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https://www.financialexpress.com/opinion/heres-how-companies-can-integrate-united-nations-sdgs-in-their-corporate-strategies/1442658/ | By Sanjeev Seth
Climate change has taken centre stage, with scientific reports pointing to serious effects of climate change and global warming. The urgency for global climate action cannot be overemphasised. To India’s credit, it has never denied climate change and is taking actions against it as mandated in the UNFCCC. It is well on its way to achieve the target for emission intensity of the economy and share of non-fossil-fuel-based power capacity. India enhanced its climate goals in 2015, outlining eight goals for 2021-30, including reduction of emission intensity of its GDP by 33-35% from the 2005 levels, by 2030.
The Montreal Protocol aimed towards ending the use of ozone-depleting substances. Globally, the heating, ventilation and air conditioning (HVAC) industry is working on an agreement to phase down and phase out hydrofluorocarbons (HFCs) used in HVAC equipment. India has launched a phase-out plan of the harmful hydrochlorofluorocarbon (HCFCs) and HFC refrigerants in a gradual manner. The ministry of environment, forest & climate change has released the draft India Cooling Action Plan (ICAP) aimed at providing sustainable cooling while protecting the ozone layer.
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Converting national climate plans into reality is a complex process that requires contribution from everyone—it needs a public-private partnership. Governments and industries must work together to ensure successful implementation of Paris Agreement commitments.
Corporate India has been steadily contributing towards sustainable growth, including through mandatory CSR. There are early movers—companies that are proactive and wish to remain relevant in the longer term. Then there are others whose actions are primarily reactive in nature to government policies, CSR, self-regulation by industry bodies and evolving customer preferences.
Sustainability is no longer a buzzword; it’s a core component of business strategy. It’s an approach to creating long-term value by taking into consideration how a given organisation operates in ecological, social and economic environments. Sustainability is built on the assumption that developing such strategies foster company longevity. As expectations on corporate responsibility increase, and as transparency becomes more prevalent, companies are recognising the need to act on sustainability—this cannot be a one-size-fits-all approach, though there are some strategies that underpin most efforts to build a sustainable future.
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Integrating sustainability within a company’s business vision is a long-term goal. Some strategies include driving sustainability through operations and value chain. This requires making operations more environmentally-responsible—whether through reducing GHG emissions from buildings and manufacturing facilities, or in testing and designing products. By focusing on the “sustaining” part of sustainability, businesses can build long-term relationships, innovate enduring designs and invest in long-lasting infrastructure. Not only will this help firms survive over the long term, it will also help them thrive.
With India poised to become a major manufacturing hub, all players and policymakers in this sector need to align their “Make in India” goals with green technologies to still be competitive in global markets. Corporates can lead their respective industries towards a more sustainable world through their choices, improving their global operating footprint, and continuing to develop lower GHG emission options for the benefit of customers and the environment. Investing in energy-efficient processes and energy-saving measures can also bring about considerable savings.
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Businesses need to commit themselves to the future by investing in the next generation of climate-friendly solutions. Working with standard-setting bodies will provide the framework to ensure the solutions reach the market and benefit customers. As we move closer to our environmental deadline, the way forward is by integrating Sustainable Development Goals into corporate strategies. Those who adopt sustainability into their business will be better placed. Sustainable companies are more successful companies.
-The author is country leader, Climate Solutions, Trane & Thermo King, India & SAARC, Ingersoll Rand | climate change has taken centre stage, with scientific reports pointing to serious effects. to India’s credit, it has never denied climate change and is taking actions against it. it is well on its way to achieve target for emission intensity of the economy and share of non-fossil-fuel-based power capacity. a report by the nasa on the impact of climate change on the u.s. | Positive |
https://www.financialexpress.com/brandwagon/how-user-experience-has-helped-the-rise-of-audiobooks-and-enterprise-podcasting/1912664/ | By Prashanth Rao
In the age of the internet, how do we reach the grassroots? The answer may lie in audio. If we consider the Indian Prime Minister, Narendra Modi’s “Mann Ki Baat” as a podcast, then the listener base stands at 600 million. That being said, it’s still early days for the audiobook and podcast market. The industry is relatively small and is expected to earn less than US$5 billion in revenues globally in 2020, according to Deloitte’s TMT predictions 2020.
However, the audiobook and podcast market is expected to grow by 25 to 30 percent compared with the overall media and entertainment industry growth of just 4 percent, globally. So what does the future hold for audiobooks and podcasts, and how will it be realised?
Audiobooks are creating a niche of their own in India with launches by established brands, such as Google, Audible, and Storytel, offering more than 300,000 audiobooks/titles as of January 2020. Contrary to the general perception, audiobooks may not be as much competition with physical pages as they are with other digital modes of reading/listening, e.g., e-books. For instance, in the United States, the global audiobook market leader, revenue from printed book sales and audiobooks grew by 2.5 and 34 percent, respectively in 2019. However, e-books’ revenue declined by 4 percent, making the war in the digital arena very evident.
Publishers have identified a new target audience—the non-readers—thanks to audiobooks. Globally, publishers have started setting up in-house recording studios to target non-readers and catch them early. Given the long transit times in India, a key source for audiobook consumption growth globally, the segment has great potential for high revenues and opportunities. In addition, the category of children’s audiobooks is also driving up the demand. And, with the advent of smart speakers and streaming-books-on-demand (SBOD), the growth is likely to accelerate in India.
Podcasts could be the growth leader among a clutter of streaming and on-demand audio/music services available today. With over 40 million monthly listeners and 60 percent year-on-year growth in 2018, India is among top three podcast listing markets (below China and US). Curation and customisation are key to consumer preferences and that is why radio is still thriving.
Podcasts, however, are more difficult to monetise compared to audiobooks generating less than a third of the audiobooks’ revenue globally. This is despite podcasts having more established avenues of revenue generation, viz. advertisements, sponsorships, merchandise, etc., compared to audiobooks, which rely mostly on direct revenue streams, that is, outright purchases and monthly subscriptions.
Generating no direct revenue, enterprise podcasts are sometimes perceived as mere organisational expense with no real value add. Instead they should be viewed as vehicles for marketing, brand-building, training, and recruiting. Creating value for enterprises of all stripes, as well as for their customers and current and prospective employees.
With 700,000 active podcasts and more than 29 million episodes available for consumption, players are shifting focus from meeting consumer demand to enhancing consumer experience to increase penetration and revenues. A leading player in the market has eliminated the need of an application for android phone users trying to access the content. In addition, they plan to introduce content based search and leverage upon increased interest based selections and not just genre / title / author based search.
Companies are striving to deliver best-in-class service to existing enthusiastic customers rather than blindly following ‘the broken window’ theory for customer experience. Investments are made towards improved narrations, enhancing app functionalities and advanced analytics enabled demographics-based customisations.
Interestingly, by looking at the recent growth rates and usage patterns, one can infer that podcasts generate demand for audio content and users turn towards audiobooks to fulfil this newfound appetite. Although both podcasts and audiobooks are expected to grow mutually, there appears to be an overlap in the listener base. Studies have shown that listeners preferred podcasts for shorter engagements (less than an hour) and audiobooks for the longer ones (flights, vacation, trips, etc.).
While audiobooks publishers have reasons to cheer, podcasts need technology interventions and a leaf from audiobooks’ recording techniques to close the gap. Growing internet and smartphone penetration will act as a catalyst to the overall audio industry and bring about business model innovations even in the traditional mediums such as radio.
The author is partner at Deloitte India
Read Also: Coronavirus Impact: Why the print industry is headed for a tough time
Follow us on Twitter, Instagram, LinkedIn, Facebook | the audiobook and podcast market is expected to grow by 25 to 30 percent. publishers have started setting up in-house recording studios to target non-readers. with the advent of smart speakers and streaming-books-on-demand (SBOD), the growth is likely to accelerate in India. the industry is relatively small and is expected to earn less than US$5 billion in revenues globally in 2020. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/sensex-rallies-530-points-on-firm-global-cues-nifty-tops-9400/articleshow/75547028.cms | Agencies Sensex heatmap at the open (Source: bseindia.com)
Sensex jumps 550 points, Nifty tops 9,400; ONGC, Axis Bank gain 3% each OPENING BELL: Sensex jumps 540 points, Nifty tops 9,400; ONGC, Axis Bank gain 3% each
NEW DELHI: The stock market bulls returned to Dalal Street in Tuesday's session as domestic equity indices started off on a strong note, following firm cues from their global peers and as India tried to get back on its feet.Offices and markets in most parts of the country opened as lives started resembling normalcy, however, there were still some issues with transportation and people not following social distancing guidelines.At 9.20 am, BSE flagship Sensex was up 531 points or 1.68 per cent at 32,2246 while NSE benchmark Nifty added 139 points or 1.50 per cent to 9,433. Broader market indices were trading in line with their headline peers as Nifty Smallcap gained 1.41 per cent while Nifty Midcap rose 1.55 per cent. Nifty 500 was up 1.47 per cent. India VIX , the fear gauge of the market, dropped 10.47 per cent to below 40 level, a day after a massive 29 per cent jump.In the 30-share pack Sensex, all constituents were trading with gains. Oil explorer ONGC was the top performer as crude oil prices jumped in the international market. It added 4.96 per cent to Rs 80.35. Axis Bank , M&M and ICICI Bank rose in the range of 2-3 per cent as buyers came back to grab them at relatively cheaper prices.All sectors on NSE traded in the green. Nifty Private Bank was the biggest gainer, up 1.71 per cent while Nifty Metal and Nifty Media added more than 1.5 per cent each.Globally, Asian stocks rose tracking a late Wall Street rally while oil extended gains on expectations fuel demand would begin to pick up.Brent crude rose 4.3 per cent to $28.37 a barrel, up for a sixth straight day, and US crude rose 1.38 per cent to $21.77 a barrel, as countries began loosening coronavirus restrictions and crude supply cuts took effect.In reduced trade, with China, Japan and South Korea on holiday, Australia's ASX 200 rose 1.26 per cent and Hong Kong's Hang Seng climbed 0.66 per cent. U.S. stock futures rose 0.75 per cent. MSCI 's broadest index of Asia-Pacific shares outside Japan rose 0.56 per cent. | ONGC was the top performer as crude oil prices jumped in the international market. ONGC was the top performer as buyers came back to grab them at relatively cheaper prices. ONGC was the top performer as crude oil prices jumped in the market. ONGC was the top performer as oil prices jumped in the international market. | Positive |
https://www.businesstoday.in/current/economy-politics/coronavirus-lockdown-will-stay-in-hotspots-follow-do-gaz-doori-pm-modi-10-key-takeaways/story/402122.html | Prime Minister Narendra Modi, in a video meeting with state Chief Ministers, on Monday said that the nationwide coronavirus lockdown has yielded positive results. He indicated that the lockdown may continue in the parts of the country worst affected by the infection. He reiterated that that social distancing is the most effective way of fighting against COVID-19 and by complying with the mantra of 'do gaz doori', people can protect themselves.
"The lockdown has yielded positive results as the country has managed to save thousands of lives in the past one and a half months," he said. This was the fourth such interaction of the Prime Minister with the CMs, the earlier ones had been held on 20 March, 2 April and 11 April, 2020.
Highlighting the importance to enforce guidelines strictly in the hotspots, especially in the red zone areas, PM Modi said that the efforts of the states should be directed towards converting the red zones into orange and thereafter to green zones.
Also Read: Coronavirus India Live Updates: Follow 'Do Gaz Doori' motto; lockdown to stay in red zones, says PM Modi
Here are the 10 takeaways from the crucial meeting of the PM Modi with the Chief Ministers:
Prime Minister underlined that the lockdown has yielded positive results as the country has managed to save thousands of lives in the past one and a half months. Comparing with other countries whose situation was almost similar at the start of March, he said that India has been able to protect many people due to timely measures. He, however, forewarned that the danger of the virus is far from over and constant vigilance is of paramount importance. He indicated that lockdown may continue in parts of the country worst affected by the coronavirus infection and asked the CMs to prepare state-wise exit policy in view of their red, orange and green zone. On the state of economy, he said that it is relatively good and one should not worry about it. "We have to give importance to the economy as well as continue the fight against COVID -19," he said, adding that emphasis should be given on the usage of technology to utilise time to embrace reform measures. He also emphasised on the significance of ensuring that more people download the 'Aarogya Setu' app to bolster the efforts of the country in the battle against COVID-19. "We have to be brave and bring in reforms that touch the lives of common citizens." The PM also suggested that people associated with universities can be integrated on devising ways to fight the pandemic and strengthen research as well as innovation. On the issue of bringing back Indians who are overseas, he said that this has to be done keeping in mind the fact that they don't face inconvenience and their families are not under any risk. Prime Minister also urged Chief Ministers to factor in the changes in weather - advent of summer and monsoon - and the illnesses that can potentially come in this season, while strategising ahead. The Chief Ministers praised the leadership of the Prime Minister during this period of crisis, and also highlighted the efforts undertaken by them in containing the virus. Four of nine Chief Ministers at the meeting advocated for the extension of lockdown, while five said that it should end. They spoke about the need to keep a close vigil on international borders, and also on addressing the economic challenge and ways to further boost health infrastructure. The Union Home Minister Amit Shah reaffirmed the need to enforce lockdown so that maximum lives are saved.
By Chitranjan Kumar
Also Read: Coronavirus crisis: Congress slams govt for allowing 'hoarding', profiteering on rapid test kits sold to ICMR | prime minister Narendra Modi says coronavirus lockdown has yielded positive results. he says the country has managed to save thousands of lives in the past month. he urges state chief ministers to prepare state-wise exit policy. he also urges the government to take steps to curb the spread of the virus. he also urges the government to take steps to curb the spread of the virus. | Positive |
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Mumbai: Profit at Twitter’s Indian unit doubled and revenue increased 31% in the year ended March, indicating improved business for the social media platform. Net profit at Twitter Communications India rose 108% to Rs 5.8 crore, according to company filings sourced from Veratech. Revenue climbed to Rs 56.9 crore during 2018-19 from Rs 43.4 crore a year ago.Twitter spokesperson said it does not provide country-specific sales and the India operating revenue refers to its service fee income.“This includes marketing support, business planning assistance and related services to build and expand the internet user community and potential advertisers in India,” added the spokesperson. Globally, almost 90% of Twitter’s advertising revenue is generated from mobile devices. “However, in emerging markets like India and Pakistan, a significant portion of users use feature phones and communicate via SMS messaging, both of which have limited functionality and neither of which may be able to take full advantage of our products and services offered on smartphone or our website or desktop applications,” the company said in its 2019 annual report.Most marketers have increased advertising spending on digital media, especially in urban areas where Wi-Fi and affordable mobile connections are available. While all social media compete for digital dominance, companies consider Google and Facebook more powerful advertising platforms than Twitter.Developing markets such as India lag behind the developed world in consumer use of digital devices with companies slower to embrace digital media. Traditional media still secures the bulk of advertising budgets in the country. According to a report by Dentsu Aegis Network , digital media spend is expected to grow 32.7% in 2019 to Rs 14,400 crore, or about a fifth of overall ad spends in the country. | revenue climbed to Rs 56.9 crore during 2018-19 from Rs 43.4 crore a year ago. twitter's revenue refers to its service fee income. 90% of twitter's advertising revenue is generated from mobile devices. a report by dentsu aegis network predicts digital media spend will grow 32.7% in 2019 to Rs 14,400 crore. | Positive |
https://economictimes.indiatimes.com/markets/commodities/news/commodity-outlook-crude-oil-leaps-heres-how-others-may-fare/articleshow/76130650.cms | NEW DELHI: Barring natural gas , all metal and energy counters traded with gain on Monday as India started the first phase of ‘unlocking’ the economy. They also got some boost from the fact that the US did not suspend its trade deal with China.Gold pared its morning losses and added 0.35 per cent while silver jumped 1.63 per cent. Crude oil leaped over 4 per cent while nickel and copper gained up to 2 per cent.NCDEX Agridex, an agricultural futures Index that comprises 10 commodity futures, gained 0.88 per cent to 1,015.20 level.Here is how SMC Global expects commodities to fare today:Bullion counters may trade with bullish bias. Gold may test 47,100 and take support near Rs 46,300 while silver may test Rs 50,980 while taking support near Rs 48,900.Base metals may trade with sideways to bullish bias. Copper can move towards Rs 420 while taking support near Rs 413. Zinc may move towards Rs 161 and face resistance near Rs 157. Lead can move towards Rs 135 while taking support near Rs 131. Nickel can recover towards Rs 955 while taking support near Rs 935. Aluminum can remain in the range of Rs 130-133.Crude oil may trade in sideways territory where Rs 2,680 act as resistance and hold above that to extend the bullish rally towards Rs 2,820 and 2,370 considered as support. Natural gas may trade in sideways territory where it may take support near Rs 132 and may face resistance near Rs 141. Turmeric futures (June) is expected to take support near Rs 5,200, while the upside may remain capped near Rs 5,300. Jeera futures (June) may witness consolidation in the range of Rs 13,500-13,600. Cardamom futures (June) may show an upsurge towards Rs 1,640, taking support near Rs 1,550.Soybean futures (June) is likely to witness consolidation for the sixth consecutive week in the range of Rs 3,700-3,800. In mustard futures (June) buy on dips would be suggested near Rs 4,450, as the U-shaped recovery may continue till Rs 4,550. Soy oil futures (June) is looking bullish and seen moving towards Rs 795-800, taking support near Rs 780, whereas CPO futures (June) may witness an extended rally to test Rs 645-650.Cotton futures (June) is expected to consolidate in the range of Rs 15,700-15,900. Chana futures (June) will probably continue to take support near Rs 4,070, while the upside may get extended towards Rs 4,140, owing to prospects of higher procurement. Mentha oil futures (June) may witness rise on sell facing resistance near Rs 1,075, while the downside may get extended towards Rs 1,060-1,050. | gold pared its morning losses and added 0.35 per cent while silver jumped 1.63 per cent. crude oil leaped over 4 per cent while nickel and copper gained up to 2%. gold may test 47,100 and take support near Rs 46,300. silver may test Rs 50,980 while taking support near Rs 48,900. copper may move towards Rs 420 while taking support near Rs 413. | Positive |
https://www.livemint.com/companies/news/ola-electric-to-onboard-bosch-samsung-as-oems-to-locally-make-evs-11600881177909.html | Cab aggregator Ola’s electric vehicle arm is in talks to onboard more than 20 EV original equipment manufacturers (OEMs) including Bosch and Samsung, as it looks to locally assemble its upcoming electric two-wheelers in India, said two people aware of the plans.
Ola Electric is expected to launch its electric two-wheelers in the European market, with production already live in the Netherlands.
SoftBank-backed Ola Electric is currently in the process of finalizing the structure of manufacturing units in India, and it is looking to reduce dependence on the global supply chain by setting up a fully indigenous supply chain in the country, said the first person mentioned above asking not to be named.
“Ola Electric is currently speaking to leading India based OEMs, parts and components manufacturers. We have seen huge interest from global players to shift base from China and other markets, and the plan is to create an indigenous (manufacturing) capacity to locally manufacture 1 million EVs, mostly two-wheelers, in the next two years in India," the person added.
Ola Electric raised $250 million from the SoftBank Group at a valuation of $1 billion in July 2019, making it the second company founded by Bhavish Aggarwal to join the coveted unicorn club of startups.
The startup is also in talks with SoftBank to bring a few global EV OEMs to set up base and manufacture in India, this person added.
In May, Ola Electric acquired the Netherlands-based electric two-wheeler startup Etergo for an undisclosed amount to expand its EV prowess. It will bring Etergo’s ‘App Scooter’ in the European market this year and in Asia next year, with India being first on the list.
However, experts and EV industry observers said that dependence on China for EV sourcing components like the battery cells will remain for the foreseeable future since China owns almost 60-70% of the world’s Lithium-Ion reserve.
According to a 2019 study by Bloomberg New Energy Finance Ltd, the world had around 316 gig watt-hours (GWh) of Lithium-ion cell capacity, of which China own 73% of this capacity. The U.S., on the other hand, owns 12% of the 316 GWh global capacity.
“EV Battery cells which are a core component of the EV have to be imported from China, US, or Europe, which can then be later assembled in India, but it cannot be manufactured locally. The other route is to work with OEMs like Samsung, Panasonic, and Bosch and then procure their batter cells and assemble in India. But Ola will completely avoid sourcing it directly from China," said the second person cited above, also speaking on condition of anonymity.
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Topics | electric vehicle arm is in talks to onboard more than 20 EV OEMs. production of electric two-wheelers already live in the Netherlands. softbank-backed company is currently in the process of finalizing the structure of manufacturing units in india. it is looking to reduce dependence on the global supply chain. the company raised $250 million from the softbank group at a valuation of $1 billion in July 2019. | Positive |
https://www.financialexpress.com/market/cos-raise-rs-25000-cr-via-ipos-in-2020-so-far-next-year-expected-to-be-equally-strong/2139092/ | High liquidity and robust interest from investors helped companies raise nearly Rs 25,000 crore through initial share-sales this year so far and 2021 is expected to be equally strong for the IPO market, experts said.
Adding to the depth of the IPO market, companies from diverse sectors like pharma, telecommunication, IT and financial services have made their way to the IPO space during the period under review.
According to an analysis of data available with the stock exchanges, 12 initial public offerings (IPOs) in 2020 so far raised around Rs 25,000 crore, significantly higher than Rs 12,362 crore mopped up through 16 initial share-sales in the entire 2019.
Prior to that, 24 companies had floated their IPOs in 2018 that raised Rs 30,959 crore.
In 2020 so far, close to Rs 25,000 crore has already been raised through IPOs and the figure could rise further as Burger King’s Rs 810-crore initial share-sale is schedule to open on December 2.
Vinod Nair, head of research at Geojit Financial Services, attributed higher fund raising in this year compared to 2019 to high interest of corporates and retail investors for the primary market despite huge contraction in the economy.
At the same time, companies opted for the IPO route to build war-chest during the uncertainties and to strengthen their balance sheet, he added.
The capital market activities saw a big bounce back since May with several large secondary market offerings hitting the market. This gave confidence to the market participants — investors, issuers and bankers –about the latent appetite in the market, said Ajay Saraf, head of Investment Banking & Institutional Equities, at ICICI Securities.
The markets witnessed large rights issues as well as QIPs, block trades and follow-on public offer during May to August period. Post that since July, with the launch of Rossari Biotech”s initial share-sale, IPO floodgates have opened.
The IPO chart in 2020 was led by SBI Cards and Payment Services Limited that raised Rs 10,355 crore, followed by Gland Pharma (about Rs 6,480 crore), CAMS (Rs 2,240 crore) and UTI Asset Management Company (Rs 2,160 crore).
In addition, Rossari Biotech, Happiest Minds Technologies, Route Mobile, Chemcon Speciality Chemicals, Angel Broking, Equitas Small Finance Bank, Likhitha Infrastructure and Mazagon Dock Shipbuilders tapped the IPO route to raise funds.
Apart from these 12 companies, Mindspace Business Parks REIT raised Rs 4,500 crore through IPO in July.
Real Estate Investment Trust (REIT), a popular instrument globally, was introduced in India a few years ago aimed at attracting investment in the real estate sector by monetising rent-yielding assets.
It helps unlock the massive value of real estate assets and enable retail participation.
“Most of the IPOs come during surging market. Sharp recovery in the stock market after March along with higher listing of few IPOs is playing on the minds of investors,” said Harshad Chetanwala, co-founder of MyWealthGrowth.com.
“It is probably more to do with market sentiments as investors are more open to investing when markets are rising,” he added.
Interestingly, the year 2020 saw most of the IPOs opening with a premium over the issue price suggesting strong investors appetite.
In fact, IPOs like Route Mobile, Happiest Minds Technologies, Rossari Biotech and Gland Pharma clocked handsome gains ranging from 40-200 per cent since listing to investors.
According to Saraf, strong liquidity driven market led by huge FPI inflows of more than USD 10 billion since the start of the year and healthy domestic inflows of around USD 6 billion have sustained valuations in secondary markets and helped issuers achieve desired results in terms of demand and pricing.
Further, a slew of IPOs are expected to hit the markets in the coming months as several firms including Kalyan Jewellers, Mrs Bectors Food Specialities Ltd and RailTel Corporation of India Ltd have already received markets regulator Sebi”s approval to launch their public issues.
“We expect next year to be equally strong and are already seeing 8-10 IPOs across sectors looking to tap the January-March window,” Saraf said.
Themes expected to emerge stronger for the IPO markets are consumption, lending businesses like NBFCs, housing finance companies, insurance, pharma, REITS, among others, he added.
According to Nair, good performance of the market, excellent quality of the companies in offer and high liquidity will induce retail investors to invest in IPOs. | 12 IPOs in 2020 so far raised around Rs 25,000 crore, significantly higher than Rs 12,362 crore mopped up through 16 initial share-sales in the entire 2019. prior to that, 24 companies had floated their IPOs in 2018 that raised Rs 30,959 crore. in 2020 so far, close to Rs 25,000 crore has already been raised through IPOs and the figure could rise further as Burger King’s Rs 810-crore initial share-sale is scheduled to open on December 2 | Positive |
https://www.financialexpress.com/economy/rbis-decision-in-line-with-pms-vision-will-keep-economy-strong-jp-nadda/1967585/ | BJP president JP Nadda on Friday welcomed the RBI’s decision to reduce the benchmark interest rates, saying it is in line with Prime Minister Narendra Modi’s vision to take steps which are both business and people friendly and will keep the economy strong during and after the COVID-19 pandemic.
Reserve Bank on Friday unexpectedly slashed benchmark interest rates to their lowest levels since 2000 and extended the moratorium on repayment of loans for three months to ramp up support for the economy which is likely to contract for the first time in over four decades.
“Today’s announcements by RBI Gov is in line with the vision of our Hon PM to take steps which are both business and people friendly,” Nadda said in series of tweets.
These announcements will go a long way to help Prime Minister Narendra Modi’s efforts to keep the economy strong during and after the pandemic, he said.
“RBI deserves praise for shepherding the economy in the right direction despite effects of coronavirus,” Nadda said.
Measures include cut in repo rate and reverse repo rate by 40 bps making cumulative rate cut to 155 bps till date and extending moratorium for another three months till August which will provide a significant boost to all loan borrowers who are unable to pay dues because of the lockdown, he said.
The steps like Rs 15,000 crore line of credit for 90 days to EXIM bank and hiking exposure limits of banks will help in dealing with the adverse effects of COVID-19 on Indian economy, the BJP chief said.
He further said some positives about Indian economy was also shared by RBI such as India’s foreign reserves have increased by USD 9.2 billion during 2020-21 and inflation is expected to fall below 4 per cent by third or fourth quarter. | RBI unexpectedly slashed benchmark interest rates to their lowest levels since 2000. the moratorium on repayment of loans extended for three months. measures include cut in repo rate and reverse repo rate by 40 bps. measures will provide a significant boost to all loan borrowers. BJP president said it is in line with prime minister's vision to take steps which are both business and people friendly. | Positive |
https://www.moneycontrol.com/news/politics/government-seeks-to-find-permanent-solutions-for-farmers-problems-president-kovind-3462361.html | Representative Image
Amid speculation over an announcement of a farm relief package in the upcoming Budget, President Ram Nath Kovind on January 31 said the government is attempting to find "permanent solutions" for problems faced by farmers, who are the foundation of the economy.
The President recounted Modi government's commitment to doubling farmers' income by 2022 and listed measures taken during the last four and half years to address farm sector issues.
The statement came a day before Finance Minister Piyush Goyal is scheduled to present the BJP government's sixth and final budget of the current tenure, during which it is widely speculated that he may announce sops to regain political ground that the BJP seemed to have lost in the recent assembly elections.
"On behalf of this august House, I compliment our annadata farmers. My government is striving day and night to attain the goal of doubling farmers' income. Understanding the needs of farmers, the government is seeking to find permanent solutions to their problems," he said while addressing the joint sitting of Parliament at the start of the Budget session.
The government's priority is to provide better facilities and assistance to farmers for the entire spectrum of agriculture activities from purchase of equipments and seeds to transportation of produce and its sale, he added.
Kovind said the government is working with a new approach to cut production cost and provide remunerative price to farmers for their crops. It is providing access to new markets and helping farmers with additional sources of income.
"My government has taken the historic decision of fixing the minimum support price (MSP) of 22 crops at one and a half times higher than the production cost of the crop," the President said.
The centre is ensuring that good quality seeds are supplied to the farmers, who are also being assisted with scientific methods of farming by increasing the number of Krishi Vigyan Kendras.
More than 17 crore soil health cards have been distributed to inform the farmers about the health of the soil. 100 per cent Neem coating of urea has been done to facilitate its availability and to prevent its misuse.
The government is completing 99 incomplete old irrigation projects; and out of that, 71 projects would be completed in the next few months. Microirrigation is also being promoted to ensure full utilisation of every drop of water.
Crop insurance is being provided to farmers at low premium under the Pradhan Mantri Fasal Bima Yojana. A campaign has been launched to link more than 1,500 agricultural mandis online, to facilitate market access to farmers.
Besides that, he said cold storage capacities are being increased to minimise crop damage after harvesting. The 'Waste to Wealth' campaign is being implemented to ensure that farmers generate additional income out of the crop residue from their field.
Under the blue revolution scheme, the government is providing training to fishermen in deep sea fishing and financial assistance for buying modern fishing trawlers.
These interventions would trigger a "permanent transformation" in our 70-year-old agriculture system, empower farmers, pull them out of their problems," Kovind said.
Complimenting farmers, the President said, "Despite the scorching sun, heavy downpour, snow fall, or any other challenge; the hard working farmers of our country have toiled day and night to produce record food grain harvest. There has also been an increase in dairy and fish production, as also in other areas." | president says government is attempting to find "permanent solutions" to farmers' problems. he recounts the government's commitment to doubling farmers' income by 2022. the government is completing 99 incomplete old irrigation projects. a sops package is expected to be announced in the upcoming budget. a sops package is expected to be announced in the coming days. | Positive |
https://www.moneycontrol.com/news/business/stocks/online-brokerages-see-spurt-in-business-in-march-amid-nationwide-coronavirus-lockdown-5111521.html | At a time when traditional brokers are struggling to continue their services due to nationwide lockdown to curb the spread of coronavirus pandemic, online brokerages, including Upstox, 5paisa.com and Angel Broking, have seen a spurt in business.
The current crisis seems to be a blessing in disguise for these brokerages, as their number of clients, as well as orders, increased in March. Moreover, there has been a significant increase in trading volumes and demand for opening new accounts as well.
"Currently our entire operations are being carried out smoothly without any hindrance. As 99.9 per cent of our turnover happens online there is hardly any impact on our business. Actually with markets being volatile client activity has increased and business has shown decent growth this month,” said Prakarsh Gagdani, CEO, 5Paisa.com.
Though our customer support on the telephone is not working, the company is answering all client queries on emails and hence are able to manage everything properly, he added.
Gagdani further said, in March, "the acquisition growth rate grew by over 60 per cent and revenues also saw a decent growth".
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
Angel Broking CMO Prabhakar Tiwari said, "the current crisis is a blessing in disguise to help showcase our digital brokerage services, as a much superior option in comparison to other traditional broking firms”.
The brokerage saw more than one lakh new customers acquisition in March. Interestingly, a significant number of customers are from tier II and tier III towns.
"Even our existing customers have rewarded us by doing more than two million trades in a single day creating a new record last month," he added.
Upstox said it is witnessing an unprecedented increase in trading volumes and demand for opening new accounts.
The online discount broker said it had witnessed about 55 per cent increase in the number of orders in March compared to the previous month.
Further, it also expects to beat its earlier industry record of 1 lakh new client additions in a single month. It had registered an addition of 1 lakh new clients in December.
Apart from these, investment platform Smallcase Technologies has also seen an increase in its new investor numbers in March.
The platform has registered a 1.5 times increase in new investors in March compared to the previous month. It has seen a 3.5 times growth in its new accounts leads in March on a month-on-month basis. Even, orders have risen by 1.6 times in the month.
Smallcase is an investment platform that allows Sebi registered professionals to efficiently share their research as investable “smallcases” to their clients.
A 21-day nationwide lockdown is in force in the country to contain the spread of coronavirus pandemic.
Stock markets across the world witnessed high volatility in March amid concerns of coronavirus pandemic and its impact on the global economy. In India, the stock market saw a massive decline in the month of March, including trading halt on two occasions last month.
Last month, stockbrokers' association Amfi had urged the markets regulator Sebi to allow systematic closure of the stock markets till the nationwide lockdown remains in force. | online brokerages, including upstox, 5paisa.com and angel broking, have seen a spurt in business. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. a vaccine works by mimicking a natural infection. | Positive |
https://economictimes.indiatimes.com/news/economy/policy/remembering-the-budget-speech-that-changed-india/articleshow/73292816.cms | A narration of someone's life story is something that you may not have heard in a Budget speech , which usually is a sedate and serious affair. Most of us remember the witty remarks, the comebacks and the couplets that have now become an inseparable part of the India 's biggest financial exercise.In all of India's budget history, there was, however, one such time when a digression from the 'routine' happened. And the finance minister at the centre of that episode was a person who is regarded as one of the most restrained and reserved politicians India has ever produced.The 1991 Budget speech by then finance minister Manmohan Singh was pathbreaking in more ways than one. It was the speech that changed India — ushering in what the posterity would know as liberalisation . It eased imports, allowed foreign investment and started disinvestment in inefficient PSUs.Most importantly, it marked the end of notorious licence-permit raj.The 1991 speech was also unique for something very unusual for the reticent Dr Singh — an emotional narration of personal life.Thus went his speech: "I was born in a poor family in a chronically drought prone village which is now part of Pakistan. University scholarships and grants made it possible for me to go to college in India as well as in England. This country has honoured me by appointing me to some of the most important public offices of our sovereign Republic. This is a debt which I can never be able to fully repay."Towards the end of his speech Manmohan cited Nehru's advice to daughter Indira that in dealing with the affairs of the state one should be full of sentiment but never be sentimental. "But the House will forgive me if on an occasion like this I cannot avoid being somewhat sentimental," said Manmohan before he began narrating the story of his life.To the story of his background Manmohan added, "The best I can do is to pledge myself to serve our country with utmost sincerity and dedication. This I promise to the House. A Finance Minister has to be hard headed. This I shall endeavour to be. I shall be firm when it comes to defending the interests of this nation. But I promise that in dealing with the people of India I shall be soft hearted. I shall not in any way renege on our nation’s firm and irrevocable commitment to the pursuit of equity and social justice. I shall never forget that ultimately all economic processes are meant to serve the interests of our people."Manmohan knew full well that his speech would become a milepost in India's history and be read and re-read for a long time to come. By peppering it with personal anecdotes, he was perhaps trying to make it even more unforgettable.Or probably he was aware that his radical reset of the economy might come across as mainly a pro-business gesture, so he brought up his own humble origins to underline his commitment to the poor. | 1991 budget speech by then finance minister Manmohan Singh was pathbreaking. it was also unique for the reticent — an emotional narration of personal life. he cited Nehru's advice to daughter Indira that in dealing with affairs of the state one should be full of sentiment but never be sentimental. he promised to be firm when it comes to defending the interests of this nation. | Positive |
https://economictimes.indiatimes.com/markets/expert-view/if-you-want-to-make-money-you-have-to-be-in-global-assets-pashupati-advani/articleshow/73169457.cms | Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Lucknow IIML Chief Marketing Officer Programme Visit Indian School of Business ISB Chief Digital Officer Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit
If you are in global assets , then even if the domestic market does not pick up, you have the export market. You have to find companies that are at that cusp, sayspashupatiadvani@globalforay. Excerpts from an interview with ETNOW.Today we could say Happy New Year because the markets are flying up and that is nice. Let us take global tensions first. I feel that this is not over yet and I am a little apprehensive. I actually feel that a lot of people will sit on the sidelines until there is a proper resolution of what is going on in West Asia. Yesterday’s Trump speech was a kind of a stand down and hopefully that is the way it is going to go. Oil prices have also reacted. As far as I am concerned, our market tends to run on one thing alone -- oil prices. It is such a dominant import for us and oil prices have backed off and the rupee has become stronger by 50 paise today. The oil marketing companies (OMCs) have gone up and everybody is happy.I would love to see oil at $50 again but I think we are a little bit away from it, now having touched $70 last week.No, Donald Trump is in a position where he is trying to make sure that he throws does not get impeached before the elections. People who I have talked to in the US feel that he has a pretty reasonable chance of getting re-elected as well. So middle America still seems to be with him. It is going to be interesting time for the next one year. But again, it has been a tradition of all American presidents to make sure that gas is under $3 a gallon. He is definitely going to want to bring oil prices down.I am not so concerned about the market overall because we are going to follow, not lead. But I do see a trend right now in the larger midcaps.Yes that is true but we have not seen it yet. The falls have been less than in all the other places. China seems to be doing a lot worse than we are this year. But we are looking at a trend where Naren is going around saying that let us go for midcaps. So, some of the larger, less liquid midcaps are starting to move quite rapidly. At some point, that trend has to be there. Sunil Singhania has put out about high PEs and that trend is going to happen. Now whether it pans out is within the market play. The overall market depends on what is happening in Washington. So you outperform within the market space and then hope the market goes in your direction.Quality midcaps. The trade has always been to buy illiquid large midcaps which are in good businesses and you are seeing it in terms of good chemical firms. You are seeing a move into cement which means that something is happening in that market. Maybe there is a push to get some projects finished before March 31st and that is going to be incentivised. Maybe the government is going to release money for roads which they have been sitting on for a while.The fact that cement stock prices have moved up this week has been a trend which hints at some kind of news probably coming in.Yes, it is reassurance that things may be turning.I do not like the financials and NBFCs although they have got some tick marks because of NCLT having given them some awards. A year ago, these companies were looking at zero, now they have got 30-40-50% and in some cases even 80-90% of their debt. That has been good and they are adding it back. Tthere are still explosions coming because there has been a push in terms of people saying that bills are not getting paid. A lot of big companies are stretching out their payments from 60 days to 90 days to 120 days which is not good for the system. The banks are not lending and as the NBFCs are not getting any money, they are not in a position to lend either.I believe that the money is to be made in global assets. Whatever the Indian government has tried to do, for example, gold has continued to go up. It is not a good commodity for India but the Indian public love buying gold. But it is now over Rs 40,000. It touched Rs 42,000 a couple of days ago. So, $1,600 has come down to $1,550 but everyone says you should have some gold in your portfolio, Half of India wears it on their wrists and so it is there to stay.The reality is that if you want to make money you have to be in global assets. We are not allowed to buy bitcoin but bitcoin is a global asset. Likewise, some speciality chemicals are doing well because they are globally priced. So, if you are in those things then even if the domestic market does not pick up, you have the export market and you have to find companies that are at that cusp. That is what we are looking for.It is a catch-22 situation for the government. If they let one player go, they are going to suffer in spectrum revenue. They are also going to have 30 crore subscribers landing up at 9 Race Course Road shouting and throwing their mobile phones. I think it is unthinkable, it is too big to fail but there is pressure to waive, though the waiver has not yet come through.The reality is that India is hooked on telecom and we need it. We have got the cheapest telecom in the world even though the ARPUs have gone up. But now that all the companies have raised their ARPUs, it is like the government has said fine, you have been too cheap, now raise it so that we can all make money.Once everybody settles into the new pricing, things will stabilise and then they can do a relook at how much they are going to waive in terms of the charges. It is skewed in favour of one player but that is the way it is. He has used a smart way to get the license but the others are saying fine, equalise it, give us interconnect charge, to equalise. I do not think they will ever be equal because Airtel and Voda paid Rs 100,000 crore and Reliance has paid Rs 20,000-25,000 crore for the same licences. But if the revenue can be equalised, it will help matters.Well somebody looked at the balance sheets of both Airtel and Voda. Bharti has the assets to be able to dispose off to still stay in this game, Voda does not have it on the Voda-Idea balance sheet. So, both the partners have to step up and put more money in.Yes, Idea has and Voda can also write a cheque. Voda is sitting on cash overseas. The point is they have said that this not fair, we want you to make some concessions. The government has to figure something out and let us see what happens.The other thing is the 5G spectrum auction is coming up and both Vodafone and Airtel have the technology for 5G. They just have to press a button, Jio has to buy it. That is the big difference. 5G is in its infancy and it is going to take a couple of years. But Jio may say, fine let us not have 5G for two years in India. Most places are still running on 3G rather than 4G in India. | a range of CXO courses are available for college students. the courses are offered by a range of companies. the courses are offered by a range of companies. the courses are offered by a range of companies. a spokesman for the saa says the courses are not for everyone. a saa spokesperson says the markets are booming. | Positive |
https://www.businesstoday.in/technology/news/smartphones-still-not-made-in-india-key-parts-still-imported-from-china/story/303704.html | While the assembly of mobile phones in India has emerged as a bright spot for the economy over the past four years, the manufacturing of parts which is the logical next step in the country's ambition of becoming a smartphone-making hub, is still stuck in uncertainty.
