned Rs 32,687.27 crore and disbursed Rs 10,697.33 crore.Analysts and investors are mostly steering clear of PSU bank stocks even when they trade at dirt cheap prices after a heavy battering. They fear aggressive lending to the MSMEs will only add to the pain of these lenders, which are already ailing because of lack of capital, mounting NPAs, declining asset quality and weak balance sheets.Some of them are still adjusting to a new business environment following the merger of multiple lenders into some large entities.While the domestic equity market has come out of the Covid impact, with stocks across the board logging gains, the PSU bank counter remains gloomy, with no sign of any relief rally.Jaikishan Parmar, Senior Equity Research Analyst at Angel Broking, said public sector banks have been lending to MSMEs on a large scale. “Due to bleak outlook for the sector post Covid-19, it is going to be a tough road ahead for them,” he said.PSBs have always been the flag bearers of various government schemes for MSMEs, the backbone of the Indian economy. This is going to continue in the coming years too.Some analysts point out that the state-run banks have over time lost market shares to their private peers because of their inability to keep up with the technological changes that have completely altered the banking landscape, and also shortage of capitalSiji Philip, Senior Research Analyst, BFSI, Axis Securities, said large private sector banks have been successful in gaining market shares with the help of better manpower and digitalisation.“The MSME loan scheme is one of the biggest components of PM Modi’s Rs 21 lakh crore economic relief package. Due to their socio-economic compulsions, PSBs are expected to play a bigger role in implementing government schemes,” he said.Share of government-run banks are down up to 90 per cent in last 10 years. None of them has delivered positive return on a 5-year, 3-year and even one-year basis.SBI shares are down 42 per cent year to date, having eroded 36 per cent of investors' wealth in last 3 years, 29 per cent over past 5 years and 20 per cent in last 10. BSE Sensex has delivered 11 per cent, 26 per cent and 97 per cent returns for comparable periods.Shares of other PSBs like Punjab National Bank, UCO Bank, Indian Bank , Indian Overseas Bank, Punjab and Sindh Bank, Canara Bank , Central Bank of India, Union Bank of India, Bank of Baroda, Bank of India, Jammu Kashmir Bank have performed more or less on the similar lines.With a market capitalisation over Rs 1.7 lakh crore, shares of SBI traded at a price-to-earnings (P/E) multiple of 11.57 on Tuesday when its private peers HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank commanded PE multiples between 28 and 75.Among others PSBs, PNB quoted a P/E multiple of 71.74, while Indian Bank had 5.01 and Bank of India 19.67. Most of the other PSB stocks are down in the dumps, with the likes of Punjab and Sind Bank, Indian Overseas Bank, Union Bank, Central Bank of India, UCO Bank, Bank of Baroda and Jammu Kashmir Bank all quoting negative PE Valuations.Other private lenders like IndusInd Bank, Federal Bank , Bandhan Bank, RBL Bank, City Union Ban and DCB Bank trade at double-digit P/E multiples, while Yes Bank and IDFC First Bank had sub-zero P/E ratios.The Covid-19 pandemic and the extended lockdown has adversely impacted business activities of PSBs due to weak demand and increased risk aversion.“PSBs have higher loan loss provisions to operating profit ratios, which make them more vulnerable to profitability headwinds, should asset quality deteriorate further,” said Phillip from Axis Securities.Other industry watchers said the entire impact of the lockdown is seen largely on June quarter earnings of state-run banks as businesses came to a standstill.Public sector banks are suffering due to higher gross NPA and CPR. Thus, PSBs have a smaller room to commit mistakes. Underwriting process of state-run banks is not very healthy, Parmar said.Total market capitalisation of state-run banks stood at around Rs 3.33 lakh crore on June 22 against Rs 5.65 lakh crore market-cap of HDFC Bank, India’s largest private lender. The m-cap of Kotak Mahindra Bank, the second largest private lender, stood at Rs 2.68 lakh crore.PSBs will require capital as most of the loans across the system are under moratorium and the government may announce a recapitalisation programme for PSBs to infuse capital, possibly through recap bonds.SBI is the only pick from among PSBs for all the analysts named above because of better balance sheet, large distribution network, increasing deposits and hidden value of the subsidiaries which it can monetise. | government has announced a Rs 3 lakh crore emergency credit guarantee scheme. scheme provides 100 per cent guarantee coverage through the national credit guarantee trustee company (NCGTC) banks sanctioned over Rs 75,000 crore loans under the scheme. private sector banks sanctioned Rs 32,687.27 crore and disbursed Rs 10,697.33 crore. meanwhile, domestic equity market has come out of the covid impact. | Positive |
https://economictimes.indiatimes.com/markets/ipos/fpos/ask-investment-files-papers-for-rs-2000-crore-ipo/articleshow/65307841.cms | MUMBAI: Mumbai-based ASK Investment Managers, an asset and wealth management company, filed its draft red herring prospectus (DRHP) with the market regulator SEBI for raising about `2,000 crore through an Initial Public Offering ( IPO ).The IPO comprises a fresh issue of shares worth up to `600 crore, and an offer for sale of up to 1.36 crore equity shares by AI Global and 44 lakh equity shares by promoter Sameer Koticha.The company may also consider a private placement of up to 43.96 lakh equity shares, aggregating to `300 crore, at its discretion, prior to filing of the DRHP.According to the objects of the issue, the company will utilise the proceeds toward investment in its subsidiary, ASKFH, for augmenting the capital base for the NBFC business and for general corporate purposes.ASK primarily caters to the high net worth (HNI) and ultra HNI market in India.CRISIL Research notes that it was one of the first companies to obtain a portfolio management services licence locally.ASK Investment Managers also has subsidiaries such as ASK Wealth Advisors Private, ASK Property Investment Advisors and ASK Property Advisory.ASK Property Investment is currently engaged in the business of providing real estate investment advisory, including research services and studies in relation to investments and securities research. | Mumbai-based asset and wealth management company filed draft red herring prospectus (DRHP) with the market regulator SEBI for raising about 2,000 crore through an initial public offering ( IPO ). the IPO comprises a fresh issue of shares worth up to 600 crore, and an offer for sale of up to 1.36 crore equity shares by AI Global and 44 lakh equity shares by promoter Sameer Koticha. | Positive |
http://www.moneycontrol.com/news/business/bodal-chemicals-q3-improving-topline-point-towards-uptick-in-domestic-demand-2508357.html | Aarti Drugs Ltd.
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Bodal Chemicals's quarterly result reflected a sequential improvement in operational performance aided by higher offtake from the textile end market. Further, guided by management updates on capacity expansion plans and initiatives on vertical integration, we maintain our view that, the company is on an accelerated growth path for the next few years.
Quarterly results – sequential improvement
Bodal Chemicals Q3 FY18 sales were up 10 percent YoY aided by higher domestic sales (72 percent vs 65 percent in Q3 FY17) and dyestuff contribution (31 percent vs 26 percent in Q3 FY17).
EBITDA margin, however, declined to 18 percent from 20.1 percent in Q3 FY17 due to surge in raw material prices. Profit before tax, excluding one-off profit from the sale of Unit-5 in base quarter, had a flattish growth on YoY basis.
Sequentially, there was a similar double-digit growth for both topline and bottomline reflecting easing conditions in end markets, post GST implementation.
New CAPEX projects on track
Company has nearly completed its first phase of dyestuff capacity expansion (12,000 MT) and it is expected to be operational in Q4 2018.
Additionally, Thionyl Chloride project (36,000 MT; raw material for Vinyl Sulphone) is also on track and expected to contribute from Q3 of 2019 respectively. Here, it is noteworthy that while 30 percent of Thionyl Chloride capacity would be used in-house, 70 percent would be sold to pharma, agri-chemical and chemical end-markets. Presently, there are only three major producers for Thionyl Chloride.
Further, additional Vinyl Sulphone capacity (SPS processors) of 6,000 MT is expected to complete in current quarter.
Financial projections
Overall results are in line, particularly, revenue run rate meets our expectations. Bodal chemicals is currently trading at 12.6x/9.0x 2019/2020e earnings which is attractive, given the multiple growth drivers. In our view, current phase of consolidation provides an opportunity, as increasingly vertically integrated Bodal Chemicals is well placed for the growth opportunity in the sector. | sales were up 10 percent YoY aided by higher domestic sales. new CAPEX projects on track. a total of 6,000 MT of vinyl sulphone capacity is expected to complete in current quarter. aarti drugs is a leading global manufacturer of a variety of pharmaceuticals. the company is currently trading at 12.6x/9.0x 2019/2020e earnings. | Positive |
http://www.financialexpress.com/industry/sme/zappfresh-raises-rs-20-crore-from-dabur-indias-amit-burman-and-sidbi-venture-capital/1105229/ | Gurugram based DSM Fresh Foods fresh meat brand Zappfresh has raised Rs 20 crore in pre-series A round of investment from the Vice Chairman of Dabur India, Amit Burman and SIDBI Venture capital. The company plans to use the funds in driving business strategy, expanding supply chain and to scale up geographically.
