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https://www.livemint.com/Companies/L9SkztBdgObE0lotkr5bnI/PVR-eyes-overseas-expansion-after-India-acquisitions.html | PVR Ltd, India’s largest movie exhibitor, is seeking growth opportunities overseas after sealing a deal to acquire a local cinema chain. The company’s “big focus" is to look at Saudi Arabia, while it’s also planning projects in Dubai, Chief Financial Officer Nitin Sood said in a telephone interview. PVR also expects to open a nine-screen multiplex in Sri Lanka’s capital Colombo at the beginning of the next financial year, he said.
The cinema chain operator, which counts private equity firm Warburg Pincus among its investors, is exploring setting up theatres abroad as it sees few opportunities for acquisitions in India after agreeing to buy SPI Cinemas Pvt. Ltd last month. While PVR is targeting to build new screens in India to take its total to 1,000 by the end of 2020, faster expansion may not be possible because of slow real estate development, according to Sood.
“In our business the biggest opportunity is typically in markets which are opening up and Saudi Arabia is just opening up," Sood said on 31 August And “in Sri Lanka there are no big ticket multiplexes, so that’s the reason we are looking at it," he said.
In April, Saudi Arabia ended a ban on cinema by allowing the screening of global blockbuster Black Panther. This was the first movie screening in the country in more than 35 years as Crown Prince Mohammed bin Salman consolidates his power and tries to persuade the world that he is reshaping his country to be more open and modern.
PVR, which in July agreed to work with Dubai-based Al-Futtaim Private Co. on a feasibility study and subsequently forge a joint venture for projects in the region, will compete with companies including AMC Entertainment Holdings Inc., controlled by China’s Dalian Wanda. AMC plans to open 100 cinemas with Saudi Arabia’s Public Investment Fund.
The Indian operator, which currently has more than 700 screens, has grown through acquisitions including of DT Cinemas Ltd and Cinemax India Ltd. That’s a path it will unlikely pursue as existing assets are very small and could also attract antitrust issues, according to Sood.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. | the company's "big focus" is to look at Saudi Arabia, while it's also planning projects in Dubai. the cinema chain operator is also looking at setting up a nine-screen multiplex in Sri Lanka's capital colombo at the beginning of the next financial year. the company is targeting to build new screens in india to take its total to 1,000 by the end of 2020. | Positive |
https://www.financialexpress.com/industry/ioc-ongc-other-psus-implementing-rs-3-57-lakh-cr-projects/2015030/ | Oil PSUs such as IOC and ONGC are implementing about Rs 3.57 lakh crore worth of projects across the entire hydrocarbon value chain that will further enhance energy accessibility, create jobs and boost the economy, the Petroleum Ministry said on Monday.
In Twitter posts, the Ministry of Petroleum and Natural Gas said out of Rs 3.57 lakh crore being spent on 859 projects, over Rs 60,000 crore will be invested during fiscal 2020-21.
Oil Minister Dharmendra Pradhan and other senior officials of the ministry “reviewed the ongoing oil and gas projects started by PSUs since the resumption of economic activities from April 20, 2020”.
“As on 1st July 2020 work on 859 projects worth about Rs 3,57,000 crore involving in refinery, exploration and production, marketing infrastructure, pipelines, city gas distribution network and in the entire value chain of oil and gas is going on in full swing,” it said.
The ministry, however, did not give a timeframe for the investment of Rs 3.57 lakh crore.
While state-owned Indian Oil Corp (IOC) is implementing projects to upgrade oil refineries as well as expand pipeline network to take fuel to every nook and corner, Oil and Natural Gas Corp (ONGC) is exploring for oil and gas in desserts to deepsea.
The crude oil that ONGC produces from fields or which IOC imports, is converted into fuel such as petrol, diesel, and LPG at refineries and sold to customers.
“Out of the total anticipated cost of these projects more than Rs 60,000 crore will be spent in FY 2020-21,” the ministry said.
A total of more than 9.74 crore man-days of employment is expected to be generated from the completion of these projects. Out of this, more than 3.5 crore man-days of employment is expected to be generated in fiscal through March 2021 (FY21) itself.
For the period between April 29 and June 30, employment of more than 48.96 lakh man-days has been generated in the execution of these oil and gas projects, the ministry said adding Rs 1,395 crore has been disbursed to workers as payout during this period.
“These oil & gas projects will further enhance energy accessibility, create new employment opportunities, and give stimulus to economic growth,” it said. Pradhan “advised the PSUs to be more ‘Vocal for Local’ to contribute to #AatmaNirbharBharatAbhiyan & strengthen #MakeInIndia.”
‘Vocal for Local’ is the war cry for raising domestic capabilities to cut reliance on imports for meeting needs. | oil ministry says project will boost energy accessibility, create jobs and boost economy. out of Rs 3.57 lakh crore being spent on 859 projects, over Rs 60,000 crore will be invested in fiscal 2020-21. oil minister said projects will be more ‘vocal for local’ to boost economic growth. ONGC is exploring for oil and gas in desserts to deepsea. | Positive |
https://www.moneycontrol.com/news/world/united-nations-90-billion-could-protect-700-million-poor-in-coronavirus-pandemic-5197711.html | File image
The UN humanitarian chief said Monday that USD 90 billion could provide income support, food and health response to the coronavirus pandemic for 700 million of the world's most vulnerable people — a price tag just 1 per cent of the USD 8 trillion stimulus package the 20 richest countries put in place to safeguard the global economy.
Mark Lowcock told a video briefing most experts agree that the peak of the COVID-19 pandemic hasn't reached the poorest parts of the world, but may peak in the next three to six months.
He said about 700 million people — 10 per cent of the world's population — are most vulnerable and concentrated in about 30 to 40 countries which already receive humanitarian assistance and will see a big drop in incomes as the virus spreads and governments impose restrictive measures and lockdowns.
“If you wanted to protect them against that drop in income, then probably for about USD 60 billion you could do that,” Lowcock said.
And for something like USD 30 billion, he said, people facing the threat of starvation can get food, and the health response to COVID-19 can be financed.
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
Lowcock said probably two-thirds of the USD 90 billion could come from international financial institutions like the World Bank and the International Monetary Fund.
“They would need to change the terms on which they provide assistance to some people,” he said.
“So, for example, they would need to reduce interest rates and provide some debt relief. But they have the firepower if they were given a bit more subsidy to probably meet about two-thirds of the costs.”
Lowcock said the remaining one-third could be financed by a one-time increase in government development assistance.
He said the argument he's making is that a one-off 20 per cent increase “will save you having to deal with a 10-year problem.” “USD 90 billion is a lot of money but it is an affordable sum of money,” he said.
The UN is not going to appeal for USD 90 billion, Lowcock said, but “what I am suggesting is a lot of the suffering and loss of life can be contained within sums of money which are imaginable.”
UN Secretary-General Antonio Guterres did launch a USD 2 billion appeal on March 25 to help vulnerable and conflict-torn countries in the Middle East, Asia, Africa and South America tackle the coronavirus pandemic.
Lowcock said he is encouraged the appeal has received a little over USD 1 billion in one month, including 300 million euros from Germany announced Monday evening.
On May 7, he said, a revised appeal will be launched seeking additional resources because the pandemic is growing and new countries need help.
Lowcock stressed that many things about COVID-19 aren't known including how it spreads in countries that are warmer and more humid, how it interacts with other illnesses like malaria and HIV/AIDS, how it acts in situations where there is a lot of malnutrition and hunger, its impact in low income countries where people on average are younger, and whether people who recover have some protection against a future infection.
Lowcock, who is the UN undersecretary-general for humanitarian affairs, expressed hope that scientists will find the answers to these and other questions in the coming months.
In the poorest parts of the world, he said, “the growth in case numbers is not yet as exponential as we've seen in, for example, in North America and Europe.”
He said the curve is accelerating in African and cited some recent modeling by the London School of Hygiene and Tropical Medicine “suggesting that many African countries will have a thousand new cases a week by May 1, and a few weeks after that could be getting 10,000 cases a week.”
Restrictive measures imposed by governments to tackle the pandemic are likely to have a bigger impact in poorer countries than wealthier ones because of the number of day laborers and hungry people who can't survive on their own resources, he said.
“But the biggest impacts, we expect ... will arise from the economic consequences of the pandemic,” he said.
Also read: Coronavirus News India LIVE Updates | a new u.n. humanitarian chief says 90 billion could provide income support, food and health response to the coronavirus pandemic. the price tag is just 1% of the USD 8 trillion stimulus package the 20 richest countries put in place to safeguard the global economy. about 700 million people — 10 per cent of the world's population — are most vulnerable. | Positive |
https://www.livemint.com/Companies/pvOr4mmsMehEOE4gKvmbQI/Maruti-Suzuki-charges-ahead-with-ambitious-electric-car-plan.html | New Delhi: Suzuki Motor Corp., the parent of India’s largest carmaker, aims to produce as many as 35,000 electric cars annually in India starting 2020-21, when it rolls out the first of these cars in the country, two people familiar with the matter said.
“Suzuki will venture into the electric vehicle market quite late compared to some of its competitors. That’s why they wanted to make sure the foray into electric should be sustainable and gradually gain volume. The battery plant was crucial and now the management has internally decided on 30,000-35,000 units per annum from FY21," said one of the two people, requesting anonymity. A spokesperson for Maruti Suzuki declined to “give any guidance".
While rivals such as Mahindra and Mahindra Ltd and Tata Motors Ltd are already manufacturing electric vehicles by sourcing half of the components from overseas vendors, Suzuki plans to set up the full ecosystem, starting with a lithium-ion battery plant, before unit Maruti begins selling the vehicles in India.
If all goes as planned, Maruti may be the first carmaker in India to make electric cars with locally sourced components.
“As of now, the target is to get approximately 2% of sales in 2021 but the infrastructure that Suzuki is creating for electric vehicles will help them hit the ground running. None of the other manufacturers as of now have any such plans," said the first person cited above.
Suzuki will source technology from Toyota Motor Corp. and Denso Corp. for the development of a compact and ultra high-efficiency powertrain for India and other global markets. Suzuki also has a tripartite joint venture with Denso and Toshiba to set up a lithium-ion battery factory in Gujarat.
The EV market in India is still small, numbering 25,000 units at the end of 2016-17. Of this, nearly 92% were two-wheelers. Electric cars and four-wheelers accounted for less than 8% of the total sales, according to Society of Manufacturers of Electric Vehicles.
Mahindra’s plans are more ambitious. It plans to produce 60,000 electric vehicles annually starting 2020 as it seeks to benefit from its first-mover advantage. “Our electric vehicles story is poised to take off," said Pawan Goenka, M&M managing director, in an interview to Mint in February.
In a January interview, Maruti Suzuki managing director Kenichi Ayukawa said his firm will also establish charging stations in some areas in collaboration with dealers and business partners.
According to the people cited above, manufacturing of Suzuki’s vehicles are likely to happen in Gujarat.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. | Suzuki plans to produce 35,000 electric cars annually in India starting 2020-21. rivals such as Mahindra and Mahindra and Tata Motors are already manufacturing electric vehicles by sourcing half of the components from overseas vendors. if all goes as planned, maruti may be the first carmaker in india to make electric cars with locally sourced components. the EV market in india is still small, numbering 25,000 units at the end of 2016-17. | Positive |
https://www.financialexpress.com/market/dsps-one-year-old-quant-fund-beats-sensex-by-playing-safe-but-what-happens-when-stock-market-turns-bullish/1995379/ | A one-year-old quantitative fund has beaten most of its peers and the overall Indian stock market with a rules-based system designed to avoid poor performers. “This is a fund that is positioned for not losing first,” said Kalpen Parekh, president of DSP Investment Managers Pvt. The DSP Quant Fund has lost 2.7% over the past 12 months, compared with a 14% slide in the benchmark S&P BSE Sensex. The 2.2 billion rupee ($29 million) fund has beaten 92% of its peers over the past year.
Starting with a universe of India’s 200 biggest companies, the fund’s selection methodology eliminates stocks that have shown high price volatility over time or which raise red flags when subjected to forensic accounting. That cuts the list by more than half. The system then scores the remaining stocks based on factors, giving weightings of 40% each to quality and valuation, and 20% to growth. The highest scoring stocks are included in the portfolio, which is rebalanced every six months.
“The process of eliminating first stands out because your chances of outperforming in the Indian market are enhanced when you remove stocks that are not consistent in certain metrics,” said Vidya Bala, head of research and co-founder at Chennai-based Primeinvestor.in. “It gives you some cushion particularly when the market is volatile.”
Quant funds have struggled to deliver globally during the pandemic, hurt by spikes in volatility and choppy rotations. Even Renaissance Technologies, the oldest and most profitable firm in this niche, is going back to the drawing board to revise its models. It’s still a nascent category in India, where the bulk of assets continue to be managed actively. The India NSE Volatility Index remains around 30 after spiking into the 80s amid the market plunge in March. The Sensex has rebounded 30% from that trough, compared with a 25% gain for DSP’s quant fund.
Parekh acknowledged that the fund could underperform the overall market in its bullish phase as the economy reopens. That’s largely due to DSP’s strategy of filtering out more volatile stocks. “Whenever there are turning points in the market, this fund will lag behind in the first leg,” he said, “But that’s fine, you don’t go to every party on a Friday night, you have a few groups you are comfortable with.” | the one-year-old fund has beaten 92% of its peers and the overall market. the fund's selection methodology eliminates stocks that have shown high price volatility over time. it then scores the remaining stocks based on factors, giving weightings of 40% each to quality and valuation, and 20% to growth. the highest scoring stocks are included in the portfolio, which is rebalanced every six months. | Positive |
https://www.financialexpress.com/auto/car-news/bmw-x4-prices-increased-by-rs-2-lakh-check-out-the-revised-price-list-specs-variants-mileage/1991767/ | The BMW X4 is available with two diesel and one petrol engine in the Indian market. The car competes with the Mercedes-Benz GLC Coupe here.
This story isn’t about how BMW India has silently added another variant in its line-up. This has got to do more with the price hike the brand carried out recently for its X4 model. The BMW X4 price in India has gone up by Rs 2 lakh. The new price list for the X4 begins from Rs 62.40 lakh for the xDrive20d, the xDrive30i for Rs 65.10 lakh and Rs 67.90 lakh for the xDrive30d, ex-showroom. There are no changes in the feature list and it looks like a yearly price increase for the model. The BMW X4 is made here. This being said, the competing Mercedes-Benz GLC Coupe is priced, starting from Rs 62.70 lakh. The BMW X4 is available to be booked now through all the authorised showrooms in India.
The BMW X4 boasts three engines- one petrol and two diesel. BMW uses a 2.0-litre diesel engine that makes 190hp and 400Nm with the base xDrive20d variant. This engine helps the car accelerate from 0-100kmph in less than 8.0s while the fuel economy is rated at 16.55kmpl. As for petrol, it is a 2.0-litre motor that develops 252hp and 350Nm. The claimed 0-100kmph time is 6.3s and the rated fuel efficiency is 12.82kmpl. The most powerful engine in this line-up makes 265hp and 620Nm from its 3.0-litre heart. It lays claim to a fuel efficiency of 14.71kmpl while the 0-100kmph run is dispatched in just 6.0s.
The BMW X4, like the other BMWs is feature-loaded. It comes with adaptive suspension, variable sport steering, adaptive LED headlights, electrical tailgate operation, panoramic glass roof and a parking assistant as standard. The car was introduced only last year and seems to be a good seller for the BMW brand. The company also recently introduced its bigger brother, the BMW X6, in a new avatar and with BS6 engines. | the x4 is available with two diesel and one petrol engines in the india market. the car competes with the Mercedes-Benz GLC Coupe here. the x4 is available to be booked now through all the authorised showrooms. the car is available with adaptive suspension, variable sport steering, adaptive LED headlights, electrical tailgate operation, panoramic glass roof and a parking assistant as standard. | Positive |
https://www.businesstoday.in/current/economy-politics/nirmala-sitharaman-press-measures-revive-sagging-economy-likely/story/379011.html | Finance Minister Nirmala Sitharaman on Saturday announced a series of measures to boost exports and real estate sectors in the country. To boost export, the FM said the scheme of Remission of Duties would completely replace all Merchandise Exports from India Scheme from January 1, 2020. The FM said the Centre was working to reduce 'time to export' by leveraging technology further, and that the action plan to reduce turn-around time at airports and ports bench-marked to international standards would be implemented by December 2019. To boost the housing sector, the FM said the government would set up a special window worth Rs 10,000 crore to provide last mile funding for housing projects, which are non-NPA (Non-performing asset) & non-NCLT (National Company Law Tribunal) projects & are net worth positive in affordable and middle income category. "The objective is to focus on construction of unfinished units," the FM said. The special fund size of Rs 10,000 crore would be contributed by the Centre and roughly the same amount would come from outside investors, said the FM.
Catch all the live updates on Nirmala Sitharaman's presser on BusinessToday.In Live blog
3.52 PM: The FM announces Rs 10,000 crore special window for last-mile funding of housing projects. | the scheme of Remission of Duties will replace all Merchandise Exports from India Scheme from January 1, 2020. the action plan to reduce turn-around time at airports and ports bench-marked to international standards will be implemented by December 2019. to boost the housing sector, the government will set up a special window worth Rs 10,000 crore to provide last mile funding for housing projects. | Positive |
https://www.moneycontrol.com/news/business/startup/revv-raises-rs-100-cr-in-series-b-funding-led-by-hyundai-motor-2871511.html | Delhi-based car-sharing startup Revv has raised Rs 100 crore in Series B funding led by Hyundai Motor. Existing investors Edelweiss and Beenext also participated in the round with other investors.
With its strategic investment in Revv, Hyundai Motor gains its first foothold in the Indian car-sharing market.
Moneycontrol had first reported about the investment plan earlier this week
The company will use the funds to expand its product offerings for both long-duration and on-demand use cases, strengthen its technology team and build brand awareness. It also plans to increase its geographical footprint to 30 cities during the next 12 months.
Hyundai Motor plan is to co-develop the company’s new growth engine by developing innovative mobility services that combine technologies such as autonomous driving and artificial intelligence with the sharing economy to transform people’s loves.
“Hyundai Motor India has been growing rapidly with its outstanding performance and has become a strong market leader in India,” said Y K Koo, MD and CEO, Hyundai Motor India Ltd.
He added, “We are just about to step forward and expand our business into the future mobility field with Revv. Hyundai Motor India will build a prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car-sharing company, Revv.”
