By May 7, states may not have new cases

NEW DELHI: Most states could stop reporting new cases of Covid-19 as soon as May 7, barring populous ones such as Maharashtra, Uttar Pradesh and Bihar, according to a Mumbai School of Economics and Public Policy (MSEPP) paper. All this is dependent on anti-infection curbs being observed, said authors Neeraj Hatekar and Pallavi Belhekar, both economists.They studied infection patterns in other countries such as China and Australia, the manner in which microorganisms multiply and other data. The paper, The End is Near: Corona Stabilizing in Most Indian States, estimates when each state will stop reporting new cases and says as many as 11 will reach this goal by May 7. Hatekar and Belhekar said India as a whole will do so by May 21.The paper however cautioned states against allowing largescale movement of migrant labour as it could negate the benefits of the lockdown and lead to further complications.“It's not true that throughout Covid-19 infections follow an exponential path,” Hatekar said. “Initially, the pace of growth will increase and then flatten out when it hits the carrying capacity.” The calculations showed Maharashtra with the upper limit at 24,222 cases with an estimated end date of May 21for new cases. Gujarat is likely to hit 4,833 cases with an expected end date of May 7.Maharashtra had 9,915 Covid-19 cases while Gujarat had 4,082 cases on Thursday. The state carrying capacities and expected end dates are subject to changing data and are updated on a daily basis. 75479740MethodologyThe paper employs logistic distribution, generally used to model the growth of a colony of microorganisms in a restrictive environment. This model allows estimation of carrying capacity--the maximum number of individuals at which a colony of microorganisms will stop growing. Using this approach, the study estimates the time at which the system reaches carrying capacity and stops reporting new cases."The initial stage is when the number of cases increases gradually, followed by the exponential phase of accelerated growth," said Belhekar, professor at Mithibai Motiram Kundnani College of Commerce & Economics. "The flat portion reflects when states hit their carrying capacity and no new cases are reported."The study used data from countries such as Australia, Thailand, South Korea, New Zealand and China that have stopped reporting new cases.The data shows an S-shaped curve as countries reach their plateau, or new cases stop being reported, similar to how colonies of microorganisms grow in a limited environment. In the case of the coronavirus, the environment is restricted through physical distancing, testing, contact tracing and quarantine.

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COVID-19 Cases In India Cross 35,000, Biggest Jump In 24 Hours: 10 Points

India recorded biggest single-day jump in the number of coronavirus cases as 1,993 new cases were reported in the last 24 hours, including 73 deaths, taking the total to 35,043 and 1,147 deaths. The...

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"Precious Memories" From Aishwarya, Star Of Film Rishi Kapoor Directed

"There will never be another... just too special," wrote Aishwarya for Rishi Kapoor

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All payments via cards can now be contact-free

MUMBAI: The Reserve Bank of India has given the green signal to the country’s payment networks — Visa, Mastercard and NPCI — to allow tap-and-go functionality on card payments for all purchases at retail stores and shopping centres, a move aimed at making such transactions safer and contact-free during and after the coronavirus pandemic.After due upgrades by banks and payment service providers, customers can avoid swiping their credit and debit cards at shops enabled with contactless point-of-sale devices, even for purchases exceeding the current limit of Rs 2,000.Tap-and-go card payments for purchases above Rs 2,000 will require two-factor authentication and customers must enter a PIN to process the transaction.“Card-present (CP) transactions with EMV chip and PIN cards may be processed in contactless mode, irrespective of the transaction value,” the RBI said in an email to the country’s three card networks. “However, the transactions with values over Rs 2,000 shall be authenticated by PIN.”ET has reviewed a copy of the email dated April 27 sent to Visa, Mastercard and the National Payments Corporation of India.Tap-and-go transactions are enabled by radio frequency identification technology and don’t require physical contact with a payment terminal.Customers can still transact through traditional means by swiping their cards where the option is available, the central bank reiterated in the letter.“It is now incumbent on banks and payment participants to implement the changes in infrastructure,” said an official aware of the matter. “The system changes needed are not too complicated. The card issuers, merchant acquirers and consumers need to be readied. It should be a matter of three months if all goes well.”NPCI has been advising customers to make more contactless payments. For Mastercard, such transactions rose by 40% in the first quarter of the year, CEO Ajay Banga told reporters at a press briefing on Wednesday. Visa has been piloting projects to bring the technology to smartphone devices in India and abroad.Additionally, firms like Samsung, Apple, Pine Labs and Worldline have been trying to bring PoS devices and virtual debit card functionalities to smartphones.

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US Says Remdesivir Shows "Clear-Cut" Effect In Treating Coronavirus

COVID-19 patients on the antiviral remdesivir recovered about 30 percent faster than those on a placebo, the results of a major clinical trial showed Wednesday, as a top US scientist hailed the drug's...

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Production delay set to hit auto sector's festive sales

MUMBAI: Festive-season sales of the Indian auto industry, where some segments saw volumes in FY20 slide to the lowest in a decade, could be hit rather hard if plants don’t resume full production by June.Industry experts told ET that auto makers are currently budgeting for a phased end to the lockdown while planning output schedules. What’s worrying them are obvious gaps in the supply chain.“Shutting down factories within a day is easy, but to restart a full ecosystem is a Herculean and time consuming task,” said a top industry executive, who didn’t want to be named. “After an average festive season last year and April a total washout, a good festive season looks highly improbable.”To be sure, the festive-season calendar this year is more back-loaded. Diwali, which is the bumper season for all classes of consumer goods purchases, is in mid-November. “Some of our customers are postponing purchases by up to six months, which may augur reasonably well for the festive season,” said Vijay Nakra, CEO of Mahindra’s automotive business.There is enough inventory for May, and dealers will also retail the BS-IV inventory when the lockdown ends. They have a 10-day breather for liquidating this stock.“The industry was already grappling with weak consumer sentiment and a sales slump,” said Naveen Soni, Senior Vice President, Sales & Service, Toyota Kirloskar. “For production to start, the whole supply chain has to start operating, which is in a state of lockdown currently.”Maruti Suzuki did not want to comment on the festive season, but said that the priority was to get factories up and running, with the entire ecosystem in place. Hyundai's director of sales and marketing, Tarun Garg, said that the company is preparing for production to begin, and customers will look for personal mobility solutions.75483001

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Roof solar capacity growth falls 7% in 2019

NEW DELHI: India’s renewable energy push has come under strain, with a 7% on-year fall in solar rooftop capacity building in 2019 ending an eight-year run of continuous growth in demand. Demand is likely to fall further in 2020 owing to disruptions caused by Covid-19, according to a report by consultancy firm Bridge to India.This is a cause for concern for the government, which has declared renewable power an essential service amid the lockdown to keep up growth.The ‘India Solar Rooftop Map Report’ says India’s rooftop installed capacity stood at 5,440 mw on December 31, 2019, adding only 1,534 mw that year.The agency attributed the decline to uncertainty in the market owing to policy volatility and a weakening economy. The general election in 2019 and depreciation of the rupee were also contributory factors. “Rooftop solar has finally hit the blues after continuous growth,” said Vinay Rustagi, managing director, Bridge to India. “We see a sharper slowdown this year because of Covid-19 and resultant disruption in construction activity.”Maharashtra, Rajasthan, Tamil Nadu, Karnataka and Gujarat are leading the renewable energy push.

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"Propaganda": India Amid Backlash Over "Islamophobic" Posts

India on Thursday called as "propaganda" its criticism by certain Twitter handles from the Arab world alleging that Muslims are being targeted in several parts of the country in the name of containing...

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महामारी से अमेरिका में बढ़ी मातृ मृत्यु दर, सर्दियों में और विकट होगी समस्या

लोग केवल कोविड-19 रोग से नहीं मारे जा रहे, बल्कि इसकी वजह से स्वास्थ्य सेवाओं में आए संसाधनों के असंतुलन से भी जान गंवा रहे हैं। अमेरिकी वैज्ञानिकों का आकलन है कि उनके देश में प्रति 10 लाख पर 18.7 महिलाओं की प्रसव के दौरान मौत हो रही है।

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दिल्ली-गुरुग्राम बॉर्डर सील, वाहनों की आवाजाही बंद, आज से पैदल जाने पर भी प्रतिबंध

कोरोना संक्रमण से बचाव के लिए दिल्ली-गुरुग्राम बॉर्डर को पूरी तरह सील कर दिया गया है।

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"Men With Rifles Yelling": US Senator As Protesters Demand Lockdown End

Demonstrators, including some carrying guns, entered the capitol building in the US state of Michigan on Thursday and demanded the Democratic governor lift strict coronavirus lockdown orders, as some...

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Lockdown Relaxations On May 4 For Many Districts, Says Home Ministry

New guidelines to fight COVID-19 which will give considerable relaxations to many districts will come into effect from May 4 when the nationwide lockdown is set to expire, the Union Home Ministry said...

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Companies prefer pre-litigation mediation to force majeure

MUMBAI: A swelling list of corporates has begun pre-litigation mediation discussions with law firms for faster resolution and to save costs. Many are no longer keen on using force majeure or the Doctrine of Frustration clauses, seeking the cheaper option instead.Companies in the manufacturing, services and real estate sectors, in particular, are looking at mediation to end disputes with suppliers, vendors, consumers and even lenders.“There will be a flurry of notices invoking force majeure clauses and our corporate team is in the midst of giving opinions to clients on the way ahead so as to best safeguard their interests,” said Suruchi Suri, partner of Suri & Co. “With case scheduling being thrown off by the pandemic and real public safety issues, corporates would do well to seriously consider using the pre-litigation mediation provision.”The Commercial Courts Act, 2015, allows corporates to settle disputes through this.Total legal expenditure of listed companies on Indian bourses stood at Rs 38,660 crore (about $5.6 billion) during FY19.According to Ankita Singh, founding partner of law firm AAS Regina Legal, the notice of force majeure serves merely as a foot in the door for the negotiation but eventually, parties are settling disputes.“One of our clients was facing a recovery notice on the pre-agreed rent amount from its European vendor, which refused to acknowledge the current scenario as force majeure and insisted on fulfilment of obligations,” said Singh. They later sought to terminate the contract to minimise litigations and potential disputes.75482862"These are times to take more practical decisions and cut costs the way we tell our organisations. So, when my CFO suggested this option of solving disputes we agreed,” said the promoter of a leading national skincare brand.Even when courts appear to be the only solution, the pending pipeline of cases is likely to delay resolutions – and escalate costs. “We are now more concerned about cutting costs wherever possible and legal costs can be a heavy burden " said the CFO at a leading Mumbai-based conglomerate.Public sector undertakings are an exception — as a rule, they challenge every adverse order, possibly because of concerns over vigilance inquiries despite heavy legal expenses.According to Vijayendra Pratap Singh, a senior partner and head of litigation practice at law firm AZB & Partners, there is urgent need for a national pre-litigation mediation platform. “It may in appropriate cases release pressure, leading to resolution of issues without clogging the courts,” he said.