Commenting on the investment, Amit Burman, Vice Chairman at Dabur India said, “I see a great potential in the ‘e-market for meat’ and Zappfresh has had an impressive growth story. The business model is innovative and the use of technology in the supply chain management has allowed for the possibility of a sustainable scale up capability. I look forward to be part of this venture and its success.”
The company claims to have reached the breakeven point in the first 8 months, after raising the angel investment from renowned HNIs. The company has scaled rapidly since its inception in 2015 and now claims to provide services to entire Delhi NCR from its Gurgaon based factory.
Zappfresh was founded by Deepanshu Manchanda and Shruti Gochhwal in 2015. They procure meat from the farms and delivers it to the end-customer in the selected time-slot on the same day. The company deals in raw meat and cooked meat products.
The company in a media release stated that the investment has laid the foundation to validate this category of business to have a growth potential. While investing partner Amit Burman will offer mentorship to the company.
Commenting on the investment and why Zappfresh, Sajit Kumar, Senior Vice President at SIDBI Capital said, “Investing in a firm many times translates to investing in an idea with the potential to scale up. This in my mind is the story of Zappfresh. The fresh meat industry is highly fragmented and digitization of the market can also improve the value chain operating system of this industry. Zappfresh’s promise to offer a hassle-free meat buying experience of highest quality is unique and has great potential.”
The company has pioneered the concept of ‘Farm to fork’ via the use of Farm-Tech to optimize their time-to-delivery and costs.They are engaged with a number of farms to ensure absolutely fresh and chemical free products. Their technology helps connect farmers, vendors and retail channels. This is done via real time data and inventory tracking, reducing time-to- consumer from farm.
Talking about the latest round of funding, Deepanshu Manchanda, CEO & Co-Founder, Zappfresh said, “The company would use the funds to hire people in key departments and increase storage capacity. We are very excited to have Mr. Burman and SIDBI Venture Capital on board believing in our business and supporting our expansion plans. This investment will aid our back-end support along with expansion in newer markets after having laid a strong foundation in Delhi-NCR” | Zappfresh was founded by deepanshu manchanda and Shruti Gochhwal in 2015. they procure meat from the farms and delivers it to the end-customer in the selected time-slot on the same day. the company plans to use the funds to drive business strategy, expanding supply chain and to scale up geographically. the company claims to have reached the breakeven point in the first 8 months, after raising the angel investment from renowned HNIs. | Positive |
https://economictimes.indiatimes.com/small-biz/sme-sector/small-town-retailers-go-digital-with-business-activity-back-to-normal-levels/articleshow/79036861.cms | MUMBAI: Business activity among the micro, small and medium enterprise sector is reaching near normal levels and they are adopting digital business tools to drive efficiency and growth, reveals data gathered by OkCredit According to data gathered by OkCredit basis the behaviour of the users, the micro retail players are increasingly taking up digital book-keeping solutions, as it makes this task simpler and there is a demand coming from small towns and hinterlands.In the unlock phase of Covid pandemic, OkCredit has witnessed a recovery in demand for its app from tier 3 cities followed by tier 2 and tier 1 cities. OkCredit’s business from tier 3 cities witnessed 33% growth in the period of February - September 2020 while Tier 2 and Tier 1 cities registered 30% and 28% growth respectively during the same time. This is after a dip of 26%, 31% and 38% in business from tier 3, tier 2 and tier 1 cities respectively in April this year.Sixteen of thirty-six states have recovered to business activity levels that are higher than pre-Covid times. Bihar, Haryana, Assam, Rajasthan, and Himachal are the states where business activity is 10+% higher. Uttar Pradesh, Madhya Pradesh, Chhattishgarh, Odisha, Jharkhand, Uttarakhand, and Punjab are the others that are already exhibiting higher business activity. Out of the 19 states that are yet to recover, Karnataka, Maharashtra, Gujarat, Andhra Pradesh, Tamil Nadu and Delhi are trending at 90–95% of their pre-Covid activity levels.The company witnessed double-digit growth in business from medical and kirana stores at 21% and 15% respectively in September 2020. This was after a dip of12% in business from medical stores and 22% from kirana stores in April this year. Both mobile recharge and electronics category registered modest growth of 5% in September 2020 after a dip in April this year.Harsh Pokharna, Co-founder and CEO, OkCredit, in a statement said, “It is interesting to note that amid the Covid pandemic, remote towns are emerging as the torchbearers for the digitization of the MSME segment . And they are showing exciting activity and growth as the economy pushes hard for a V-curve recovery.”Positive word of mouth by migrant population who have experienced digital tools is driving the adoption of digital book-keeping tools among small businesses in remote towns of India. This bodes well for India’s digitally connected future and presents a big opportunity to technology service providers to further capitalize on the digital bookkeeping opportunity presented by the MSME segment. Empowering micro and small businesses are crucial for the next stage of social and economic growth.Given the current scenario due to COVID-19, more consumers are looking online and this provides the potential for MSMEs to transform and build on digitisation of their businesses. | data gathered by OkCredit shows micro retail players are increasingly taking up digital book-keeping solutions. micro retail players are increasingly taking up digital book-keeping solutions. tier 3 cities saw 33% growth in the period of February - September 2020. tier 2 and tier 1 cities registered 30% and 28% growth respectively. this is after a dip of 26%, 31% and 38% in business from tier 3, tier 2 and tier 1 cities respectively in April this year. | Positive |
https://economictimes.indiatimes.com/industry/services/education/upgrad-buys-the-gate-academy-to-invest-rs-100-crore-in-test-preparation-business/articleshow/79391662.cms | Education technology startup upGrad has acquired The Gate Academy for an undisclosed sum.The move is in line with its plans to enter the fast-growing higher education test preparation market in India.Bengaluru-based The Gate Academy has over 57 coaching centres and nearly 200,000 learners preparing for the GATE and other entrance tests for public sector and government jobs across the country.“TGA provides upGrad a non-linear growth opportunity in new-segment entry and deeper penetration in the semi-urban and rural markets, which is in line with our core vision of making Bharat employable by adopting the mantra of LifeLong Learning,” Ronnie Screwvala and Mayank Kumar, cofounders of upGrad, said in a statement.After the acquisition, TGA will continue as a subsidiary of upGrad and will retain the same brand name. upGrad said it will look to invest Rs 100 crore to produce over 20,000 hours of learning content in multiple languages, with a goal to reach one million test-takers annually.“We aim to employ our extensive experience in both physical and online modes of teaching to create a world-class product that will bring fundamental changes in the way technology enables learning in the future,” said Ritesh Raushan, founder and CEO of The Gate Academy.upGrad said that the acquisition was a first in a series to grow in the higher education market.The acquisition also comes at a time when there has been significant consolidation in the ed-tech market in India, with leaders Byju’s, Unacademy and Vedantu all acquiring or investing in smaller rivals.This has been driven by significant uptick in investor interest around the edtech sector following the Covid-19 pandemic which created an influx of new users to sign up for online courses, as offline tuition centres and schools remained shut during the lockdown. | upGrad has acquired the gate academy for an undisclosed sum. the move is in line with its plans to enter the fast-growing higher education test preparation market in india. the company has over 57 coaching centres and nearly 200,000 learners. it will continue as a subsidiary of upGrad and will retain the same brand name. after the acquisition, TGA will continue as a subsidiary of upGrad. | Positive |
https://www.moneycontrol.com/news/technology/auto/buying-a-car-and-want-to-save-on-fuel-here-are-five-good-cng-cars-from-maruti-suzuki-4405831.html | Maruti Suzuki has a wide range of vehicles to offer in the Indian market, with models divided across multiple segments. While the company is well-known for its reliability and durability, it is also known for offering cost-effective CNG alternative for otherwise gas-guzzling gasoline cars.
The company differs from other CNG manufacturers as it uses Dual Interdependent ECUs (Engine Control Unit) and Intelligent Injection system for fuel delivery. This helps maintain the optimum air-fuel ratio and offers maximum mileage. This is called the S-CNG system. Maruti Suzuki offers the most value-for-money CNG option in these cars:
1. Alto K10
Undoubtedly one of the most recognised cars in the manufacturer’s stable, the Alto K10 is now available with the S-CNG kit, which gives a segment-leading fuel economy of 32.36 km/kg. Coupled with the same K10 engine as its petrol counterpart, it makes 67PS of maximum power and 90 Nm of peak torque.
2. New Alto
Along with the Alto K10, its updated smaller sibling also receives an S-CNG kit. Equipped with the same Dual Interdependent ECUs, Intelligent Injection system and leak-proof design, the new Alto returns a claimed fuel efficiency of 32.99 km/kg.