“We feel privileged to have Hyundai Motor on-board for this journey. During the past 3 years of our existence, we have stayed focused on delivering great customer experience through a combination of innovative products suited to the varied needs of users. Strong traction with our users and thoughtful use of technology, e.g. an artificial-intelligence based driver assistance system that dramatically improves users’ safety, has helped us scale rapidly,” said Anupam Agarwal and Karan Jain, co-Founders of Revv. | Hyundai Motor has raised Rs 100 crore in Series B funding. the company will use the funds to expand its product offerings. it plans to increase its geographical footprint to 30 cities in the next 12 months. the company will combine technologies such as autonomous driving and artificial intelligence with the sharing economy to transform people’s loves. 'we feel privileged to have Hyundai Motor on-board for this journey,' said anupam Agarwal and Karan Jain, co-founders of revv. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/dow-jones-gains-230-points-on-easing-us-china-tensions-jobs-report/articleshow/75628584.cms | US stock markets gained on Friday after data showed the economy lost fewer jobs in April than feared due to the coronavirus crisis, adding to optimism from an easing in tensions between Washington and Beijing.All the 11 S&P sectors were trading higher, with the defensive real estate and consumer staples indexes posting some of the biggest gains.Official figures showed nonfarm payrolls plummeted 20.5 million in April - their steepest plunge since the Great Depression - but the number was still better than the 22 million forecast by economists polled by Reuters."There were whispers that the number could come in much worse," said Darrell Cronk, chief investment officer at Wells Fargo Wealth & Investment Management in New York."The fact they didn't come in higher is a bit of a relief rally. The market is exhaling a little bit on the fact that the worst jobs report in modern history wasn't even worse." Wall Street 's indexes are now on course for their first weekly increase in three, with the Nasdaq recouping all its losses for 2020, as investors pinned their hopes on supply chains coming back on track and a revival in consumer spending after several US states reopened economies.On Thursday, financial markets began pricing in a negative US interest rate environment for the first time ever, expecting the Federal Reserve to pump even more cash into the system to rescue the economy from a deep global recession.Wall Street's fear gauge slipped to its lowest since early March, consistently easing from levels last seen during the global financial crisis."The disconnect between sanguine financial markets and an imploding real economy grows larger by the day as bets for more and more stimulus are leading Wall Street to turn a blind eye to how catastrophic economic data really are," said Marios Hadjikyriacos, investment analyst at online broker XM.Also lifting the mood on Friday, Beijing said Sino-US trade negotiators had agreed to improve the atmosphere for the implementation of a Phase 1 deal, days after President Donald Trump threatened to impose new tariffs.At 11:13 a.m. ET, the Dow Jones Industrial Average was up 344.39 points, or 1.44 per cent, at 24,220.28, the S&P 500 was up 35.65 points, or 1.24 per cent, at 2,916.84. The Nasdaq Composite was up 106.45 points, or 1.19 per cent, at 9,086.11.Financial stocks tracked a rise in Treasury yields, while energy stocks jumped on the back of higher oil prices.Disney rose 2.1 per cent as tickets for the earliest days of Shanghai Disneyland's re-opening in China sold out rapidly.Uber Technologies Inc jumped 3.9 per cent as the company said its ride service bookings recovered in recent weeks and that it expects a coronavirus-related slowdown will delay the goal of becoming profitable by a matter of quarters, not years.Boeing Co rose 3.3 per cent as Chief Executive Officer David Calhoun said in a interview with Fox Business News that the planemaker expects to start production of grounded 737 MAX jet this month.But Cognizant Technology Solutions Corp fell 4 per cent after the IT services and outsourcing firm warned of weak demand this year.Advancing issues outnumbered decliners by a 5.51-to-1 ratio on the NYSE and a 3.65-to-1 ratio on the Nasdaq.The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 43 new highs and one new low. | all 11 S&P sectors were trading higher, with the defensive real estate and consumer staples indexes posting some of the biggest gains. the Dow Jones industrial average was up 344.39 points, or 1.44 per cent, at 24,220.28, the S&P 500 was up 1.44% at 24,220.18. the u.s. economy lost fewer jobs in April than feared due to the coronavirus crisis. | Positive |
https://www.financialexpress.com/economy/unemployment-rate-falls-to-lowest-level-since-lockdown-began-shows-green-shoots-of-economic-revival/1986877/ | As economic activity catches pace in June, the employment situation in the country significantly improved in the first week after the months-long lockdown was lifted. The unemployment rate fell to 17.51 per cent in the week ending 7 June, according to weekly data released by CMIE. The unemployment rate in the first week is at the lowest level since the lockdown was announced in the last week of March 2020. The unemployment rate stood at 8.41 per cent just before the lockdown began and peaked to 27.1 per cent in the week ending May 3. A steep fall in the unemployment rate indicated green shoots of economic recovery after Prime Minister Narendra Modi’s government put an end to day travel restrictions and allowed most of the industries and businesses to operate.
Not only this, the unemployment rate fell despite a surge in labour participation, meaning that the country was able to provide jobs to an increasing number of jobseekers. India added 2.1 crore new jobs in the month of May, while labour participation rate also rose as the lockdown was partially lifted and many industrial activities and offices were allowed to open last month. This may bode well for the economy in the current month, as it shows migrant labourers are coming back to the job market and the industrial activity has started at a decent pace.
Also Read | Bad news for job seekers: Only 5% companies planning hirings in Q2; salary cuts also on cards
Standstill businesses and industries pushed the country’s unemployment rate to over 20 per cent for straight ten weeks during the nationwide lockdown. Also, with lakhs of migrant workers and labourers stranded amid lockdown, India saw an unprecedented reverse migration. This developed fear among industries about the migrant workers not returning.
However, the centre and various states, especially Yogi Adityanath-led Uttar Pradesh government, announced various schemes, compensation and social security for the labourers and migrant workers which may have helped in boosting sentiment in the job market. Meanwhile, the latest survey by ManpowerGroup underlined that the employment situation is likely to remain grim in the next quarter too, as only 5 per cent companies of India Inc are planning to hire new staff in Q2 FY21. | unemployment rate fell to 17.51 per cent in the week ending 7 June. it is the lowest level since the lockdown was announced in the last week of march 2020. the unemployment rate stood at 8.41 per cent just before the lockdown began and peaked at 27.1 per cent in the week ending may 3. india added 2.1 crore new jobs in the month of may. | Positive |
https://www.businesstoday.in/latest/biz-eod/biz-eod-ril-counters-govt-petition-rinfra-wins-rs-1250-crore-arbitration-award-mandm-rejigs-auto-farm-divisions/story/392513.html | Mukesh Ambani-led Reliance Industries countered government's petition in the Delhi High Court seeking to impose non-payment of $3.5 billion in an international arbitral award of Panna-Mukta and Tapti production-sharing contracts case. Anil Ambani-led Reliance Infrastructure said it has won Rs 1,250 crore arbitration award against government-owned Damodar Valley Corporation. Mahindra & Mahindra announced further changes in its group corporate office and automotive and farm businesses, sectors, effective from April 1, 2020. Read for more top stories from the world of business and economy:
1. RIL counters govt's petition to recover dues in PMT profit dispute case; says no immediate liability
RIL submitted the affidavit in response to the government's move to the Delhi HC, seeking to block RIL selling a 20 per cent stake in its oil-and-chemicals business to Saudi Aramco for $15 billion, in view of dues of $3.5 billion in the PMT oil and gas fields
2. Reliance Infrastructure wins Rs 1,250 crore arbitration award against DVC, share jumps 5%
The arbitration tribunal awarded the case in favour of Reliance Infrastructure and directed DVC to pay Rs 896 crore and return the bank guarantees of Rs 354 crore within four weeks or pay additional interest, at the rate of 15 per cent annually, for any delay in payment beyond four weeks
3. M&M rejigs top brass in auto, farm divisions; Rajan Wadhera to step down
In its Group Corporate Office (GCO), S Durgashankar will be assigned an enhanced role as Group Controller of Finance and Accounts. In auto and farm sectors, Veejay Nakra will be appointed CEO of auto division
4. Air India stake sale: Singapore, London roadshows receive lukewarm response from potential buyers
The tepid response, however, is unlikely to delay the government's proposed privatisation plan schedule which is expected to conclude initial bidding documents for Air India by next month
5. CAA & NRC II: Here are the myths and facts about all-India national register of citizens
In sharp contrast to the Assam NRC, identification process for "doubtful citizenship" or "illegal migrant" under the NPR and NRIC being prepared is not specific, leaving immense scope for arbitrariness and misuse- and all leading to targeting and filtering out the Muslims | reliance infrastructure wins arbitration award against government-owned damodar valley corporation. reliance says it has won Rs 1,250 crore arbitration award against government-owned damodar valley corporation. a tepid response is unlikely to delay the government's proposed privatisation plan schedule. a spokesman for the government says it is not aware of any changes in its corporate office. | Positive |
https://www.financialexpress.com/industry/banking-finance/sbi-chief-rajnish-kumar-says-more-calibrated-responses-from-govt-expected-as-impact-of-covid-19-unfolds/1910392/ | Terming the relief package as timely intervention, SBI Chairman Rajnish Kumar on Thursday said more calibrated responses in coming weeks expected as the impact of pandemic COVID-19 unfolds. He said the relief package announced by the Finance minister is timely, well intentioned and has combined both cash transfers and primary food requirements for the marginalised sections of the society for the next three months.
Observing that the global economy is going through unprecedented times and India is no exception, he said, the nationwide lockdown was rightly enforced for the country to stay ahead of the curve in fighting the global pandemic.
“Today’s package will now impart a definite direction to India’s fight against the epidemic. Overall it’s a very well defined package reinforcing government’s intent that no one should be deprived of basic facilities in today’s stressed times. We are hopeful of more calibrated responses in coming weeks as the impact of pandemic unfolds,” he said.
The government on Thursday unveiled a Rs 1.70 lakh crore economic package involving free foodgrain and cooking gas to poor for the next three months, one-time doles to women and poor senior citizens, higher wages to workers and measures to boost liquidity of employees as it looked to contain the impact of unprecedented nationwide lockdown.
Over 80 crore ration card holders will each get 5 kg of wheat or rice and one kg of preferred pulses free of cost every month for the next three months to ensure that poor are not hungry because of the close down of businesses. Poor women, who got free cooking gas under the Pradhan Mantri Ujjwala Yojana during the last three years, will get free LPG refills in the next three months to tide over tight finance following the nationwide lockdown, Finance Minister Nirmala Sitharaman said, adding this will benefit 8.3 crore women.
Besides, 20.5 crore women Jan Dhan Account holders will get Rs 500 per month for the next three months, while poor senior citizens, widows and disabled will get a one-time cash dole of Rs 1,000. Commenting on the Relief package Indian Bank MD and CEO Padmaja Chunduru said it will gives much needed succour to the needy.
“The insurance cover for health care workers, the help to the women in SHGs and the DBT are very necessary,” she added. | finance minister unveils relief package. package includes free foodgrain and cooking gas to poor for next three months. one-time doles to women and poor senior citizens also included. ration card holders will get 5 kg of wheat or rice and one kg of preferred pulses free of cost every month for next three months. ration card holders will get free cooking gas under the pmuujwala. | Positive |
https://economictimes.indiatimes.com/industry/services/property-/-cstruction/commercial-realty-deal-volumes-sink-by-94-percent-in-january-may/articleshow/76679150.cms | Samvat 2080 Opens on a Positive Note Samvat 2080 started on a steady note for investors with India’s stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year.
Insolvency Gets All Personal Now in Boost for Recoveries Supreme Court (SC) order allowing bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery, potentially multiplying banks’ realizations. | india's stock benchmarks gained over half a per cent in the special 60-minute Muhurat trading session on Sunday evening. the move marks the start of the traditional Hindu new year. bankruptcy proceedings against personal guarantors of loans to defaulter companies will open up a new window of recovery. a new ruling by the supreme court will open up a new window of recovery. | Positive |
https://www.financialexpress.com/industry/samsung-goes-green-with-sustainable-gadget-packing/1504168/ | In support of environmental conservation, Korean technology giant Samsung will be replacing plastic packaging materials for its products, presently deemed ‘non-recyclable’, with paper and other environmentally sustainable materials. The company has also increased the usage of non-conventional energy sources by going solar at its R&D centre in Bengaluru.
From the first half of 2019, the packaging used currently for Samsung’s products and accessories—ranging from mobile phones and tablets to home appliances—will be substituted with environmentally sustainable materials like recycled/bio-based plastics and paper. To revamp product packaging, Samsung Electronics has formed a taskforce involving design and development, purchasing, marketing and quality control for innovative packaging ideas.
“Samsung Electronics is stepping up in addressing society’s environmental issues such as resource depletion and plastic wastes,” said Gyeong-bin Jeon, head of Samsung’s Global Customer Satisfaction Centre. “We are committed to recycling resources and minimising pollution coming from our products. We will adopt more environmentally sustainable materials even if it means an increase in cost.”
For mobile phone, tablet and wearable products, Samsung will replace the plastic used for holder trays with pulp molds, and bags wrapping accessories with eco-friendly materials. Samsung will also alter the phone charger design, swapping the glossy exterior with a matte finish and eliminating plastic protection films, reducing the use of plastics. The plastic bags used to protect the surface of home appliances such as TVs, refrigerators, air conditioners and washing machines as well as other kitchen appliances will also be replaced with bags containing recycled materials and bio-plastics, which are respectively made from plastic wastes and non-fossil fuel materials such as starch or sugar cane.
Regarding paper, Samsung will only use fibre materials certified by global environmental organisations like the Forest Stewardship Council, Programme for the Endorsement of Forest Certification Scheme and the Sustainable Forestry Initiative for packaging and manuals by 2020. Under the company’s circular economy policy, Samsung Electronics has set a mid-term implementation plan to only use paper packaging materials certified by forestry initiatives by next year. By 2030, Samsung aims to use 500,000 tonne of recycled plastics and collect 7.5 million tonne of discarded products (both cumulative from 2009).
Earlier this year, Samsung’s largest R&D centre outside Korea, switched to solar power for its campus in Bengaluru which houses over 3,000 R&D employees. Initiated in March 2016 as part of its ‘Go Green Initiative’ to increase usage of green energy sources, the company now draws 88% of its power requirement from a solar farm in Kalburgi district in Karnataka, around 500 km away from Bengaluru, thus cutting down reliance on the traditional power grid, making that energy available for other uses.
Samsung R&D Institute – Bangalore (SRI-B) has drawn 8 lakh units of solar power since December 2018 that replaces energy derived from traditional sources such as coal. The solar farm generates/adds the required power to the state electricity grid and SRI-B through ‘energy wheeling’ receives an equal amount of power from the local electricity grid. This process/method helps in curbing transmission and distribution losses. “The resolution to Go Green has not only become a part of our company’s corporate social responsibility, but a mission to reduce the global carbon footprint by embedding initiatives within the organisation that supports the same. There are many other environmental
oncerns and we seek to implement more innovative methods of promoting an eco-friendly environment for future
generations,” said Dipesh Shah, managing director, SRI-B. | Samsung will replace plastic packaging materials with paper and other sustainable materials. the company has also increased the usage of non-conventional energy sources by going solar at its R&D centre in Bengaluru. the company has formed a taskforce involving design and development, purchasing, marketing and quality control for innovative packaging ideas. for mobile phone, tablet and wearable products, Samsung will replace the plastic used for holder trays with pulp molds. | Positive |
https://www.moneycontrol.com/news/trends/entertainment/loved-lust-stories-now-get-ready-for-ghost-stories-as-directors-team-returns-to-netflix-4689361.html | Representative image
We all know what a treat it was for Netflix and the viewers when the directors' team comprising Anurag Kashyap, Zoya Akhtar, Karan Johar and Dibakar Banerjee came together last time for the series -- Lust Stories.
The band of directors is returning to the platform. But this time, not with stories on lust, but fear. It is the horror genre that the directors are experimenting with as they have announced the release of their new venture called Ghost Stories.
Available on Netflix from January 1, 2020, there is anticipation for the anthology film Ghost Stories especially with Lust Stories directors teaming together once again.
We all know how big a success Lust Stories became. After all, how many series get nominated for The Emmy Awards? The series had received two nominations for The 71st Primetime Emmy Awards.
Lust Stories had a big contribution to Netflix’s viewership growth in India. The series became Netflix’s largest-watched original in the first month, in terms of viewership percentages, among all the markets it operates in.
All this was also reflected in the profits that Netflix's Indian arm saw during 2018-19.
According to reports, Netflix has seen 700 percent growth in India in the last two years.
The Reed Hastings’ over the top platform (OTT) recorded profits of Rs 20 lakh and a turnover of Rs 58 crore in FY18. In 2019, the profit soared to Rs 5.1 crore with revenue standing at Rs 466.7 crore.
Now, the release of Ghost Stories will only make Netflix’s optimism about the Indian market stronger.
We can say this because the horror genre, according to experts, is the most successful genre in terms of ROI (return on investment). It has the highest ROI not only in India but Hollywood too.
Apart from good returns, the genre is also global.
Film experts say that if there is a good horror film, then the filmmakers get the opportunity to unbox not only India, but also other parts of the world.
Yet, Bollywood has only limited number of films belonging to this category.
Now, noticeable filmmakers and big production houses are treading this path.
Realising horror genre’s potential, now, every stakeholder in the film industry is taking note of this genre that is considered as a safe bet in Hollywood.
So, with Ghost Stories coming on Netflix soon, get ready to begin the new year on a scary note. | Lust Stories directors team up again for new anthology called ghost stories. the horror genre is the most successful genre in terms of ROI. it has the highest ROI not only in india but Hollywood too. the anthology will be released on january 1, 2020. a new eponymous film will be released in january 2020. | Positive |
https://economictimes.indiatimes.com/news/economy/indicators/indias-gdp-growth-rises-to-7-2-in-december-quarter/articleshow/63111337.cms | Apple Rings Louder: Sept Qtr Sees Record Revenue in India 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.