India has recently toppled Vietnam to become the second largest mobile phone maker after China. Thanks to the Phase Manufacturing Programme (PMP), the country is home to 268 mobile phone assembling units, according to India Cellular and Electronics Association estimates. However, India still relies on imported parts from China for the assembly because of the lack of an ecosystem of component manufacturers here.
"There is a lot of uncertainty around India's duty structure for mobile phones. The issue has been raised in the World Trade Organisation and the US has taken a stand as far as duty is concerned. If there is clarity that this duty is here to stay, say, for at least five years, big-ticket investments in component manufacturing will start coming in. After that, the ecosystem will develop and the duty protection won't be needed anymore,"said Atul B Lall, MD of Dixon Technologies which assembles mobiles for brands.
The PMP levies duty on key mobile parts in phases to curb import of components and localise them. So far, a basic customs duty (BCD) is levied on batteries, chargers and adaptors etc.
Manufacturers have also forayed into the assembly of Printed Circuit Boards (PCBs) or otherboards, which constitute up to 60 per cent of a phone. The target for 2019-20 includes assembly of display and touch glass.
Meanwhile, international giants like Samsung, Xiaomi, Oppo and Vivo have been pumping money into India, the second largest market for smartphones, to boost capacities of factories where their phones are assembled.
In July, Korean smartphone maker Samsung set up the world's largest mobile phone factory in Noida. Recently, China's Vivo said it will invest Rs 4,000 crore over the next four years to set up another factory in Uttar Pradesh. "Till March 2018, Vivo invested over Rs 200 crore more to set up a surface-mount technology unit for PCB assembly," said Vivo India's brand strategy director, Nipun Marya.
Vivo has reportedly said they are keen on expanding into component making soon. Fellow Chinese player and rival Oppo is also supposedly holding talks with component makers about opening units here for its upcoming industrial park in Greater Noida. The expansions are sure to draw in more Korean, Chinese and Taiwanese component makers to set up shop in India and kick start a components ecosystem as there is already increasing interest from them, smaller manufacturers say.
Recently, China's Xiaomi held a meeting of its global suppliers to explore the possibility of opening units in India. The firm had said $2.5 billion investment would come into India if the suppliers set up shop in the country. "Component manufacturing requires heavy investments. It doesn't make sense for component makers to come to India just to make for India because they are already working with partners elsewhere for this. At least if the neighbouring countries offer a small market, they can establish themselves here," says associate research manager at International Data Corporation, Jaipal Singh. | india is home to 268 mobile phone assembling units. the country is home to parts from china. the country is the second largest mobile phone maker after china. international giants like Samsung, Xiaomi, Oppo and Vivo have been pumping money into india. a new government is set to be launched in january. a government-run telecommunications firm is also set to be set up in the country. | Positive |
https://www.moneycontrol.com/news/business/markets/market-live-sensex-ranged-crude-oil-prices-up-over-1-as-traders-await-opec-decision-2620231.html | June 22, 2018 / 05:40 PM IST
Organization of the Petroleum Exporting Countries (OPEC) ministers have agreed in principle on 1 million barrels per day nominal output increase from July for the group and its allies, Reuters has reported citing sources.
The OPEC is meeting in Vienna together with non-OPEC oil producers to discuss output policy. | OPEC agrees nominal output increase of 1 million barrels per day. nominal increase will be 1 million barrels per day. OPEC meeting in Vienna to discuss output policy. OPEC and its allies have agreed to 1 million barrels per day increase........... | Positive |
https://www.financialexpress.com/market/hdfc-twins-icici-bank-infosys-send-sensex-600-pts-up-check-whats-pushing-markets-higher-today/1992927/ | Buoyed by the upbeat global cues, BSE Sensex and Nifty 50 were trading 2 per cent higher on Tuesday led by buying in banks and financial stocks. BSE Sensex was trading 600 points or 1.81 per cent higher at 33,829, while Nifty 50 reclaimed its crucial 10,000-mark, to trade at 10,046. All the 30 Sensex stocks were trading with healthy gains, with Tata Steel as top Sensex gainer, up 4.5 per cent, followed by ICICI Bank, HDFC, Bajaj Finance, IndusInd Bank, Infosys, SBI and RIL. “We have opened above 9950 which is a positive indication – if we can maintain above the levels of 10050, we can go up to 10300. The support for the market continues to remain at the 9700 level,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
HDFC twins top index contributor: Index heavyweights such as HDFC, HDFC Bank, ICICI Bank, Reliance Industries, Infosys, Kotak Mahindra Bank, TCS and Hindustan Unilever (HUL) were among the top index contributors.
All Nifty sectoral indices in green: All 11 Nifty sectoral indices were trading with gains. Nifty Bank, Nifty Private Bank and Nifty Financial Services were all up over 3 per cent. Similarly, Nifty FMCG index was also trading higher led by gains in Godrej Consumer Properties, Marico, ITC, Godrej Industries and Emami.
FII and DII data: On Monday, Foreign institutional investors (FIIs) sold shares worth Rs 2,960.33 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,076.38 crore on net basis, according to the provisional data available on the NSE.
Corporate earnings: HPCL, NMDC, Ashiana Housing, Bhansali Engineering Polymers, Bliss GVS Pharma, Globus Spirits, Ipca Laboratories, Bank of Maharashtra, Manali Petrochemical, Navin Fluorine International and Schneider Electric Infrastructure are among 25 companies that are scheduled to announce their March quarter earnings today.
Global markets: Asian stock markets jumped in Tuesday’s trade following a late Wall Street surge in overnight trade. US Federal Reserve announced to support financial markets through the coronavirus pandemic which cheered investors. The Nikkei 225 in Japan surged 2.86% while the Topix index advanced 2.49%. The MSCI Asia ex-Japan index traded 0.92% higher. US stock indices ended higher on Monday following an announcement by the US Fed regarding its corporate bond purchasing program. The Dow Jones Industrial Average rose 0.62% to 25,763.16, the S&P 500 gained 0.83% to 3,066.59 and the Nasdaq Composite added 1.43% to 9,726.02.
Coronavirus cases continue to surge: Coronavirus cases in India have reached to 3,43,091 and the death toll stands above 9,900. Out of which there are 1,53,178 active cases in India while 1,80,012 COVID 19 positive patients have recovered. | BSE Sensex was trading 600 points or 1.81 per cent higher at 33,829. Nifty 50 reclaimed its crucial 10,000-mark, to trade at 10,046. Tata Steel as top Sensex gainer, up 4.5 per cent. ICICI Bank, HDFC, Bajaj Finance, IndusInd Bank, Infosys, SBI and RIL. | Positive |
https://www.financialexpress.com/industry/oil-psus-to-re-start-over-rs-42000-cr-of-projects-as-lockdown-restrictions-ease/1934457/ | State-owned oil firms will resume as many as 511 projects involving over Rs 42,000 crore of investment with immediate effect as the country partially exited from an unprecedented nationwide lockdown on Monday.
Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC), GAIL, Oil India Ltd and six other public sector firms identified projects that either in rural areas or have in situ labour for the resumption of work, oil ministry sources said.
The government had last week allowed makers of information technology hardware, farmers and industries in rural areas to resume operations as it looked to revive the economy that got stalled because of the outbreak of coronavirus pandemic.
As many as 319 projects with these 10 PSUs are completely in rural areas and resuming work on them will not be much of a problem. Another 192 projects are within municipal limits but have in situ labour, they said.
In FY2020-21, these projects would involve an expenditure of over Rs 42,000 crore. The restarting of these projects that spread from oil and gas exploration and development work to refinery jobs, gas pipeline laying and city gas distribution network expansion, will generate around 7 crore man-days of employment, they said.
These projects include 196 projects of IOC, 168 of Bharat Petroleum Corp Ltd (BPCL), 57 of Hindustan Petroleum Corp Ltd (HPCL), 32 of GAIL and 26 projects of ONGC.
The sources said these projects involving refinery, exploration and production, marketing infrastructure, pipeline and city gas distribution are expected to generate Rs 2,210 crore of payout in the first month. Out of this, Rs 266 crore will be paid to labour.
These projects, they said, are in line with the Ministry of Home Affairs guidelines and are assessed on the ground of manpower availability and other municipal restrictions. | ONGC, IOC, GAIL, Oil India Ltd and six other firms will resume projects. the government has allowed makers of information technology hardware to resume operations. the government has allowed farmers and industries in rural areas to resume operations. the restarting of these projects will generate around 7 crore man-days of employment. ONGC says it is a "very positive sign" that the country is out of a nationwide lockdown. | Positive |
https://www.moneycontrol.com/news/business/piramal-realty-appoints-naaman-atallah-as-ceo-2521793.html | Piramal group's real estate firm Piramal Realty today announced the appointment of Naaman Atallah as its chief executive officer (CEO).
Atallah was formerly the CEO of Dubai Properties and was leading a portfolio of 144 projects worth USD 30 billion which included residential, commercial, retail and hospitality developments, the company said in a statement.
Piramal group Executive Director Anand Piramal said the real estate sector will see consolidation because of recent government reforms such as RERA, GST, bankruptcy code and demonetisation.
"Backed by a strong balance sheet and a great team, we are well positioned to acquire land at attractive prices and build a substantial company. In this context, we are delighted to welcome Naaman, one of the most experienced and successful professionals, to lead this exciting growth phase in our company's history," he added.
On his new role, Atallah said: "India is the world’s fastest growing and most dynamic large economy. Perhaps no country offers growth prospects for leading real estate professionals as India does."
Earlier, he also held the position of COO at Qatari Diar. He was also the COO of Emaar Properties PJSC, where he worked extensively on some of the world's most iconic projects such as Burj Khalifa, Armani Hotel Dubai and The Dubai Mall. | real estate firm Piramal Realty has appointed Naaman Atallah as its new chief executive officer. he was formerly the CEO of Dubai Properties. atallah is leading a portfolio of 144 projects worth USD 30 billion. he also held the position of COO at Qatari Diar. he also worked extensively on some of the world's most iconic projects. | Positive |
https://www.moneycontrol.com/news/business/mm-rolls-out-new-xuv-variant-as-competition-bites-2551755.html | Mahindra & Mahindra | CARE reaffirmed long term credit rating at AAA with stable outlook for company's bank facilities.
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Mahindra today rolled out a new variant of its premium sports utility vehicle XUV 500 in a bit to wrest back the market that once it had dominated as the market pie gets fragmented with the entry of more players like Maruti, Jeep's Compass, Hyundai's Creta and Tata Hexa.
The company has invested Rs 150 crore in developing the third generation of XUV 500--first launched in 2011, which comes with enhanced features like a smart watch connectivity and connected apps and eco-sense technology among others, Mahindra & Mahindra automotive sector president Rajan Wadhera said at the launch here.
The company has sold 2.32 lakh XUV 500s since the launch in 2011, sales and marketing chief Veejay Nakra said, adding the first variant was launched in 2015.
The introduction of the face-lift version is also its bid reclaim its position as the largest UV maker in the country, something it had lost to Maruti Suzuki a couple of years ago. In FY18, with over 27.5 per cent market share the nation's largest passenger car maker led the UV segment by a wide margin over Mahindra.
The new refreshed XUV comes with five diesel variants and a petrol model. While the diesel model is priced at Rs 12.32 lakh, the petrol variant comes at Rs 15.43 lakh.
Launched in 2011, Mahindra had brought out the first facelift of its mid-sized SUV in 2015.
"We have been working on this product for tow-three years. We have taken off a lot of cost to retain the value. As a result we have launched this product at a very competitive price," Wadhera said.
Since its launch in 2011, the XUV500 has been a trendsetter in the premium SUV segment with its great value proposition. The vehicle created the premium SUV segment in the Rs 12-18 lakh price range in the country and continues to be the front runner in the segment, he claimed.
"Today, with the launch of the new XUV500, we have strengthened its value proposition further by creating new benchmarks," he added.
Evading a direct response to the market share the company was looking at with the launch of new product, Wadhera said, "it is the function of how many products are coming in the segment. We are obviously looking for a better market share and aim to grow higher than the industry average."
He, however, acknowledged that the entry of the Compass and the Hexa had changed the market share, adding, earlier our markets share was very high with the Scorpio and the XUV and we were a dominating player."
Nakra said the company plans to set up 500 more new touchpoints as it aims to roll out three more new product in this fiscal.
Utility vehicle volumes grew 20.97 per cent to 921,780 units last fiscal as against 761,998 units in FY17. In FY18, UV sales accounted for 28 per cent of total PV sales, up from 25 per cent in the previous fiscal, according to Siam data.
Mahindra's PV sales during FY18 stood at 248,859 units, a growth of 5.4 per cent over the previous year, as per the Siam data.
Against this, Maruti Suzuki topped the UV segment with a 27.53 per cent market share in FY18 selling 253,759 units riding on the success of its models like Vitara Brezza, Ertiga and the S-Cross.
Its volumes rose 29.6 per cent at 253,759 units in FY18, from 195,741 units in the previous year, Maruti said.
While Vitara Brezza volume rose 36.7 per cent in 2017 -18, S-Cross saw sales jump 44.4 per cent and 4.1 per cent for the Ertiga, the company said. | Mahindra & Mahindra reaffirmed long term credit rating at AAA with stable outlook. the company has invested Rs 150 crore in developing the third generation of XUV 500. the face-lift version is also its bid reclaim its position as the largest UV maker in the country. the vehicle created the premium SUV segment in the Rs 12-18 lakh price range. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/angel-funds-need-to-disclose-about-investment-material-changes-sebi/articleshow/64827246.cms | Zee Entertainment Enterprises Ltd (ZEEL) chief Punit Goenka’s position as MD and CEO of the proposed Sony-Zee merged entity is on shaky ground as he continues to be under investigation by the Securities and Exchange Board of India (Sebi) for the alleged diversion of funds from ZEEL to promoter entities, people aware of the development told ET.
Luxury car buyers in India are getting younger with two out of five Audi buyers aged less than 40. At Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the German luxury carmaker globally. The scenario is similar at BMW India where consumers aged 35-40 contribute bulk of the sales.
Apple Inc set a new quarterly revenue record in India with a strong double-digit year-on-year growth in the September quarter, chief executive Tim Cook said on Friday, adding that the world’s second-largest smartphone market is a key focus for the Cupertino, US-based company where it currently has a low share.
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Top Trending Stocks: Sensex Today Live | luxury car buyers in india are getting younger with two out of five Audi buyers aged less than 40. at Mercedes-Benz India, buyers have an average age of 38 years, the youngest for the german luxury carmaker globally. apple set a new quarterly revenue record in india with a strong double-digit year-on-year growth in the September quarter. apple is the world's second-largest smartphone market. | Positive |
https://www.financialexpress.com/industry/britannias-many-indias-strategy-to-win-against-local-rivals-in-hindi-heartland/1999389/ | FMCG major Britannia is trying to push its biscuits category with an eye on the local markets and has come up with a strategy to woo consumers from Hindi Heartland. The maker of Britannia Good Day cookies has deployed a strategy to win ‘Many Indias’, a report said on Monday. “Large brands like Good Day, Milk Bikis and Marie Gold have employed localized strategies to meet the unique needs of different markets and fight local players. A focused and localized strategy has been adopted for the Hindi Heartland states as well,” brokerage and research firm Motilal Oswal said in the report, citing management discussions.
The fast-moving consumer goods company has expanded into new categories such as cream wafers and milk shakes, which have been witnessing healthy sales. Britannia’s expansion in the Cream wafers category also promises growth as the segment is growing at a healthy pace. “Britannia is the first branded player with a large national presence to enter this highly fragmented category,” the report said. Of late, the company has been expanding at a stellar rate and has performed better than most of its peers as Britannia has increased its reach to over 5.5 million outlets and a direct reach of over 2.2 million outlets in the past 5 years. The expansion has also enabled it to ramp up its biscuits market share and grow new categories. It has also scaled up its milk procurement up to 25,000 liters per day from about a thousand farmers in and around Ranjangaon.
Coronavirus impact
While businesses were severely impacted due to the coronavirus crisis, Britannia was able to manage the immediate challenge such as re-establishing normalcy in business operations. The FMCG major has also reduced its ad-spends and has moved to 100% reusable packaging materials, faring well on the sustainability front with efforts towards recycling, reducing and recovering used plastic, the report said. Labour crisis due to lockdown and other supply chain issues had hampered normal operations of many FMCG companies. | the maker of Britannia Good Day cookies has deployed a strategy to win ‘Many Indias’, a report said. the fast-moving consumer goods company has expanded into new categories such as cream wafers and milk shakes. the company has also increased its reach to over 5.5 million outlets and a direct reach of over 2.2 million outlets in the past 5 years. | Positive |
https://www.moneycontrol.com/news/business/farm-package-to-boost-rural-economy-benefit-fmcg-companies-5268261.html | Fast moving consumer goods (FMCG) companies are likely to reap the benefits of Finance Minister Nirmala Sitharaman's recently announced measures to alleviate the hardships caused to farmers due to the novel coronavirus, or COVID-19 lockdown.
Experts told Moneycontrol that the measures announced will have a multiplier effect across the FMCG value chain.
Anil Talreja, Partner and Leader Consumer Business, Deloittee said, "The extension of the interest subvention scheme along with the Rs 30,000 crore additional working capital funding for farmers will ensure that the farming community, especially the marginal farmers, are able to fund their crop-related expenditure for the upcoming kharif season.
He feels the measures will lead to additional earnings to the farming community due to increased government procurement. "Over and above this, the measures announce for migrant workers like affordable rental housing and free foodgrain supply will prevent the exodus of such workers who are an essential cog in the whole supply chain right from farm to the fork. These migrant workers form the backbone of both the rural economy as well as the FMCG manufacturing ecosystem.
Brokerage houses too feel that the benefit given to farmers will leave more money in their hands to spend, help boost the rural economy and in turn benefit FMCG firms.
After announcing the first tranche of measures under the atmanirbhar initiative, Sitharaman on May 14 unveiled the next set of measures to alleviate the hardships caused to farmers, migrant workers and street vendors due to the coronavirus-induced lockdown restrictions.
For the past few months, the surge in agribusiness and rural sales has been the driving factor of the future growth potential of FMCG businesses in India. Rural contributes 35-40 percent of overall sales value. About 65 percent of Indians live in villages and small towns.
Sitharaman said a special drive to provide concessional credit to PM-Kisan beneficiaries will be undertaken. The Rs 2 lakh crore concessional credit will be extended to 2.5 crore farmers who don't have the card. Fisherman and animal husbandry workers will also be included.
Interest subvention scheme on farmer loans at concessional rates has also been extended until May 31, 2020. | finance minister announces measures to ease hardships caused to farmers by COVID-19 lockdown. measures will have a multiplier effect across the value chain, experts say. rural contributes 35-40 percent of overall sales value. sitharaman: special drive to provide concessional credit to PM-Kisan beneficiaries. migrant workers form backbone of both rural economy and FMCG manufacturing ecosystem. | Positive |
https://www.businesstoday.in/current/corporate/10-deals-in-53-days-jio-platforms-rakes-in-whopping-rs-104-lakh-crore-here-timeline/story/406886.html | Reliance Industries Limited's digital platform Jio Platforms Limited has raked in 10 investments in the past seven weeks, with the latest ones from TPG and PE firm L Catterlon. The two companies have bought 0.93 per cent and 0.39 per cent stake in JPL for Rs 4,546.80 crore and Rs 1,894.50 crore, respectively. With this, the company has sold a total of 22.38 per cent stake in Jio Platforms for Rs 1.04 lakh crore. The recent investments in JPL are especially significant at a time when the world is grappling with COVID-19 and businesses are taking a severe hit as they reflects confidence in Indian businesses.
Here's a timeline of Jio Platform's fundraising journey so far.
April 22: Facebook investment: The social media giant announced an investment of Rs 43,574 crore in Reliance Jio accounting for a 9.99% stake in the company's platforms.
The social media giant announced an investment of Rs 43,574 crore in Reliance Jio accounting for a 9.99% stake in the company's platforms. May 3: Silver Lake- The American private equity (PE) giant will pick a 1.15% stake in Reliance Jio with an investment of Rs 5,656 crore in its platforms.
The American private equity (PE) giant will pick a 1.15% stake in Reliance Jio with an investment of Rs 5,656 crore in its platforms. May 8: Vista Equity- The US-based private equity firm will pick a 2.32 per cent stake in RIL's Jio platforms for Rs 11,367 crore.
The US-based private equity firm will pick a 2.32 per cent stake in RIL's Jio platforms for Rs 11,367 crore. May 17: General Atlantic- The New York-headquartered PE firm announced an investment of Rs 6,598 crore in Reliance Jio for a 1.34% stake.
The New York-headquartered PE firm announced an investment of Rs 6,598 crore in Reliance Jio for a 1.34% stake. May 22: KKR- The US-based PE company will buy a 2.32% stake in Jio platforms for Rs 11,367 crore.
The US-based PE company will buy a 2.32% stake in Jio platforms for Rs 11,367 crore. June 5: Mubadala- The Abu Dhabi-based sovereign investor announced an equity infusion of Rs 9,093 in Reliance Jio on Friday in exchange for a 1.85% stake in the telecom arm of RIL.
The Abu Dhabi-based sovereign investor announced an equity infusion of Rs 9,093 in Reliance Jio on Friday in exchange for a 1.85% stake in the telecom arm of RIL. June 13: RIL on Saturday announced TPG will invest Rs 4,546.80 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. This is the ninth investment for the company in the last seven weeks.
RIL on Saturday announced TPG will invest Rs 4,546.80 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. This is the ninth investment for the company in the last seven weeks. June 13: L Catterton, one of the world's largest consumer-focused private equity firms, will also invest Rs 1,894.50 crore in JPL. L Catterton's investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis.
JPL was created as a subsidiary of RIL in October last year to bring together all digital and mobility businesses under one roof.
The new entity has become the parent of Reliance Jio Infocomm and applications like MyJio, JioTV, JioCinema, JioNews and JioSaavn, besides content-generation ventures. Thus, the operating company Reliance Jio became a step-down subsidiary of RIL.
For making JPL debt-free, the parent company has infused Rs 1.08 lakh crore in it. They want to build JPL like Alibaba and Google, which claim high valuations in the stock markets. RIL has been using the cash flow from its flagship petroleum refining business to build the telecom and retail subsidiaries all these years. The Indian conglomerate has spent about Rs 4 lakh crore to build Reliance Jio.
Also read: Jio Platforms to raise Rs 4,547 crore from TPG; ninth investment in past seven weeks | the two companies have bought 0.93 per cent and 0.39 per cent stake in JPL for Rs 4,546.80 crore and Rs 1,894.50 crore, respectively. with this, the company has sold a total of 22.38 per cent stake in Jio Platforms for Rs 1.04 lakh crore. the recent investments are especially significant at a time when the world is grappling with COVID-19 and businesses are taking a severe hit. | Positive |
https://economictimes.indiatimes.com/tech/internet/google-pay-india-learnings-will-be-taken-to-global-markets-alphabet-ceo-sundar-pichai/articleshow/73934899.cms | Elevate Your Tech Prowess with High-Value Skill Courses Offering College Course Website Indian School of Business ISB Product Management Visit Indian School of Business ISB Digital Transformation Visit MIT MIT Technology Leadership and Innovation Visit
Mumbai: Google will take lessons from the success of its Google Pay platform in India to other global markets, said Alphabet CEO Sundar Pichai in a post-earnings analyst call on Monday.“We've had a lot of traction with our payments product over the past 18 months. We had a tremendously successful launch in India from which we learned a lot of features, and we are bringing that and we are revamping our payments products globally,” said Pichai speaking to analysts after the company’s fourth quarter earnings. “And so I'm excited by that rollout, which is coming up in 2020. I think that will make the experience better.” Alphabet is the parent company of Google.Google Pay in India runs on the Unified Payments Interface ( UPI ), the open digital payments platform built by National Payments Corporation of India . The value of transactions through the Unified Payments Interface (UPI) rose 6.78% month-on-month to Rs 2.16 lakh crore in January from Rs 2.02 lakh crore to December, 2019.Google Pay has nearly 60% marketshare in the UPI-based digital payments market in India, followed by Walmart-owned PhonePe and Paytm, according to a September report by payment gateway Razorpay.India is the only country that has adopted the UPI-based payments system that allows users to transfer as low as Re 1 to another user through their bank account. It is still unclear the model adopted by Google Pay in other countries.Last year, Google wrote to the US Federal Reserve Board urging it to build ‘FedNow’ - an interbank real-time gross settlement service (RTGS) for digital payments in the US similar to the UPI-based digital payments platform.According to an earlier comment by a company official last year, Google Pay’s monthly active user-base had grown three-fold to reach 67 million in September 2019 from 22 million in September 2018.Google parent- Alphabet reported its fourth quarter earnings on Monday. The company’s revenue grew from $39.3 billion in 2018 to $46.1 billion in 2019. | the value of transactions through the unified payments interface (UPI) rose 6.78% month-on-month to Rs 2.16 lakh crore in January from Rs 2.02 lakh crore to December, 2019. it is still unclear the model adopted by Google Pay in other countries. the company’s revenue grew from $39.3 billion in 2018 to $46.1 billion in 2019. | Positive |
https://www.financialexpress.com/budget/common-man-budget/budget-2019-is-pragmatic-that-manages-to-strike-economic-balance-says-cii-president-vikram-kirloskar/1633471/ | By Vikram Kirloskar
This year’s Union Budget struck an astute economic balance between traditional and emerging sectors, with a strong focus on infrastructure, women, start-ups and technology. It stayed true to pragmatic and achievable targets through a systematic approach.
The finance minister reiterated the long-term vision of the government where the first elements are building physical and social infrastructure, digital economy, and Make in India. The Budget further stabilises the work of the government over its previous term and moves ahead to ensure that India reaches close to its $5-trillion GDP objective.
It is laudable that the Budget has retained its fiscal glide path to remain at 3.3% fiscal deficit. The intent to move out of public sector enterprises and garner resources from disinvestment is laudable.
The finance minister has also refrained from raising resources from the general public and has given a fillip to the MSME sector by raising the 25% corporate income tax bracket to enterprises with over `400 crore turnover. There was also a strong emphasis on simplification of tax payments. Under the goods and services tax (GST), addressing legacy disputes for former central excise and service tax is welcome and will unlock money held in disputes.
Elevating the personal income tax level to `5 lakh will provide a boost to consumer confidence, and build demand in the economy. On the investment front, the Budget takes up issues such as corporate bond markets, credit guarantee to high-rated pooled assets of sound NBFCs, and bank recapitalisation. The strong stress on infrastructure construction in projects such as Bharatmala, low-cost housing, Sagarmala, and waterways will provide upstream and downstream investment opportunities.
On the manufacturing sector, reduction in customs duties for specific capital goods in electronics manufacturing addresses a gap in the sector. Global companies are to be encouraged to set up mega manufacturing plants in sunrise sectors such as semiconductor fabs, lithium storage batteries, laptops and servers, and so on.
Industry appreciates the government’s focus on improving skill sets for the youth, with a target of skilling 10 million youth in the next five years. Emerging technologies such as Internet of Things (IoT), 3D printing, robotics and artificial intelligence will provide new jobs and entrepreneurship opportunities for the youth. The initiatives for women along with the intent to unlock their potential as key economic players is timely and welcome.
However, more initiatives to create employment by addressing labour-intensive sectors, education and healthcare were expected. A realistic Budget, it is to be commended for delivering on the Indian economy’s promise.
(The author is President, Confederation of Indian Industry) | the budget struck an astute economic balance between traditional and emerging sectors. the focus was on infrastructure, women, start-ups and technology. the budget also focuses on a strong focus on the making in india initiative. industry appreciates the government’s focus on improving skill sets for the youth. the government is also focusing on a focus on women and entrepreneurship. | Positive |
https://economictimes.indiatimes.com/small-biz/sme-sector/lendingkart-scales-up-team-with-addition-of-two-senior-directors/articleshow/73693154.cms | BENGALURU: Fintech company Lendingkart Technologies has announced the appointment of Ratul Paul as senior director – credit data science and Leena Shetye as senior director – capital markets , said a company statement issued today.Paul and Shetye bring immense knowledge from the industry in their respective areas and will further contribute to the company’s vision of bringing MSMEs into the financial mainstream and taking measures to elevate micro entrepreneurship in the country.“We are pleased to welcome Ratul and Leena to help forge a better direction for our data science and capital market teams. Ratul’s dynamic experience, focused approach in credit risk management and Leena’s broad knowledge in capital markets make them well positioned to take Lendingkart closer to our combined goal of catering the previously unbanked segment, MSMEs and microentrepreneurs,” said Harshavardhan Lunia, co-founder and CEO.Paul brings over 12 years of experience and joins from Equifax where he was responsible for building generic fraud score to predict fraud transactions and build solvent score to find good credit customers in sub-prime markets. Prior to Equifax, he has also worked as a senior analytics manager at CTOS in Malaysia where he built and consulted 20+ machine learning algorithms with proven consistency.Shetye comes with 25+ years of experience in treasury, corporate loan, project funding, working capital management and corporate finance. She joins Lendingkart from ECL Finance (Edelweiss Group) where she worked as VP – resources and was responsible for fundraising, banking relationships and credit rating. Prior to that, she has also worked with Essel Infraproject as general manager – finance where she was undertaking project finance and banking relationships.Over the past few months, Lendingkart has bolstered its leadership team with senior appointments. Under the company’s strong leadership, Lendingkart Finance (the NBFC arm of Lendingkart Group) has evaluated nearly half a million applications, disbursing 85,000+ loans to more than 73,000+ MSMEs across all 29 states and union territories of the nation, making it the NBFC with the largest geographical footprint in the country. | Ratul Paul and Leena Shetye bring immense knowledge from the industry. they will contribute to the company's vision of bringing MSMEs into the financial mainstream. they will also take measures to elevate micro entrepreneurship in the country. 'they are well positioned to take Lendingkart closer to our combined goal of catering the previously unbanked segment,' says co-founder and CEO. | Positive |
https://www.financialexpress.com/world-news/gave-exemptions-to-some-after-they-sought-help-to-keep-oil-prices-down-trump-on-iran-sanctions/1376201/ | President Donald Trump said he gave temporary exemptions to India and seven other major importers of Iranian oil as they sought US’ “help” and he did not want to drive oil prices “up to USD 100 a barrel or USD 150 a barrel”. The US on Monday imposed “the toughest ever” sanctions on a defiant Iran aimed at altering the Iranian regime’s “behaviour”. The sanctions cover Iran’s banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.
However, Secretary of State Mike Pompeo said that eight countries — India, China, Italy, Greece, Japan, South Korea, Taiwan and Turkey — were temporarily allowed to continue buying Iranian oil as they showed “significant reduction” in oil purchase from the Persian Gulf country. “I gave some countries a break on the oil. I did it a little bit because they really asked for some help,” Trump told reporters at a press conference in the White House on Wednesday. The President said he also did it “because I don’t want to drive oil prices up to USD 100 a barrel or USD 150 a barrel”. “I am driving them (oil prices) down. If you look at oil prices, they have come down very substantially over the last couple of months,” he asserted. Trump said the sanctions may “get tougher as time goes by”, but he does not want them to have any effect on the global oil prices worldwide as he “consider that to be a tax, and I don’t like taxes”.
Later at another press conference, the State Department said its goal is to go down to zero oil import from Iran and during the next six months, it will monitor the diplomatic progress and the price of oil to ensure that the imposition of the sanctions was calibrated in the right way. “We have an adequate oil supply market.
We have to ensure that we advance our national security objectives without injuring our economic interests. If we were to increase the price of oil, it would be bad for American consumers, it would be bad for the global economy, and it would give an advantage to Iran,” Deputy State Department Spokesperson Robert Paladino said. He claimed that in 2019, there will be more oil supply than demand, which will put US in a “much better position to bring all countries importing Iranian crude to zero”. | the sanctions cover Iran’s banking and energy sectors and reinstate penalties for countries and companies that do not halt Iranian oil imports. but secretary of state Mike Pompeo said that eight countries — India, China, Italy, Greece, Japan, South Korea, Taiwan and Turkey — were temporarily allowed to continue buying Iranian oil. he said he did it “because they really asked for some help” and he did it “because I don’t want to drive oil prices up to USD 100 a barrel or USD 150 a | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/etmarkets-survey-analyst-tips-on-how-to-invest-rs-1-lakh-this-diwali/articleshow/79144672.cms | Samvat 2076, the Hindu accounting calendar that ends on Diwali , was a tumultuous year for Indian stock investors. While Covid-19 jolted the financial markets in the first half of the year, liquidity measures taken by the governments and central banks later helped the market revive and climb a fresh record high on November 9.As the new Samvat year (2077) kicks off this week, analysts on Dalal Street are suggesting that investors should give more weightage to equity in portfolio allocation despite expensive valuations. A dozen of brokerages in an ETMarkets’ Diwali survey suggested going in for a diversified portfolio with an average of 40-70 per cent allocation to equity; 5-15 per cent to gold and 15-40 per cent to bonds.It means if you have to invest Rs 1 lakh this Diwali, Rs 40,000- 70,000 should go into equity and the rest to gold and fixed income assets.Samvat 2076 is going to end on a positive note. BSE benchmark Sensex advanced 9 per cent to 42,597 on November 9 from 39,058 last Diwali in October 2019. The survey highlighted that Sensex may rise to 47,000 by next Diwali, indicating a 10 per cent upside from its current level.Considering the prevailing market condition, Narendra Solanki, Head of Equity Research (Fundamental) at Anand Rathi Shares & Stock Brokers, said portfolio diversification usually depends on risk appetite of the investor. “However, assuming a median age of 35 years for an individual with own home, one can have a mix of 60-70 per cent in equities, 15-20 per cent in debt and 10-15 per cent in gold.”Gold prices have jumped 40 per cent to Rs 54,100 per 10 gm since last Diwali. On the other hand, the 10-year benchmark bond yield has declined to 5.88% from 6.69% on October 29 last year. There is an inverse relationship between bond prices and bond yield. Data available on Value Research showed debt long duration mutual funds have delivered an average return of over 12 per cent in last one year.AK Prabhakar, Head of Research, IDBI Capital Market, suggested 70 per cent allocation to equity and 20 per cent to bonds and 10 per cent to gold. Jyoti Roy, DVP Equity Strategist, Angel Broking suggested 60 per cent to equities for moderate risk-taking investors, with 30 per cent in bonds and 10 per cent in gold. For conservative investors, he advised 40 per cent allocation to equity and bonds and the rest to gold.For high net worth investors, Kotak Securities, Emkay Global Financial Services and Karvy Stock Broking also recommended 10-15 per cent allocation to real estate.“The risk-reward ratio is less favourable for equities after the recent rally. Equities and bonds could underperform, while gold and real estate could outperform in next one year. Massive paper printing will increase supply of currency going ahead while supply of physical assets will be restricted. Based on the demand-supply theory and excess liquidity chasing physical assets, we can expect the run for gold to continue and that of real estate to revive,” said Rusmik Oza, Executive Vice President (Head of Fundamental Research - PCG), Kotak Securities.In the equity space, Oza likes Bajaj Finserv with a price target of Rs 8,000, Bharti Airtel (Rs 710) and Bajaj Auto (Rs 3,900). He sees Nifty in the 12,500-13,200 range with a median target of 12,800. The 50-share index closed at 12,461 on Monday.G Chokkalingam, Founder, Equinomics Research and Advisory, advised avoiding real estate for the investment purpose unless it prices drop 10-to15 per cent. He advised 10 per cent allocation to gold, 40 per cent to fixed income securities like safe bonds and bank deposits and the balance 50 per cent to equities. | analysts suggest investors should give more weightage to equity in portfolio allocation. if you have to invest Rs 1 lakh this Diwali, Rs 40,000-70,000 should go into equity and the rest to gold and fixed income assets. Sensex advanced 9 per cent to 42,597 on November 9 from 39,058 last Diwali in October 2019. Sensex may rise to 47,000 by next Diwali, indicating a 10 per cent upside from its current level. | Positive |
https://www.financialexpress.com/economy/green-shoots-in-the-economy-are-visible-pm-modi/1993732/ | Prime Minister Narendra Modi on Tuesday asserted that ‘green shoots’ had started to emerge in the economy and called for the need to focus on both lives and livelihood while ensuring that economic activity gathered pace, with the lifting of various lockdown-related curbs over the past two weeks.
Taking stock of the situation with chief ministers of various states via video-conference following the Unlock 1.0, the Prime Minister said: “Green shoots have begun to emerge in the economy, power consumption has begun to go up, fertiliser sale in May has been double that of May last year; kharif crop, two-wheeler production, digital payments too showing positive signs.”
Modi met chief ministers and lieutenant governors of 21 states and Union territories, including Punjab, Kerala, Uttarakhand and northestern states on Tuesday. On Wednesday, the Prime Minister is scheduled to meet chief ministers of another 15 states (relatively large ones), including Maharashtra, Uttar Pradesh, Tamil Nadu, Rajasthan and Gujarat.
He also exhorted the states to work together on strengthening value chains to revive trade and industry. “The more we are able to contain the spread of Covid-19, the more we will be able to open up our economy, markets, offices, transport modes and the more new job opportunities will emerge,” he said.
At the same time, Modi also highlighted the need to to follow all precautions such as wearing masks, maintaining physical distance and cautioned against any laxity.
Stressing that the country’s recovery rate has exceeded 50%, the Prime Minister said India is now among those countries where the number of death is among the least, even though the government considers every death as unfortunate and sad. Timely decisions have helped the country contain the fury of the pandemic, he added.
“Thousands of Indians have returned home from abroad, lakhs of migrant workers have reached their villages; rail, road, air and sea routes have been opened, even then, despite having such a big population, Covid-19 has not spread as much as in some countries,” Modi said. “When India’s fight is examined in future, how we fought this together, providing a fine example of cooperative federalism, will be noted,” he said.
According to the health ministry data, India has 1,53,178 active Covid cases, while 1,80,012 people have been cured and 9,900 people have died of the pandemic.
“Two weeks of the Unlock 1.0 has shown that if we follow rules and guidelines, there will be minimal harm due to Covid-19,” he added. “If we ensure through bankers’ committees that enterprises get prompt credit, it will help them resume operations and provide employment to people,” the Prime Minister said.
The Prime Minister also shed light on various relief measures for critical sectors of the economy under the recently-announced Rs 21 lakh crore package, including for MSMEs, agriculture, horticulture and fisheries. The package includes collateral-free, extra working capital loans for MSMEs (up to 20%) with official guarantee, which is expected to benefit 45 lakh MSME units. | prime minister says 'green shoots' have begun to emerge in economy. he met chief ministers of 21 states and utmost territories. he is scheduled to meet chief ministers of 15 other states on tuesday. he stressed that the country's recovery rate has exceeded 50%. he said the country is now among those countries where the number of death is among the least. | Positive |
https://www.moneycontrol.com/news/business/companies/facebook-jio-deal-heres-what-mukesh-ambani-had-to-say-5175271.html | business Reliance Jio-Facebook deal: Here is what Mukesh Ambani has to say Ambani maintained that the synergy between Jio and Facebook will help realise two goals of the Digital India mission - Ease of Living and Ease of Doing Business. | Mukesh Ambani says the synergy between Jio and Facebook will help realise two goals of the Digital India mission - Ease of Living and Ease of Doing Business. Ambani maintains that the synergy between Jio and Facebook will help realise two goals of the Digital India mission - Ease of Living and Ease of Doing Business. | Positive |
https://www.financialexpress.com/industry/sme/wizikey-pr-has-never-been-easier-this-statrtup-aims-to-enable-the-other-side-of-communication/2056857/ | By Srinath Srinivasan
THE Communications industry is gradually getting disrupted by technology. We all have used tools that aid our writing and help in generating content; however, communicating that to the world has largely been manual, with public relations (PR) agencies and corporate communications teams doing the work. And, a large part of it is not metric-driven. This is especially true in the corporate communications/PR space where substantial budgets are allocated for the same and dependency is large on communication professionals.