3. Celerio
A compact hatchback at heart, the Maruti Suzuki Celerio is equipped with Suzuki’s K-Next engine with drive-by-wire technology. This, complemented by the S-CNG fuelling kit, makes 67 PS of maximum power and 90 Nm of peak torque. It has a claimed efficiency of 31.76 km/kg.
4. Wagon R
One of India’s longest-running and most popular hatchbacks, the Wagon R, recently received an update an along with it, got a new S-CNG system which has a fuel economy of 33.54km/kg. It supplies power to the same K-Next engine as its petrol sibling and generations 60 PS of maximum power and 78 Nm of peak torque.
5. Ertiga
Another of Maruti Suzuki’s most popular vehicles, the Ertiga S-CNG is an optimum choice for anyone looking for a large conveyance space with cost-effective fuel efficiency. The 7-seater SUV returns a claimed fuel efficiency of 26.2 km/kg, from its 1.5-litre engine. It makes 104 PS of maximum power and 138 Nm of peak torque.
These are some of the most cost-effective options in the CNG segment offered by Maruti Suzuki. | maruti Suzuki has a wide range of vehicles to offer in the Indian market. the company differs from other CNG manufacturers as it uses Dual interdependent ECUs (Engine Control Unit) and Intelligent Injection system for fuel delivery. this helps maintain the optimum air-fuel ratio and offers maximum mileage. the company offers the most value-for-money CNG option in these cars. | Positive |
https://www.moneycontrol.com/news/business/markets/opec-will-take-responsible-approach-to-virus-saudi-energy-minister-4976551.html | Saudi Arabia's energy minister said on Tuesday he was confident that OPEC and its partner oil-producing nations, the so-called OPEC+ group, would respond responsibly to the spread of the coronavirus.
He also said Saudi Arabia and Russia would continue to engage regarding oil policy.
"Everything serious requires being attended to," the minister, Prince Abdulaziz bin Salman, told reporters at an industry conference in Riyadh.
An OPEC+ committee this month recommended the group deepen its output cuts by an additional 600,000 barrels per day.
Saudi Arabia supports the further oil production cut, but Russia is yet to announce its final position on the matter.
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 minister said he was still talking with Moscow and that he was confident of Riyadh's partnership with the rest of the OPEC+ group.
"We did not run out of ideas, we have not closed our phones. There is always a good way of communicating through conference calls," he said.
Regarding the coronavirus, which has impacted OPEC member Iran, he said OPEC+ members should not be complacent about the virus but added he was confident every OPEC+ member was a responsible and responsive producer. The flu-like SARS-CoV-2 virus which first broke out in China has now spread to more than 20 countries. "Of course there is an impact and we are assessing, but we'll do whatever we can in our next meeting and we'll address that issue, UAE energy minister Suhail al-Mazrouei said at the same industry conference. Saudi Aramco CEO Amin Nasser on Monday said he expected a short-lived impact on oil demand and consumption to rise in the second half of the year."We think this is short term and I am confident that in the second half of the year there is going to be an improvement on the demand side, especially from China," he told Reuters.
Aramco had seen minimal impact from a drop in oil demand due to coronavirus spread, he said during a panel discussion in Riyadh.
"We expect by the second half things are back to normal. There is an impact on markets but Aramco has dealt with many crises before," Nasser said, adding the impact on the company was "minimal".
The CEO of Abu Dhabi National Oil Company (ADNOC) also described the impact as "temporary" at the same event.
"Nobody can deny that there has been a temporary impact from coronavirus, we have seen that on global markets in terms of demand," Sultan Al Jaber said.
Oil climbed on Tuesday as investors sought bargains after crude benchmarks slumped almost 4% in the previous session, although concerns about the global spread of the virus capped gains. | a u.s.-based company has developed a vaccine to combat the coronavirus. the u.s. has a'very good' record for delivering a vaccine to people with a disease. 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.moneycontrol.com/news/business/markets/covid-19-likely-to-change-market-leadership-10-stocks-you-may-want-to-have-a-look-at-5150221.html | live bse live
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The unprecedented disruption caused by COVID-19 may have a longer-than-expected impact on the economy and could change the leadership in the stock market, say experts.
While the banks and NBFCs have been dominating the benchmark indices, market experts says emerging sectors such as pharma are gearing up to take the front seat.
Sanjiv Bhasin, Director at IIFL Securities, said the market would see a change in sectoral leadership after the COVID-19 and the leaders of now may not be in the same position in the future.
"OTT and data is the next game plan. There will be a lot of new changes which will come about. There will be a change in market leadership also. New leaders may not be from NBFCs but from some other sectors such as pharma," he said.
Vinod Nair, Head of Research at Geojit Financial Services, too, has a similar view.
"The implication to varied businesses will differ within which some will evolve as a winner as a result of the change in public preference and investment strategy post-COVID issue," Nair said.
The key beneficiaries, he said, would be those with stable businesses and outlooks such as staples, agriculture, FMCGs, healthcare, pharma, chemicals and E-commerce. Hospitality, restaurants, travelling and transportation, oil & gas and metals would be the underdogs, he said.
Banks, NBFCs and service providers may be neutral in which strong brands will dominate, Nair said, adding that pharma would have an edge in the medium-term due to heightened healthcare requirement and policy.
PSUs cannot be considered positively in a blanket, given the weak fiscal position of the government and the fall in demand, Nair said.
Vikas Jain, Senior Research Analyst, Reliance Securities, is of the view that private banks, pharma and insurance sectors will dominate the markets in the coming years as valuations are reasonable and market share gains in domestic and international markets will incrementally add earnings expanding the PE multiples going forward.
While it cannot be said precisely how the things will pan out after normalcy returns, analysts say investors should add quality stocks to their portfolio, as the market will see a V-shape recovery after the coronavirus infections comes under control.
Here are 10 long-term recommendations from various sectors that may be your best bets in these uncertaint times:
Analyst: Vinod Nair, Head of Research at Geojit Financial Services
Asian Paints | Buy | LTP: Rs 1,718.25 | Target price: 1,884
Asian Paints has mostly domestic-oriented business and has displayed resilience by giving double-digit volume growth despite challenging environment.
Tailwinds on raw material cost due to sharp fall in crude oil prices will aid significant expansion in gross margins.
The analyst say the impact of COVID-19 on demand can be mitigated by lower raw material prices.
The stock is trading near a P/E of 45 times, which is at a discount of 7 percent to average three-year forward P/E.
"We expect earnings to grow at a CAGR of 23 percent over FY19-22E due to strong operating margin and lower tax rate. Strong balance sheet and debt free status will support premium valuation. Considering the long term positive industrial outlook we revise our rating to buy and value the stock at 44 times FY22 EPS, with a target price of Rs 1,884," said the analyst.
Pidilite Industries | Buy | LTP: Rs 1,478 | Target price: 1,560
The recent reduction in oil prices will enable the company to lower costs and improve margins in the future.
Pidilite's large market share in the adhesive sector along with its strong financials will help the company withstand the COVID-19 impact.
The company is trading at a PE close to its five-year average.
TCS | Buy | LTP: Rs 1,735 | Target price: Rs 2,084
Ongoing virus concerns seem to have hurt TCS onsite works, which is evident in the price correction.
Organizations across the globe will consider going digital post COVID-19, which is expected to boost revenue in the long term.
India’s largest software exporter specially recognized for the strength of its corporate governance.
The company has zero debt and enough cash to provide cash dividends as well as buybacks on a consistent basis in the future.
"We have a buy rating on the stock with a target price of Rs 2,084 based on 19 times FY22E EPS," said the analyst.
Britannia Industries | Buy | LTP: Rs 2,847.90 | Target price: Rs 3,455
The packaged food industry is facing supply chain issues rather than demand issues due to the lockdown.
Once the situation stabilises, the analyst believes Britannia would be one of the major beneficiaries considering the factors such as essential food category products, negligible dependence on exports (nearly 6 percent), strong distribution network (nearly 55 lakhs outlets including nearly 21.7 direct), negligible debt (D/E of 0.04 times) and good cash position (nearly Rs 850 crore as on FY19) and strong return ratios (RoE of 24 percent and RoCE of 29 percent as on FY19).
"The stock is currently trading at one year Fwd P/E of nearly 37 times which is nearly 23 percent discount to its last 5 year average. We value the stock at 46 times FY22E P/E (at five year average) and upgrade to buy considering the recent sharp drop in stock price with a target of Rs 3,455," said the analyst.
Analyst: Vikas Jain, Senior Research Analyst at Reliance Securities
ACC | Buy | LTP: Rs 1,137 | Target price: Rs 1,350
One of the largest cement companies, trading at 50 percent discount to the five-year average to its earnings multiple and EV/EBITDA, higher cash in its balance sheet also would aid higher dividends.