Young & Restless Driving Change at Motown’s Luxe St 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 set a new quarterly revenue record in india with a strong double-digit year-on-year growth in the September quarter. the world's second-largest smartphone market is a key focus for the cupertino, us-based company where it currently has a low share. luxury car buyers in india are getting younger with two out of five Audi buyers aged less than 40. | Positive |
https://economictimes.indiatimes.com/industry/banking/finance/mastercard-usaid-join-hands-for-project-kirana-to-empower-women-through-financial-inclusion/articleshow/79302150.cms | New Delhi: Global payments technology major Mastercard has joined hands with development agency USAID for the Project Kirana that will help increase revenue streams, expand financial inclusion and digital payments adoption of kirana shops that are owned or operated by women. To begin with, as many as 3,000 such women are targeted to be enrolled under this project in certain places in Uttar Pradesh.Mastercard said that around the world, gender inequality limited women-owned businesses' ability to launch, grow and thrive.To address these gaps, Mastercard and the United States Agency for International Development (USAID) have partnered under the Women's Global Development and Prosperity Initiative (W-GDP) to launch Project Kirana, it added."It is a really powerful initiative. It is the extension of what we are doing in many markets and we have committed in a large part of India. Globally, we have committed USD 250 million towards supporting SMEs (small and medium enterprises)," Porush Singh , division president (South Asia) of Mastercard, said while announcing the partnership at a virtual event on Thursday.He added that in India, the company has committed USD 33 million. "It is a large chunk...to help bring SMEs and empower women entrepreneurs for the next five years."Recently, Mastercard announced a commitment of Rs 250 crore (USD 33 million) to help reboot Indian SMEs and enable business recovery amid the COVID-19 pandemic.As part of the commitment, the company has launched multiple initiatives in India in helping small businesses go online by growing digital payments.The initiatives will also drive inclusive growth by enabling small merchants and kirana stores with access to credit and empower women entrepreneurs by increasing their business acumen.Project Kirana will work to increase revenue streams, expand financial inclusion and digital payments adoption of kirana shops that are owned or operated by women, Mastercard said.The two-year Project Kirana programme will be implemented by DAI and ACCESS Development Services in select cities of Uttar Pradesh, including Lucknow, Kanpur and Varanasi. The programme will focus on building financial and digital literacy skills on banking, digital payments, saving, credit and insurance."Creating equal opportunities for women in business is not only a question of gender equality but also an economic priority. At Mastercard, we believe in levelling the playing field for women entrepreneurs," said Alison Eskesen, vice-president of Mastercard Center for Inclusive Growth.He added that it becomes imperative to help women unlock their potential, strengthen their skills and enhance their participation in business.Karen Klimowski, acting India mission director of USAID, said the partnership between USAID and Mastercard is an example of the US government's commitment to collaborating with the private sector in achieving sustainable development outcomes, such as the global women's economic empowerment.USAID has a global network of more than 186 gender advisors who work to accelerate USAID's gender work worldwide."Global prosperity will remain out of reach if we exclude half the population. At USAID, we believe investment in women is key to unlocking human potential on transformational scale," said John Barsa , acting administrator of USAID, in the release.Singh said India is one of the countries with the highest gender gap in the world. "Project Kirana is strategically designed to support women with a suite of skills and knowledge to increase their access to financial services and ultimately bring them into the formal economy." | Mastercard joins hands with USAID for the project Kirana. the two-year project will focus on building financial and digital literacy skills. the company has committed USD 33 million in India. it is a "powerful initiative" and will help bring SMEs and empower women entrepreneurs. a spokesman for the company says the project will be a "very positive step" | Positive |
https://www.livemint.com/Industry/J6uQDEC9pqS7ZqQzfmmzuJ/UK-joins-International-Solar-Alliance-to-mark-Narendra-Modi.html | London: The United Kingdom on Monday joined the India-led International Solar Alliance (ISA) ahead of Prime Minister Narendra Modi’s four-day visit to Britain. At an event held at the London Stock Exchange as part of the Commonwealth Heads of Government Meeting 2018 (CHOGM), Britain formally announced its membership of the alliance, which aims to raise $1 trillion of private and public finance to provide affordable and sustainable energy for all by 2030.
The UK’s partnership will involve providing expertise and advice to the alliance, but no monetary contributions. The Department for International Development (DfID) said its partnership of ISA, which it described as Modi’s flagship climate treaty, is aimed at giving over 1 billion of the world’s poorest people access to cheap, clean, and renewable energy.
“Without India’s leadership, the alliance would not have come so far and so fast. By increasing access to solar energy, millions more babies will now be delivered safely, millions of farmers will be able to grow more crops and better support their families, and millions more children can be better educated," said UK international development secretary Penny Mordaunt.
“Partnering with like-minded countries and businesses who share the UK’s commitment to delivering clean, affordable energy will help end poverty while also delivering benefits for the UK by opening up business opportunities for UK renewable energy and green finance companies," she said.
The DfID minister championed the UK’s world-leading innovation and expertise—including from the City of London, the leading global centre for green investment finance—that will enable the alliance to deliver more effective programmes and help more of the world’s vulnerable people.
DfID highlighted that ISA has already brought together over 60 countries who have pledged to increase solar power that will ensure homes remain lit, children can be educated in schools, health facilities can provide life-saving treatment, and businesses have access to vital mobile and internet services.
“The signing of this treaty is a momentous occasion for the UK and demonstrates our continued commitment to providing the very best of British expertise to the renewable energy sector. With the UK joining the International Solar Alliance, the lives of almost a billion of the world’s poorest people, across the Commonwealth and beyond, will be changed for the better," Mordaunt said.
The UK said its support for ISA will be to develop solar water pumping projects, where farmers can use cheaper solar power—rather than diesel pumps—to water their crops. UK expertise will also help increase the number of “mini grids" supplying power to remote areas that cannot be reached by the main electricity grid.
These energy sources are considered a lifeline for rural communities, helping to power business and homes, making sure the poorest people no matter where they live can access clean, reliable and affordable energy quickly to lift themselves out of poverty.
The new collaboration means ISA will be able to make solar power cheaper by helping countries join forces to procure solar energy systems.
Currently, 12 ISA countries, including Commonwealth countries Bangladesh and Malawi, want to purchase over 720,000 solar pumps through ISA. The joint purchase will see a significant reduction in solar pump costs for each of the participating countries and up to 5 million people in developing countries will benefit from this collective purchase.
The UK becomes the 62nd country to join ISA, which includes countries like France, Australia, Bangladesh, Tuvalu, Benin, UAE, Brazil, Vanuatu, Burkina Faso, Sierra Leone, Tanzania and Uganda.
Britain’s traditional financial aid programme to India ended in 2015, with the country now focussed on providing India with “world-leading expertise" and private investment to boost prosperity, create jobs and open up markets.
The new ISA partnership is part of this wider engagement with India. ISA is an inter-governmental treaty-based organisation that aims to mobilise $1 trillion in funds for future solar generation, storage and technology across the world. It was launched by Modi in 2015 and formalised at a founding conference in New Delhi last month. PTI
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Topics | the united kingdom has joined the international solar alliance (ISA) the alliance aims to raise $1 trillion of private and public finance to provide affordable and sustainable energy for all by 2030. the partnership will involve providing expertise and advice to the alliance, but no monetary contributions. the uk's international development secretary said the alliance would not have come so far without India's leadership. | Positive |
https://www.financialexpress.com/investing-abroad/featured-stories/invest-at-least-20-per-cent-in-international-stocks-heres-how-to-diversify-your-investment-portfolio/1956127/ | Are you missing out on the real action when it comes to investments? Look at where the high net worth individuals (HNIs) and ultra HNIs are putting their money for wealth creation. According to the Reserve Bank of India, in 2018-19, $422 million was spent by Indians on buying equity and debt instruments outside India. It shows Indians have already been diversifying across asset-classes too. According to the Karvy India Wealth Report 2019, the proportion of global individual wealth in key asset classes was 25.7 per cent in equities, 45.5 per cent in debt, 15.8 per cent in real estate, and the balance 13 per cent in alternate assets, including gold.
Even investments in real estate have been growing. According to Knight Frank, the independent global property consultancy, India’s outbound capital into commercial real estate increased by 92 per cent to US$0.7bn in 12 months to Q1 2019. Also, according to the Knight Frank Wealth Report 2019, the results of Attitudes Survey found that 24 per cent of Indian Ultra HNIs have property investments, excluding first and second homes, outside India, up from 21 per cent the previous year.
If you haven’t got your rupee invested there, you probably are missing out on the real action. According to the Securities Industry and Financial Markets Association (SIFMA), a US industry trade group, the US equity markets represent a huge 38 per cent of the $85 trillion in global equity market cap.
As an investor, when you invest in the US stocks through S&P 500 index, NYSE Composite, Nasdaq Composite or any other US indices, you have a pie of the global economy as well. The US stock market offers the opportunity to spread your investment across bonds, ETFs and shares of some of the biggest companies in the world. As per SIFMA, on average, around 6.9 billion shares are traded on US equity markets every day.
And, there are good enough reasons for the Indian investors to include the US stocks in their portfolio. For an Indian investor who has all the money exposed only to one’s nation’s economy, there is a big amount of risk – the country risk. Any over-exposure to one single economy leaves the portfolio vulnerable to any downturn in the economy.
Further, one fails to make good use of the rising stock market in other parts of the world. According to data analyzed by Portfolio Visualizer, an online software platform for portfolio and investment analytics, from 1986 till 2018, the US stock market had risen about 10 per cent annually, while the developed markets and emerging markets had generated about 6.5 per cent annually.
The net effect of diversifying abroad is reflected in your portfolio. When overseas markets such as the US stock market gains and there is a downward trend in the Indian markets, the overall impact on your portfolio is much less. The same is true when the reverse happens, but your portfolio still remains less impacted. This may not hold true always but diversifying across global markets has the potential to generate a high risk-adjusted return. Building a diversified stock portfolio helps over the long term as most global markets or indices are not co-related to a large extent and thus have the potential to hedge your portfolio when the markets move in opposite directions. Incidentally, the S&P 500 index, which is often regarded as the best single gauge of large-cap US equities, is considered to have a very low correlation with the Indian equity market.
Exposure to the US markets is also recommended for the reason that investment products such as ETFs, Index funds etc are much more evolved there and are available at low expense ratio. Remember, costs of a financial product eat into the returns and, therefore, holding low-cost investments help. The Nasdaq ETF Market is a thriving platform for ETFs and there are more than 309 exchange-traded products track Nasdaq indexes.
The big question is – how much to invest in international markets? That depends on your personal risk profile, the size of your portfolio, among others. Some suggest holding a 50:50 portfolio between domestic and international stocks, while the ratio may vary as well. To start with, for a visible impact of diversification, one should keep at least 20 per cent exposed to international markets and over time increase it.
According to a study done by Mayank Joshipura, professor & chairperson (Finance), School of Business Management, NMIMS, Mumbai, the US markets have outperformed the Indian markets both in absolute as well as risk-adjusted terms on a total return basis performance of the US and Indian markets for the past 28 years. For this, he compared Dow Jones Industrial Average (DJIA) and BSE Dollex 30. Thus, historically, it has been seen that international diversification has considerably improved the risk-adjusted returns for a savvy investor. | in 2018-19, $422 million was spent by Indians on buying equity and debt instruments outside India. the proportion of global individual wealth in key asset classes was 25.7 per cent in equities, 45.5% in debt, 15.8 per cent in real estate, and the balance 13 per cent in alternate assets, including gold. even investments in real estate have been growing. | Positive |
https://economictimes.indiatimes.com/industry/cons-products/fmcg/expect-india-to-be-huge-growth-driver-amway/articleshow/68010105.cms | US-based direct selling major Amway Inc expects India to be a huge growth driver for the company and play a role in its global supply chain through innovative herbal products, a top company official said Friday.The company also aims a sustained double-digit growth in the next five years in India, a market which it is expecting to break into its top-five global markets in the mid to long term."Of course we do. The size and the scope and the breadth of the Indian market, we see it as a huge growth driver for us globally," Amway Inc Co-Chairman Douglas L DeVos told PTI here in an interview.He was responding to a query on whether Amway believes that India can be among its top-five global markets. Currently, the country is ranked seventh after China, US, South Korea , Japan, Thailand and Taiwan.Amway has already set a target of USD 1 billion sales in India by 2025. In 2017-18, the direct selling firm had sales of Rs 1,800 crore and expects to touch Rs 2,000 crore in 2018-19.Commenting on the company's ambitions in India, DeVos said: "We have grown at a rate of 7 per cent now, so we are going to have double digits in the near future. We believe that is the pace we can maintain certainly for the next five years and hopefully even accelerate."The growth will be driven by the company's existing products besides new introductions such as the locally developed herbal range.He said some of the markets like Thailand and Malaysia have already expressed interest in the herbal products from India."Indonesia and markets in South East Asian region would be very interested in products like these. We see India having a role in global suply chain, not just India for India but for other markets as well," DeVos.Last year, Amway India made a foray into herbal skincare products, positioning a dominant number of items under its Attitude range.Elaborating on growing expectations from India, he said: "We made investment in manufacturing here and at that time, it may have been more India for India but I think as we talk about the innovation side, like the (herbal) products, we are trying to use the resources that we have as a global company."Also, he said Amway could look at replicating what it did in the US with the Nutrilite brand for producing natural plant-based health supplements through organic farming."...That idea can be applied here in India, and apply potentially in China (too)," DeVos said adding that even ideas from India could go back to the US. | amway expects to see double-digit growth in the next five years in india. the country is ranked seventh after China, US, South Korea, Japan, Thailand and Taiwan. the company has already set a target of USD 1 billion sales in india by 2025. in 2017-18, the firm had sales of Rs 1,800 crore and expects to touch Rs 2,000 crore in 2018-19. | Positive |
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NEW DELHI: NEW DELHI: Apple has started manufacturing the iPhone 7 model in India, in addition to iPhone SE and iPhone 6s, thus widening its 'Made in India' portfolio and signalling its intention of developing the country as a manufacturing hub.“We are proud to be producing iPhone 7 in Bengaluru for our local customers, furthering our long-term commitment in India,” said Apple in an e-mail to ET exclusively.Taiwanese contract manufacturer Wistron, which makes iPhone SE and 6s models out of its plant on the outskirts of Bengaluru, has been making the iPhone 7 devices in India since the beginning of March.People familiar with the matter said that a price drop for the iPhone 7 is unlikely with analysts saying the company will invest the margins made from these devices into a more aggressive sales and marketing play.The cost of making iPhone 7 devices in India is cheaper than importing them due to the duty concessions any handset maker gets on local manufacturing, a move aimed at boosting the government’s Make in India initiative.Apple’s latest move comes after Wistron recently received the government’s approval for its Rs5,000-crore proposal to expand its manufacturing capabilities with the aim of locally producing high-end Apple devices.“iPhone 7 is a low risk kind of product for Apple to make out of India. To that extent, it (local manufacturing of iPhone 7) is about revalidating Apple’s India manufacturing capability before they scale up to other models,” said Navkender Singh, research director at IDC India.He added that Apple will make more money at the same price points, owing to higher margins now.“They will use the funds in their channels, for market development purposes most likely,” he said, ruling out price cuts. “Apple is price conscious.”Apple is coming off its weakest year – 2018 – since 2014 and has revamped its management team and sales strategy, with analysts saying it’s clear that the company is planning to treat India more as a manufacturing and export hub – also in the backdrop of the China-US geopolitical pressures - rather than a destination for its products’ sale. The high prices of Apple’s devices and competition from Chinese players offering advanced features at far lower prices meant Apple’s market share in India sunk to around 1.2% in 2018, from 2.4% in 2017.Singh said that locally manufacturing the iPhone 7 won’t drive up Apple’s volume sales in India in 2019 – which are again expected to be “sluggish” - but it is more about testing waters in the manufacturing segment for high-end Apple phones”.As per news reports, the company seems to be planning to phase out iPhone 6 and 6s from the Indian market, and this could mean that iPhone 7 now becomes the entry level model for India, he added.Talking about India as a market for Apple as a whole, Singh said that while the device segment remains hard to crack for Apple, it will be interesting to see the launch of the company’s content services. “We think it will take some time for Apple to launch its video streaming service in India. It could easily be a year before we see Apple’s video content in India”.Apple last week launched a television and movie subscription service, a credit card, and a digital video game arcade as it sought to reposition itself as an entertainment and financial services company, which also makes smartphones. | apple has started manufacturing the iPhone 7 model in india, in addition to iPhone SE and iPhone 6s. the move signals its intention of developing the country as a manufacturing hub. the cost of making iPhone 7 devices in India is cheaper than importing them due to the duty concessions any handset maker gets on local manufacturing. the move comes after wistron received the government’s approval for its Rs5,000-crore proposal to expand its manufacturing capabilities. | Positive |
https://www.financialexpress.com/budget/budget-2019-godrej-nestle-united-against-corporate-tax-say-reduction-needed-for-big-cos/1607733/ | Union Budget 2019 India: As the time for Budget 2019 draws near, several industrialists have spoken about the industry reforms that they expect from it. Nestle and Godrej, two of the biggest FMCG companies in India, have also joined the bandwagon and spoken about the need to reduce corporate taxes. “Any steps to reduce corporate tax will make investments more attractive,” Nestle CMD Suresh Narayanan told CNBC TV18 on the sidelines at an event. Also speaking at the same event was Adi Godrej, who resonated the same and said that there is a need to reduce the rates of corporate taxes for bigger companies.
Expectations are very high from Finance Minister Nirmala Sitharaman’s maiden budget to be unveiled on 5 July 2019. As FMCG industry has borne the brunt of the ongoing rural distress, Suresh Narayanan said that he hopes the budget addresses consumption, agriculture, employment and investment. Stating that there is a need for greater partnership between the industry and the government, he added that it will improve the overall economic climate of the country.
“The issue that is obvious and can address a lot of our issues is agriculture. Whatever we can do on agriculture, be it in terms of agricultural incomes, in terms of food processing, and enhancements of food processing industries — can generate income, employment and a sustainable model of progress,” Suresh Narayanan added. However, he remains confident of demand and consumption. Once the right kind of investments are generated and demand and consumption will also happen, he said.
Slowing economy is another concern and Adi Godrej said that the growth needs to be restored hence the 2019 budget must have provisions for it. Also addressing the recent repo rate cut by the Reserve Bank of India, the chairman of Godrej industries also said that lower interest rates have not been transmitted despite the repo rate cut. | several industrialists have spoken about the industry reforms that they expect from it. Nestle and Godrej, two of the biggest FMCG companies in india, have also joined the bandwagon. also speaking at the same event was Adi Godrej, who said that there is a need to reduce corporate taxes for bigger companies. expectations are very high from Finance Minister Nirmala Sitharaman’s maiden budget to be unveiled on 5 July 2019. | Positive |
https://www.financialexpress.com/india-news/officers-of-audit-and-accounts-service-guardians-of-public-trust-financial-prudence-says-president-ram-nath-kovind/1316270/ | Asserting that CAG reports play a pivotal part in enforcing accountability on the executive, President Ram Nath Kovind said Monday that officers of the Audit and Accounts Service are guardians of public trust and financial prudence. The president was addressing separate groups of officer trainees of the Indian Audit and Accounts Service, Indian Trade Service and Indian Information Service, who had called on him at Rashtrapati Bhavan here.