Wizikey helps to make this work of communication more data and metric driven, promising not just automation of workflow but conversion rates for those who want to run targeted PR campaigns. Founded by Anshul Sushil, formerly a corporate communication professional, the software as a service (SaaS) company aims to address some key tasks in the communication process. “It is widely believed that communications can’t be based on metrics but today technology helps us leverage data and make communications more predictable and metric driven,” says Sushil.
“The size of the PR industry globally is $93 billion and so the market is huge,” he adds. So far he has raised around Rs 2.5 crore from Indian Angel Network to get the product to market. Several leading Indian startups and a few corporations are using the product to automate their communications workflow today.
Currently, the product has a network of 25 000 journalists, whose contacts have been taken from multiple publicly available sources and media outreaches undertaken by the company directly with publications or journalists. “All conversations that happen through Wizikey do not reveal the journalist’s actual contact. We mask it with our domain ID and help contain unnecessary burden of communication on them,” explains Sushil.
For the companies, a dashboard with various details related to a journalist, his/her articles, most discussed and trending topics along with campaign analytics are given. However, at the moment, the communication is just one way on Wizikey. Journalists cannot reach out to companies of their choice for their stories. “Our next step is to enable the other side of communication. We want to give journalists the provision to reach the executives and companies they want for their stories, in a secure way like how companies do today via our product,” says Sushil.
Being a SaaS product, the startup charges its clients (corporations and other startups) for the services offered on the platform.
In addition to the product, the company offers PR/ brand management as a service like any other PR agency. “We are the first of our kind in this industry, in India and maybe globally. We are seeing interest in the Western markets as well. However, this is also the challenge as we need to figure out what is in demand, what works and what doesn’t, and include them in product development,” says Sushil. He aims to bring content creators, social media influencers and other stakeholders in the media ecosystem gradually onto Wizikey. “This way, Wizikey can be a one-stop place for companies for reaching out to various channels within media,” says Sushil. | Wizikey helps to make communication more data and metric driven. the size of the PR industry globally is $93 billion and the market is huge. a few leading Indian startups and a few corporations are using the product to automate their communications workflow today. the product has a network of 25 000 journalists whose contacts have been taken from multiple publicly available sources. | Positive |
https://www.moneycontrol.com/news/business/markets/daily-voice-autos-banks-nbfcs-and-capital-goods-players-likely-to-get-rerated-mayuresh-joshi-of-william-oneil-india-5696461.html | The economy-correlated sectors which include autos, banks, NBFCs and capital goods players can be on the radar in the second half as the economy normalises, as the sector outlook related to demand and fixed cost absorption being better placed leading to earnings recovery estimations might work in their favour, Mayuresh Joshi, Head - Equity Research, William O'Neil India, said in an interview with Moneycontrol’s Kshitij Anand.
edited excerpts:
Q) We are heading towards a historical event i.e. Independence Day. Amid the pandemic, how important is financial independence for investors, and how best they can attain it?
A) Financial independence is absolutely necessary to ensure that all our needs that are existing right now are getting serviced through a regular flow of income currently, and continue in our retirement days as well.
So, to have necessary savings done in diversified modes shall ensure the regular flow of income in the latter stages of life to take care of all holistic needs and wants.
The best way to go about the same is to carry on investing systematically with the right proportion of money in diversified instruments in order to have a regular flow of income through capital appreciation over a longer period of time.
The 'right proportion of money' is the absolute amount of investments being done right now in lieu of generating regular cash flows in the future to carry on a similar lifestyle as well as account for inflation-adjusted returns and other mandatory outgoes like medical and insurance payments.
Q) Your view on the RBI Monetary Policy announcement of August 7.
A) More or less on expected lines in terms of holding up of rates. The other announcements in terms of liquidity support, expectations of transmission of rates trickling in the system, and data points which are expected to gradually improve, leave a window open for some easing in the next meet.
The overall policy remains constructive and accommodative as far as the changes in the macroeconomic cycle and its associated dynamics are concerned.
Q) Some new NFOs have been launched recently to tap US markets. Do you think that investing abroad is a must in one’s portfolio? What are the factors one should watch for before investing in overseas funds?
A) It is a way to diversify the return expectations by diversifying one's risk across multiple geographies. In the current context, some areas of global equities can be outperformers assuming the business dynamics they are in and the moats they operate out of.
One should however be aware that significant global macro changes or any disruptive macro changes for any particular economy can have an impact but that element of risk is what equity markets are fraught with.
In today's context equities globally are more complexly intertwined and the entire decoupling argument is still debated. So, exposure partially can be undertaken based on one's risk/reward appetite.
Q) Gold surpassed $2000/ounce just last week. Equity markets are also up by about 50 percent from the March lows, but will still beat Equity Asset Class hands down in 2020. Do you think investors should tweak their portfolio allocation strategy?
A) Solid move by the precious metal; the two factors leading the price move were the fall in the dollar index along with the fall in the real yields globally.
As the asset allocation and diversification strategy mandate some proportion of one's portfolio being in precious metals, a systematic investment can continue in the yellow metal.
Q) Someone who is already invested or long in the market since March, what would you advise – book profits or hold for more potential gains?
A) One needs to see in which sectors the exposure is to and what broad expectations are being laid out for the sectors as a whole. Sectors that have outperformed and where earnings have relatively held up have continued doing well.
Clearly, one needs to have two broad perspectives; one, the sectors which are performing significantly better until the vaccine is found and the sectors which shall be in focus on the announcements of the vaccine.
So the tale of two halves suggests defensive sectors are outperforming right now both on earnings delivery and management outlook but one needs to keep an eye on the economy-related, beta-correlated sectors for the second half which is beaten down and can start reacting hopefully, as some development on the vaccine front might come through in the next 1-2 quarters.
Q) Which are you re-rating themes in markets and why? Or sectors which could get rerated as the economy normalises?
A) The economy-correlated sectors which include autos, banks, NBFCs and capital goods players can be on the radar in the second half as the economy normalises, as the sector outlook related to demand and fixed cost absorption being better placed leading to earnings recovery estimations might work in their favour.
These sectors can be kept on the watch list and numbers getting reported in the second quarter to be closely monitored as a testimony for the thesis to start playing out in the second half.
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. | autos, banks, NBFCs and capital goods players can be on the radar in the second half as the economy normalises. the sector outlook related to demand and fixed cost absorption might work in their favour. the best way to go about this is to carry on investing systematically with the right proportion of money in diversified instruments. the best way to go about this is to carry on investing systematically with the right proportion of money in diversified instruments. | Positive |
https://www.financialexpress.com/economy/us-china-trade-us-says-phase-i-deal-includes-beijing-buying-200-billion-american-products-over-two-years/1821364/ | China’s purchase of USD 200 billion worth of additional American products over a period of two years is part of the phase one trade deal with Beijing, the US has said, as the world’s two top economic powers look forward to end their bitter two-year tariff war this week. President Donald Trump has announced last week that the US will sign the first phase of a pending trade deal with China “probably” on January 15. “We’re signing, as you know, a very big deal among many other things with China…probably on January 15,” Trump told reporters at a White House event.
China’s commerce ministry on Thursday last confirmed that Vice Premier Liu will be in the US capital from Monday to Wednesday to sign the “Phase One” trade deal with the US. The phase one deal signals a de-escalation in a trade war pitting the two most powerful economic giants against each other for nearly two years. The phase one of the trade deal with China includes the country buying USD 200 billion worth of additional American products, US Treasury Secretary Steven Mnuchin said on Sunday.
In an interview to ABC News, he said, “It is USD 200 billion of additional products across the board over the next two years, and, specifically, in agriculture, USD 40 billion to USD 50 billion.” “This is a big opportunity for our farmers. I think some people have questioned whether they can produce it. The president said they are going to go out and buy more land and produce plenty of agriculture (products),” he said in response to a question.
Describing it as a “historic transaction”, Mnuchin said further talks would be held for the remaining phases. “As we have said, there will be a phase two. But this is the first time we have had a comprehensive agreement with China on technology issues, agricultural issues, financial services, purchases, and has a real enforcement mechanism. So this is a big win for the president,” he asserted.
Mnuchin said the first phase of the trade deal includes real enforcement provision. “If they don’t comply with the agreement, the president retains the authority to put on tariffs, both existing tariffs and additional tariffs,” he said. The language of the trade deal, he said, will be released this week. “The day of the signing, we will be releasing the English version,” he added.
According to him, there are very important intellectual property rules in the deal that the US expects the Chinese to adhere to. “There are cyber concerns that we do have. So let me just be clear. Cyber will be part of phase two,” Mnuchin said. “But we have incorporated provisions in phase one that we think are important protections for US companies. So, we have made very clear there can be no forced technology transfer and that China is putting out laws to protect both US technology and other technology,” he added.
Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to USD 375 billion, had earlier warned that if a deal is not reached by March 1, the end of the 90-day grace period, the US will increase the tariffs on the USD 200 billions of goods from 10 per cent to 25 per cent. Trump has been demanding China to drastically reduce the trade deficit and ensure Intellectual property rights production for US technology and services.
The escalating trade war raised concerns in China as its economy was on the downward trend amid efforts by the government to rejig the export-dependent economy to that of relying more on domestic consumption. Last year, the US imposed tariff hikes of up to 25 per cent on USD 250 billion of Chinese goods. The move prompted China to increase tariffs on USD 110 billion of US goods.
China is currently America’s largest goods trading partner with USD 635.4 billion in total (two way) goods trade during 2017. Goods exports totalled USD 129.9 billion; goods import totalled USD 505.5 billion. The US goods trade deficit with China was a whopping USD 375.6 billion in 2017. Trade in services with China (exports and imports) totalled an estimated USD 75 billion in 2017. Services exports were USD 57.6 billion; services imports were USD 17.4 billion. The US services trade surplus with China was USD 40.2 billion in 2017. | the phase one trade deal with china includes the country buying USD 200 billion of additional American products. the deal signals a de-escalation in a trade war pitting the two most powerful economic giants against each other for nearly two years. the language of the trade deal will be released this week. the language of the phase one deal will be released on tuesday. | Positive |
https://www.financialexpress.com/economy/debit-card-shines-in-era-of-upi-mastercard-tells-why-you-should-carry-card-to-shop-in-digital-india/1903060/ | Even as there are various digital options to pay for your shopping, debit and credit cards continue to be the most reliable mode of digital payment, accounting for half of the total volume of payments. “ If the recent surge in the adoption of POS machines amongst small retailers is any indication, card payments are only going to grow further in the coming time, Vikas Varma, Chief Operating Officer, South Asia, Mastercard, told Samrat Sharma of Financial Express Online, in an interview. While intermittent internet connection makes digital payments tough at times, Vikas Verma said that even though internet penetration in India lags behind those of many other nations, it is still the second largest market after China in terms of internet usage.
1) How relevant is it to carry a debit card in the world fast-moving towards UPI and wallet payments?
We must remember that about 90% of retail transactions in India are still in cash. Therefore, the real competition is not among different form factors but with cash. This also means that there is a massive opportunity to start a socio-economic movement by bringing together merchants, consumers, acquirers, and fintech companies to expand the acceptance of digital payments in India. This can be done by generating consumer and merchant awareness and building enabling infrastructure.
The Government’s push to transform the country into a less-cash economy has given a huge impetus to digital payments. In FY 19 alone, the country registered over 31 billion digital payment transactions, a 51 per cent increase over the previous year. Further, the government has an ambitious target of 45 billion digital transactions in FY20. As per RBI data, ATM and PoS terminals across the country have grown at a CAGR of 4% and 35%, respectively over the past 5 years. In addition to this, during the past 5 years, the number of credit cards issued increased from 211 lakh to over 550 lakh and in the same period a steep increase in debit cards has been witnessed from 5535 lakh to over 8000 lakhs.
2) How is Mastercard still a lucrative option to have in today’s era?
Mastercard is a leading technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities – such as shopping, travelling, running a business and managing finances – easier, more secure and more efficient for everyone.
For us, India is among the most promising long-term opportunities. The Government of India’s vision of a USD 5 trillion economy presents a huge opportunity for the digital payments industry as do the innovations taking place in terms of products and solutions for India and made in India for the world – at Mastercard and across the ecosystem as well.
3) Do you think that intermittent and unreliable internet access in the country still opens a wide path for debit cards?
Even though internet penetration in India lags behind those of many other nations, it is still the second largest market after China in terms of internet usage. As of November, last year, there are over 64.2 crore and 1.9 crore wireless and wireline broadband subscribers, respectively across the country. As per a report by the Internet and Mobile Association of India (IAMAI), most of an average mobile bill today pertains to data charges as opposed to just voice services. This is evident from the content viewership trends and the rising volume of digital payments seen in the country.
As per a report by Indian Ministry of Electronics and Information Technology, within the digital payments space, cards continue to be the most reliable mode of digital payment, accounting for 50 per cent of total volume of payments. The maximum volume is being seen in smaller tier 2 and tier 3 markets, where for the retailers, optimization of queue management, cashier throughput, cash handling are big considerations. If the recent surge in the adoption of POS machines amongst small retailers is any indication, card payments are only going to grow further in the coming time.
4) What are your recommendations to the policymakers towards debit/credit card businesses?
We need to see how we can encourage as many startups and enable them. The key for their growth would be use of universally accepted interoperable standards and enabling competition. We believe that India needs forward looking policies that would help the growth and innovation of new age Indian start-ups and also improve the ease of doing business in India, while protecting the privacy of individuals with respect to their personal data.
5) How much has the fraud/cloning hit the debit/credit card businesses?
We have invested over a billion dollars globally to make transactions safer. Our work in delivering global standards of safety, security and a best in class user experience is a global priority for us, which we have scaled to fit India’s needs. We seek to replicate within a domestic environment the highest levels of security and criticality, leveraging our services like using our best-in-class mobile and AI tools.
With our investments in AI and early detection capabilities to interpret the complexity and scale of data, spot anomalies and commonalities, and improve the shopping experience, we are now able to look at every transaction that happens, in real time, and can detect more complex fraud patterns. | in FY 19 alone, the country registered over 31 billion digital payment transactions. this is 51 per cent increase over the previous year. the government has an ambitious target of 45 billion digital transactions in FY20. in the past 5 years, the number of credit cards issued increased from 211 lakh to over 550 lakh. in the same period a steep increase in debit cards has been witnessed from 5535 lakh to over 8000 lakhs. | Positive |
https://www.businesstoday.in/current/corporate/reliance-industries-rs-53125-crore-rights-issue-which-investment-banker-is-doing-what/story/404170.html | Reliance Industries name sells in the stock market. Historically, whenever Reliance wanted to raise money, investors did not disappoint the conglomerate. In return, investors have been handsomely rewarded with dividends and capital appreciation over the years.
This time India's most valuable company with market capitalisation of Rs 9.20 lakh crore is entering the market with a huge Rs 53,125 crore rights issue. But these are not normal times. The broader index, the BSE Sensex, has fallen from 40,000 to 30,000 level in last two months.
The right issue is for existing investors and not for general public. Theoretically, this makes it easier for any well run company to sell the issue. But Reliance Industries, with interest in oil, retail and telecom, is not a company which will take things lightly.
They have lined up over a dozen investment bankers and banks to manage the rights issue. The big names are JM Financial, Kotak Mahindra Capital, Axis Capital, BNP Paribas, Citigroup Global Markets, DSP Merrill Lynch, Goldman Sachs (India) , HSBC Securities, ICICI Securities, IDFC Securities, JP Morgan Chase, Morgan Stanley , HDFC Bank and the SBI.
JM Financial has done critical tasks including capital structuring, following Sebi guidelines for letter of offer, filing with stock exchanges and Sebi, selecting bankers to the issues.
There is a specific responsibility assigned to each investment banker. ICICI Securities has the responsibility of formulating the retail strategy. This includes all the work related with retail investors such as coordination of queries. ICICI Direct, which is a broking arm of ICICI Securities, was a pioneer in tapping investors for online trading with its three-in-one digital offering of broking, demat services and banking.
Similarly, the work on the domestic institutional marketing strategy has fallen on the shoulders of Kotak Mahindra Capital, which is a well known name with a goodwill amongst HNI (High New Worth Individuals) and institutional investors. Almost every mutual fund in the country has a shareholding in RIL. Insurance giant LIC has 6.01 per cent stake in the company. Kotak has also done the entire work on rights entitlement intimation to shareholders.
Goldman Sachs (India) Securities Ltd has formulated the international marketing strategy. There are over 1,300 foreign portfolio investors holding 24 per cent stake in the company. The Govt of Singapore has more than 1 per cent stake.
IDFC Securities got the role of drafting and approval of all the publicity material including corporate advertisement, brochure , corporate films, etc. In addition, along with SBI, the country's largest private sector bank , HDFC Bank is banker to the issue. The private sector bank has been a challenger to top market cap companies like RIL and TCS in terms of market capitalisation.
Covid-19 outbreak and the lockdown have created an environment of uncertainty with stock markets wobbling around the world. Governments are pumping in trillions of dollars to save the economy from falling into recession. In India, the government has unveiled a stimulus package of Rs 20 lakh crore, which is a mix of liquidity from RBI and loans from banks, NBFCs and other financial institution to help the economy.
The issue issue opens on a May 20 this week. "You need a clear market strategy as stock markets are wobbling globally and there is lot of uncertainty in the minds of investors," says one of the investment banker.
RIL's rights issue is part of a bigger plan to be zero debt company by the end of March 2021. The rights issue, which comes after a gap of nearly three decades, offers one new share for every 15 shares held in the company. The price fixed is Rs 1,257 per share. The current market price of RIL is trading at Rs 1,451 per share.
Also read: After General Atlantic deal, US firms to own 13.82% stake in Jio Platforms
Also read: Reliance Industries share price gains 2% as General Atlantic to invest Rs 6,598 crore Jio Platforms | the right issue is for existing investors and not for the general public. the big names are JM Financial, Kotak Mahindra Capital, Axis Capital, BNP Paribas, Citigroup Global Markets, DSP Merrill Lynch. the rights issue is a big step forward for the company with interest in oil, retail and telecom. the company has a market capitalisation of Rs 9.20 lakh crore. | Positive |
https://www.moneycontrol.com/news/business/sbi-relaunches-aadhaar-based-online-insta-saving-bank-account-through-yono-5395671.html | live bse live
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Country’s largest lender State Bank of India has re-launched ‘SBI Insta Saving Bank Account’ an Aadhaar-based instant digital savings account, for customers who would like to open an account online through bank’s integrated banking and lifestyle platform – YONO. This new service aims to provide convenient digital banking services.
This new service will offer complete paperless and instant digital savings account opening experience with just PAN and Aadhaar number. The SBI Insta Saving Bank Account holders can have 24x7 banking access. SBI will also issue basic personalized RuPay ATM-cum-debit card to all the new account holders of Insta Saving Bank Account.
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Customers just need to download YONO app, enter their PAN and Aadhaar details, submit OTP, and fill other relevant details to open the SBI Insta Saving Bank Account. The nomination facility is available for SBI Insta Saving Bank Account holders along with SMS Alerts and SBI Quick Missed call service. Once the process is complete, the account holder will get his/her account activated instantly and can start transacting immediately. Customers will have the flexibility to upgrade to full KYC by visiting their nearest SBI branch within one year’s time.
SBI chairman Rajnish Kumar said, “We are glad to re-launch SBI Insta Saving Bank Account. This account has all the features that would provide our potential customers a convenient, hassle-free and paperless banking experience without visiting the bank branch. In this digital age, we constantly aim to offer our customers the best digital banking experience backed up with the technology which would give them access to banking services anytime and anywhere. This product would be beneficial to customers in this prevailing COVID 19 situation, who can open Savings Account at the comfort of their homes, without visiting a Bank Branch”.
YONO SBI is to offer its customers a gamut of banking and lifestyle services at their doorsteps with just the click of a button. YONO SBI for the past two years is accepted greatly by the customers. The Platform has now reached global markets with YONO Global in UK & Mauritius. YONO has also crossed the landmark of 51 million downloads and 23 million registered users in a little over two years.
It has partnered with more than 100 e-Commerce players across 20 plus categories. SBI through YONO has also come up with various initiatives which include YONO Cash, PAPL, YONO Krishi and the likes, catering to all categories of customers.
Follow our full coverage of the coronavirus pandemic here. | SBI Insta Saving Bank Account' is an instant digital savings account. the service will offer complete paperless and instant digital savings account opening experience with just PAN and Aadhaar number. customers will have the flexibility to upgrade to full KYC by visiting their nearest SBI branch within one year's time.'sBI Insta Saving Bank Account' is available for customers who would like to open an account online through bank's integrated banking and lifestyle platform - YONO. | Positive |
https://www.businesstoday.in/current/economy-politics/pm-modi-indian-middle-class-tax-payers-independence-day-speech/story/281322.html | Prime Minister Narendra Modi thanked the Indian middle class tax payers today in his Independence Day speech. The Prime Minister said honest and hard-working middle class tax payers' contribution was the reason the poor in the country got food to eat. "Every honest tax payer is helping three poor families get enough food," Prime Minister Modi said in his speech.
It is rare for the middle class to find direct mention in Indian Prime Ministers' Independence Day speech. Farmer issues and the sufferings of the poor usually dominate PM Modi's Independence Day speeches. The Prime Minister also thanked the business class for embracing GST, the new taxation system. PM Modi said one year after the rollout of the GST, direct tax payers have grown from 70 lakh to 1 crore 16 lakh.
"While decisions were held back in the past due political and other compulsions, bold decisions like GST are being taken now," PM Modi said in his speech.
The Prime Minister in his hour-and-a-half long speech touched on many issues, including the progress the economy has made in the past four years. The Prime Minister said that the country was rapidly progressing towards becoming an even bigger economy. The Prime Minister said India is now seen as a land of reform, perform and transform. "We are poised for record economic growth," the PM said.
Edited by Mukesh Adhikary | prime minister Narendra Modi thanks middle class tax payers in Independence Day speech. he says the country is rapidly progressing towards becoming an even bigger economy. it is rare for the middle class to find direct mention in prime ministers' Independence Day speeches. the prime minister also thanked the business class for embracing GST. he said the country is now seen as a land of reform, perform and transform. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/infosys-adr-jumps-over-4-post-q3-results/articleshow/73189315.cms | NEW DELHI: Infosys American Depository Receipts (ADR) spiked over 4 per cent to $10.90 after the IT major on Friday posted better-than-expected financial results for the quarter ended December 31.An ADR represents securities of a company that trades in the US markets.The company posted 23.49 per cent year-on-year rise in profit at Rs 4,457 crore compared with Rs 3,609 crore posted for the same quarter last year.Analysts in an ET NOW poll had estimated the number at Rs 4,204.50 crore.Revenue for the quarter rose 7.9 per cent to Rs 23,092 crore compared with Rs 21,400 crore in the year-ago period.The IT major raised revenue growth forecast in constant currency terms to 10-10.5 per cent for FY20 from 9-10 per cent earlier.Operating margins for the quarter came in at 21.9 per cent, a fall of 60 basis points over 22.6 per cent in the December quarter of 2018.“Q3 results further underscore that we remain steadfast in our journey of sustained client relevance and deepening engagement with them, as they partner with us in navigating their next leg in the digital transformation era,” said Salil Parekh , CEO and MD. “For us, this has translated into double-digit growth year-to-date, leading to an increase in revenue guidance, accompanied by expanding operating margins.”In another major development, Infosys audit committee found no evidence of financial impropriety or executive misconduct.Back home, the scrip closed 1.47 per cent up at Rs 738.25 ahead of Q3 results. The company announced financial results post market hours.Santosh Meena, Senior Research Analyst, TradingBells said: “Infosys may react positively on Monday after the Infosys audit committee finds no evidence of financial impropriety while Q3 results came in line with our expectations.” | the IT major posted better-than-expected financial results for the quarter ended December 31. the scrip closed 1.47 per cent up at Rs 738.25 ahead of Q3 results. the company raised revenue growth forecast in constant currency terms to 10-10.5 per cent for FY20 from 9-10 per cent earlier. the audit committee found no evidence of financial impropriety or executive misconduct. | Positive |
https://www.moneycontrol.com/news/business/economy/govt-open-to-further-reforms-to-make-india-attractive-investment-destination-fm-sitharaman-4696631.html | File image
Finance Minister Nirmala Sitharaman, at the India-Sweden Business Summit on December 3, said that the government is open to further reforms aimed at making India a more attractive destination for investors. She cited the recent corporate tax rate cut while talking about the various steps that the Indian government has taken in the recent times in this direction.
"I only can invite and assure that the Government of India is committed for further reforms in various sectors whether it is banking, mining or insurance and so on," she said. She invited Swedish firms to invest in infrastructure development projects in India.
FM Sitharaman, without sharing details of future reforms, added that the government is addressing challenges faced by the industry.
"Since after budget I have made sure constant interactions with the industry, understanding their challenges, and therefore, since after the budget not waiting for another budget which is expected in February 2020, we took major structure reform in the form reduction in corporate tax.
"This one measure indicates how our government believes in reforms. Today I say there are many more steps we have to take," she said.
In September this year, the government slashed corporate tax rates by up to 10 percentage points. The move was the biggest such tax reduction in the past 28 years. The Rs 1.45 lakh crore-tax break was aimed at pulling the economy out of a six-year low growth.
Base corporate tax for existing companies has been reduced to 22 percent from the earlier 30 percent. For new manufacturing firms incorporated after October 1, 2019, and starting operations before March 31, 2023, tax rate was slashed by 10 percent, bringing it down to 15 percent.
The government has formed a task force which will come out with a list 10 major infrastructure projects by December 15, the finance minister said.
The finance ministry in September set up a task force headed by Economic Affairs Secretary to prepare a road map for the "national infrastructure pipeline" from 2019-20 to 2024-25 under a Rs 100 lakh crore infra plan. The task force is expected to cover greenfield and brownfield projects costing above Rs 100 crore each.
She emphasised that India has great prospects not that it just has large market but also a large aspirational middle class that has great purchasing power in hands.
"From the point of view being a democracy, a rule-based country, there is a clear rule of law principle which governs this country in a very transparent way and therefore if global investors are looking for an environment which is familiar to them is far more acceptable to them, India stands out," she said.
(With inputs from PTI) | finance minister says government is open to further reforms. she invites Swedish firms to invest in infrastructure development projects. government formed task force to prepare road map for infrastructure pipeline. slashed corporate tax rates by up to 10 percentage points in September. slashed corporate tax rate for existing companies to 22 percent. slashed corporate tax rate for new manufacturing firms to 15 percent. | Positive |
https://www.moneycontrol.com/news/business/companies/opinion-what-indias-pharma-ceos-can-learn-from-gsks-emma-walmsley-3312791.html | Emma Walmsley will leave GlaxoSmithKline Plc looking very different from when she took over. The chief executive officer, who’s been in office for eighteen months now, is moving to bulk up GSK and then break it up into two separately listed companies some years down the line.
Since she took over, on the deals front, GSK took full control of the consumer healthcare joint venture by buying out partner Novartis AG’s stake. Then GSK sold its Horlicks nutrition business to Unilever Plc for £3.1billion pounds, and on the same day announced the buyout of TESARO, an oncology-focused company for £4billion pounds.
Just as the investing community was ready to shutter their spreadsheets for the holidays, GSK followed up by hiving off its entire consumer health business to a joint venture with Pfizer. GSK conceded a premium to retain management control in the 68:32 venture, and within three years of the transaction closing, this venture would be demerged and listed separately.
That will leave GSK’s investors two distinct choices, to own a stake in the pharmaceuticals and vaccines business, or the consumer health business or both. The financial structure is such that the pharma business is being left with a lighter balance sheet, giving it the required ability to invest in research and in capital expenditure to grow.
As in most things corporate, the long run will reveal how all this actually works out. But the moves appear bold and sensible, reshaping the company to face up to a changed business environment.
Indian homegrown pharmaceutical companies could also do reflect on what kind of transformation their business model calls for. That painfully irritating interview question, ‘Where do you see yourself five years from now?’ is a question that investors should put to pharmaceutical companies more often. Most of them look like clones of each other, starting off with a domestic generic business that scaled up well, moving on to sell in relatively easy to enter emerging markets, and finally moving on to the lucrative western markets.
The situation today looks dramatically different from a decade ago, when all of this made eminent sense. US markets are no longer the gift that keeps on giving. A combination of competition, price erosion and quality problems at plants have affected sales growth of some of the biggest companies. While the worst can be said to be over, that’s hardly the phrase that excites. Myriad problems such as price controls, currency fluctuations and political upheavals are affecting their performance in other markets.
Companies are trying different tactics within existing business lines, to become more profitable, lower expenditure and focus their research investments. But is that enough? This may be the time when chief executives can call their boards’ attention to the transformative changes happening in the West, and argue it’s time for bolder steps. Most companies have healthy balance sheets and that’s an invaluable ally when attempting change. The decline in valuations in recent years may also make investors more receptive to plans that may have short-term costs.
There is the domestic complication of owners also being managers, and their desire to change. What could these steps be? It will vary but it could be one or more of acquisitions, divestments and even the unthinkable -- joining forces with domestic rivals in some markets or business lines.
(Correction: A previous version of this article erroneously said GSK had hived off its consumer healthcare business to Novartis, instead of Pfizer. The error is regretted.) | gsk has bought out partner's stake in consumer health joint venture. then sold its Horlicks nutrition business to unilever plc for £3.1bn. then announced buyout of TESARO, an oncology-focused company. gsk has also sold its entire consumer health business to a joint venture with Pfizer. | Positive |
https://www.financialexpress.com/money/how-infrastructure-push-will-impact-real-estate-sector/1872802/ | Infrastructure is a key driver of the economy of a country and is known to play a pivotal role in determining the value of properties in any particular region. Lack of road, rail or air connectivity to any particular region results in lower property rates there as compared to areas having good physical infrastructure. And infrastructure is limited not only to connectivity alone, whose existence though is a necessary precondition for development of other kinds of civic amenities.
Demand, and hence price, of real estate is directly proportional to the distance of the location from areas providing jobs, industrialisation and civic amenities.
Major housing and commercial hubs have developed in the Mumbai Metropolitan Region and National Capital Region following the establishment of good connectivity options of areas on the suburbs of Mumbai and Delhi. For example, Noida, an industrial township across the Yamuna River in Delhi, developed not only as a prime residential and commercial destination but also as an institutional base following the commissioning of the DND flyway in the year 2001. Areas further south of Noida, including Greater Noida, have also been on the growth trajectory with the extension of the Delhi metro and the commissioning of the Yamuna Expressway that connects the national capital to Agra. More recently, in the National Capital Region, the commissioning of the Hindon Elevated Road has resulted in the appreciation of property rates in Raj Nagar Extension in Ghaziabad by enhancing its direct connectivity with the UP Gate on the border of Delhi.
Apart from transportation networks, infrastructure also includes civic amenities like electricity and water supply, drainage, waste disposal and sewage treatment facilities. The Bharatiya Janata Party (BJP)-led Central government under the able leadership of Prime Minister Narendra Modi has been committed to the development of all kinds of infrastructure in a big way which will have a ripple effect on the overall value of properties in the real estate market in the country. These projects are also aimed at creating job opportunities through industrialisation which will further boost real estate.
The Pradhan Mantri Gram Sadak Yojana, for example, aims to provide all-weather road connectivity in rural areas across the country. In order to boost industrialisation through the ‘Make in India’ policy initiative, the Central government has also begun work on establishing two defence industrial corridors, in Uttar Pradesh and Tamil Nadu, respectively. The under-construction Delhi-Mumbai Industrial Corridor project is a planned industrial development corridor project that will link several major cities of the country with the financial capital Mumbai and the national capital Delhi. The Bharatmala project aims to construct several greenfield highways across the country at a cost of over Rs 5 lakh crore. The Sagarmala project will similarly connect different ports of India along its 7,500-km-long coastline, thereby providing a big boost to the logistics sector. Similarly, the UDAN scheme of the government of India aims to provide cheap and economical air travel options to all citizens of the country.
These connectivity projects are not only expected to boost existing prices of properties but will also open up hitherto unexplored real estate markets in different parts of the country. Development of civic amenities is a time-consuming process and improvement of connectivity provides good access to the existing facilities during the gestation period. For example, good road connectivity from Gurgaon or Noida enables citizens to avail world-class medical facilities provided by the government in the national capital of Delhi.
The Central government has, however, also been at the forefront in establishing and extending civic amenities to the remotest parts of the country. The Saubhagya Scheme aims to provide electricity connections to over 26 million households across the country while the AMRUT scheme aims to provide water connections and sewage facility to all households.
Besides, the Central government has identified 100 cities across the country for infrastructure development under the Smart City Mission. The mission is a urban renewal programme under which existing cities will be retrofitted with state-of-the-art physical infrastructure, including road networks, potable water supply systems, sewage treatment plants and electricity supply systems. In addition, basic governance services will be provided to citizens with the help of IT-enabled solutions. Greenfield areas will also be identified in each city for infrastructure development under the mission. A total amount of Rs 2 lakh crore has been estimated for development of the 100 smart cities which will ultimately result in spiralling real estate development in Tier 2 and Tier 3 cities.
In December last year, the Central government further announced a National Infrastructure Pipeline to be undertaken across the country with funds generated from the Central and state governments as well as the private sector. Projects worth over Rs 100 lakh crore in the fields of energy, roads, urban development, and railways will be executed across 18 states and union territories across the country under this programme over the next five years. With India aiming to becoming a $5-trillion economy by the year 2025, the National Infrastructure Pipeline programme is expected to have far reaching consequences in ensuring that the share of real estate is a major contributor to achieving the goal. In the first five years, sectors including roads, energy, urban development and railways will gobble up the majority share of the fund. The National Infrastructure Pipeline project also envisages development later in the fields of logistics, air connectivity, education, digital services, farm incomes and health services.
In addition, development of commercial and retail hubs is a necessary precondition to appreciation of prices of residential properties and vice-versa. Homebuyers are attracted to housing hubs on the basis of availability of services and convenience including shopping malls, supermarkets, banks, food and entertainment zones, leisure facilities and so on. The converse theory of commercial players and retailers getting attracted to populated housing hubs is also true.
(By Dhiraj Jain, Director, Mahagun Group) | infrastructure is a key driver of the economy of a country and is known to play a pivotal role in determining the value of properties in any particular region. lack of road, rail or air connectivity results in lower property rates there as compared to areas having good physical infrastructure. demand, and hence price, of real estate is directly proportional to the distance of the location from areas providing jobs, industrialisation and civic amenities. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/tata-stocks-on-a-high-in-fy21-analysts-say-best-yet-to-come/articleshow/77975799.cms |
Investors who have held any of the Tata group stocks in their portfolios must be sitting on healthy gains, as each stock of the group has delivered positive returns since April 1.Shares of Tata firms have delivered an average return of 68 per cent for FY21 so far, with Tata Communications gaining the most at 284 per cent and Benaras Hotels the least at 2 per cent.Analysts say this is just the start and the best is yet to come, as some of the stocks are seeing re-rating.“We are seeing deep focus coming back in each of Tata Group businesses. The business cycle is also favouring these companies,” said Vaibhav Sanghavi, Co-CEO, Avendus Capital Public Markets Alternate Strategies.“Tatas have led from the front in market re-rating. They will continue to lead on the upside. Calendar 2021 may see the Tatas create a lot of wealth, which has been the missing link in last few years, all thanks to Tata Sons Chairman N Chandrasekaran vision and demarcating of companies,” said Sanjiv Bhasin, Director of IIFL Securities.Among the major gainers, Tata Motors, Tata Coffee, Tata Consumer Products, Tata Teleservices (Maharashtra), Tata Power, Tata Elxsi, Rallis India, Tinplate Company, TRF, Tata Metaliks, Tata Steel Long, Tayo Rolls, Tata Steel, Tata Motors-DVR , Nelco and Tata Steel BSL have advanced 50-115 per cent since the beginning of this financial year.A couple of company-specific developments and attractive valuations kept the momentum high. For instance, Tata Motors recently hogged the limelight after it announced plans to become debt-free over next three years. Tata Steel is also aiming to reduce the debt to Rs 75,000 crore from Rs 1,04,779 crore as on March 2020.Tata Power, which plans to launch its renewable energy InvIT this financial year, said it would explore merger and acquisition opportunities to strengthen its position in this space.In terms of valuation ratios, Nelco, Tata Chemicals, Tata Elxsi, Tata Steel, The Indian Hotels and Tinplate are all trading below their five-year average price-to-earnings, or P/E, ratios.“Tata Power, Tata Consumer and Tata Chemical are going to make a lot of wealth in next two years,” said Bhasin. He sees Tata Power as a dark horse among the group companies on the back of positives across the board for the power sector. He says Tata Chemical is valued low and looks very attractive.Bhasin says TCS may soon cross the Rs 10 lakh crore market capitalisation mark. Shares of TCS have gained 32 per cent since April 1.The Nifty Tata Group index, designed to reflect the performance of the companies belonging to the group, has advanced 39 per cent to 7,291 on September 4, 2020 from 5,240 on April 1, 2020. The index had earlier cracked 21 per cent during January-March.The quarter ended June 30 did not favour the Tatas, as most group companies reported big drop in profit, hit by the Covid-19 pandemic. Tata Motors reported a consolidated net loss of Rs 8,384 against a Rs 3,434 crore loss posted for the same quarter last year. Tata Steel and Tata Teleservices (Maharashtra) posted a consolidated loss of Rs 4,663 crore (against profit of Rs 661 crore YoY) and Rs 1,069 crore (against loss of Rs 228 crore YoY) in Q1FY21.Tata Power turned around in June quarter with Rs 91.23 crore profit against Rs 9.90 crore loss in the same quarter last year. Rallis India, Tata Coffee, Tata Communications, Tata Consumer and Tata Elxi, Tata Investment Corporation posted 9-255 per cent bottom line growth for June quarter.Edelweiss Securities has a ‘buy’ rating on Titan with a price target of Rs 1,295, while IDBI Capital Markets is bullish on Tata Steel with a price target of Rs 535. Brokerage Axis Securities is positive on Tata Power with a target of Rs 66.Tata Power said its FY25 targets include doubling of revenues, tripling of profits and improving RoE to 12 per cent. Besides, it also plans to undertake other sustainable initiatives like sourcing two-third supply from green sources.“Tata Power’s focus is on financial stability. Growth in regulated (distribution), renewable (with churn through InvIT) as well as new energy business and simplifying structure are in the right direction towards the future of energy which is green and consumer outreach. However, few targets are quite ambitious-especially growing solar EPC by 6 times,” Axis Securities said in a report. | shares of the group have delivered an average return of 68% for FY21. Tata Communications gained the most at 284 per cent and Benaras Hotels the least at 2%. calendar 2021 may see the Tatas create a lot of wealth. among the major gainers, Tata Motors, Tata Coffee, Tata Consumer Products, Tata Teleservices (Maharashtra), Tata Power, Tata Elxsi, Rallis India, Tinplate Company, TRF, Tat | Positive |
https://www.businesstoday.in/technology/news/whatsapp-rolls-out-payments-service-sending-message-ncpi-nod/story/421223.html | After over two years of long wait, messaging platform WhatsApp has finally rolled out its UPI-based payments service, WhatsApp Pay, for Indian users. "Starting today, people across India will be able to send money through WhatsApp," the company announced today.