Volumes have been impacted due to the lockdown but once the recovery starts, demand will increase keeping the pace of cement price hikes and lower energy costs would in turn support margin improvement, said the analyst.
Biocon | Buy | LTP: Rs 337 | Target price: Rs 470
Biocon is an innovation-led company and has developed and commercialised a differentiated portfolio of novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets, as well as, generic formulations in the US and Europe.
"It is one of the consistent outperformer in the pharma space and we believe it will continue to outperform as new revenue streams, subsidiary companies innovations would drive growth in earnings and continue to enjoy superior valuations," said the analyst.
HDFC Bank | Buy | LTP: Rs 865.15 | Target price: Rs 1,200
One of the best stocks to own in the financials, well positioned to deliver strong business momentum with advances growth of 20 percent, consistent margin of 4 percent and impeccable asset quality to aid return ratios.
Unlocking of its subsidiaries listing will also add value. The stock trades at 2.4 times FY21E adjusted book value, recent correction in price is providing comfort as trades at 30 percent discount to its 10 year average.
HDFC Life Insurance Company | Buy | LTP: Rs 471 | Target price: Rs 650
As per the analyst, the growth prospectus for HDFC Life remain strong on the back of strong product positioning, increasing retail credit by the banks provides opportunity for further penetration of insurance and higher glaring protection gap of over 92 percent.
Strong trend in financial inclusion of household savings and visibly improving persistency trends are also th positives for the stock.
"One of the strong outperformers of 2019 and will continue to deliver consistent growth in earnings and valuations," the analyst said.
Infosys | Buy | LTP: Rs 640 | Target price: Rs 800
Infosys is one of the first multibagger stocks in India’s capital market with consistent wealth creation at regular intervals of time. Recent price correction offers a discount to its long-term averages.
The pandemic has affected the new deals, as industries such as travel, retail and offshore operations are affected but once the business continuity mode is on, it would win new deals and contracts.
Reduced travel costs and currency deprecations should aid margins in coming quarters.
Brokerage: ICICI Securities
Hindalco Industries | Buy | LTP: Rs 115.50 | Target price: 199
Novelis has completed Aleris acquisition for $2.8 billion, which is nearly $200 million more than the earlier announced $2.58 billion price tag.
The increase is on account of an additional payment of $50 million due to better-than-expected performance of Aleris over TTM.
The rest is on account of the additional working capital debt assumed in Aleris to support ramped-up operations. While acquiring all the 13 plants of Aleris, to satisfy regulatory requirements, Novelis will have to divest Lewisport (Kentucky, US) and Duffel (Belgium) as announced earlier.
"Adjusted for the divestitures (announced for Duffel and estimated for Lewisport), we estimate the residual Aleris value at about $1.7bn-1.8bn and corresponding EBITDA at $200mn-250mn (without factoring-in any synergy benefits). The eventual acquisition multiple is 7.5-8 times EV/EBITDA," said the brokerage.
The timing of completion of the acquisition is undoubtedly adverse, said the brokerage and added that the residual valuations (post Duffel and Lewisport divestitures), can at best be termed neutral. Yet, at current valuations, large part of the acquisition negatives are built-in.
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. | market experts say emerging sectors such as pharma are gearing up to take the front seat. the market will see a "v-shape" after COVID-19, says analyst. pharma would have an edge in the medium-term due to heightened healthcare requirement. bse live nse live nse live nse live nse live nse live nse live nse live nse live nse live | Positive |
https://www.financialexpress.com/auto/car-news/suvs-in-india-with-the-largest-touchscreens-under-rs-25-lakh-kia-seltos-hyundai-creta-tata-harrier-jeep-compass-mg-hector-size-features-specs-price/1948881/ | Touchscreen infotainment systems have become one of the defining characteristics of modern SUVs. Here are five of the largest touchscreens that are available under the Rs 25 lakh bracket.
One of the biggest characteristics the modern consumer looks for in a car is the infotainment system and what features it offers. While these digital screens were initially found on expensive luxury models a decade ago, now you can have one in a small entry-level economy car as well. You can find some that range from 6-inches small to ones that are larger than 12-inch in size and they come in different orientations as well. Here are five of the best and largest touchscreens that are available in SUVs from factory, that are available in India under Rs 25 lakh.
Tata Harrier
The Tata Harrier comes as standard with a 7-inch touchscreen system. However, the more expensive higher trim models are equipped with an 8.8-inch system that offers Apple CarPlay and Android Auto. The screen has quite an unusually wide orientation and it allows for not only infotainment application, but it can also be used to monitor vehicle dynamics and climate control as well. It has smartphone connectivity, voice command, USB and Bluetooth connection as well. The display also supports the parking sensors and the reversing camera. However, due to its unusual orientation, Apple CarPlay and Android Auto, along with the reversing camera function do not utilise the entire screen’s 8.8-inch real estate.
Jeep Compass
The Jeep Compass is the most expensive model among the five SUVs on this list, but it comes with the smallest touchscreen among them. Currently, the Compass uses a 7-inch touchscreen in the lower variants, but the higher trim levels are offered with an 8.4-inch touchscreen with Jeep’s Uconnect infotainment system software. It also supports Apple CarPlay and Android Auto. The system offers a list of entertainment & communication applications, displays real-time vehicle data, and also navigation. The Compass also offers the climate control settings and other application functions which can be controlled via the touchscreen system along with two USB outlets, Bluetooth and AUX input.
Kia Seltos
The Kia Seltos uses a large 10.25-inch touchscreen infotainment system. It offers all the standard features like USB, Bluetooth, AUX inputs, along with smartphone connectivity with Apple CarPlay and Android Auto. But, the Seltos goes a step further by providing split-screen functionality, a 360-degree parking camera and also offers connected features through the Kia UVO Connect. For a detailed video on Kia’s UVO Connect connected car features and the smartphone app, you can watch the video below. The Seltos also offers smart voice command functions for the air purifier, navigation, climate control and other in-car functions. However, lower-spec models of the Seltos come with an 8-inch touchscreen with limited features.
Hyundai Creta
The Hyundai Creta uses the same identical 10.25-inch touchscreen as the Kia Seltos. Being from the same family, the Seltos and Creta share quite a few parts. While the features on offer with the Creta are also similar in fashion, the Creta takes the game up a notch over the Seltos with additional connected features with the latest generation of the Hyundai BlueLink connected car technology. For example, the Creta also comes with a virtual assistant that uses the wake-up command “Hey BlueLink” and it can open the panoramic sunroof with a voice command as well. But the Creta does not come with the 360-degree parking camera.
MG Hector
The MG Hector is the odd-one-out in this list of touchscreens. It offer the largest system measuring in at 10.4-inches in size, but it uses a vertically oriented design. It dominates the Hector’s dashboard with its large size and it is the primary input system for nearly all the in-car controls of the vehicle. The user can not only control all the infotainment function of the car, but also the climate control functions. It offers Apple CarPlay and Android Auto along with in-built app functions that offer online music and video streaming as well. It offers a 360-degree view parking/reversing camera. Like the Seltos and Creta, the Hector is also a connected car and uses an eSIM to allow access to MG’s iSMART connected car technology. With the wake-up command “Hello MG”, users can use voice recognition technology to operate many functions of the car like the sunroof, driver window, navigation, music, climate control and more. It can also provide vehicle dynamics and diagnostic reports. | touchscreen infotainment systems are one of the defining characteristics of modern SUVs. some range from 6-inches small to ones that are larger than 12-inch. Tata Harrier comes as standard with a 7-inch touchscreen system. but the more expensive higher trim models are equipped with an 8.8-inch system that offers Apple CarPlay and Android Auto. | Positive |
https://economictimes.indiatimes.com/tech/ites/digital-transformation-deals-may-weather-covid-19-storm-analysts/articleshow/75126016.cms | Elevate Your Tech Prowess with High-Value Skill Courses Offering College Course Website Northwestern University Kellogg Post Graduate Certificate in Product Management Visit Indian School of Business ISB Professional Certificate in Product Management Visit IIM Lucknow IIML Executive Programme in FinTech, Banking & Applied Risk Management Visit
BENGALURU: Indian IT firms are likely to persist with ongoing digital transformation projects that save costs for clients, even as they witness a drop in discretionary spending as businesses focus on survival in the wake of the Covid-19 pandemic, said analysts.Service contracts for works such as automation of processes, movement of business applications to the Cloud (remote servers) and Artificial Intelligence-based process transformation are expected to continue since they result in short-term cost savings for businesses, analysts said.“...where digital transformation saves the client money in the form of lower operating costs, we do see an appetite to move forward,” said Peter Bendor-Samuel, chief executive officer of Everest Group, a US-based IT advisory and research firm.“Having said that, it looks like we are entering a recession where capital for projects may be hard to find, hence these digital projects which save money have a quick ROI (Return on Investment ),” he added.This is, however, a “mixed bag” and many organisations have started cutting discretionary projects including digital transformation contracts, Bendor-Samuel cautioned.IT firms generate higher margins in projects that are discretionary as it is outside planned budgets.Clients of the Indian IT services companies in the travel and transportation sector, including airlines and hotels, have begun to cut services and outsourced staff.Top tier software services exporters such as Infosys and Wipro reported 40.6% and 39.8% revenue, respectively, from digital technology-led services for the October-December period last year. Technology services providers have seen outsourcing work across various industry sectors and types of projects being suspended. However, some large clients have continued discretionary spending on digital technology transformation despite a dip in overall business in the United States and the United Kingdom.“Large companies may absorb the cost of contracts in such difficult times, but small enterprises in the UK and other markets are more interested in saving their current business and not ready to spend on any incremental technology projects,” said a senior executive at a large Indian IT services firm, who did not want to be named.Many such projects would be deferred, the executive added.“I want to stress (on the fact) that there are lots of examples where digital transformation does lead to cost savings, and this is the area where the Indian firms can focus on to offset the loss of discretionary spends,” said Bendor-Samuel. | IT firms likely to continue with ongoing digital transformation projects that save costs. some large clients have continued discretionary spending on digital technology transformation. top tier software services exporters such as Infosys and Wipro reported 40.6% and 39.8% revenue. a number of large clients have continued discretionary spending on digital transformation. a number of large clients have continued discretionary spending on digital transformation. | Positive |
https://www.financialexpress.com/market/commodities/gold-to-dazzle-again-this-akshaya-tritiya/1136575/ | The government has stepped up efforts to lure people away from the physical metal by inviting applications for sovereign gold bonds, but the ritual of gold buying on the auspicious occasion of Akshaya Tritiya is unlikely to be affected on Wednesday.
