Pakistan part of the move China is making?

By Avinash MohananeyAs Sino-Indian relations nosedive and head for a possible confrontation, Pakistan is deriving vicarious pleasure at the way China has applied a chokehold in Ladakh by occupying the Galwan Valley.Pakistan is part of the bigger strategic move that China is making to subdue India, settle the border dispute to its advantage, push India to accept its hegemony in the region and stay away from a possible US-led anti-China alliance.How will Pakistan help China in stepping up military pressure on India without getting directly involved? Is it not an opportune moment for Pakistan to avenge its dismemberment in 1971? The answers are simple.Pakistan will synchronise its actions with that of China, on the border and within Jammu and Kashmir, to engage as many Indian troops as possible.Pakistan will keep the Line of Control (LoC) alive by continued shelling and by stepping up infiltration. This will leave little scope for any possibility of thinning of troops from the border and from the anti-infiltration grid.Unfortunately, relations with Pakistan became hostage to domestic electoral considerations in India soon after the new government took over in 2014. We did not realise that peace on the LoC was in our interest - which helped our troops lay effective ambushes on known infiltration routes without having to duck from cross-border shelling.At the same time, Pakistan would like to keep the pot boiling within J&K. In its assessment of the post-August 5, 2019 scenario in Kashmir, Inter-Services Intelligence (ISI) went awfully wrong on this count.Pakistan PM Imran Khan claimed at the UN General Assembly on September 27, 2019, that Kashmiris will be “massacred” by Indian troops once restrictions are removed. Now, making a course correction, ISI has decided to take direct control of militancy and the separatist movement rather than operating through proxies.Pakistan floated an umbrella terrorist organisation, ‘The Resistance Front’, and ensured that all major terror groups based on its soil, including Hizb-ul-Mujahideen, joined hands and operated under its command. It is being presented as a home-grown outfit resenting Indian “occupation” of Kashmir and the changes that took place on August 5 last year. Pakistan believes that it will help in better control of violence with complete deniability.Pakistan is also deeply disappointed by the failure of separatists in bringing people out on the streets for violent protests. Pakistan realised that all three leaders of the “Joint Resistance Leadership” are handicapped in doing so for different reasons. SAS Geelani, its best proxy in the Valley, is in extremely poor health. Mirwaiz Umar Farooq is under house arrest and not strong enough to confront the government. Yasin Malik faces serious charges and is unlikely to be out early.So, there is an urgent need to take control of the separatist movement even if it means ditching Geelani.Geelani was outraged at the appointment of Mohammad Hussain Khatib, a low-level operative from Doda district of Jammu region, as convener of the PoK chapter of Hurriyat Conference. On June 28, he dissociated himself from the organisation and criticised Pakistan for turning this “freedom struggle” into a movement for its own benefit. He accused Pakistan of converting Kashmir into graveyard and Kashmiris in PoK as drug addicts/peddlers.What Geelani says now has been obvious from the beginning to any sensible person. How can Geelani escape responsibility now? He is equally, if not more, responsible for turning Kashmir into a graveyard. The crucial question is, how to tackle and neutralise the threat from Pakistan?Reach out to all our friends in the international community to expose Pakistan’s game so that they warn it to stay away from any India-China confrontation.In the 1962 conflict with China, US president John F Kennedy not only supplied crucial military hardware to India, but also personally wrote to Pakistan president Ayub Khan to keep the border calm so that India can concentrate on China. Kennedy further pressed Ayub to send a personal message to Indian Prime Minister Jawaharlal Nehru that Pakistan would not make any moves on the ground.Internally, we need to keep Kashmir calm and take Kashmiris with us. The first step is to halt the process of issuing controversial domicile certificates. Otherwise, we will straightaway be playing into Pakistan’s hand. Release all those detained around August 5 last year. Assure the people of J&K that their concerns will be addressed.Remember, a two-front war would not be in India’s strategic and territorial interests.(The writer is a former IB officer, who served in Pakistan)

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Extended lockdowns offer diminishing returns

Unlock 2.0 kicks in today but states such as Maharashtra and Tamil Nadu have extended their lockdowns while others like Karnataka and West Bengal have tightened restrictions. This comes as India has been adding nearly 20,000 Covid-19 cases a day. Yet, extensive lockdowns — even state-wide ones — may not be the best strategy. Here’s why.76721469

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India refuses to bail aviation billionaires out

By Anurag KotokyWith two-cent airfares, high fuel costs and taxes, India’s aviation market already was one of the toughest around. The coronavirus pandemic could be the final straw for some of the country’s airlines.Indian carriers need as much as $2.5 billion to keep flying, CAPA Centre for Aviation in Sydney says, and that may only last to the end of this year if they’re lucky. Airlines suffered a total collapse in demand from March 25 to late May as India banned commercial passenger flights as part of its virus lockdown.Governments in Europe, the U.S. and elsewhere have provided $123 billion to support airlines through the Covid-19 crisis. But Prime Minister Narendra Modi’s administration, facing a widening fiscal deficit, hasn’t doled out funds to individual industries or airlines backed by private businesses and, in some cases, billionaires.The country’s airlines need significant investment or one or more will fail, said Satyendra Pandey, an independent consultant and former head of strategy at Go Airlines India Ltd. That puts them on track to follow the likes of Flybe Group Plc in the U.K., Virgin Australia Holdings Ltd. and Latam Airlines Group SA in Chile into administration or collapse.“Airlines with weak balance sheets and inadequate collateral have survived by withholding payments to suppliers for two months and counting,” Pandey said.The Indian aviation market was challenging enough before the pandemic as crushing fare wars and high costs took their toll. There were two major collapses in the last decade: Jet Airways India Ltd., the country’s oldest private-sector carrier, and Kingfisher Airlines Ltd., which was owned by Vijay Mallya. Air India Ltd. has been limping along under a mountain of debt for years searching for a buyer.In addition to Indian states imposing levies of as much as 30% on jet fuel, a weakening rupee adds to the pain. The currency has fallen nearly 10% against the dollar over the past year, the weakest in Asia, which hurts Indian airlines as their costs are mostly dollar-denominated.“We haven’t given a financial bailout package, but that doesn’t mean the government has not been helping the aviation sector,” said Pradeep Singh Kharola, the top bureaucrat in India’s aviation ministry. “The help can be in various ways.”Kharola cited an announcement to open up the nation’s airspace -- part of a $277 billion government stimulus package for the economy first proposed in 2013. Another decision to reform plane-repair facilities was announced in 2016, and a plan is in the works to privatize more airports.Without immediate government support, any cash infusion would need to come from tycoon owners, CAPA’s South Asia Chief Executive Officer Kapil Kaul said on Bloomberg Television. Tata Group, India’s biggest conglomerate, owns majority stakes in Vistara and AirAsia India Pvt Ltd., while Wadia Group -- a family business empire -- owns GoAir. Billionaires Rahul Bhatia and Rakesh Gangwal own IndiGo.But wealthy backers don’t guarantee salvation, as Jet and Kingfisher show.Two senior bankers who approve loans to large companies, including airlines, said there’s little desire to lend to them without a government backstop, adding that there is now a big gap between carriers’ revenues and expenses. Cash flows have almost dried up, but the airlines still need to pay salaries, maintain airlines and cover outgoings, the bankers said, asking not to be identified as they weren’t authorized to speak publicly on the matter.SpiceJet Ltd., Air India and Vistara had cash ratios of less than 1, the latest annual figures show, indicating there’s a risk of not fulfilling current liabilities with cash and cash equivalents, according to data compiled by Bloomberg.Close to 3 million jobs in aviation and related industries could be lost in India this year because of the pandemic, as well as more than $11 billion in revenue, according to the International Air Transport Association. India is one of the worst-affected countries, with more than half a million confirmed virus cases and 16,475 deaths.Even after some domestic routes reopened in late May, planes were flying only about half full in the first week back, according to data shared by the country’s aviation regulator. The fixed costs of maintaining grounded planes and meeting financial obligations to banks, oil companies, lessors and staff make it even harder for weaker carriers to stay afloat.There is an added legal risk, too, that could run the airlines dry, with India’s top court hearing a plea to mandate carriers refund passengers whose flights were canceled due to the lockdown. That figure that could top $500 million, according to CAPA.Vistara, a joint venture between Tata Group and Singapore Airlines Ltd., said it is working to lower or defer operating expenditure and avoiding discretionary expenses. It also reduced staff costs to save jobs. SpiceJet said it is confident of emerging stronger after the crisis and has adequate cash flow. The listed carrier, whose market value has more than halved this year, hasn’t cut jobs.Representatives at IndiGo, GoAir and AirAsia India didn’t respond to requests for comment.Also at stake are orders with Boeing Co. and Airbus SE. IndiGo, operated by InterGlobe Aviation Ltd., is the world’s biggest customer for Airbus’s best-selling A320neo-family of jets, while GoAir also has ordered 144 of them. SpiceJet is one of the biggest buyers of Boeing’s now-grounded 737 Max jets, with as many as 205 on order.“The growth of airline capacity in India far outstripped demand at economic prices, placing the viability of fleet plans and entire carriers in doubt,” said Robert Mann, New York-based head of aviation consultancy R.W. Mann & Co. “Covid will accelerate the reduction of capacity, in a number of cases by extinguishing airlines.”