Addressing the officer trainees, Kovind said that the Audit and Accounts Service officers have a critical role in ensuring the accountability of the executive to the legislature. “The reports of the CAG (Comptroller and Auditor General), submitted to the legislature, play a pivotal part in enforcing accountability on the executive. Officers of the Audit and Accounts Service are guardians of public trust and financial prudence,” he said.
The president said that in today’s globalised world, the strength of a nation is assessed by the strength of its economy.”Nations compete for a share of global markets and trade. While we have done quite well in promoting our trade in the past two decades, there is a lot more to be achieved,” he said.
Kovind said, historically, India had a substantial share in global trade.”Today, our country’s share in global trade is around two per cent. The officers of the trade service too have an important role in ensuring that our country regains its position in the global trade order,” the president said.
Addressing those from the Indian Information Service, he said that despite the information age, there is still a large segment of population that lacks awareness about government programmes and welfare schemes from which they can benefit. “We must ensure that information about these programmes and schemes reaches citizens living in the remotest of places and the smallest of villages. It is here that officers of the Indian Information Service play an important role. It is for Indian Information Service officers to make the government’s outreach and communication relevant, timely, practical and effective,” Kovind said. | president says officers of the audit and accounts service are guardians of public trust. he says officers of the trade service too have an important role in restoring trade. despite the information age, there is still a large segment of population that lacks awareness. he says the strength of a nation is assessed by the strength of its economy. he says the country has done quite well in promoting trade in the past two decades. | Positive |
https://www.financialexpress.com/lifestyle/health/cipla-inks-licensing-pact-with-gilead-sciences-for-potential-covid-19-treatment-drug-remdesivir/1957303/ | Homegrown pharma major Cipla Ltd on Wednesday said it has signed a non-exclusive licensing agreement with Gilead Sciences Inc for manufacturing and distribution of investigational drug remdesivir, a potential therapy for COVID-19.
The medicine has been issued an Emergency Use Authorization (EUA) by the US Food and Drug Administration (FDA) to treat COVID-19 patients.
“This agreement is part of Cipla’s efforts to enhance global access to life-saving treatments for patients affected by the pandemic,” the company said in a statement.
Also read: Check Coronavirus latest updates here:
Under the agreement, Cipla will be permitted to manufacture the API (active pharmaceutical ingredient) and finished product, and market it in 127 countries, including India and South Africa under Cipla’s own brand name, it added.
The company further said it will receive the manufacturing know-how from Gilead Sciences Inc to manufacture the API and finished product at a commercial scale.
“Cipla’s extensive geographical and commercial footprint will help make this therapy accessible to more patients and markets,” the pharma major said.
The EUA by USFDA will facilitate broader use of remdesivir to treat hospitalized patients with severe symptoms of COVID-19.
The EUA is based on available data from two global clinical trials ? US National Institute for Allergy and Infectious Diseases’ placebo-controlled Phase 3 study in patients with moderate to severe symptoms of COVID-19, and Gilead’s global Phase 3 study evaluating remdesivir in patients with severe disease, the company said.
Multiple additional clinical trials are ongoing to generate more data on the safety and efficacy of remdesivir as a potential treatment for COVID-19.
“Remdesivir continues to be an investigational drug that has not been approved by the FDA,” it said. | the drug has been issued an emergency use authorization (EUA) by the US Food and Drug Administration (FDA) to treat COVID-19 patients. under the agreement, Cipla will be permitted to manufacture the API and finished product, and market it in 127 countries, including India and South Africa. the company further said it will receive the manufacturing know-how from Gilead Sciences Inc to manufacture the API and finished product at a commercial scale. | 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.financialexpress.com/industry/ioc-resumes-work-on-rs-1-04-lakh-cr-worth-of-projects/2017544/ | Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Wednesday said with easing of lockdown restrictions, it has resumed work on projects worth Rs 1.04 lakh crore which will help address future energy demand as well as kickstart the economy.
IOC said it is on track to achieve its planned capital spending of Rs 26,143 crore in the fiscal to March 2021, but future capex depends on long-term demand potential in the country.
“Since the easing of the lockdown, IOC has commenced works on 336 projects…at an anticipated project cost totalling to Rs 1.04 lakh crore,” the company said in a statement.
The government is falling back on public sector companies to revive the economy, hit hard by the COVID-19 pandemic, and is pushing them to frontload their capital spending which will help generate demand in industry as well as create jobs.
“The amount spent on these (336) ongoing projects is about 1,764 crore till the end of June 2020. Additionally, more than 50 projects have also resumed since July 1, 2020,” IOC said.
IOC said it is targeting a capex of Rs 26,143 crore during financial year 2020-21, and in the first quarter achieved expenditure of Rs 2,674 crore, overcoming various issues faced on-ground due to the coronavirus pandemic.
These projects are crucial from the perspective of addressing future energy demands as well as employment generation while kickstarting the economy with a focus on ‘Atmanirbhar Bharat’, it said.
The FY21 capex is “on track,” it said. “IOC’s future capex plans depend on long-term demand potential in the country.”
The nation’s largest oil refining and marketing company said it resumed works at various project sites across the country after the easing of lockdown from April 20 and more projects got added as restrictions were eased month after month.
“These mega projects would not only boost the economy, ensure smooth supply of petroleum products across the nation and also provide much-needed relief to the people looking to get back to work after the lockdown,” it said, adding that 13.3 lakh man-days of work were generated in these projects during April 20 to June 30, and Rs 276 crore was spent on this account.
Major pipeline projects where works have resumed include the Rs 3,338 crore Paradip-Hyderabad products pipeline, which traverses 1,212-km through Odisha, Andhra Pradesh and Telangana.
Work also resumed on the Rs 3,028 crore augmentation of Paradip-Haldia-Durgapur LPG pipeline and its extension to Patna and Muzaffarpur, which traverses 678-km through Odisha, Jharkhand, West Bengal, and Bihar, and the Rs 6,025 crore Ennore-Tiruvallur-Bangalore-Pondicherry-Nagapattinam-Madurai-Tuticorin R-LNG pipeline, which travels 1,170-km through Tamil Nadu, Andhra Pradesh, Puducherry, and Karnataka.
Works have also commenced at major marketing infrastructure projects like LPG import facilities at Kochi (Rs 714.25 crore), LPG import facilities at Paradip (Rs 690 crore), capacity augmentation of Kandla import terminal from 0.6 million tonnes per annum to 2.5 mmtpa (Rs 730.2 crore), construction of oil terminal at Motihari (Rs 522 crore) and pipeline tap of point (TOP) terminal at Hyderabad (Rs 611 crore).
Barauni Refinery expansion, including the petrochemical plant (Rs 14,810 crore), and ethylene glycol project at Paradip refinery (Rs 5,654 crore) are some of the refinery projects underway.
“Gearing up to ramp up activities, IOC is taking all necessary precautions to ensure that its entire workforce is aligned to the ‘new normal’ and detailed advisories issued from time to time, for the safety and health of the employees and workers during these COVID times, are being strictly followed,” IOC said. | IOC said it is on track to achieve its planned capital spending of Rs 26,143 crore in the fiscal to March 2021. future capex depends on long-term demand potential in the country. major pipeline projects where works have resumed include the Rs 3,338 crore Paradip-Hyderabad pipeline. the government is falling back on public sector companies to revive the economy, hit hard by the COVID-19 pandemic. | Positive |
https://www.moneycontrol.com/news/business/sbi-hul-tie-up-for-digital-payment-for-retailers-bank-to-provide-paperless-overdraft-of-up-to-rs-50000-5910341.html | live bse live
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State Bank of India (SBI) and Hindustan Unilever Ltd (HUL) have partnered to cater to the needs of small retailers of HUL by providing them digital payment and financing solutions.
Under the partnership, SBI will digitally empower HUL retailers and distributors through UPI based payment solutions and PoS (point-of-sale) terminals.
The bank will also offer instant paperless overdraft facility of up to Rs 50,000 to retailers for their billings with distributors as well as financing facility to HUL’s distributors. The company will start the pilot in Mumbai and Bengaluru.
To ensure customers get the option of digital payments in smaller towns as well, SBI will install SBI Point of Sale machines at multiple HUL touch points across the country.
Additionally, SBI will provide UPI based solutions to HUL retailers for instant cashless payments to their dealers from HUL’s retailer application “Shikhar”. This mobile application helps retailers order goods directly.
Speaking at a virtual event to announce the tie-up HUL’s Chairman & Managing Director Sanjiv Mehta said that the tie-up is done to push to digital solutions to important constituents of the ecosystem.
He believes general trade is a very important channel as it serves the needs of million of customers by making essential products available.
“This (General trade) channel also plays a significant role for our economy by creating employment opportunities for a wide spectrum of people. It is our endeavour to digitise and modernise this channel; support the retailers with right assortment and enable them to access timely and affordable funding,” Mehta added.
HUL sees this as a transformative partnership as it will help its ecosystem of traders & retailers. "These trader ecosystems have been working in informal environment and they do not have access to credit. There is also a reluctance to adopt digital technology. So, this partnership will try to resolve these constraints," Mehta said.
Rajnish Kumar, Chairman of SBI said this partnership may prompt more FMCG players to adopt digital payment facilities for retailers.
The Bank will also offer HUL employees the option of a corporate salary package via an SBI microsite hosted on HUL’s intranet. | SBI will digitally empower HUL retailers and distributors. bank will also offer instant paperless overdraft facility of up to Rs 50,000 to retailers for their billings with distributors. the company will start the pilot in Mumbai and Bengaluru. to ensure customers get the option of digital payments in smaller towns as well, SBI will install SBI Point of Sale machines at multiple HUL touch points across the country. | Positive |
https://www.moneycontrol.com/news/business/bse-star-mf-processes-43-55-lakh-transactions-in-july-4278851.html | Leading stock exchange BSE on August 1 said its mutual fund distribution platform has processed 43.55 lakh transactions in July 2019.
"The previous best was 42.50 lakh transactions in April 2019," the exchange said in a release.
The platform, BSE StAR MF, has also registered 2.38 lakh new SIPs (Systematic Investment Plan) amounting to Rs 65 crore in the month of July.
Overall, the platform has surpassed 1.21 crore transactions in the first quarter, April to June 2019, the release added.
The exchange had recently launched BSE StAR MF app to help the distributor and the IFAs (Independent Financial Advisors) to register clients on real-time basis and since its launch the app has processed over 26,000 transactions amounting to Rs 470 crore, the bourse said. | the platform has processed 43.55 lakh transactions in July 2019. the previous best was 42.50 lakh transactions in April 2019. the platform has also registered 2.38 lakh new SIPs. the app has processed over 26,000 transactions amounting to Rs 470 crore. bourse: the platform has surpassed 1.21 crore transactions in the first quarter. a new report says the platform is a "must-have" for investors. | Positive |
https://economictimes.indiatimes.com/news/economy/finance/economy-to-grow-at-higher-rate-in-coming-quarters-niti-aayog/articleshow/65626608.cms | Terming as 'excellent news' the 8.2 per cent GDP growth in the first quarter of 2018-19, Niti Aayog Vice Chairman Rajiv Kumar said today that it will surely be higher in the coming quarters.The Indian economy grew at 8.2 per cent in the first quarter of 2018-19 on good show by manufacturing and farm sectors."Excellent news of GDP hitting a 9-quarter high at 8.2 per cent. This is slightly higher than my own estimate of 7.8 per cent which I had announced at the Motilal Oswal Investors Summit on 27th Aug."The growth rate will surely be higher in the coming quarters," Kumar said in a tweet.The growth cemented India 's position as the fastest growing major economy, clocking higher expansion rate than China's 6.7 in the same quarter.The gross domestic product (GDP) at constant (2011-12) prices in the first quarter of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 per cent, a Central Statistics Office statement said. | the growth rate will surely be higher in the coming quarters," Kumar said. the growth cemented India's position as the fastest growing major economy. it clocks higher expansion rate than China's 6.7 in the same quarter. the gross domestic product (GDP) at constant prices in the first quarter of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18. | Positive |
https://www.financialexpress.com/economy/more-evidence-of-gsts-benefit-for-economy-dramatic-growth-in-warehousing-space/1335369/ | GST boost for Indian economy: Amid dissenting voices on success and effectiveness of the GST, here’s yet another proof that India’s sweeping indirect tax reform has provided a major impetus to the economy, in the dramatic rise in handling of goods. GST has improved efficiencies and cost savings for warehouses, resulting in a significant growth in warehousing space, according to a report.
The total warehouse space in eight primary locations in India is expected to reach 204 million square feet by the year 2019, driven by strong demand and investment in the short to medium-term, KPMG said in a recent report. Further, warehousing spaces is expected to witness an increase of 112 per cent by 2021, said the report citing industry experts as saying.
“It is noteworthy that the implementation of GST has dramatically improved efficiencies and cost savings with a ‘Hub and Spoke’ model of warehousing. Pre-GST implementation CAGR (2014–16) of 15% has increased to an expected post-GST implementation CAGR (2017–21) of 21% for Grade A and B warehouse stock projections in the top eight cities in India,” said the KPMG report.
Notably, transaction volumes of warehousing spaces has registered a massive rise, increasing by more than 85% in 2017 to 25 million square feet across India’s top cities – Mumbai, NCR, Ahmedabad, Bengaluru, Pune, Chennai, Hyderabad and Kolkata.
Explaining how GST has led to such a significant improvement, KPMG said that smaller and fragmented warehouses are getting consolidated into centralised warehousing hubs with increasing focus on supply chain efficiencies. Implementation of GST is leading to consolidation in larger warehouses to help attain benefits from economies of scale. This in turn, is driving the demand for efficient and larger warehouses.
Further, GST has also reduced the need to maintain high inventory levels resulting in increased demand for shared and centralised warehousing hubs, which aid in improving inventory turnover rates, said the report.
Apart from the eight major locations, strategic locations such as Nagpur, Bengaluru, Kolkata and Guwahati are expected to become regional warehousing hubs connected to smaller local nodes via secondary logistics, says KPMG.
The government’s move to award infrastructure status to the logistics sector including warehousing in November 2017, has paved the way for institutional players to invest in the sector, bringing in a number of benefits for the warehousing realty, said the report. “India is expected to witness investments of approximately Rs 500 billion for creating storage facilities between 2018 and 2020, leading to an approximate CAGR of 21% by 2021,” the report noted. | GST has improved efficiencies and cost savings for warehouses. warehousing spaces expected to witness an increase of 112% by 2021. implementation of GST is leading to consolidation in larger warehouses. this in turn, is driving the demand for efficient and larger warehouses. the total warehouse space in eight primary locations in india is expected to reach 204 million square feet by the year 2019. | 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.financialexpress.com/economy/gst-collections-in-september-rise-to-near-pre-covid-levels-revenue-from-these-two-areas-shoot-up/2095987/ | GST collections in the month of September showed a strong sign of recovery after subdued collections in the previous months. The government collected Rs 95,480 crore as gross GST revenue in the month, according to the Ministry of Finance. The GST revenue for the month is 4 per cent higher than the same month last year. During September, the revenues from the import of goods were 102 per cent and the revenues from the domestic transaction were 105 per cent of the revenues from these sources during the same month last year.
Out of the total collections, CGST is Rs 17,741 crore, SGST is Rs 23,131 crore, IGST is Rs 47,484 crore, and cess is Rs 7,124 crore. Also, the government has settled Rs 21,260 crore to CGST and Rs 16,997 crore to SGST from IGST as regular settlement. Overall, the total revenue earned by the central government and the state governments after regular settlement in the month is Rs 39,001 crore for CGST and Rs 40,128 crore for the SGST.
Also Read: Petrol sales grow for first time since lockdown began; petrol, diesel prices fall this much in September
“The increase in the collection is an encouraging sign for the economy. The government will be relieved that the collections are approximately 4 per cent higher than the last year,” said Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co. It is expected that the revenue collection should continue to improve as we approach the festive season, Rajat Bose added.
Meanwhile, the GST collections in April was Rs 32,172 crore, Rs 62,151 crore in May, Rs 90,917 crore in June, Rs 87,422 crore in July, and Rs 86,449 crore in August. The GST collections grew 30 per cent in Jammu & Kashmir and 43 per cent in Nagaland in the month. The recovery in GST collections to near pre-Covil levels has come as a respite for the government amid low tax and non-tax revenue collections. | the government collected Rs 95,480 crore as gross GST revenue in the month. the revenue for the month is 4 per cent higher than the same month last year. the recovery in the GST collections has come as a respite for the government. the government has also collected Rs 89,090 crore in the month of august. a spokesman for the government said the revenue collection is expected to improve. | Positive |
https://economictimes.indiatimes.com/news/economy/indicators/young-population-ready-to-adapt-more-confident-of-future-standard-chartered-survey/articleshow/77417674.cms | A large section of the global young population led by India is confident of their future despite lower salaries and the possibility of a further hit on jobs and income due to the Covid-19 pandemic as they are prepared to adopt to a new world to work harder and use digital technologies, a survey by UK based bank Standard Chartered said.Standard Chartered conducted a ten-minute online survey of 12,000 people aged 18 or above across 12 markets | survey by bank reveals large section of young population confident of their future. 12,000 people aged 18 or above were surveyed in 12 markets. a large portion of the global young population is confident of their future. a large portion of the global young population led by india is confident of their future. the young are prepared to work harder and use digital technologies. | Positive |
https://www.businesstoday.in/current/economy-politics/west-bengal-june-unemployment-rate-of-65-far-better-than-rest-of-india-says-mamata-banerjee/story/408888.html | Referring to a report of the Centre for Monitoring Indian Economy (CMIE), West Bengal Chief Minister Mamata Banerjee said on Saturday that the state's unemployment rate stood at 6.5 per cent in June this year, which was "far better" than that of the country at 11 per cent.
She said this is due to the economic strategy adopted by her government to tackle the COVID-19 crisis and the devastation caused by cyclone Amphan.
"We've implemented a robust economic strategy to tackle #COVID19 and the devastation caused by Amphan. Proof lies in West Bengal's unemployment rate for the month of June 2020 which stands at 6.5 per cent, far better than that of India at 11 per cent, UP at 9.6 per cent and Haryana at 33.6 per cent, as per CMIE," Banerjee said in a tweet.