In fact, with the initial disruption due to the rollout of the Goods and Services Tax and residual impact of the note ban behind them, jewellers see a spike in sales. Jewellers had seen a revival of fortune in the Akshaya Tritiya in 2017, after two successive years of subdued growth in sales on this day. Major jewellers, including Malabar Gold and Diamonds and Anmol Jewellers, told FE that they expect an even better Akshaya Tritiya this time, with some of them projecting a 20-30% jump in their sales from the same day last year. The build-up to the Akshaya Tritiya has also witnessed good sales, they said.
An over 7% rise in prices since last Akshaya Tritiya is seen mostly positive in urban areas where customers are willing to bet on gold, assuming prices could go up even further. Although high prices at times limit the purchase volume in rural areas — where most of the small-time jewellers operate — jewellers see a moderate rise in sales so far. The prospect of a good harvest due to a normal monsoon this year and higher economic growth will likely drive up demand for gold sales this year, said analysts. However, as seen in recent years, larger players could see their sales rise at a faster pace than the smaller ones. As such, the small jewellers are struggling to attract customers as the government has, in recent years, introduced various curbs — including mandatory quoting of PAN beyond purchases of a certain limit and limited transaction in cash.
Jewellers, in ways large and small, have resorted to offering discounts to woo customers on the auspicious day.
Ahammed MP, chairman of Malabar Gold & Diamonds, said his company remains bullish about sales this year, too. “More importantly, this (Akshaya Tritiya) coincides with the wedding season, which is another prime trigger for gold sales in India. And over and above, the industry has come back to its normalcy after the hiccups like demonetisation and GST and there are a number of positive triggers.” Ishu Datwani, founder of Anmol Jewellers, expected 25-30% rise in his sales. “We are expecting good sales this Akshaya Tritiya, especially for classic diamond jewellery and gold temple jewellery,” he said.
Vaibhav Saraf, director at Aisshpra Gems and Jewels, said his company witnessed good sales in March as well and predicted a 20% rise in sales on the day of the Akshaya Tritiya. “Even as the overall market sentiment is positive, gold prices are likely to put marginal effect on consumer demand for heavy jewellery,” he said. Tanya Rastogi, director at Lala Jugal Kishore Jewellers, said due to the Nirav Modi scandal, “we have seen a shift in trend where consumers have started opting for gold over diamonds as they are sceptical”. After a drop in 2016, India’s gold demand rebounded last year with a 9% rise to 727 tonne when global consumption hit an eight-year low, showed the data released by the World Gold Council (WGC). However, domestic demand still trailed a ten-year average of 840 tonne.
WGC managing director (India) Somasundaram PR has said that demand in India would remain in the range of 700-800 tonne in 2018, based on a conservative estimate. All signs — expectation of higher economic growth, stabilisation of the Goods and Services Tax (GST) regime, rural push in the Budget and the fall in the stock markets from their peaks — suggest a good year ahead for the precious metal. Net gold imports grew 59% to 888 tonne in 2017, against 558 tonne a year before. The government has announced that it would accept applications up to April 20 for the issuance of sovereign gold bonds, with a 2.5% anuual interest. It is part of the government’s efforts to garner as much as Rs 5,000 crore from all the three gold schemes this fiscal — the same as 2017-18 (revised estimate).
The sovereign gold bond, gold monetisation scheme and Indian gold coin were launched by Prime Minister Narendra Modi in late 2015, as the government wanted to discourage imports of the precious metal and curb their damaging impact on trade balance. However, the gold schemes are still far from a success though, as the annual mop-ups are barely 2-3% of the country’s annual consumption. | major jewellers expect an even better Akshaya Tritiya this time. some of them project a 20-30% jump in sales from the same day last year. the government has stepped up efforts to lure people away from gold. but the ritual of gold buying on the auspicious occasion is unlikely to be affected. the government has introduced various curbs to lure customers. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/1-trillion-market-cap-and-counting-india-is-just-showing-the-way/articleshow/68699690.cms | Bloomberg
Bloomberg
The biggest quarterly foreign inflow in six years. About $370 billion in value gained. And now, India ’s stock market just hit a record high -- its first in seven months.The equity benchmark index for the world’s second-largest emerging market rose 0.5 per cent on Tuesday, closing above the 38,896.63 level that was required to make the milestone official. India is the first among markets valued at more than a $1 trillion to hit a peak this year.After languishing in their worst run of losses in almost eight years, Indian equities posted the world’s biggest rally last month. Worries over rising oil prices, election uncertainty and tensions over Kashmir have faded. Instead, expectations that Prime Minister Narendra Modi will get re-elected, bets that company profits will recover and a dovish shift in central-bank policy in both the US and India have made investors turn positive.The icing on the cake was bullish views from strategists at foreign research firms. Last week, BNP Paribas SA analyst Manishi Raychaudhuri upgraded Indian stocks to overweight, citing stability in corporate-profit growth and indicating that banks’ asset-quality problems are now seen as “a thing of the past.” This came after Goldman Sachs Group Inc said that stocks will rally in the lead-up to the vote and raised equities to the equivalent of a buy rating.There are certainly more events for investors to either buy or sell India stocks for the rest of the year: Results from India’s general elections next month, hints on where corporate profits will go, US-China trade talks and big moves in oil prices.“The first event is the largest democratic elections globally and in that sense, investors will be looking forward to the formation of a stable government,” said Chockalingam Narayanan, head of equity research at BNP Paribas Asset Management Co in Mumbai.Foreign inflows have seen a resurgence as global funds purchased a net $8.4 billion of Indian shares in the first three months of the year. That puts the country on track for the biggest annual flood of overseas capital since 2014, when Modi first became prime minister and the S&P BSE Sensex Index hit 54 record highs.General elections tend to be an “important influencer” of short-term returns and foreign flows into the market, BNP’s Raychaudhuri said in his note. If investors get a “market-friendly” government, the overseas investment euphoria will continue for a month or two and will then fade by the third month after the vote, he said.Some say this influx may have been too rapid in such a short time frame.“We believe this pace of inflows will moderate,” said Sampath Reddy, chief investment officer at Bajaj Allianz Life Insurance Co. “Last month was exceptionally good, but that can’t be the run rate for the months ahead.”Neelkanth Mishra, India equities strategist at Credit Suisse Group AG in Mumbai, says such inflows into the nation’s stocks may not be sustainable, even if the global economic momentum turns positive as China stabilizes and central banks don’t change their stance. That’s because Credit Suisse doesn’t see growth in India recovering “any time soon as monetary tightness persists,” according to a note.For the past three weeks, both the stock market and a gauge tracking its volatility rose in tandem, a rare occurrence that indicates signs of hedging. The NSE Nifty 50 Index and India VIX Index, which tend to go opposite ways, have moved in the same direction five weeks already this year, on track for the highest proportion since 2014.Not everyone’s concerned.“The market is positively biased and the momentum is likely to continue on the back of expectations of a stable government coming to power,” said Jay Thakkar, head of technical research at Mumbai-based Anand Rathi Share & Stock Brokers. “We expect the NSE Nifty 50 to be in a range of 11,200-12,500 over the next three to six months with intermittent sessions of volatility in the run-up to the elections.” | india's stock market hit a record high -- its first in seven months. the equity benchmark index rose 0.5 per cent on thursday. india is the first among markets valued at more than a $1 trillion to hit a peak this year. analysts expect that prime minister Narendra Modi will get re-elected. the icing on the cake was bullish views from strategists at foreign research firms. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/dalios-principles-of-success-in-investing-life-in-general/articleshow/64302433.cms | When legendary investor Ray Dalio speaks, the world listens. It is no surprise then that his philosophy on life & work that he encapsulates as ‘principles’ has had a significant impact on his followers.In a mini video series of eight episodes (“ Principles for Success ”) Dalio has tried to reinforce once again the values that have helped him become successful and remain successful through his career.I have gone through the series, because I feel in the principles that govern how he lives his life lies the principles he followed to sharpen his skills as an investor.We often wonder what it is it like to be successful, but what we don’t see is that success is never the end goal – even if it may seem so. Success is the beginning of a new process where you get into this tedious cycle of constant re-invention, because if you don’t keep that pace, the success you have achieved can disappear very quickly.Through the video series & his book, Principles: Life & Work, Dalio has emphasized on not just how to become successful but also how to ‘stay’ successful.I was once told that success is not sustainable unless you walk on the two firm legs of aptitude and attitude. Without one, you would end up limping, losing your pace, energy and drive to go on.In his series, Dalio highlights how ego and blind spot barriers can be two impediments to one’s growth professionally and personally. Even in markets , investing to be specific, that holds true. To believe only you are right and to not look at the others’ points of view can be limiting in taking a well- informed decision to invest.There is a fine line between confidence and over-confidence. It is this fine balance that needs to be managed whenever making key decisions. Dalio has very aptly highlighted in his series to stare closely at the problem at hand, and not to jump to solutions.Understanding the problem is far more critical than finding an apt solution. Part of the process to get the problem right is to look at it from all angles engaging in debates and, as Dalio says, thoughtful disagreements.These are not bad words.A disagreement can be very productive, if the purpose is aligned to maximise gains for all involved. Even in markets, discussing a company’s business model and what works or what does not and should it be an investment case or not – all that talk is very relevant.It helps one think through what are the real reasons for which one would want to invest in a business. Is it because they are convinced or is it because the world around them seems to think it is a great idea? Dalio’s piece pushes us to discuss more, talk more, disagree more, fail more to strive more to push harder and reach greater heights.At the core of it, he wants you to be true to yourself, in markets or otherwise, as truth holds the foundation of producing the outcome you desire. I see it in markets all the time: honest managements owning up their mistakes and fixing their problems, fund managers accepting when they have got a call wrong and why they slipped and macro experts acknowledging that their interpretation of the data was not accurate, and so on.We all know mistakes are not bad. They help us learn. Yet, we fear them. Yet, we want to avoid the risk of failure. If there is anything I concluded from Dalio’s series and from the interview I did, is that you need to think for yourself like he did during the 2008 global financial crisis.Till date, Dalio is credited for having successfully circumvented the market crash. Few others managed the same, at that time.Link to Ray Dalio's mini - series - “Principles for Success” | a mini video series of eight episodes (“ Principles for Success ) has been produced by renowned investor and investor. he has encapsulated his philosophy on life & work as 'principles'. he has emphasized on not just how to become successful but also how to ‘stay’ successful. he highlights how ego and blind spot barriers can be two impediments to one’s growth professionally and personally. | Positive |
https://www.financialexpress.com/industry/swiggy-byjus-add-weight-as-pe-investments-climb-new-peak-of-33-1-billion-in-2018/1430237/ | Private equity (PE) investments in India have touched the highest ever figure of $33.1 billion in 2018, across 720 transactions, with big ticket investments in consumer apps Swiggy and Byju’s adding glitter to the deal chart in the fag end of the year.
While PE investments had surpassed the previous high of $24.3 billion across 734 deals in 2017, in the first nine months of 2018 itself, the mega investments in startups such as Swiggy and Byju’s towards the year-end, helped the 2018 total vault by 36% year-on-year, according to data from Venture Intelligence, a Chennai-based research service focused on private company financials, transactions and their valuations.
The year witnessed 81 PE investments worth $100 million or more, accounting for 77% of the total investment value during the period, compared to 47 such transactions in 2017. Of these, 40 were larger than $200 million each (by themselves accounting for 60% of the total value) — compared to 30 such investments in the year ago period, the Venture Intelligence data shows.
Led by the $1 billion investment in Swiggy from South Africa-based Naspers and others and Oyo, led by SoftBank, IT & ITeS companies accounted for 32% of the PE investment pie in 2018 attracting $10.6 billion across 383 deals. Food delivery app maker Swiggy had started the year with a $100 million investment led by Naspers, and followed it up with mid-year $210 million raise co-led by Naspers and DST Global and polished the year off with a $1 billion investment led by Naspers and Tencent. Hotel chain Oyo raised $800 million with an additional commitment for $200 million led by SoftBank Vision Fund.
Paytm raised $445 million from SoftBank and Alibaba for its e-commerce business, Paytm Mall and $356 million from Berkshire Hathaway at the parent company, One 97 Communications, level.
The year saw eight new Unicorn companies being minted, including five — Oyo, PolicyBazaar, Swiggy, Paytm Mall and Byju’s — which raised $540 million from Naspers in the B2C segment. The B2B entrants included, apart from BillDesk (which is focused on enabling online payments for utilities), SaaS startup Freshworks via a $100 million round from existing investors Sequoia Capital, Accel Partners and CapitalG and two-year-old B2B E-commerce platform Udaan, $225 million from existing investors – DST Global and Lightspeed Ventures. Arun Natarajan, founder of Venture Intelligence,said: “The mid-year Walmart-Flipkart deal clearly re-energised international investors’ appetite for mega bets in Indian internet and mobile companies. This has helped offset the slowdown in investments in sectors like financial services, manufacturing and infrastructure towards the year end triggered by nervousness in the public markets and the IL&FS scare.”
Other large ticket IT & ITeS investments in 2018 include the $300 million attracted by online payment gateway service BillDesk from Temasek and others; the $236 million raise by online insurance broker PolicyBazaar, led by SoftBank and the $410 million across two rounds, raised by Swiggy competitor Zomato. Other notable tech companies that attracted rounds of $100 million or more during the year included payments enabler Pine Labs, event ticketing service Bookmyshow, regional language social app ShareChat, music service Gaana.com and fantasy gaming startup Dream11.
“Whether the PE investment tally of 2019 can outdo the highs of 2018 seems set to hinge substantially on global economic trends in the New Year and the outcome of the upcoming National Elections,” he added. | private equity (PE) investments in india have touched the highest ever figure of $33.1 billion in 2018, across 720 transactions. mega investments in consumer apps Swiggy and Byju’s helped the 2018 total vault by 36% year-on-year. of these, 40 were larger than $200 million each (by themselves accounting for 60% of the total value) of these, 40 were larger than $200 million each. | 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://economictimes.indiatimes.com/news/economy/agriculture/indias-agricultural-exports-jump-in-covid-times/articleshow/78590796.cms | NEW DELHI: India agricultural exports have been booming the past six months, while many sectors of the economy suffered because of the disruption caused by the Covid-19 pandemic Export of essential agricultural commodities in the first six months of the current fiscal rose 43.4% to Rs 53,626.6 crore from Rs 37,397.3 crore in the same period last year.“Major commodity groups which have recorded jump in exports are non basmati rice, 105%, basmati rice 13%, ground nut 35%, refined sugar 104% and wheat 206%,” said an official.The official said that the balance of trade in April-September 2020 has been positive at Rs 9,002 crore as against trade deficit of Rs. 2,133 during the same period in 2019.“On-month-to-month basis, export of essential agricultural commodities during September, 2020 has seen a jump of 81.7% in September at Rs 9,296 crore as against export of Rs 5,114 crore in 2019,” he said.The jump in export is an outcome of the new agriculture export policy, which was launched in 2018.“The government cluster based approach for export-centric farming of cash crops like fruits, vegetables and spices where clusters for specific agri products are identified across the country and focused interventions are carried out in these clusters,” the official said.Apart from that, the government has also set up eight Export Promotion Forums (EPF) under APEDA to boost export of agriculture and horticulture products.“The EPFs are created on banana, grapes, mango, pomegranate, onion, dairy, basmati and non basmati rice. These EPFs reach out to stakeholders across the entire production and supply chain of export for increasing these exports significantly to the global market, through various interventions,” the official said.Recently, the government has also announced Agri Infra Fund of Rs. 1 lakh crore to improve agri business environment which is also likely to promote agri export. | exports of agricultural commodities in the first six months of the current fiscal rose 43.4% to Rs 53,626.6 crore from Rs 37,397.3 crore in the same period last year. major commodity groups which have recorded jump in exports are non basmati rice, 105%, basmati rice 13%, ground nut 35%, refined sugar 104% and wheat 206%. | 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://www.moneycontrol.com/news/business/markets/nifty-may-form-new-all-time-high-next-week-3-stock-to-bet-on-for-6-17-return-in-short-term-6008711.html | live bse live
nse live Volume Todays L/H More ×
Markets consolidated in a tight range of 200 points this week but managed to give higher closing above 11,900 mark. Nifty has formed flat bottom green Heikin-Ashi candlestick pattern on daily and the weekly time frame which is denoting strong bullish movement in progress.