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घेरे में आगरा मॉडल : सात दिन में 158 नए मरीज मिलने से ध्वस्त हुए इंतजाम

अदूरदर्शिता, अनदेखी और अनिर्णय से बनी बनाई बात कैसे बिगड़ जाती है, इसका हालिया उदाहरण है आगरा।

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अमेरिका: अर्थव्यवस्था में 30% गिरावट के साथ महामंदी के संकेत, न्यूयार्क में शवों से आने लगी बदबू

अमेरिका जैसी विश्व महाशक्ति में हालात बदतर हैं जहां दूसरी तिमाही अभूतपूर्व 30 फीसदी गिरावट के साथ तबाह होने के संकेत दे रही है

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मुंबई से यूपी, बिहार झारखंड लौट रहे 57 प्रवासी मजदूरों पर केस, लॉकडाउन में फंसे हैं लाखों मजदूर

महाराष्ट्र पुलिस ने उत्तर प्रदेश, बिहार और झारखंड लौट रहे 57 प्रवासी मजदूरों के खिलाफ केस दर्ज किया है

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50 खरब डॉलर अर्थव्यवस्था के लिए 2025 तक निवेश करने होंगे 111 लाख करोड़ रुपये

भारतीय अर्थव्यवस्था को 2025 तक 50 खरब डॉलर तक पहुँचाने के लिए इंफ्रास्ट्रक्चर क्षेत्र की वृद्धि सबसे अहम होगी।

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कोरोना से जंग: मई महीना होगा महत्वपूर्ण, करो या मरो के होंगे हालात, जरा सी चूक होगी खतरनाक

देश में लॉकडाउन 2.0 की अवधि (3 मई) समाप्ति के करीब पहुंच रही है। ऐसे में चिकित्सा क्षेत्र से जुड़े विशेषज्ञों का मानना है कि  कोरोना महामारी के खिलाफ लड़ाई में मई का महीना काफी अहम रहने वाला है।

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मुंबई में फेल हुआ प्लाज्मा थेरेपी का पहला प्रयोग, कोरोना मरीज की हुई मौत

मुंबई में कोरोना संक्रमित मरीज पर प्लाज्मा थेरेपी का पहला प्रयोग किया गया था। लेकिन बृहस्पतिवार को कोरोना संक्रमित की मौत होने की जानकारी सामने आई है।

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कोरोना: तीन शिफ्ट चलें तो रोजाना हो सकेगी 40 हजार संक्रमितों की जांच

देश की क्वांटिटेटिव रिवर्स ट्रांसक्रिप्शन पॉलीमरेज चेन रिएक्शन (क्यूआरटी-पीसीआर) मशीनों को पूरी क्षमता से उपयोग करें तो रोजाना 40,464 लोगों में कोरोना संक्रमण की जांच हो सकती है।

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सोशल मीडिया पोस्ट में मुस्लिमों के उत्पीड़न का आरोप, भारत ने कहा- यह दुष्प्रचार है

भारत में मुस्लिम समुदाय के उत्पीड़न और अत्याचार किए जाने के सोशल मीडिया पर लगाए जा रहे आरोपों को केंद्र सरकार ने सिरे खारिज किया है। विदेश मंत्रालय ने इन आरोपों पर कहा है कि यह दुष्प्रचार के अलावा और कुछ नहीं है।

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कोरोना वायरस के चलते भारत से वापस लौटे 72 देशों के 60 हजार विदेशी

केंद्रीय विदेश मंत्रालय ने बृहस्पतिवार को जानकारी दी कि लॉकडाउन के दौरान देश से करीब 60 हजार विदेशी नागरिक अपने-अपने देश वापस लौट गए

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Jio Offers Free 2GB Daily High-Speed Data for 4 Days to Select Users

Reliance Jio has started offering an additional 2GB daily high-speed data benefit for four days. The new offer, which is available as a Jio Data Pack, is gradually rolling out to select users.

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IPCA asks USFDA to clarify on Hydroxychloroquine risk

MUMBAI: Mumbai-based IPCA, the largest active ingredient manufacturer of the hydroxychloroquine (HCQ) in the world, has requested the US Food and Drug Administration (USFDA) and the European Medicine Agency (EMA) to issue a clarification on their recent advisory on the use of this drug and its possible side effects. In the letter the company has asked the regulators to clarify the low risk of the drug in approved indication and dosage for patients of rheumatoid arthritis (RA) and lupus.HCQ, besides being administered as an anti-malarial drug, is also used as a chronic therapy by patients suffering from auto immune diseases such as RA and Lupus. In the recent months the drug has been used in several countries including India and US in the treatment of critically ill Covid-19 patients.A week ago, USFDA and EMA issued an advisory cautioning the use of HCQ or chloroquine for Covid-19 outside of the hospital setting or a clinical trial due to risk of heart rhythm problems. IPCA has requested the regulators to issue a clarification mentioning the risk with usual dosage in approved indications, citing studies that show risks only when the dosage is given higher or taken in combination with Azithromycin.“HCQ was approved by USFDA in 1955 and marketed internationally for six decades. In India, the drug has been approved for RA in 2001, so we have enough safety data about this drug,” said Anil Parekh, medical director, IPCA.As the debate about the safety issue of the drug has dragged on, it is patients of RA who seem to be spooked about its alleged adverse effects. Rheumatologists ET spoke to said that in the past few months they have been getting panic calls from their patients checking about the safety of the drug.“I have been getting frequent calls from my patients who want to get their heart condition checked after reading safety reports of this drug”, Dr Chadrashekhar, who only uses one name, a Bengaluru-based rheumatologist told ET. “I have been prescribing this drug for the last two decades for RA patients and haven’t seen any adverse impact,” Chandrashekhar added.

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Covid lockdown: With eating out in containment, home come the indulgences

Kolkata | Mumbai: Consumers in metros and cities are now buying pricier, premium and healthier food products and indulgent gourmet variants, hoping to satiate the void created by their inability of eating out at restaurants and also to eat healthy.This is in contrast to initial days of lockdown when consumers loaded their pantry with basic staples such as rice, atta, oil and pulses, which were later upgraded to packaged ready to eat or cook food, jams and butter, instant noodles and masspriced chocolates.“While during the early days of lockdown basic essentials got sold, with time some discretionary sales are coming back,” said Devendra Chawla, MD at Nature’s Basket and Spencer’s Retail that saw 30-60% growth in sales for cold cuts, exotic vegetables, assorted breads and cakes, cookies, international sauces, organic range of staples in last ten days.“As people get adjusted to restricted living as the new normal and lack of options to eat out, consumers are increasingly taking on the chef role, a trend which will continue post lockdown too,” he said.For German wholesaler Metro Cash and Carry, sales of spreads, packaged soup and diet variants of salted snacks expanded more than 80% while pasta, sausages, frozen foods and confectionery have all grown between 50-75% during April compared to a year ago.“The growth in staples has slowed down in April to about 10% as compared to 25-30% growth in March, but premium food is selling extremely well,” said Arvind Mediratta, managing director at Metro Cash & Carry India, which runs 27 stores in 17 cities.“While social media is clearly agog at showcasing fancy dishes at home, ready to eat or cook fare is the closest consumers can get next to eating out option,” said Yogesh Bellani, CEO, FieldFresh Foods.

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Investors can track 5 key events to make healthy return to Street

ET Intelligence Group: After the lockdown ends, or is partially lifted, equity market investors would continue to be guided by five developments across companies and sectors:1. NON-DISCRETIONARY CONSUMPTION OFFERING GROWTH VISIBILITYPersonal care services, footfall-dependent businesses, luxury or non-urgent products, travel, seasonal products and services, entertainment and eating out will continue to be impacted and the Street is likely to avoid such businesses. On the other hand, companies that are able to better leverage technology — edtech, healthcare and logistics — and those that are able to grab new opportunities, like adding hand sanitisers as a product , may be preferred.2. WELL-CAPITALISED BUSINESSESThe Street would prefer companies that have money to not only stay liquid but also to remain solvent. “Covid vagaries will reveal the quality of funds available to companies — whether they have ‘real’ cash in hand that is well deployed in real liquid instruments or doubtful assets,” said Milind Sarwate, an independent director on the board of several Indian companies. “Companies that have been functioning like pass-through vehicles or in-house bankers to weaker group firms will be exposed and lose value,” he said. It will be a test for lenders, too, in terms of quality of exposure.3. ABILITY TO PAY DIVIDENDSWhen growth is difficult to achieve, investors scout for dividend-paying companies. Stocks such as ITC and Britannia surged after the companies announced higher dividends just before the lockdown.When the Nifty lost nearly a fourth of its value in March, fund managers picked up stocks of companies with fairly good dividend yield, among other things. According to G Chokkalingam, founder of Equinomics Research & Advisory, investors would prefer shares with a dividend yield of 5-10% in the near term.4. AGILITY IN FORGING DEALSThe Street tends to reward the ability to forge growth-oriented deals despite the lockdown. Reliance Industries managed to strike a mega deal with Facebook regarding its Jio business during the lockdown. Similarly, pharma firms are securing drug approvals and launching them in the US. FMCG firms forged quick partnerships with delivery and logistics players to overcome distribution challenges.5. SHORT-TERM THE NEW LONG-TERM“Clearly, the Street will look at investing in businesses that will survive in the near term, even as the virus spreads amid the threat of a relapse and the absence of a vaccine,” said Chokkalingam. The investment style is likely to be short-term active trading instead of long-term passive investing. Several factors, like liquidity issues in the domestic financial markets, crude oil prices, and lockdown extensions across countries are lending volatility to the stock markets, pushing investors to have a short-term horizon.