According to data released by the CMIE on Wednesday, the country's unemployment rate fell to 11 per cent in June from 23.5 per cent in May, as economic activities resumed after the lockdown restrictions were eased.
Also read: India-China standoff: Patriotic Ladakhis raising voice against Chinese encroachment, says Rahul Gandhi | west Bengal chief minister says unemployment rate is "far better" than that of the country. she says the state's economic strategy is to tackle the COVID-19 crisis. the unemployment rate fell to 11 per cent in June from 23.5% in may. the country's economy is recovering after the lockdown restrictions were eased. a chinese official says the government is "profoundly optimistic" about the economic recovery. | Positive |
https://www.moneycontrol.com/news/business/samsung-to-consolidate-its-position-in-tv-segment-in-india-3785951.html | Samsung Electronics would further consolidate its lead in the LED TV segment, helped by India-specific innovations and by providing affordable finance solutions to its consumers, said a company official.
Samsung is witnessing "strong momentum" in sales of smart TVs in metros, tier II, III and IV cities helped by factors such as low priced data, good internet speed and low priced OTT (over the top) content.
The company would continue to invest to add advanced features as IoT (internet of things) and AI (Artificial Intelligence) in the segment.
"Overall, we continue to be the largest brand with share of 30 per cent in the TV segment. Our intent it to consolidate our overall market leadership," Samsung India Consumer Electronics Senior Vice President Raju Pullan told PTI
Samsung is growing over 60 per cent in the 32-inch screen size LED TV segment, which is considered to be mainstay of the industry.
"The TV industry is growing only 22 per cent in 32-inch category," he said adding that in the UHD segment, the company's market share is 35 per cent and in QLED 63 per cent.
According to him, now the consumers are upgrading their existing TVs to smart TVs. In metros and tier II markets, people are going for a higher screen size.
While in tier III and IV markets, the growth rate of smart TV segment is higher because of low penetration of smart TVs compared with the developed metro markets.
"We are seeing a strong momentum because of two strategies -- to give the right consumer benefits and affordability with the help of financial institutions," he added.
When asked about the competition with other companies which are offering competitive prices at the entry level segment, Pullan said Samsung would compete with its full range.
"We would be price warrior and size warrior... We have seen many brands around us in last couple of years but holistically we are a brand which would be across price points," he said.
According to him, the penetration of TV in the Indian household is 60 per cent and most of them are not smart TVs.
The company Monday introduced its latest range of smart TVs which can be used as personal computer, music system and home cloud.
Samsung range of new smart TVs starts from Rs 24,900 for 32-inch and is available across screen sizes up to 82-inch. | Samsung Electronics is witnessing "strong momentum" in sales of smart TVs in metros, tier II, III and IV cities. the company would continue to invest to add advanced features as IoT and AI in the segment. Samsung is growing over 60 per cent in the 32-inch screen size LED TV segment. the penetration of TV in the Indian household is 60 per cent and most of them are not smart TVs. | Positive |
https://www.financialexpress.com/industry/cdpq-piramal-form-300-million-platform-for-private-credit-financing-in-india/1858402/ | Global institutional investor Caisse de dépôt et placement du Québec (CDPQ) and Piramal Asset Management Pvt Ltd on Thursday announced a platform of USD 300 million (over Rs 2,135 crore) for private credit financing opportunities in India. Piramal Asset Management Pvt Ltd is a wholly owned subsidiary of Piramal Enterprises. “CDPQ is contributing 75 per cent of the investment and Piramal will commit the remaining 25 per cent,” CPDQ and Piramal said in a joint statement.
The platform will offer private credit solutions to companies across various industries in India, including manufacturing, consumer, industrial, healthcare, pharmaceuticals, logistics, among others, it added. The partnership is aligned with both CDPQ’s investment strategy in a country with significant long-term economic growth potential and Piramal’s direct lending strategy to mid-market companies and major corporations, the statement said.
“We are excited to announce the launch of a structured credit platform with our long-term partner and marquee global investor, CDPQ. This partnership is yet another affirmation of the confidence that top-notch institutional global investors have in our track record and future growth trajectory,” Piramal Group Chairman Ajay Piramal said. This platform aims to leverage the significant market opportunity for alternative pools of capital to provide valuable solutions in the private credit space, he added.
Anita M George, executive vice-president and head of strategic partnerships, Growth Markets at CDPQ, said, “This is another opportunity for CDPQ to work with the best partners in a market where we see many possibilities over the long term.” CDPQ has been working with PEL since 2017, having recently invested USD 250 million in PEL’s compulsory convertible debentures, the statement said. | the platform will offer private credit solutions to companies across various industries in India. the partnership is aligned with both CDPQ’s investment strategy in a country with significant long-term economic growth potential. the platform aims to leverage the significant market opportunity for alternative pools of capital. the partnership is another affirmation of the confidence that top-notch institutional global investors have in our track record and future growth trajectory, Piramal Group Chairman Ajay Piramal said. | Positive |
https://www.financialexpress.com/industry/panasonic-to-share-technology-manufacturing-ecosystem-with-local-makers/2101124/ | Consumer electronics major Panasonic India on Thursday said it would provide factory solutions to the domestic manufacturers by sharing its technology and manufacturing ecosystem with them.
The company has opened its Jhajjar (Haryana) facility for its strategic partners under the initiative beginning with refrigerators and air conditioner segment.
Besides, the company would also share its IoT (Internet of Things) Miraie platform with the partner brands and they will have rights to use ‘Engineered by Panasonic’ tag on their products.
“This is in alignment with the government’s Aatmanirbhar Bharat initiative and Make in India agenda,” Panasonic India President & CEO Manish Sharma told PTI.
Panasonic, which has already selected two strategic partner brands under this initiative, expects to add 10 per cent extra revenue in a year in its consumer business from this manufacturing model, he added.
This manufacturing model will be applied by Panasonic India to the assembly lines at the Jhajjar plant, not only to manufacture for other brands, but also bring efficiencies by reducing costs, optimising resources, enhance quality & durability, enabling capacity utilisation, and generating new job opportunities.
“This will reduce dependency on imports, drive up local consumption and exports,” said Sharma.
However, he mentioned that only base platform will be used to manufacture for other partner brands, and Panasonic India will maintain exclusivity for its own products by keeping the proprietary technology.
“We started the strategy of collaborating with the domestic Indian companies 6-7 years before. We have supported the domestic EMS companies with technology and improvement in manufacturing capabilities,” he said.
Panasonic had earlier helped companies including Dixon, which has now become the country’s leading contract manufacturer and CP Plus for security cameras.
“Now we are taking the next leap in that direction,” he said, adding “The idea is to align us with the country’s vision to create a self-reliant India.”
The country has three essential priorities, which is – to scale up manufacturing, to enable back integration and cost efficiency.
“The challenge for the Indian company is access to technology and therefore we have decided to help them and create a shared economy into the manufacturing space. Under this Panasonic would identify partners, who share our platform technology,” Sharma said.
He also mentioned that the core technology or proprietary technology would be exclusive for Panasonic products.
“This essentially means that the basic designs of home appliances and also the manufacturing technology would be shared for a better consumer durable products,” he said.
Sharma also added it is “not a contract manufacturing. Panasonic would only provide technology support.”
Besides hardware, Panasonic would also share its IoT platform Miraie, to help its partners offer smart solutions.
“Miraie would be open to its strategic partners, where we will help them onboard their product with our connectivity solution,” said Sharma.
When asked whether such products in the market would cannibalise Panasonic’s own product line, Sharma said the positioning of the Panasonic brand is not going to be compromised. The company would share technology of entry-level products only.
Although, the company did not share the name of partners, but said that the products bearing the tag line of ‘Engineered by Panasonic’ would hit the market soon.
“For the first year in the consumer revenue, we are a looking to have 10 per cent extra revenue to come out from this initiative,” he said. | Panasonic opens its Jhajjar facility for strategic partners. will share its IoT platform with the partner brands. will also share 'Engineered by Panasonic' tag on their products. will reduce dependency on imports and drive up local consumption. 'this will reduce dependency on imports, drive up local consumption and exports', said manish Sharma. | Positive |
https://economictimes.indiatimes.com/industry/cons-products/liquor/online-home-delivery-will-make-liquor-more-accessible-to-women-buyers-united-spirits-ltd/articleshow/76403079.cms | MUMBAI: United Spirits Ltd., India’s biggest liquor company with a brand portfolio that includes Johnnie Walker and McDowell, said home delivery and online sales will not just expand the basket size but also help more women consumers.“In many states, women do not want to go into a retail store to buy alcohol – it’s just unpleasant. In fact, I would go to the extent of saying they feel unsafe. If you are ordering online, you will browse and you will buy what you want,” Anand Kripalu , managing director at the Diageo-controlled company, told investors during an earnings call.For the spirits industry, accessibility is one of the biggest barriers for consumption in a market with 75,000 retail outlets , compared with over 10 million stores for fast moving consumer products. Also, after the lockdown, several stores have restricted the entry of people by placing counters in front, which could alter the display of products.“When you start browsing in a retail store, you end up buying more than you did in an over-the-counter store. The day you start browsing on Amazon or Flipkart, you start buying a lot more things than you did and you are able to double click and get a lot more details,” Kripalu added.Many state governments that lost revenue during the lockdown tried to boost their coffers with a tax increase after the Centre allowed liquor shops to open in the first week of May. At present, two-thirds of the retail outlets have re-opened and initially saw massive queues outside outlets. Yet, sales volumes plummeted by 33% to 90% last month in five markets that account for 40% of the country’s spirits segment due to the high taxes on liquor.Almost a dozen states including Maharashtra, West Bengal, Delhi, Punjab and Tamil Nadu have allowed home delivery of liquor, something companies have been trying to unlock for many years. Also, Zomato and Swiggy now deliver alcohol in some states.“Online can help companies plan activities around product development as new audience and channels can provide additional insights on changing consumption behaviour,” said Devendra Chawla, managing director of Spencer’s Retail and Nature’s Basket, which have been selling spirits for several years and started online and home delivery through select stores.Also, the government and companies are making sure the new delivery model doesn’t bypass traditional retailers, which paid high licence fees to enter the business.“You can’t have an Amazon kind of model in this industry because the outlets are so few and they have paid high licence fees to exist. And I don’t think any excise department will easily create a model that will destabilise the retailer themselves,” said Kripalu. | a dozen states including Maharashtra, west Bengal, Delhi, Punjab and Tamil Nadu have allowed home delivery of liquor. a number of companies are also launching online and home delivery. the government is also making sure the new delivery channels are available. the lockdown has also affected the access of people to the stores. a number of stores have placed counters in front of customers. | Positive |
https://www.businesstoday.in/sectors/pharma/axiostat-india-first-usfda-approved-wound-dressing-product/story/279318.html | Being touted as the first US Food and Drug Administration (USFDA) approved wound-care product from India, Axiostat stops uncontrolled bleeding from wounds. Easy to use, it is a handy pack of about 8X8 centimetres. The patch when applied on a wound, reacts with blood and within a minute of application forms a clot and becomes an extremely sticky adhesive.
Talking about the product, Leo Mavely, founder and CEO of Bengaluru-headquartered Axio Biosolutions, says, while the company was set up about a decade ago, it went commercial only in 2014. It got the approval from the US drug regulator in February this year.
The company has so far supplied the product to the Indian army and some of the military and private (corporate) hospitals. "So far, we have shipped close to 450,000 units. About 18 months ago, we set up our own manufacturing unit (earlier used to outsource) in Ahmedabad with a capacity to make 850,000 units per annum and this we hope will handle demand for the next two years," says Mavely.
The technology, he says, has a patent in India and is one of the first product in the world to have 100 per cent active ingredient - Chitosan - sourced from shellfish. "It is a novel biomaterial and we source it from shellfish. It has no protein content so is fully biocompatible for use in human body," says Mavely. The product is made 100 per cent from the active ingredient - Chitosan - and that is its USP.
The company has already raised a total of over Rs 60 crore from Ratan Tata's RNT Capital (early this year) and earlier from Accel Partners and IDG Ventures India. It wants to focus on India and other emerging markets, while at some stage, perhaps sometime in 2019, it may also look at a foray into the US market. It already has an office in Boston and is scouting for a partner in the US - could be a group purchasing organization or a large distributor that works with the public health system in the US. Axio Biosolutions has close to 100 employees, including those in the R&D, sales, production and quality.
Mavely, who holds a B. Tech in Bioengineering from the MDU, Rohtak and advanced diploma in managing tech ventures, is passionate about med-tech innovations for unmet healthcare needs and founded Axio in the final year of his college, about a decade ago. His current focus is on building awareness on the need for product like this, be it in India or other markets. In US for instance, he talk of the US homeland security's 'Stop the Bleed', a national awareness campaign intended to cultivate grassroots efforts that encourage bystanders to become trained, equipped, and empowered to help in a bleeding emergency before professional help arrives. | leo mavely, founder and CEO of Bengaluru-based Axio Biosolutions, says the product is the first US FDA approved wound-care product from India. the company has supplied the product to the Indian army and some of the military and private (corporate) hospitals. the product is made 100 per cent from the active ingredient - Chitosan - and that is its USP. | Positive |
https://www.businesstoday.in/current/economy-politics/smart-cities-iot-big-business-maharashtra/story/271017.html | Maharashtra is going to offer huge opportunity for infrastructure developers with about 12 smart cities coming up in the state, said experts speaking at a seminar on 'Smart Cities and Internet of Things' at the Magnetic Maharashtra investment summit in Mumbai.
The state can fast implement smart cities as there are 30 million internet users, a $400 billion economy growing at 8-9 percent that can become a trillion dollar economy if its grows at 15 percent plus over the next few years, noted Suresh Subudhi, Partner and Managing Director, BCG.
He asserted that if a country like Estonia can implement 99 per cent of its government transactions done online, then Maharashtra can easily create such an infrastructure.
Abhishek Lodha, Managing Director of Lodha Group, said his group is creating a smart city of its own, Palava, which already has a population of over a lakh and it has created numerous job opportunities.
Joy Rajan Cheruvathoor of L&T Constructions said his company has been associated with creating a smart surveillance system for Mumbai and has wifi hotspots in about 6000 places in the city. | experts spoke at a seminar on 'Smart Cities and Internet of Things' at the Magnetic Maharashtra investment summit in Mumbai. the state can fast implement smart cities as there are 30 million internet users. the state has a $400 billion economy growing at 8-9 percent. it can become a trillion dollar economy if its grows at 15 percent plus over the next few years. | Positive |
https://www.moneycontrol.com/news/business/commodities/top-oil-producers-agree-on-record-output-cuts-5137231.html | Top oil-producing countries agreed Sunday to record output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war.
OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour Sunday in a last-ditch effort to cement an accord struck early Friday that hinged on Mexico's agreement.
In a compromise, Mexico came onboard Sunday to an agreement to cut 9.7 million barrels per day from May, according to its Energy Minister Rocio Nahle, down slightly from 10 million barrels per day envisioned earlier.
Kuwait Oil Minister Khaled al-Fadhel tweeted that, following extensive efforts "we announce completing the historical agreement".
Saudi Energy Minister Prince Abdulaziz bin Salman, who chaired the meeting together with his Russian and Algerian counterparts, also confirmed that the discussions "ended with consensus".
US President Donald Trump welcomed a "great deal for all", saying on Twitter it would "save hundreds of thousands of energy jobs in the United States".
He added he "would like to thank and congratulate" Russian President Vladimir Putin and Saudi Crown Prince and de facto leader Mohammed bin Salman, both of whom he had spoken to.
Initial reticence from Mexico to introduce output cuts had led to a standoff that cast doubt on efforts to bolster oil prices, pushed to near two-decade lows.
Oil prices have slumped since the beginning of the year due to the COVID-19 pandemic that has sapped demand as countries around the world have put their populations under lockdown.
Compounding the problem, key players Russia and Saudi Arabia had engaged in a price war, ramping up output in a bid to hold on to market share and undercut US shale producers.
Rystad Energy analyst Per Magnus Nysveen said Sunday's agreement provided "at least a temporary relief" as fuel consumption was expected to fall globally by 27 million barrels per day in April and 20 million barrels per day in May.
His colleague Bjornar Tonhaugen said, however, that even though the deal made "the single largest output cut in history", prices were still expected to see "renewed downwards pressure".
"The oil market will see enormous stock builds in April as the deal is only in effect from 1 May, while gradual shut ins and production declines will already happen during the current month," he said.
Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite Trump's mediation efforts to end the standoff with Mexico.
The OPEC-led agreement foresees deep output cuts in May and June followed by a gradual reduction in cuts until April 2022.
Russian Energy Minister Alexander Novak was quoted by Russian news agency TASS as saying he expected oil markets not to recover before "end of the year, in the best case". | OPEC producers, dominated by Saudi Arabia, and allies led by Russia meet for an hour. in a compromise, Mexico comes onboard to cut 9.7 million barrels per day from may. the deal is expected to boost plummeting oil prices due to the new coronavirus crisis. the oil price slump has been exacerbated by a Russia-saudi price war. | Positive |
https://www.moneycontrol.com/news/business/microsoft-unveils-investment-to-make-greece-a-regional-hub-for-cloud-services-5924241.html | Microsoft Corp. will invest in cloud services infrastructure in Greece, a boon to the country's economy that has been weakened by a decade-long debt crisis and the coronavirus pandemic, senior executives of the technology giant said on Monday.
"We are investing today in research and technology in Greece," Microsoft President Brad Smith said.
"There will be benefits for Greece given our commitment to training for thousands of people."
Greek Prime Minister said the data centre investment will bring financial benefits of 1.0 billion euros to the country in the long term. | Microsoft will invest in cloud services infrastructure in Greece. the investment will bring financial benefits of 1.0 billion euros to the country. the country has been weakened by a decade-long debt crisis and the coronavirus pandemic. the country has been weakened by the debt crisis and the coronavirus pandemic... the data centre investment will bring financial benefits of 1.0 billion euros to the country in the long term. | Positive |
https://www.moneycontrol.com/news/technology/sandbox-environment-will-help-fintechs-tackle-systemic-risks-3899521.html | The Regulatory Sandbox proposed by the RBI is a great move to enable fintech lenders to prop up their innovation efforts and continue to employ disruptive technologies for enhanced results. The Sandbox environment will allow fintech companies to beta-test multiple innovation and technology initiatives with minimal capital expenditure, and within the purview of a protected dataset.
Sandboxing is a concept that has been used across the globe to allow program systems to perform more efficiently by resolving errors and issues within a protected dataset, with a view to preventing shortcomings from spreading to larger data systems.