Majority of the oscillators and indicators have cooled off in the previous week as index gave sideways movement. Nifty is trading above all important moving averages 20/50/200 DMA indicating price action is in favour of bulls.
Recently, the index is continuously taking resistance from 12,025 mark, and any decisive move above these levels will lead to a fresh breakout. Moreover, the current correction is in the form of an Inverse Head and Shoulders pattern, and targets as per formation come to 12,300. Though small resistance will come around 12,150 as that being a Fibonacci extension of 1.618 taken from 11,618 pivot point and 10,790 low.
Looking at the current scenario, Nifty is set to trade above the previous lifetime high. On the downside, crucial support is provided by 20-DMA is placed around 11,680.
Bank Nifty
Bank Nifty continued its stellar rally in the last week and managed to give the highest weekly closing since March 2020. Recently, the banking index has given flag pattern breakout by closing above 24,050 and a target as per pattern comes to 26,500 which can be achieved with ease in coming days.
Here is a list of three stocks which could return 6-17 percent in short term:
DLF: Buy Around Rs 170 | Target: Rs 200 | Stop Loss: Rs 153 | Upside: 17 percent
On the daily chart, stock price has decisively broken out from its neckline of the Inverted Head & Shoulder pattern and is sustaining above the same. On the daily and weekly chart, the stocks has witnessed a shift of trend to the upward forming base with congestion. The weekly strength indicator and the momentum indicator Stochastic both are in positive territory which supports upside momentum in the near-term. Stock prices are sustaining well above all its significant moving averages which supports bullish sentiment ahead. One can buy DLF around Rs 170 with a stop loss of Rs 153 for the target of Rs 200 & Rs 220.
Bharti Airtel: Buy Around Rs 430 | Target: Rs 465 | Stop Loss: Rs 410 | Upside: 8 percent
This counter appears to be consolidating in a larger band of Rs 430–405 for the last few weeks. Hence, dips are getting bought into, hinting at some sort of accumulation at lower levels. We believe once this counter manages a sustainable close above Rs 430, it can witness a swift move towards its logical targets placed around Rs 460. Therefore, we advise positional traders to buy into this counter around Rs 430 levels. The stop loss suggested for the trade is close below Rs 410.
Reliance Industries: Buy Around Rs 2,115 | Target: Rs 2,250 | Stop Loss: Rs 2,040 | Upside: 6 percent
After a prolonged downtrend, the stock is showing a sign of life. The short-term moving averages ribbon on the weekly time frame providing strong support of positive curve and prices are also trading above all medium-term moving averages. The daily RSI is bouncing back from the important support level and other momentum indicators suggesting a short term pullback on upside in the stock in the coming days. Traders can initiate buying around Rs 2,115 level for the target of Rs 2,250 and Rs 2,350 with stop loss of Rs 2,040 mark.
(Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors Ltd.)
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
"Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Moneycontrol." | Nifty has formed flat bottom green Heikin-Ashi candlestick pattern on daily and the weekly time frame. recent correction is in the form of an Inverse Head and Shoulders pattern, and targets as per formation come to 12,300. bank Nifty Bank Nifty continued its stellar rally in the last week and managed to give the highest weekly closing since March 2020. | Positive |
https://www.financialexpress.com/industry/realtors-say-rbi-decisions-to-boost-liquidity-seek-quick-transmission/1911323/ | The RBI’s decision to cut key rates and give three-month moratorium on all term loans will boost liquidity and ease debt pressure, provided banks pass on these benefits to customers quickly, according to property developers and consultants. The RBI cut repo rate to 4.4 per cent and reduced the cash reserve ratio maintained by the bank by 100 basis points. The reverse repo rate was cut by 90 bps to 4 per cent.
Commenting on the development, CREDAI Chairman Jaxay Shah said, “The economy is going through hard times. The decisions by RBI Governor today is a much awaited comprehensive package to ease the burden of all financial classes across the nation.” “We are assuming that the moratorium covers all home loans, auto loans and personal loans of any nature. It’s very important that the hard working tax paying middle income segment of our society is provided this flexibility,” he added.
NAREDCO President Niranjan Hiranandani said the RBI’s move to pump fresh liquidity in the system will certainly help to mitigate the stressed cash flow and debt pressure in the economic system. “The success to masterstroke announcement by RBI will be in quick transmission of these liquidity tools down the line to uplift the appetite among the India Inc to notch up the economic revival,” he added.
Anarock Chairman Anuj Puri said RBI’s move will push credit flow into all industries reeling under the impact of the coronavirus. “Given this time period, RBI will ensure that the benefit of the rate cut is directly passed on to actual consumers, which could eventually translate into more home loan takers,” he said. The moratorium of three months of EMIs on all outstanding loans will be a major relief to all concerned stakeholders.
“All in all, this big-bang announcement by the RBI will benefit all industries, and is undoubtedly the most convincing intervention yet to tame a major economic crisis in the country,” Puri said. Anshuman Magazine, Chairman & CEO – India, South East Asia, Middle East & Africa said, “RBI is in a mission mode to nurture the market, preserve financial stability and the timing here is crucial.”
The decision to defer installments of all term loans by three months will provide the necessary support to homebuyers as well, he added. JLL India CEO and Country Head Ramesh Nair said the reduction in key interest rates will encourage banks to resort to enhanced lending to productive sectors of the economy at a time when growth of credit is slowing down. “It is important for immediate transmission of these rate cuts to the home buyer which will boost consumer sentiment,” he added.
The injected liquidity of Rs 3.74 lakh crore along with the three-month moratorium on all term loans by financial institutions will alleviate short-term liquidity concerns and help developers as well as home buyers survive in these uncertain times, Nair said. He said that total outstanding loans of real estate developers from commercial banks, NBFCs and HFCs is estimated to be around Rs 4.5 lakh crore as of March 2020.
The moratorium will definitely benefit homebuyers as these financial institutions have lent an estimated Rs 20 lakh core as of March 2020, he added. Knight Frank India CMD Shishir Baijal said the apex bank has checked all the required boxes of rate cut, liquidity infusion and moratorium. “These steps will help the economy to stay stable despite the lockdown and economic disruption,” he said.
Dhruv Agarwala, the CEO of PropTiger and Housing.com, said, “This will go a long way in reducing the massive pain being felt in all parts of the economy and especially in the rate sensitive real estate sector. The RBI has shown its decisive intent to mitigate what could have been a severe economic fallout of the coronavirus pandemic.” Gaurs Group MD Manoj Gaur said the home loan rates should fall by 90-110 basis point. “For the sake of Indian economy, RBI must ensure proper transmission.”
Supertech Chairman R K Arora said the move would provide momentum to the property market and boost the economy. Nayan Raheja, Executive Director, Raheja Developers said the interest on home loans may fall down to around 7 per cent, which augurs well for the real estate sector.
Rohit Gera, MD, Gera Developments, said, “The reduction in interest rates will ease the burden on individuals and businesses as would the moratorium.” Avneesh Sood, Director Eros Group, hoped that the banks would pass on the benefit, lowering the interest cost of both developers and home buyers.
Mumbai-based Ekta World Chairman Ashok Mohanani said, “Today’s announcement infused some assurance in the mind of the panicked citizens that the economy will revive back in the short run.” Bhutani Infra CEO Ashish Bhutani said: “From reduction of rates to infusion of liquidity to moratorium on loan repayment, the measures will help both individuals & organizations to cope up with the current situation.”
Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory said, “We believe that the banks will finally be passing the benefits of the current & previous rate cuts to the customers. This will reduce the borrowing cost for the home-seeker significantly and have a positive impact on real estate.”
The moratorium on EMIs will help in managing through the current crisis, said Ankush Kaul, President (Sales & Marketing), Ambience group. Poddar Housing MD Rohit Poddar said, “We welcome these measures as without them the economy will go into deflation.” Sushma Group ED Prateek Mittal said the home loan rates will fall sharply, which will boost housing demand when situation normalises.