WhatsApp said its payments service is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment. The service is available both iPhone and Android apps.
With the launch its UPI-based payments service, WhatsApp now joins the list of GooglePay, PhonePe and Paytm.
The company said this secure payments experience makes "transferring money just as easy as sending a message". WhatsApp's announcement to start payments service came after it received the go-ahead from the Reserve Bank of India's (RBI) National Payments Corporation of India (NPCI) to offer UPI-based digital payments on Thursday.
Also read: NPCI allows WhatsApp to start UPI services with only 5% users
The social media giant said people can now safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank.
The company had to wait for two years to get the mandatory approval due to data localisation requirements. Facebook founder Mark Zuckerberg, in a video message, said he is glad to support India's digitisation efforts through the UPI platform. "With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. India is the first country to do anything like this. I'm glad we were able to support this effort and work together to help achieve a more digital India," Zuckerberg said.
The NPCI, the umbrella organisation for operating retail payments and settlements in India, while taking a cautious approach, has allowed WhatsApp to expand its UPI user base in a graded manner, starting with a maximum registered users of 20 million in UPI.
This effectively means that not all WhatsApp users will be able to use payments service in India for now. It can use only 5 per cent of its 400 million users in India for UPI-based payments. The NPCI has not clarified the time period for increasing WhatsApp Pay's user base to higher limits.
"In the long run, we believe the combination of WhatsApp and UPI's unique architecture can help local organisations address some of the key challenges of our time, including increasing rural participation in the digital economy and delivering financial services to those who have never had access before," the Facebook-owned company said.
WhatsApp said it'll work with five leading banks in India, including ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank.
How to send money via WhatsApp | WhatsApp has rolled out its UPI-based payments service, WhatsApp Pay, for Indian users. the service is available both iPhone and android apps. it is designed with a strong set of security and privacy principles. the company said this secure payments experience makes "transferring money just as easy as sending a message" the company had to wait for two years to get the mandatory approval. | Positive |
https://www.moneycontrol.com/news/business/markets/stocks-open-higher-on-wall-street-extending-global-gains-5283761.html | Stocks are opening higher on Wall Street, extending a global rally as the U.S. market bounces back from its worst week in two months. The S&P 500 rose 2.5% in the first few minutes of trading Monday.
Investors were encouraged to see that European countries were taking more steps to lift lockdowns put in place to contain the coronavirus outbreak. Over the weekend Federal Reserve Chair Jerome Powell expressed optimism that the U.S. economy could begin to recover in the second half of the year. Once the outbreak has been contained, he said, the economy should be able to rebound “substantially.”
Global stock markets and U.S. futures rebounded Monday from losses last week after the head of the U.S. Federal Reserve expressed optimism that the American economy might start to recover this year from the coronavirus pandemic.
London and Frankfurt pushed higher, while benchmarks in Shanghai, Tokyo, Hong Kong and Australia advanced.
That came despite Japan’s announcement that its economy contracted in the first quarter and the Trump administration’s decision to step up a technology conflict with Beijing by tightening restrictions on Chinese tech giant Huawei.
Investors appear to be looking past the outbreak to a recovery despite rising infection numbers in the United States, Brazil and some other countries. Forecasters warn the latest market buoyancy might be premature and a return to normal could be some way off.
Market sentiment “will likely remain fragile” as investors weigh government stimulus plans against rising U.S.-Chinese tension and poor economic data, said Riki Ogawa of Mizuho Bank in a report.
In Europe, the FTSE 100 in London gained 2.4% to 5,936 and the DAX in Frankfurt advanced 2.9% to 10,766. France's CAC 40 rose 2.2% to 4,373.
On Wall Street, futures for the S&P 500 index and the Dow industrials were up 1.6% and 1.7%, respectively. On Friday, U.S. stocks turned in their biggest weekly loss in nearly two months.
In Asia, the Shanghai Composite Index rose 0.2% to 2,875.42 and Tokyo’s Nikkei 225 gained 0.5% to 20,133.73. The Hang Seng in Hong Kong advanced 0.6% to 23,934.77.
The Kospi in Seoul was 0.5% higher at 1,937.11 and Australia’s S&P-ASX 200 gained 1% to 5,460.50. India’s Sensex lost 2.6% to 30,310.56. Markets in New Zealand and Southeast Asia advanced.
Federal Reserve Chair Jerome Powell expressed optimism Sunday the U.S. economy can begin to rebound in the second half, assuming the coronavirus doesn’t erupt in a second wave. He said a full recovery won’t likely be possible before the arrival of a vaccine.
That appeared to encourage investors who are looking for signs of when global economies might return to normal.
In an interview with CBS’s “60 Minutes,” Powell said the U.S. economy was fundamentally healthy before the virus forced widespread business shutdowns and tens of millions of layoffs. Once the outbreak has been contained, he said, the economy should be able to rebound “substantially.”
The U.S. downturn was the result of an external event instead of problems such as the financial instabilities that led to the 2008 crisis, which may mean “we can get back to a healthy economy fairly quickly,” Powell said.
Powell and Treasury Secretary Steven Mnuchin are due to appear Thursday before a Senate panel to report on recovery efforts.
“Expect policymakers to strike a more cautious tone, emphasizing that we are not out of the woods yet and that there will be more stimulus in the offing,” Stephen Innes of AxiCorp said in a report.
Meanwhile, Japan’s government reported Monday the world’s third-largest economy contracted by 0.9% in the three months ending in March compared with the previous quarter.
That “sharp fall” suggests there is “much worse to come” in the current quarter, Tom Learmouth of Capital Economics said in a report.
The White House added to trade uncertainty by tightening restrictions on Huawei Technologies Ltd. American officials say Huawei, one of the biggest makers of smartphones and network equipment, is a security risk, which the company denies.
Washington said non-U.S. companies that make processor chips for Huawei must obtain permission to use American technology, a move that threatens to disrupt sales. Huawei warned earlier that additional U.S. sanctions on the company might trigger Chinese government retaliation against American enterprises.
In energy markets, benchmark U.S. crude gained $2.78 to $32.21 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.87 to $29.43 on Friday. Brent crude, used to price international oils, advanced $2.08 to $34.58 per barrel in London. It rose $1.37 the previous session to $32.50.
The dollar gained to 107.24 yen from Friday’s 107.08 yen. The euro declined to $1.0816 from $1.0828. | the S&P 500 rose 2.5% in the first few minutes of trading Monday. investors were encouraged to see that european countries were taking more steps to lift lockdowns put in place to contain the coronavirus outbreak. despite rising infection numbers in the u.s., Brazil and some other countries, investors appear to be looking past the outbreak to a recovery. | Positive |
https://economictimes.indiatimes.com/news/company/corporate-trends/mukesh-ambani-pushes-for-clean-affordable-energy-tech-to-decarbonise/articleshow/76647264.cms | Empower Your Corporate Journey with Strategic Skill Courses Offering College Course Website Indian School of Business ISB Venture Capital and Private Equity Program Visit IIM Lucknow IIML Chief Executive Officer Programme Visit IIM Kozhikode IIMK Chief Product Officer Programme Visit
New Delhi: In his biggest push for clean and affordable energy, billionaire Mukesh Ambani on Friday said it was imperative to adopt technologies that can recycle to set the carbon balance right. With Prince Abdulaziz bin Salman Al-Saud, Energy Minister of the world's largest oil exporter Saudi Arabia, listening, Ambani said there is a need to provide efficient, clean, and affordable energy."The way I see is that in the progress that humankind has made (between) industrial revolutions, we have disturbed the carbon cycle and now it is time to use technology... to reset that balance and adopt the carbon cycle right," he said speaking at the FII Investment Institute Conference over a video link.He went on to stress the need for technologies that can recycle carbon dioxide.Statement by the Chairman and Managing Director of Reliance Industries Ltd, India's most valuable company, is significant considering that his firm operates the world's biggest oil refining complex at Jamnagar in Gujarat."I think that, where we are, if we take a clean sheet of paper and adopt technologies whereby we can complete the energy cycle, we can adopt new technologies particularly biochemical photosynthesis. Instead of treating carbon dioxide as a liability - we can make that as raw material," he said."It's not only imperative for us to be net carbon zero but I think that we should opt to recycle carbon."Ambani said for those in the energy business, it is not so much about the decarbonisation but about completing the cycle for zero carbon emission."Energy is an essential requirement for all 8 billion people on this earth. There is a need to provide efficient, clean, affordable energy. And we have to do it in a responsible way. That's the business. We should not confuse that between clean and unclean," he said.The oil-to-telecom conglomerate head said no one solution will fit all."The important thing also is to allow energy equally. That means, everybody has to have access to clean energy for their quality of life at an affordable price," he said.Ambani's company buys a significant quantity of crude oil from Saudi Arabia for processing at its twin refinery complex at Jamnagar.It is in talks to sell a fifth of its oil-to-chemical business to Saudi Aramco for an asking of USD 15 billion."The new supply of energy on an affordable basis is the prosperity of the planet. And only after these two, there can be prosperity for the companies and the shareholders, and I think with where we are today, in the coming decades we have no choice, but to meet these challenges to complete the carbon cycle."And serve the energy needs of all its customers rather than thinking in terms of fossil and renewable and wind and so forth," he added.Saudi sovereign wealth fund PIF has picked up a 2.3 per cent stake in Ambani's digital arm Jio Platforms Ltd. "For us, particularly in India, we have high growth so it is important that one works with consumers in spreading awareness. This virus itself has helped everybody realise the benefit of low carbon mindset," he said."Real touch with the community, understanding the community on the ground level and understanding different sectors of the economy and getting them involved in the energy movement is critical as for having a part of restoring the carbon cycle." | billionaire says it is time to use technology to reset the carbon cycle. he says it is imperative to adopt technologies that can recycle carbon dioxide. he says energy is an essential requirement for all 8 billion people on earth. he says everyone has to have access to clean energy at an affordable price. he says he is a "very optimistic" about the future of the world's energy industry. | Positive |
https://www.financialexpress.com/economy/rbi-governor-shaktikanta-das-hopes-india-will-stage-sharp-v-shaped-recovery-in-2021-22/1931462/ | The Reserve Bank Governor Shaktikanta Das on Friday said there are a few slivers of brightness amidst the encircling gloom and hoped that India will stage a sharp V-shaped recovery in 2021-22 as projected by the International Monetary Fund (IMF).
Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward. The IMF has projected sizable V-shaped recoveries for 2021, close to 9 percentage points for global GDP.
It expects India to record a sharp turnaround and resume its pre-Covid pre-slowdown trajectory by growing at 7.4 per cent in 2021-22. The RBI Governor said, over the last three weeks, there have been a few data releases on domestic developments (including on factory output), but they are too disjointed to allow a comprehensive assessment of the state of the economy.
“Yet, there are a few slivers of brightness amidst the encircling gloom,” he said, and cited his March 27 statement on continuing resilience of agriculture and allied activities on the back of all-time highs in the production of food grains and horticulture, with huge buffer stocks of rice and wheat far in excess of the buffer norms. He further said that by April 10, pre-monsoon kharif sowing had begun strongly, with acreage of paddy the principal kharif crop up by 37 per cent in comparison with the last season.
States such as West Bengal, Telangana, Odisha, Assam, Karnataka and Chhattisgarh are leading in sowing activity despite the lockdown. On April 15, the India Meteorological Department (IMD) forecast a normal south west monsoon for the 2020 season, with rainfall expected to be 100 per cent of the long period average.
“These early developments bode well for rural demand, supported as they are by accelerating fertiliser production up to February 2020,” Das said. The robust growth of 21.3 per cent in tractor sales up to February 2020 – as against a contraction of 0.5 per cent in April-February last year ? may provide an offset to farm labour shortages on account of the lockdown, he added.
He, however noted the index of industrial production (IIP) for February showing that industrial output accelerated to its highest rate in seven months actually does not capture the impact of Covid-19. Latest data on exports too has turned out to be much more severe than during the global financial crisis.
The governor further said that in the period ahead, inflation could recede even further, barring supply disruption shocks and may even settle well below the target of 4 per cent by the second half of
2020-21.
“Such an outlook would make policy space available to address the intensification of risks to growth and financial stability brought on by COVID-19. This space needs to be used effectively and in time,” Das said. In its February bi-monthly monetary policy, the RBI had projected the GDP growth for 2020-21 at 6 per cent.
In the next monetary policy released in late March, the RBI said the implied real GDP growth of 4.7 per cent for fourth quarter of 2019-20 in the second advance estimates of the National Statistics Office within the annual estimate of 5 per cent for the year as a whole “is now at risk from the pandemic’s impact on the economy”.
As regards the outlook for 2020-21, RBI had said (March 27) that apart from the continuing resilience of agriculture and allied activities, most other sectors of the economy will be adversely impacted by the pandemic, depending upon its intensity, spread and duration.
If Covid-19 is prolonged and supply chain disruptions get accentuated, the global slowdown could deepen, with adverse implications for India, it had said, while sharply slashing the key lending rate by 75 basis points to 4.4 per cent.
Global financial markets remain volatile, and emerging market economies are grappling with capital outflows and volatile exchange rates. Crude oil prices remain in a state of flux, despite the agreement on production cuts by OPEC plus countries. | softening inflation would make available more policy space to the central bank. softening inflation would make available more policy space to the central bank. softening inflation would make available more policy space to the central bank. the IMF has projected sizable V-shaped recoveries for 2021. it expects India to record a sharp turnaround and resume its pre-Covid pre-slowdown trajectory by growing at 7.4% in 2021-22. | Positive |
https://www.financialexpress.com/industry/sme/msme-exim-msme-export-may-go-up-as-government-plans-this-mega-move-to-help-small-businesses-sell-more-abroad/1883074/ | Trade, Imports, Exports for MSMEs: MSMEs may soon have a unified portal to access every information related to exports as the government is planning to set-up a ‘global market intelligence system’, according to MSME Ministry Joint Secretary Arun Kumar Panda. Speaking at the National MSME Awards on Wednesday, Panda said that the information will be made available in 22 different languages. “Surprisingly there are only 33,000 registered MSME exporters as per the figure we have. This means that while MSMEs products are exported but they themselves are not able to export them because they don’t know about documentation, what are non-tariff barriers, what are regulatory requirements, standards etc.,” he said. As a result, MSMEs sell products to export houses and hence the new system will create information about what can be exported where and how, Panda said.
Currently, MSMEs share in India’s total exports stands at nearly 50 per cent even as the government is looking to increase it to 75 per cent. The increase in the GDP share of MSMEs is also aimed from 29 per cent currently to 50 per cent in five years. “The prime minister’s vision of $5-trillion economy will be possible when the share of MSMEs in GDP grows to at least 50 per cent from 29 per cent,” MSME Minister Nitin Gadkari said at the event.
Also read: MSMEs get breather from choking loans; here’s govt’s plan to free them up from immediate repayment
The unified portal will also act as a bank of ideas and innovations carried out by MSMEs that would be tested for their applicability. “Our minister is already saying that we need to have a bank of innovation, ideas and research as MSMEs have a lot of ideas and innovation but nothing happens. We want to bring it to one place so that there can be crowd evaluation of ideas and then we can go out with ideas. We also want to provide networking and mentoring before next year at the same time,” said Panda.
The ministry is also planning to rank states based on the support provided to MSMEs across 4 Es — employment generation, enterprise creation, exports, and ease of doing business. “We will discuss this with NITI Aayog and states so that based on their contribution in these Es, we can rank them so that they are encouraged,” said Panda. | government is planning to set-up a ‘global market intelligence system’. information will be made available in 22 different languages. Currently, MSMEs share in india’s total exports stands at nearly 50 per cent. the ministry is also planning to rank states based on the support provided to MSMEs across 4 Es. 'the prime minister’s vision of $5-trillion economy will be possible when the share of MSMEs in GDP grows to at least 50 per cent from 29 per cent currently,' said | Positive |
https://www.financialexpress.com/industry/itc-q2-net-up-36-16-as-tax-expenses-fall/1745482/ | Beating market expectations, ITC on Thursday reported a robust 36.16% year-on-year jump in its standalone net profit to `4,023.10 crore for the second quarter ended September 30, buoyed by 44.5% y-o-y lower tax expenses. Apart from lower tax outgo on the back of corporate tax cuts, the diversified conglomerate got larger benefits in terms of a massive decrease in its total tax expenses in the September quarter this fiscal, due to ‘re-measured’ deferred tax liabilities.
The cigarette-to-FMCG-to-hotel major had posted Rs 2,954.67-crore net profit for the second quarter last fiscal. Its gross revenue from sales for the July-September period grew 5.9% y-o-y at Rs 11,750.15 crore, which was below analysts’ expectations.
The Kolkata-based conglomerate, in a media statement, said its deferred tax liabilities (net) as on March 31, 2019 and the estimate of tax expense for the year ending March 31, 2020 had been re-measured, mainly on account of its continued focus on ‘Make In India’ investments across sectors. The resultant impact is being recognised over the current and the remaining quarters of this financial year. “Consequently, tax expense for the current quarter and six months ended September 30, 2019 includes a credit of `340 crore,” ITC said in its stock exchange filing.
The company said it “posted a steady performance” during the September quarter amid a particularly challenging operating environment in the quarter, with further deceleration in economic activity accentuated by a drop in consumption, especially in rural areas, severe crunch in market liquidity conditions and disruptions/floods in several parts of the country.
The company said around 6% growth in its gross revenue for the quarter was driven mainly by paperboards, hotels and non-cigarette FMCG business (excluding the lifestyle retailing business). During the second quarter this fiscal, revenue from the company’s cigarette business grew close to 6% y-o-y at Rs 5,326.83 crore, while operating profit from the segment increased by over 7.41% y-o-y at Rs 3,844.45 crore during the period, according to the stock exchange filing.
The country’s largest cigarette maker in its statement said performance during the quarter reflected the persistent weakness in the overall demand environment, especially in rural markets and wholesale channel, and tight market liquidity conditions. “The business continues to introduce new variants and augment its product portfolio catering to continuously evolving consumer preferences. Key market interventions in recent times include the launch of innovative and differentiated offerings such as Gold Flake Neo and Classic Rich & Smooth in the premium end, deployment of focused offers under the
‘American Club’, ‘Wave’, ‘Player’s Gold Leaf’, ‘Pall Mall’ and ‘Flake’ trademarks to effectively counter competition in strategic markets,” it said.
During the quarter under review, non-cigarette FMCG business registered 4% y-o-y growth in its revenue to Rs 3,288.31 crore, while the segment posted a whopping 54.76% y-o-y growth in operating profit at Rs 90.46 crore during this period. Segment Ebitda grew by 39% to Rs 221 crore, with margins expanding by around 170 basis points (bps), despite stepped up marketing investments, gestation and start-up costs of new categories/new facilities, the company said, adding the non-cigarette FMCG business delivered a “resilient performance” during the quarter, which witnessed a further slowdown in consumption both in urban and rural markets.
“Categories with relatively higher rural salience were impacted the most. The company continued to mitigate the impact of the slowdown through several proactive measures such as enhancing direct reach, increasing the frequency of market servicing, introducing targeted offers for value seeking consumers, investing in fast growing channels such as modern trade/e-commerce and extending credit judiciously to select trade partners,” it informed. | cigarette-to-FMCG-to-hotel major posted Rs 2,954.67-crore net profit for second quarter. gross revenue from sales for the July-September period grew 5.9% y-o-y. company said its deferred tax liabilities (net) as on march 31, 2019 and estimate of tax expense for the year ending March 31, 2020 had been re-measured. | Positive |
https://www.moneycontrol.com/news/business/markets/telecom-healthcare-consumer-may-dominate-post-covid-world-12-stocks-to-look-at-5385011.html | live bse live
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COVID-19 has created an unprecedented disruption in the market, hitting sectors and stocks across the board.
Experts and analysts expect a change in market leadership in the post-COVID world in which telecom, healthcare, speciality chemicals, and rural consumers may dominate other sectors.
"Every crisis creates opportunities for certain segments, which often creates new market leaders. Post COVID-19 pandemic, some of the themes or sectors we believe could emerge as leaders are telecom, healthcare, speciality chemicals, while one can look at rural consumer space as a recovery play," said Siddharth Khemka, Head of Retail Research at Motilal Oswal Financial Services.
With the lockdowns and work from home, telecom as a sector has seen a rising usage of phone and data.
Moreover, a higher transaction of subscribers from 2G to 4G has also been witnessed which will lead to a rise in ARPUs.
"With consolidation phase over in telecom, we can expect improving tariffs and ARPUs along with low CAPEX going ahead to support financials over the next 2-3 years. Bharti Airtel is our preferred pick in the space followed by Jio through Reliance Industries," Kemka said.
Healthcare is a defensive play. Though the sector had been under pressure for the last few years, the pandemic has opened up a lot of opportunities for the sector.
"We have not only seen an improved regulatory environment but also higher demand. We like diversified players like Dr. Reddy’s. Some unique plays would be API manufacturers (Divi’s Lab, Alkem), diagnostic labs (Dr. Lal Pathlabs) and medical insurance (ICICI Lombard) in the overall healthcare space," said Khemka.
Indian specialty chemical manufacturers are benefiting from the increasing trend of de-risking of procurement from China by global chemical leaders. Besides, depreciation of the rupee and sharp correction in crude prices are also expected to benefit the sector.
"We like companies like PI Industries and SRF in this space," Khemka said.
The rural economy is looking attractive due to various leavers such as good Rabi crop season, forecast of a normal monsoon, urban migrant labourers going back to the villages, government spending and an increase in MSP.
"These factors are likely to boost demand for the rural economy. Within the rural plays one can look at segments such as tractors (Mahindra & Mahindra), two-wheelers (Hero MotoCorp), and select FMCG (Hindustan Unilever and Britannia)," said Khemka.
Jyoti Roy, DVP, Equity Strategist, Angel Broking believes while it will take some time for the urban economy to recover from the COVID-19 impact, the rural economy will continue to do well.
"We expect sectors like agrochemicals, chemicals, pharma, telecom and tractors should continue to do well going forward given better revenue visibility," Roy said.
Here are 12 stocks from the above-mentioned sectors that can give double-digit returns in one year.
Analyst: Pankaj Pandey, Head – Research, ICICI direct
Sumitomo Chemical India | Buy | LTP: Rs 267.90 | Target price: Rs 315 | Upside: 18%
"We believe with the recent integration of Excel Crop into the company, the company can achieve revenue synergies with the help of wider distribution reach across different parts of the world. Additionally, Excel Crop manufactures a few technicals captively, which will allow the merged entity to reduce dependence on imports and increase captive consumption. This should expand gross margins in medium to long term," said the analyst.
"Apart from this, we believe with the recent pandemic, majority of the sectors are impacted due to demand and supply-side challenges, while agri sector is immune to a certain extent and this should benefit the players like Sumitomo Chemical. Further, recent locust impact along with a rise in few technical prices, which Sumitomo manufactures, should translate into better performance going ahead," the analyst said.
Dabur | Buy | LTP: Rs 462.20 | Target price: Rs 520 | Upside: 13%
Dabur India derives nearly 45 percent of its sales from rural India. The company is increasing its direct distribution presence to 60,000 villages (currently 52,000).
The analyst highlighted that some of the immunity-boosting categories like Chawavanprash and honey are popular in smaller cities and towns. Moreover, with increasing health cautiousness, these products are gaining traction. Further, the company also launched five new products in the healthcare space along with an immunity booster kit.
The company stated a 400 percent surge in Chyawanprash demand and 80 percent growth in honey in the last few months inducing it to expand the capacity of these products to meet the current demand.
"We believe health supplements would be driving the growth and could see structural demand improvement given increasing consumer awareness about health and immunity. The company with a strong product portfolio and new lunches are best positioned to leverage the opportunity. Moreover, villages and smaller towns have been relatively less impacted by lockdowns, which should benefit to drive earnings," said the analyst.
Ajanta Pharma | Buy | LTP: Rs 1,494 | Target price: Rs 1,730 | Upside: 16%
The overall FY20 performance was robust, both on the sales and margins with the growth of 26 percent and 23 percent, respectively.
While African tender business remains volatile, the core branded business continues to register healthy growth.
"Calculated focus, healthy margins and return profile and lighter balance sheet are some key differentiators for Ajanta. The company remains a play on global branded generics space. In a recent update, we arrived at our target price of Rs 1,730 based on 24 times FY22E EPS of nearly Rs 72," said the analyst.
Dr Reddy's Laboratories | Buy | LTP: Rs 4,120 | Target price: Rs 4,615 | Upside: 12%
As per the analyst, notwithstanding Q4 related gyrations, the overall narrative of calibrated launches and focus on sustained cost rationalisation, especially on SGN&A front and R&D spend continues.
"We expect continuum in operational improvement due to strong growth from branded markets, control on overheads and reduction in regulatory spend, now that most facilities including Srikakulam API plant (VAI) are out of USFDA embargo," said the analyst.
Strong FCF generation and a healthy balance sheet are some legacy strongholds for the company.
"Despite the recent rally, the expected margin expansion and earnings upgrade still leave scope for upside. We recently upgraded the stock to buy and arrived at a target price of Rs 4,615 based on 22 times FY22E EPS of nearly Rs 209.7," said the analyst.
Analyst: Vikas Jain, Senior Research Analyst at Reliance Securities
Bharti Airtel | Buy | LTP: Rs 567.45 | Target price: Rs 720 | Upside: 27%
The company remains the beneficiary of being an emerging duopoly with a large subscriber base and regular price hikes, higher data consumption due to work from home, digital payments and OTT platforms.
Lesser CAPEX requirements in the near future are also among the key positives for the stock.
"It has scaled an all-time high breaking its 10-year range with strong volumes and recent correction provides a good opportunity for a target of Rs 720 levels over the next year," said the analyst.
Biocon | Buy | LTP: Rs 390.90 | Target price: Rs 470 | Upside: 20%
Biocon is one of the innovation-led companies 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 outperformers 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.
Aarti Industries | Buy | LTP: Rs 933 | Target price: Rs 1,100 | Upside: 18%
A leading speciality chemicals company in benzene-based derivatives with integrated operations; its plants are located in western India with proximity to ports and diversified into the pharmaceutical segment as additional growth.
"Multi-year contract with an agrochemical major and other contracts would contribute strong revenues and earnings growth in the coming years," said the analyst.
Hindustan Unilever | Buy | LTP: Rs 2,119 | Target price: Rs 2,520 | Upside: 19%
Hindustan Unilever remains one of the strong rural consumer companies with multiple products across segments.
The recent merger with Glaxo Consumer has further boosted its product pipeline. Integrating its existing supply-chain management for incremental revenues with minimised cost structure will increase profitability.
"Debt-free balance sheet with a shorter working capital cycle, higher ROE, and 25-30 percent market share for its various products are the key positives to own the stock after a 20 percent correction from its all-time high," said the analyst.
Analyst: Jyoti Roy, DVP, Equity Strategist, Angel Broking Ltd
IPCA Labs | Buy | LTP: Rs 1,595.45 | Target price: Rs 1,900 | Upside: 19%
The company derives 54 percent of its revenues from domestic generic and API business.
"We expect the company to outperform the Indian pharmaceutical market (IPM) by 8-10 percent per annum over the next few years," said the analyst.
PI Industries | Buy | LTP: Rs 1,621.15 | Target price: Rs 1,784 | Upside: 10%
PI Industries is a leading player in providing custom synthesis and manufacturing solutions (CSM) to global agrochemical players.
The CSM business accounted for 66 percent of the company’s revenues in FY19 and is expected to be the key growth driver for the company in the future.
Coromandel International | Buy | LTP: Rs 669.15 | Target price: Rs 735 | Upside: 10%
Coromandel International is India’s second-largest phosphatic fertilizer player, engaged in the business of fertilizers, specialty nutrients and crop protection.
Covid-19 impact on the company's business has been minimal as its business is part of essential services.
"IMD forecasts of normal monsoon bode well for its business given that sowing is up by 13 percent in its addressable market. Enhanced sowing during the Rabi season in the south has led to good demand for agri inputs in the company’s key markets," said the analyst.
Analyst: Bhavesh Gandhi, Lead Analyst – Institutional Equities, YES Securities
Alembic Pharma | Buy | LTP: 858.50 | Target price: Rs 1,100 | Upside: 28%
"We rate Alembic Pharma as a conviction buy as the company brings solid visibility of revenues and profits and is a justified candidate for rerating against peers," said the analyst.
Alembic is set to monetize Rs 2,000 crore worth of CAPEX which would drive a 20 percent CAGR surge in ex-Sartans US revenues.
Key risks include deceleration in US business and slower than expected domestic growth which would adversely impact margins.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | telecom, healthcare, speciality chemicals, and rural consumers may dominate other sectors. rural economy looking attractive due to various leavers such as good Rabi crop season. a booming economy is expected to be fueled by a strong economy. a booming economy will be fueled by strong demand for agri-food products. agri-food industry is expected to be a key driver of growth. | Positive |
https://www.moneycontrol.com/news/business/union-budget-is-growth-oriented-positive-says-bse-md-ashishkumar-chauhan-4176871.html | The 10 most valued domestic companies together added a whopping Rs 4,04,068.05 crore in market valuation last week, with RIL and HDFC Bank leading the gains. Here are the top 10 firms according to their market capitalisation for the week ended April 9:
The Union Budget for 2019-20 is growth-oriented, uses a variety of methods to bolster investment cycle led by government spending and overall is positive, BSE MD & CEO Ashishkumar Chauhan said.
The budget has outlined several new reform initiatives like big privatisation push, relaxation of norms for foreign portfolio investors, further liberalisation of foreign direct investment (FDI) policy, a new policy on rental housing and most importantly, incentives for faster adoption of next generation technologies such as electric vehicles, he said.
In a report titled "Union Budget 2019 - A Blueprint for a USD 5 trillion economy", Chauhan said, "The Budget advocates policies via four pillars of thrust that can push the Indian economy to a level of USD 5 trillion - in sync with Prime Minister Modi's vision."
The first continues to focus on increasing investment led by government spending. The budget emphasises on removing critical bottlenecks that hinder the growth of the economy in the second pillar of growth, he said.
The primary challenge facing the government is jobs, and the third pillar focuses on job creation and type of jobs for the future.
In the fourth pillar, the Finance Minister rolled out number of steps to boost core areas such as agriculture, healthcare, education, social welfare and rural development, he added.
A number of measures for capital markets and IFSC, in consultations with regulators are also proposed.
"Overall, this is a positive budget, with continued focus on fiscal prudence, boosting infrastructure, augmenting MSME's and NBFC's, improving skill development and focus on next-gen technologies," he added.
According to Chauhan, the government in its earlier term was largely focused on repairing the stressed banking system and undertaking structural economic resets.
In this term, the expectation from the government was to propel the economy and break away from the barriers holding it back.
"In this regard, the finance minister, in her maiden speech, has delivered a bold budget. The budget is growth oriented, spurs private investment, keeps government's fiscal consolidation track record intact and uses a variety of methods to bolster the investment cycle led by government spending," Chauhan added. | the 10 most valued domestic companies added a whopping Rs 4,04,068.05 crore in market valuation last week. the budget has outlined several new reform initiatives like big privatisation push, relaxation of norms for foreign portfolio investors. the government has also rolled out number of steps to boost core areas such as agriculture, healthcare, education, social welfare and rural development. | Positive |
https://www.financialexpress.com/india-news/donald-trump-administration-very-focussed-on-further-cementing-indo-us-ties-says-jared-kushner/1641931/ | Batting for strong Indo-US ties, President Donald Trump’s son-in-law Jared Kushner, has said there are very few countries like India that possess the potential for growth and the administration was “very focussed” on further cementing the bilateral strategic ties. Kushner, 38, who is also senior adviser to President Trump, is considered one of the most influential and powerful individuals in the White House and was addressing the Second Leadership Summit of the US-India Strategic and Partnership Forum.
Listing out the various steps being taken by President Trump to make America “more competitive globally”, he said: “Part of that comes with obviously the relationship with India, where you have a fast-growing economy. You have an amazingly, educated population there and then a lot of people who share a lot of similar values with this country.”
Also read: Hopeful India, US will find ‘mutually satisfactory’ solution to bilateral differences: Indian envoy
“Forums like this are critically important because when we think about the world as it is today, there are very few countries like India that possess the potential for growth in what the future strategic relationship can be,” he said. Whether it’s trade and commerce, or national security, there are so many strategic elements of this relationship, Kushner said, adding that a lot of people in the administration at the President’s direction have been “very, very focused” on India-US ties.
Kushner also presented the USISPF’s 2019 Global Excellence Award to Mastercard CEO and President, Ajay Banga. The award to Wipro Chairman, Azim Premji was presented in his absentia. Later in a fire-side chat with Banga, Kushner said that he is the manager of the immigration project of President Trump.
Responding to a question, Kushner said that Trump is not anti-immigrant. “Just to be very clear, the president is very pro-immigrant. He’s anti-illegal immigration and what he wants to do is make America the land of opportunity,” wherein people with merit can figure out the ways to go to the United States, he said. “We want to make it a much more clean system, a much more streamlined system, much more fair system and one where most people will have the opportunity to try to become American citizens,” Kushner said.
“It’s the greatest privilege in the world to be an American citizen and that’s something that we should make available to people who really want it badly and who want to earn it,” the top presidential advisor said. “How’s this White House thing turning out for you,” Banga asked Kushner at the start of the fire-side chat.
“I have to say it’s something that I never expected in my life that I would have the privilege of to serve the country at this capacity. For us it’s an absolute honour working for this president and having the opportunity to push forward the change that he’s pushing for this country and for the world has been absolutely tremendous,” Kushner said. | jared Kushner, 38, is one of the most influential and powerful individuals in the white house. he was addressing the second leadership summit of the US-India Strategic and Partnership Forum. he said there are very few countries like India that possess the potential for growth. he also presented the USISPF’s 2019 Global Excellence Award to Mastercard CEO and President, Ajay Banga. | Positive |
https://www.financialexpress.com/industry/sme/msme-eodb-startups-looking-to-register-as-msmes-to-benefit-from-relief-measures-announced-by-finance-minister-nirmala-sitharaman/1979029/ | Credit and Finance for MSMEs: As Covid pandemic has squeezed the funding pipeline for the Indian startup ecosystem pushing many early-stage startups to halt operations or shut non-core businesses, a host of such companies are now looking to register themselves as MSMEs. Multiple startups, Financial Express Online spoke to, are now preparing to switch as MSMEs to benefit from the economic package announced by the Finance Minister Nirmala Sitharaman last month. Overall, the minister had rolled out six measures to help MSMEs tide over the financial crunch and become more competitive in competing with foreign businesses.
“We had a clear mindset of generating large revenue in the past three months. Now everything has been changed and our business model cycle has been disturbed. We are also facing cash crunch problems like other companies. As the government has launched collateral-free loan opportunities for MSMEs, we are looking forward to registering for the same as we fall in the right eligibility criteria,’ Abhishek Gupta, Founder and Director, OxyGarden told Financial Express Online. OxyGarden makes indoor air sanitizers and was incorporated a few months back.
Delhi-based Incubsence, which makes contactless attendance system for businesses, suffered significantly as the electronics manufacturing came to a standstill during the lockdown. The segment is in direct competition with Chinese manufacturing. The present scenario benefits China more than India as Covid started to impact India at a time when China was about to reopen its economy. Incubsence had to stop its production of contactless attendance device, contactless access control systems etc. “The two months was enough for Chinese companies to sell their products to India since they could meet the demand as Chinese factories gained consciousness,” Diksha Deo, Founder and CEO, Incubsence told Financial Express Online.
Deo said the startup would be applying for MSME registration after an internal discussion in order to secure investment for manufacturing and scaling production. “We can’t let the customer wait for weeks for the order to be delivered. Hence with more capital infusion with the help of the government, we could meet the demand and reduce delivery timeline,” she added. The government on Tuesday had announced multiple schemes to boost electronics manufacturing in India – Production Linked Incentive Scheme, Scheme for Promotion of Manufacturing of Electronics Components and Semiconductors and Modified Electronics Manufacturing Clusters scheme.
Also read: MSMEs call govt’s decision for funding NPA accounts historic; hail approval to revised definition
According to a LocalCircles survey in April, 74 per cent startups and small businesses (out of 13,970 responses) expected shutdown or scaling down of their businesses in the following six months. “Reality is that early-stage startups are very vulnerable. They don’t have cash reserves like large companies. They would not be going to make any projections and so next round of investor will not going to see the potential of the company because the market is gone not just disrupted,” Padmaja Ruparel, Co-founder, Indian Angel Network had told Financial Express Online.
Rs 3 lakh crore of the collateral-free scheme was the highlight of the six announcements made by Sitharaman last month for MSMEs. Eligible MSMEs would have up to Rs 25 crore outstanding and Rs 100 crore turnover to secure an emergency credit line from banks and NBFCs up to 20 per cent of entire outstanding credit as on February 29, 2020. MSMEs would be able to apply for the scheme till October 31, 2020. The government would provide 100 per cent credit guarantee cover to lenders on the principal and interest amount.
Apart from securing easy credit, startups are exploring the MSME route for faster recovery of dues as mandated by Sitharaman in her announcement for MSME buyers to clear dues within 45 days. “The government’s objective is to protect the MSMEs’ interest. Thus it puts an obligation on companies to pay-up all dues to MSME registered vendors within a period of 45 days from date of delivery of goods/services so that MSME vendors do not suffer because of non-payment of dues. This was our primary thought process to get ourselves registered under MSME,” Akhil Aryan, Co-founder and CEO, ION Energy told Financial Express Online. The four-year-old startup develops technologies to improve the life and performance of lithium-ion batteries that power electric vehicles and energy storage systems.
“Access to collateral-free debt capital would be a big boost for startups in this period of uncertainty. Especially during a systemic crisis, the lack of access to its traditional funding pools (venture capital) can push otherwise strong startups to the brink of failure. Access to non-dilutive debt can be a significant lifeline in a period like this,” Utkarsh Sinha, Managing Director, Bexley advisors told Financial Express Online.
Manufacturing or services startups meeting the investment and turnover limits as stated under the revised definition can register themselves as a small business on the Udyog Aadhaar portal with details as per the founder/promoter Aadhaar card. The investment limits for micro, small and medium enterprises are up to Rs 1 crore, Rs 10 crore and Rs 50 crore respectively. For turnover, the limits are up to Rs 5 crore, Rs 50 crore and Rs 250 crore respectively. Besides meeting the two criteria, “the startup is not required to change anything with respect to its business to become an MSME. The whole process doesn’t take over two-three days,” said Gupta. | multiple startups are now preparing to switch as MSMEs to benefit from the economic package announced by the finance minister last month. the minister had rolled out six measures to help MSMEs tide over the financial crunch and become more competitive in competing with foreign businesses. the government on Tuesday had announced multiple schemes to boost electronics manufacturing in india. the government has also launched collateral-free loan opportunities for MSMEs. | Positive |
https://www.moneycontrol.com/news/business/economy/fed-coughs-world-blanches-yuan-unfazed-5748331.html | Representative image
Shortly after 2pm New York time yesterday, US Treasury yields jumped, stocks dropped sharply and the dollar registered its first gains in over a week. What grave disaster had struck?
The equivalent of a natural disaster in the world of finance: The US Fed had just released the minutes of the July 28/29 FOMC meeting and those minutes contained some unforeseen and highly unwelcome passages.
First off, the minutes portrayed a rather more gloomy economic outlook than Fed chair Powell had let on in his post-meeting press conference.
Second – somewhat technical, but highly meaningful to market professionals – the minutes contained the ominous sentence that "many [meeting] participants judged that yield caps and targets were not warranted in the current [economic] environment."
This graph by Yahoo Finance shows how stocks fell on the S&P 500 around 2pm on Wednesday.
So, yield curve control, the policy the Bank of Japan has pursued since 2016 to keep rates super low, is not warranted?
On that news, 10-year Treasury yields jumped by three basis points instantaneously to just below 0.69%, real yields that strip out inflation reacted even more sharply and rose by over 5 basis points to -0.852%.
Alas, the 'spook' did not last ... except that US stock market losses carried over into Asia and into Europe, where major indexes are down over 1% as at this writing (7pm HK time).