The RS promises myriad benefits and opportunities for the fintech ecosystem in India. Here is what I think the Indian fintech ecosystem stands to gain:
Test innovations in protected data sets
RBI’s proposal for launching regulatory sandboxes comes as a boon to fintechs as they’ll now be able to test new financial innovations without any regulatory risks. Owing to the ‘sandbox’ environment, disruptive technology can be tested real-time within protected data sets. This won’t just bring forth new innovations but will also allow these companies to handle systemic risks within the testing period itself.
Since there aren’t any specific regulations about the transaction size either, the testing can be flawlessly carried out in a UAT environment. This will help fintech startups to scale up while also allowing them to handle compliance issues more conveniently.
Improve credit access
The Sandbox initiative will particularly help fintech companies operating in segments such as payments and lending to test persuasive and disruptive technologies within RBI’s regulatory framework.
Well, the aim is to eventually employ high-end technology to shore up credit access in an economy that is largely starved for credit.
Boost overall growth
Most importantly, the RS will allow fintechs to more easily meet regulatory guidelines, thereby disallowing slowdowns in growth and downsides in progress that can very well be the result of complicated regulatory environments. This, most certainly will, ensure a much greater success rate for fintech products and services.
The author is Founder & CEO of Bengaluru-based Digital lending startup—Qbera. | the Regulatory Sandbox is a great move to enable fintech lenders to prop up innovation efforts. the initiative will allow fintech companies to beta-test multiple innovation and technology initiatives with minimal capital expenditure. the'sandbox' environment will allow disruptive technology to be tested real-time within protected data sets. the aim is to eventually employ high-end technology to shore up credit access in an economy that is largely starved for credit. | Positive |
https://www.moneycontrol.com/news/business/markets/wall-street-gains-as-banks-jj-kick-off-earnings-5145861.html | US stock markets opened more than 1 percent higher on Tuesday as the quarterly earnings season kicked off with JPMorgan and Johnson & Johnson giving a first glimpse of the coronavirus outbreak's impact on corporate America.
The Dow Jones Industrial Average rose 299.80 points, or 1.28 percent, at the open to 23,690.57.
The S&P 500 opened higher by 43.47 points, or 1.57 percent, at 2,805.10, while the Nasdaq Composite gained 160.79 points, or 1.96 percent, to 8,353.21 at the opening bell. | the Dow Jones industrial average rose 299.80 points, or 1.28 percent, at the open to 23,690.57. the S&P 500 opened higher by 43.47 points, or 1.57 percent, at 2,805.10. the Nasdaq Composite gained 160.79 points, or 1.96 percent, to 8,353.21 at the opening bell. | Positive |
https://www.moneycontrol.com/news/business/stocks/lt-share-price-up-3-after-heavy-engineering-arm-bags-order-of-rs-1000-2500cr-in-q4fy20-5152611.html | live bse live
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Larsen & Toubro share price was up 3 percent intraday on April 16 after the heavy engineering arm of the company had won significant contracts in Q4 of FY20.
The unit secured orders for Key Gasification Equipment from Wuhan Engineering Ltd, China against stiff Chinese competition for Talcher Fertilizer, which is the first-of-its-kind Coal gasification project in India. It will produce 1.27 MMTPA of Urea through the gasification of the mixed feedstock of Indian coal with high ash content and pet coke, the company said in a filing to the exchanges.
"Financial Year 2020 has been yet another significant year for LOT Heavy Engineering and the team secured various orders of Critical Reactors both from international as well as domestic markets. Customers have reposed their confidence in our reliable performance through several repeat orders. Our focus on organizational excellence coupled with digitalization helped us to deliver value to our customers," said Anil V Parab, Executive Vice President and Head, LEtT Heavy Engineering.
Earlier, Larsen & Toubro received two contracts from National Capital Region Transport Corporation (NCRTC). The heavy civil infrastructure business of L&T Construction has secured two contracts to build regional rapid transit system (RRTS) infrastructure from NCRTC in Uttar Pradesh.
On April 9, Larsen & Toubro (L&T) said in a filing to the Bombay Stock Exchange (BSE) that its board had approved long-term borrowing of up to Rs 9,000 crore. It said in its statement that the Board of Directors had allowed the company to raise the funds “either through external commercial borrowings, term loans, non-convertible debentures or any other instrument as may be appropriate”.
It also bagged order from the Indian Army. The Smart World, a communication business of L&T Construction, has secured a large order from the army to establish a first-of-its-kind Unified Network Management System to manage, support and operate the countrywide Armed Forces Network under the Network for Spectrum (NFS), the company said in the release.
Global research firm Morgan Stanley maintained an overweight stance on the stock with target of Rs 941 per share. The firm is of the view that sharp correction in the stock price of L&T provides a good opportunity for long-term investors, a CNBC-TV18 report said.
L&T trades at relative P/B multiple of 0.7x, the brokarage firm said. It is of the view that key catalyst includes potential buyback or special dividend from the company adding that L&T may witness stronger domestic order from H2FY21, it said.
The stock price gained 13 percent in the last 5 days and was quoting at Rs 907.45, up Rs 27.55, or 3.13 percent. It has touched an intraday high of Rs 915.80 and an intraday low of Rs 871.70. | heavy engineering arm of the company wins significant contracts in Q4 of FY20. the unit secured orders for key gasification equipment from china. the company also bagged order from the Indian army. the firm maintains an overweight stance on the stock with target of Rs 941 per share. a sharp correction in the stock price could be a sign of a slowdown in the economy. | Positive |
https://economictimes.indiatimes.com/magazines/panache/realme-will-unveil-tv-smartwatch-in-india-x50-pro-player-edition-one-of-the-8-launches-in-china/articleshow/75845162.cms | Time for new, time for all eyes to be on you. Time to claim what's long due, time for everyone to watch-you!It’s… https://t.co/p60FNJicXn — realme Link (@realmeLink) 1589862628000
Get ready to experience #RealPicture #RealSound, and deep-dive into the world of imagination with #realmeSmartTV!L… https://t.co/cguF8pjL1m — realme Link (@realmeLink) 1589777757000
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With the #SpeedOfTheFuture, India’s First 5G smartphone & The Ultimate Flagship, #realmeX50Pro✅Dual Mode 5G✅SDM 8… https://t.co/q0mILTISum — realme (@realmemobiles) 1589704200000
NEW DELHI: Chinese smartphone manufacturer Realme is all set to launch a host of products on Monday in India and globally.In India, Realme will showcase the much-anticipated TV and smartwatch, along with other accessories, in India. The online launch event will be streamed on Realme's YouTube channel, and its social media platforms.The tech company has been teasing the specs of the smartwatch on its social media platform. Realme Watch allows users to play music, track activities, and monitor heart rate and blood pressure, among other things.Various reports say that Realme TV would compete against OnePlus TV and Xiaomi TV which already have an established brand-value in the country. The new device will be equipped with 24W Dolby Quad Stereo Speakers, MediaTek's quad-core processor chipset, Android OS and Google AssistantUsers can also place their blind order on the yet-to-be-launched TV set.The Realme X3 SuperZoom will also launch tomorrow in Europe.The smartphone-maker plans to unveil eight new products in China. While the company has not mention the products it plans to unveil in China, but a teaser poster last week on Weibo suggested that a smartphone, power bank and a true wireless earbud will dominate a few of the new launches.The Chinese text in the image translates to 'Broken Dimension Dare To Play', which hints at a gaming-oriented smartphone. The speculations suggest it could be the Realme X50 Pro Player edition , codenamed Blade Runner Realme's Player edition is expected to be a similar variant of X50 Pro 5G, but optimised and enhanced for better gaming performance. The new device may come with 5G support and 65W fast charging.The posters shows an image of the phone which has a vertically-placed, quad-rear camera setup. The power bank will come with a regular USB port, USB Type-C port, and some LED lights.New earbuds may also launched at the online event. Reports suggest that the earbuds will be called Realme Buds Air Neo.On Thursday, the Chinese brand announced that it had managed to bag 3.5 crore users worldwide, out of which 2.1 crore users are in India alone. | the Chinese smartphone manufacturer will showcase the much-anticipated TV and smartwatch, along with other accessories, in India. the online launch event will be streamed on Realme's YouTube channel, and its social media platforms. the new device will be equipped with 24W Dolby Quad Stereo Speakers, MediaTek's quad-core processor chipset, Android OS and Google Assistant. | Positive |
https://economictimes.indiatimes.com/industry/cons-products/electronics/lg-to-scale-up-local-smartphone-production-upto-15x-by-diwali-apply-for-pli-scheme/articleshow/76808111.cms | South Korean electronics major LG is sensing a “window of opportunity” provided by the anti-China mood in India currently, and plans to utilise it to make a comeback in the smartphone market by focusing on the popular under Rs 15,000 price segment this year, scaling up local manufacturing by almost 15 times by Diwali and expanding distribution.In an exclusive interview with Advait Vaidya , business head - mobile communications at LG Electronics, said the brand has seen 10 times increased sales of smartphones in the past two months due to the anti-China sentiment. It also plans to apply for the production-linked incentive scheme to scale up production. Edited excerpts:First of all, just to give you an understanding about the current market mood….I will tell you that in the past two months, we have seen 9-10 times increased sell out in our smartphones. Of course, there is a window of opportunity for us. Although, our strategy is not based on the short-term anti-China sentiments, but this definitely is the time level-up. Last year, in July, we launched the W series, made in India, and designed in India, which is seeing amazing sell out till today. There is a clear signal that the consumer wants us, and we are ready with innovation, expertise and strategy to address every kind of consumer demand that is flowing in our direction.So, this year, starting August, we will be launching six phones across all segments starting from the sub-RS 10,000 category up to the flagship segment. We are ramping up distribution across channels, online and offline . We are also partnering with enterprise mobility partners to offer our smartphones to the enterprise segment as well as building a strong business with several state governments. In terms of manufacturing, we are ramping-up on a massive scale. If in January the capacity was X units, till August we will be producing 10X units and if all goes well, by Diwali we will be at 12-15X capacity. And we are also foraying in the tablet market by the end of this year as there is a huge adoption in e-learning.According to what we are seeing, the demand definitely is in the affordable category, that is, below Rs 15,000 because of Covid impact on consumers' spending. So, that is the important area for us. But our flagship portfolio will be intact. Most of the global launches in the premium segment will be brought here as well.So, because of Covid-19, online sales of mobile phones have increased significantly, People are adopting the easiest way of making smartphone purchases. We made our online debut a few years back, going forward we shall further strengthen our focus in the online space. Meanwhile, there is also increased demand for our products in tier 2 – tier 3 markets and hence we are rapidly expanding offline distribution as well. We are in talks with enterprise mobility partners to get a better reach.Yes, we are in advanced stages of discussion with one of the largest Indian contract manufacturers in the country. Once we sign a formal agreement we will make an announcement soon and shall apply for the scheme too.I will not be able to give you a figure unless an official nod is given internally. But as I said we are scaling up our manufacturing capability 12-15 times, the investment is going to be on those lines.We have two manufacturing plants, in Pune and Greater Noida for all product categories. Our high end smartphones are produced out of the Pune factory and balance of the portfolio via our EMS Partner. LG has a global supply chain network and hence we source components globally from different countries.There has been a tremendous increase in demand for LG Smartphones and hence , we are running short of supplies. However, going forward our teams are working really hard to ramp up our sourcing as well as manufacturing to meet the huge demand increase.Yes, last year, we exported certain units of our W series to the Middle East and Africa.India is a unique market with vast consumer needs, earlier we have been launching only global products in the smartphone segment. In 2018, LG Mobile communication unit took up an extensive consumer research study regarding the requirements and buying criteria of the Indian consumers with respect to smartphones, which were found to be unique. Also it is a well-known fact that, in the Indian smartphone market, products can make or break a brand.Basis the same we were able to convince LG headquarters in Korea to allow us to create an India specific and India first portfolio – the birth of W Series in mid-2019. These Indian consumer-centric products shall further continue in 2020.Since late 2019, LG has been investing and ramping up the support infrastructure, expanding distribution channels to ensure wider product availability also. So as a Company we are fully ready to enter the smartphone market with the right portfolio, marketing strategy as well as infrastructure needed, to build a long term, sustainable and profitable business.Starting next month, along with six new smartphone announcements, the industry shall witness a re-emergence of LG in the smartphone space. We will have a robust product portfolio with a mix of global and India specific mobile phones.At LG we always welcome healthy competition. Also, LG Electronics is fully committed to Make in India vision…...We are in talks with an Indian EMS manufacturer for smartphones. Our focus will be on offering great design & innovative technology to consumers.The challenge as suggested by you is actually a huge opportunity for LG. And as I said earlier, LG as a Company is fully ready to win back its rightful share in the smartphone space. The short-term window of opportunity is big enough for us to enter the space and achieve scale. Once, there is scale, LG has all the key elements needed for success - extremely strong technology and patent portfolio, expertise in manufacturing and very strong local presence in India and high brand salience across categories.I can answer for Indian market. In India, geographically, we have seen good traction in South India over the years, but, lately, we are making progress in East and North-East India as well. | south Korean electronics major sees a 'window of opportunity' in india. scaling up local manufacturing by almost 15 times by Diwali. focusing on the popular under Rs 15,000 price segment. plans to apply for the production-linked incentive scheme. 'we are ready with innovation, expertise and strategy to address every kind of consumer demand that is flowing in our direction,' he said. | Positive |
https://www.financialexpress.com/market/motherson-sumi-share-price-triples-in-8-months-up-5-today-on-vision-2025-should-you-buy/2134349/ | Motherson Sumi Systems share price surged nearly 5 per cent to Rs 146.30 apiece on BSE after the company shared its Vision 2025, with ambitious revenue and returns targets. The stock has been on a gaining spree and added over 12.5 per cent in six trading sessions. At the analyst meet, Vision 2025 was emphasized with a target of $36bn revenue in 2024-25 with 40 per cent ROCE, and additional focus on diversifying into new industries, with 75 per cent of revenues from the automotive industry and 25 per cent from new divisions. As part of Vision 2025, Motherson Sumi Systems will be expanding into new divisions like medical, aerospace, logistics and IT. Research brokerage firms are upbeat on the stock post analyst meet, and see up to 15 per cent rally in the stock price.
Motherson Sumi Systems shares ended 5.16 per cent up at Rs 146.75 apiece on BSE. From March low of Rs 48.50, Motherson Sumi Systems share price has zoomed 202 per cent. Motilal Oswal Financial Services said Vision 2025, along with the ongoing restructuring of the group, will help the company shape up for the next phase of growth. The brokerage firm believes that Motherson Sumi Systems is the best proxy to a global automotive recovery, which is supplemented by company-specific drivers of earnings. It has recommended to buy the stock at a target price of Rs 160, implying an upside of 15 per cent.
Analysts at JM Financial said that in the next 5 years, MSSL is likely to grow ahead of the automotive industry and achieve its USD 27bn target, supported by QCDDMSES approach, which aids higher business wins (quality, cost, design & development, delivery, management, safety, environment and sustainability), inorganic growth and, availability of funds for organic/inorganic growth – internal accruals (capex cycle is largely over) and comfortable credit profile. The brokerage firm has given a target price of Rs 150, an upside of 7.5 per cent.
Emkay Global Financial Services is also positive on Motherson Sumi Systems on the back of its strong management capabilities and expectations of a gradual pick-up in underlying segments. It believes that the ongoing restructuring exercise should result in a reduction in Sumitomo’s stake and allow MSS to pursue acquisition opportunities more aggressively. While the key downside risks include demand contraction in target markets, the weak performance of large clients, and adverse currency rates, among others. | motherson sumi systems shares ended 5.16 per cent up at Rs 146.75 apiece on BSE. the company has been on a gaining spree and added over 12.5 per cent in six trading sessions. the company has a vision of $36bn revenue in 2024-25 with 40 per cent ROCE. as part of Vision 2025, Motherson Sumi Systems will be expanding into new divisions like medical, aerospace, logistics and IT. | Positive |
https://www.moneycontrol.com/news/business/markets/market-live-sensex-opens-at-record-high-nifty-reclaims-11000-midcaps-trade-strong-2701131.html | July 12, 2018 / 02:54 PM IST
The share price of Axis Bank gained 1.6 percent intraday on Thursday, taking total gains of five consecutive sessions to 6 percent after global brokerage house Macquarie expects it to rally further 15 percent.
The research house has a Buy call on the stock with a target price at Rs 615 per share as it feels an external candidate would be more suitable for the CEO post of the private sector lender.
Macquarie said external candidates for CEO post are PS Jayakumar, Pramit Jhaveri and Shirish Apte while internal candidates include current DMD V Srinivasan and ED Rajiv Anand.
The board of Axis Bank recommended names of three candidates for the position of MD & CEO, the bank had said in a release to the exchanges on July 10.
The names have been recommended in order of preference for approval by the Reserve Bank of India (RBI), the release added.
The candidate, as approved by the RBI, will succeed Shikha Sharma, whose term as the MD & CEO is due to expire on December 31, 2018. | the share price of Axis Bank gained 1.6 percent intraday on Thursday. the bank is now trading at a target price of Rs 615 per share. external candidates are preferred for the position of CEO. internal candidates include current DMD V Srinivasan and ED Rajiv Anand. the bank has recommended three candidates for the position of MD & CEO. | Positive |
https://www.moneycontrol.com/news/economy/policy/launch-of-social-stock-exchange-may-mark-a-new-chapter-in-impact-financing-in-india-5554221.html | India's social sector is set for a period of growth. Finance Minister Nirmala Sitharaman's 2019 Budget declaration was a timely intervention in this regard when she announced the setting up of a Social Stock Exchange (SSE) under the ambit of the Securities and Exchange Board of India (SEBI).
The SSE, a first of its kind for the country, would allow for listing social enterprises and voluntary organisations working for the realisation of social welfare objective so they can raise capital as equity, debt, grants, or performance-linked payments.
According to a Brookings India report — The Promise of Impact Investing in India (July 2019) — India faces an annual financing gap of $565 billion in meeting its Sustainable Development Goals by 2030.
Also Read | Sebi extends deadline for public comments on social stock exchange report until August 15
The introduction of the SSE and the consequent appointment of a Working Group that has come up with a set of recommendations will give an impetus to addressing part of this gap. This is especially significant now, as the COVID-19 outbreak and its aftermath have sent shockwaves across the world, adding to the burden of livelihood and lives affected. Innovative means of channelling funds towards development is a key priority, and I applaud the Ford Foundation's recent announcement selling social bonds worth $1 billion by borrowing from its future as a strong example of this much-needed impetus towards development financing.