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Airlines risk extinction as India refuses to bail billionaires out

By Anurag KotokyWith two-cent airfares, high fuel costs and taxes, India’s aviation market already was one of the toughest around. The coronavirus pandemic could be the final straw for some of the country’s airlines.Indian carriers need as much as $2.5 billion to keep flying, CAPA Centre for Aviation in Sydney says, and that may only last to the end of this year if they’re lucky. Airlines suffered a total collapse in demand from March 25 to late May as India banned commercial passenger flights as part of its virus lockdown.Governments in Europe, the U.S. and elsewhere have provided $123 billion to support airlines through the Covid-19 crisis. But Prime Minister Narendra Modi’s administration, facing a widening fiscal deficit, hasn’t doled out funds to individual industries or airlines backed by private businesses and, in some cases, billionaires.The country’s airlines need significant investment or one or more will fail, said Satyendra Pandey, an independent consultant and former head of strategy at Go Airlines India Ltd. That puts them on track to follow the likes of Flybe Group Plc in the U.K., Virgin Australia Holdings Ltd. and Latam Airlines Group SA in Chile into administration or collapse.“Airlines with weak balance sheets and inadequate collateral have survived by withholding payments to suppliers for two months and counting,” Pandey said.The Indian aviation market was challenging enough before the pandemic as crushing fare wars and high costs took their toll. There were two major collapses in the last decade: Jet Airways India Ltd., the country’s oldest private-sector carrier, and Kingfisher Airlines Ltd., which was owned by Vijay Mallya. Air India Ltd. has been limping along under a mountain of debt for years searching for a buyer.In addition to Indian states imposing levies of as much as 30% on jet fuel, a weakening rupee adds to the pain. The currency has fallen nearly 10% against the dollar over the past year, the weakest in Asia, which hurts Indian airlines as their costs are mostly dollar-denominated.“We haven’t given a financial bailout package, but that doesn’t mean the government has not been helping the aviation sector,” said Pradeep Singh Kharola, the top bureaucrat in India’s aviation ministry. “The help can be in various ways.”Kharola cited an announcement to open up the nation’s airspace -- part of a $277 billion government stimulus package for the economy first proposed in 2013. Another decision to reform plane-repair facilities was announced in 2016, and a plan is in the works to privatize more airports.Without immediate government support, any cash infusion would need to come from tycoon owners, CAPA’s South Asia Chief Executive Officer Kapil Kaul said on Bloomberg Television. Tata Group, India’s biggest conglomerate, owns majority stakes in Vistara and AirAsia India Pvt Ltd., while Wadia Group -- a family business empire -- owns GoAir. Billionaires Rahul Bhatia and Rakesh Gangwal own IndiGo.But wealthy backers don’t guarantee salvation, as Jet and Kingfisher show.Two senior bankers who approve loans to large companies, including airlines, said there’s little desire to lend to them without a government backstop, adding that there is now a big gap between carriers’ revenues and expenses. Cash flows have almost dried up, but the airlines still need to pay salaries, maintain airlines and cover outgoings, the bankers said, asking not to be identified as they weren’t authorized to speak publicly on the matter.SpiceJet Ltd., Air India and Vistara had cash ratios of less than 1, the latest annual figures show, indicating there’s a risk of not fulfilling current liabilities with cash and cash equivalents, according to data compiled by Bloomberg.Close to 3 million jobs in aviation and related industries could be lost in India this year because of the pandemic, as well as more than $11 billion in revenue, according to the International Air Transport Association. India is one of the worst-affected countries, with more than half a million confirmed virus cases and 16,475 deaths.Even after some domestic routes reopened in late May, planes were flying only about half full in the first week back, according to data shared by the country’s aviation regulator. The fixed costs of maintaining grounded planes and meeting financial obligations to banks, oil companies, lessors and staff make it even harder for weaker carriers to stay afloat.There is an added legal risk, too, that could run the airlines dry, with India’s top court hearing a plea to mandate carriers refund passengers whose flights were canceled due to the lockdown. That figure that could top $500 million, according to CAPA.Vistara, a joint venture between Tata Group and Singapore Airlines Ltd., said it is working to lower or defer operating expenditure and avoiding discretionary expenses. It also reduced staff costs to save jobs. SpiceJet said it is confident of emerging stronger after the crisis and has adequate cash flow. The listed carrier, whose market value has more than halved this year, hasn’t cut jobs.Representatives at IndiGo, GoAir and AirAsia India didn’t respond to requests for comment.Also at stake are orders with Boeing Co. and Airbus SE. IndiGo, operated by InterGlobe Aviation Ltd., is the world’s biggest customer for Airbus’s best-selling A320neo-family of jets, while GoAir also has ordered 144 of them. SpiceJet is one of the biggest buyers of Boeing’s now-grounded 737 Max jets, with as many as 205 on order.“The growth of airline capacity in India far outstripped demand at economic prices, placing the viability of fleet plans and entire carriers in doubt,” said Robert Mann, New York-based head of aviation consultancy R.W. Mann & Co. “Covid will accelerate the reduction of capacity, in a number of cases by extinguishing airlines.”

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Indian banks set aside Rs 13,653 cr in Covid-19 provisioning

Indian banks set aside Rs 13,653.2 crore for provisions towards moratorium and deferments related to Covid-19 in the March 20 quarter, ETIG analysis shows. This amount was over and above the loan loss provision of Rs 60,058.8 crore made for the quarter raising the total loss provisions by 22.7% to Rs 73,712 crore. This was 15.8% lower than the previous year. COVID provisioning was 18.5% of the total loan loss provisioning in the March 2020 quarter.In April, the Reserve Bank of India stipulated banks to make 10% additional provisioning over a span of two quarters (5% each in the March and the June 2020 quarters) on loan accounts where the facility of 90-day moratorium was given. According to the estimates by SBI Research, 35-40% of the loan portfolio of banks on average is under moratorium. Majority of the banks in the ETIG sample of 31 undertook the entire COVID provisioning in the March quarter and some of them provided beyond the RBI’s mandatory rate. 76721154The top five banks based on the March quarter total interest earned such as State Bank of India (SBI), HDFC Bank, ICICI Bank, Bank of Baroda, and Axis Bank reported COVID provision of Rs 9,023.7 crore or 66.1% of the sample’s total COVID related provisioning.The sample’s loan loss provisioning excluding COVID related provisioning for the quarter was lower than Rs 76,736.1 crore in the previous quarter. This was largely due to fall in provisioning of YES Bank to Rs 4,872 crore from a spike of Rs 24,766 crore in the December 2019 quarter. Excluding YES Bank, the sample’s provisioning increased to Rs 55,186.8 crore in the March quarter from Rs 51,970.1 crore in the prior quarter.Gross non-performing assets (GNPA) of the sample fell to Rs 7.5 lakh crore from Rs 7.9 lakh crore in the previous quarter following reduced pressure of bad loans. “…the moratorium has prevented any loan-account to downgrade and helped banking industry in reining in fresh slippages but the real picture will emerge after the September quarter,” said SBI Research in a report.The aggregate provisions and contingencies, which include provisions for loan loss, restructured advances, standard assets, investment depreciation among other items, increased to Rs 83,071.4 crore in the March quarter from Rs 79,415.4 crore in the previous quarter.

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Brokerages’ views mixed on Glenmark Pharma

Mumbai: Brokerages have a mixed view on Glenmark Pharma after its fourth quarter results. While the majority of the brokerages have maintained their ratings and increased price targets significantly, some like CLSA, JP Morgan, ICICI Securities and HSBC have downgraded their ratings on the stock.BofA Securities increased target price to Rs 535 and said debt reduction, divestment of non-core assets, control in expenses, capex and lower R&D expenses will drive further re-rating of the stock currently trading at bottom valuations.However, global brokerage CLSA cut its FY22 EPS estimate by 4 per cent and target price to Rs 420 from Rs 440 per share after March-quarter earnings citing flat earnings outlook for FY21 and limited scope for debt reduction.Shares of Glenmark declined 3.7 per cent to close at Rs 450 on Tuesday.76721291Glenmark’s March-quarter performance was above estimates with higher domestic sales and visible efforts towards cost control. The company’s revenues grew by 8 per cent over March 2019 quarter, Ebitda margin improved 160 bps and profits increased 13.3 per cent.Shares of Glenmark rallied 26 per cent in the past one month especially after the company announced the launch of antiviral drug Favipiravir for the treatment of mild-to-moderate Covid-19 patients on June 20.Considering the recent rally, ICICI Securities downgraded the stock to ‘add’ rating from ‘buy’ with a revised target price of Rs 500 share.Domestic brokerage Emkay Global while retaining its buy rating said any meaningful upside would depend on a pick-up in US business as well as clarity of debt reduction.

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Sify partners with Talview to bring remote proctoring solutions to its iTest platform

CHENNAI: Sify Technologies on Tuesday announced their partnership with Talview, an AI enabled Talent Assessment technology provider, to integrate Remote Proctoring Solutions with its iTest platform. This integration with Talview’s proctoring solution, Proview, will ensure authentic invigilation of online assessments held remotely.Sify’s iTest is a platform providing end-to-end admission, recruitment and assessment engine. iTest has hosted approximately 4 million assessments online in the last year. “Outbreak of COVID-19 has given a definitive surge to the online examination software market and has increased the need for advanced proctoring solutions. Remote proctoring offers a series of advantages over traditional online examination method. Our iTest platform will come equipped with this AI based proctoring solution to ensure the quality and integrity of exams and candidates during remote examination,” said Kamal Nath, Chief Executive Officer, Sify Technologies Limited.Talview’s Proctoring Solution, Proview, will enable iTest with powerful features such as live and automated remote proctoring that uses AI-powered facial recognition to detect impersonation, browser policing, real-time alerts, activity log to inspect suspicious activities, and more."With this integration, iTest can now create a bio-metric record of the candidate, track their movements across multiple browser windows and for every session, and flag other suspicious activities like copy-paste in real time. The solution is designed to work in low bandwidth environment making it the perfect solution for the current situation," Nath said. The AI-enabled online proctoring solution, available in automated mode monitors suspicious activity using advanced video and audio analytics. It ensures the candidate focuses only on the test screen; monitors the light and other factors in the room; checks for suspicious actions and objects and background voice activity; and watches the browser window to detect changes. Adding to the automated module is the Live remote proctored solution that deploys trained resources in conjunction with the automated proctoring to offer a solution that gives an exam body the confidence to deliver exams in a remote manner.The exam administrator can also monitor the online test from their preferred locations. A detailed log of browser activity and audio-visual responses of the candidate is provided, and the AI sensors disable the candidates’ facility to copy/paste answers. Real-time access restriction ensures the examiner can take action immediately if a candidate is using any fraudulent means. Real-time recording of users’ actions facilitates secure and authentic online tests. The recorded streams can be stored and viewed for up-to six months.A statement from the company said the proctoring solution comes with advanced facial recognition features that ensures that the candidate is the original person taking the exam. Using an advanced algorithm in Machine Learning, it provides a confidence score to help ensure a match, and Two-Factor Authentication process that avoids fraudulent activity by quickly restricting test access.Along with automated proctoring, facial recognition and live monitoring the solution also provides analytics on user behavior and user actions. It also offers browser patrolling and real-time communication via a ChatBot and configurable alerts to avoid fraudulent activities during tests.“Sify is a pioneer in the online assessments market and we are glad to be partnering with a player who has in-depth knowledge of the existing demand. Our AI tools are built on the foundation of years of assessing candidates in a virtual environment. Our combined solution will help the target customers to administer secure exams at scale with best in class test-taker experience," Sanjoe Jose, CEO, Talview said.