This is a major step to improve liquidity conditions, cheer growth and safeguard financial stability, said Ashish Sarin, CEO, AlphaCorp. Honeyy Katiyal, founder, Investors Clinic, termed these steps as “the need of the hour” to boost the realty sector and overall economy. | RBI cut repo rate to 4.4% and cut cash reserve ratio by 100 basis points. reverse repo rate was cut by 90 bps to 4.4%. move will boost liquidity and ease debt pressure, according to developers. move will push credit flow into all industries reeling under impact of coronavirus. decision to defer installments of all term loans by three months will provide necessary support to homebuyers as well. | Positive |
https://economictimes.indiatimes.com/news/politics-and-nation/targeted-welfare-schemes-reaching-out-to-scs-sts-obcs/articleshow/73861876.cms | New Delhi: The budget has given a decisive push to social sector with enhanced allocations for welfare schemes and a renewed emphasis on education for SCs STs and other vulnerable sections of the society, including senior citizens, transgenders and beggars.There is a 14% increase in the budget allocation for the ministry of social justice and empowerment, and a 7.5% increase in that of the tribal affairs ministry. The biggest increase has been in scholarship schemes for meritorious students from SCs, STs and OBCs across ministries, indicating the government’s emphasis on education for vulnerable sections of society.The FM set the tone for the social sector push early in her budget as she said: "We wish to open up vistas for a vibrant and dynamic economy with a gentle breeze of new technology." | biggest increase in scholarship schemes for meritorious students from SCs, STs and OBCs across ministries. government's emphasis on education for vulnerable sections of society. 'we wish to open up vistas for a vibrant and dynamic economy with a gentle breeze of new technology,' she said. 'we wish to open up vistas for a vibrant and dynamic economy with a gentle breeze of new technology,' she said. | Positive |
https://economictimes.indiatimes.com/markets/ipos/fpos/varroc-engineering-ipo-subscribed-54-so-far-on-day-2/articleshow/64762576.cms | NEW DELHI: The initial public offering of Varroc Engineering was fully subscribed on the second day of the bidding process on Wednesday.Till 5:00 pm, total bids received stood at 1,44,79,575 shares, which was 1.02 times of the total issue size of 1,41,85,212 shares, NSE data showed.The portion set aside for qualified institutional buyers (QIBs) was subscribed 3.18 times, non-institutional investors 0.04 times and retail investors 0.22 times, according to data available with NSE and BSE.The offer was subscribed 33 per cent on Monday.Varroc Engineering, which supplies auto parts to Jaguar Land Rover , Bentley, Audi and Harley Davidson, raised Rs 584 crore from anchor investors including Canadian pension fund CDPQ and Smallcap World Fund Inc.The IPO will close on June 28. At the upper end of the price band, the issue will fetch Rs 1,955 crore.Founded in 1990 in Aurangabad, Varroc is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger cars and motorcycle segments worldwide.Majority of the brokerages are bullish on the issue.Nirmal Bang Securities in its research report says "Varroc is being offered at a PE of 28.9 times FY18 (vs domestic peer average of 41.6 times) and EV/EBITDA of 15.9 times FY18 (vs domestic peer average of 17.6x). Thus, based on the business capabilities, industry growth prospects and valuations, we recommend subscribing to the issue."The company has a strong competitive position in attractive growing markets has a long-standing customer relationship with low cost, strategically located manufacturing and design footprint. Also, the company has a consistent track record of growth and operational and financial efficiency. "Hence, looking after all above, we recommend “Subscribe” on the issue," says Hem Securities. | initial public offering of Varroc Engineering fully subscribed on second day of bidding process. total bids received stood at 1,44,79,575 shares, which was 1.02 times of total issue size. the company supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. the IPO will close on June 28. at the upper end of the price band, the issue will fetch Rs 1,955 crore. | Positive |
https://www.businesstoday.in/markets/market-perspective/sensex-zooms-997-points-nifty-at-9859-auto-metal-shares-outperform/story/402516.html | Domestic market indices Sensex and Nifty closed higher for the fourth day in a row on Thursday, ahead of April F&O Expiry, tracking gains from global indices.
Extending gains for the fourth session, BSE Sensex ended 997 points higher at 33,717 and NSE Nifty climbed 306 points to 9,859.
Domestic indices ended at fresh 7-week highs, in line with the overseas trend, as investors turned optimistic over reports of ease of lockdown restrictions and banked on hopes for more stimulus packages by central banks and governments.
FIIs and DIIs both being positive also added optimism to markets, experts said.
Amid all-round gains in the market today, auto, metal, financials and IT stocks traded with healthy gains. Besides RIL, companies set to announce their earnings today are Tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs, Aditya Birla Money among others.
S Ranganathan, Head of Research at LKP Securities said," Encouraging Results from Gilead's Drug to treat Covid-19 led to a strong opening today and market closed the April series up led by robust buying in Autos, Metals and Technology stocks"
Overseas, markets were buoyed today over the news of a possible breakthrough in testing for treatment of COVID-19.
News about positive trial results of Gilead Sciences' experimental COVID-19 treatment helped investors shrug off bleak GDP data which showed that the US economy shrank at 4.8% rate last quarter.
Asian stocks also gained on China's manufacturing data depicting that manufacturing activity in the country expanded slightly in April.
European indices opened in the negative ahead of the ECB meeting outcome, although erased initial gains following reports of positive trial results of an experimental COVID-19 treatment in the US.
Traders said opening up of lockdown in partial stages will also keep market sentiments positive.
Vinod Nair, Head of Research at Geojit Financial Services said, "Next week outlook will be driven by the way forward for resumption of business after lockdown, the announcement of any stimulus package and stock-specific earnings results"
Ajit Mishra, VP - Research, Religare Broking said," Markets have gained significant momentum in the last two sessions which is certainly an encouraging sign and the recent buoyancy in banking space would continue to play a critical role. We may now see Nifty inching towards 10,000 mark. Amid all, the upcoming auto sales and earnings will also be on participants' radar."
Commenting over the technical outlook for Nifty in the near term, Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote said,"The index has rallied almost 30% from the lows. However, the rally had been corrective in nature and not an impulse up wave. Going with the trend, we maintain cautious outlook going ahead as the index is approaching towards a cluster of 50% Fibonacci retracement and gap resistance around 9900-9950. Longs can be liquidated on weakness and fresh shorts can be initiated below 9500".
BSE, NSE will be closed tomorrow on account of Maharashtra day.
Sensex gains 997 points, Nifty ends above 9,850: 10 factors that fuelled the rally
Reliance Industries share price gains over 3% ahead of Q4 earnings
Gilead Sciences's remdesivir proves effective against coronavirus in US study
Rupee vs Dollar: Rupee surges 63 paise to 75.03 per dollar amid fresh fund inflows | domestic indices Sensex and Nifty close higher ahead of April F&O Expiry. Sensex and Nifty end day 997 points higher at 33,717. auto, metal, financials and IT stocks trade with healthy gains. besides RIL, companies set to announce their earnings today. besides tech Mahindra, Hindustan Unilever, Apollo Tricoat Tubes, Laurus Labs. | Positive |
https://www.businesstoday.in/technology/ola-doubles-down-on-bike-taxis-believes-it-can-create-2-million-jobs-in-india/story/398478.html | The concept of bike-taxis is fairly new in India. But it seems that the future is bright for this industry and the opportunities these bike-taxis create are worth a mention. A report by OLA' think tank -- OLA Mobility Institute believes that bike taxis have potential to be very popular in India and that they can create up to 2 million jobs here. Both Ola and Uber offer bike taxi service in India.
The report titled The Power of Two Wheels - Bike Taxis: India's New Shared Mobility Frontier'' highlights the impact bike taxis can have on various sectors in India. The report notes that bike taxis, which are extremely popular in countries like Thailand, in India can be future of urban transportation and can create many job opportunities.
According to the report, bike taxis can create more than 2 million livelihood opportunities. Moreover, these bike-taxis would also generate a revenue of $4-5 billion.
The inferences of the reports were drawn by talking to more than 100 bike-taxi drivers in Gurgaon and Jaipur.
The main feature of bike-taxis is that it reduces traffic congestion. At a time, when time is money, it becomes significant to save time. Not only do these bikes save time but they are really easy on the pocket given that you are comfortable with sitting on a bike.
Another feature is the urban-rural connectivity that these bikes generate which improves urban and rural mobility. Moreover, it creates employment opportunities for people from all strata of the society.
The report also has certain recommendations. Opportunities created by the bike-taxi industry should help build micro-entrepreneurial opportunities. Moreover, there should be no hierarchy in such industries. It also suggests that there should be some sort of a linkage to the public-transit systems. | report: bike taxis can create more than 2 million livelihood opportunities. report says bike taxis can also generate a revenue of $4-5 billion. report says bike taxis can reduce traffic congestion. report suggests there should be some sort of linkage to public-transit systems. a linkage to public-transit systems would help create micro-entrepreneurial opportunities. | Positive |
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