A bridge for funders and social enterprises
The Working Group’s recommendations for setting up the SSE include the principle of creating a platform that will match funders looking to support development objectives with organizations delivering impact.
Philanthropies, retail donors, CSRs, impact investors and mainstream equity investors can come together on the SSE and social enterprises — both not-for-profit organisations (NPOs) and for-profit enterprises (FPEs) — would have access to a wider pool of funds.
Also Read | Explained: What are Social Stock Exchanges?
By recognising the diversity of NPOs in terms of size and the reporting burden they can take on, the Working Group has made it simpler for smaller organizations to list on the exchange by enabling aggregator mechanisms, such as Social Venture Funds.
Adopting similar reporting standards for NPOs and FPEs is another positive step, as it will break the silo of legal structures allowing funders the option of selecting projects based on impact rather than legal status.
Validation of impact and pay-for-success
The one area that could benefit from a clear set of guidelines is the validation of impact measures. The Working Group has set out a comprehensive reporting framework on social impact, in terms of reach, depth, and inclusion. However, in the initial years, it is proposed that the data is self-reported. To build trust on the SSE platform and to enable faster transactions that don’t rely on heavy, independent diligence, it would be a strong value-add for the SSE to require some simple, low-cost audits to validate the social impact data. The costs of these audits could be absorbed by the capacity-building fund proposed by the working group to ensure that smaller organisations do not have high costs associated with listing on the SSE.
For instance, the Social Stock Exchange in the UK only lists companies that have passed the 'social impact test'.
Data validation and its benefits in unlocking funds for the development sector may be analogous to what the credit-rating instruments did for debt and bond markets, in India and globally. Such impact data not only improves transparency and enables stronger matching of funds but also forms the basis for more innovative finance instruments. The Working Group has supported instruments such as pay-for-success and impact bonds for nonprofits.
Our own experience at the Michael & Susan Dell Foundation has shown the effectiveness of these instruments when it comes to responsible impact development. In fact, with the Quality Education India Development India Bond (DIB), we are seeing impressive impact results, and much higher than targeted outcomes.
The structure of transparency and incentives has allowed for a much stronger focus on impact. As India looks at setting up the Social Stock Exchange, we should also find a way to include and encourage the participation of FPEs in such DIBs, possibly through social venture funds (SVFs).
Another area where the Social Stock Exchange can extend beyond the current funding instruments is to enable debt funding. Similar to the Working Group’s suggestion on listing smaller entities through the Social Venture Fund route, we may evaluate how the SSE can enable debt listing through pooled structures for NPOs and FPEs.
There are global precedents of this. The Impact Investment Exchange of Singapore, which is run in partnership with the Stock Exchange of Mauritius and is open to limited accredited investors who want to invest in social enterprises, supports debt and equity models.
Enabling Liquidity
Liquidity is a key element of a stock exchange and, while it is simpler to create liquidity for equity and debt instruments, the Working Group has also suggested liquidity mechanisms for grant structures as well. The concept of listing a 'zero-coupon zero-principal' bond can allow for the exit of early-stage donors of a project when the project shows proof of concept and impact, and other donors are willing to support it. Similarly, the SVF can allow for the tradability of its units. Global tailwinds of the COVID-19 pandemic have triggered a new wave of investor interest in social impact development. Organizations, funding agencies, and philanthropy funds are looking for ways to invest in impactful programmes that create livelihoods and opportunities.
By allowing for a platform that caters to the needs of funders and beneficiaries, the SSE is a positive step in that direction. A set of rules that defines impact validation and promotes incentive-led instruments will nudge the SSE on the path to becoming a vehicle for positive growth.
(The author is Country Director, Michael & Susan Dell Foundation, India)
Follow our coverage of the coronavirus crisis here | the social stock exchange (SSE) would allow for listing social enterprises and voluntary organisations working for the realisation of social welfare objective. the first of its kind for the country would allow them to raise capital as equity, debt, grants, or performance-linked payments. india faces an annual financing gap of $565 billion in meeting its Sustainable Development Goals by 2030. the introduction of the SSE and the subsequent appointment of a Working Group will give an impetus to addressing part of this gap. | Positive |
https://www.moneycontrol.com/news/business/how-indian-startups-are-jumping-onto-the-work-from-home-bandwagon-5046421.html | Bhavin Turakhia, founder of Flock and cofounder of Zeta
It is hard to avoid news about the spread of Coronavirus globally. Stock markets have dropped, production and supply chains worldwide are affected, and international travel is shutting down.
In such times, keeping a level head is the first step to combating the spread of illnesses like COVID-19 and ensuring that our neighbours and co-workers are safe. The simplest option available right now is to go remote and allow employees to work from home, and many businesses worldwide—big and small—are doing just that.
Coronavirus: An opportunity for startups
While remote work hasn’t yet taken off in a big way here in India going remote is an increasingly popular choice for startups all over the globe. The Coronavirus pandemic is an opportunity for startups in India to experience the benefits of remote work. Plus, if this style of work turns out to be successful within the startup ecosystem in India, we could be looking at wider adoption of the ‘work from home’ model across larger organizations.
Today’s startups hardly ever operate on a 9 to 5 schedule, with a majority of the startup workforce consisting of millennials and ‘Gen Z’ professionals, they show an increasing preference towards workplace flexibility.
According to a survey by Shine.com, Indian millennials don’t want to work within the four walls of their offices anymore—with nearly 60% of respondents saying that maintaining good work-life balance is one of the main reasons. Additionally, a recent Flock survey of 500 professionals in the US found that 91% of workers agreed with measures like working from home to help prevent people from getting sick. And 89% were willing to work from home to help prevent the spread of illness.
In India, working from home is much less common than in the West. Indian workers have mixed reactions to this experiment. Some complain of bosses who don’t trust that their employees will actually work from home; while some are constantly distracted by family members, while others embrace the experience, enjoying improved and increased productivity; with some even reporting improved family lives.
Millions of people across the nation will get the chance to experience days without long hours of travel to their workplace, or the harsh inflexibility of not being able to stay close to home when a family member is unwell. This might be the best chance for a great reset in terms of how we work.
Some employees may be working from home for the first time, which means they will have to understand how to stay on task in a completely new environment that may not lend itself to productivity. But there are ways to deliver results from setting up a good workspace to the way you talk with your team.
As per the Flock survey, 75% of the overall respondents said their company allowed remote work in some capacity. However, analyzing responses by company size, we found that small and medium-sized businesses have not adopted remote work as much as their larger counterparts. Remote work has clearly become the norm within larger companies across India, but smaller companies currently appear less equipped and confident.
Having the right collaboration tools in place is key for startups
As much as 53% of respondents in the Flock survey mentioned that they don’t allow remote work because they do not have the proper tools to enable it. Fortunately, creating a remote work policy and implementing collaboration tools is now easier than ever. Many companies, including a few fully-remote startups, are sharing their tried-and-tested remote work policies, with secure and robust workplace collaboration tools enabling collaboration across geographies and time zones.
I’ve worked remotely—on and off— for several years now. Despite being always on the move, I am always connected with my team. I use platforms like Zoom and Flock to keep a track of my team’s tasks and projects. I have found remote working to have an extremely positive impact without hampering workplace productivity in any manner.
But are all startups prepared to accept the work from home culture in view of the growing restrictions due to the spread of Coronavirus?
Choosing an integrated platform makes the difference
For startups that are considering starting a remote work program, consider an all-in-one collaborative solution that takes care of your company’s messaging, video conferencing, screen sharing, file sharing, and productivity needs. There are many tools available in the market that focus on specific elements of remote work, like just voice calling or just video conferencing. But choosing tools for each individual functionality separately means businesses have to adopt and pay for multiple tools just to get started.
Likewise, companies struggling with tooling overload could save themselves a lot of frustration and money by consolidating their communication and collaboration tools into a single platform.
That said, Coronavirus as a catalyst for remote work isn’t sustainable. For remote work to stick around, it has to be a conscious choice. Remote work provides huge quality of life benefits and business efficiencies, but only businesses that focus on building an inclusive remote work culture will see sustained levels of performance..
As more and more people are exposed to remote work opportunities, it will become less of a perk and more of a necessity, as shown by our research below. Most businesses competing for talent will need to tailor their operating model as per the preferences of their workforce and embrace remote work.
As a startup founder / leader, all you need to do is start with a basic remote work policy and select a robust collaboration platform to help your employees do their best work, no matter where they are. | the pandemic of Coronavirus is an opportunity for startups in India to experience the benefits of remote work. if this style of work turns out to be successful within the startup ecosystem in india, we could be looking at wider adoption of the ‘work from home’ model across larger organizations. a recent survey by Shine.com found that 91% of workers agreed with measures like working from home to help prevent people from getting sick. | Positive |
https://www.financialexpress.com/industry/work-from-home-effect-data-centres-new-asset-class-in-realty-as-indias-data-consumption-rises-during-covid/2006266/ | DATACENTRES HAVE emerged as the new asset class in real estate, as India’s appetite for consuming data increases at a rapid pace and firms scramble to add more capacity for storage. More so in the present times, as work from home (WFH) has become the new normal and domestic consumption is rising, which further brightens the prospects for expansion.
Analysts and market insiders point out that there is rise in interest from real estate, private equity (PE) and infrastructure funds to invest in data centres, as they anticipate growth in cloud services due to IoT, data localisation
and launch of 5G, signifying more consumption.
As per Ericsson’s mobility report (November 2019), India’s average monthly data traffic per smartphone is expected to increase from the current 7.2 GB to 24 GB by 2025. Besides, 500 million additional smartphone users are expected during the same time period.
“India will probably reach the 781-MW milestone much before, maybe by 2022-23, as more land deals have happened. Deals are happening in Navi-Mumbai, Chennai, etc, and are likely to deliver in around three years,” JLL India head (data centre advisory) Rachit Mohan told FE.
In 2020, the most active markets are Navi-Mumbai and Chennai. In 2021, Bangalore, Hyderabad and Noida are
expected to see more traction. The biggest challenge would be that over the next 18 months, most cloud services firms will come back with their revised plans with more space requirement, he added.
Another consultancy, CBRE India, in its latest report, projected that India’s data centre capacity will double by March 2025 from the present 500- 520 MW. It expects global players to continue to take interest in investing in India with focus on backing leading operators or funding prominent developers. | DATACENTRES have emerged as the new asset class in real estate. there is rise in interest from real estate, private equity and infrastructure funds. analysts anticipate growth in cloud services due to IoT and 5G. in 2020, the most active markets are Navi-Mumbai and Chennai. in 2021, Bangalore, Hyderabad and Noida are expected to see more traction. | Positive |
https://www.financialexpress.com/industry/swiggy-byjus-add-weight-as-pe-investments-climb-new-peak-of-33-1-billion-in-2018/1430237/ | Private equity (PE) investments in India have touched the highest ever figure of $33.1 billion in 2018, across 720 transactions, with big ticket investments in consumer apps Swiggy and Byju’s adding glitter to the deal chart in the fag end of the year.
While PE investments had surpassed the previous high of $24.3 billion across 734 deals in 2017, in the first nine months of 2018 itself, the mega investments in startups such as Swiggy and Byju’s towards the year-end, helped the 2018 total vault by 36% year-on-year, according to data from Venture Intelligence, a Chennai-based research service focused on private company financials, transactions and their valuations.
The year witnessed 81 PE investments worth $100 million or more, accounting for 77% of the total investment value during the period, compared to 47 such transactions in 2017. Of these, 40 were larger than $200 million each (by themselves accounting for 60% of the total value) — compared to 30 such investments in the year ago period, the Venture Intelligence data shows.
Led by the $1 billion investment in Swiggy from South Africa-based Naspers and others and Oyo, led by SoftBank, IT & ITeS companies accounted for 32% of the PE investment pie in 2018 attracting $10.6 billion across 383 deals. Food delivery app maker Swiggy had started the year with a $100 million investment led by Naspers, and followed it up with mid-year $210 million raise co-led by Naspers and DST Global and polished the year off with a $1 billion investment led by Naspers and Tencent. Hotel chain Oyo raised $800 million with an additional commitment for $200 million led by SoftBank Vision Fund.
Paytm raised $445 million from SoftBank and Alibaba for its e-commerce business, Paytm Mall and $356 million from Berkshire Hathaway at the parent company, One 97 Communications, level.
The year saw eight new Unicorn companies being minted, including five — Oyo, PolicyBazaar, Swiggy, Paytm Mall and Byju’s — which raised $540 million from Naspers in the B2C segment. The B2B entrants included, apart from BillDesk (which is focused on enabling online payments for utilities), SaaS startup Freshworks via a $100 million round from existing investors Sequoia Capital, Accel Partners and CapitalG and two-year-old B2B E-commerce platform Udaan, $225 million from existing investors – DST Global and Lightspeed Ventures. Arun Natarajan, founder of Venture Intelligence,said: “The mid-year Walmart-Flipkart deal clearly re-energised international investors’ appetite for mega bets in Indian internet and mobile companies. This has helped offset the slowdown in investments in sectors like financial services, manufacturing and infrastructure towards the year end triggered by nervousness in the public markets and the IL&FS scare.”
Other large ticket IT & ITeS investments in 2018 include the $300 million attracted by online payment gateway service BillDesk from Temasek and others; the $236 million raise by online insurance broker PolicyBazaar, led by SoftBank and the $410 million across two rounds, raised by Swiggy competitor Zomato. Other notable tech companies that attracted rounds of $100 million or more during the year included payments enabler Pine Labs, event ticketing service Bookmyshow, regional language social app ShareChat, music service Gaana.com and fantasy gaming startup Dream11.
“Whether the PE investment tally of 2019 can outdo the highs of 2018 seems set to hinge substantially on global economic trends in the New Year and the outcome of the upcoming National Elections,” he added. | private equity (PE) investments in india have touched the highest ever figure of $33.1 billion in 2018, across 720 transactions. mega investments in consumer apps Swiggy and Byju’s helped the 2018 total vault by 36% year-on-year. of these, 40 were larger than $200 million each (by themselves accounting for 60% of the total value) of these, 40 were larger than $200 million each. | Positive |
https://www.moneycontrol.com/news/business/markets/hem-securities-sees-worst-being-over-for-the-market-10-stocks-to-bet-in-fy19-2543257.html | live bse live
nse live Volume Todays L/H More ×
While the market may have fallen around 10 percent from its peak, experts such as Gaurav Jain, Director, Hem Securities believe that the worst may be over now.
“In the next quarter, the market should settle and then a pullback is likely,” Jain told Moneycontrol’s Uttaresh Venkateshwaran & Sunil Shankar Matkar. He expects largecaps to move ahead and midcaps will play catch-up.
He expects a broad-based pick up in the market going ahead. “In the past few days, a few stocks have risen, which have pushed the market. We should start seeing a pick-up in many more stocks. Essentially, people are not in a panic stage, while retail investors have looked to book profits and are not in a hurry to invest,” Jain further added. Edited excerpts:
The market has been trading off the previous high points. What is the outlook for D-Street going ahead?
Over the last quarter, we saw events such as the Union Budget, which introduced taxes on long term capital gains (LTCG). Global markets reacted negatively, while big IPOs also sucked liquidity from the market, among other factors. As such, the market had a good run up in the past two three quarters.
Related stories Gaurav Jain Director|Hem Securities
In the next quarter, the market should settle and then there could be a pullback. Next quarter should be of accumulation and positive movement.
So, what kind of returns are you expecting from this market?
We are in an election year. So, the market could behave differently with results coming on. Overall, for FY18 we are looking at 8-10 percent returns.
What can be seen as triggers for this market?
Firstly, many companies’ results were affected in one quarter on the back of Goods and Services Tax (GST). With new GST Bill coming in full flow, it should give positive flow for most sectors. Even as the e-way bill is introduced, some companies could face some issues at the start and then gradually get comfortable with it.
Secondly, look at growth visibility in the Sensex and Nifty. Several managements are hinting at positive cues. Earnings could improve and several companies have done their expansions on their side.
Lastly, we have to wait for how monsoon pans out. So, overall there is positive momentum and investors are quite bullish on India even at this point.
Does that mean we could go back to the record high levels?
Probably…
What are you hearing on private capex plans? Are they willing to spend on that front as well?
Most companies, the big ones especially, have done their share of capital expenditure. One important reason why this is happening is due to change in technology that is erupting. For instance, look at telecom sector. In case Reliance Jio comes up with a new technology, rivals also tend to counter those. In case of textiles, many things have happened and firms are adding up more technology and machines. With changing technology, fast-growing companies need to adapt to it and they are deploying resources in those areas.
Could you throw some light on the state of midcaps? How do you expect them to perform going forward?
Largecaps should start moving first, going forward, followed by midcaps. Investors currently are playing conservative as they saw their stocks bleeding all through the last quarter. Hence, the money is going into largecaps right now.
But what about valuations for several segments in the market…how did the IPO market perform in FY18?
Look at the number of IPOs that came up with multiples of 30 and 40 times. Fund managers that we spoke to are talking about large systematic investment plans (SIPs) that have to be deployed into such stocks and that is probably why such high multiples were
seen.
In FY17, we saw around 37 IPOs hitting the market and this figure could be higher this fiscal, looking at the prospectuses filed and information available from merchant bankers. Also, IPO sizes are a lot larger now.
But will investors have the appetite going forward?
Institutional investors will have it. They will always look at beaten down stocks and they also do not have issues with funds.
Currently, retail investors are investing less. If they have Rs 100 with them, they are looking to invest Rs 20 right now. In fact, many retail investors have booked profits in the past quarter.
Is there much downside from the current market levels?
I don’t think so. The worst should already be over. In the past few days, a few stocks have risen, which have pushed the market. We should start seeing a pick-up in many more stocks. Essentially, people are not in a panic stage, while retail investors have looked to book profits and are not in a hurry to invest.
So, what will your advice be to a 35-40-year old investor?
They must invest in mutual funds. But you could also do it making money by directly investing in equity markets as well.
What sectors are you looking at currently?
We expect pharmaceuticals to perform, while it could be a challenge in case of information technology names.
You can look at infrastructure sector as well. These companies are flooded with orders.
On banks, it is clearly not the case that all PSU banks are bad. Right now, people are not trusting PSU banks and private banks are usually considered more transparent.
It is a play on perception and that could be seen in cases of a recent listing such as Bandhan Bank. The IPO came at a very good multiple and still listed at good returns. These are companies with professional management which are growing along with having fast execution and chasing for business. As such, we were seeing a shift to private sector banks, but currently investors also do not know about hidden concerns in PSU banks too.