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Credit risk funds lose a fifth of their assets in just 3 days

Mumbai: In the staid world of debt funds, they were the equivalent of Savile Row suits – until last week. Since Franklin Templeton abruptly pulled the plug on six debt schemes, the money under management at Mumbai’s high-yielding credit risk funds has shrunk by about a fifth in just three working days.Pronounced outliers in the debt basket, credit risk funds yielded significantly higher returns than normal debt funds because of their bets on higher-risk bonds. In times of stress, however, the risks appear to have outweighed rewards, upending the riskiest end of the debt market.Data by industry body AMFI showed that assets under management (AUM) of credit risk funds fell to Rs 39,510 crore on April 28 from Rs 48,576 crore on April 23, when Franklin Templeton made its surprise winding-up announcement after trading had long ended that day in a locked down Mumbai. The AUM decline factors in both the impact of redemptions and shrinkage in net asset value of units.To be sure, AUM in this category fell from Rs 79,640 crore in April 2019 to Rs 55,380 crore in March this year, indicating a gradual waning of investor appeal. The credit risk fund category accounts for about 5 per cent of the debt mutual fund assets of Rs 11.48 lakh crore.75462348“There is flight to safety and investors do not want to take any risk. Since the credit risk category carries the maximum risk, savers are moving to safer categories, like overnight or liquid funds,” said Gajendra Kothari, founder, Etica Wealth.To ensure the fall is not precipitous, the central bank offered mutual funds a Rs 50,000-crore lifeline earlier this week. But that might not help fund houses much because the quality of residual paper now held by them wouldn’t qualify the rating-threshold test at the banks supplying the money as the fund houses have sold the best quality paper they had.Financial advisers are also being rather circumspect in the current environment, where capital protection has assumed greater significance than capital appreciation. “In a weakening economic environment, investors should not take risk in debt funds and stay away from credit funds,” said the product head at a wealth management firm.

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White House Briefly Follows Twitter Accounts In State Visits: US Official

The White House Wednesday explained that its Twitter handle typically ''follows'' the accounts of officials from host countries for a brief period during a presidential trip to retweet their messages...

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सम्मान: भारतवंशी महिला डॉक्टर को दुबई पुलिस ने किया सैल्यूट, छलके आंसू

कोरोना से सीधी जंग लड़ रही भारतीय मूल की एक महिला डॉक्टर की आंखों में उस वक्त खुशी के आंसू आ गए, जब दुबई पुलिस के एक पुलिसकर्मी ने उन्हें सैल्यूट कर दिया। हैदराबाद की रहने वाली डॉ. आयशा सुल्ताना दुबई के अल अहली स्क्रीनिंग सेंटर में तैनात हैं।

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A lengthy lockdown is deadlier than Covid, say Narayana Murthy

Bengaluru: India could see more deaths due to hunger than from the pandemic if it continues to remain in lockdown to halt the spread of Covid-19, according to Infosys founder NR Narayana Murthy. The country must accept the coronavirus as the new normal, and facilitate the return-to-work of able-bodied while protecting the most vulnerable, Murthy said.“What is important for us to understand is that India cannot continue in this situation for too long. Because at some point of time, deaths due to hunger will far outweigh deaths due to coronavirus,” he told business leaders at a webinar on Wednesday.India’s mortality rate of 0.25-0.5% of total positive cases was very low compared with the developed countries, he said.So far, India has been able to flatten the curve — or reduce the spread of the virus — in most places due to the lockdown, which has been extended till May 3. More than 31,000 people have tested positive for Covid-19 in India so far, of which 1,008 have died since the first reported infection on January 30.Murthy said India sees over 9 million deaths annually due to various reasons, of which a quarter are due to pollution, since the country is the one of the most polluted in the world. “When you look at 9 million people dying naturally, and when you compare it with the death of 1,000 people in past two months, obviously it is not as much as a panic we think it is,” he said.Murthy said around 190 million Indians are employed either in the informal (unorganised) sector or are self-employed, and a significant part of this population is likely to have lost its livelihood due to the lockdown. More will lose their livelihoods “if this continues for long”.Murthy was addressing a virtual audience of entrepreneurs and industry executives at the ‘ET Unwired — Reimagining Business’ event.‘Tax Collections will be Impacted’Murthy said most businesses have lost 15-20% of their revenues, and this would have a bearing on the government’s tax and GST collections.The International Monetary Fund has estimated India’s GDP growth to slow down to 1.9% this year, from 4.5% last year, he said.Murthy said India’s testing rates are still low, and while there are global efforts to develop a vaccine against the virus, it is still not clear whether it will be adaptable for Indian genes. “We Indians must accept that coronavirus is the new normal,” he said, while urging Indian entrepreneurs to step up innovation to halt the virulent spread of the pandemic.He expressed surprise that no Indian entrepreneur has so far come out with a robust testing mechanism to match the finger-prick test devised by the Chinese that helped raise testing rates in that country. “If such a test was developed and sold at a reasonable price, it will help. I have not seen an Indian entrepreneur come out with something like this,” he said.LOWER MORTALITY RATEWhile younger people may carry the virus and be asymptomatic, Murthy pointed to the lower mortality rate in India being due to genetic conditions of Indians, the warm weather or widespread BCG vaccination, while calling for research to identify this phenomenon.Elders and those with health issues should be made to follow social distancing and wear protective clothing to ensure safety. “In such a complex situation, the best thing we should do is to assume the new normal. Live with the coronavirus, we should start what we were doing before corona,” Murthy said. “We should protect the most vulnerable”.Murthy, among the founders of the National Association of Software and Services Companies (Nasscom), called on the software lobby group to conduct a controlled experiment through its members to get people to office by following safety protocols and share the data with the government.“Instead of one shift, make it three shifts, so that people are dispersed and follow social distancing,” he said.DATA-DRIVEN APPROACHMurthy called for a data-driven approach to the experiment, using mathematical modelling and statistical analysis, and providing inputs to the government so it can take decisions based on data and “not emotions”.Nasscom said it is already adopting a data-driven strategy in its efforts to get more people back to office.“We have recommended staggered opening of offices with 10-15% people. Not all of them come at the same time. Practice social distancing and monitor how it works. Gradually keep increasing the numbers (in office). We are taking a data-driven approach,” said Sangeeta Gupta, chief strategy officer at Nasscom. “What we would want the government to do is work out a return-to-office strategy. It is beneficial for the industry and the country.”Highlighting that there are opportunities for the Indian IT sector due to the pandemic, Murthy said companies globally would look to cut costs and invest in technology, and domestic companies should work hard to deliver services and grow their business.

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Mission accomplished: Saving private labels in Covid season

BENGALURU: At a time when consumers are looking for low-cost options and as products from large FMCG players have become scarce on online platforms, players such as BigBasket, Grofers, Amazon and Flipkart have seen sales of their private labels in essential categories grow strongly.Industry executives and analysts told ET that private brands in categories such as pulses, detergents and personal care have received a boost over the past five weeks as the country went under lockdown to stem the spread of the outbreak. Consumers are preferring to buy lower-cost alternatives to tried and tested brands as spending is hit due to the uncertainty surrounding the economy in the wake of the Covid-19 pandemic, experts said.For instance, Amazon’s Presto brand floor cleaner is 25% cheaper than rival Reckitt Benckiser’s market leading Lizol. A similar product from BigBasket is priced at least 15% lower, while Flipkart’s Supermart-branded floor cleaner is 50% cheaper than Lizol. BigBasket and Grofers said they have been able to directly work with manufacturers to make staples and hygiene products available faster than traditional FMCG channels.75462251This momentum is expected to continue in the mid- to longterm, with India’s largest e-grocer BigBasket expecting the contribution of private labels to overall sales to rise to 45% from 35% in the next six months. “Certain categories like health, bakery, organic milk, ghee, chocolates, snacks will drive this growth,” said Hari Menon, CEO of BigBasket.Rival Grofers is also looking at private labels accounting for 60% of sales, up from 40% in the same timeframe. “We plan to invest $15 million in our owned brands over the next year and are looking to invest $25-50 million in the supply chain and owned brands combined over the next two years,” Albinder Dhindsa, CEO of Grofers told ET.Grofers wants to increase the availability of its private brands from 350 corner stores to 2,000 in the next six months, he added.“Our goal is to provide customers with more choices and we work closely with local manufacturer, brands and sellers to fill selection gaps with products that they are searching for,” an Amazon spokesperson told ET. Flipkart did not respond to ET’s queries seeking comment.Ecommerce firms have also been able to scale up supply of private labels more meaningfully than that of products from thirdparty brands amid the ongoing lockdown. “We were in talks, and continue to be in talks, with all large FMCG brands, but even they have been facing challenges in terms of opening up factories and getting back labour,” said a senior executive at a leading ecommerce marketplace.

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Projects worth Rs 100 crore or more to be under CCTV monitoring

NEW DELHI: The government will monitor all construction projects worth Rs 100 crore or more through a closed circuit camera (CCTV) system at a central command room, a move aimed at restarting and speeding up projects during the lockdown.The Centre is likely to initiate construction activities in ‘green’ and ‘orange’ districts—areas where there have been no Covid-19 cases for 14-28 days—in a staggered manner in June.According to sources, the Centre would issue guidelines to start work on these projects by mid-May. These may include use of available labourers within the states and the need to ensure proper food and shelter near the work site. “Under lockdown, it has become difficult to monitor these projects as field staff cannot visit the sites,” a senior official told ET. “At the same time, there would be cost and time over runs as we have got a major setback because of Covid-19 outbreak. In the absence of field staff, it becomes even more imperative to have a central monitoring system.”The government would install CCTV cameras—five to 10 per location—to keep a track of the work site. The feed from CCTV cameras would be monitored at a command and control centre at CPWD in New Delhi. “The zonal offices would also have small monitoring stations so that labour issues, hygiene-related problems and other glitches can be sorted out,” said the official.

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Contactless payments, digital loans make kiranas open doors to fintech

MUMBAI: The coronavirus pandemic might help achieve India’s stated goals of creating a less-cash economy and enhancing financial inclusion. Shoppers at even neighbourhood stores now want contactless digital payments, and that demand dovetails with what lenders want in lieu of working capital loans — digital invoices and online transaction records.Top fintech companies are, therefore, rushing to tap into this new consumer trend, with several of them offering digital solutions to small merchants. These range from instant loans to digital billing to even geotagging, as companies believe the merchant digitisation business will boom when the lockdown eases.Leading UPI player PhonePe, for example, has introduced new features on its popular mobile application that allows customers to track live the shops open in their vicinity. The Walmartowned payment firm has also provided an option to make remote payments — without visiting the shops — directly from the app.“These features also solve the problem from the merchants’ side as they open shops not only as per the extant government regulations but also based on inventory levels,” said Vivek Lohcheb, VP Offline Business Development, PhonePe. “I think the innovations… will make a change in the way customers shop for everyday essentials.”Investments in the online-to-offline (O2O) commerce space is gaining momentum with Facebook’s multi-billiondollar stake purchase in Reliance Jio and recent capital infusion rounds by PhonePe, PineLabs and Paytm. However, experts say that profitability in the payments business is likely to remain a challenge, leading more players to offer value-added services such as as lending and insurance.“Plain payments business is unlikely to get returns as there is no fee to be gained on MDR,” said Raman Khanduja, CEO, MintOak, an SME payments platform. “The opportunity is in providing a platform for bank and SME relationship to thrive. The segment is globally underbanked because there is no salary trail to underwrite loans. However, with digital payments, financiers are getting more comfortable lending to these businesses.”Paytm, PhonePe and BharatPe have either launched or have announced small ticket credit to users. WhatsApp Pay has become the latest entrant to the club, with the company announcing its ambitions to lend in a filing with local regulators.MasterCard-owned Pinelab has also started offering lending services through tie-ups with NBFCs such as Mahindra Finance, Indifi and Flexiloans planning to complement it with billing services.