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भारत में 50 वर्षों में 4.58 करोड़ लड़कियां हुईं लापता, 9 राज्यों में बेटों के मुकाबले बेटियां कम

यूएन की एक रिपोर्ट के मुताबिक, चीन के बाद भारत में महिलाओं के लापता होने की संख्या सबसे ज्यादा है।

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Twitter User Cooks 4,000-Year-Old Recipes Amid Lockdown, See Results

A Twitter user retrieved a 4,000-year-old recipe and tried making it at home during lockdown. The recipe is from 1730 BC Mesopotamia.

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S&P 500 ends best quarter since 1998 on a high note

NEW YORK: The S&P 500 rallied on Tuesday to finish higher and secure its biggest quarterly percentage gain in more than two decades as improving economic data bolstered investor beliefs that a stimulus-backed rebound for the U.S. economy was on the horizon. Coming off a drop of 20% in the first quarter, the biggest quarterly decline since the financial crisis in the fourth quarter of 2008, the S&P rallied more than 19.95% to notch its biggest quarterly gain since 1998, at the height of the tech boom. The gains have been fueled by unprecedented levels of fiscal and monetary stimulus and the easing of restrictions. But the S&P 500 is still down about 4% on the year, and gains in June stood at just 2% due to the flare-up in virus cases that has threatened to delay reopenings and derail a tentative economic recovery. Federal Reserve Chairman Jerome Powell reiterated in comments on Tuesday that the path of the economy is "highly uncertain." "What everybody sees is if we can get something that puts an end to the spread or the spread becomes less, there is literally so much money out there that the Fed has put out there that when we turn, it is going to be a rocket ship the other way," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. Still, comments from Anthony Fauci, the U.S. government's top infectious diseases expert, who said there was no guarantee the United States will have an effective COVID-19 vaccine and warned the virus spread "could get very bad," were a reminder that a full economic recovery could be a long road. Gains were capped on the Dow, pressured by a 5.75% drop in Boeing Co, as the airplane maker gave back some of Monday's 14% surge after Norwegian Air canceled orders for 97 aircraft and said it would claim compensation. The Dow Jones Industrial Average rose 217.08 points, or 0.85%, to 25,812.88, the S&P 500 gained 47.05 points, or 1.54%, to 3,100.29 and the Nasdaq Composite added 184.61 points, or 1.87%, to 10,058.77. The 17.78% gain in the Dow marked its best quarterly performance since a 21.56% rally in the first quarter of 1987 while the Nasdaq's 30.63% jump was its best quarter since a 48.18% gain in the fourth quarter of 1999. While coronavirus cases continue to surge in many states, the U.S. economy is showing signs of pickup, with data indicating consumer confidence increased much more than expected in June. Simmering U.S.-China tensions also remained a possible headwind, with Washington beginning to eliminate Hong Kong's special status under U.S. law in response to China's national security law for the territory. China said it would retaliate. All of the 11 major S&P 500 sectors traded higher, with a 2.2% rise in energy stocks leading the pack. Micron Technology Inc jumped 4.8% as it forecast higher-than-expected current-quarter revenue on strong demand for its chips that power notebooks and data centers. The company's results also boosted other chipmakers and lifted the Philadelphia semiconductor index by 2.7%. Uber advanced 4.9% after reports that the ride-hailing services company was in talks to buy food-delivery app Postmates. Advancing issues outnumbered declining ones on the NYSE by a 2.02-to-1 ratio; on Nasdaq, a 2.09-to-1 ratio favored advancers. The S&P 500 posted 13 new 52-week highs and 1 new low; the Nasdaq Composite recorded 76 new highs and 16 new lows. Volume on U.S. exchanges was 10.72 billion shares, compared with the 13.55 billion average for the full session over the last 20 trading days.

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France offers support of its forces

New Delhi: France has become the first country to offer India the support of its armed forces amid growing tensions on the China border and has proposed a visit by its defence minister to New Delhi at the earliest. In a letter to defence minister Rajnath Singh, his counterpart Florence Parly has said that India is France’s strategic partner in the region and has conveyed condolences for the loss of soldiers during the Galwan Valley skirmish on June 15.“This was a hard blow against the soldiers, their families and the nation. In these difficult circumstances, I wish to express my steadfast and friendly support, along with that of the French armed forces. I request you to kindly convey my heartfelt condolences to the entire Indian armed forces as well as to the grieving families,” the minister, who earlier had a phone conversation with Singh, has written.France, a key partner as well as weapons supplier to India with cutting-edge platforms ranging from Rafale fighter jets to Scorpene submarines, has also proposed a visit by Parly to follow up on the “ongoing discussions” and has reiterated its “deep solidarity” in this time of tensions.This is also the first defence minister-level visit proposed by a friendly nation since the Covid crisis broke out, indicating that Paris wishes to convey its deep commitment to India. Rajnath Singh visited Russia last week and discussed the ongoing crisis with China and India’s requirements with the top leadership in Moscow.As first reported by ET, France has promised to deliver additional combat ready Rafale jets next month and even committed that it will deploy its aerial refuelers to ensure that the jets make it to India with just a single hop.On a request from India, fighter pilots currently in France have also been given specialised training for aerial refuelling. Cutting-edge weaponry on jets, including air-to-air and air-to-ground missiles are being sent ahead of time.

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Pak moves 20k soldiers to Gilgit-Baltistan LoC

New Delhi: Pakistan has moved two divisions of troops along the LoC in occupied Gilgit-Baltistan and Chinese officials are holding talks with cadres of terrorist outfit Al Badr to incite violence in J&K, as per intelligence inputs, indicating clearer signs of a China-Pak collaboration on the border.Pakistan has moved almost 20,000 additional soldiers to LoC in northern Ladakh to match Chinese deployments on the LAC in the east. The level of troops Pakistan has deployed is more than what it did after the Balakot air strikes. Pakistani radars are believed to be fully activated all along the region too.The simultaneous build up on the Pakistan and China borders and efforts to incite terrorism in Kashmir has brought the possibility of a two-front war and fighting terrorists in Kashmir, the worst case scenario strategic experts fear, closer to reality. Sources said there have been a series of meetings between Chinese and Pakistani officials in recent weeks, followed by amassing of troops in Gilgit-Baltistan, the area that adjoins Ladakh on the north. The buildup comes at a time when thousands of Chinese soldiers have been aggressively deployed along LAC in eastern Ladakh, apart from intrusions at several points that has led to a tense standoff.A build up in Gilgit-Baltistan would require additional responsibility for the Indian Army that has deployed a credible force in eastern Ladakh to counter China. After the bifurcation of J&K , Gilgit-Baltistan is part of the Union Territory of Ladakh, but occupied by Pakistan. The area adjoins Kargil-Drass where India fought a war to evacuate Pakistani intruders in 1999.According to intelligence reports, Chinese officials have undertaken meetings with cadres of the Al Badr, a Pakistan-based terror group that has a history of wreaking violence in Kashmir. “The assessment is that China may provide support to revive the organisation. This is among the signs we have received that indicate Pakistan and China are collaborating on the ground,” sources said.Earlier this month, J&K Police DG Dilbag Singh had said there were signs that the Al Badr, decimated long ago, was being revived for operations. These signs of collaboration are worrying as tensions continue on LAC, with talks failing to make any headway and PLA increasing concentration across eastern Ladakh, apart from Arunachal Pradesh, Uttarakhand and Sikkim.As first reported by ET, India has been keeping an eye on airbases in Pakistan-occupied Kashmir after a Chinese refueller aircraft landed in Skardu earlier this week. Chinese air activity has increased opposite eastern Ladakh, raising the possibility of PLA Air Force (PLAAF) using airbases in Gilgit-Baltistan. Limited activity is being observed at the Skardu airbase where an IL 78 tanker of the Chinese air force landed earlier in the month.