LTCG tax on equities has become a reality now. Are you getting queries about it and what are you telling them?
I think the sentiment around it has been already digested in the market. People are taking in the transition in stock market. I feel that this is not an issue at this point.
How much of a risk is political scenario for the market?
The market tends to be very volatile on political instability. As soon as there are chances of dent to existing government, it starts reacting. The question is not about which government, but about a stable one. This is important from a foreign investor perspective. These would have regular impact but not larger level…the market will make a comeback once the elections are over.
As we move into end of this year (and closer to general elections), investors may hold for couple of months to understand what is happening (on the political front).
On the global front, any statement from the US with respect to protection of its own trade boundaries is a major risk for the market.
Lastly, what are your top stock picks for FY19?
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Follow @UttareshV | the market may have fallen around 10 percent from its peak, but experts say that the worst may be over. "in the next quarter, the market should settle and then there could be a pullback," says Gaurav Jain, Director, Hem Securities. he expects largecaps to move ahead and midcaps will play catch-up. he also expects a broad-based pick up in the market going ahead. | Positive |
https://www.businesstoday.in/current/economy-politics/nirmala-sitharaman-announces-rs-10000-crore-for-formalisation-of-micro-food-enterprises/story/403943.html | In an attempt to push 'Vocal for Local' outreach programme mentioned by Prime Minister Narendra Modi's address to the nation on May 12, Finance Minister Nirmala Sitharaman announced a host of measures in the third tranche of the economic stimulus. The Finance Minister announced Rs 10,000 crore for the formalisation of micro food enterprises (MFEs).
She said that unorganised MFE units would require technical upgradation to attain FSSAI food standards as well as build brands and to market their products. Sitharaman said that a scheme will be launched to help 2 lakh MFEs attain the aforementioned goals. Through this scheme existing MFEs, farmer producer organisations, self-help groups and cooperatives will be supported. "Improved health and safety standards, integration with retail markets and improved incomes to be key focus areas," said the FM.
Also read: Nirmala Sitharaman Press Conference Live Updates: ESA Act amended; farmers to get better prices for produce
The minister also advocated cluster-based approach to help the MFEs for eg. cluster formed in UP would be for mango, kesar in Jammu and Kashmir, bamboo shoot in Northeast, tapioca in Tamil Nadu, makhana in Bihar, etc. The government would focus on the particular produce in that region to boost its production, marketing and health and safety standards.
Nirmala Sitharaman said that these measures would also help in the export of these products in untapped markets.
The Finance Minister announced a financing facility of Rs 1 lakh crore to fund agriculture infrastructure projects at farm-gate and aggregation points.
Also read: Rs 1 lakh crore allocated for agri infrastructure, says Sitharaman
Also read: Rs 13,343 crore allocated for vaccination of over 53 crore animals | finance minister Nirmala Sitharaman announced a host of measures in the third tranche of the economic stimulus. she announced Rs 10,000 crore for the formalisation of micro food enterprises (MFEs) unorganised MFE units would require technical upgradation to attain FSSAI food standards. sitharaman also advocated cluster-based approach to help the MFEs. | Positive |
https://www.moneycontrol.com/news/business/economy/corporate-tax-rate-cut-higher-psu-dividend-payouts-to-help-govt-tide-over-fiscal-slippage-worries-4478951.html | Though the cut on corporate tax announced by the government on September 20 may derail its fiscal consolidation plans, it is expecting to make up the gap through funds from other sources.
"There will be fiscal slippage. But it can be covered to a large extent. The public sector enterprises (PSEs) would have a decreased tax burden now. So the dividends that they pay can be expected to be more," a senior government official told Moneycontrol.
The cut in corporation tax from an effective 35 percent (with surcharges and cesses) to an effective 25.17 percent is expected to boost profitability of companies. If PSEs and government-owned banks register higher profits, they are likely to pass on higher-than-budgeted dividend to the government.
"There is no figure that we can quote right now. But we are expecting better funds from there. Even in the dividend distribution tax collection could be better on account of lower corporate tax burden," the official said.
According to the 2018-19 Budget documents, the government has estimated Rs 57,487 crore as dividends from public sector enterprises. Companies reported Rs 40,369 crore as dividend distribution tax payable during the financial year 2017-18.
"They have effectively reduced the corporate tax rate for FY19-20. At the most optimum level, companies could save as much as 10 percent of their profits. So if profits increase to that extent, companies will be able to declare higher dividends," said Rajesh H Gandhi, partner, Deloitte India.
In a bid to revive growth and get the economy back on track, Finance Minister Nirmala Sitharaman announced that domestic companies will have the option to pay income tax at 22 percent if they don't avail any exemptions or incentives from 2019-20.
The minister also announced that the revenue foregone for the reduction in corporate tax rate would be Rs 1.45 lakh crore per annum - roughly about 19 percent of the total corporate tax target for the current year.
Following the announcement, India's fiscal deficit gap is estimated to increase by at least 70 basis points to 4 percent of the gross domestic product (GDP) for 2019-20.
However, the government is expecting to make up for the gap through various other avenues of funding. Recently, the Reserve Bank of India announced a windfall amount of Rs 1.76 lakh crore in divident to the government, against Rs 68,000 crore provided last year.
The government is yet to announce how it plans to use this money, though experts say that it could be used in part to finance the deficit.
Many companies are in the process of calculating whether to avail incentives or go for a flat lower rate of taxation.
"People are also waiting for the revised depreciation schedule. The depreciation format will change and that will affect my tax outgo because to that extent my tax outflow will be higher. Because I am sure the government when they change the depreciation schedule, they will give lesser benefits to these companies because they are getting a lower rate now," Gandhi said.
The government would also be looking to expedite its divestment plans. It has been reported that the government is mulling a stake sale in the five central public sector enterprises (CPSEs). The government may seek cabinet nod for strategic stake sale in the state-owned BPCL, CONCOR and SCI.
The government has increased disinvestment target to over Rs 1 lakh crore for the current financial year in the last budget. The government while presenting the interim budget 2019-20 in February this year had pegged the disinvestment target of Rs 90,000 crore.
The government has also expressed its intent for 100 percent stake sale in Air India. Discussions have been held by a group of ministers led by home minister Amit Shah met to discuss privatisation of the national carrier.
The panel, which had Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal and Civil Aviation Minister Hardeep Singh Puri, discussed key issues relating to selling complete sale of stake in the airline. | government announced a cut on corporate tax on September 20. the cut is expected to boost profitability of companies. if companies register higher profits, they are likely to pass on higher-than-budgeted dividends. the government is expecting to make up the gap through funds from other sources. the fiscal deficit gap is estimated to increase by at least 70 basis points. | Positive |
https://www.financialexpress.com/economy/amit-shah-praises-pm-modi-fm-sitharamam-for-landmark-reform-initiatives/1961259/ | Union Home Minister Amit Shah on Saturday complimented Prime Minister Narendra Modi and Finance Minister Nirmala Sitharamam for the “landmark” reform initiatives in defence, aviation, coal and some other sectors, saying these were unprecedented steps to make India self-reliant.
In a series of tweets, Shah said the prime minister’s’mantra’ of ‘reform, perform and transform’ is the key of India’s phenomenal growth in the last six years.
“I thank PM @narendramodi & FM @nsitharaman for today’s landmark decisions which will surely boost our economy and further our efforts towards Atmanirbhar Bharat,” he said.
The home minister said Rs 50,000 crore for infrastructure development in coal sector and introduction of commercial mining is a welcome policy reform which will bring more competition and transparency.
“I congratulate PM Modi for this unprecedented step to make India self-reliant in coal production. A strong, secure and empowered India is PM @narendramodi’s top most priority,” he said.
Shah said raising the FDI limit in defence manufacturing to 74 per cent and banning import of selected weapons and platforms with year-wise timelines will surely boost ‘Make in India’ and reduce the country’s import burden.
He thanked the prime minister for the “futuristic decisions” to push aviation sector.
“By easing out restrictions on utilisation of air space, our aviation sector will be benefited by about Rs 1000 crore/year. Tax regime for MRO has been rationalised to make India a global hub for aircraft MRO,” he said.
The home minister also applaud Modi for decisions like providing Rs 8,100 crore revamped viability gap funding to boost private sector investment in social infrastructure and encouraging private participation in space activities so that they can become a co-traveller in India’s space journey.
Sitharamam on Saturday announced the fourth tranche of the Rs 20 lakh crore economic package under the ‘Atmanirbhar Bharat’ campaign covering eight sectors including coal, minerals, defence production, space, airspace management, airports and power distribution. | home minister congratulates prime minister for 'landmark' reform initiatives. he says the government's'mantra' of'reform, perform and transform' is key to growth. he said a strong, secure and empowered India is his top priority. he thanked the prime minister for the 'futuristic decisions' to push aviation sector. | 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.moneycontrol.com/news/business/commodities/crude-oil-futures-gain-3-99-up-168-67-from-april-lows-5272221.html | Crude oil futures gained to Rs 2,136 per barrel on May 15 as participants increased their long position. Oil price jumped after data from China showed crude consumption picked up in April as refineries ramped up operations.
MCX May crude futures have gained 168.67 percent from the low of Rs 795 it hit on April 28.
The US commodities markets regulator cautioned exchanges and brokerages on May 14 to be ready for volatility and possible negative pricing for certain contracts, nearly one month after US oil futures dropped to negative for the first time in history.
Crude traded higher with positive industrial data from China and expectations of more stimulus from the US. Prices got additional support after the IEA said that global oil demand was improving stronger than expected, said Tapan Patel- Senior Analyst (Commodities), HDFC Securities.
Crude oil prices rallied to three weeks high on supportive fundamentals. The fall in US weekly inventories and output cut effects from OPEC plus nations supported crude oil prices to trade higher.
In the futures market, crude oil for May delivery touched an intraday high of Rs 2,172 and an intraday low of Rs 2,085 per barrel on MCX. So far in the current series, black gold has touched a low of Rs 796 and a high of Rs 3,905.
Crude oil delivery for May rose Rs 82, or 3.99 percent, to Rs 2,136 per barrel at 15:25 hours IST with a business turnover of 3,763 lots.
Crude oil delivery for June gained Rs 49, or 2.32 percent, to Rs 2,164 per barrel with a business volume of 2,176 lots. The May crude futures narrowed its premium against June crude contract to Rs 41, or 2.32 percent.
The value of May and June contracts traded so far is Rs 929.56 crore and Rs 74.41 crore, respectively.
Patel expects oil to trade higher as prices have breached the near-term resistance at $27. The next resistance lies near $30 and support at $27. MCX Crude oil May futures have support at Rs 2,080 with resistance at Rs 2,210.
West Texas Intermediate crude gained 1.34 percent at $27.93 per barrel, while Brent crude, the London-based international benchmark was up 1.93 percent to $31.73 per barrel.
For All Commodities Related News - Click Here | crude oil futures gain 168.67 percent from low of Rs 795 on may 28. MCX crude futures have support at Rs 2,080 with resistance at Rs 2,210. IEA said global oil demand was improving stronger than expected. a fall in US weekly inventories and output cut effects from OPEC plus nations supported crude oil prices. | Positive |
https://economictimes.indiatimes.com/markets/stocks/news/fed-on-track-to-hike-rates-regardless-of-emerging-market-woes/articleshow/64496872.cms | Bloomberg
Emerging markets struggling with higher U.S. interest rates are likely to get little sympathy from the Federal Reserve.Currencies of such nations have been hammered in a spreading selloff amid worries that their economies won’t cope with higher U.S. borrowing costs. That’s prompted central bankers in India and Indonesia to raise interest rates and urge Fed caution, with Turkey on Thursday also delivering a surprise hike to defend the lira.There are few signs such concerns will steer the Fed away from its course for at least two and possibly three more rate increases this year, including a move at its policy meeting next week.Chairman Jerome Powell explicitly pushed back against criticism early last month in Zurich, saying the role of U.S. monetary policy on foreign domestic financial conditions was “often exaggerated.” His colleague, Governor Lael Brainard, mentioned emerging markets in a May 31 speech, but spent far more time discussing the upside risks posed by fiscal stimulus.“I don’t think they can change policy based on fear,” said Bricklin Dwyer, senior economist at BNP Paribas in New York. Emerging-market turmoil “is noise right now, justifiable noise. But does it shift the outlook for the U.S? The answer is, not yet.”The U.S. economy is powering ahead, adding over a million jobs in the first five months of 2018. Inflation is at the central bank’s 2 percent target, and the Atlanta Fed’s gross domestic product tracking model suggests the economy grew a strong 4.5 percent in the second quarter.Even if exports are tempered by foreign economic woes, trade fights, and a somewhat stronger dollar, some $1.5 trillion in fiscal stimulus and a $300 billion increase in federal spending are supporting domestic U.S. demand with “a huge tailwind,” said Torsten Slok, chief international economist at Deutsche Bank AG in New York.The Fed is tasked with achieving stable prices and full employment. At 3.8 percent in May, unemployment is already well below estimates of full employment and recent forecasts show officials expect a modest overshoot of their 2 percent inflation target.Meanwhile, the Fed’s benchmark lending rate is still low enough to stimulate growth, according to some measures, leaving officials with little choice but to keep raising it to a level that is more neutral in its impact on supply and demand.U.S. policy makers have also gone out of their way to communicate the plan for gradual rate increases and a shrinking balance sheet to avoid repeating the 2013 taper tantrum, when then-Fed Chairman Ben Bernanke surprised investors by suggesting the central bank might slow bond purchases.Delaying policy tightening could also carry costs for emerging markets if it led to higher inflation that forced the Fed to act more aggressively, said Nathan Sheets, chief economist for PGIM Fixed Income.“The Fed’s got to move,” said Sheets, a former U.S. Treasury undersecretary for international affairs. Officials are probably asking themselves, “over time, are we going to serve the global economy well by not responding to inflation?”There have been occasions in the past when the Fed has paused in response to international developments. In 1998, for example, then-Chairman Alan Greenspan led the committee to cut rates three times to offset effects of spreading financial turmoil.Greenspan warned during that period that “it is just not credible” that the U.S. remain “an oasis of prosperity.”“He was wrong,” said Joe Gagnon, a senior fellow at the Peterson Institute for International Economics in Washington and a former Fed economist. “He eased 75 basis points and the economy, if anything, accelerated and the tech economy really took off.”The bubble in technology stocks eventually burst at high cost to the U.S. economy.In 2016, Fed officials set aside plans to raise rates four times over the year in reaction to financial-market turmoil triggered by concern over slowing Chinese growth. They hiked just once, but could also point to U.S. inflation that was running too low as a reason for their caution.The Fed’s preferred gauge of price pressures averaged just 1.2 percent that year, while it hit 2 percent on a 12-month basis in both March and April 2018.Fed officials do have an eye on Europe and emerging markets, “but at the end of the day, look at the employment report” in May, when the U.S. economy added 223,000 jobs, said Deutsche Bank’s Slok. “If anything, we should be worried about overheating, not a recession.” | the u.s. economy is powering ahead, adding over a million jobs in the first five months of 2018. the central bank is tasked with achieving stable prices and full employment. the u.s. economy is powering ahead, adding over a million jobs in the first five months of 2018. the u.s. economy is powering ahead, adding over a million jobs in the first five months of 2018. | Positive |
https://www.financialexpress.com/industry/global-startup-ecosystem-report-2020-bangalore-delhi-mumbai-rated-among-worlds-top-startup-ecosystems/2004317/ | Two Indian cities on Thursday made it onto the top 40 of the world’s most favourable ecosystems to build a globally successful startup, topped by the Silicon Valley in California.
Bangalore was ranked 26th and Delhi 36th in ‘The Global Startup Ecosystem Report 2020’ by Startup Genome, with Mumbai topping a parallel “Top Emerging Ecosystems” ranking.
The Startup Genome report analyses cities around the world where early stage startups have the best shot at building global success.
“Delhi joins Bangalore in the list of top ecosystems, bringing the number of Indian cities represented up to two,” notes Startup Genome, a California-headquartered innovation policy advisory and research firm, in its report.
Bangalore stood out for high access to funding and Delhi ranked well for the volume and complexity of patent creation in the analysis, which found London and New York tied for second spot.
Access to capital, investment and global talent has fuelled London’s ascent to number two, up from number eight in 2012 when the first rankings were released.
“Today’s global report ranks the best cities where startups can build global success. Startup ecosystems outperform when their entrepreneurial community is not only open to but deeply integrated within the global startup community,” said J.F. Gauthier, Founder of Startup Genome.
“This is certainly the case for London, as it continues to play a central role in the global fabric of startup ecosystems and in only eight years has risen from number eight to a tie in second place.
“The Covid-19 crisis has accelerated the transition to the digital economy and has called for entrepreneurs to innovate faster,” he said.
The research found that the UK capital is among the top cities in the world to grow a globally leading company, with startups in London benefitting from high levels of global connectedness to other top ecosystems, and a flow of knowledge into the city which helps them to build global market reach.
London and New York also overtook Silicon Valley in the connectedness ranking, a factor based on the number of tech meetups in the ecosystem and a life sciences-focused measure of accelerators and incubators, research grants, and R&D anchors in the ecosystem.
Separate fDI Markets data found that London and India have shared strengths in technology and innovation, with London coming in as one of the most popular cities for Indian companies looking to expand internationally over the last five years, based on the number of projects.
Indian companies that have chosen London as the city to scale their business include ride-sharing unicorn Ola, which expanded to London last year, and IT giant Infosys, which recently opened its first design and innovation studio in the city’s tech hub.
Laura Citron, CEO at London & Partners, said: “It’s great to see the strength of London’s startup ecosystem being recognised once again and this result confirms what we already know: that London is a top place to start, grow and scale a business.
“It is home to so many exciting companies leading the way in innovation, and it’s been impressive to see the resilience and creativity of London’s businesses during these challenging times.
“I am confident in London’s position as a global startup hub as we move towards recovery from the current pandemic. With its strong connectivity to other centres we see lots of opportunities for London to share ideas and collaborate with cities around the world,” Citron said.
London companies are also increasingly looking to India for international expansion, with India ranking as the eighth country in terms of number of projects from London over the last five years, generating a total capital investment of 13.66 billion pounds. | Bangalore and Delhi top the list of top ecosystems for early stage startups. the rankings were released by startup Genome in california. London and new york also overtook the silicon valley in the rankings. the research found that London is among the top cities to grow a globally leading company. the research found that the capital is among the most popular for Indian startups. | Positive |