Investors in stocks are, of course, worried that unlimited liquidity won't last forever and took it hard that there appears to be a majority of FOMC members who are not prepared to make unconditional promises.
Bonds, meanwhile, have largely retraced yesterday's losses and the US 10-year yield now stands at 0.65%. The US dollar, which got a lift from the real yield rise, has given most of it back and trades at 92.9380 on the DXY, the lower end of the day's trading range of 93.1940 - 92.8750.
China's currencies cared little about the raucous New York action. The CNH, the offshore yuan, stands at 6.9151 to the USD. It had opened at 6.9220, in line with the PBoC's morning fixing of central parity for the CNY (onshore) at 6.9274.
The storm in the New York teapot demonstrates just how nervous markets are about the combination of established and lasting US inability to cope with the Covid-19 pandemic and vastly extended equity valuations discounting a fast and lasting economic recovery.
The dollar is resuming its decline because fundamentals remain unchanged and more debt will have to be piled onto the US balance sheet to keep the economy afloat.
The yuan will continue its steady rise because its fundamentals in all major respects are continuing to improve.
This article first appeared on www.asiatimesfinancial.com. | the dollar registered its first gains in over a week. the dollar is trading at 92.9380 on the DXY. the yuan is at 6.9151 to the USD. the yen is at 6.9151 to the USD. the yen is at 6.9151 to the USD. the yen is at 6.9151 to the USD. | Positive |
https://www.businesstoday.in/markets/market-perspective/sensex-reclaims-32k-nifty-closes-at-9490-as-banking-stocks-extend-gains/story/405245.html | Sensex and Nifty extended gains for the second consecutive session tracking positive global cues.
Domestic indices ended the monthly derivatives expiry of May on a positive note on Thursday on back of heavy buying in auto, banking and financial stocks.
While Sensex ended 595 points higher at 32,200, Nifty ended the day trade 175 points higher at 9,490. On Wednesday, Sensex closed 995 points higher at 31,605 and Nifty gained 285 points to 9,314.
Among sectors, barring PSU Banks, all the other sectoral indices witnessed healthy buying interest with capital goods, metals, auto and banks closing over 2%.
Overseas, markets rose on hopes of economic recovery as countries eased lockdown restrictions. Asian stocks extended gains tracking US markets that closed higher, driven by rising optimism around the re-opening of the world economy.
On Wall Street, sentiments were also boosted by "return to work" cash bonuses announced recently. However, tensions between the US and China and weakness in dollar kept gains in check. US President Trump has said he'd announce a response to China's policies towards Hong Kong later this week.
European markets also opened higher on Thursday, led by Germany, France and UK as investors digested the European Commission's plan for a 750 billion Euro recovery fund.
Expressing views over today's bullish trend, Vinod Nair, Head of Research at Geojit Financial Services said," A huge EU stimulus plan provided a boost to European shares while Asian shares were affected by the US-China diplomatic issues. Indian markets are banking on continued resumption of economic activities, inspite of still high number of new infections. Further, stimulus measures are also expected to boost demand in the economy and help the most impacted sectors to recover. Market is rising on the back of expectations while there has been little change in ground realities."
Meanwhile, companies set to announce their earnings are Ceat, Agro Tech Foods, Daawat, Lupin, Muthoot Finance, TVS Motors, Wendt among others.
As per technical indicators, Nifty turned from mix to bullish and the index lead towards 9,500 by closing bell. While 9,500 and 9,600 levels will be the future resistance, the index will find supports around 9,000 mark and then at 8,800 level, in case of any decline.
Ajit Mishra, VP - Research, Religare Broking," Nifty has managed to surpass its immediate and crucial hurdle at 9450. It may be heading toward 9650-9750 levels. We feel banking and financials will continue to play a critical role. Amid all, market participants are likely to keep a watch on GDP data scheduled tomorrow i.e. May 29 while on the global front any news on US-China tussle will be on investors' radar. Further, the on-going earning season would keep stock-specific volatility high."
On the currency front, the rupee ended on a weaker note at 75.75 per dollar as compared to the last closing of 75.72 per dollar.
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Stocks in news: Ujjivan Financial, United Spirits, Wendt, Ceat, Federal Bank, Lupin, TVS Motor and more | Sensex and Nifty extend gains for the second consecutive session. domestic indices end the monthly derivatives expiry of may on a positive note. Sensex closed 995 points higher at 31,605 and Nifty gained 285 points to 9,314. overseas, markets rose on hopes of economic recovery as countries eased lockdown restrictions. | Positive |
https://economictimes.indiatimes.com/news/politics-and-nation/maharashtra-government-announces-rs-150-crore-compensation-package-for-onion-farmers/articleshow/67181594.cms | Saab Bags India’s First 100% FDI in Defence Project India has cleared the first 100% foreign direct investment (FDI) in the defence sector, with permissions granted to Sweden’s Saab to set up a new facility that will manufacture rockets.
Steady Loan Demand, Fall in Provisions Lift SBI Profit 8% State Bank of India (SBI), the country’s largest lender by loans outstanding, met D-Street expectations to report an 8% increase in the second-quarter net profit on steady credit demand and lower provisions as the nation’s most-valued government entity wrote back some accounts where recovery was delayed. The lender expects robust loan growth, underpinned by broad-based economic expansion. | first 100% foreign direct investment in defence sector cleared. permission granted to Sweden's Saab to set up rocket manufacturing facility. 8% increase in second-quarter net profit on steady credit demand. lender expects robust loan growth, underpinned by broad-based economic expansion. sBI expects robust loan growth, underpinned by broad-based economic expansion. | Positive |
https://www.financialexpress.com/industry/ott-players-hog-hoardings-netflix-amazon-prime-hotstar-lead-outdoor-ad-spends/1561281/ | If you thought OTT (over-the-top) players were all about digital, think again. When it comes to advertising, OTT players in the country are taking the traditional route of billboards in a big way just like other brands. This year, OTT majors are expected to spend Rs 350-400 crore on out-of-home (OOH) advertsing alone — almost double the figure last year, point out experts.
While Netflix, Amazon Prime Video and Hotstar could lead the chart in terms of spends, analysts say players like Zee5, VOOT, ALTBalaji, Eros Now and MX Player will also contribute substantially to the OOH ad pie this year. For example, Zee5 is expected to have an annual budget of Rs 70 crore for OOH, similar to that of Amazon Prime Video in India. A lot of outdoor advertising spend at Hotstar is expected to go into Hotstar Special, which showcases its original series; it has launched OOH campaigns for its webseries Roar of the Lion and Criminal Justice.
Nabendu Bhattacharyya, founder and managing director, Milestone Brandcom, feels spends by OTT players will cross 15% of the OOH industry turnover in 2019. OTT now features among the top three outdoor spenders, after
categories like real estate and automobiles in metro cities. The big push on OOH is also propelled by the limitation on how much OTT players can advertise on GECs, since they are seen as competitors.
“So OTT platforms are left with few other visual media options apart from outdoor. Also, with OOH being
hyperlocal, players are able to focus their target groups precisely in the top metros,” explains Bhattacharya.
Another reason for OOH spends to be higher this year is due to OTT players strengthening their presence in tier-II and tier-III markets, and looking at yearly deals and long-term campaigns. For example, ZEE5 is fast acquiring OOH properties in tier-II markets.
Given the jostle for space, the price of outdoor media is also expected to go up this year by 8-10%, say media experts. According to Rachana Lokhande, co-CEO, Kinetic India, which handles the Netflix OOH account, “Today, OTT players are what consumer electronics or e-commerce were two-three years back in terms of OOH spends. Now, the latter use it only tactically. OTT may take a similar route.”
When it comes to the media mix, 25-50% of media spends of OTT players are now earmarked for OOH. For example at ALTBalaji, outdoor is around 25% of the mediamix. It started outdoor campaigns from October last year and is advertising in tier-I and tier-II cities, along with metros, depending upon the shows. “Outdoor is a large-format, conversation-driving medium. We use it for shows which have a unique narrative,” says Divya Dixit, SVP & head, marketing, ALTBalaji, adding, “However, year-long deals are expensive and we look at outdoor on per-show basis.”
At Zee5, outdoor plays a supplementary role to reach a larger audience base in a short span of time when it is deployed along with TV and digital. Its outdoor campaigns — currently for its original show Poison and movies like Sonchiriya, Uri: The Surgical Strike and Simmba — are based on large-format hoardings. The strategy is to use OTT for original content while tent-poling its movie titles.
The approach so far by OTT players is to plaster the city and change the creatives every 10-15 days. It is centred on landmark sites at prime locations for impact campaigns, rather than penetration, says Atul Shrivastava, CEO, Laqshya Media. While the cost of billboards varies as per the location and city, large-format hoardings, which are typically 40×40 feet, on prime locations like Western Express Highway in Mumbai, can cost around Rs 10-12 lakh per month. Amazon Prime Video, for example, spent around `25 crore on outdoor last year, according to media experts, on promoting its originals such as Comicstaan, Breathe and Mirzapur along with movie premieres like Raaziand 102 Not Out. Breathe used a mix of billboard and impact sites like gantries, cluster branding and experiential marketing, including the setting up of fake crime scenes in malls.
Netflix, on the other hand, reportedly spent Rs 40-45 crore on outdoor last year. Some of it heavily advertised series included Sacred Games and Ghoul. It went beyond large-format hoardings and made use of digital OOH and contextual ads for titles like Little Things, Narcos and Stranger Things. While billboards help as an awareness medium, contextual ads are better suited for engaging consumers, say experts. | OTT players in the country are taking the traditional route of billboards in a big way. this year, OTT majors are expected to spend Rs 350-400 crore on out-of-home (OOH) adverts. OTT players are strengthening their presence in tier-II and tier-III markets. analysts say players like Zee5, VOOT, ALTBalaji, Eros Now and MX Player will also contribute substantially to the OOH pie. | Positive |
https://www.moneycontrol.com/news/business/markets/risk-on-rally-keeps-market-aloft-but-conditions-ripe-for-consolidation-say-experts-6174871.html | At first glance, it appears that the bulls are not ready to let go, as the market benchmarks did not see much consolidation since the beginning of November.
After each session of fall, the market resumed its uptrend. Equity benchmarks the Sensex and the Nifty rose over a percent each on December 1.
Brokerages say positive news from vaccine manufacturers, improving macroeconomic indicators and strong September quarter earnings triggered a risk-on rally.
"Global markets shrugged off any concerns over a second wave of COVID-19 in Europe and the increasing case count in the United States. The positive news flow on the efficacy of Moderna, Pfizer and Astra-Zeneca vaccines resulted in full risk-on sentiment," said brokerage firm Kotak Institutional Equities.
Indian markets have done the same. The risk-on sentiment resulted in a large FII inflow into Indian equity markets and the Nifty jumped 11.45 percent in November.
As the market is near an all-time high, analysts advise caution while agreeing that any correction will be an opportunity to add quality stocks.
"I think the markets are slightly overbought at this point in time, so one has to be a little careful in making fresh commitments at these levels from a shorter-term perspective," Gautam Shah, Founder & Chief Strategist, Goldilocks Premium Research told CNBC-TV18.
"If at all 13,200 were to get crossed, you could see some more near-term strength. Going forward, the next four weeks, six weeks, 12 weeks are going to be about stocks and a lot of underperformers are now making a comeback," Shah added.
Brokerage firm ICICI Direct expects the Nifty to undergo consolidation in December amid positive bias in the range of 12,800-13,200 after a sharp rally in November.
"A decisive move above 13,200 would signal an extended rally towards 13,600. Hence, we recommend utilising declines as an incremental buying opportunity as we do not expect the Nifty to breach its key support at 12,500 levels," said the brokerage firm.
Ajit Mishra, VP - Research, Religare Broking also sees the possibility of a consolidation in the short-term.
"Indications are in the favour of further consolidation in the Nifty index and the probable range could be 12,600-13,100. We expect volatility to remain high due to scheduled data and events. Since the short term is up, the prudent approach is to accumulate quality stocks on dips," said Mishra.
At this juncture, when the broader markets are high on positivity, investors should avoid getting carried away and focus on fundamentally sound mid and small-caps, say experts.
"Almost all the sectors are participating in the rally but we’re seeing mixed trends within the sector, so traders should focus more on the selection of stocks. We feel the recent traction in the broader market will continue but only fundamentally sound midcap and smallcap counters should be preferred for trading or investment," Mishra said.
Shah of Goldilocks Premium Research believes instead of looking at the headline indices, the bigger opportunity is going to be the mid-caps, the small-caps and underperformers like realty stocks and chemicals stocks.
Brokerage firm CapitalVia Global Research pointed out that Nifty might find its immediate support in the range of 12,700-12,750 where the index might rest.
"Lower India VIX showing bulls might continue to hold their grip over broader indices. The technical set-up is strong, and Nifty might touch 13,300 in the month of December. However, options data shows 12,500 is immediate support that should be held for this series for further up-move," CapitalVia said.
Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan by BNP Paribas believes the recent high of 13,145, which is the high point of a bearish outside bar amd an Engulfing Bear candle, will be the key hurdle to watch out for.
"We need to closely monitor the price action near the high as it will decide further course of action for the index. Failure to sustain near the high would push the index back into the consolidation mode. Near-term support for Nifty is at 13,000," he said.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | equity benchmarks the Sensex and the Nifty rose over a percent each on December 1. vaccine manufacturers, improving macroeconomic indicators and strong earnings triggered a risk-on rally. analysts advise caution while agreeing that any correction will be an opportunity to add quality stocks. a decisive move above 13,200 would signal an extended rally towards 13,600. | Positive |
https://www.financialexpress.com/market/share-market-today-live-updates-sensex-nifty-rupee-vs-dollar-moodys-cuts-india-growth-forecast-sebi-franklin-templeton-crude-oil-coronavirus-covid-19-economic-stimulus-lockdown-april-29-wednesday/1942773/ | Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index ended the session with nearly 2 per cent gains on Wednesday. The 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. While the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. It ended the session at 9,553, up 173 points or 1.84 per cent. As many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent, followed by HCL Tech, M&M, HDFC Bank and State Bank of India (SBI). On the other hand, the pack of laggards was led by Axis Bank, down 3.63 per cent. Asian Paint, Hindustan Unilever (HUL), Titan and IndusInd Bank were among other losers on the Sensex. Barring Nifty FMCG and Nifty Pharma, all the sectoral indices ended the session in positive territory. Nifty Metal index was top sectoral gainer with a growth of 3.74 per cent, led by SAIL, Hindalco Industries and Jindal Steel.
Moody’s Investors Service on Tuesday slashed India’s growth forecast to 0.2 per cent for the 2020 calendar year from the earlier projection of 2.5 per cent released in March. Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody’s in its Global Macro Outlook 2020-21 (April 2020 Update) projected that all G-20 advanced economies would contract by 5.8 per cent in 2020. | the 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. while the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. as many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent. | Positive |
https://www.moneycontrol.com/news/business/markets/sensex-nifty-create-history-over-60-stocks-in-bse500-index-rise-10-50-in-a-week-6191281.html | Embassy Office Parks REIT | Reddy Veeranna sold 85 lakh units of the company at Rs 334.01 per share on the BSE.
Indian market created history as bulls pushed benchmark indices beyond crucial psychological levels in the holiday-shortened week. The S&P BSE Sensex surpassed Mount 45K while Nifty50 managed to hold 13,100-13,200 levels.
The S&P BSE Sensex rose 2.1 percent while the Nifty50 climbed 2.2 percent for the week ended December 4 while the action was more prominent in the broader market space.
The S&P BSE Mid-cap index rose 2.8 percent while the S&P BSE Smallcap index closed with gains of 2.6 percent for the week ended December 4.
There are as many as 65 stocks in the BSE500 index that rose 10-50% in just 4 sessions that include names like KNR Construction, Tata Power, Maruti Suzuki, Sun Pharma, Adani Enterprises, Hindalco, Oberoi Realty, SAIL, SpiceJet, Tata Chemicals, and Adani Power, etc. among others.
The market climbed fresh new highs on the back of vaccine news, better than expected GDP data for the September quarter as well as dovish commentary by the Reserve Bank of India (RBI) back home despite rise in the inflation forecast to boost growth.
Small & midcaps which remained in limelight through November and now in December are likely to attract buying interest in the last month of the year 2020 along with banking and finance stocks, suggest experts.
“Market has also witnessed a shift in investor preference to broader markets led by a rally in mid & small-cap stocks. The banking sector is likely to continue to stay in focus in the coming week as SC may pass its verdict on the moratorium,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
“Importantly, in the near-term, we feel that PSU Banks can outperform as price and valuation wise they are still much cheaper than private banks and they have not yet participated in the rally in the market and banking industry,” he said.
In the last three months, private banks were up by 30 percent while PSUs (Nifty PSUB index) were even less than halve. On a valuation basis, the Price to Book Value of PSUBs is at 0.4x compared to 2x of the NiftyBank Index.
Investors would also watch out for the manufacturing data which is to be released next week. Nair is of the view that any further updates on the vaccine developments and revised discussions regarding US stimulus can inject more optimism into the global markets.
Technical View:
Nifty formed a strong bullish candle on the daily charts on Friday. On a weekly basis, the market has followed the bullish continuation formation. The Nifty50 index closed comfortably above the psychological mark of 13,000 and Sensex has crossed the level of 45,000 on a closing basis.
During the week, FIIs bought Rs 7,236 crore of equities while domestic institutions sold equities to the tune of Rs 4,118 crore in the cash segment.
As per data, FIIs are putting more money into Technology and Service sectors. The dollar index has also helped emerging markets to perform better than expectations, suggest experts.
“In the coming week, Nifty 50 index would face major hurdle at 13350/13400 levels, which is nearby, however, the Bank Nifty should outperform and move to 31000 levels without any major efforts. The Strategy should be to buy on dips with a final stop loss of Nifty 50 index at 13100,” Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities told Moneycontrol.
“The credit policy has boosted the sentiment heavily. The Bank Nifty closed above the level of 30000 under the leadership of Private as well as PSU banks,” he said.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | the s&p Sensex surpasses the peaks of the nifty50 and the s&p bse. the market climbed fresh new highs on the back of vaccine news and better than expected GDP data. the s&p 500 index rose 10-50% in just 4 sessions. the nifty50 closed with gains of 2.2 percent for the week ended december 4. | Positive |
https://www.financialexpress.com/market/niit-technologies-earnings-stock-price-jumps-share-surges-15-on-bse-dividend-announced/1949749/ | NIIT Technologies’ share price surged 15% on the stock market after the company posted a strong January-March quarter result on Tuesday. NIIT Technologies posted a strong 15.5% EBITDA growth on-year basis and a 12% revenue growth in the same time period. Revenue billing loss on account of supply side issues driven by the coronavirus pandemic in the March quarter was negligible as the company made a seamless transition to work from home. Deal pipeline for NIIT Technologies looks robust in the first quarter as well with many negotiations in advanced stages. The stock was trading at Rs 1.367 per share.
“NIIT Technologies signed 41 new logos in FY20 with total new logos signed over the past 8 quarters also being very strong at 81,” noted ICICI Securities as the brokerage upgraded the scrip to an ADD rating from Reduce and upped the target price to Rs 1,800 apiece. “Overall order intake was $180mn reflecting a book-to-bill ratio of 1.16x with contribution from USA and Europe being $81mn and $52mn respectively.” NIIT’s executable order book of 12 months saw a 20% surge on-year basis to touch $468 million.
The vertical where NIIT Technologies showed signs of weakness was the Airlines segment. “NITEC has seen project cancellations within the Airlines sub-segment in Q4FY20 itself and expects cancellations to worsen in the segment in Q1FY21. Airlines represented 46% of Travel, Transportation & Hospitality revenues in Q4FY20, which in turn represented 27% of overall revenues,” ICICI Securities noted. The brokerage said that NIIT was not expecting to see any change in deal ramp from any other verticals especially the banking and financial services and insurance sector.
NIIT Technologies is expecting to ramp up its revenues in the second quarter of this fiscal aided by the 7 mega deals the company signed in the last two quarters. As revenue growth is expected to be positive this fiscal, valuations are now more reasonable at 14.5x FY22E EPS. NIIT Technologies has also announced a third interim dividend of Rs 11 per equity share. The record date for the dividend will be May 15. Domestic equity markets were on a volatile path yet again on wednesday. S&P BSE Sensex was up 1.22% at 31,837 points , while the 50-stock Nifty was up 111 points at 9,300 level. | NIIT Technologies posted a strong 15.5% EBITDA growth on-year basis. the company also posted a 12% revenue growth in the same time period. deal pipeline for NIIT Technologies looks robust in the first quarter. NIIT signed 41 new logos in FY20 with total new logos signed over the past 8 quarters also being very strong at 81. | Positive |
https://economictimes.indiatimes.com/news/international/world-news/6-questions-going-into-the-race-that-will-decide-the-next-president-of-united-states-of-america/articleshow/78994265.cms | Samvat 2080 Opens on a Positive Note Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year.
Insolvency Gets All Personal Now in Boost for Recoveries Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations. | india's stock benchmarks gained over half a per cent in the special 60-minute Muhurat trading session on Sunday evening. the move marks the start of the traditional Hindu new year. bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery. a new ruling by the supreme court will open up a new window of recovery. | Positive |
https://economictimes.indiatimes.com/news/politics-and-nation/yamuna-authority-plans-heritage-city-riverfront-development-on-the-expressway/articleshow/79738317.cms | The Yamuna Expressway Industrial Development Authority (Yeida) has planned a Heritage City along the Yamuna Expressway, which connects religious cities like Mathura and Vrindavan and also tourist city Agra. The authority will appoint a consultant to prepare a detailed project report. The authority has approved the proposal in a board meeting on Monday. This city will be close to the upcoming Jewar airport and Film City.“Due to the presence of Braj Agra tourist circuit including Mathura, Vrindavan, Gokul, Barsana, Nandgaon, Agra, Fatehpur Sikri in immediate vicinity, it is proposed to develop tourist attractions and facilities to allow tourists to visit and stay in Raya Urban Centre,” the authority said.This is expected to support the economy of urban centre in a big way. “River Front Development has been proposed the Easter bank fo Yamuna River near Vrindavan within YEIDA as one ofthe key attraction destination. The detailed planning for the same will be done during layout preparation,” said Arun Vir Singh, CEO of the authority. The area covered under river front development is 109.7 hectare which is 1.2% of the urban centre.In additon to various commercial and recreational activities such as amusement park, golf course, sports complex, stadium, a specific tourism zone is proposed to be developed. Further, a separate plan and policy is proposed in accordance with the Uttar Pradesh tourism Policy and National Tourism Policy . All tourism sites including monuments, heritage áreas/natural heritage sites will be identified and conserved. The area proposed under tourism zone is 731.3 hectare which is 7.8% of urban centre distributed within the respective land uses. | the city will be close to the upcoming jewar airport and film city. it is expected to support the economy of urban centre in a big way. the area covered under river front development is 109.7 hectare. the area proposed under tourism zone is 731.3 hectare which is 7.8% of urban centre distributed within the respective land uses. the authority has approved the proposal in a board meeting on Monday. | Positive |
https://economictimes.indiatimes.com/markets/expert-view/more-bullish-on-indian-equities-than-indian-rupee-chris-wood-clsa/articleshow/69069718.cms | Unlock Leadership Excellence with a Range of CXO Courses Offering College Course Website IIM Kozhikode IIMK Chief Product Officer Programme Visit Indian School of Business ISB Chief Technology Officer Visit IIM Lucknow IIML Chief Marketing Officer Programme Visit
If Modi fails to form the government, the stock markets are going down without a doubt but then if it goes down too much one will buy because India is still going to grow at 7%, says Chris Wood, CLSA in an interview with Ruchi Bhatia of ET Now Given we are right in the middle of the election season, it is interesting that we have not been discussing elections that much. The investors in India believe they cannot do anything about the elections in the long term and are of the view that India is still going to grow at 7% GDP or thereabouts. So, the professional investment community thinks that while the election will be of importance in the short-run, a 5-10 year view remains that India will continue to grow in the 7% range.In terms of meeting the people in the government, it has been very good precisely because the election is going on and people have time to talk as their political masters are occupied elsewhere. So not one meeting has been cancelled or delayed.Yes, the smaller the majority, the harder it will be politically to implement big-ticket reforms. People seem to be assuming the incumbent government will get re-elected but we may never know for sure.However, if the incumbent government gets re-elected, the key issue for the market is it will want to see a big enough majority to allow the prime minister to continue to run the government in the way he has run it in the last five years and that is a highly centralised form of management. So many critics of the current government would not like that. But if you ask me what the stock market would like, the stock market’s ideal outcome would be as big a majority possible for the current government.Nobody has had an idea but people believe that the incumbent government has run an effective campaign. However, what’s interesting is the campaign has not been focussed on economic issues.: Yes. I have high regard for the election machine of the current BJP leadership and that they are clearly extremely effective at fighting election campaigns. It makes sense to not fight or base the election campaign purely on the economy, that clearly was the case back in 2004 when I remember that everybody expected the BJP government to win and the result was dramatically opposite and the market collapsed for about five days.I am going to wait for the election outcome. My key point is the Sensex is about to reach my long-term target. But obviously, we have to remember Sensex is not dollar dominated. So, I have to say I am more constructive about it in the long term. My bullishness on Indian equities is greater than my bullishness on the Indian rupee : Dollar swap strikes to me as quite an imaginative idea and it should help in managing corporates hedging costs. I think it is a good innovation. Meanwhile, from a bigger macro standpoint, not so long ago, there was a lot of criticism of the government around the change of the RBI saying that the government was interfering with central bank independence. They were criticised in saying the monetary policy was too tight and upon this whole issue of deploying capital from the RBI for other uses.I personally was sympathetic to the government's standpoint that the monetary policy was too tight here in India. I would say since the leadership of the RBI has changed we have seen more monetary easing. I would say the basic comparative stability of the Indian currency and the government bond market since the monetary easing commenced actually vindicates the criticism of the government because if the RBI was being irresponsibly slack, then it will see downward pressure in the currency and the bond market.On the capital issue…But that to me again is a storm in a tea cup. The RBI is overcapitalised as the Fed is undercapitalised...Yes, because RBI is massively over-capitalised. The US Fed is completely under-capitalised. So, compared with the insane things happening in the G-7 world, where I gave you the example of the Bank of Japan, it has 50% of the Japanese government bonds on its balance sheet. We have had massive quantitative easing in the euro zone, where you have crazy negative rates. What is going on here is highly orthodox. So yes, I do not see an issue there.Fundamentally Margaret Thatcher had an agenda to basically change UK which she succeeded in doing. But she was able to do that partly because she formed the government three times. But towards the end of her first term in government, it was far from clear that Margaret Thatcher was going to be re-elected because she was implementing some painful structural reforms and that I think is where there is a bit of analogy with the situation here.If he loses power, the stock markets are going down without a doubt.Yes, but then obviously it goes down too much one will buy it because India is still going to grow at 7%.I think the worst case is the precedent of what we saw in 2004. There was less downside at the start of the year because at the start of the year foreigners had increased their holdings in Indian equities for three years. All the net buying in India over the last few years has been by domestic mutual funds.But began the year and people were very concerned about the outcome of the general elections. Since then, we have had these polls that predicted a BJP victory with a reduced majority. And since those polls came out foreign investors have increased their holdings in Indian equities.I am in a world where Mr. Modi is re-elected with the decent majority and can still basically run India out of the PM office which is what he has been doing. In my view, it is the most efficient way of running India.The single biggest risk for the Indian equities story is oil. I always tell global investors who have weightings in India that it makes sense to consider having some oil stocks as a hedge. I am personally constructive on oil. I was bullish on oil last year also and then oil was going up. Then we had this dramatic decline in the fourth quarter which in my view was a classic bull market correction . Bull market corrections are short, sharp and violent. The ex-post-facto rationalisation of talking heads to explain this oil collapse was increased production of US Shale. The real reason for this violent correction in oil was a combination of extreme investor positioning and Donald Trump’s U-turn because investors were long on oil because they believed the Americans were 100% serious about imposing these sanctions on people who sell, also Iran. Then as we all know Donald Trump did this big U-turn and oil collapsed. He then successfully managed to put pressure on Saudi Arabia to increase production. So now, this has become topical again because the Americans are making noises that they are not going to renew the waivers next week. Personally, although this is not what I am saying in public, I have a hard time believing the American President is really going to implement this.Well nothing has changed since six months ago. So if he does not back off and he implements the waivers then oil in my view is getting much higher.: For the same reason he backed off last time.No, he wants higher oil prices for the support base. I also believe Saudi Arabia is less likely to increase production on the US pressure than before. Also, the American President is trying to agree to a trade deal with China. They are nearer towards getting that deal done after many months, so why provoke a huge argument with Beijing, which is what will happen since China is the biggest buyer of Iranian oil. China simply does not accept the American point of view on this. They do not believe that they are doing anything wrong. I do not believe that Mr. Trump is actually is so obsessed about Iran himself personally. The pressure on this is coming from the national security lobby in Washington.: Reasonably, yes, but clearly there is potential for this. I do not think we have seen the last of the ripples from this crisis because a lot of institutions have had to slow growth dramatically and also the fundamental nature of the corporate bond market has changed. Now bond investors do not look at credit ratings as much but rather look at the parentage of the NBFC. There are NBFCs without classic blue chip parentage, so as far as I can understand, many of them are looking to get banking licences. What it means is that the years of supercharge growth from the NBFCs are over.: The core sector I will continue to own is private sector banks and obviously the quality NBFCs. There is a distressed opportunity in other NBFCs and if you pick the right ones then they will outperform everything else. Another area is the well-capitalised property companies with long term track records. You can take advantage of the dramatic consolidation triggered by RERA legislation.Then cement is a long term hold in India. Obviously, there are cyclical variables, but the consumer side remains interesting in the short term, though, it is going to be a risk. We are seeing early signs of the NBFC blow up which could impact the consumption trends in the short term simply because the loan growth has slowed sharply. | if the incumbent government gets re-elected, the stock market would like as big a majority as possible. the BJP leadership is clearly extremely effective at fighting election campaigns. the BJP has been a strong force in the election campaign. if the BJP gets re-elected, the stock market would want as big a majority as possible. | Positive |
https://www.financialexpress.com/industry/technology/india-as-an-imaging-destination-has-huge-potential-says-kazutada-kobayashi-president-ceo-canon-india/1323933/ | Canon’s entry-level DSLR cameras have seen remarkable growth and continue to remain the most popular choice amongst users. The Japanese imaging major is optimistic its all-new Canon EOS R system will be a winner in the mirrorless market. “We are positive about EOS R contributing immensely to Canon India’s overall business,” Kazutada Kobayashi, president & CEO, Canon India, tells Sudhir Chowdhary. Excerpts:
How has Canon grown in India in comparison to global markets?
We have had a remarkable growth over the course of our two-decade journey in the country. We started our operations in the country with only a few copier machines and now we are expanding to over 14 different domains in the country. Over the years, Canon has grown steadily to make its presence felt across the nation, with both our B2B and B2C divisions having contributed equally. We achieved a landmark double-digit growth at the close of our financial calendar last year. All our businesses had shown positive results along with all regions contributing significantly towards our development in the country.
We have set ourselves the target of continuing to achieve double-digit growth while we move ambitiously towards our target of ‘Vision 2020’ of achieving a revenue share of Rs 3,500 crore. On the other hand, with increasing revenues we are getting further encouraged to continue our active commitment towards the community.
How do you expect the EOS R to fare in India?
With the all-new Canon EOS R system, we are optimistic about maintaining our leadership in the combined DSLR and mirror less market, offering the best of the imaging universe to our customers. Our aim is now to take the EOS series to a new level and create a fresh ecosystem while acquiring digital natives in our journey to create new business models. With its intuitive way of shooting, we are positive the EOS R will be a winner in the mirrorless market. Backed by this launch, we are positive about EOS R contributing immensely to Canon India’s overall business.
Everybody seems to be hooked on to smartphone photography these days…
We are happy that with the advent of smartphones, the number of clicks has increased considerably. As more and more people are clicking, the market for the imaging industry is set to expand and more people will be exposed to the joys of photography. With innovation and quality remaining key to the ever-evolving imaging industry, there is still a demand for visual expression that is different from smartphone camera quality, and cannot be done by a smartphone. As a leading camera manufacturer, this is something that we at Canon endeavour to respond to with our range of entry-level cameras for amateur photographers.
India is an acutely price-conscious market; the consumer has a strong preference for entry-level cameras. In your opinion, what is the most important quality for an entry-level camera?
The most important thing while buying a new DSLR is to compare ease of use, image quality and of course, connectivity options. In a nutshell, an entry-level camera should be lightweight, easy-to-use and sufficient for most photography tasks. Our range of entry level DSLRs, Canon EOS 1300D, 1500D, 3000D and EOS 200D are ideal options for them. | the entry-level DSLR cameras have seen remarkable growth. the all-new Canon EOS R system will be a winner in the mirrorless market. "we are positive about EOS R contributing immensely to Canon India's overall business," says president & CEO, Kazutada Kobayashi. the company achieved a landmark double-digit growth at the close of our financial calendar last year. | Positive |
https://www.moneycontrol.com/news/business/dr-reddys-laboratories-forays-into-hospital-nutrition-segment-with-celevida-maxx-in-india-5752061.html | live bse live
nse live Volume Todays L/H More ×
Dr Reddy's Laboratories Ltd on Tuesday announced its entry into the hospital nutrition segment with the launch of 'Celevida Maxx' in India.
It is a unique addition to Dr Reddy's nutrition portfolio and is designed to help manage the nutritional needs of Cancer, Critical Care and Chronic Obstructive Pulmonary Disease (COPD) patients in India, a press release from the company said.
M V Ramana, Chief Executive Officer of Branded Markets (India and Emerging Markets), Dr Reddy's Laboratories said, "We are pleased to foray into the hospital nutrition segment in India. With Celevida Maxx, we look forward to strengthening our presence in the nutrition segment and continue making a positive impact on patients lives."
Dr Reddy's Celevida Maxx contains a unique triple action formula of high protein, high omega 3 fatty acids to help tackle the problem of inflammation and Astaxanthin, which is clinically proven to support immunity.
According to the drug maker, a single serving of Celevida Maxx has been designed keeping patient compliance in mind.
It offers high protein in a single serve of 33 gms, with medium chain triglycerides (MCT) that get easily absorbed in the body and readily provide energy.
Malnourished patients need a ready source of energy that can be easily absorbed with high protein thereby helping stabilize the rapid weight loss that is seen in conditions like cancer.
Celevida Maxx contains vegetarian ingredients, no added sugar and comes in two flavors, Orange and Strawberry, Dr Reddy's said. | Celevida Maxx' is a unique addition to the company's nutrition portfolio. it is designed to help manage the nutritional needs of cancer, critical care and chronic opulmonary disease patients in india. a single serving of the drug has been designed keeping patient compliance in mind. it contains a unique triple action formula of high protein, high omega 3 fatty acids to help tackle the problem of inflammation and Astaxanthin, which is clinically proven to support immunity. | Positive |
https://www.businesstoday.in/markets/company-stock/hdfc-share-price-rises-over-3-as-q4-results-beat-expectations/story/404961.html | Shares of Housing Development Finance Corporation (HDFC) surged 3.4% to the day's high at Rs 1,568 on Tuesday after the company's earnings in March quarter beat street expectations. The stock had closed at Rs 1,516.55 on BSE yesterday. However, the shares thereafter plunged and were trading at Rs 1,497.50, down 19.05 points, or 1.26% on BSE at the time of reporting.
"HDFC Limited opened with an uptick today despite subdued numbers, in line with other banking and financials major. However, gains fizzled out soon and it's currently trading below the last trading session's low. We might see some respite ahead due to oversold positions and immediate support at 1470 but the upside would also remain capped. Avoid aggressive longs," Ajit Mishra, VP Research, Religare Broking, told BusinessToday.In.
"HDFC Limited results failed to cheer markets as provisions increased with respect to covid moratarium, stock trading near 52 week lows, any decline near 1430 levels will be a good opportunity to add," Vikas Jain, Senior Research Analyst, Reliance Securities, told BusinessToday.In.
HDFC on Monday reported a 30% rise in its consolidated net profit at Rs 22,826 crore for the financial year ended March 31, 2020. The housing finance company posted consolidated net profit of Rs 17,581 crore in the previous year, HDFC said in an exchange filing. The mortgage lender reported a 22% fall in net profit at Rs 2,233 crore in the fourth quarter, compared to Rs 2,862 crore in the year-ago period.
After the results were announced, the analysts at Motilal Oswal said that HDFC's core operating profits had beaten their estimates by 6%. Similarly, Nomura had estimated the net profit at Rs 1,931.8 crore, down 32.5 per cent YoY.
The Net Interest Income (excluding income on assigned loans) for the year ended March 31, 2020 stood at Rs 12,904 crore compared to Rs 11,457 crore in the previous year, representing a growth of 13%.
"We believe that when businesses and operations start to normalize post lockdown eases, HDFC would be a major beneficiary in the NBFC sector. As stated by the CEO himself, that the company is obsessed with growth and growth would come back once the normalcy returns to 80-90% with a decline in NPLs. It is also expected that Q1FY21 would see a slowdown - courtesy lockdown; Q2FY21 is expected to be much better than the previous quarter and by Q4FY21 things should be on the growth path. Hence, investors should hold on to this stock for the long term," Nirali Shah, Senior Research Analyst, Samco Securities, told BusinessToday.In.
HDFC has a market capitalisation of Rs 2,59,547.33 crore.
"HDFC bank is fundamentally strong stock and trading at an attractive valuation of 2.8 times P/ABV as compared to pre-Covid period of 4.5 times. Hence any positive development related to economy and banking industry can trigger sharp buying in the stock," Sundar Sanmukhani, Head of Fundamental Research Desk, Choice Broking, told BusinessToday.In.
Meanwhile, benchmark equity indices - Sensex and Nifty - traded higher on Monday, backed by strong global cues, amid heavy buying in metal and banking scrips. Sensex was trading up 221 points at 30,894, while Nifty was 67 points higher at 9,106.
HDFC FY20 results: Profit rises 30% to Rs 22,826 crore, revenue up 10%
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Share Market LIVE: Sensex rises 350 points, Nifty at 9,125; JSW Steel, ITC, HDFC Bank top performers | shares of housing development finance corporation (HDFC) surge 3.4% to day's high at Rs 1,568. shares plunged to Rs 1,497.50, down 19.05 points, or 1.26% on the BSE at the time of reporting. HDFC reported a 30% rise in its consolidated net profit at Rs 22,826 crore for the financial year ended March 31, 2020. | Positive |
https://www.financialexpress.com/brandwagon/havas-group-india-bags-the-creative-and-media-mandate-for-jbl-and-harman-kardon/2103863/ | Harman, a wholly-owned subsidiary of Samsung Electronics Co., Ltd., focused on connected technologies for automotive, consumer and enterprise markets, has awarded its integrated creative, and media communication mandate to Havas Creative India for its consumer brands – JBL and Harman Kardon. As part of the overall relationship, the agency will be responsible for the integrated creative, digital strategy, and overall media buying and planning for both offline and online mediums.
Last year Havas Creative was awarded the mandate for Infinity, the youngest consumer audio brand by Harman, tuned specifically for India. With this win, Havas Creative India becomes the creative agency partner for all of Harman’s consumer brands, JBL, Harman Kardon, and Infinity, that enjoy huge popularity among youth and Indians with discerning choices. The mandate won in a multi-agency pitch, will be focussed on driving visibility and value-driven engagement with their growing audience and fans in the country.
“It is indeed a delight for us to strengthen our relationship and partner with Harman in India, and add the media and creative mandate for JBL and Harman Kardon, in addition to working on Infinity,” Rana Barua, group CEO, Havas Group India said. “We have been doing some very exciting work on Infinity and with these two brands the challenge and expectations go up as these are very key players in the audio industry and have very clear objectives and plans. What is sweeter is that we won it with our integrated village model which further emphasises the #BetterTogether philosophy of Havas,” he added.