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India-China tussle live: Telcos block access to apps

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Live: Gas explosion at clinic kills 19 in Tehran

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PM extends free ration scheme till end of November

NEW DELHI: PM Narendra Modi extended the free ration scheme for 800 million people until the end of November and warned against negligence in following distancing and other norms, asking authorities to strictly implement fines as the country enters Unlock 2.0 from Wednesday. The timely imposition of a lockdown on March 25 had saved lives but disregard for protocols such as wearing masks and “do gaz doori” when Unlock 1.0 began June 1 had been a cause for worry, he said in a 16-minute address to the nation on Tuesday.The PM Garib Kalyan Anna Yojana will be extended for another five months to benefit the poor. The scheme was to run for three months when it was started in April. The extension will cost ?90,000 crore, adding up to a total cost of ?1.5 lakh crore, the PM said. “It has been decided to extend the Pradhan Mantri Garib Kalyan Anna Yojana up to Diwali and Chhath Puja, till November-end,” he said.PM Holds Meeting on VaccineModi said the world was surprised that 800 million were getting free ration in India as that’s more than 2.5 times the population of the US, 12 times that of the UK and double that of the European Union. Many states and Congress president Sonia Gandhi had asked the PM for extension of the scheme.Before his address, Modi held a high-level meeting to review progress on a possible vaccine. Doctors, nurses, healthcare staff and non-medical frontline workers as well as vulnerable sections among the general public should be prioritised for early vaccination.“The PM said the vaccination must be affordable and universal,” the Prime Minister’s Office (PMO) said in a release. “No person should be left behind and that the entire process from production to vaccination should be monitored and supported in real time with the use of technology.”Considering the global death rate, India is in a better position compared with many other countries, the PM said. The death rate and the test positivity rate were the two numbers being closely tracked by the Centre, a senior government official told ET. The worst-affected states had been advised to focus on lowering these through extensive testing, contact tracing and increased medical infrastructure.“While cases are bound to increase in the states where case load was high in their urban centres and with more testing now, the key is to keep the mortality low and test positivity rate within limits,” the official said. “This will further increase the recovery rate that is touching 60% as we enter Unlock 2.0. Some urban centres got the wave early, like Mumbai, Indore, and Ahmedabad and are plateauing now while some have got it late, like Delhi, Chennai, Hyderabad, and Bengaluru.”Reports from states showed that the number of fines being imposed for social distancing violations were not adequate despite several central advisories in this regard, said another official. “So the message is being reiterated by the PM himself to step up compliance,” the official said.Modi referred to Bulgaria’s Prime Minister being fined for not wearing a mask in a public place.“In India too, the local administration should work with the same enthusiasm,” he said. “This is a drive to protect the lives of 130 crore countrymen. Be it a village pradhan or the Prime Minister, no one is above the law in India. Rules were followed very strictly during the lockdown. Now governments, local bodies, citizens, need to show similar alertness. Especially, we need to focus more on containment zones. Those not following the rules will need to be stopped and cautioned.”The PM also said that the One Nation-One Ration Card scheme was being implemented in some states. The Centre has asked other states to follow suit so as to make schemes such as the Pradhan Mantri Garib Kalyan Anna Yojana more beneficial for the poor. Modi said the nation’s top priority was to ensure no one goes hungry and thanked the farmers and taxpayers of the country for enabling the government to achieve this.

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SBG Cleantech taps Brookfield for up to $600 mn funding

MUMBAI: Softbank backed green energy company SB Cleantech has approached Brookfield for a $500-600 million funding infusion to complete their ongoing and pipeline projects in India and US, said people aware of the development. Both sides are in negotiations to finalise the exact structure and quantum which is expected to be a combination of a convertible instrument like mezzanine debt and equity, they added.SB Energy, the renewable energy arm of SoftBank, initiated a formal fund raising exercise by mandating Barclays and Bank of America Merrill Lynch to help raise $500-$750 million from potential new co-investors in SBG Cleantech, it's 80:20 joint venture with Bharti, ET had reported in its May 29th edition.“The need for funds is immediate and so they are open to various structures. They even unsuccessfully attempted to raise a bond. They have approached several with an offer to dilute around 30% of SB Energy’s stake in the joint venture,” said a global clean tech investor privy to these discussions. However, most industry participants believe parent Softbank may eventually sell a larger chunk, even majority to bring on board large institutional investors to deal with its own liquidity challenges.ET in January reported that SoftBank was in talks with SWFs in the Middle East and Asia, some of whom are limited partners (LPs) of SoftBank Vision Fund, besides Silicon Valley-based technology giants that are big buyers of clean energy for an investment, and was even open to selling a majority stake in the venture. This was part of an ongoing review as parent SoftBank was facing record losses and liquidity pressures.76721257The company’s management in India led by CEO Raman Nanda has always maintained that it will not divest the business and is committed to growing it. On offer is the JV's entire global portfolio, except Japan where SoftBank’s renewable projects are owned by a separate entity.Brookfield declined comment. “SB Energy is exploring potential co-investment partnerships to accelerate growth of its leading renewable energy platform. Given recent and growing interest in ESG investments at scale, SoftBank decided to take further steps towards identifying a growth partner. SoftBank is committed to the long-term success of SB Energy,” a Softbank spokesperson said.Bharti did not respond to ET’s detailed queries.SBG Cleantech predominantly has operating assets in India but also has assets across the US, Latin America and Middle East through acquisitions and bidding.Brookfield Renewable Partners operates one of the world’s largest publicly-traded renewable power platforms with a portfolio consists of approximately 19,300 MW of capacity and 5,288 generating facilities in North America, South America, Europe and Asia. With the acquisition of Terraform Global, the emerging market yieldco of former Sun Edison, Brookfield got a 300 MW footprint in India. Subsequently, it also took over two wind farms of Axis Energy that gave them an additional 210 MW of generating capacity. Earlier in the year, Brookfield was in active discussions to acquire a significant stake from Goldman Sachs in ReNew Power but those discussions did not yield any results.There is no guarantee that the ongoing Brookfield SB Energy conversations will also lead to an investment, cautioned the sources mentioned above.In 2015, with huge fanfare, SoftBank had teamed up with Bharti Enterprises and Taiwan’s Foxconn Technology Group to form a 70:10:20 alliance to build solar and wind parks and subsequently start manufacturing panels in India to promote Prime Minister Narendra Modi’s push for clean energy and Make in India initiatives. Together they were to invest $20 billion over a 10-year period to set up 20,000 MW, or 20 GW, of clean energy projects, subject to certain conditions. Later, Foxconn exited without investing and it became a 80:20 alliance.In India, the company has aggressively chased central government projects participating in auctions by Solar Energy Corporation of India (SECI) and NTPC to bulk its portfolio.PORTFOLIO CHALLENGESAccording to industry peers, the company’s near-$1-billion leverage in operating projects could be a handicap in attracting investments. “The problem with their portfolio is on one hand their PPAs are very aggressively priced but their costs are at least 25-30% higher than most industry peers,” observed a CEO of rival green energy company familiar with the assets. “That in turn impacts the IRR. They believe it’s a technology based utilities company and expect such valuations but that’s a hard sell.”The company claims to have 7.7-gigawatt pipeline of projects in India and will reach its 20-gigawatt target within the next five years. Currently, as per the management, it has nearly 2 GW operating renewable energy capacity in the country, 2 GW under construction, and additional 3,700 MW under “active development” with contracts in hand.As on December 2019, the joint ventures partners had made equity financing of $737 million in SBG Cleantech with around $590 million coming from Softbank alone.Another $1.2 billion of equity was required then for the pipeline and operational projects to get completed.In April, SB Energy, emerged as the largest bidder when NHPC’s floated tenders for solar projects and secured 600 megawatts of capacity at Rs 2.55/kwh. Interestingly, Axis Energy Ventures, backed by Brookfield Asset Management, grabbed 400 megawatts in the same competitive auction. Its partnership with NHPC is aimed at providing affordable, round-the-clock renewable energy in a hybrid combination of solar and hydro.In the US, too, the company is looking at a gigawatt of solar parks by next year out of the 1.7 GW platform that it acquired in 2019. But supplier shutdown in China, duty hikes on imports are expected to impact rollout plans for most players.

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Softbank-Bharti green energy JV taps Brookfield for upto $600 million funds

MUMBAI: Softbank backed green energy company SB Cleantech has approached Brookfield for a $500-600 million funding infusion to complete their ongoing and pipeline projects in India and US, said people aware of the development. Both sides are in negotiations to finalise the exact structure and quantum which is expected to be a combination of a convertible instrument like mezzanine debt and equity, they added.SB Energy, the renewable energy arm of SoftBank, initiated a formal fund raising exercise by mandating Barclays and Bank of America Merrill Lynch to help raise $500-$750 million from potential new co-investors in SBG Cleantech, it's 80:20 joint venture with Bharti, ET had reported in its May 29th edition.“The need for funds is immediate and so they are open to various structures. They even unsuccessfully attempted to raise a bond. They have approached several with an offer to dilute around 30% of SB Energy’s stake in the joint venture,” said a global clean tech investor privy to these discussions. However, most industry participants believe parent Softbank may eventually sell a larger chunk, even majority to bring on board large institutional investors to deal with its own liquidity challenges.ET in January reported that SoftBank was in talks with SWFs in the Middle East and Asia, some of whom are limited partners (LPs) of SoftBank Vision Fund, besides Silicon Valley-based technology giants that are big buyers of clean energy for an investment, and was even open to selling a majority stake in the venture. This was part of an ongoing review as parent SoftBank was facing record losses and liquidity pressures.76721257The company’s management in India led by CEO Raman Nanda has always maintained that it will not divest the business and is committed to growing it. On offer is the JV's entire global portfolio, except Japan where SoftBank’s renewable projects are owned by a separate entity.Brookfield declined comment. “SB Energy is exploring potential co-investment partnerships to accelerate growth of its leading renewable energy platform. Given recent and growing interest in ESG investments at scale, SoftBank decided to take further steps towards identifying a growth partner. SoftBank is committed to the long-term success of SB Energy,” a Softbank spokesperson said.Bharti did not respond to ET’s detailed queries.SBG Cleantech predominantly has operating assets in India but also has assets across the US, Latin America and Middle East through acquisitions and bidding.Brookfield Renewable Partners operates one of the world’s largest publicly-traded renewable power platforms with a portfolio consists of approximately 19,300 MW of capacity and 5,288 generating facilities in North America, South America, Europe and Asia. With the acquisition of Terraform Global, the emerging market yieldco of former Sun Edison, Brookfield got a 300 MW footprint in India. Subsequently, it also took over two wind farms of Axis Energy that gave them an additional 210 MW of generating capacity. Earlier in the year, Brookfield was in active discussions to acquire a significant stake from Goldman Sachs in ReNew Power but those discussions did not yield any results.There is no guarantee that the ongoing Brookfield SB Energy conversations will also lead to an investment, cautioned the sources mentioned above.In 2015, with huge fanfare, SoftBank had teamed up with Bharti Enterprises and Taiwan’s Foxconn Technology Group to form a 70:10:20 alliance to build solar and wind parks and subsequently start manufacturing panels in India to promote Prime Minister Narendra Modi’s push for clean energy and Make in India initiatives. Together they were to invest $20 billion over a 10-year period to set up 20,000 MW, or 20 GW, of clean energy projects, subject to certain conditions. Later, Foxconn exited without investing and it became a 80:20 alliance.In India, the company has aggressively chased central government projects participating in auctions by Solar Energy Corporation of India (SECI) and NTPC to bulk its portfolio.PORTFOLIO CHALLENGESAccording to industry peers, the company’s near-$1-billion leverage in operating projects could be a handicap in attracting investments. “The problem with their portfolio is on one hand their PPAs are very aggressively priced but their costs are at least 25-30% higher than most industry peers,” observed a CEO of rival green energy company familiar with the assets. “That in turn impacts the IRR. They believe it’s a technology based utilities company and expect such valuations but that’s a hard sell.”The company claims to have 7.7-gigawatt pipeline of projects in India and will reach its 20-gigawatt target within the next five years. Currently, as per the management, it has nearly 2 GW operating renewable energy capacity in the country, 2 GW under construction, and additional 3,700 MW under “active development” with contracts in hand.As on December 2019, the joint ventures partners had made equity financing of $737 million in SBG Cleantech with around $590 million coming from Softbank alone.Another $1.2 billion of equity was required then for the pipeline and operational projects to get completed.In April, SB Energy, emerged as the largest bidder when NHPC’s floated tenders for solar projects and secured 600 megawatts of capacity at Rs 2.55/kwh. Interestingly, Axis Energy Ventures, backed by Brookfield Asset Management, grabbed 400 megawatts in the same competitive auction. Its partnership with NHPC is aimed at providing affordable, round-the-clock renewable energy in a hybrid combination of solar and hydro.In the US, too, the company is looking at a gigawatt of solar parks by next year out of the 1.7 GW platform that it acquired in 2019. But supplier shutdown in China, duty hikes on imports are expected to impact rollout plans for most players.