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Subcontractors face the axe as IT rejigs costs

BENGALURU | MUMBAI: Indian IT services companies may reduce dependence on subcontractors to control costs, as the Covid-19 pandemic threatens to slow new deal flow and pressure margins. Tata Consultancy Services (TCS), Infosys, Wipro and Mindtree said subcontracting costs are expected to fall in the coming months. On average, subcontracting forms about 10-15% of total employee cost.In the last few years, subcontracting costs had spiked as IT firms looked beyond in-house talent for new-age technical skills. “We will be reducing dependency on contractors to some extent to optimise it (cost). Lateral hiring will be done for specific skills in a limited manner and we also continue to build talent within the organisation,” Milind Lakkad, Global Head, Human Resources at TCS, told ET.Subcontracting costs made up for 13% of total employee cost (a sum of internal employees and subcontracting costs) at TCS last financial year. At Wipro and Infosys, it formed about 22% and 12% respectively, during the same period. Subcontracting costs accounted for about 11% of total employee costs at Mindtree last financial year. 75462190Wipro’s Chief HR head Saurabh Govil said the company was evaluating the complete supply chain of employees, including hiring, bench and subcontractors. “We have a fairly large contractor population who are doing work for us. About 10-11% of our billable population is the subcontracted population and we will look to replace those people with our existing employees…,” Govil told ET.Infosys’ CFO Nilanjan Roy, during a post-earnings call with analysts, said subcontracting will be one of the ways to optimise costs. “Our ongoing strategic cost optimisation levers around automation, pyramid rationalisation, subcontractors will, of course, continue as in the earlier years. We are confident that our proximity to our clients and our superior talent engine will enable us to weather this storm,” Roy said.

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"Remdesivir Has Clear-Cut Positive Effect": Scientist On Antiviral Drug

US scientists on Wednesday hailed a potential breakthrough in the coronavirus fight as a trial showed patients responding to an antiviral drug, fueling global hopes for a return to normal despite...

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"This Is Fascist, Not Democratic": Elon Musk On Coronavirus Lockdown

Tesla chief Elon Musk on Wednesday called the coronavirus confinement a "fascist" action and "an outrage" that infringes on personal freedom and will damage the economy.

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Man Stabbed To Death Over "High Price" Of Chicken In Delhi: Police

A 35-year-old man was stabbed to death allegedly by four people after an argument over the price of chicken in northwest Delhi's Jahangirpuri area on Wednesday, police said.

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Ghaziabad Man Goes Out For Groceries In Lockdown, Returns Home With Wife

The nationwide lockdown across the country has people stepping out only for essentials. But this man from Uttar Pradesh's Ghaziabad went out to buy vegetables but returned home with a wife. To add to...

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"Literally A Pipe Organ For China": Trump's Latest On WHO

President Donald Trump Wednesday termed the World Health Organization "literally a pipe organ for China" and said the United States will soon come out with its recommendations on the global body,...

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India Inc wants sum of its parts to be 'China Plus One'

ET Intelligence Group: Driven by a glaring need to reduce dependence on a single source for raw materials, some Indian manufacturers are finding ways to tap alternative supply chains as a part of a strategy widely known as ‘China Plus One’.India imports merchandise worth around $70 billion from China annually, largely in sectors like consumer durables, auto components, pharma and electronics. The share of China in the country’s total imports is about 14%, the second-largest after the Middle-East.The list of Indian manufacturers planning to reduce exposure to imports from the Chinese includes Amber Enterprises, which is India’s largest contract manufacturer of air conditioners; auto component makers Endurance Technologies, Varroc and Gabriel; Hikal, which manufactures intermediaries for pharma and agrochemical sectors; contract manufacturer of personal and home care products Rossari Biotech; and agrochemical company Sumitomo Chemical India. Their aim is to reduce dependence on China by at least 10% and even to nil in some cases in the next few quarters.Endurance has started sourcing the bottom cases for aluminium front forks, which were earlier imported from China, from a local vendor. “Currently, a chunk of our supplies are imported from China. We are planning to reduce it to zero over the next few months,” said Anurang Jain, managing director, Endurance Technologies. The company recently won an order to supply alloy wheels and combined braking system from an automaker which was earlier importing those parts from China.The localisation at several Indian automakers has reached up to 90% and the balance imported raw material is primarily of electronic parts, which is difficult to localise due to lack of scale and capacity. However, Varroc Engineering, a supplier to automakers, has set up an electronic parts unit with an investment of Rs 100 crore. Gabriel India, a supplier of shock absorbers for auto companies, has developed in-house aluminium die tooling to have an alternative supply chain. At present, China fulfils nearly onefourth of India’s total imports of auto components.The domestic consumer durables sector imports nearly half of intermediate parts, including compressors, motors and printed circuit boards from China, which caters to 80-85% of total compressor demand and 95% of motor requirement for washing machines in India. Amber Enterprises, a maker of air conditioners (ACs), has started a motor unit to reduce its reliance on China. The company manufactures more than half of the contract manufactured ACs in India and one-fifth of the total sold in India.“The gradual increase in Customs duty on imported intermediates to promote domestic production and phased manufacturing practices may help reduce dependence on China; it may mirror India’s experience in the mobile phone market,” said Jasbir Singh, CEO, Amber Enterprises.The quantity and value of imported mobile phones came down by 64% and 57%, respectively, in the past three years, according to a reply in Rajya Sabha by commerce and industry minister Piyush Goyal.75462152Hikal, which generates 70% of the revenue from exports of active pharma ingredients, has customers scurrying for an alternative source of inputs amid the global disruption in supply chain due to the pandemic.“The cost factor, which made China a popular sourcing destination, has taken a backseat as clients are more concerned about the sustained availability of raw materials. This has opened a sizeable opportunity for us,” said Anish Swadi, president, strategy & business development at Hikal.Rossari Biotech has chosen the path of innovation to reduce exposure to imports of sanitiser dispensers from China. “We changed our packing of hand sanitizers to flip top from dispensers, this enabled us to deliver more than five lakh units and not miss on revenue opportunity when demand is sky-rocketing,” said Sunil Chari, managing director, Rossari Biotech. The size of the domestic hand sanitizer segment has grown to over ?500 crore from less than ?80 crore a few months ago, Chari added.

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RBI may raise promoter holding cap in private banks

Mumbai: The Reserve Bank of India (RBI) is looking to raise the 15% ceiling on promoter shareholding in private sector lenders as part of new rules that are being drawn up, said people with knowledge of the matter. Voting rights will however be capped at 15-20%, they said.The move to balance ownership and control comes as some private sector banks have sought a relaxation in licensing norms, citing the regulator’s recent decision on Kotak Mahindra Bank. The RBI didn’t respond to queries. “The central bank has been reworking the shareholding norms to ensure parity among all players,” said one of the persons. “The new rules were in the works but delayed due to the Covid-induced lockdown, and might be issued in a few weeks.”In January, the RBI allowed Uday Kotak, Asia’s richest banker, to hold a 26% stake in Kotak Mahindra Bank as long as the lender didn’t raise capital through a share sale. The promoter’s voting rights were restricted to 15% from April. The rules also stipulated that Uday Kotak will not be allowed to top up his stake if it falls below 26%.The bank recently announced a fundraising plan of nearly Rs 7,500 crore that will allow Uday Kotak to bring down his stake by a percentage point. Kotak has time until September to prune his 30% holding to 26%.Immediately after the Kotak decision, IndusInd Bank’s promoters, the Hinduja brothers, wrote to the RBI early March, seeking nod to raise their stake to 26%, citing the relaxation granted to Kotak. 75462081Bandhan BankThe bank has not received any official communication yet from the regulator on this subject.In October 2018, Bandhan Bank was barred from opening branches and the salary of chief executive officer Chandra Shekhar Ghosh was frozen as the promoter entity hadn’t pruned its stake to the required level. Despite a merger with Gruh Finance aimed at meeting the norm, Bandhan Financial Holdings still owns more than 60%. The lender hasn’t announced any fundraising plans to dilute the promoter stake. Restrictions on the bank and its chief were, however, recently lifted. “Banks are presently on different sets of licensing norms and after the relaxation given to a few, it is imperative that RBI creates one set of norms to be followed by all,” said an official aware of the process. “There is one set of rules that Kotak is following, while Bandhan promoters look in no hurry to comply with their licensing rules. In a bailout move, State Bank has been allowed to hold more than 48% in Yes Bank, while Prem Watsa owns a majority stake in Catholic Syrian Bank. All of this sends confusing signals to the industry on licensing norms, and that needs to be fixed.”RBI’s 2015 licensing rules require the promoter of a private bank to reduce the holding to 40% within three years, 20% within 10 years and 15% within 15 years of operations starting.The rules previously allowed promoters to hold 49% but the regulator pushed for diversified ownership after the collapse of the Global Trust Bank. RBI approval is required for a holding of 10% and more in a bank.

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4 Karnataka Ministers Self Quarantine As Journalist Tests COVID Positive

Four ministers of Karnataka have gone into self-quarantine after they came in contact with a video journalist of local channel who has tested positive for COVID-19. The list includes state's Deputy...