According to Yogesh Nambiar, head- marketing, Harman India, India is an important market for the company and the brands enjoy leadership across various segments in consumer audio. “We now want to take it a step further and enhance our customer experience by offering a wider landscape of unique products and experiences. I am looking forward to the exciting spaces that Havas will explore to engage with the existing and new consumers of our most popular audio brands,” he stated.
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Follow us on Twitter, Instagram, LinkedIn, Facebook | the agency will be responsible for the integrated creative, digital strategy, and overall media buying and planning for both offline and online mediums. last year Havas Creative was awarded the mandate for Infinity, the youngest consumer audio brand by Harman, tuned specifically for India. the agency will be responsible for driving visibility and value-driven engagement with their growing audience and fans in the country. | Positive |
https://economictimes.indiatimes.com/industry/healthcare/biotech/healthcare/developing-a-range-of-products-for-us-eu-markets-aurobindo-pharma/articleshow/76623647.cms | NEW DELHI: Drug major Aurobindo Pharma is developing a range of products including 14 biosimilars as it looks to expand its product portfolio in the US and EU markets, according to a top company official. The firm is developing eight inhalers and six nasal sprays, out of which two products have already been filed, Aurobindo Pharma Managing Director N Govindarajan said in an analyst call.He was responding to a query on company's product pipeline for the US market."As far as the topicals are concerned, 37 products are in the pipeline at various stage of development and we are developing eight transdermal patches," he added.Besides developing a range of biosimilar products for US and EU markets, the company is focusing on five products, Govindarajan said adding that "ultimately our overall portfolio will have 14 products".Currently, five products are under development, out of which the first two products would be filed towards the end of this year or early next year, he noted.Those products would be filed for Europe, which has a fixed timeline of 210 days for approval."If everything goes well, in the subsequent year, these are going to get launched and we are also progressing with the ophthalmic product. We expect to start the phase III clinical trial early next year and subsequently the file for both EU and US," Govindarajan said.There are the three other products being progressed simultaneously, he added.So, the company will have enough products in the differentiated or the speciality portfolio, Govindarajan noted.Commenting on Aurobindo's plans for the Chinese market, Govindarajan said the company has already started filing products from India and the construction of its own oral formulation production facility is going on as per schedule."We expect to take the exhibit batches by the second half of FY2021," he added.Govindarajan said the company is not restricting itself to tenders business in China, but is also looking at the private business.The drug maker also expects to launch around 50-60 products in the US market this fiscal, he said, adding that "Out of this number, 25 products have already been approved".He said that the company, as on March 31, 2020, has filed 586 abbreviated new drug applications (ANDAs) on a cumulative basis, out of which 397 have received final approval while 28 have got tentative approval."The balance 161 ANDAs are under review," he added.Commenting specifically about injectables, Govindarajan said the company has filed a total of 131 ANDAs as on March 31, 2020, out of which 73 have received final approval and the balance 58 are under review.Aurobindo Pharma clocked revenue of Rs 23,099 crore in 2019-20, while its net profit for the fiscal stood at Rs 2,831 crore. | drug giant is developing eight inhalers and six nasal sprays. out of these, two products have already been filed. company is also developing eight transdermal patches. besides developing biosimilars, the company is focusing on five products. aurobindo has filed 586 abbreviated new drug applications (ANDAs) in the past year. | Positive |
https://www.financialexpress.com/money/hdfc-home-loan-gets-cheaper-lending-rate-cut-by-20-bps/1989406/ | Leading mortgage lender HDFC on Friday slashed its lending rate by 20 basis points amid a gradual decline in cost of borrowing across the system.
The move is in line with rate cuts by lenders like State Bank of India.
“HDFC reduces its retail prime lending rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 20 basis points (bps), with effect from June 12, 2020,” the company said in a statement.
The change will benefit all existing HDFC retail home loan and non-home loan customers, it said.
New rates will now range between 7.65-7.95 per cent for existing salaried home loan customers.
Rates across the banking system have headed south in the last few months, as the Reserve Bank of India (RBI) and the government work in tandem to propel the slowing economy.
The RBI last month cut the policy rate by 40 basis points to a historical low of 4 per cent to spur growth amid the COVID-19 crisis. | the move is in line with rate cuts by lenders like State Bank of India. the change will benefit all existing HDFC retail home loan and non-home loan customers. new rates will now range between 7.65-7.95 per cent for existing salaried home loan customers. RBI last month cut the policy rate by 40 basis points to a historical low of 4 per cent. | Positive |
https://www.moneycontrol.com/news/business/markets/weekly-wonders-top-15-stocks-that-rose-up-to-20-in-just-5-trading-sessions-2553825.html | The Indian market witnessed a roller coaster ride in the week gone by, with the Sensex closing 0.6 percent higher and the Nifty rising 0.8 percent.
But despite benchmark indices ending the week with marginal gains, there were plenty of stocks that rose by up to 20 percent in the same period.
Stocks that rose nearly 20 percent include Indiabulls Ventures, Parag Milk Foods, Bombay Burmah, Jindal Stainless, MindTree, Radico Khaitan, Sudarshan Chemicals, Take Solutions, Bombay Dyeing, and Mahindra CIE, among others.
Indiabulls Ventures is one of India’s leading capital market companies, providing securities, commodities, and currency broking services. The stock saw a spurt in trading activity and hit a fresh 52-week high Rs 401.80 this week.
Parag Milk Foods acquired Danone's manufacturing facility in Sonipat, Haryana, which will help it expand its footprint in north and northeast India.
Jindal Stainless saw an spike in trading activity, with volumes rising three times. The metals sector remained one of the top performing sectors, helped by a rise in global commodity prices.
MindTree rallied 14 percent in the week gone by. The rally gained momentum after the company reported a sequential growth of 27.9 percent in its March-quarter net profit, helped by strong deal wins, and said it expects better performance in the coming financial year.
Outlook for coming week:
The Nifty reclaimed 10,500 and 10,565 this past week and the way bulls are stepping in on every dip, the index looks on track to hit 10,600-10,700 levels in the expiry week.
After a disappointing March, April started on a positive note for investors. However, lingering fears of a trade war, as well as military action by the US on Syria, led to a knee-jerk reaction on equity markets across the globe, including India.
However, the bulls managed to push the index above key support levels, which could lead to a bit of short covering ahead of April expiry.
"The Nifty outlook to expiry is positive with the potential to move up to 10,720. The rally that started at the beginning of April is not over and might have more room to rise," Rohit Srivastava, Fund Manager – PMS, Sharekhan by BNP Paribas, told Moneycontrol.
"The level of 10,450 is the 20-weeks average that is acting as a strong near-term support for the trend. 50 percent retracement of the fall seen in February-March has been achieved at 10,560, and 61.8 percent is at 10,720," he said.
Srivastava added that rising commodities prices have triggered a rally in emerging markets, which could be a positive headwind for India, even in the face of a weak rupee. | the Sensex closed 0.6% higher and the Nifty 0.8% higher. but stocks that rose by 20 percent include indiabulls Ventures, Parag Milk Foods, Bombay Burmah, Jindal Stainless, MindTree, Radico Khaitan, among others. the index looks on track to hit 10,600-10,700 levels in the expiry week. | Positive |
https://www.moneycontrol.com/news/business/markets/banks-financials-pushing-the-market-higher-should-you-trust-the-rally-5352571.html | Equity benchmarks Sensex and Nifty closed with healthy gains on June 3, with the Sensex surging 284 points and Nifty settling above 10,000.
The rise in benchmarks was led by banking and financial heavyweights such as HDFC twins, ICICI Bank and Kotak Mahindra Bank.
Nifty Bank index jumped 2 percent, extending its winning streak into the seventh consecutive session.
The rally of the last week was also propelled by the banking and financial stocks and experts point out that whenever the banking conglomerates start participating in any rally, it is a robust one.
Why are banking stocks surging?
Experts point out that the banking stocks are rising as the perception about them has changed after the resumption of economic activities.
"Indian banking sector was the worst hit due to fall in outlook with a fear that asset quality will downgrade heavily given stringent lockdown. This view is changing due to the expectation of a re-opened economy, fall in the cost of funds, stable liquidity and big equity deals announced by banks with easy placement to foreign and domestic investors at fair valuations," said Vinod Nair, Head of Research, Geojit Financial Services.
Sameer Kalra, Founder, Target Investing, said: "There was an easy trade in the last couple of months to short these stocks that reversed due to massive short-covering in the last few days, trapping a lot of traders. Secondly, as the economy reopens there is a global flow change of selling defensive and buying cyclical.
Rusmik Oza, Executive Vice President & Head of Fundamental Research at Kotak Securities has a similar view.
"Since March, the price correction in BFSI stocks had been very steep and most of them were in a heavily oversold zone. Most retail banks were worst hit under the lockdown but now as the economy opens up in a phased manner they are regaining strength," Oza said.
"Last week we saw the Banking Index gain 10 percent in just last two last days of the monthly expiry indicating heavy short-covering. Indian markets are following the trends of developed markets and moving in tandem with them. Since BFSI is the largest sector by weight in Nfity50 and valuations on price/book Value have gone to abysmally low levels we are seeing some fresh buying in them," said Oza.
Moreover, banking and financial stocks are pinning hopes on RBI for the restructuring of loans, while their valuation had made them attractive for investors.
"Rally in banking and NBFC stocks are primarily led by valuation; few large banks and NBFC were almost trading at 1time FY22 adjusted book value. The ability to raise sufficient liquidity at low cost would be the key criteria for banks to navigate the current situation, as asset side inflow would be limited," said Jaikishan Parmar, Senior Equity Research Analyst, Angel Broking.
"The rally is led by large private banks that have a very strong liability franchise. These large banks have adequate provision coverage for a bad asset. Additionally, there is hope that RBI may allow a one-time restructuring of the corporate loan," Parmar said.
What lies ahead?
There is not much hope for the banking and financial stocks or for the market, for that matter, unless the COVID-19 comes under control and the economy opens completely.
Today is the seventy-first day of India’s nationwide lockdown, meant to curb the novel coronavirus pandemic. Confirmed COVID-19 cases in India stand at 2,07,615. The death toll from the outbreak in India is at 5,815. Maharashtra, Tamil Nadu, Delhi and Gujarat have reported the highest number of cases.
The Centre has extended the lockdown, called 'Unlock 1', till June 30. A number of activities will be allowed to resume in a phased manner over this month.
The rally in the market is propelled by hope. The market is expecting that things will come to normal gradually and has factored in weakness in the economy and earnings. However, this could be illusionary and there could be a wave of selling in the market if fresh negative reports regarding the coronavirus pandemic and the economy emerge.
"The market has been rallying on the optimism of easing lockdown. But we do not expect a V-shape recovery for the market. Banks are a proxy to overall economic consumption and we do not see a V-shape recovery in banks either. We should focus on banks with better value because fund-raising would be needed somewhere down the line given the overall anticipated economic space," said Pankaj Pandey, Head of Research, ICICI Securities.
"We expect a consolidation in the market going ahead. The market will be in the range of 10,500-9,000 in the next 3-4 months," said Pandey.
Oza of Kotak Securities feels that the frontline banks and NBFCs could face resistance after the recent sharp run-up as the sector is still prone to heavy earnings downgrades in the coming quarters.
Sameer Kalra of Target Investing believes banking and financial stocks are witnessing technical bounce and not a fundamental reversal as the real impact of COVID-19 will be seen in Q1FY21 results.
There is a diverging trend in India's economy and the stock market.
While the lockdown has been eased significantly and the market seems to be cheering it, there is a possibility of reintroducing restrictive measures or one-third to one-fourth of the population staying at home and not participating in the economic activities.
"Certain sectors and segments like cinemas, airlines, consumer durables, etc would continue to be impacted till successful vaccines are found and a majority of people are vaccinated. Therefore, in our view, significant contraction in the Indian economy in FY2021 is inevitable," said G Chokkalingam, Founder and CIO, Equinomics Research & Advisory.
Experts warn that the market cannot ignore deteriorating macroeconomic indicators for a long time and ultimately it has to behave in sync with earnings expectations and trajectory of economic growth of the country.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. | equity benchmarks Sensex and Nifty closed with healthy gains on June 3. the rise in benchmarks was led by banking and financial heavyweights such as ICICI Bank. experts point out that the banking stocks are rising as the perception about them has changed. the banking sector was the worst hit due to fall in outlook with a fear that asset quality will downgrade heavily. | Positive |
https://www.financialexpress.com/auto/commercial-vehicles/tata-ultra-t-7-truck-unveiled-engine-specs-features-payload-capacity-details-fleet-finance/2157487/ | The new range comes with a warranty of 3 years / 3 lakh kilometres and also offers Sampoorna Seva 2.0 and Tata Samarth – the company’s commitment to commercial vehicle driver welfare, uptime guarantee, on-site service and customised annual maintenance and fleet management solutions.
Tata Motors has unveiled its new Light Commercial Vehicle (LCV) namely Ultra T.7. The new Tata Ultra T.7 range comes with a modular platform with variants of various deck lengths and in 4-tyre and 6-tyre combinations. The Tata Ultra T.7 is powered by the 4SPCR engine that offers 100hp of power along with 300Nm of torque from 1,200 to 2,200rpm. The truck has underpinnings of a strong modular chassis design for better durability and radial tubeless tyres, all thanks to which the company is claiming an increased fuel economy. The new Tata Ultra T.7 has been designed keeping in mind Tata Motors’ ‘Power of 6’ philosophy that promises superior fleet profitability, vehicle performance, driving comfort, convenience and connectivity, along with safety – all with a lower total cost of operations (TCO). Tata Motors says that it is the only Indian commercial vehicle manufacturer offering the power of choice of three unique and distinct cabin options to its I&LCV customers – Ultra, SFC and LPT range of trucks.
The truck is equipped with a crash-tested cabin and powerful air-brakes for better safety, adjustable seating positions, tilt-and-telescopic power steering and a dash-mounted gear shifter for comfort. Furthermore, the truck comes with standard fitment of a music system, USB fast charging port, ample storage space and also, Tata Motors’ next-gen connected vehicle solution that enables fleet management, the Fleet Edge. The truck also features clear-lens headlamps along with LED tail-lamps.
The new Tata Ultra T.7 also comes with a comprehensive set of fully-built solutions, offering customers a one-stop solution with multiple benefits like better financing terms, nationwide service support and higher resale value, thus making a much better value proposition for customers. The new range comes with a warranty of 3 years / 3 lakh kilometres and also offers Sampoorna Seva 2.0 and Tata Samarth – the company’s commitment to commercial vehicle driver welfare, uptime guarantee, on-site service and customised annual maintenance and fleet management solutions.
Commenting on the occasion, Mr. V Seethapathi, Vice President, ILCV Product Line, Tata Motors said, “With the introduction of the latest Ultra T.7, Tata Motors furthers its commitment to scale new heights of innovative automotive manufacturing to provide a variety of products for diverse applications at minimum operation costs. The Ultra T.7, with its pioneering and award winning design, possesses the ability to bring the best of both worlds – comfort and agility – while aiming to offer the highest profitability for its owners. With the industry best operating economics, superior fuel efficiency and power, longer tyre life, it makes the best product in the category.” | the new range comes with a warranty of 3 years / 3 lakh kilometres. it also offers Sampoorna Seva 2.0 and Tata Samarth. the new truck is powered by the 4SPCR engine that offers 100hp of power along with 300Nm of torque from 1,200 to 2,200rpm. the truck is equipped with a crash-tested cabin and powerful air-brakes for better safety. | Positive |
https://www.financialexpress.com/investing-abroad/featured-stories/investing-abroad-home-prices-in-20-u-s-cities-accelerate-the-most-since-2018/2094773/ | Bloomberg: Home prices in 20 U.S. cities gained in July, pushed higher by demand for housing that has been fueled by low mortgage rates.
The S&P CoreLogic Case-Shiller index of property values increased 3.9% from 2019, beating the estimate of 3.6%. It was the biggest year-over-year increase since December 2018.
The housing market has been an unexpected bright spot for the U.S. economy, with Americans eager to take advantage of record-low mortgage rates. A shortage of inventory has helped prop up prices, particularly as Americans look for more space to spread out.
“With buyer demand showing no signs of a slow down, as well as limited inventory, more price increases are inevitably on the horizon,” said Danielle Hale, chief economist at Realtor.com.
The biggest increases came in Phoenix (9.2%), Seattle (7%) and Charlotte (6%). New York (1.3%), Chicago (0.8%) and San Francisco (2.5%) saw the smallest gains in July among the 20 cities tracked by the index.
Still, prices were up in those cities, even as the pandemic created anxiety about dense urban living. The pandemic has fueled a narrative that Americans are fleeing cities for the suburbs.
And while some residents have departed high-cost locations, including New York and San Francisco, the death of urban living is a “myth,” according to a research note from Barclays.
The higher homes prices come as the available inventory of properties to buy is tight. Some sellers are reluctant to list during a pandemic, while homebuilders are being cautious as they grapple with high lumber costs.
And while the homebuying stalled when the pandemic first hit, real estate is showing strength even with high unemployment and mounting bankruptcies putting the economic recovery on shaky ground.
“The housing market has withstood basically every obstacle that the pandemic has thrown its way,” Matthew Speakman, an economist at Zillow, said in a statement. “It appears that upward price pressure should endure into the fall.” | the housing market has been an unexpected bright spot for the U.S. economy. a shortage of inventory has helped prop up prices. the biggest increases came in Phoenix (9.2%), Seattle (7%) and Charlotte (6%) new york (1.3%), Chicago (0.8%) and San Francisco (2.5%) saw the smallest gains. the pandemic has fueled a narrative that Americans are fleeing cities for the suburbs. | Positive |
https://www.moneycontrol.com/news/business/markets/pharma-sector-sits-pretty-amid-market-turmoil-5-stocks-that-you-can-buy-5130401.html | Representative image
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Pharma stocks have been in the focus amid the turmoil caused by the coronavirus outbreak, as experts and brokerages say that the sector is better placed to navigate the economic crisis brought by the pandemic.The highly contagious virus has taken a huge toll on most sectors, but pharma companies have withstood the carnage, with some stocks delivering healthy returns.
Experts say that the pharma and healthcare sectors have a crucial role in supporting the government and people and are doing a great job by managing medicine supplies as demand remains strong.
The BSE Healthcare index has closed in the green in the last four consecutive sessions. BSE Healthcare has emerged as the top gainer among sectoral indices, jumping 29 percent since March 25, the day the three-week lockdown began.
Pharma, as a sector, has emerged a strong contender to drive the next leg of the rally. In anticipation, pharma stocks have seen a huge run-up in the last few days.
Since February 1, the BSE Healthcare index is 4 percent up against a 23 percent fall in the Sensex, as of April 9 close, data from Ace Equity shows.
Shares of IOL Chemicals & Pharmaceuticals, Abbott India, Torrent Pharmaceuticals, Cadila Healthcare and Cipla have surged up to 44 percent since February 1.
However, shares of Take Solutions, Shalby, Jubilant Life Sciences, Aster DM Healthcare and Piramal Enterprises have cracked up to 50 percent during the period.
The road ahead
Brokerages say the 21-day lockdown has sprung several unprecedented challenges for the sector such as lower employee attendance, logistic problems and a shortage of accessories like packaging and labelling material. These have led to lower capacity utilisation at most plants.
The sector, however, is well-positioned to endure the coronavirus pain, brokerages say.
"In pharma, barring few supply-related disturbances, we do not envisage material earnings impact in FY21. Also, note that in this unprecedented global lockdown, pharma and healthcare services, being at the top layer of essential services, remain exempted everywhere," said brokerage firm ICICI Direct.
HDFC Securities has a positive view on the sector, too. The brokerage says its positive stance on Indian pharma is premised on sector’s relative resilience to coronavirus disruption, favourable currency tailwinds and stable outlook for India and the US business.
HDFC forecasts 11 percent growth for its covered companies over the next two years. However, the brokerage identifies extended lockdown as a risk, as it can impact demand and manufacturing.
Moreover, a delay in key approvals, delay in the USFDA plant resolution due to travel advisory, EM markets currency risks and subdued demand are seen as the key risks for the sector.
Stocks to consider
Brokerages say while in the short term most companies will bounce back from the last five years of underperformance, this time around, the leader will be different. Hence, one needs to choose stocks carefully.
Edelweiss Broking suggests following five stocks:
Ajanta Pharma
Edelweiss sees Ajanta Pharma as a turnaround story. The brokerage expects the company's margin to improve to 31 percent by FY22 from 27 percent in FY19.
It expects FY20/21/22 EPS of Rs 53/70/83, respectively. At its April 8 closing price of Rs 1,367.5, the stock trades at 23/19/16 times FY20/21/22E P/E and FY22E RoCE of 20 percent.
Degrowth in the Africa business is a point of worry but Edelweiss is quite comfortable with Ajanta's US and India numbers. "We expect Africa to grow by 12 percent over the next two years," Edelweiss said.
Abbott India
Edelweiss sees it as a CAGR story. The brokerage highlighted that Abbott India has seen strong sales growth (organic: 15 percent CAGR; inorganic: 18 percent) in the last 10 years compared to an average 11 percent growth by other Indian pharmaceutical players.
This has been driven by strong execution and acquisition of Piramal Healthcare’s domestic formulation business in May 2010, Edelweiss said.
The brokerage expects FY20/21/22E EPS of Rs 313/360/416. At its April 8 closing price of Rs 17,481, the stock trades at 56/49/42 times FY20/FY21/FY22E P/E and FY22E RoCE of 23 percent.
"The Indian government periodically issues a price cap on certain essential drugs. About 40 percent of Abbott’s portfolio falls under Drug Price Control Orders (DPCO), so any incremental coverage would pose a risk to earnings," Edelweiss said.
Dr Reddy’s Laboratories
It is 'new management, new story' theme for Edelweiss as India business is a key focus for the company now.
Edelweiss highlights that despite its strong innovation capabilities since inception, Dr Reddy’s Laboratories is not even among the top 10 domestic formulation players. Its India business was never a focus area for the management, which led to market share loss over a period of time.
"But for the new management, India will be a key focus area. It recently acquired a large portfolio from a competitor," Edelweiss said.
The brokerage expects FY20/21/FY22 EPS of Rs 120/150/174. At its April 8 closing price of Rs 3,683, the stock trades at 31/25/22 times FY20/21/22E P/E and FY22E RoCE of 20 percent.
Any delay in gCopaxone launch can impact FY22E earnings of the company significantly, said Edelweiss. Also, any USFDA issue with its Bachupally facility is a risk.
Laurus Labs
Edelweiss sees the company as a classic investment story.
The brokerage thinks the earnings of the company will shoot up to Rs 34 per share in FY21E from Rs 9 per share in FY19.
The stock trades at 12 times FY21E P/E. RoCE is seen improving to 13 percent in FY21E from 6 percent in FY19.
Edelweiss expects FY20/21/22 EPS of Rs 24/34/37. At its April 8 closing price of Rs 391, the stock trades at 17/12/11 times FY20/21/22E P/E and FY22E RoCE of 14 percent.
The brokerage said its margin assumption for FY21/22 is 22 percent but any pricing pressure in API/formulation can impact EPS significantly.
Biocon
It is a participant of mega theme -- biosimilar and TINA, said Edelweiss.
Edelweiss points out that the total biosimilar market size was pegged at $20 billion in 2019 by various studies. The same is expected to touch $60 billion by 2025, the highest growth category for pharma companies globally.
The brokerage is of the view that Biocon has proven its mettle by launching Pegfilgrastim ($4 billion) in the US last year. In March, it received approval for Lantus ($6 billion).
The brokerage expects FY20/21/22 EPS of Rs 7.5/10.2/13.4. At its April 8 closing price of Rs 327, the stock trade at 43/32/24 times FY20/21/22E P/E and FY22E RoCE of 12 percent.
Any facility-related USFDA action is a risk for the stock.
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. | pharma stocks have been in the focus amid the turmoil caused by the coronavirus outbreak. the sector is better placed to endure the economic crisis brought by the pandemic, experts say. the pharma and healthcare sectors have a crucial role in supporting the government and people. the bse healthcare index has emerged as the top gainer among sectoral indices. | Positive |
https://www.moneycontrol.com/news/trends/book-review-trends/book-review-pandeymonium-a-glimpse-into-iconic-ad-maker-piyush-pandeys-mindset-thought-process-5529931.html | India ad spends are expectred to see a growth of 23.2 percent to reach an estimated Rs 80,123 crore this year.
Pandeymonium: Piyush Pandey
on Advertisingby Piyush Pandey
Published by
Penguin India
Whether or not you are an advertising professional, you likely already know the name of Piyush Pandey as a celebrity advertising professional. Pandey, the lynchpin of ad agency Ogilvy India, is famous for conceptualising advertising campaigns that not only tweaked the synapses, but also twanged the heartstrings of the viewers, stoking their consumeristic aspirations in a newly liberalised Indian economy. This book tells us how Pandey thinks, what his values are, that is, what makes him tick -- a sense of curiosity about Indian life and culture, massive ambition, a drive for excellence, and a penchant for identifying heartwarming content.
Pandey was among those Indians who most effectively linked life’s priceless moments to the marketing of products and services -- a linkage that was neither essential nor inevitable. If this is a form of manipulation, then it is also an indictment of the entire field of advertising, which is designed to create demand where it often does not exist. Pandey clearly does not think so; he only praises advertising’s potential to bring about social change, without dwelling at length on the ethics of advertising itself, and what an ethical form of advertising might look like. Curious, then that Pandey’s values as a communicator are conveyed right at the beginning of the book: “Whatever you say, say it with respect for the audience, say it in a context that the audience can understand, say it spontaneously, say it without fear, say it not to intimidate or frighten, but to delight”.
The book is structured as a series of anecdotes culminating in advice from Pandey’s playbook for advertising professionals. For instance, Pandey writes of Ogilvy’s rules on the use of music in their commercials. “Suresh Mullick (National Creative Director, and Pandey’s mentor) taught me... not to create music and lyrics that take the brief literally. The second is never to force music onto the consumer. The third is not to ‘sing’ brand names.” Each anecdote, which is too brief to be called a case study, comes with nuggets of advice such as these.
Pandey has a freewheeling style of narration, and sometimes it is hard to discern the thrust or flow of a chapter. There are passages where facts are simply mentioned in passing to whet our appetite but not to slake our hunger through elaboration. For instance, in a chapter on Ogilvy India’s work with family-run businesses, we are told in about 125 words that Pandey considers it his personal failure never to have worked with the Mahindra Group of companies. The chapter ends there abruptly. Why mention this at all if you’re not going to explain it adequately?
Happily, though, Pandey gives us a glimpse into his mode of generating advertising ideas. He writes, “Whenever I feel bereft of ideas or hit a block, I find inspiration by rewinding life to my childhood and going back to my formative years. That’s when the mind was pure, unafraid, unconstructed and unfettered”. That points us to the source of the emotional energy of Pandey’s ideas.
Many of his famous ad campaigns are mentioned in the book. I will single out, however, his agency’s work on the campaign done for the Bharatiya Janata Party ahead of the 2014 Lok Sabha elections, including the famous slogan, Ab ki baar Modi sarkar. This chapter, like the others, is dealt with too breezily; more detail about the rationale behind the choice of messaging tone and content would have further benefited the students of advertising whom this book will naturally attract.
Pandey also devotes attention to the future of the advertising business in India. Of course, his book was written before the COVID crisis hit; his bullish predictions of the ad industry growing by 11-12 percent year on year now seem like fiction.
To sum up: this book makes the general audience relive their memories of landmark ad campaigns that defined the consciousness of post-liberalisation India. But the book is not written in order to be a comprehensive explainer of advertising to the lay reader. What the book does do is to give us a glimpse into Pandey’s mindset and thought process; so the book will be of interest to advertising professionals and students of the subject.
Suhit Kelkar is a freelance Journalist. He is the author of the poetry chapbook named The Centaur Chronicles. | ad spends expected to grow 23.2 percent to reach an estimated Rs 80,123 crore this year. lynchpin of ad agency Ogilvy India, is famous for conceptualising ads. he was among those who most effectively linked life's priceless moments to marketing. he praises advertising's potential to bring about social change without dwelling on ethics. | Positive |
https://www.moneycontrol.com/news/economy/policy/policy-read-up-your-fdi-playbook-business-play-in-india-has-just-got-a-lot-easier-4388861.html | Rajesh Sivaswamy
The latest policy approval from the Cabinet Committee on Economic Affairs came as the much-awaited impetus to shore up the flagging economy. It approved changes to the FDI framework on August 28 in keeping with assurances made in the recent Budget speech.
This could well be one more step towards India becoming a $5-trillion economy.
The changes across four sectors include foreign investment in digital media up to 26 percent, 100 percent foreign direct investment (FDI) for coal mining and contract manufacturing and easing of sourcing norms for single-brand retailers.
There has been a lot of push towards further liberalising norms in these sectors in the wake of global FDI inflows facing headwinds over the past few years. Now, the government has opened the door acknowledging the value of the single largest source of non-debt finance that fuels the economy.
Let’s take a look at the nuts and bolts of what this means to foreign investors and the economy as a whole, sector-wise.
Single Brand Retail Trading (SBRT)
Strict sourcing norms have been whittled down and SBRT entities having more than 51 percent FDI can now manage their 30 percent sourcing requirement irrespective of whether the sourcing is done for local or global operations.
Sourcing of goods from India for global operations can be done both directly or indirectly through a legally tenable agreement with unrelated third parties. This was not possible earlier.
The requirement of SBRT entities which were previously not permitted to initiate trading via online stores without opening brick-and-mortar ones has also been done away with.
Providing clarity and easing sourcing norms are expected to bring in fence sitters who have been waiting on the sidelines. However, not addressing multi-brand retail is a big miss and foreign retailers selling a wide range of product categories would have to continue sitting on the fence. On the positive side, given that the government has already tested waters in retail, the relaxed norms are expected to further enhance the ‘Make in India’ brand globally and enhance domestic production.
Considering the complex nature and dynamics of the Indian market, it is unlikely that most large retailers would sail by themselves and we are likely to see partnerships foster, dispelling any concerns for large Indian groups.
This also augurs well for foreign retail entities which were earlier sceptical about entering the Indian market due to high investment of setting up physical stores. They can now test waters by starting to trade through online stores without opening such stores at least for two years.
Coal Mining
As of March 31, 2018, India had 319.04 billion metric tonnes (351.68 billion short tonnes) of coal reserves. Despite burgeoning demand, Coal India, which has the monopoly to exploit resources, has under delivered and India has had to import coal despite having the fifth-largest reserves in the world.
The nod for 100 percent FDI via automatic route is a welcome step in the right direction for the commercial exploitation of coal and other ancillary operations. This liberalisation in the coal sector paves the way for bringing in newer technologies in coal extraction and ending the dominance of Coal India.
Impact
There are several challenges that remain despite the opening up of FDI in coal. Among others, the three-headed hydra namely environment clearances, mining leases and land acquisition have to be dealt with if foreign investors are to be interested in coal mining, which is a highly capital intensive industry.
The process of auction of mining leases may also have to be tweaked into two stages, namely price discovery and allotment based on a first come basis through a thorough process of diligence. A transparent process in environment clearances, along with set procedures for land acquisitions, will be some of the minimum guarantees that a foreign investor would look at while exploring coal.
Contract Manufacturing
Though existing norms permit 100 percent FDI in the manufacturing sector under the automatic route, there had been no clarity on contract manufacturing. This has now been clarified and 100 percent FDI under automatic route has now been allowed in contract manufacturing by any entity for investment and manufacturing through a contract on both Principal to Principal and Principal to Agent basis.
Impact
Contract manufacturing is expected to provide a major fillip to the Indian economy and create more employment opportunities. Sectors including electronics and pharma, which avail of tools of contract manufacturing, will be keen to exploit the Indian market. Given the backdrop of the US-China trade war, this move can perhaps work to India’s benefit as American companies facing the heat from China look to greener pastures.
Digital Media
The existing policy had been silent on FDI in digital media. Now, 26 percent FDI under the government route has been permitted for entities undertaking uploading or streaming of news and current affairs through digital media.
Impact
The move may perhaps be a double-edged sword and further clarity is required on what constitutes digital media since this was largely looked at as a sub-set of broadcasting entities where the previous policy provided 49 percent FDI and has enabled some broadcasting houses with 49 percent FDI to also have a digital arm, which as specified could undertake “uploading/streaming of news and current affairs through digital media”.
However, this change can land a number of media entities in a spot of bother and is perhaps a regressive move, considering 49 percent FDI in television. Treatment of foreign news sites will also have to be clarified since it is virtually not possible to ban sites which are non-compliant.
Despite some misses, the changes in FDI policy are in the right direction and should provide the necessary shot in the arm for the Indian economy and drive up consumption and investments, further augmenting the perception of Indian growth story globally.
Rajesh Sivaswamy is a Senior Partner, King Stubb & Kasiva, Advocates and Attorneys. Views are personal. | changes across four sectors include foreign investment in digital media up to 26 percent, 100 percent foreign direct investment (FDI) for coal mining and contract manufacturing. single-brand retail trading (SBRT) Strict sourcing norms have been whittled down. easing of sourcing norms is expected to bring in fence sitters who have been waiting on the sidelines. | Positive |
https://www.livemint.com/market/ipo/antony-waste-handling-cell-ipo-share-allotment-likely-today-how-to-check-11609213751514.html | The share allotment in the initial public offer of Antony Waste Handling Cell, which was subscribed 15 times, has been finalised today. Link Intime India Pvt Ltd is the registrar of Antony Waste Handling Cell IPO and will manage the allotment and refund process. Investors can check the share allotment status on the website of Link Intime India through their PAN numbers.
The share allotment can also be checked on BSE's website. Antony Waste Handling Cell IPO, which had opened on December 21 and closed on December 23, was oversubscribed within a few hours of opening.
The shares of Antony Waste Handling Cell are likely to get listed on 1st January. The equity shares are proposed to be listed on BSE and NSE.
According to NSE data, the ₹300-crore initial public offering (IPO) received bids for 10,02,71,821 shares against its offer size of 66,66,342 shares. The retail individual investors (RIIs) segment was subscribed 16.55 times while the portion for qualified institutional buyers (QIBs) was subscribed 9.67 times and non institutional investors 18.69 times.
Antony Waste Handling Cell is into the business of solid waste management services in the country.
The price band in Antony Waste Handling Cell IPO was fixed at ₹313-315 per share for its initial public offer (IPO). The initial public offer was of a fresh issue of ₹85 crore and an offer for sale of 68,24,933 shares. Equirus Capital Private Limited and IIFL Securities Limited were the managers to the offer.
Prior to the IPO, Antony Waste Handling Cell Ltd raised ₹90 crore from anchor investors, icluding Massachusetts Institute of Technology, Tata AIG General Insurance Company Ltd, SBI Equity Savings Fund and SBI Infrastructure fund, among others.
The proceeds of the fresh issue will be utilised for part-financing waste-to-energy project at Pimpri Chinchwad, Maharashtra, through investment in subsidiaries, reduction of consolidated borrowings of the company and general corporate purpose. (With Agency Inputs)
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. | the initial public offer of Antony Waste Handling Cell was subscribed 15 times. the allotment and refund process was managed by link intime india. the shares are likely to get listed on 1st January. the company raised 90 crore from anchor investors before the IPO. the proceeds will be used for part-financing waste-to-energy project at Pimpri Chinchwad, Maharashtra. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/sd-shibulals-family-sells-0-20-stake-in-infosys-for-rs-786-crore/articleshow/77164737.cms | NEW DELHI: The family members of Infosys co-founder SD Shibulal have sold a portion of their stake in the IT major over the last three sessions, representing 0.20 per cent of the paid-up equity share capital.The proceeds from the partial stake monetisation will be utilised for a combination of philanthropic and investment activities, a release said.The stake sale amounted to Rs 786 crore at Infosys' Friday's market capitalisation of Rs 3,92,962.68 crore. Data showed SD Shibulal held 17,65,768 shares or 0.4 per cent stake in Infosys as of June 30. Kumari Shibulal, his wife, held another 0.25 per cent stake, son Shreyas Shibulal 0.66 per cent and daughter Shruti Shibulal owned 0.06 per cent stake at the end of June quarter. Grandson Milan owned 0.36 per cent of Infosys, son-in law Gaurav Manchanda (0.36 per cent) and daughter-in-law Bhairavi Madhusudan Shibulal (0.15 per cent), data showed.The names of the family members selling stake is unknown.The sale was executed by Citigroup Global Markets India Private Limited as the Sole Broker.The founders have served Infosys in various capacities, since its inception in 1981 until October 2014.Last week, Infosys posted a 11.5 per cent year-on-year (YoY) growth in net profit at Rs 4,233 crore for theJune quarter compared with Rs 3,798 crore in the corresponding quarter last year. The numbers beat ET NOW poll projection of Rs 3,820 crore by a wide margin.Consolidated revenue of the company increased 8.5 per cent YoY to Rs 23,665 crore in Q1FY21 , over Rs 21,803 crore in the same period last year. The IT major has projected FY21 revenue growth guidance in the 0-2 per cent range in constant currency terms. | SD Shibulal's family sold 0.20 per cent of their paid-up equity share capital. proceeds from the partial stake monetisation will be utilised for philanthropic and investment activities. the founders have served Infosys in various capacities, since its inception in 1981 until October 2014. last week, the company posted a 11.5 per cent year-on-year growth in net profit at Rs 4,233 crore. | Positive |
https://www.financialexpress.com/industry/corporate-tax-cut-to-benefit-banking-fmgc-but-it-pharma-may-remain-untouched-says-report/1713722/ | The government’s big announcement of a cut in corporate tax will benefit sectors such as banking and FMGC but IT and pharma may not see any tangible benefits as their current effective tax rate is lower, ICICI Direct Research said in a report.
“Like a bolt from the blue, the government (on Friday) announced a reduction in the corporate tax rate from close to 35 per cent to 25.17 per cent thereby fulfilling its key agenda of implementing the Direct tax Code (DTC). This is a massive trigger for revving up growth and, more importantly, resurrecting sentiments that were down in the dumps,” the report said.
Also read: Infosys co-founder Kris Gopalakrishnan to lead panel on protection of non-personal data
The immediate benefit is increased cash flows to corporate India that will be either channelised into debt reduction or incremental investments in increasing capacity. Also, taxing new production facilities (that come up by 2023) at 15 per cent will enable attraction of global capital and spur a beleaguered investment cycle, it said.
Corporate tax rate cut decoded! Why FM Sitharaman’s announcement is a Diwali bonanza for economy
“From a granular perspective, sectors like banking and FMCG are expected to grow at a CAGR of 48.2 per cent and 18 per cent, respectively vs. earlier CAGR of 42.2 per cent and 12.2 per cent. On the flip side, sectors like IT and pharma are not expected to see any upgrades on account of existing lower tax rates,” it said.
A new provision has been inserted in the Income-Tax Act with effect from FY20 which allows any domestic company the option to pay income tax at 22 per cent subject to the condition that they will not avail any exemption/incentive.
The effective tax rate for these companies shall be 25.17 per cent inclusive of surcharge and cess. Also, such companies shall not be required to pay Minimum Alternate Tax.
In order to provide a boost to ‘Make-in-India’ initiative of the government, a new provision allows any new domestic company incorporated on or after October 1, 2019 to make fresh investment in manufacturing, an option to pay income tax at 15 per cent. This benefit is available to companies that do not avail any exemption/incentive and commences their production on or before March 31, 2023.
The effective tax rate for these companies shall be 17.01 per cent inclusive of surcharge and cess. Giving a sectoral analysis of the impact of tax cut, ICICI Direct Research said domestic auto equipment makers will tend to benefit from the tax cut. “Commercial vehicle manufacturers will tend to gain from the kick starting of the private capex cycle.”
“Overall, banks in our coverage are expected to report 11-13 per cent increase in PAT, leading to 1-3 per cent increase in adjusted book value (ABV). Large private banks remain major beneficiaries with HDFC Bank reaping larger gains,” it said.