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Top-level government panel to probe data practices of Chinese apps

NEW DELHI | BENGALURU: Representatives from the 59 Chinese apps banned by India on Monday can appear before a government-constituted committee within 48 hours of the announcement to prove that the data of Indian users is not being sent to servers in China, top officials told ET.The committee, which is likely to meet on Wednesday, will conduct a detailed inquiry into the data-sharing practices of these apps, including top social media platforms TikTok, Helo and WeChat.Executives from apps such as TikTok, Bigo Live and Likee said they will cooperate with the government in the investigations and that they had begun the process.Officials from the ministry of home affairs, ministry of electronics & IT, ministry of information & broadcasting, and law & justice will be part of the panel, along with Sanjay Bahl, director general of CERT-In — India’s nodal agency for internet security.76721129“Given the threat to national security and public order, the ban was necessary at a time of increasing tensions with China,” said a senior government official.“Emergency provisions” under law were invoked to ban the apps owing to concerns that some of these were being used for “espionage” on Indians, the official said.China Expresses Serious ConcernOn Tuesday, China issued a statement expressing serious concern over the ban.“India’s measure selectively and discriminatorily aims at certain Chinese apps on ambiguous and far-fetched grounds, runs against fair and transparent procedure requirements, abuses national security exceptions, and (is) suspected of violating the WTO rules,” said Ji Rong, a spokesperson of the Chinese embassy.Arguing that the ban goes against the general trend of international trade and ecommerce, the spokesperson said it was also not conducive to consumer interest and market competition. “The ban will affect local employment in India,” the spokesperson said.Meanwhile, government officials said they were confident the ban order will stand legal scrutiny. Pointing out that the ban is an interim one, an official said, “These are all provisions under the law.”Nikhil Gandhi, India head of TikTok, said the company had been invited to meet with government stakeholders for an opportunity to respond and submit clarifications. “TikTok continues to comply with all data privacy and security requirements under Indian law and has not shared any information of our users in India with any foreign government, including the Chinese government. Further, if we are requested in the future, we would not do so.”On Tuesday, the app went offline with a message to users: “We are in the process of complying with the government of India’s directive to block 59 apps. Ensuring the privacy and security of all our users in India remains our utmost priority.”INDIA A HUGE MARKETIn terms of users, India is one of the largest markets for Chinese apps after their home market and the US.Stocks of Chinese companies such as Alibaba, Baidu, Weibo and YY closed in the red on US stock exchanges on Monday, following the announcement of the ban.ByteDance, which owns TikTok, is said to be mulling a listing on US stock exchanges by 2021. TikTok’s ranking on the Android Play Store dropped significantly following the ban order.A senior executive with Joyy Inc, the parent of Chinese apps Bigo Live and Likee, said the company will consult the government, and is not contemplating any legal action. “The intent is to work with the government and not against it. We are happy to take initiative and comply with any policy changes proposed,” he said.LEGAL CHALLENGES FACTORED INThe government has factored in potential legal challenges by the owners of the banned Chinese apps and is hopeful the courts will support its decision. More so, as the decision to ban the apps was based on 300 documented requests from eminent people and organisations, including the Congress party, and has been imposed with respect to public order and national security at a time when tensions with China are at an all-time high, said the official cited earlier.“We don’t think any court will disagree with the government and ask us to conduct an inquiry before banning the apps, especially in such a tense situation,” said a top official.Digital activists such as the Internet Freedom Foundation have argued that each case needs to be considered individually. “The website blocks are directed on an aggregated basis against 59 websites. Here common grounds and reasoning is made which goes against the individualised nature of the blocking power under Section 69A and the Blocking Rules,” it said on Twitter on Monday.‘LOOKING TO HOLD TALKS’A lawyer representing ByteDance indicated the company may not approach courts directly and will first try to engage with the government. The person, who requested anonymity, questioned the move to “club” the 59 apps together. “ByteDance will engage with the government. If the government thinks China cares about banning social media apps, it is mistaken. These aren’t strategic industries,” the person said.ShareIT, UC Browser and shopping app Club Factory are among the other prominent apps that have been blocked amid heightened tensions along the border with China. The ban was meant to counter the threat posed by these applications to the country’s “sovereignty and security”, the government said in a press release late on Monday.Paul Haswell, partner for Hong Kong-based law firm Pinsent Masons, said the development was part of a larger geopolitical situation as increasing tensions play out globally. “Technology is increasingly being subject to restrictions as states fall into disputes over a broad range of topics, as we have seen with US sanctions against Chinese tech vendors,” he said.‘MOVE JUSTIFIED’Haswell said India is free to take any steps and may be justified since there are concerns as to how the apps in question compromise user data. “Certainly, China restricts apps and technology within China. So India is just following suit.”“The ban has opened a Pandora’s Box with regard to regulating data flows and is a short-term solution to an ongoing crisis,” said Kazim Rizvi of digital policy think tank The Dialogue.“There is a need for stronger data protection frameworks, secure digital infrastructure and deeper cooperation between like-minded countries in fighting rising threats from across the borders,” Rizvi said. (With inputs from Dipanjan Roy Chaudhury)

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अमेरिका के संघीय संचार आयोग ने चीन की हुआवे और जेडटीई पर लगाया बैन

अमेरिका के संघीय संचार आयोग (एफसीसी) ने अमेरिकी संचार नेटवर्क को सुरक्षित करने के अपने प्रयासों के तहत चीनी कंपनी हुआवे और जेडटीई के उपकरणों के उपयोग पर प्रतिबंध लगा दिया।

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Samsung Galaxy S20+, Galaxy Buds+ BTS Editions Launched in India

Samsung Galaxy S20+ BTS Edition has been launched in India, alongside the Galaxy Buds+ BTS Edition. Samsung has also kicked off pre-bookings for the Cloud White colour variant of the Galaxy S20...

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अब चीनी कंपनी हुवावे को 5जी की दौड़ से बाहर करने की तैयारी में सरकार

पूर्वी लद्दाख में सीमा पर तनाव का जवाब आर्थिक मोर्चे पर दे रही मोदी सरकार अब चीन को एक और झटका देने की तैयारी में है।

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झटका : आज से म्यूचुअल फंड में निवेश महंगा, देना होगा स्टांप शुल्क

1 जुलाई, 2020 से म्यूचुअल फंड में निवेश करना महंगा हो जाएगा। निवेशकों को अब फंड की इकाई खरीदने के लिए स्टांप शुल्क चुकाना होगा। साथ ही इसे ट्रांसफर करने पर भी स्टांप शुल्क लगेगा।

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Trump "More And More Angry At China" Over Coronavirus Spread

President Donald Trump said Tuesday he was growing "more and more angry at China" over the spread of the coronavirus, as American health officials warned they were not in "total" control of the...

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Two Dead, Four Hospitalised After Gas Leak At Visakhapatnam Pharma Unit

Two people were killed and four were hospitalised after gas leaked overnight at a pharmaceutical unitin Andhra Pradesh's Vishakhapatnam.

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COVID-19 Pandemic "Is Not Even Close To Being Over", Says WHO Chief

The COVID-19 pandemic is not even close to being over, World Health Organization chief Tedros Adhanom Ghebreyesus told a briefing on Monday.

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'Plasma therapy not promising in initial trials'

NEW DELHI: Plasma therapy for Covid-19 has not shown promising results, according to the preliminary results of a study of patients treated with the antibodies drawn from those cured of the disease.“The interim analysis from 300-odd patients who have been given plasma therapy showed that it is not working,” officials in the Indian Council of Medical Research told ET on condition of anonymity.ICMR had in April sought participation in the randomised controlled study to assess the safety and efficacy of plasma therapy. While the study is under way at various sites, a review of the interim data on Friday wasn’t encouraging, the officials said.ICMR had updated the Covid-19 clinical treatment protocol to include advice for the use of dexamethasone as an alternative to methylprednisolone in moderate to severe cases, but it has kept plasma therapy out until there is more evidence to support its use.76701700The sample size of the study is 425. The trial is still ongoing and it will be some time before the final call is taken on plasma therapy. As of now, it seems that it doesn’t work, officials said.The preliminary findings come as states including Delhi vouch for plasma therapy even amid a struggle to find donors for patients. Delhi chief minister Arvind Kejriwal announced the setting up of a plasma bank for treatment of Covid-19 patients.“There are two things that happen to a patient during corona – oxygen levels decline and respiration levels increase. If plasma is given, both these levels show improvement,” Kejriwal said on Monday. He appealed to cured patients to donate plasma.