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अच्छी खबर: भारत में वैक्सीन का ट्रायल जल्द, आठ वैज्ञानिक दलों को मिली सफलता

वैक्सीन के लिए भारतीय वैज्ञानिकों का शोध अब जानवरों के ट्रायल के स्तर पर पहुंच चुका है। एक या दो सप्ताह में यह परीक्षण शुरू होगा। इसमें सफलता के बाद इसका इंसानों पर परीक्षण होगा।

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लॉकडाउन के चलते 70 लाख अनचाहे गर्भधारण संभव, यूएन का दावा

दुनियाभर में कोरोना संक्रमण रोकने के लिए लगाए गए लॉकडाउन भले ही कई मायनों में प्रकृति के लिए वरदान साबित हो रहे हों लेकिन इसके कुछ बुरे नतीजे भी आ सकते हैं।

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अमेरिका के सात राज्यों में मौतों की संख्या सरकारी आंकड़ों से 50 फीसदी ज्यादा

कोरोना वायरस ने सबसे अधिक तबाही अमेरिका में मचाई है। यहां विश्व में सबसे अधिक 10,48,834 मरीज हैं जबकि 60,000 से अधिक लोगों की मौत हो चुकी है।

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तीसरे लॉकडाउन में जीरो से शुरू होगी दिल्ली ...'लाल धब्बा' हटाने पर काम शुरू

लॉकडाउन 2.0 की अवधि खत्म होने में अब सिर्फ चार दिन शेष हैं।

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Corona World LIVE: अमेरिका में 24 घंटे में 2200 मौतें, दुनियाभर में संक्रमितों का आंकड़ा 31 लाख के पार

दुनिया वैश्विक महामारी कोरोना के कहर से लगातार जूझ रही है। इस वायरस से मरने वालों की संख्या दो लाख 17 हजार से ज्यादा हो गई है और संक्रमितों की संख्या 31 लाख 38 हजार को पार कर गई है।

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Coronavirus Deaths In India Cross 1,000-Mark, Biggest Jump In 24 Hours

1,007 people have died of coronavirus in India and over 31,000 cases have been reported in the country so far according to the latest figures from the Union Health Ministry. This is the biggest jump...

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Big B Wins The Internet With "Bikini Pic." Everyone Else Can Go Home

"Somebody was explaining to me why I was not getting the big numbers on Insta. He said: "Because you can't put up a pic in a bikini," wrote Amitabh Bachchan

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"Straining Credulity": US Reveals Details Of Sunlight Study On COVID-19

The US Department of Homeland Security revealed to AFP on Tuesday new technical details regarding its highly anticipated study into how ultraviolet radiation destroys the new coronavirus, saying that...

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FMCGs find an unlikely saviour in RWAs

Bengaluru | Mumbai: More than a dozen consumer goods companies including Hindustan Unilever, ITC, Mondelez, Procter & Gamble, Dabur and Colgate have started selling products directly to consumers. That’s circumventing traditional trade and distributor networks in areas where last-mile delivery has been disrupted due to Covid-19 restrictions.Their latest direct-to-home initiatives involve partnering startups such as Dunzo, Scootsy and Swiggy by listing brand stores on their portals and even reaching out to resident welfare associations (RWAs) through their sales staff.While retailers have been doing this for more than a month to implement physical-distancing norms after pantry loading led to increased footfalls, it is a first for fast-moving consumer goods (FMCG) companies.“These partnerships are a vindication of the power of collaboration as no brand alone has answers to fulfil the needs of the nation during these unprecedented times,” said B Sumant, executive director at ITC Ltd, which is also selling products through its own portal.As companies grapple with a shortage of staff with migrant workers having left for their homes, the supply chain has been thrown into disarray across the ecosystem — from sourcing raw materials to manufacturing and delivery of finished products.“We are deploying new strategies and finding innovative solutions to ensure uninterrupted supply of essential products to our consumers,” said Mohit Malhotra, CEO, Dabur, which has tied up with online delivery service providers for retail outlets and households. 75440782Storefronts on Delivery Platforms“Our sales officials are reaching out to RWAs across the country and ensuring availability of our range of immunity boosters,” Malhotra said.FMCG companies have set up storefronts on hyperlocal delivery platforms and are servicing orders from exclusive brand stores and directly from distribution centres, using delivery partners to get items to the doorstep.Food ordering firm Swiggy has expanded its store network to more than 200 cities, allowing consumers to order groceries from neighbourhood shops. “Through these partnerships, we are extending our hyperlocal delivery offering to unlock a new dimension of convenience for our consumers as well as earnings for our delivery partners,” said a Swiggy spokesperson. “Considering the present situation, our primary focus has been to address customer needs and pain points and their biggest ask has been to enable easy access to groceries and essentials.”Companies aren’t sure whether such initiatives will become established as a regular part of their supply chain, which has traditionally depended on distributors and retailers while they focus on manufacturing and promoting brands. “We will continue to evaluate and expand such opportunities with our partners to serve our consumers during this difficult time,” said a P&G spokesperson. “In addition, we continue to make interventions to strengthen our end to end supply chain to serve consumers with our products across different channels.”Hyperlocal partners offer consumer goods makers easier access to customers amid the lockdown.“Dunzo ensures demand density for these brands, and as long as we are able to maintain that, brands should continue to leverage the on-demand experience of Dunzo,” said Kartik Mishra, head of strategy and new initiatives at the startup. “Direct to consumer (D2C) just becomes an additional distribution channel for brands in addition to traditional retail and ecommerce that they already have.”Experts feel single-brand stores on hyperlocal platforms will see low traction as consumers will prefer to get everything they need rather than stick to one label. “While we have cut out retailers from the equation now, we will have to wait and watch if these partnerships continue post the pandemic,” said an executive at a hyperlocal startup. “If demand drops post the lifting of the lockdown, neither us nor the brands might want to continue these partnerships.”

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How well is my fund doing? SIP on this fact

Mumbai: Majority of the systematic investment plans or SIPs — the popular vehicle of investing in mutual funds — in equity schemes have generated less than 8 per cent returns in the past 10 years.According to an ET study based on Value Research data on products that have existed for over a decade, 174 out of the 241equity schemes have returned less than 8 per cent every year in this period, 42 have generated 8-10 per cent and 25 — the top performers — have given over 10 per cent returns annually.The stock market fall of the past two months has bitten off a chunk of the returns. The Sensex and the Nifty are down 23 per cent from their highs late in January. While mid- and small-cap schemes had taken a beating because of the tumble in these shares since January 2018, funds that bet on largecaps managed to stay afloat because of the rally in a clutch of blue chips.The selloff has resulted in several equity schemes posting returns lower than gold and fixed income — represented by liquid schemes — in the past 10 years.“One must keep in mind we are comparing SIPs to gold and fixed income when equities have seen a sharp erosion of 25-30 per cent, while gold is at its all-time high and fixed income has benefited due to a series of rate cuts,” said Rupesh Bhansali, head (distribution), GEPL Capital. 75440594Wealth advisers suggest investors should follow the process of filtering and weeding out non-performers more often. For instance, if a fund continuously underperforms its benchmark and is in quartile three and four for 2-3 years, investors would be better off exiting it and moving to a better fund in the category.“Underperforming funds should be identified in your periodic review exercise and remedial action should be taken,” said Amol Joshi, founder of Plan Rupee.

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Auto sales data debate: The changing ways of declaring numbers

Mumbai: The automobile industry, going through one of its worst phases, is divided over the way it declares sales data.Tata Motors, the nation’s largest vehicle manufacturer by revenue, has announced it will declare its sales numbers once every quarter instead of every month as is the practice now. While other companies are yet to make announcements, most industry executives ET spoke to want to continue with the current practice while some supported quarterly reporting. There is also a debate over whether to report wholesale numbers or retail, or both. One thing almost everyone agrees on is a single system for a correct market picture. The Society of Indian Automobile Manufacturers (SIAM) has yet to take a stand. India’s largest passenger vehicle maker, Maruti Suzuki, told ET it would follow SIAM’s mandate and release monthly data. Hyundai Motors India sales and marketing director Tarun Garg said Hyundai would also follow SIAM’s guidelines, and that it was fine with reporting wholesale or retail numbers.The industry body, when contacted, said it was in dialogue with Tata Motors over sales reporting and would sort out the issue in two to three weeks. Automakers are expected to see literally zero April sales due to the lockdown, it said.Sceptics feel three months would be too long a period to report sales data, at a time when company information is available online. Monthly sales numbers give a picture of how competition is doing and, accordingly, strategy can be tweaked swiftly, they said. “SIAM will continue to report wholesale and retail numbers from the (government’s) Vaahan site, which is based on registrations,” said a person in the know.

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Rights issue could make RIL net-debt free by March 2021

Mumbai: Reliance Industries’ proposed rights issue could help the Mukesh Ambani-controlled oil, technology and retail conglomerate reduce debt and create a buffer to cushion the impact of Covid-19 pandemic on businesses, analysts said.The rights issue is likely to help RIL achieve its zero-net-debt target by March 2021, even if there are delays in proceeds from Saudi Aramco and Facebook deals, as per ETIG calculations. RIL can raise around ₹41,000 crore from the right issue if it dilutes 5 per cent of equity at 10 per cent discount to the current market price, ETIG estimates show. Morgan Stanley estimates that a rights issue with 2 per cent new shares at 5 per cent discount to the current market price would help RIL raise about $2.3 billion (₹17,500 crore). RIL can raise about $13.8 billion (₹1,04,000 crore) by issuing 12 per cent of new shares at a discount of 5 per cent to market, Morgan Stanley’s calculations show.Centrum Broking believes Reliance Industries could raise ₹16,600-35,600 crore if equity dilution is between 2.5 per cent and 5 per cent, and it is priced at 20-25 per cent discount to the current market price.A 5 per cent equity dilution means every shareholder will get five shares for every 100 they hold. At the end of December 2019, the Mukesh Ambani family held 50.03 per cent in RIL, followed by foreign portfolio investors with 24.51 per cent while the remaining was held by mutual funds and others.An analyst with a leading domestic brokerage said that the consensus fair value of the company’s stock is around ₹1,600-1,700 per share. This means the rights issue, if priced at a discount of 8-10 per cent, could attract investors’ interest. Shares of Reliance Industries ended flat at ₹1,429.95 on Tuesday after initially falling in a strong market.Morgan Stanley also said the rights issue announcement is a surprise given the recent deal with Facebook and declining capital expenditure. It expects the rights issue would reduce focus of investors on asset divestments. It estimates the rights issue would be earnings accretive by 0.1-2.6 per cent as it lowers debt of $41 billion (₹3,11,900 crore) post the Facebook deal.RIL had announced last year plans to become a zero-net-debt company by March 2021. It had also announced that it was in talks with Saudi Aramco to sell a 20 per cent stake in oil and gas business for about $15 billion (₹1,14,000 crore). The sharp drop in global oil prices this year and the demand compression in most global economies could make an Aramco deal difficult, some analysts say.Last week, social networking giant Facebook said it would be investing ₹43,574 crore ($5.7 billion) in Jio Platforms, a wholly-owned subsidiary of Reliance Industries, for a 9.99 per cent stake on a fully-diluted basis.RIL’s projected free cash flow from core energy operations might shrink in the coming quarters as regional gross refining margins (GRMs) fall to multi-year lows. Every dollar change in the company’s GRM and every $25 per tonne change in petrochemical realisation impact RIL’s operating profit by 4 per cent, according to Kotak Institutional Equities. The consensus 12-months forward earnings per share has been pruned by 12.7 per cent to ₹81.65 since the first day of the lockdown.“The Facebook-Jio deal has helped them to deleverage a little bit and now the rights issue can help them bring down debt further,” said Rajiv Sharma, head of research at SBICAP Securities. “Because of the drop in crude prices the core business could see some pressure this fiscal... the company had plans to significantly de-leverage but because of sharp drop in crude there are concerns in the market surrounding the Aramco deal and possible delays.”“Reliance is currently a best run refinery and for investors it’s a very good opportunity to own the shares at discounted price,” said Sanjiv Bhasin, director, IIFL Securities. “For the company, it’s a smart move to raise capital at this juncture and prepare well in advance for the next leg of growth,” he added.75440472Reliance Industries had net debt of ₹1.53 lakh crore at the end of the December 2019, according to the company’s presentation. Typically, ‘AAA’- rated companies raise money from the debt market to meet their cash flow mismatch.Reliance Industries may avoid any incremental debt because it will increase its debt burden. Therefore, money raised through rights issue (or the equity route) appears to be the most plausible course of action in the current situation.According to Bloomberg, RIL has debt repayment of ₹36,625 crore and ₹45,498 crore for 2020 and 2021 respectively. Along with this, the company is likely to incur capital expenditure of ₹50,161 crore and ₹47,355 crore in FY21 and FY22, according to Bloomberg consensus’s estimates. These have prompted the company to raise funds via right issue for the first time in 29 years.