In the capital goods space, the companies have effective tax rates from 25-34 per cent. The corporate tax cut will have significant positive impact on the mid-cap companies, it said. With power utilities being mostly regulated in nature wherein any cost benefit or inflation is a pass through in the tariffs, the reduction in MAT tax rate from 21 per cent to 17 per cent will have a negligible impact in the profitability as the tax savings will be pass through in the form of lower tariffs. While cement companies, which currently have higher tax rates would benefit significantly from the reduction, only a few players would benefit in the construction sector, it said.
Consumer durable companies pay effective tax of between 25 per cent and 35 per cent and the cut would benefit most of them. “FMCG companies are expected to witness 5-12 per cent increase in earnings on the back of corporate tax reduction. More importantly, the possibility of passing on this benefits and propelling the volume growth would be on the cards,” it said. “We believe FMCG companies would be passing on the benefit in terms of price reduction, which would result in increase in demand specifically in rural India.”
However, with government fiscal under pressure, the possibility of further increase in GST/cess on cigarettes is high, it said. ICICI Direct Research said effective tax rate in case of most pharma companies is either below or at par with the new tax rate due to special economic zone (SEZ), tax free zone benefits, unused MAT credit besides R&D benefits. Hotels, logistics and liquor as well as metal and mining sectors would benefit from the reduction, it added. | a government announcement on friday will benefit banking and FMCG. but IT and pharma may not see any tangible benefits as their current effective tax rate is lower. immediate benefit is increased cash flows to corporate India that will be channelised into debt reduction or incremental investments in increasing capacity. a new provision has been inserted in the Income-Tax Act with effect from FY20 which allows any domestic company the option to pay income tax at 22 per cent subject to the condition that they will not avail any exemption/incentive | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/biden-rally-markets-all-set-for-new-highs/articleshow/79118785.cms |
Will Joe Biden ’s victory in the US Presidential election buoy the stock market to new highs? With the Sensex and the Nifty a little over a percent away from record levels, analysts see a high possibility of the key indices scaling fresh peaks in the near-term, riding on the recent bullish momentum worldwide. On Friday, the Nifty ended at 12,263.55, it’s about 1.4% away from record high of 12,430 hit on January 20. The index soared 5% last week on hopes of a fiscal stimulus by the next US President.“The trend will remain up though the market has already rallied on the expectation that Biden was coming,” said Rohit Srivastava, founder, Indiacharts.com.Technical analysts said the crossing of 12,000 has paved the way for the Nifty to touch new highs. The index could touch 12,700-12,800 in November, they said.Senior Technical Research Analyst, HDFC SecuritiesThere is a higher chance of the Nifty moving above its all-time high of 12,430 levels of January this week. The strong evidence of upside momentum was seen in the Nifty in the last one week and after the upside breakout of the key resistance/larger consolidation around 12,025 level. The formation of upside gap on the breakout of Thursday could be considered as a bullish breakaway gap. Such gaps more often indicate a beginning of a sharp up-trended move in the underlying. Some more upside gaps are expected to be formed in the week and the Nifty is expected to breach above 12,430. The bullish daily and weekly chart patterns and the positive sequential longterm pattern of monthly chart are all indicate a possible upside targets for the Nifty around 12,700 levels, post upside breakout of 12,430. This could happen in November.The Nifty is witnessing a strong upside momentum and this indicates a strategy of riding this upside momentum by creating long trading and investment positions in the index/sectors/stocks. Any consolidation or minor dips could be buying opportunity in the market, as we are likely to see emergence of buying at the lows and continuation of this upside momentum. The stocks of midcap and small cap segments are now attractive for creation of long position. Banking, energy, financials, IT and metal sectors are expected to outperform in the near term and one can create long positions in those sectors.Founder & Chief Strategist, Goldilocks Premium ResearchMarkets are in gear 5 of their uptrend that began in March 2020. After a healthy round of consolidation and having absorbed some important global events, the index got past the psychologically important level of 12,000 last week. This has opened the doors for a move back to the life high of 12,400, which we see coinciding with Diwali. The uptrend seems to have now entered a phase where large-caps, mid-caps & small-cap could do well together. 11,920-12,020 now becomes a strong support for the near term.Do not let the thought of “Nifty at 12,000” deter you from buying stocks. We still see immense opportunities at the market place with no real signs of topping. Stay invested. There has been a sort of relay of strength among the heavyweight sectors in the last few months that has managed to keep the Nifty firm. The comeback of the banking sector is healthy and we see the index testing 28,000 in the near term. All the top stocks have a positive set-up. The IT sector is a bigger risk-reward based opportunity. We see the marquee names like Infosys, HCL Tech, Wipro, TCS doing well from here. The metals sector has seen a big breakout from a multi-year downtrend. A new structural bull trend could be in place. Names like JSW Steel, Tata Steel, JSPL could give stellar returns ahead. The mid-cap index has ended the two-month long consolidation. A move to 18,500 and beyond is in the offingFounder, Indiacharts.comThe Nifty scaled past the October high of 12,024 which indicates that we are now starting a fresh rally that could last into Diwali or beyond. The breakout suggests that we can head toward the all-time high at 12,430 or even surpass it toward 12,800 in the coming weeks. Similarly, the Bank nifty could be heading toward 28,700.Over the last few days, we have witnessed that the move is getting broad-based with participation from sectors like IT, metals and banking at the top. Expect this to continue and spread to the midcap and smallcap stocks that have been consolidating for two months now. While we do think pharma will continue to do well, it usually is a laggard when markets are strong and may pick up momentum later. Among stocks, RIL has reached the 40-week average and bounced back. The correction may be over and it may resume its long-term upward trend | analysts see a high possibility of the key indices scaling fresh peaks in the near-term. the Sensex and the Nifty are a little over a percent away from record highs. the index soared 5% last week on hopes of a fiscal stimulus by the next US president. the nifty is witnessing a strong upside momentum. | Positive |
https://www.financialexpress.com/market/top-midcap-smallcap-gainers-these-stocks-rally-up-to-20-today-beat-sensex-nifty/2082870/ | Following SEBI’s ruling on multicap funds, the broader markets beat the equity benchmarks BSE Sensex and Nifty 50 today. S&P BSE SmallCap jumped as much as 4.29 per cent to 15,184.11, which is a fresh 52-week high level. In March this year, the SmallCap index plunged to an all-time low of 8622.25 on the back of global uncertainty in the wake of the coronavirus pandemic. Since then, the index has been surging and has rallied around 76 per cent so far. The S&P BSE MidCap index managed to gain 2.3 per cent to touch the day’s high of 14,999.46. With today’s gain in the index, midcaps are now 5.8 per cent away from a 52-week high of 15,930.78, touched in February this year. Four out of 30 BSE Smallcap stocks were locked in the 20 per cent upper circuit today.
In 2018, BSE MidCap index scaled an all-time high of 18,821.37 and tumbled a massive 91.74 per cent to 9,555 this year in March. According to the latest ruling by the capital market regulator, multi-cap funds have to invest at least 25 per cent of their corpuses each in large-cap, mid-caps and small-cap stocks. In today’s trade, the top performer in smallcap index was Ramkrishna Forgings, which hit a 20 per cent upper circuit at Rs 272.40 apiece. The stock has more than doubled investors’ money from March low of Rs 135.45. It was followed by KPIT Technologies Ltd, which also hit 20 per cent upper cent at Rs 106.65 apiece, rising massive 209.57 per cent in less than six months. Similarly, Indoco Remedies Ltd and Persistent Systems too were locked in the 20 per cent upper circuit, at Rs 265 and Rs 1,188.60, respectively. Another gainer in the smallcap index was Birla Corporation, which soared 14.13 per cent in today’s trade.
From BSE Midcap index, IT consulting and software firm Mphasis share price climbed up to scale a fresh 52-week high of Rs 1,297.50 apiece in today’s trade. The other index gainers were Oberoi Realty, Shriram City Union Finance, Kansai Nerolac Paints, each up in the range of 6-7 per cent. Around 2.45 PM, BSE MidCap index was trading 1.50 per cent higher at 14,862.01, as compared to half a per cent fall in the benchmark S&P BSE Sensex. While the losers on this pack were IDBI Bank, Central Bank of India, Torrent Pharmaceuticals, Hindustan Aeronautics, Bharat Heavy Electricals Ltd (BHEL) and Future Retail, down between 1.2-5 per cent. | the broader markets beat the equity benchmarks BSE Sensex and Nifty 50. S&P BSE SmallCap jumped as much as 4.29 per cent to 15,184.11. in march this year, the smallcap index plunged to an all-time low of 8622.25. the index has rallied around 76 per cent so far. | Positive |
https://www.moneycontrol.com/news/business/industry-leaders-draw-govt-attention-on-ease-of-doing-business-in-india-4748051.html | India Inc leaders, including Bharti Enterprises Chairman Sunil Bharti Mittal, CII President Vikram Kirloskar and Assocham President Balkrishna Goenka, on Thursday asked the government to take measures to augment ease of doing business to "create more freedom for the industry to perform".
In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, the corporate leaders highlighted several issues, including certain income tax matters which were coming in the way of mergers and acquisitions or slowing them down and roles that need to be played by state businesses to prosper at the ground level.
"I have come here today to discuss only one thing -- make doing business easy in the country. That was what my thrust was," Bharti Airtel Chairman Sunil Bharti Mittal told reporters after the meeting.
He said some suggestions around mergers and acquisitions (M&As), demerger, NCLT process, about certain sections of income tax which were coming in the way of M&A or slowing them down were made.
"The idea is to create more freedom for the industry, for them to perform. I think the finance minister received them very well with her associates and secretaries. What we look forward to this Budget is that they unleash the energy of the Indian entrepreneurs to do more," Mittal said.
Expressing similar views, Assocham President Balkrishna Goenka said for "ease of doing business, states have to play an important role" and last mile issues are there, which need to be resolved.
When asked about the meeting, CII President Vikram Kirloskar said, "We talked about ease of doing business, which are the issues concerning many industries."
RP-Sanjiv Goenka Group Sanjiv Goenka said the discussions "centred around more around what can be done to stimulate growth, to facilitate the ease of doing business".
"I think the finance minister and her team were extremely open to all suggestions," Goenka said, adding that "it is the first time I have seen this kind of response from the government".
On the current slowdown and its impact on capacity utilisation across many industries, he said, "We all recognised that it is going to take a couple of quarters, three quarters, four quarters, before this capacity gets utilised. We understand that, and that is the reality of the situation."
Ficci President Sandip Somany said the industry representatives gave suggestion to the FM "to reduce income tax for those who earn less than Rs 20 lakh in a year so that there is more disposable in the hands of consumers and the economy benefits".
He further said, "We have also asked the FM to take measures about reducing EMIs, which can happen only if the banks reduce the interest rates on loans."
Stating that while the RBI has cut 135 bps, banks have reduced only 45 bps, Somany said, "If there can be more transmission of RBI's cut to consumers, then the EMIs will be reduced and it will also improve consumption."
A finance ministry statement said, "During the interactive session lasting over two hours, prominent industrialists spoke about improving regulatory environment to safeguard investments through ease of doing business, increasing export competitiveness, reviving private investment and kick-starting growth measures."
In the pre-budget consultations in connection with the forthcoming General Budget 2020-21, industrialists also suggested many ways to boost the rural economy, especially to increase consumption, it added.
Other suggestions included improvement in insolvency process in relation to NCLTs and banks; faster mergers, acquisitions and demergers processes, ways to reduce time for FDI approval; structural changes in laws for effective and stable business environment; time-bound decisions for augmenting ease of doing business both at the central and state levels.
The industry leaders also called for new investment of capital for building infrastructure, CAPEX for infrastructure to boost the economy, preventing predatory pricing and dumping in India while facilitating R&D in India to boost Make in India, the statement said.
They also called for harnessing public-private-partnership (PPP) by leveraging social funding through a new programme and ensure liquidity for NBFCs with focus on the rural economy and ways to increase consumption in the economy, it added.
Other industry leaders who took part in the pre-Budget consultations were GMR Group CHairman BVN Rao, Ashok Leyland MD and CEO Vipin Sondhi, Wipro Global Chief Financial Officer Jatin Dalal, K Raheja Corp Group Group President Ravi Raheja and Patanjali Ayurved Ltd Chairman Acharya Balkrishan, among others. | CII presidents ask government to take measures to augment ease of doing business. they say it will create more freedom for the industry to perform. a number of issues are being discussed in a pre-budget meeting. a cii executive says it is "the first time i have seen this kind of response from the government" a cii executive says it is "very important" to ensure that the economy is not sluggish. | Positive |
https://www.financialexpress.com/education-2/top-brains-commit-rs-300-crore-to-build-masters-union-school-of-business/1926449/ | A group of business stalwarts, top academics and senior bureaucrats will invest Rs 300 crore to build the Masters’ Union School of Business, a business school in Gurgaon, near Delhi. These include Arun Maira (former chairman, Boston Consulting Group), Mukund Rajan (former MD, Tata Teleservices), Karthik Ramanna (University of Oxford), Narendra Jadhav (Rajya Sabha MP and former Chief Economist, RBI), Tathagata Dasgupta (chief data scientist, Viacom) and Bhaskar Chakravorti (former professor, Harvard Business School, and former partner, McKinsey & Company).
The campus, which is now ready, is located in the Cyber City area of Gurgaon, which has over 600 MNC offices. The school’s flagship programme will be the 16-month intensive PGP-TBM (Post Graduate Programme in Technology Business Management). Ramanna said the curriculum will be developed dynamically with inputs from leaders in business, the government as well as leaders from the third sector. “Such a curriculum and pedagogy will ensure students receive learning that is connected to, and serves, the needs of the industry,” he said.
The courses will be delivered using live consulting projects, field tours and internships. Masters’ Union School of Business will also conduct tech boot camps in emerging technologies like artificial intelligence, blockchain, SaaS and cybersecurity—areas that are at the cross-section of technology and business.
The school will establish a student-run venture fund with a corpus of Rs 5 crore that will invest in areas like real estate and capital markets. It will also have a Centre for New Business Models, a research-based forum that will formulate business opportunities in new technologies like blockchain, biotech and machine learning. And it will run a CXO shadow programme that aims to enable students to have a first-hand look into a day of a CXO to experience how organisations are run and business decisions are made.
Viacom’s Dasgupta added that in medical schools doctors teach students, in law schools practising lawyers teach, but in B-schools faculty may not have experience with hands-on leadership in the industry. “That’s a gap the Masters’ Union addresses by getting CXOs, MDs and business leaders to teach and train students,” he said.
In keeping with that philosophy, the founders will also take up the role of teaching. Maira will teach ‘management consulting’, Rajan will take classes on ‘how to be a successful brand custodian’, Dasgupta on ‘AI, ML, blockchain in business’, Ramanna on ‘business and public policy’, Chakravorti on ‘international business’, and so on.
The admission process is currently going on, and the first round of admissions will be over by next month. The deadline for the second round of admissions is July. “In the first round, we had 1,200 applicants, and we expect 3,000 applicants in the second round,” said Pratham Mittal, project director, Masters’ Union School of Business. The final intake will be just 60 students, and these will be taught one-on-one by 60 teachers, Mittal added. | business stalwarts, top academics and senior bureaucrats will invest Rs 300 crore. the school will conduct tech boot camps in emerging technologies like artificial intelligence, blockchain, SaaS and cybersecurity. the campus, which is now ready, is located in the cyber city area of Gurgaon. the school will establish a student-run venture fund with a corpus of Rs 5 crore. | Positive |
https://economictimes.indiatimes.com/news/economy/policy/covid-19-prompts-workers-corporates-to-adopt-gig-economy/articleshow/78732156.cms |
New Delhi: At a time when the COVID-19 pandemic has disrupted the job landscape, gig employment is gaining ground and is offering huge potential for both blue-collar as well as white-collar workers, according to experts. Gig workers are independent contractual workers who are into flexible agreements with companies or through platforms for on-demand work completion. In a gig economy , temporary, flexible jobs are preferred by companies rather than hiring full-time employees.Experts believe that gig economy provides a win-win situation for both parties and its reach is slowly expanding from less-skilled services to high-skilled jobs."Gig economy has been there for a long time. It's being embraced like never before, that too in India, due to both economic conditions and COVID-19 situation," said Kaushik Banerjee, Vice President and Business Head of Teamlease.com and Freshersworld.com.According to TeamLease.com, a group company of TeamLease Services, the demand for gig workers is higher this year than last year."On Teamlease.com alone we have more than 11,871 job vacancies for gig profiles. In fact, there is a 2.5X jump in demand compared to last year," Banerjee said."Corporate workforce is making space to accommodate gig workers. We have already seen a good 12 per cent rise from pre-COVID times," he added.While delivery agents command the biggest slice of the pie, the other profiles which are in demand include warehouse helpers and assembly line operators.In white-collar gigs, designers, content writers and digital marketers are in demand as e-commerce sites require increased activity, Banerjee said."We have noticed that companies have now started shifting full-time entry-level roles to a gig model," GigIndia co-founder and CEO Sahil Sharma said, adding that after the lockdown, "we at GigIndia have uploaded around 3,500-plus job opportunities for giggers on our platform within six months".There has been a 115 per cent increase in work-from-home gigs during the lockdown and the percentage of women giggers grew from 12.07 per cent to 29.34 per cent within six months of the pre/post-lockdown period, Sharma said.However, in the absence of a steady salary, paid sick leave and other benefits, the chances of financial insecurity are much higher."Gig, being a new form of workforce engagement, remains untested in Indian courts, and with the absence of specific legislations, gig workers cannot claim consequential benefits such as minimum wages, hours of work, overtime, leave, etc as compared to most traditional long-term employees," said Nishith Upadhyaya, Director - Advisory Services, SHRM (APAC & MENA)."In our view, the government should aim to offer a reasonable amount of social security to gig workers as well as protection under employment laws while retaining the inherent flexible nature of the gig work arrangement," Upadhyaya further added.According to Abhay Mathur, Senior Vice President, Finance, Urban Company, "a flexible workforce helps organisations manage costs well with the peaks and troughs of demand. It also enables rapid scale up when exponential growth happens and helps provide specialist skills for one time/occasional use."For workers, the benefit is the flexibility to work when you want and on the jobs you want, across geographies (where possible), he added. | Gig workers are independent contractual workers who are into flexible agreements. a gig economy provides a win-win situation for both parties, experts say. a 2.5X jump in demand compared to last year, says teamlease.com. a 115 per cent increase in work-from-home gigs during the lockdown. a spokesman for the swiss government says it is preparing to launch a gig economy. | Positive |
https://www.financialexpress.com/world-news/china-unexpectedly-cuts-reverse-repo-rate-by-most-in-5-years-to-support-coronavirus-hit-economy/1913221/ | China, which came to a standstill due to the coronavirus outbreak for over two months, cut the Reverse Repo Rate (RRR) by 20 basis points on Monday to facilitate more lending as the world’s second largest economy ramped up the manufacturing sector to almost 100 per cent of its capacity to make up for big losses.
A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future. China’s manufacturing sector has steadily resumed production after the shutdown due to COVID-19, with 98.6 per cent of the major industrial firms nationwide having restarted work as of Saturday, the Ministry of Industry and Information Technology (MIIT) said on Monday.
Xin Guobin, vice minister of the MIIT, told the media here on Monday that around 89.9 per cent of the employees in industrial companies with an annual revenue of more than 20 million yuan (about USD 2.84 million) had returned to their posts. In the coronavirus epicentre Hubei province, which is gradually returning to normal after the virus abated, the average work resumption rate of industrial firms have surpassed 95 per cent by far, state-run Xinhua news agency reported.
The production and operation of large pharmaceutical companies producing vitamins, antibiotic, antipyretic and analgesic ingredients have returned to normal, Xin said. Meanwhile, 76 per cent of small and medium-sized enterprises have restarted to work nationwide. Some 92 leading enterprises in key industries have helped boost the work resumption of more than 400,000 their upstream and downstream enterprises, Xin said.
Separately China’s central bank on Monday pumped liquidity into the market through seven-day reverse repos while cutting the interest rate by 20 basis points to lower lending costs and offset the economic shock of COVID-19. The People’s Bank of China (PBOC) injected 50 billion yuan (about USD seven billion) into the market through the seven-day reverse repos at an interest rate of 2.2 per cent, the central bank said in a statement on its website.
Before Monday’s move, the PBOC has skipped reverse repos for 29 straight trading days, the Xinhua report said. Ma Jun, a member of the monetary policy committee of the PBOC, said the RRR cut indicates that the central bank has strengthened counter-cyclical adjustments in the face of production resumption at home and a worsening external economic environment.
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Cutting the reverse repo rate would help lower lending costs for the real economy, said Ma, who believes that adjustments in monetary market rates are now better reflected on market lending rates thanks to the reform of loan prime rate (LPR). Wen Bin, a chief researcher with China Minsheng Bank, said the 50 billion-yuan reverse repos would help meet short-term market liquidity demand.
The PBOC also pledged on Friday after a regular meeting of its monetary policy committee to improve its macroeconomic control to limit the fallout of the COVID-19 outbreak and better shore up its economy. Aside from Monday’s rate cut, China still has ample monetary policy space and tools at disposal, Ma said, noting that China remains the only major economy that keeps a normal monetary policy and is able to enhance counter-cyclical adjustments with regular operations.
Also China on Monday said it will lift foreign ownership limit on securities companies in a bid to attract more foreign investments. The limitation on foreign stakes in securities firms in China is scheduled to be scrapped on April 1 as the country moves ahead with opening its financial industry to foreign investors, according to the top securities regulator. Eligible foreign investors can file applications for the registration of new securities firms or change of the actual controller of existing ones in accordance with applicable laws and regulations after the new regulation goes into effect, the China Securities Regulatory Commission said.
China suffered hundreds of billions of dollars of losses as it virtually shut the country and closed almost all the factories for over two months to prevent the spread of the coronavirus which emerged in central Chinese city of Wuhan. While it kept the coronavirus epicentre Hubei province with over 56 million people under lockdown since January 23, it began easing curbs in the last few weeks all over the country. Hubei too started opening up after drastic fall in cases.
China on Monday reported 31 new cases of coronavirus including 30 imported ones while the death toll reached 3,304 with four more fatalities, health officials said. The overall confirmed cases on the mainland has reached 81,470 by the end of Sunday. This included 3,304 people died of the disease, 2,396 patients still being treated and 75,770 patients discharged after recovery. | china's manufacturing sector has steadily resumed production after the shutdown due to COVID-19. 98.6 per cent of the major industrial firms nationwide have restarted work as of Saturday. 92 leading enterprises in key industries have helped boost the work resumption of more than 400,000 upstream and downstream enterprises. the PBOC injected 50 billion yuan (about USD seven billion) into the market through the seven-day reverse repos. | Positive |
https://www.moneycontrol.com/news/trends/book-review-trends/book-review-pandeymonium-a-glimpse-into-iconic-ad-maker-piyush-pandeys-mindset-thought-process-5529931.html | India ad spends are expectred to see a growth of 23.2 percent to reach an estimated Rs 80,123 crore this year.
Pandeymonium: Piyush Pandey
on Advertisingby Piyush Pandey
Published by
Penguin India
Whether or not you are an advertising professional, you likely already know the name of Piyush Pandey as a celebrity advertising professional. Pandey, the lynchpin of ad agency Ogilvy India, is famous for conceptualising advertising campaigns that not only tweaked the synapses, but also twanged the heartstrings of the viewers, stoking their consumeristic aspirations in a newly liberalised Indian economy. This book tells us how Pandey thinks, what his values are, that is, what makes him tick -- a sense of curiosity about Indian life and culture, massive ambition, a drive for excellence, and a penchant for identifying heartwarming content.
Pandey was among those Indians who most effectively linked life’s priceless moments to the marketing of products and services -- a linkage that was neither essential nor inevitable. If this is a form of manipulation, then it is also an indictment of the entire field of advertising, which is designed to create demand where it often does not exist. Pandey clearly does not think so; he only praises advertising’s potential to bring about social change, without dwelling at length on the ethics of advertising itself, and what an ethical form of advertising might look like. Curious, then that Pandey’s values as a communicator are conveyed right at the beginning of the book: “Whatever you say, say it with respect for the audience, say it in a context that the audience can understand, say it spontaneously, say it without fear, say it not to intimidate or frighten, but to delight”.
The book is structured as a series of anecdotes culminating in advice from Pandey’s playbook for advertising professionals. For instance, Pandey writes of Ogilvy’s rules on the use of music in their commercials. “Suresh Mullick (National Creative Director, and Pandey’s mentor) taught me... not to create music and lyrics that take the brief literally. The second is never to force music onto the consumer. The third is not to ‘sing’ brand names.” Each anecdote, which is too brief to be called a case study, comes with nuggets of advice such as these.
Pandey has a freewheeling style of narration, and sometimes it is hard to discern the thrust or flow of a chapter. There are passages where facts are simply mentioned in passing to whet our appetite but not to slake our hunger through elaboration. For instance, in a chapter on Ogilvy India’s work with family-run businesses, we are told in about 125 words that Pandey considers it his personal failure never to have worked with the Mahindra Group of companies. The chapter ends there abruptly. Why mention this at all if you’re not going to explain it adequately?
Happily, though, Pandey gives us a glimpse into his mode of generating advertising ideas. He writes, “Whenever I feel bereft of ideas or hit a block, I find inspiration by rewinding life to my childhood and going back to my formative years. That’s when the mind was pure, unafraid, unconstructed and unfettered”. That points us to the source of the emotional energy of Pandey’s ideas.
Many of his famous ad campaigns are mentioned in the book. I will single out, however, his agency’s work on the campaign done for the Bharatiya Janata Party ahead of the 2014 Lok Sabha elections, including the famous slogan, Ab ki baar Modi sarkar. This chapter, like the others, is dealt with too breezily; more detail about the rationale behind the choice of messaging tone and content would have further benefited the students of advertising whom this book will naturally attract.
Pandey also devotes attention to the future of the advertising business in India. Of course, his book was written before the COVID crisis hit; his bullish predictions of the ad industry growing by 11-12 percent year on year now seem like fiction.
To sum up: this book makes the general audience relive their memories of landmark ad campaigns that defined the consciousness of post-liberalisation India. But the book is not written in order to be a comprehensive explainer of advertising to the lay reader. What the book does do is to give us a glimpse into Pandey’s mindset and thought process; so the book will be of interest to advertising professionals and students of the subject.
Suhit Kelkar is a freelance Journalist. He is the author of the poetry chapbook named The Centaur Chronicles. | ad spends expected to grow 23.2 percent to reach an estimated Rs 80,123 crore this year. lynchpin of ad agency Ogilvy India, is famous for conceptualising ads. he was among those who most effectively linked life's priceless moments to marketing. he praises advertising's potential to bring about social change without dwelling on ethics. | Positive |
https://economictimes.indiatimes.com/news/defence/bharat-electronics-and-tech-mahindra-collaborate-to-build-digital-aerospace-defence-products/articleshow/74012974.cms | MUMBAI: State-owned Bharat Electronics Limited BEL ) and software provider, Tech Mahindra announced a partnership on Friday to design and build digital solutions for aerospace and defense applications. The companies signed a Memorandum of Understanding (MoU) at DefExpo India 2020, Lucknow , to jointly develop solutions in the field of defence products and systems for the armed forces with the use of latest technologies in Aerospace and Defence (A&D) Engineering Services, 5G and cyber security.Anandi Ramalingam, Director Marketing, Bharat Electronics, said, “The MoU will enable BEL and Tech Mahindra to make joint efforts to seize the opportunities available in the domestic markets on back of the policy initiatives of the Indian Government such as Make-in-India. It will further support in tapping into global markets for export of defence products produced by the individual companies or jointly developed and produced by the two companies, leveraging on the Export Promotion Policy of the Ministry of Defence , Government of India.”Sujit Baksi, Head APAC Business and President Corporate Affairs , Tech Mahindra, said the collaboration would allow the companies to tap export opportunities.“Tech Mahindra’s collaboration with Bharat Electronics extends our vision of supporting government’s ‘make in India’ initiative to enhance our indigenous capabilities and build a robust 5 Trillion Dollar Indian economy. It is also in line with our TechMNxt charter that focuses on leveraging new generation technologies to deliver an enhanced experience to our customers,” she said. | Bharat Electronics and tech Mahindra signed a Memorandum of Understanding. the companies will jointly develop solutions in the field of defence products and systems for the armed forces. the collaboration will allow the companies to tap export opportunities. the companies will also use latest technologies in 5G and cyber security. the companies will also be able to tap into global markets for export of defence products produced by the individual companies or jointly developed and produced by the two companies. | Positive |
https://www.businesstoday.in/current/economy-politics/cabinet-secretary-gauba-asks-secretaries-to-urge-officers-to-donate-in-pm-cares-fund/story/401340.html | KEY HIGHLIGHTS
Rajiv Gauba has asked secretaries of various ministries to appeal to employees for voluntary contribution to PM CARES Fund
Cabinet Secretary notes the government officials have also contributed a day's salary in national emergencies in the past
FinMin's Revenue Department has asked employees to contribute a day's salary per month until March 2021
Mukesh Ambani, Ratan Tata and filmstar Akshay Kumar among big names who have announced their contributions
Seeking a 'noble gesture' from government of India employees, Cabinet Secretary Rajiv Gauba has written to secretaries in various ministries, asking them to urge employees -- as well as those in PSUs under various ministries -- to make voluntary contribution to PM CARES Fund. The letter was sent on April 16.
On April 17, Ministry Of Finance's Revenue Department issued a circular, asking employees to contribute voluntarily to the PM CARES Fund with an opt-out clause. "It has been decided to appeal (to) all officers and staff of Department of Revenue to contribute their one day's salary every month till March 2021..."
Any officer or staff objecting to the donation is required to inform the department with his/her employee code by April 20. "Any officer or staff having objection to it may intimate Drawing & Disbursing officer, Department of Revenue in writing mentioning his/her employee code latest by April 20, 2020," the Revenue Department circular said. The Ministry of Finance's Department of Revenue is led by Secretary Ajay Bhushan Pandey.
Gauba's letter noted that in the past, government officials had contributed minimum one day's salary during national emergencies.
"Hence, it will be appreciated if an appeal is issued at your level to all officials working in your ministry/department as well as in the attached/subordinate offices and public sector undertakings (PSUs) to contribute to government's efforts to deal with this unprecedented situation. The voluntary contribution of all the willing officials in the Ministry/Department, deducted at sources, may be sent to Prime Minister's Citizens' Assistance and Relief in Emergency Situation Fund (PM CARES Fund) through the PFMS mechanism," the top bureaucrat wrote.
Also read: Coronavirus: Independent auditors to audit PM-CARES Fund, foreign donations allowed
It may be noted that a large number of government employees as well as those working with various PSUs have also contributed to the PM CARES Fund. A minimum of one day's salary has been given to the Fund.
Employees of many PSUs such as Steel Authority of India (SAIL) and NMDC have donated a minimum of one day's salaries to the newly-created fund to fight the menace of coronavirus. Steel PSUs alone have contributed over Rs 260 crore to the PM CARES Fund.
Ever since the relief fund was set up and Prime Minister Narendra Modi appealed citizens for donations, industrialists like Mukesh Ambani, Ratan Tata and filmstars like Akshay Kumar have announced their contributions. The central government employees of various cadres have also supported the noble initiative.
All the resources pooled together would be used to fight coronavirus, which has thrown the entire economy out of gear.
Also read: PM CARES Fund better suited to deal with coronavirus crisis, say legal experts | government officials have contributed a day's salary in national emergencies in the past. in the past, officials have contributed a day's salary during national emergencies. cabinet secretary has written to secretaries of various ministries to appeal to employees. he urges them to urge them to make voluntary contribution to PM CARES Fund. a number of government employees have also contributed a day's salary in the past. | Positive |
https://www.businesstoday.in/current/corporate/preferred-successor-internal-candidate-has-spent-25-years-at-hdfc-bank-says-aditya-puri/story/410379.html | HDFC Bank's Managing Director and Chief Executive Officer Aditya Puri has said that his preferred successor is an internal candidate, who has spent 25 years at the lender.
However, he did not name the candidate.
"He (the successor) has been with us for 25 years, my successor was always in place, at least in my mind," Puri told shareholders at the bank's virtual AGM held on Saturday.
Seeking to assuage concerns on training and business understanding, he also said the candidate has "learnt very well".
It can be noted that Puri has been widely credited with building the bank as the most valued one by investors over nearly 26 years, and who succeeds him at the corner office is the subject of intense interest in banking and industry circles.
Earlier this year, a media report said the bank had selected the names of internal candidates Sashidhar Jagdishan and Kaizad Bharucha, and Citi's Sunil Garg as the probable candidates.
In June, the bank said it has given three names in order of their preference to the RBI.
"It is up to the RBI now to decide among what we have given to them," Puri said, reiterating that succession was not a problem for the bank.
Jagdishan has been with the bank since 1996 and joined as a manager in the finance function. He was appointed as a "change agent" recently and heads the finance, human resources, legal and secretarial, administration, infrastructure, corporate communications and corporate social responsibility functions.
Bharucha has been with the bank since 1995 and presently serves as an executive director in charge of wholesale banking. HDFC Bank is widely recognised as a consumer business-centric bank.
On Saturday, Puri also said the economy has sharply recovered after the April trough but warned that the partial lockdowns being implemented across pockets may act as a dampener.
The bank expects further rate cuts of up to 0.50 per cent by the RBI in the near term, Puri said.
According to him, 1,200,000 accounts were opened during the lockdown, which was 80 per cent of the pre-lockdown levels, and added that it will get back to the earlier averages by September.
Asserting that no employee has been sacked, Puri said the sales force on the field has been entrusted with the loan collection responsibilities.
As of June 30, nine per cent of its customers by value had opted for loan moratoriums, he noted.
Jagdishan said in view of the huge quantum of payments transactions that it outsources, the bank has taken a USD 100 million cyber cover, making it one of the few lenders to have such a cover.
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Also Read: Coronavirus in India: Highest-ever single day spike of 38,902 cases; tally at 10.7 lakh | Managing Director and chief executive officer Aditya Puri says his preferred successor is an internal candidate. he did not name the candidate, who has spent 25 years at the lender. puri has been widely credited with building the bank as the most valued one by investors. the bank expects further rate cuts of up to 0.50 per cent by the RBI in the near term. | Positive |
https://www.financialexpress.com/industry/pending-investor-grievances-drop-16-till-fy18-end/1281721/ | Investor grievances pending with Sebi dropped by 16 per cent to nearly 3,800 at the end of 2017-18 with the markets regulator working on their expeditious disposal, according to a Sebi report. The number of pending actionable grievances stood at 4,476 as on March 31, 2017. According to the SCORES data, such complaints numbered at 3,771 as on March 31, 2018, registering a fall of 15.75 per cent from the year-ago period. Pending actionable grievances exclude the complaints against which regulatory action has been initiated. Also, there has been a 13-fold plunge in number of the pending grievances at the end of the previous fiscal in comparison to the conclusion of the financial year 2008-09, when the number stood at 49,113. “… the number of pending grievances has been steadily declining over the years due to expeditious disposal at the end of Sebi,” the report said.
Out of the pendency of 3,771 grievances, 3,124 are pending for less than six months. “Further, only 647 grievances are pending for more than six months as on March 31, 2018 as compared to 984 grievances being pending for more than six months as on March 31, 2017,” the report noted.
The Sebi Complaints Redressal System (SCORES) is a centralised web-based grievance remedial platform. It enables market intermediaries and listed companies to receive complaints online from investors, redress them and report redressal online. The regulator received 43,131 investor complaints during 2017-18, as against 40,000 in the previous fiscal, according to the report.