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Digital payments bounce back to pre-Covid levels

Mumbai: Digital payment transactions through the Unified Payment Interface (UPI), cards and mobile wallets have made a near V-shaped recovery this month. Volumes had plunged nearly 60% in April after a countrywide lockdown to arrest the spread of the Covid-19 pandemic.UPI, operated by the National Payments Corp of India (NPCI), processed 1.42 billion transactions worth ₹2.31 lakh crore until June 28, the most recorded by the channel in a month, Reserve Bank of India (RBI) data showed. The monthly volume in April was 990 million amounting to ₹1.5 lakh crore, recording the sharpest month-on-month decline on the platform since it became operational in 2016.The UPI increase is due to consumers increasingly paying utility and shopping bills through contactless modes, experts said. “Covid-19 has accelerated the shift to digital,” said Ambarish Kenghe, senior director, product, Google Pay. “It’s been a V-shaped recovery after volumes had fallen in April.”Google Pay, the UPI leader in India, has seen bill payments and online recharges surge 180% on its platform in the months following the initial lockdown, he said. India imposed a nationwide lockdown at the end of March and easing of curbs started in early May.Walmart-owned payment company PhonePe also said volumes had recovered. “Payment volumes for June are back to pre-lockdown levels,” said Karthik Raghupathy, vice president, strategy and business development, PhonePe. “This is driven both by the fact that offline and online merchants across most parts of the country have now opened up.”Separately, card-based transactions are also recovering with volume and value processed by top banks seeing a gradual revival to pre-Covid scale.76701672Credit Card Payouts UpAxis Bank, Kotak Mahindra, RBL Bank and SBI Cards said card-based transactions have returned to about 70-80% of pre-Covid volumes. While the recovery has been sharper for payment by credit card, with a sizable chunk of it taking place online, debit card payments have also grown from May to June.The catalyst for recovery has been the opening up of ecommerce for non-essential goods and a digital shift in spend-heavy sectors such as entertainment and education, said executives monitoring these trends at top banks. However, spending in segments such as aviation, fuel, movies and dining remain subdued since people are traveling less and cinema halls and restaurants remain closed.“There has been a sharp surge in payments to OTT (over-the-top) and education platforms,” said Deepak Sharma, president and chief digital officer at Kotak Mahindra Bank. OTT refers to services such as Netflix.“We have also seen an increase in retail spends on ecommerce platforms in June, which is contributing heavily to our volumes,” said Vishwas Patel, CEO of CCAvenue, a leading payment gateway. “This could be because of pent-up demand.”Full Recovery to Take TimeThe trend reflects a gradual revival in consumer sentiment but full recovery could still be some time away, experts said.“While the recovery in digital payment trends going from April to June has been positive, one has to account for the fact that the sector was growing sharply before the pandemic,” said Sanjeev Moghe, EVP, cards and payments, Axis Bank. “The sector was recording 25-30% annual growth. By those calculations we are still 35% away from where we would have been.”Those managing offline digital payments at stores in the country echoed such concerns. Volumes being processed by payment companies at physical outlets remained nearly 50% down from pre-Covid levels.“About 75% of stores managed by us are now open,” said Rajeev Agrawal, CEO, Innoviti, which deploys point-of-sale units. “While food and grocery payments are almost at pre-Covid levels, segments such as fashion, apparel and entertainment remain massively impacted especially in metro cities.”Demand for pharmaceuticals and electronic goods especially in tier 2 and tier 3 cities have largely contributed towards the slight recovery observed on its platform in June, he said. Innoviti’s PoS machines power digital payments at more than 20,000 stores across the country.

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SBI urges UK Home Secretary to reject Vijay Mallya’s asylum plea

Mumbai: India’s largest lender State Bank of India (SBI) has written to UK home secretary Priti Patel’s office, challenging Vijay Mallya’s asylum plea, said three people in the know.The letter, written on behalf of the consortium of lenders led by SBI, and dispatched earlier this month, urged the British authorities to expedite the fugitive businessman’s extradition proceedings as this was key to recovering dues from him, said one of the persons.The missive is being seen as part of a collective effort by Indian banks, investigative agencies and other entities to put pressure on the UK government to hasten Mallya’s return to India.“A letter was dispatched recently, urging the UK home office to expedite Mallya’s deportation since his return is crucial to recovering the money owed to banks,” said an official in the know. “This is part of the ongoing efforts to get Mallya declared bankrupt, as well as other actions that our agencies have taken.”To a query, a SBI spokesperson said, “It is the policy of the bank not to comment on an individual account and its treatment.”Indian Banks Working with UK AuthoritiesMallya has maintained that Indian banks have repeatedly rebuffed his offers to “pay in full”. So far, banks have recovered nearly Rs 2,500 crore by selling shares and properties pledged by Mallya. Lenders have claimed that the beleaguered businessman owes them a total of Rs 9,000 crore, including interest and principal. Other banks in the consortium include Punjab National Bank, Bank of Baroda and IDBI Bank. Mallya did not comment. In April, the London High Court deferred hearing on a plea by the consortium of Indian lenders seeking that Mallya be declared bankrupt. Banks are trying to recover a loan of around £1.145 billion (nearly Rs 10,500 crore) from Mallya. They also want to be declared ‘secured lenders’ in the UK — a key step toward recovering money from the businessman’s overseas assets. Top officials said Indian banks are working closely with the UK authorities to recover as much as they can out of Mallya’s assets. “The banks’ move to send a letter to the UK government through the British High Commission is part of the collective efforts to recover dues,” said a legal source. “We cannot say if it is at the behest of the regulators or an effort by the consortium members themselves, as they have been following up with UK regulators and the home office for a long time.” In response to a query from ET, the British High Commission said: “We do not comment on individual cases and have no further comment in line with longstanding policy.”TWO REMEDIESMallya has only two possible legal remedies left with him: One is to seek asylum, and the other is to approach the European Court of Human Rights (ECHR). While the ECHR is yet to officially receive an application from Mallya, top lawyers close to the developments said this is imminent as the high court’s recent judgment allowing his extradition is in violation of certain human rights that the ECHR protects.

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जम्मू-कश्मीर: अनंतनाग में आतंकियों और सुरक्षाबलों के बीच शुरू हुई मुठभेड़

जम्मू-कश्मीर के अनंतनाग जिले के वघामा इलाके में मंगलवार सुबह सुरक्षाबलों और आतंकियों के बीच एक बार फिर मुठभेड़ शुरू हुई।

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असम के 25 जिले बाढ़ की चपेट में, ब्रह्मपुत्र नदी खतरे के निशान से ऊपर, अब तक 22 की मौत

उत्तर-पूर्व भारत में हो रही भारी बारिश ने जन-जीवन अस्त व्यस्त कर दिया है। असम में बाढ़ की स्थिति सोमवार को और गंभीर स्थिति में पहुंच गई। असम के 33 में से 25 जिले सोमवार को बाढ़ की चपेट में आ गए तथा बाढ़ के कारण अब तक 22 लोगों की मौत हो चुकी है।

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चीन का सैन्य रिजर्व बल जिनपिंग के नियंत्रण में, अमेरिकी पत्रकार ने ड्रैगन पर साधा निशाना

चीन की सत्तारूढ़ कम्युनिस्ट पार्टी अपना वर्चस्व बनाए रखने के लिए राष्ट्रपति शी जिनपिंग ने सैन्य रिजर्व बल को 1 जुलाई से अपने नियंत्रण में ले लिया है।

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देश में पहली बार ऑनलाइन शिक्षा के बजट को लेकर बैठक, नई शिक्षा नीति को लागू करने पर भी चर्चा

कोरोना के कारण पारंपरिक शिक्षा प्रभावित होने और ऑनलाइन शिक्षा पर जोर को लेकर पहली बार शिक्षा बजट तैयार हो रहा है।

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High Court Grants Divorce On Wife's Refusal To Wear "Sindoor"

Observing that the refusal to wear "shaka" (conch shell bangle) and "sindoor" (vermillion) as per customs by a Hindu married woman amounted to her refusal to accept the marriage, the Gauhati High...

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China’s untenable demand to resolve Pangong standoff

New Delhi: In a seemingly untenable demand to de-escalate matters in the Finger areas of Pangong Tso, China is believed to have proposed that Indian forces move back to Finger 2 as a pre-condition to Chinese troops withdrawing to Finger 6. At present, both sides are in a standoff at Finger 4.China, sources said, is making unacceptable demands while the Indian position has been consistent that status quo ante has to be restored as the PLA has been the aggressor by moving its troops forward and setting up infrastructure across the Line of Actual Control (LAC).A third round of Corps Commander-level talks is planned for Tuesday between 14 Corps Commander Lt Gen Harinder Singh and his Chinese counterpart Maj Gen Liu Lin. These talks will take place at an Indian meeting point in Chushul.The ground situation in Eastern Ladakh has remained unchanged for several weeks now with thousands of troops locked in a standoff and talks yielding little results. Sources said there has been no reduction of troops at friction points along the LAC and disengagement will be a prolonged process.76701369No Change in Troop BuildupThe standoff could stretch on through the winter but talks would continue, they said.The Finger area is a series of spurs that rise along the bank of the Pangong lake, with the Indian perception of the LAC lying at Finger 8. The disputed area between Finger 4 and 8 — over 50 sq km — used to be patrolled by both sides.However, in an aggressive move, China moved in soldiers and equipment to Finger 4 since late April, cutting off Indian access and unilaterally changing the ground situation. Over the past month, it has built several dozen defences and hundreds of structures between Finger 4 and 8, in gross violation of all border protocols and agreements.Sources said that Chinese demands are untenable as the change in status quo was carried out by the PLA and Indian troops did not try to alter ground positions. In addition, moving back to Finger 2 would involve dismantling of two Indian military camps on the banks of the lake. Moreover, the Indian claim is till Finger 8, and anything short of restoring that would not be acceptable.Also, the ground position of PLA troops does not match what was agreed to during the last two rounds of talks. In Galwan, Chinese troops remain dug in and the troop buildup in the rear has not been dismantled.At Finger area too, there have not been signs that the Chinese troops are pulling back – satellite images show defensive structures both along the banks of the lake and at the ridgelines. The first attempt to de-escalate at Galwan, which was agreed to at a Corps Commander-level meeting on June 6, ended in disaster when a skirmish took place on June 15 in which 20 Indian soldiers were killed along with an undeclared number of PLA troops, including the Commanding Officer. India is approaching all promises of disengagement by the Chinese side with extreme caution after the skirmish.