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FY21 to be tough for IndusInd: Brokerages

Mumbai: Brokerages expect asset quality stress for IndusInd Bank to remain elevated in the near term. According to analysts, high credit costs and weak revenues may weigh on IndusInd's earnings in the ongoing financial year but many have maintained ‘buy’ ratings as they expect recovery in earnings from FY22.CLSA has raised the target price on the stock to ₹610 from ₹595 and retained a ‘buy’ rating as it expects IndusInd Bank's earnings to rebound from FY22 onwards. Kotak Institutional Equities has maintained ‘add’ rating with a target price of ₹600. Jefferies has retained ‘buy’ rating on IndusInd Bank and revised target price to ₹520 from ₹510.IndusInd’s earnings in FY21 will be depressed by high credit costs and a weaker topline; we expect a recovery from FY22, said Jefferies.The bank’s gross NPA ratio in the March quarter rose to 2.45 per cent from 2.18 per cent and net non-performing assets came at 0.91 per cent versus 1.05 per cent a quarter ago.Ambit has retained a ‘sell’ rating and revised target price to ₹364 from ₹355. JP Morgan has downgraded the stock to ‘underweight’ from ‘neutral’ and revised target price higher to ₹375 from ₹350.75440660“Given a slowing economy and historically riskier underwriting on the corporate back book, we believe asset quality risks will remain elevated in the near term,” said JP Morgan.Credit Suisse has maintained ‘underperform’ rating on the stock with target price of ₹430. The brokerage expects the lender’s growth in the ongoing financial year to be below 10 per cent.

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CRPF Battalion In Delhi Reports 46 COVID-19 Cases, 1 Jawan Dies

The CRPF battalion in Delhi has reported 47 cases of coronavirus, including one jawan who died yesterday. Around entire battalion of nearly 1,000 people have been quarantined.

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Auto companies in India are driving with their hazard lights on

Mumbai: Export orders worth $4-5 billion are at stake for automakers, who have now seen production facilities shut for six straight weeks. These orders need to be fulfilled in the April-June quarter.The industry is urging the government to allow production across the entire supply chain at different hubs. Without this, the export orders can’t be honoured, say automakers. They also say servicing these orders is the best way to ensure there are no more job and salary cuts in the sector.Adding to Indian automakers’ apprehension is the fact that China’s economy is mostly up and running, with many of its factories operating at almost 100% capacity. Auto companies are worried they may lose orders to Chinese and South East Asian manufacturers. 75440659‘Opening Up Early Critical’Orders for nearly 110,000 passenger vehicles are pending, valued at Rs 10,000 crore ($1.5 billion). Auto components makers have orders worth about $2 billion. Plus, there are $500 million to $1 billion of export orders for two-wheelers, threewheelers and commercial vehicles.Multiple people tracking the auto sector spoke to ET, some spoke off record.Rakesh Sharma, executive director at Bajaj Auto, says the company is keen on ramping up production as it has Rs 1,000 crore of export orders. “With many regions yet to get a go-ahead from local administrations, first-quarter volumes are expected to see a 50% decline in the domestic market. However, it is our overseas business which puts us in a better position than others,” Sharma says.BRIGHT SPOTAnalysts expect the export market to be the likely bright spot for twowheelers in 2020, assuming sufficient production. This market can even register 5-8% growth in the current year, similar to export sales in recent non-pandemic times.Opening up early is critical, automakers say, because many overseas markets will open before India and buyers may look elsewhere.Equally crucial is the jobs/salaries question. Most automakers paid full salaries for March. April has seen no production, and cash is running out for most companies. Industry observers predict wideranging job and salary cuts in case production doesn’t resume quickly.TOUGH TO REGAIN MARKETDeepak Jain, chairman of Lumax Industries and the president of Automotive Component Manufacturers Association, says the industry has close to $2 billion of orders. He said it was tough to regain an export market once it is lost.“We are competing in the global supply chain. If you are sourcing parts from a market that is still shut, people will look for an alternative source … and getting back will be tough,” Jain says.Renault India, along with alliance partner Nissan Motor, has a pending order book position of 25,000 cars for the current quarter. Renault also ships components worth Euros 250-300 million annually to many global markets, including China.Venkatram Mamillapalle, MD of Renault India, says the industry is “urging both the central and state governments to get us back on track and get the wheels moving”.Losing export orders will be especially bad news now because the global passenger car market is expected to decline by 16.1% to 77.11 million units in the current year, the lowest absolute sales since 2011, according to Nomura.

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PNB, India Infoline offer top-up loans, but without moratorium

Mumbai: At a time when several banks and most shadow lenders are conserving cash, India Infoline and public sector banks such as Punjab National Bank (PNB) are offering top-up loans to their existing customers. Caveat emptor: They must not avail of the three-month repayment moratorium.Although counter-intuitive at first glance, the offers make sound business sense. Not only will such loans offer the opportunity to expand loan books in these lean times, the pre-condition will also help prevent or delay delinquencies and non-performing assets (NPAs) on accounts that were standard before the lockdown began.In a sense, therefore, these are akin to a shadow stimulus, helping business borrowers meet their immediate working capital needs. Queries sent to PNB and Bank of Baroda remained unanswered.“We are only offering these loans to the borrowers with no overdues and have average seasoning with us of 24 months with the current credit score above acceptable norms. And we have a collateral on the loans,” said Monu Ratra, CEO of IIFL Home Finance. “We have sufficient liquidity with us and the customers seeking such loans are the ones who may have emergency needs.” The document it shared with prospective customers said the offers will require “the borrower(s)’s consent for the waiver of the three- month moratorium.”75437477The RBI has let financiers grant a moratorium to accounts in default but standard (non-payment in 30 to 90 days bucket). In such cases, the lender will have to make provision of at least 10% spread over March and June quarters, with not less than 5% in each quarter.The move, of course, has its share of critics. “Why will a borrower prefer a top-up loan and not opt for a moratorium? In both cases, he will have to pay similar interest. Although we do top-up loans in the home loans segment, we are not making any offers with the condition to opt out of moratorium,” said a senior executive at a leading bank. Auditors reportedly want the lenders to provide for more than 10%, depending on the quality of asset.“But NBFCs and HFCs that fall under Ind-AS may have to provide for more in line with the model chosen by them — Stage 1, Stage 2 and Stage 3 — up to the satisfaction of the statutory auditor,” said Atanu Bagchi, ex-CFO of Can Fin Homes.

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Locked-out auto companies risk losing billions in exports

Mumbai: Export orders worth $4-5 billion are at stake for automakers, who have now seen production facilities shut for six straight weeks. These orders need to be fulfilled in the April-June quarter.The industry is urging the government to allow production across the entire supply chain at different hubs. Without this, the export orders can’t be honoured, say automakers. They also say servicing these orders is the best way to ensure there are no more job and salary cuts in the sector.Adding to Indian automakers’ apprehension is the fact that China’s economy is mostly up and running, with many of its factories operating at almost 100% capacity. Auto companies are worried they may lose orders to Chinese and South East Asian manufacturers. 75440659‘Opening Up Early Critical’Orders for nearly 110,000 passenger vehicles are pending, valued at Rs 10,000 crore ($1.5 billion). Auto components makers have orders worth about $2 billion. Plus, there are $500 million to $1 billion of export orders for two-wheelers, threewheelers and commercial vehicles.Multiple people tracking the auto sector spoke to ET, some spoke off record.Rakesh Sharma, executive director at Bajaj Auto, says the company is keen on ramping up production as it has Rs 1,000 crore of export orders. “With many regions yet to get a go-ahead from local administrations, first-quarter volumes are expected to see a 50% decline in the domestic market. However, it is our overseas business which puts us in a better position than others,” Sharma says.BRIGHT SPOTAnalysts expect the export market to be the likely bright spot for twowheelers in 2020, assuming sufficient production. This market can even register 5-8% growth in the current year, similar to export sales in recent non-pandemic times.Opening up early is critical, automakers say, because many overseas markets will open before India and buyers may look elsewhere.Equally crucial is the jobs/salaries question. Most automakers paid full salaries for March. April has seen no production, and cash is running out for most companies. Industry observers predict wideranging job and salary cuts in case production doesn’t resume quickly.TOUGH TO REGAIN MARKETDeepak Jain, chairman of Lumax Industries and the president of Automotive Component Manufacturers Association, says the industry has close to $2 billion of orders. He said it was tough to regain an export market once it is lost.“We are competing in the global supply chain. If you are sourcing parts from a market that is still shut, people will look for an alternative source … and getting back will be tough,” Jain says.Renault India, along with alliance partner Nissan Motor, has a pending order book position of 25,000 cars for the current quarter. Renault also ships components worth Euros 250-300 million annually to many global markets, including China.Venkatram Mamillapalle, MD of Renault India, says the industry is “urging both the central and state governments to get us back on track and get the wheels moving”.Losing export orders will be especially bad news now because the global passenger car market is expected to decline by 16.1% to 77.11 million units in the current year, the lowest absolute sales since 2011, according to Nomura.