“The number of investor complaints received by Sebi on cumulative basis increased from 30,03,454 as on March 31, 2017 to 30,46,585 as on March 31, 2018,” the report said. Also, 43,308 complaints were redressed by Sebi during 2017-18, in comparison to 49,301 in 2016-17. Cumulatively, the number of redressed complaints stood at 29,19,690 till the end of 2017-18, while 28,76,382 grievances were taken care of till the conclusion of the previous fiscal. | investor grievances pending with Sebi dropped by 16 per cent to nearly 3,800 at the end of 2017-18. the number of pending actionable grievances numbered at 3,771 as on march 31, 2018, registering a fall of 15.75 per cent from the year-ago period. there has been a 13-fold plunge in number of the pending grievances at the end of the previous fiscal. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/nikkei-tracks-wall-street-higher-banks-gain-as-us-regulators-relax-rules/articleshow/76640817.cms | SYDNEY: Japanese shares bounced back on Friday, tracking overnight Wall Street gains, with banks leading the rally in both markets, after U.S. regulators' decision to ease some rules allayed fears over a spike in fresh COVID-19 cases.The benchmark Nikkei average rose 1.1% to 22,512.08, rebounding from a 1-1/2-week closing low hit in the previous sessiom. For the week, the index eked out a marginal gain of 0.1%.Wall Street's major indexes closed higher on Thursday, with bank stocks soaring after U.S. banking regulators unveiled new rules that will make life easier for large banks with complex trading and investment portfolios. It helped to offset investor jitters over alarming increases in new coronavirus cases.Riding on the upbeat wave, shares in Tokyo-listed banks also gained, with Mitsubishi UFJ Financial Group (MUFG) Inc, Sumitomo Mitsui Financial Group (SMFG) Inc and Mizuho Financial Group Inc rising between 1.3% and 1.7%.The benchmark Nikkei's heavyweight SoftBank Group Corp advanced 3% as the tech conglomerate said after the market close on Thursday that it would buy back up to 5.75% of own shares worth 500 billion yen ($4.7 billion) through March 31, 2021.The broader Topix rose 1% to 1,577.37, with all but three of the 33 sector sub-indexes on the Tokyo exchange finishing higher.Financial-related securities, banking and other financial were among the top performing sector subindexes on the main bourse.Some retail investors bought the stocks of companies that will go ex-dividend on Monday, analysts said. Kyowa Kirin Co Ltd climbed 2.1% and Canon Inc added 0.5%.Bucking the overall gaining trend, the index of Mothers startup shares fell 0.8%, after touching its highest level since Oct. 2, 2018 earlier in the session. | the benchmark Nikkei average rose 1.1% to 22,512.08, rebounding from a 1-1/2-week low. bank stocks soaring after regulators eased some rules to ease concerns over new cases. the index of Mothers startup shares fell 0.8% after touching its highest level since Oct. 2, 2018. the tech conglomerate said it would buy back up to 5.75% of own shares worth 500 billion yen. | Positive |
https://economictimes.indiatimes.com/news/economy/agriculture/farming-sector-will-not-be-impacted-by-coronavirus-agriculture-minister/articleshow/75450174.cms | NEW DELHI: The country's farm sector is functioning smoothly despite COVID-19 lockdown and there will not be much impact on its growth in the current fiscal unlike other sectors, Agriculture Minister Narendra Singh Tomar said on Wednesday.Agriculture and allied sector's growth stood at 3.7 per cent during the 2019-20 fiscal.Meanwhile, government think tank Niti Aayog pegged the farm sector growth at 3 per cent in the current fiscal in hopes of a good monsoon amid prevailing COVID-19 situation.Addressing the media, Tomar said: "In the current lockdown situation, the agriculture sector is functioning smoothly as there has been no shortage of foodgrains, vegetables and dairy products. But, many other sectors are impacted. We are proud of our farmers. We thank our farmers".The impact of lockdown on the overall agriculture GDP will not be much this year on hopes of good rains. And the government has exempted farm activities from the lockdown rules, he said."Agriculture GDP was at 3.7 per cent during last year. I am confident that this growth in future will not be impacted much," Tomar added.Sharing the same views, Niti Aayog member Ramesh Chand said farm sector growth is estimated to be 3 per cent in the 2020-21 fiscal despite prevailing adverse circumstances.The forecast of good southwest monsoon, sufficient water level in reservoirs, increase in kharif sown areas, rise in offtake of fertilizer and seeds -- all these factors are in favour of farm sector growth, he said.The agriculture sector will rise to the occasion and play an important role in giving normal growth to Indian economy, he added."If you look at growth rate of 3.7 per cent in current price level, then growth rate comes to 11.3 per cent, which is 60 per cent more than the growth rate of the non-agriculture sector," the Niti Aayog member said.Agriculture accounts for 15 per cent of India's gross domestic and a source of livelihood for more than half of the country's 1.3 billion population. | agriculture and allied sector's growth stood at 3.7 per cent during the 2019-20 fiscal. government think tank Niti Aayog pegged the farm sector growth at 3% in the current fiscal. agriculture accounts for 15 per cent of india's gross domestic and a source of livelihood for more than half of the country's 1.3 billion population. despite COVID-19 lockdown, the government has exempted farm activities from the lockdown rules. | Positive |
https://economictimes.indiatimes.com/industry/auto/cars-uvs/honda-to-invest-9-2k-cr-largest-for-india-car-biz/articleshow/66144828.cms | (This story originally appeared in on Oct 10, 2018)
NEW DELHI: Japanese car major Honda plans to pump in over Rs 9,200 crore, its largest investment for India, to set up a third factory for launching hybrid and electric vehicles , and driving in new models and upgrades.The fresh investment will double the company’s financial commitment in India to over Rs 18,500 crore since it began operations in 1998. “India is one of the most critical markets for Honda globally, and we want to strengthen our operations here,” Honda Cars India president & CEO Gaku Nakanishi said. “The new investment — which we plan to make over the next decade — signals our commitment towards the growth potential in the Indian car market and underlying strength here.”Honda currently has two factories — the first one at Greater Noida in Uttar Pradesh and the second at Tapukara in Rajasthan. The company’s installed production capacity stands at 2.8 lakh units annually, higher than 1.7 lakh units it sold in 2017-18.Nakanishi said new models, introduction of cleaner technologies, and a greater retail push has prompted the company to chalk out expansion plans. It is in the process of acquiring 380 acres for the new factory in Gujarat.Speaking about plans for electric and hybrid cars, he said Honda has started work on identifying new products and opportunities. “While the company needs to work towards providing appropriate products, the government has to focus on charging and allied infrastructure. Government subsidies and benefits to customers will play an important role in the acceptance of products.”The company’s first electrified vehicle range has been developed under the Clarity brand and this includes full-electric car, plug-in hybrid, and fuel-cell option. The Clarity range is available in the US and Japan, but Nakanishi refused to specify a time frame for the India launch. “All I can say is that our electrified journey in India will begin within the next three years and this may surely include a mass-market hybrid.” He said Maruti and Hyundai are in a very strong position. “Our brand direction is very different and we are adopting a very distinctive approach here.” | the fresh investment will double the company’s financial commitment in india to over Rs 18,500 crore since it began operations in 1998. the company currently has two factories — the first one at Greater Noida in Uttar Pradesh and the second at Tapukara in Rajasthan. the company’s installed production capacity stands at 2.8 lakh units annually, higher than 1.7 lakh units it sold in 2017-18. | Positive |
https://economictimes.indiatimes.com/markets/ipos/fpos/happiest-minds-ipo-subscribed-42-times-on-day-3-so-far-hni-quota-subscribed-over-126-times/articleshow/78012918.cms | The Rs 702 crore IPO by Happiest Minds was subscribed 151 times on Day 3 of the bidding processThe issue received bids for 3,51,18,27,450 shares, which was 150.98 times the issue size of 2,32,59,550 shares. The issue was subscribed over 8 times on Day 2 and 2.87 times on Day 1. The quota for non-institutional investors (NIIs) was subscribed over 351 times. High net-worth individuals ( HNI ) who apply for over Rs 2 lakhs in an IPO fall under this category.The quota for retail individual investors (RIIs) was subscribed 71 times and for QIB more than 77 times.The digital company, whose issue is being sold in Rs 165-166 price band, raised Rs 316 crore on Friday from 25 anchor investors including Government of Singapore , Goldman Sachs, Kuwait Investment Authority, Nomura Funds Ireland, Jupiter India and Pacific Horizon Investment . At the upper price band, the issue is seeking a valuation of 26.76 times FY20 earnings per share. Motilal Oswal Securities said that the company's valuations are comparable to larger mid-sized IT companies. It likes the company given its strong presence in digital services, business model with end-to-end capabilities and fast-improving financial performance."Investors can 'Subscribe' to the IPO. Further considering market conditions and bright prospects for IT companies post-Covid-era, one may also get listing gains," the brokerage said.Angel Broking said given the high exposure to digital services and strong promoter background, the company will continue to grow at a faster pace as compared with similar-sized companies and, therefore, should command a premium valuation to the peer group. Choice Broking said that the issue seems to be fully priced compared with its domestic peers. But it noted that the company cannot be fully comparable with the domestic IT peers."There are international peers, who derive almost all of their revenue from digital services, trading at a P/E multiple ranging from 67-139 times. Assuming the valuations of these companies in the US markets to be frothy, the valuation demanded by Happiest Minds seems to be attractive," it said. | the issue was subscribed 151 times on Day 3 of the bidding process. the quota for non-institutional investors (NIIs) was subscribed over 351 times. the issue is seeking a valuation of 26.76 times FY20 earnings per share. the company raised Rs 316 crore from 25 anchor investors on friday. the issue is being sold in Rs 165-166 price band. | Positive |
https://www.financialexpress.com/industry/reliance-jio-has-sold-close-to-50-million-4g-feature-phones-counterpoint-research/1491678/ | Reliance Jio, which has been the fastest in utilising the opportunity of bringing 2G feature phone users to its 4G network with the 4G feature phone, has acquired around 50 million Jio Phone users since late 2017.
Counterpoint Research, in its latest report, said that Jio has been the fastest to see the opportunity and adopt the platform to acquire tens of millions of 2G feature phone users to its 4G network with its KaiOS-powered 4G smart feature phone.
“The company’s Jio Phone, is the world’s leading VoLTE-supported KaiOS-based smart feature phone. It was launched at a price of $20 and is the current exemplar of a smart feature phone value proposition and execution globally. Out of more than 100 million subscribers that Reliance Jio added since the Jio Phone launch in late 2017, the KaiOS powered 4G smart feature phone contributes close to half of those net additions,” Counterpoint said.
The research firm expects that over the next 3 years, nearly 370 million smart feature phones are expected to be sold across the world, which will introduce an entirely untapped customer base to high-speed internet, apps and services and in doing so, will open a whole host of new business and revenue opportunities for the entire mobile value chain. Counterpoint Research director Neil Shah said, “The revenue opportunity from increasing sales of smart feature phones is expected to be in the region of $28 billion over the next 3 years. This will be enabled by a potential of more than 300 million smart feature phone users globally by the end of 2021. Software and services alone will contribute to 71% of this near- to mid-term revenue opportunity, or around $20 billion.” This optimism stems from the sale of 4G feature phones in markets like India.
Also read: Boost for Modi government! RBI announces Rs 28,000 crore transfer as interim dividend
Counterpoint’s associate director Tarun Pathak said, “Global smart feature phone demand grew 252% year-on-year in 2018, albeit from a low base, contributing roughly 16% of the total feature phone volumes. While India is the biggest contributor to this demand, major markets that have driven smart feature phone sales include the US, the UK, South East Asia and Africa. We estimate smart feature phones to cross more than half of global feature phone volumes by 2021.” | counterpoint research says jio is the fastest to see the opportunity. it expects nearly 370 million smart feature phones to be sold over the next 3 years. this will introduce an entirely untapped customer base to high-speed internet. software and services alone will contribute to 71% of this near- to mid-term revenue opportunity, or around $20 billion. | Positive |
https://www.moneycontrol.com/news/podcast/setting-sail-season-2-ep-2-twitter-india-md-manish-maheshwari-explains-how-india-is-the-fastest-growing-audience-market-globally-5439561.html | In this exclusive podcast, Moneycontol's Priyanka Sahay talks to Twitter India's Managing Director Manish Maheshwari, on his first year on the job, some of the latest features on Twitter, and how the company has managed productivity during the lockdown.
Tune in to the Setting Sail podcast for more.
You can also read the transcript of the interview below:
Priyanka Sahay: Hello and welcome to Moneycontrol. This is Priyanka Sahay, special correspondent and you are tuned into Setting Sail, our weekly podcast that dives through the changing landscape of the tech world and the challenges within.
Social media has come of age in India. With affordable internet access, it has reached to the hinterlands of the country. With over 680 active internet users, the number of people on social media is only increasing every passing day. The medium has helped the population not just with entertainment, but has made a huge impact on the way businesses were done in the country.
To discuss the same and many more aspects today I have with me Manish Maheshwari, Managing Director of microblogging site Twitter, India.
Hi Manish thank you so much for joining us.
Manish Maheshwari: Thanks, Priyanka. Thanks for having me on your show.
Priyanka Sahay: So Manish, you've now spent a year in Twitter. How has your experience been here?
Manish Maheshwari: So indeed, I joined Twitter a year back. But I think my relationship with Twitter goes way longer than that. I signed up for Twitter more than 10 years ago, when I was in the Bay Area. I still remember the month, it was January of 2009. And over the last 10 years as an individual on the service, one thing that has really impressed me about Twitter is that it gives voice to individual and communities.
You can be anyone and you can be on Twitter, and you can have a voice. You can stay updated. You can connect with anyone and have a public conversation. And I think that is something that has really impressed me. And last year, when I became part of Twitter, India, one of the things that came to my attention was, there was a study conducted in 2017 when Twitter went ahead and asked some of its most passionate account holders, what is it that they like about the service?
And you know what Priyanka, what they say? Can you make a guess?
Priyanka Sahay: I wouldn't actually.
Manish Maheshwari: So what they said was this is a service where they get to hear and get exposed to all sides of a conversation, unique perspective. And that allows them to develop a much better understanding of the world around them and connect with what's happening. That is something which I have been experiencing. And I think it also came out to be true for most of our passionate users.
And it has been quite an experience for me in the last one year here. I joined Twitter, India in April, right when the Lok Sabha elections were going on. And the whole platform came live. I mean, this was a time when we had more than 396 million conversations, just around Lok Sabha elections, which was 600% growth over similar conversations five years ago in the previous elections in 2014.
And as soon as we got over with the local elections, we had the IPL and then of course, the Cricket World Cup. And the entire platform came alive with the entire fan community engaging with sports people and cricketers, and commentators commenting on match performance. In fact, the India-Pakistan match I still remember, that was the match when we had one of the highest number of tweets in a single day for a cricket match, it was about 2.9 million tweets in a single day.
So think about it. I mean, amazing experience the last one year. And most recent time, as we see the pandemic unfolding, it's unfortunate. And our service has never been more important. And the work that we do has never been in more demand to serve the public conversation, enable people to stay connected, raise awareness about the right of issues, engage in conversation and stay connected to the Twitter committees.
So really feel fortunate and also quite grateful to the team here, which has focused on the right thing, stayed resilient, and has been doing an amazing job in serving the public conversation on the service.
Priyanka Sahay: Twitter for all we know is a platform which is still is seen as a platform for the influential class maybe if I could say the ‘educated class’. Unlike many of the social media platforms such as Facebook or your recent competitor, TikTok, which has created a large space for itself among the masses.
Now will Twitter want to continue with its existing image in India or there are plans to modify this existing image?
Manish Maheshwari: So Priyanka let me emphasize this. And I mentioned this before as well. So let me reiterate. Twitter is about what's happening in real time. It's your, it is mine, it's everyone's life connection to the world, and how events unfold. And this is especially true in the current times when we are seeing more and more audiences turning to Twitter, to understand and make sense of what's happening around them. Also, stay informed, stay connected and stay entertained. And they are seeking a sense of normalcy and this is what they are getting by coming to this service.
So we are seeing unprecedented usage across all audience segments, and tremendous growth in our audience. And if you look at the numbers, we don't disclose numbers by country but at a global level just in the last quarter, we had a 24% increase in our monetizable daily active users 266 million, which was a highest growth year on year ever recorded.
And coming to a specific point, I mean if you think about it how it is being utilized as a public service. So three things, I think people are leveraging it to stay updated and how is that happening. So we have worked with several health authorities and government bodies to get authoritative information on the platform. We have a dedicated search prompt. So when you search for an information you get information which is from authoritative sources first. So which enables people to stay fully updated and informed with the right information.
The second thing is about connecting. And let me give you some examples of how people are connecting on the platform. Between the lockdown what we saw that there was no on field sports happening. So every sports person was on the platform, running various virtual engagements. And fan battle like example would be IPL, only IPL kind of activities where cricketers and also broadly other sports people, including people like Harmanpreet Kaur, Rani Rampal, Sunil Chhetri engaging with their fan base and building that connection.
The same connection we also saw in the entertainment industry where industry stalwarts like Shahrukh Khan, Madhuri Dixit Nene, even major stars from our South Indian film industry, such as Mahesh Babu, Rajinikanth, they join the conversation encouraging people to stay safe. So that's the area where we are showing a lot of progress in terms of enabling people to stay connected, and also entertain at the same time with everyone joining.
And if you think broadly, right, I mean if you think broadly about what's happening in the world around us, it's also a great public service where people are leveraging this to solve for real challenges. There's an example of a 12-year-old boy who was separated from the family had to take shelter in a park. And it was because of Twitter and someone tweeting about it that this boy was united with the family. Another example I can quote here there's an account called Farmers Harvest Network, and through this distressed farmers who had perishable produce, were able to connect with relevant buyers all the way from mangoes to mushrooms, and held themselves.
And the third example I can give you in that area would be, it's also a platform where people can create movements. So when a couple of students were stranded, we had this hashtag called helpkotastudents through which they were able to connect with authorities and ensure safe passage. So you can see these are real life examples of how people at large across the country are leveraging your service to help themselves and seek solutions to the everyday problems they are facing.
Priyanka Sahay: Right. So if you're saying that, can we have a sense of what is the vernacular presence of Twitter in India? The company is learned to be having over 30 million users in India. And if we could have some vision as to how many of these are non-English speaking users, and what are the profiles of these users?
Manish Maheshwari: Yeah, so let me emphasize at a country level, we don't disclose our audience numbers, but overall our growth has been unprecedented. And I think in that sense, the growth in vernacular users has also been very strong. In fact, I can quote a few numbers to you. So, already on the service, we are seeing that more than 50% of the tweets in India are in non-English. So, immediately after English we have Hindi as a prominent language immediately followed by Tamil and Telugu.
And we are seeing that grow tremendously fast both because of the product improvements we are doing, but also increasingly because the kind of content that is coming on the platform both because of our efforts on the onboarding publishers, but also original content is getting created. And on the other side on the consumption side, there is significantly better discovery, we recently launched a product improvement called Preferred Language Selector.
So, the insight there was that in India, most of the phones have a default language as English and that is taken as a signal to decide what tweets to show. And we already know that more than 50% of tweets in India are not in English. So we gave people a choice to choose their preferred language. And we took that as a signal to decide, among many other signals what to expose. And we saw tremendous growth in the stickiness and engagement of the audience.
People who saw tweets in their native language were four times more likely to stay on the service. In fact, you would also know last year, immediately after I joined we also made investment in ShareChat, a prominent player in the vernacular space. And we believe strongly in the fact that a lot more growth and potential exists in that segment. And we are excited about what that relationship and partnership can do for us.
Priyanka Sahay: Interesting. And coming a little on the business side of it. Now that you're saying that vernacular is all growing in the country, the company still charges a premium for its ad slots as compared to any of the competitors that you have in India. Now, will you be able to drive volume in a price-sensitive market that India is with this strategy? Or there is some tweaking which is in the pipeline?
Manish Maheshwari: So Priyanka, let me start by giving you a bit of a context and understanding about how we think about advertising and helping brands connect with their audience on this service. So, first of all, this is a service on which for any brand, their most valuable audience are available, and they are available at a time and they are most receptive. So, when you are an audience on the platform, you are there to actively seek information, seek connection or stay entertained. So, you have a very leaned kind of an attitude.
And at the same time the audience is such which is sort of the popular voice, people who are leaders, who are opinion makers, people who are looked up by other people in the community at large. So Twitter allows brands to connect with their most valuable audience when they are most receptive. And when we think about helping brands do that we look at it in terms of engagement, and not necessarily in terms of impressions. So when we say engagement, we look at what are they really doing, what the brand intend them to do. For example the brand has a story to tell through a video, are they watching that video, or this brand has a specific call to action, are they taking that call to action?
And that's how we solve for those brand needs. What we do is that we work with the brands, understand their narrative, the message, and what kind of budget they have and what audience they want to reach. And we work with their team, give them advice about the right kind of amplification approach on this service. There are two things we do really well and that is where our true superpower comes to the fore. One is to learn something new. And the second thing is to connect with what's happening.
Let me give you a few examples of how that happens. So this is the platform where news breaks. This is a platform where people learn about something new. So this is an ideal platform for any brand to launch a new product, a new feature, or even a new message. And if they get their launch, right, and they land a narrative, right? It has a multiplier impact on everything else they do, because this narrative then carries on to things outside Twitter as well.
They get a much favorable coverage in the traditional news media. Plus, they get to work with their most leaned-in, and most I would say, forward looking and progressive audience. And that has tremendous success in terms of overall success of the launch so that's on the launching something new.
I also talked about connecting with what's happening. So because this is a service where events are unfolding, movements take place and major things happening around us are driven by the trends that originate from Twitter. It's also an ideal place for brands to leverage the equity of those events, connect with what is happening, and therefore become the front and center of those conversations and derive the right benefit for their brand brands.
For example on Friendship Day, Amazon Prime would work with us. And recently they had a very good relationship working with us on 'Shots of Friendship', primarily helping all their audience to connect virtually talk about interesting stories about their friendship, and also reminisce about great relationship. And everything happened virtually in the form of coffee book, which essentially a set of tweets that people had done on the service through a hashtag called ShotsOfFriendship.
So these are the examples of how brands can leverage those interesting events and occasions to connect and drive a disproportionate impact. Also we launch something called a Promoted Trend Spotlight recently, which combines the impactful usage of a video as a creative asset with the premium placement of that video in the Explore tab. So whenever anyone logs into Twitter and opens the Explore tab, they see that conversation through the Promoted Trend Spotlight, which has a significantly disproportionately positive impact in creating awareness for the brand and also a unique way for them to tell their story in a way that people are most receptive to listen to.
Priyanka Sahay: Now that you have given this 360 degree perspective, I would like to understand that in the last one year’s tenure, what has been the growth reported by India in terms of revenue. And what have been the drivers.
Manish Maheshwari: So again, I talked about it before and let me reiterate, I cannot disclose country-specific numbers. Having said that, because our audience growth has been amazing, in fact, India has been one of the fastest growing audience market for Twitter globally, that has an impact on everything else as well, because more audience and more conversation drives more engagement.
And ultimately, on the advertising side, the way we work with brands is to help them drive engagement. So that has a very positive impact on that side as well. At the same time, the other thing that has also been helping the whole industry is the movement to video. And video has seen tremendous growth, both from the creation side but also on the consumption side and more brands are now leveraging it, including in our case, if you look at it, most creative assets on the brand side and on the advertising side, leverage the power of video.
And video is far more engaged. They have a much better recall so all that is having a positive impact on the growth on the revenue side as well. Plus of course, we are also seeing a secular trend in industry to move marketing dollars to digital, away from print and other sources. And also more so we have seen that because of this digital industry has been growing at a significantly higher rate than print or even TV.
And because we operate in the digital space, we feel fortunate that we now have the opportunity to serve more and more brands and advisors in a much better way to help them tell their story in a way which is not just impactful, but also turns out to be more efficient and effective because that's where the audience is today. And I think there's a much better way of targeting them and make sure that every message is very relevant. And good ads served to the right audience at the right time is also good content. And that's what drives good engagement.
Priyanka Sahay: That's actually a very interesting point, Manish I must say is perhaps music to the ears of many of us who work in the digital platforms across the country right now.
And having said that I will come back on this specific question how brands are leveraging more from digital than the print as of now. But I also want to ask you that Twitter has been experimenting a lot with new launches, if I could call them product launch or vertical launches. Video, of course, you've rightly pointed out.
Fleet is also something which you very recently launched. Now, what is the rationale behind having something as a Fleet? And how is this going to help the brand?
Manish Maheshwari: Yeah. First of all, thanks for bringing that up. Fleets is a very recent thing. And we just launched last week. And personally, I'm very excited with this. So the thinking behind this is by adding other way of conversation, we will enable people to express themselves in new and interesting ways. And we will also enable them to do things that they would not have done. There are two things that distinguishes Fleet from tweeting. One is that whatever your Fleet disappears in 24 hours.
So it can be very light hearted and light touch way of expressing yourself. And the second one is you can avoid the public scrutiny because there is no like there is no retweet. And if you want to solicit any input that you want to get, it comes only from people that you actually follow. It comes in your DM.
So overall, that's an exciting part of it. And we are early in the game, we are still learning. So we'll have to wait for a few more weeks and see how this unfolds. But overall it also underscores the point that India is a really important market for Twitter. And that is why India was chosen among the first three countries to launch this globally. And that is another important aspect of the fact that India is seeing tremendous growth when it comes to our audience.
Just want to make one small correction. In the last question about Fleet, just keep in mind that this is a test what we are doing with Fleet. And India is one of the first three markets to get this thing tested. And as I mentioned, in my previous answer, there's a lot for us to learn. And depending on how it gets used by our audiences, this specific feature, will decide what shape and form it will take. So it's important for us to learn. And I think in that spirit, we launched this test in India as one of the first three markets.
Priyanka Sahay: That's very interesting. And the fact that Twitter is going ahead and saying that it is trying to ensure that as less public scrutiny can happen, it's as good. That’s actually a very good point that you raised Manish.
On the same lines, I would also like to ask you that Twitter has also been experimenting with something called Read The Articles Before Sharing. Now, while on the face of it, it looks very interesting and promising. I also have a concern as an end user. So I would like to ask you very categorically that what business is it of a medium.
In this case, I would say Twitter's to govern the actions of users. How is that relevant for the medium to decide? And Twitter at this point in time, will it make sense for the company to do something like that or there's a larger reason behind why you are doing what you're doing?
Manish Maheshwari: Yeah, no, it's a good question. And let me share some context and perspective on this. First of all, this is an experiment. So we want to learn. So we are experimenting with this. The thinking here is sometimes some articles with a sensational headline can become very viral very quickly, even when people have not read it and fully understood the context. And with that premise or hypothesis. The idea is to explore whether nudging people to read the article or telling them that they did not read it, would it let them be more thoughtful, and engage in healthy conversation?
So if you go back to what I said, we believe in serving the public conversation, and we won't be doing our job well, if that conversation is not healthy. And to ensure the health of the conversation, we need to make sure that the participation is thoughtful and is done with the right spirit. So it just allows us to ensure that we continue to fulfill our larger mission of serving the public conversation and have informed conversation on the platform.
Priyanka Sahay: All right. And coming back to a previous conversation wherein you were talking about how revenue is moving from print to digital now. Could you elaborate a little bit more on that as to what are advertisers looking at in the India market? And what sort of brands are these who are going for a digital first approach in India?
Manish Maheshwari: Yeah. So I'll tell you from what I have been witnessing firsthand, and it's a very good question. I would assume that you would know that as an industry, I mean, this change from advising to digital has been going on for a long time. What has pandemic done is that it has forced every company to think about it more critically and also accelerated digital transformation. It has impacted everyone. And it has impacted some more than the others and that we are seeing now.
In our case, what is happening is we are seeing that certain industries are at the forefront of this transformation. And they are utilizing the current situation in a way that where they can connect with their audience significantly better, so one example would be digital streaming. If you think about it, all the major show launches are now moving to digital, with all theaters being closed, including big name movies are now getting released on the OTT platforms.
And that is where our service comes alive. We work with those players to not only create the right kind of excitement before the launch, but at the time of launch, we ensure that they have the relevant digital footfall to watch their show, and then sustain that momentum after the show as well. So prior to the lockdown, we had a few examples, for example, where we worked with amazon prime video on a series called Family Man, which was a series, I think several months back. And there was a few of them happening a year back.
But in the last three months we have seen week after week, there has been several such launches. The most recent one being Paatal Lok where we worked very closely with the team. Then there was this four more a short series to where we again worked with a leading OTT player. And when I gave you the example of this hashtag ShotsOfFriendship, where people were encouraged to tweet about their friendship and this became ebook comprising of tweets, creating a very sense of community and positivity.
So one example is those kind of brand advertisers. Similarly, we are also seeing tremendous growth in e-learning and particularly when people are focusing a lot more on their personal growth and development. That's also an area where we see tremendous growth. Also, there's a growth in terms of Tech OEMs, people are upgrading their tech devices and with the supply chain sorting out in the last one month, I think that is also growing.
So I see that industry after industry, everyone is readjusting. And at a secular level, the whole move of advertising from print and TV to digital has accelerated. And it allows us better opportunity to help the brands connect with the audience in a way, which is more efficient and also more impactful.
Priyanka Sahay: Interesting. And on that note, I would also like to ask you that going forward, do you see the reverse happening at all once the things come back to the normal? I'm sure we are not anticipating that happening anytime soon. But once the vaccine comes in place, will the shift come back to how it used to be earlier?
Manish Maheshwari: So let me start by sharing with you how we think about it and what we are doing. And we can also talk about broader concepts as well. At Twitter, we don't see work from home as a short term reaction to the pandemic. And we see this as the future of work. And one needs to ask the question as to what is the right way to work? What is the right location, and the right modalities to engage, so that people are most productive, they are most creative and they also feel comfortable and safe?
And from that perspective, we look at it. So clearly, we have been leading the way when it comes to decentralized remote work. We were one of the first companies to declare work from home. And we were also the first companies to also give that choice in a indefinite way in the sense that people do this as long as they feel comfortable about it.
Now, if you think about it, most companies will be faced with that choice. Some companies are better placed to take advantage of the development and technology tools and other things to be more efficient with this change. Some companies will have to catch up. But overall, it's a big reset and a rethink for everyone.
And my point of advice, there would be everyone needs to critically evaluate what is an important piece of work, and what is the best place to get that executed on. And you know what many times the best way to do something is to not to come to office, but to do it in the comfort of your home in a way where you are very productive.
Having said that, it doesn't mean that everyone will have to work from home, our offices will open as soon as it is safe and reasonable to open. And people would have the choice to come back and work from office whenever they want, if that is what is required.
What is the sufficiency and what is the right aspect of doing it? The other bigger issue that it opens up is to also think about the fact that when you think about work from home for a longer duration when you are not engaging with your office colleagues in a physical setting. It also creates other challenges in terms of mental health, engagement and connection. So when we look at that, we take a very principled view on how to deal with that. And our view always has been it is people first, and lead with empathy and flexibility.
So when I say empathy and flexibility and people first I mean four things. So first is about choice. Second is about enablement. Third is about support. And the fourth is about connection. When we think about it, we say that we need to give people choice and let people decide how they want to work and where they want to work so that they can do their most creative work in the most efficient way.
The second one is enablement, which is how do we make sure that they are productive when they are working from home, which includes things like helping them set up a proper working environment. We have something called productivity allowance that people can use to get that done. The third is about support. So are they well supported? And support goes a long way, particularly in tough times like this. And we have a various business resource group or support groups that one can join and get help. We have something called Twitter Parents, for people with kids, we have Twitter Women. We also have Twitter Asians [ph] and so on and so forth.
And finally, it is important to stay connected and feel part of a bigger team. Otherwise, it's very easy to get into isolation and lose productivity. And that's where we have done some very interesting stuff. For example, we had something called storytime with staff. And the insight there was that we realized that parents are going through a lot of challenges at this point in time, and they also are juggling between work and they also have kids and schools are closed, childcare is closed.
And this is a global issue. So we started a weekly series where staff would tell stories. And the first one was done by Jack himself, our Founder and CEO, where he read two stories. In fact, one of the stories was a picture book that he created the age of four, and personally I was quite excited because I was listening to this along with my 10-year-old daughter. It was a great experience to have the Founder and CEO, talk about a story he wrote at the age of four that I could listen to, with my daughter at bedtime.
And that goes on to say how you can erase the physical boundaries, how you can bridge the gap that is there geographically and create the intimacy and that connection instantly by leveraging technology in this current time. So let me pause here. I think there are many examples I can give, for example, the other thing we do in the India office, we do a Happy Hour every Friday after 3pm.
All of us come online and we talk about things which are not work about what show we plan to watch that evening? What new developments happened in our personal life? What book are we reading? What are interesting stuff we have done? And that creates that virtual comradery which we think in the normal time we would do in our office, when we will hang around near the pantry. So interesting time but it requires us to think more critically and adapt ourselves as leaders to ensure that things stay on the right course.
Priyanka Sahay: Well, I must say that you're standing true to the essence of being a social media platform. And I hope that a lot of companies try and take lessons from all the activities that you're doing. It sounds really interesting to me.
And on that note, Manish I would like to about the recent development that Twitter has done internationally. So the company has hired former FBI attorney James Baker, who was involved in the investigation into the Trump campaign and its Russia links during the 2016 Presidential Election.
Now, I would like to ask from you as to what really led to this development and how are you expecting this to be helping Twitter, if you could throw some light on that?
Manish Maheshwari: So Priyanka, I think there are better people who can answer this question in better depth and detail, but the only thing I would like to say is, we are thrilled to welcome Jim Baker. And he is committed to our core principles of an open internet and freedom of expression. And he brings a wealth of experience navigating complex global issues with a principled approach. I think that's what I would like to say at this point in time.
Priyanka Sahay: All right, then. On that note Manish, I would really like to thank you for taking time out for us.
Manish Maheshwari: My pleasure, Priyanka. Thank you for having me on your show.
Priyanka Sahay: So that's all that we have for this episode of Setting Sail. Meanwhile, if you have any comments or queries you can write down to us. Our email is [email protected]. You can also follow us on Twitter with our user IDs at moneycontrolcom and @PriyankaSahay. Till then for more news, views and updates stay logged on to moneycontrol.com. | Priyanka Sahay is a special correspondent for Moneycontol. he talks to manish Maheshwari, Managing Director of twitter, india. he says he has been impressed by the service since joining a year ago. he says he has learned a lot from his experience at twitter. he says he is still learning and is working on a new product. | Positive |
https://www.financialexpress.com/india-news/pm-narendra-modi-to-inaugurate-2nd-edition-of-indian-mobile-congress-key-details/1329582/ | The second edition of the Indian Mobile Congress (IMC) is expected to be a star studded event with participation expected from top government ministers, regulators, standards bodies and companies across the globe, for which the government has assured all possible assistance. To make the event a success, Prime Minister Narendra Modi is expected to open the inaugural session on October 25.
A top government official said that during the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit on August 30-31 in Kathmandu, Prime Minister Modi invited member countries to participate in IMC.
“He has expressed interest in attending the event,” he added.
Department of Communications (DoT) is actively working with COAI on the event and has helped the industry body get participation conformation from various regulatory bodies and international organisations.
It is being touted as India’s own mobile congress, on the lines of the annual Mobile World Congress in Barcelona, and the government wants to make it an international event, he added.
When contacted, COAI director general Rajan S Mathews said, “The Prime Minister is actively considering our invitation for inaugurating the event. Through IMC, the government wants to help the industry showcase India’s potential in creating a digital eco-system, which reaches the last person at the grassroots.
“Events like these not only showcase our talents, but also provide a glimpse to investors about the country’s potential.”
Another source said MIC will see participation from regulatory heads like US Federal Communications Commission (FCC) chairman Ajit Pai and Body of European Regulators for Electronic Communication (BEREC) chairman Johannes Gungl.
International Telecommunications Union (ITU) secretary general Houlin Zhao and EU European Commission vice president Andrus Ansip too will participate in the event.
IMC is also expected to see participation from ministers responsible for IT, telecom and digital economy from countries such as Singapore, Indonesia, Vietnam, Thailand and Lao People’s Democratic Republic.
Top Indian ministers, officials and industry titans like commerce minister Suresh Prabhu, road transport and highways minister Nitin Gadkari, telecom minister Manoj Sinha, IT minister Ravi Shankar Prasad, petroleum and skills development minister Dharmendra Pradhan, urban development minister H S Puri, Trai chairman R S Sharma, telecom secretary Aruna Sundararajan, RIL chairman Mukesh Ambani, Aditya Birla Group chairman Kumar Mangalam Birla and Bharti Airtel chairman Sunil Bharti Mittal will be participating at the IMC.
COAI’s Mathews said IMC 2018, which will be a three-day event, will open with the theme ‘New Digital Horizons: Connect, Create, Innovate’.
As South Asia’s largest digital forum, the major objectives of IMC include promoting skilling, local manufacturing & entrepreneurship, attracting investments and driving policy as well as regulatory dialogue. | the second edition of the Indian Mobile Congress (IMC) is expected to be a star studded event with participation expected from top government ministers, regulators, standards bodies and companies across the globe. the government has assured all possible assistance for the event. top ministers, officials and industry titans are expected to participate in the event. the government is also expected to see participation from ministers responsible for IT, telecom and digital economy from countries such as Singapore, Indonesia, Vietnam, Thailand and Lao people’s democratic republic. | Positive |
https://www.businesstoday.in/markets/company-stock/abbott-india-share-price-rises-on-nod-for-covid-19-test/story/399948.html | Abbott India share price has surged over 11% in last three trading sessions after its parent Abbott Laboratories announced on March 27 it launched molecular point-of-care test to detect Novel Coronavirus in as little as five minutes. Abbott Laboratories said U.S. Food and Drug Administration (FDA) has issued Emergency Use Authorization (EUA) for the molecular point-of-care test for use almost anywhere.
Abbott said it plans to begin distributing the test next week and will ramp up manufacturing to 50,000 tests per day.
Reacting to the development, Abbott India share price rose 11.30% or 1,589 points to Rs 15,639 till Wednesday against the close of Rs 14,050 on March 27, 2020.
On Monday alone, the large cap stock closed 8.97% higher at Rs 15,400 on BSE.
Equity, forex, commodity markets shut on account of Ram Navami today
On the National Stock Exchange, the stock gained 8.72 per cent to close at Rs 15,380. In an otherwise subdued market, the stock rose 19.36 per cent to an intraday high of Rs 16,869.
The pharma stock has gained 115.53% during the last one year and risen 19.63% since the beginning of this year.
On NYSE, stock price of Abbott Lab rose up to 13% on Monday, the biggest intraday gain since 2002.
By Aseem Thapliyal | Abbott labs launches molecular point-of-care test to detect Novel Coronavirus. the pharma company plans to begin distributing the test next week. the large cap stock closed 8.97% higher at Rs 15,400 on monday alone. the stock rose 19.36 per cent to an intraday high of Rs 16,869. the pharma stock has gained 115.53% during the last one year. | Positive |
https://www.livemint.com/Companies/YllQTxXczxRDosxvOvlBhO/Kissht-raises-30-million-in-Series-C-led-by-Vertex-Ventures.html | New Delhi: Digital lender Kissht on Wednesday said it has raised $30 million in a Series C round led by Singapore’s Vertex Ventures (SEA and India) and Russia’s Sistema Asia Fund. Existing investors Fosun RZ Capital, Ventureast and Endiya Partners also participated in the round.
The company will utilise the funds to increase its online and offline merchant base, deepen presence across categories and enhance data and analytics capabilities.
Mint had reported on 11 September that Vertex and Sistema Asia Fund may invest in the Mumbai-based start-up after talks between Kissht and Facebook co-founder Eduardo Saverin’s venture capital firm, B Capital Group, failed to make headway.
Last November, the consumer credit firm had raised $10 million from Fosun, Prophet Capital Management, and existing investors. Since its launch in 2015, it has raised $43 million.
“We see brand new markets opening up in consumer financing in India and believe that technology will play a fundamental role in addressing this opportunity," said Piyush Kharbanda, executive director at Vertex Ventures.
“However, we feel that it is equally important for lenders to stick to well understood fundamentals of financials services, such as a strong focus on managing collections."
Kishht, founded by former McKinsey consultants Krishnan Vishwanathan and Ranvir Singh, allows consumers to pay for online orders across various categories through monthly instalments without the need for credit cards.
Kissht claims to use a proprietary self-learning algorithm, which assesses a customer’s credit profile using over 2,000 digital footprints and processes loans instantly.
According to a KPMG report, investments in fintech (both private equity and venture capital) have grown dramatically from $108.2 million in 2016 (second quarter) to $370.1 million in 2018.
Kishht, which has one million downloads on Google Playstore, competes with ZestMoney, Capital Float and Flexiloans, among others.
“Our data-centric algorithms and technology platform allows us to underwrite the new-to-credit and excluded segments extensively, while ensuring we are risk prudent. We will use the funding to further accelerate growth," said Krishnan Vishwanathan, chief executive officer and co-founder, Kissht.
India is a credit starved country with a $140 billion annual credit gap that Kissht is addressing through its proprietary technology and innovative financial products, said Dhruv Kapoor, managing director at Sistema Asia Capital.
The company has tied up with over 3,500 offline stores and over 50 online merchant partners, including Amazon, Flipkart, Caratlane, MakeMyTrip and Uber, according to its website..
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. | digital lender kissht has raised $30 million in a Series C round led by Singapore’s Vertex Ventures (SEA and India) and Russia’s Sistema Asia Fund. the company will utilise the funds to increase its online and offline merchant base, deepen its presence across categories and enhance data and analytics capabilities. the company has one million downloads on google playstore. | Positive |
https://www.moneycontrol.com/news/business/markets/wall-street-climbs-on-recovery-hopes-nasdaq-hits-record-high-5447531.html | Wall Street’s three major indexes rose on Tuesday as improving economic data and the prospect of more stimulus bolstered hopes of a swift recovery, while a jump in technology shares powered the Nasdaq to another record high.
White House economic adviser Lawrence Kudlow said tax rebates and direct mail checks are on the table in the next coronavirus relief bill.
The Nasdaq hit a fifth record high this month with Apple Inc providing the biggest boost. At least three brokerages raised their price targets for Apple’s stock, and UBS raised its iPhone shipment estimates a day after the iPhone maker said it would use its own chips for Mac computers.
Data showed that the pace of contraction in the U.S. manufacturing and services sectors slowed in June as businesses reopened after lockdowns that started in mid-March.
Also, new home sales jumped 16.6% in May, blowing past estimates of a 2.9% rise.
“People are feeling good about the economy, not concerned about rising coronavirus cases and not being overly concerned about the election. The beat goes on,” said Bob Doll senior portfolio manager, chief equity strategist at Nuveen.
At 2:15 p.m. ET, the Dow Jones Industrial Average rose 223.49 points, or 0.86%, to 26,248.45, the S&P 500 gained 29.14 points, or 0.93%, to 3,147 and the Nasdaq Composite added 135.30 points, or 1.35%, to 10,191.77.
Earlier global equity markets had shown some relief from U.S. President Donald Trump’s assurance that the Phase 1 trade agreement with China was “fully intact” after adviser Peter Navarro sparked confusion by saying the deal was over.
While U.S.-China tensions have been a cause for concern, monetary and fiscal support worth trillions of dollars has in part powered the benchmark S&P 500, with the index roughly 7% below its Feb. 19 record high.
Nine of the 11 major sub-indexes were higher with technology and consumer discretionary posting the steepest gains. The defensive real estate and utilities sectors slipped.
“If people are feeling more OK about the world, you don’t want to own the more defensive stocks. You want to own stocks that can benefit from an improving economy,” said Doll.
Nike Inc rose 2% as brokerages raised their price targets ahead of quarterly results on Thursday.
Boeing Co’s top supplier Spirit AeroSystems Holdings slipped 14% after it said it was seeking relief from lenders as its finances were stretched by the COVID-19 pandemic and a 737 MAX production halt. Boeing shares were down 1.9%.
Advancing issues outnumbered declining ones on the NYSE by a 1.88-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored advancers.
The S&P 500 posted 25 new 52-week highs and no new lows; the Nasdaq Composite recorded 138 new highs and seven new lows. | the Dow Jones industrial average rose 223.49 points, or 0.86%, to 26,248.45, the S&P 500 gained 29.14 points, or 0.93%, to 3,147 and the Nasdaq composite added 135.30 points, or 1.35%, to 10,191.77. the tech sector posted the steepest gains with technology and consumer discretionary posting the steepest gains. | Positive |