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Dow ends up 2.3% as US stocks bounce

New York: Wall Street stocks finished solidly higher Monday, recovering some of last week's losses amid improved investor sentiment as Boeing shares surged on progress in returning the 737 MAX to service. The Dow Jones Industrial Average jumped up 2.3 percent, or around 580 points, to 25,595.80. The broad-based S&P 500 gained 1.5 percent to 3,053.24, while the tech-rich Nasdaq Composite Index advanced 1.2 percent to 9,874.15. Major indices lost more than two percent on Friday as coronavirus case spikes in numerous southern and western states exacerbated worries the US economic recovery would be derailed. While new COVID-19 cases remained at a high level Monday, analysts expect a spate of major economic data releases this week will show sequential improvement from very weak levels. "The market is seeing the glass half-full today versus the glass half-empty at the end of last week," said Art Hogan, chief market strategist at National Securities. This week's calendar includes reports on consumer confidence, manufacturing activity and the June jobs report. Among individual companies, Boeing led the Dow, surging 14.4 percent as the Federal Aviation Administration undertook a long-awaited certification flight of the 737 MAX, which has been grounded since March 2019 following two deadly crashes. Shares of social media companies Facebook and Twitter gained 2.1 percent and 1.5 percent, respectively, as investors shrugged off announcements by more companies such as Ford and Starbucks that they will suspend spending due to concerns about how the platforms are regulating hate speech. Coty jumped 13.4 percent as it bought a 20 percent stake in Kim Kardashian West's beauty brand for $200 million.

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PNB fraud: Banks may liquidate Nirav Modi's Firestar International

NEW DELHI: Banks are weighing liquidation of Nirav Modi group’s parent company Firestar International after the proposal was deliberated upon at a creditors meeting on Friday, said sources aware of the developments. The lenders are divided over the future of the company as the Enforcement Directorate has initiated proceedings under the Prevention of Money Laundering Act (PMLA) against the Nirav Modi group and assets of the parent company are currently in the enforcement agency’s custody.Leader of the lenders consortium, Punjab National Bank, feels the company’s assets be liquidated given the uncertainty over its future due to ongoing investigations against it though another large creditor, Bank of Baroda, expressed an opposing view, according to these sources.“There was disagreement among banks at the meeting. Some assets of the company have been seized by ED under PMLA. But these can be brought under ambit of the bankruptcy process and offered to buyers because banks have a charge on those assets,” a banker involved in the deliberations said. Banks will decide on the proposal by way of an electronic vote before July 7.Mails and text messages sent to Punjab National Bank managing director SS Mallikarjuna Rao and Bank of Baroda managing director Sanjiv Chadha did not elicit a response until press time. Spokespersons also did not respond to ET's questionnaire till press time Monday.

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शिवराज मंत्रिमंडल विस्तार पर फंसा पेंच, सीएम और राज्यपाल का भोपाल कार्यक्रम टला

मध्यप्रदेश के सीएम शिवराज सिंह चौहान का बहुप्रतीक्षित मंत्रिमंडल विस्तार मंगलवार को नहीं हो सकेगा। कुछ मुद्दों पर पेच फंसने से विस्तार बुधवार को होने की संभावना है।

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CA Exam 2020: सीए छात्रों को बड़ी राहत, परीक्षा नहीं देने पर ‘ऑप्ट आउट’ श्रेणी में रखा जाएगा

सीए की पढ़ाई कर रहे छात्रों को सुप्रीम कोर्ट ने सोमवार को बड़ी राहत दी है। अब अगर कोई छात्र परीक्षा नहीं दे पाता है तो उसे ‘ऑप्ट आउट’ श्रेणी में रखा जाएगा,

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भूगोल और जलवायु के लिहाज से एलएसी पर की जाए लद्दाखी सैनिकों की तैनातीः सांसद नामग्याल

आत्मनिर्भर भारत अभियान के तहत दिया गया ‘वोकल फॉर लोकल’ का नारा एलएसी पर तनाव के बीच लद्दाख में भी जोर पकड़ने लगा है।

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Man's Simple Hack To Sort Fruits By Size Garners Praise For Its Ingenuity

An Indian fruit seller devised an ingenious method to sort his fruit produce into boxes by size, and the video has gone viral on Twitter.

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India bans 59 apps, majority owned by Chinese cos

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Live: WHO says pandemic 'not even close' to over

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Almost two-thirds of college grads can't find a job: Survey

Bengaluru: Around 66% of campus graduates do not have a job offer on hand, according to a survey by job portal Naukri.And, of the one-third college pass-outs who had received offer letters, close to 44% confirmed that their joining dates have been delayed, while another 9% saw their offers being rolled back, the survey of 1,300 college students showed.Most students have switched to online job portals, but 17% are taking the referral route and connecting with their college alumni, it said, adding that some students are also considering freelancing as a viable future career option.“The pandemic has hit placement prospects of the 2020 batch across 82% colleges. It has further impacted internship offers of 74% pre-final year students. However, students are not losing morale and going virtual for their learning as well as job interviews,” said Sharad Sindhwani, chief business officer at Firstnaukri.com.In fact, most companies are using new-age technology to hire remotely, he added.Further, online courses and certifications are the first choice among freshers. About 70% of college students have already subscribed to online courses, followed by half of them reading news regularly to stay abreast of developments in their fields. The situation has not impacted higher education plans of 80% surveyed graduates.Half of the students found that companies have postponed campus visits while many are resorting to new-age technology solutions for hiring and are conducting video interviews and online assessments.

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बड़ी राहत का संकेत : 19 राज्यों में अब एक जैसा मिल रहा कोरोना का जीनोम

कोरोना वायरस को लेकर वैज्ञानिक आगामी दिनों में बड़ी राहत मिलने का संकेत दे रहे हैं। अभी तक कोरोना वायरस के अलग अलग रूप सामने आ रहे थे, लेकिन बीते एक महीने से संक्रमित मरीजों में एक या दो तरह का जीनोम ही दिखाई दे रहा है।

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गुस्ताख चीन पर डिजिटल स्ट्राइक का पूरा गणित, भारत सबसे बड़ा एप बाजार, 80 करोड़ से ज्यादा स्मार्टफोन यूजर

भारत के साथ सीमा विवाद भड़काने का खामियाजा चीन को न केवल सामरिक रूप से उठाना पड़ेगा बल्कि उसे भारी-भरकम आर्थिक झटका भी लगेगा। मोबाइल एप इंडस्ट्री की बात करें तो भारत में 80 करोड़ से ज्यादा लोगों के पास स्मार्टफोन हैं।

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चीन मुस्लिमों की आबादी पर रोक लगाने के लिए हुआ आक्रामक, नहीं मानने पर दे रहा है कड़ी सजा

चीन की सरकार देश में मुस्लिम आबादी पर अंकुश लगाने के लिए बेहद आक्रामक रुख अपनाए हुए हैं।

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Hinduja family dispute, how it all started

MUMBAI: Srichand Parmanand (SP) Hinduja and his daughters Shanu and Vinoo are the whole and sole owners of the Switzerland-headquartered Hinduja Bank, and SP’s three brothers — Gopichand, Prakash and Ashok — are neither executives not shareholders of the bank, sources close to the SP Hinduja family told ET. There was thus no need to consult them before appointing Shanu’s son, Karam Hinduja, as the bank’s CEO.These sources also said that in May 2015, SP Hinduja had tried to repudiate a July 2014 agreement which had said that the “brothers appoint each other as their executors, and the assets held in any single brother’s name belong to all four”. The claim by the three brothers that Hinduja Bank does not exclusively belong to SP Hinduja is on the basis of this agreement.Litigation Started in Nov 2019One of persons cited above said that in 2016, SP had made a witness statement declaring that the letter signed between the four brothers did not reflect his wishes, and that the family’s assets should be divided. Following this, SP had sent an email communication to the other three brothers stating that he did not consider himself legally or morally bound by the letter. “Evidence has been submitted in the London court that SP had sought a meeting on May 2, 2015, with the other three brothers to convince them to recant the letter, but Gopi and Ashok were not in favour of it,” said one of the sources. “The three brothers are now wrongly using the letter to try and take control.” 76681381The ongoing litigation in the London court started in November last year. Vinoo is seeking to have the July 2014 agreement declared null and void. The two sisters are said to be seeking a 25% stake in the $13-billion (by revenue) Hinduja empire, as per a legal source. One of the sources close to the SP Hinduja family said the three brothers were neither executives nor shareholders of the bank, and hence there was no need for dialogue before making senior-level appointments. The family is also upset by the fact that the three had attempted to take control of the bank in 2018, citing their elder brother’s lack of capacity to run it. “The uncles have not been consulted because the bank is wholly owned by SP, there is no debate about that at all,” a source closely involved with dealings of both the families said. “While the uncles are debating the division of the estate, the ownership of the bank is undisputedly with SP, wholly and solely. It’s not about not consulting them, it’s more to do with the fact that they are not allowed to be consulted. They are not executive members or shareholders of the bank.”Email queries sent to representatives of the four Hinduja brothers remained unanswered till press time. The dispute that has been simmering for four years, came into the open last week after a London court allowed Vinoo, SP’s younger daughter, to act as his ‘litigation friend’ to safeguard his interests, since he is said to be suffering from a form of dementia. A statement signed by the other three Hinduja brothers had contested SP’s claim. The other brothers contend that the assets are jointly owned, and ownership should vest with a trust. “It is very unfortunate that these proceedings are taking place as they go against our founder’s and family’s values and principles that have stood for many decades, especially, ‘everything belongs to everyone and nothing belongs to anyone’,” the statement had said.Two other legal proceedings are also said to be underway — one in the UK and the second in Switzerland. There is also said to be a property dispute, which is being litigated in the UK. Founded in Geneva in 1994, Hinduja Bank’s operations span across five countries. While SP’s elder daughter Shanu is the chairwoman of the bank, her son Karam took over as CEO in March as per his LinkedIn page. He and his sister Lavanya had legally adopted the Hinduja name after their mother’s divorce.