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India Inches Closer To 30,000 Coronavirus Cases, Total Deaths 937

India is inching closer to 30,000 coronavirus cases across the country. Currently, the number of cases stand at 29,974 with 937 deaths. Maharashtra is still the most affected state with over 8,500...

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File Case Against Kamal Nath: BJP Asks Farmers Who Didn't Get Loan Waiver

Former Madhya Pradesh Chief Minister Kamal Nath's farm loan waiver scheme, that he announced within hours of assuming office, is likely to be scrapped. However, it doesn't end there.

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धार्मिक स्वतंत्रता: अमेरिकी आयोग की सिफारिश को भारत ने किया खारिज, बताया पक्षपाती और विवादास्पद

अमेरिकी आयोग (यूएससीआईआरएफ) ने भारत समेत 14 देशों को ‘विशेष चिंता वाले देश’ (सीपीसी) के रूप में नामित करने की सिफारिश की है। दूसरी ओर भारत ने इस रिपोर्ट पर कड़ी प्रतिक्रिया देते हुए इसे खारिज किया है।

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Justin Trudeau's Mother In Hospital After Apartment Fire

Margaret Trudeau, the mother of Canadian Prime Minister Justin Trudeau, was rushed to hospital overnight after a fire broke out in her Montreal apartment, sources and local media said Tuesday.

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पहली बार वुहान की लैब ने दावे किए खारिज, कहा- हमारे पास वायरस बनाने की क्षमता नहीं

चीन में वुहान स्थित प्रयोगशाला में कोरोना वायरस को पैदा करने के दावों के बीच वुहान इंस्टीट्यूट ऑफ वायरोलॉजी (डब्ल्यूआईवी) के प्रमुख ने इसे खारिज किया है।

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न्यूजीलैंड-ऑस्ट्रेलिया ने रोकी महामारी, फ्रांस-स्पेन लॉकडाउन खोलने को तैयार

कोरोना वायरस महामारी के दो सर्वाधिक प्रभावित देश फ्रांस और स्पेन ने मंगलवार को पहली बार लॉकडाउन खत्म करने के लिए अलग-अलग योजनाएं रखीं।

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टेस्ट किट बनाने के मामले में मई 2020 तक आत्मनिर्भर हो जाएगा देश: डॉ. हर्षवर्धन

उन्होंने समीक्षा के दौरान कहा कि स्वदेशी रैपिड टेस्ट और आरटी-पीसीएस डायग्नोस्टिक किट बनाने के मामले में मई 2020 तक हमारा देश आत्मनिर्भर हो जाएगा।

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Ground Situation In Bihar Behind Nitish Kumar's Stance On Migrants

Bihar Chief Minister Nitish Kumar has refused to bring back students and migrant labourers, sticking to his stand that puts lockdown rules first. While it has ensured that the COVID-19 figures in the...

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Court Stays Kerala's Order To Defer Part Of Government Staff's Salaries

The Kerala High Court on Tuesday stayed the state's Left government's order to defer payments of a portion of salaries of all government employees by five months. The order has been stayed for two...

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US Registers Millionth Coronavirus Case, Number Of Deaths Cross 58,000

The United States on Tuesday recorded its one-millionth coronavirus case as countries including Spain, Russia and Nigeria took tentative steps back towards normal life by preparing to reopen some...

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Colour codes may decide your fate on May 3

Prime Minister Narendra Modi asked chief ministers on Monday to work towards progressively moving districts out of the Covid-19 lockdown, indicating that those currently in the red zones would continue in this mode beyond May 3.He, however, urged the CMs to “think of ways to energise the economy and reforms,” a top government official told ET, adding that the discussion on the economy was “extensive”.The PM sought to put the issue of exiting the lockdown in context at a video conference with CMs, where he emphasised that districts will have to gradually move through the colour code — red, orange and green. 75418878“Districts need to come out of the red zones and move to orange zones and the green zones to get relaxations from lockdown. It is a performance-based matrix and case load needs to come down first in the worst-affected districts through strict implementation of the lockdown for them to qualify for relaxations,” a top government official told ET, explaining the Centre’s thinking.The prime minister impressed on chief ministers that it was a long-drawn battle ahead. However, officials denied that the PM had said to CMs that the Covid-19 cases will peak in June or July.‘Need to Break Transmission Chain’Modi stressed the need for states to strictly enforce lockdown guidelines, and pitched for the mantra of ‘do gaz doori’ (a distance of two yards) to protect people from the infection.PM told CMs that “importance needs to be given to the economy as well” while fighting Covid-19 and for that it’s vital to “break the chain of transmission in the red and orange zones and be on alert in the green zones to stop entry of coronavirus there,” senior officials told ET.The problem for the government is that areas worst-hit by Covid-19, thus dominating the ‘red list’ are urban centres like Delhi, Mumbai and Pune. Niti Aayog CEO Amitabh Kant later said on Twitter that there are 15 high-load districts, out of which seven like Delhi, Mumbai, Pune, Ahmedabad, Hyderabad, Indore and Jaipur were reporting particularly high volumes.“India’s success in battling Covid-19 is dependent on them. We must aggressively monitor, contain, test and treat in these districts. We must win here,” Kant said.However, officials said districts in the orange and green zones could see more relaxations for industry and the shopkeepers next week.“He (Modi) highlighted the importance for states to enforce guidelines strictly in the hotspots i.e. the red zone areas. He stated that the efforts of the states should be directed towards converting the red zones into orange and thereafter to green zones,” the Prime Minister’s Office (PMO) said in a statement.As on April 15, there were 170 red zone districts, and 207 orange zones which had not reported a positive case in 14 days. Green zones include districts which have not seen any positive case for last 28 days or any case ever.SEPARATE EXIT PLANModi asked the CMs to work out details on the kind of restrictions that ought to be lifted in green zone districts while drawing up a separate phased exit plan for orange zone districts. “This could mean more relaxation in such zones like opening up of non-essential shops and movement of people allowed only within the green zones,” a senior official said.“Most CMs also want this approach. No one wants to take a chance as cases can resurface.PM made it a point to tell CMs that there was no stigma involved in a state reporting high cases and testing should be increased without such fear,” the official said.“It does not seem that the lockdown will go away in one go. That seemed the sense from today’s meeting. Most states want a cautious approach,” Himachal Pradesh chief minister JR Thakur told ET. He said a plan for different states was in the works at the Centre.‘UNITED APPROACH’Odisha CM Naveen Patnaik is believed to have praised India’s overall “united approach”, an official said. “Previous video conferences saw states with higher disease prevalence speaking. In the last video conference, 13 out of the 15 who spoke were non-BJP CMs. PM said that this time he wanted to give chance to CMs of Northeast and Himalayan states to express their views. They may not have many cases but they are also impacted,” an official said.Besides this, the PM told CMs that India’s situation was much better than other countries with comparable population. “Everyone’s aim must be rapid response. PM pointed out that many people are self-declaring whether they have cough and cold or symptoms, and that this is a welcome sign,” said the PMO.

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Nod to restart 25 Gurgaon projects

NEW DELHI: The Gurugram Metropolitan Development Authority (GMDA) has approved 25 projects for immediately restarting construction activity, with strict instructions to the builders to maintain social distancing norms during work. Developers are free to start construction at 45 sites after approval and sites with less than 10 workers need not take any approval to restart work, GMDA CEO VS Kundu told ET. The approved projects include real estate projects of developers including DLF and M3M, along with some infrastructure projects. “Small sites can start work without taking approval while we are giving instant approval to those outside the containment zones. About 1,700 applications have been received, of which 300 have been granted approval, which include 45 construction sites. The rest are manufacturing units,” said Kundu. The Union home ministry had allowed construction to resume after April 20 but most of the towns in the National Capital Region, except Gurugram, decided to continue with the ban. According to a report by PropEquity, Gurugram saw a 51% month-on-month fall in new launches in the first quarter of 2020, while Noida witnessed a 9% increase in new launches. Sales fell 26% month-on-month to 1,177 units during the January-March period in Gurugram.75419439

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Airtel renews 4G pact with Nokia for expansion

NEW DELHI: Bharti Airtel has awarded a multi-crore-rupee contract to Nokia to expand and modernise its 4G network in nine circles, including rural areas, where the Finnish company has already provided equipment to the telecom operator.Airtel is expediting its network expansion and ramping up capacities, especially in rural areas. The telco’s chief technology officer Randeep Sekhon confirmed signing the new contract with Nokia to ET.Nokia didn't respond to ET's queries.“Renegotiations were on for some time where Airtel was seeking reduced prices under the newly constructed agreement. Such talks are already on with other vendors like Ericsson, Huawei and ZTE in their respective circles where Airtel is seeking new prices,” a person familiar with the matter said.Airtel had awarded the original 4G contract to Nokia for Gujarat, Madhya Pradesh, Bihar, West Bengal excluding Kolkata, Odisha, Mumbai, Maharashtra, Kerala and UP East circles in 2016. The deal size was pegged at $500 million, ET Telecom had reported. The newly agreed deal size couldn’t be ascertained. 75419353Sekhon, in a recent interview to ET, said rural and suburban areas are seeing more traffic on Airtel’s network than urban areas after the nationwide lockdown came into effect a month ago.Under the contract, Nokia will provide professional services including network integration and network planning and optimisation.Airtel recently invited bids for Tamil Nadu, which is currently served by Chinese equipment maker Huawei. The process is still on, another person said.

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RBI data show central bank buys debt just as government sells it

By Subhadip SircarThe Reserve Bank of India bought chunks of debt just after the government sold it, the latest data showed, further fueling talk that the central bank is supporting the nation’s fund-raising efforts.The central bank reported 149.89 billion rupees ($2 billion) worth of sovereign debt purchases for April 16, just one day after bills with the same value were mopped up by a few bids at an auction, according to data released on Friday.Traders have been speculating over the central bank’s role in bill auctions this month as a handful of bids lapped up sales and drove yields to the lowest in more than a decade. While the RBI hasn’t taken part in any government auctions, the latest data suggest that it could be buying short-term debt in the secondary market within hours of a sale.“Friday’s data suggest RBI is buying treasury bills, which will anchor the short-end” of the yield curve, said Naveen Singh, head of fixed income at ICICI Securities Primary Dealership Ltd. Longer-maturity bonds though will suffer without a series of purchases by the central bank, he said.The RBI has so far refrained from large-scale bond purchases, and a law forbids it from directly buying government debt at auctions unless there are exceptional circumstances. A spokesman for the central bank didn’t respond to queries seeking comments on Monday.What happened on April 15:The government sold 250 billion rupees worth of bills. When details of the auction came through, traders noticed that a single buyer bought all the 182-day notes, while two bids purchased about 70 billion rupees of the 364-day bills at higher prices than market estimates.The bidder or bidders for those bills, worth a combined 149.89 billion rupees, probably didn’t hold onto the debt for long.Settlement data reported by the Clearing Corp. of India later showed bills with the same tenor and matching amount were sold on the day in the secondary market. The transactions mirrored the auction, with a single buyer acquiring all the 182-day notes, and two trades taking out the 364-day bills, the data showed, without revealing the identity of the purchasers.Data from the clearing house also showed that state-owned banks had net sold 126 billion rupees of bills that day. Meanwhile, institutions in a category known as ‘Others’, which includes the central bank, bought some 156 billion rupees of notes on April 15.The central bank reports debt purchases on settlement date, which tends to be a day after the transactions. The data published on Friday didn’t give a breakdown of what was bought.Traders say a similar transaction pattern was seen at last week’s sale of treasury bills, raising speculation that state lenders have been buying the notes at government auctions to resell to the RBI.The central bank hasn’t participated in primary debt auctions, according to a Cogencis news agency report on Monday citing Governor Shaktikanta Das. It hasn’t taken a view on debt monetization, Das said. The central bank sporadically buys debt in the secondary market and discloses those transactions every week.With the country in lockdown due to the coronavirus pandemic, Prime Minister Narendra Modi’s government is trying to manage a liquidity crunch with a lot more short-term borrowings. India’s central bank probably took a roundabout route to finance the budget deficit given that the law bars the RBI from directly buying sovereign debt, according to IDFC Asset Management Ltd.“The RBI will continue to support the market as uncertainty continues over the nature of the fiscal stimulus, and how long the pandemic will continue,” said Debendra Dash, head of fixed income at AU Small Finance Bank in Mumbai.

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HNIs, brokers brace for tax impact as debt fund fiasco unfurls

Mumbai: Even as the Franklin Templeton investors wait till the fund house liquidates its maturities and coupons for six of its credit funds, several high networth individuals (HNIs), brokers and financial companies that dabble in stocks could have a tax impact in the next few months.The companies and individuals have reached out to their tax advisers as they will have to take the Franklin announcement of closing the funds into consideration and as a corollary that will change the tax outgo in March and June quarters.Tax experts say the tax impact for brokers and companies would be different from that of individual investors or HNIs.The brokers will have to value the mutual funds as stock in trade and take an asset write-off.“Brokers, financial companies who have exposure to the six Franklin funds will have a tax impact even in the March-end quarter. They will have to value the mutual funds as stock in trade at lower value and will get a tax deduction of the write-off,” said Girish Vanvari, founder of tax advisory firm Transaction Square.Tax experts say in some cases, brokers will have to take impairment charges on the mutual funds they hold, even if they are unable to exit at this point in time.However, the issue, say tax experts is the quantum of impairment charges.Many of these impairments will have to take the current valuation of the fund and the realistic analysis of how much money they may actually see when the redemption happens, say industry trackers.The individual investors, or HNIs, on the other hand who treat investment in mutual funds as capital investments, are preparing themselves for redemption from the funds as that’s the only time they can account the loss.“For many HNIs, the tax on the investment in the six Franklin funds would only be applicable when they redeem it or receive payment from fund. However, this is set to have long-term impact on the fund as well as the mutual fund industry, and that could impact several investors this year,” said Hinesh Doshi, managing partner, Hinesh R Doshi & Co LLP.Insiders say the tax impact for several investors could come within the next few months, and they are planning taxes keeping in mind the future scenario. Many HNIs whose funds are stuck are hoping that the redemption event may happen as early as July.

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Corona World LIVE: अमेरिका में 24 घंटे में 1303 मौतें, संक्रमितों का आंकड़ा 10 लाख के पार

दुनिया वैश्विक महामारी कोरोना के कहर से लगातार जूझ रही है। इस वायरस से मरने वालों की संख्या दो लाख 11 हजार से ज्यादा हो गई है और संक्रमितों की संख्या 30 लाख 65 हजार को पार कर गई है।

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Virus takes a toll on blue collar staff; no pay for 12 crore

Bengaluru: About 100 to 120 million blue-collar workers, accounting for over 70-80% of the industry, have gone without income in the past month due to the nationwide lockdown imposed in the wake of the Covid-19 pandemic, staffing agencies and businesses told ET.Jobs are also expected to nosedive in the remaining quarters of the year unless demand picks up by the festive season later this year, experts tracking the sector said.“The slowdown started around mid-March and only around 2-3 crore (20-30 million) people now have their employment intact,” said Pravin Agarwala, cofounder of Betterplace, which connects blue-collar workers with companies.75418971Travel, hospitality, tourism, aviation, retail, outdoor entertainment, food and beverages and real estate sectors have been hit the most, staffing agency TeamLease said.In addition, automotive, non-essential fast-moving consumer goods, poultry, dairy, shipping and construction will also feel the impact in the short to medium term, TeamLease said. “These sectors are bound to see the repercussions…we haven’t yet witnessed the peak, given most formal sector employees saw their wages by and large being paid in full and on time during the lockdown,” said Rituparna Chakraborty, cofounder of TeamLease. “More challenges will come up after the lockdown is lifted. For informal sector workers who were left without livelihood since the beginning of the lockdown, it has been a daily battle,” Chakraborty added.Contract employees are mostly paid by the hour, but during the lockdown they have earned next to nothing. As businesses shut down, drivers, delivery staff, sales and business development employees have been handed pink slips overnight, with between one and three-month severance packages. Apart from new-age startups like business-to-business ecommerce platform Udaan, food-delivery app Swiggy, social commerce venture Meesho and logistics firm BlackBuck, have terminated contractual employees over the last few weeks, even traditional sectors have been laying off staff, staffing agencies say. The gig economy workforce, part of the blue-collar segment, including shared mobility and ecommerce staff have seen incomes decline by 60-70%.Employees from companies such as services marketplace UrbanClap and Swiggy said businesses were restarting slowly but demand is down by 40-50%. In the absence of a pick-up in demand by Dussehra, the number of staff will either stay stagnant or go down further by year end, experts said.

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Onboard with PPE? No, it’s not a flight of fancy

New Delhi | Mumbai: An appointment with the doctor may soon become mandatory for you or your family members to board a flight after the lifting of the lockdown and resumption of normal life, which is expected sometime in June. You may also have to buy gloves, face masks and disposable caps for your next flight. Sounds surreal? Not really!A technical committee comprising doctors, bureaucrats and airport and airline officials will soon discuss these and other measures to ensure passenger safety midair after normal life resumes. It is formulating standard operating procedures (SOP) for passengers and flight staff and will soon come out with its recommendations. Airlines in India and abroad are reassessing pricing and passenger safety issues as they try to recover from the worst slump in aviation history. The ongoing lockdown is unlikely to be fully lifted across the country before June, but airlines have started evaluating measures that they may have to take once normal flight operations resume.Some global airlines like budget carrier EasyJet are planning to keep the middle seats empty, at least initially, to reassure passengers, while flight crew at Korean Air Lines are wearing full protective gear including goggles, face masks and gowns etc. 75419239Middle Seat Booking may be AllowedSome airlines are also evaluating higher fares amid fears that short-haul routes would disappear. Health checkups, temperature checkups are likely to become common, according to a Bloomberg report dated April 24.The technical committee in India, however, may allow airlines to book passengers on middle seats. “Keeping the middle seat vacant will not help achieve the 6 feet social distancing norm between two people as it allows only two feet space between two passengers. Hence the focus now is on mandating protective gear and certificates to ensure safe and coronavirus-free flights,” said a senior official, who did not want to be identified. A spokesperson at GoAir declined to comment while spokespersons of IndiGo and Vistara said plans were being discussed. Airlines in India had objected to the government demand to keep middle seats vacant before the lockdown. “The safe flight occupancy in keeping with the new normal of social distancing is no more than 33%. Leaving the middle seats empty is an absolutely non-starter. The economics just do not work,” a airline executive said.

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‘Google tax’ could draw reprisal, US cautions India

New Delhi: India’s 6% equalisation levy on foreign online advertising platforms may impede its overseas trade and increase the risk of retaliation from countries where Indian companies are doing business, the US has cautioned. This is because its provisions do not provide credit for tax paid in other countries for the service provided in India, it said.In its latest report on trade barriers, the US also marked a slew of issues in India’s digital trade including those proposed in the draft ecommerce policy, such as data localisation requirements, restrictions on cross-border data flows, expanded grounds for forced transfer of intellectual property and proprietary source code, and preferential treatment for domestic digital products. Washington said it “strongly encourages India to reconsider this draft policy”.On the equalisation levy, or the so-called ‘Google tax’, it said the current structure of the tax represented a shift from internationally accepted principles, which provided that digital taxation mechanisms should be developed on a multilateral basis to prevent double taxation.Tariff Too High’The equalisation levy was first imposed in 2016 to tax companies such as Google, Facebook and Netflix on their online advertising. This year, India expanded its scope to all overseas ecommerce transactions originating from India.On the issue of India’s foreign direct investment (FDI) rules in ecommerce, the US said the only exceptions for FDI in inventory based ecommerce were for food product retailing and singlebrand retailers that met certain conditions. This “narrow exception limits the ability of many electronic commerce service suppliers to serve the Indian market”, it said.India permits 100% FDI in business-to-business or market place based ecommerce, but prohibits foreign investment in business-to consumer or inventory-based online trade.New Delhi and Washington have been negotiating a trade deal for more than a year with ministers and officials of both countries discussing the issues at various domestic and global fora.In the April-January period of 2019-20, India’s exports to the US were $44.7 billion, while imports were $30.5 billion. In the previous fiscal year ended March 2019, India’s trade surplus with the US had reduced to $16.8 billion from $21.2 billion in 2017-18.MAKE IN INDIA, GOODS TRADEThe US said it had actively sought bilateral and multilateral opportunities to increase access to India’s market, but American exporters continued to encounter significant tariff and non-tariff barriers that impeded imports of US products into India, especially dairy, poultry and highly specialised equipment.It said India imposed “onerous requirements” on dairy imports and insisted that they be derived from animals that had never consumed any feeds containing internal organs, blood meal, or tissues of ruminant origin, based on religious and cultural grounds.To address these concerns, Washington, in 2015 and 2018, proposed labelling the products with details of their origin so that the consumer could make a choice, but India rejected it, as per the report.The US said it continued to press India to provide access to the dairy market and is also monitoring market access issues related to poultry, such as “unnecessary” testing requirements.

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