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Investing lessons to pick from negativity

By Dhirendra KumarPeople hate stories of failure in investing. This is not surprising. Savers who are pessimists stick to bank deposits. The very act of putting money in a market-backed asset marks you out as someone who thinks that the future is going to be much better than the present.Over the past two decades, in the articles and columns that I have written in Value Research publications and newspapers like this one, I have observed that negative articles are not popular. What’s a ‘negative’ article, you might ask. A negative article or analysis tells you what’s bad in saving or investing. It explains what not to do. A positive one tells you what is good and explains what you should do. A positive article is about making money. A negative one is about not losing money. That’s a very sharp distinction.Equity investors don’t like to read about how not to lose money. They’re inherently optimists. You might think that equity investing makes people optimists, but that’s not really true. The cause and effect are the other way around. Only people who are inherently optimists get drawn to stocks.I’m sure you now understand why equity investors do not like to read negative stories. If I was worried about being a popular writer then I would also focus only on happy-happy stories. Unfortunately, investing is actually a little more complicated than that.Mistakes (bad decisions) can cause far more damage to your investment value, and far more quickly than can be countered by great investments. There are lots of stocks that have gone down to 1/10th of their value. If you invested in one of these and stayed on in mistaken confidence and optimism then you will need a 10X investment to balance it out. Of course, 10-baggers are really, really hard to find. Not just that, finding a 10-bagger and then finding enough confidence to stay with and grab all 10 bags is even harder!So it becomes clear that if you want to invest profitably and safely, what you don’t do with your money could be more important than what you do. So how do you avoid mistakes? The first step is to overcome your aversion to negative stories and read up about high profile failures!Some companies that fail are victims of bad management, some are victims of crooked management, and some external circumstances. Perhaps there’s some element of everything in most cases. Our job, as investors and investment analysts, is to look at the underlying patterns and then see if they exist elsewhere. Essentially, we should take those patterns (and many more) as warning signals and ensure that they do not exist in any stocks that we are tempted to buy.This principle of studying negativity is not just something that I write in my articles, but it is also an integral part of the analytical process that I’ve put together in Value Research. In fact, in Value Research Stock Advisor, I have made this principle a core part of our stock-selection methodology. Our analyst team has evolved a list of negative characteristics that none of our recommended stocks should have. No matter how good a stock looks, if it has any one of the red lights glowing, we will reject it without a second thought. That should be the normal way that investors should act.However, sometimes even this is not enough in equity investing. Companies will find new ways of blowing up. Promoters and managements will invent new types of malfeasance. Ultimately, the only protection you have against such negative events is diversification. In a long enough investing career, everyone will be hit by a few wealth destroyers—I have faced some personally. The only deep defence is to be diversified so that you can just shrug, accept the loss, learn the lesson, and move on.(The author is CEO, Value Research)

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MNC arms yet to take a call on Facebook ads

New Delhi | Mumbai: Led by their global parents that have suspended advertising on Facebook, large consumer facing multinational companies in India have intensified engagement with social media giants — especially Facebook — to push for more accountability and transparency. However, many are continuing to advertise on social media platforms.Media agencies said the decision by some of the world’s largest advertisers, including Unilever and Coca-Cola, to ban advertising on social media due to inability of the platforms to curb “hate speech” may have a far reaching impact in India. So far, however, the boycott by Unilever pertains to the US market.Unilever’s India subsidiary, Hindustan Unilever, hasn’t taken a call on the matter yet. HUL has consistently ranked at top spot among India’s largest advertisers for the previous two years back-to-back. According to the Pitch Madison Advertising report in 2019, HUL’s ad spends touched ₹3,400 crore. 76681675A highly placed source in GroupM, HUL’s media buying partner, confirmed that HUL has not reached out to the agency yet to withdraw advertising from social media.Several executives at the MNCs that ET spoke to said they are monitoring the developments closely. A spokesperson for the country’s largest packaged foods company Nestle India said: “We are not pausing our advertising activity with FB at this stage as this is not a solution to the concerns we all share over offensive digital content. We are globally asking them to ensure that advertisements do not appear within a certain proximity of unacceptable content.”The spokesperson said Nestle will review progress on a regular basis, as part of its ongoing engagement with Facebook. “We have banned 250 white supremacist organisations from Facebook and Instagram. The investments we have made in AI mean that we find nearly 90% of Hate Speech we action before users report it to us, while a recent EU report found Facebook assessed more hate speech reports in 24 hours than Twitter and YouTube.” said a Facebook spokesperson.Media agency experts in India feel that many global brands will be under pressure to follow suit by their employees but the calls will depend on parent companies.Spokespersons of Coca-Cola India, PepsiCo, P&G and Reckitt Benckiser declined comment. Ashish Bhasin, CEO, APAC and chairman India, Dentsu Aegis Network, said, “Brands, agencies and tech giants are all on the same page on this. Having said that, there are other areas of inequality in India to be dealt with, for which we need to work together with platforms here.”

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Boycott China: Checks on imports to hit drug, devices supply

New Delhi: Delays in clearing import consignments from China at India’s ports and airports may soon hit the pharmaceutical sector, creating shortages and increasing costs.Medical equipment such as infrared thermometers and pulse oximeters needed in the fight against Covid-19, among others, are stuck at the ports and may result in shortages soon, according to the Pharmaceutical Export Promotion Council (Pharmexcil).The delays have also hindered the supply of key starting raw material, intermediates and active pharmaceutical ingredients, said Dinesh Dua, chairman of Pharmexcil. Customs officials are said to be checking all cargoes imported from China instead of inspecting them randomly, causing delays. Drug ingredients and Covid-19-related medical devices as well as diagnostics that are stuck, especially at Jawaharlal Nehru Port and New Delhi airport, have left importers worried.“Current disruption from customs will seriously and adversely affect pharma industry, which is at the forefront of fighting all diseases including Covid 19,” Dua said. “Hold-up of APIs and KSMs at ports will destabilise and derail availability of life-saving drugs both within India and the world. On the one hand, India is going up in global rankings of ease of doing business and on the other, we’re stepping back into inspector raj.”Clearance delays of shipments at JNPT, which handles about 60% of India’s containerised freight including pharmaceuticals, and at Ahmedabad, Chennai and Delhi airports have become a cause of concern, the owner of a pharma company told ET on condition of anonymity.Company officials said even consignments of the API of remdesivir, the most sought-after drug for treating Covid-19, are stuck. APIs are also known as bulk drugs and are the raw material for making formulations or medicines. Intermediates are chemical compounds that are used to produce APIs.“We have been inundated with distress calls from a lot of our member companies that there has been an acute disruption in manufacturing of pharmaceutical products over the last three days,” Dua said.Dua has written to the external affairs ministry, the cabinet secretary, the principal secretary, the Prime Minister’s Office, the department of pharmaceuticals and the health ministry, among others, seeking their intervention in the matter.“Critical KSMs, intermediates and APIs are not being cleared for reasons not known to the industry,” Dua said in the letter dated June 27.Devices such as infrared thermometers and pulse oximeters, along with glucometers and strips are held up at Delhi airport.“During current distressed and challenging times of global Covid-19 pandemic, the pharmaceutical industry has risen to meet with the challenge. However, the ‘manmade’ disruptions have created tremendous difficulties for the industry,” Dua said in the letter, which ET reviewed.Dua said if clearance of consignments is not expedited on “top priority,” the work done so far to maintain the production and supply levels may get diluted.“Pharma goods at all major seaports and airports are getting delayed because of 100% checking. It is a cause of concern for the API industry and may impact the supply lines,” said Ashok Madan, executive director of the Indian Drug Manufacturers’ Association.With the recent Sino-India tension, there is also concern over the rising cost of APIs and drug safety.India, the world’s third-largest drug producer by volumes, imports 70% of its APIs from China. For some APIs, especially antibiotics, dependence on China is over 90%.

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FMCG companies in a faster lane in rural markets

MUMBAI | NEW DELHI: Consumption growth in rural India is outpacing the rate of expansion in cities and has already reached 85% of pre-Covid average sales underpinned by higher farm income, minimal retail disruption during the lockdown and migrant workers returning home.In comparison, urban market sales were relatively lower at 70% in May, according to Nielsen’s latest data. In the next nine months, the overall fast-moving consumer goods (FMCG) segment is expected to grow at around 5% but rural will expand at double the rate of urban, reversing the trend of the past two years when slowing demand in the hinterland dragged the entire market down.More than half a dozen consumer goods companies including Hindustan Unilever, Nestle, Dabur and Parle are expecting rural demand to drive the bulk of their growth during the fiscal year as the urban market, led by discretionary categories, remains stressed. “Rural demand will continue to outpace urban demand,” said Mohit Malhotra, chief executive officer at Dabur India. 76681526Rural Sales Outpacing City Growth“With migrant workers shifting back to their hometowns and the government announcing additional spend on MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) and higher MSPs (minimum support prices), rural consumption would surely see an uptick,” he added. Dabur India will add 8,000 new villages in its reach this fiscal year.Consumption in rural India that had been outpacing the rate of expansion in cities tapered off over the past two years since purchase behaviour is largely linked to farm output and farm-gate prices. While rural growth has been consistently slowing, its expansion during the September quarter last year had been slower than urban for the first time in seven years. “Relatively relaxed lockdown in rural, further corroborated by lower store closure days--seven days in rural compared to 13 days in urban--has been instrumental in rural looking healthier than urban when it comes to FMCG consumption during the lockdown months,” said Prasun Basu, South Asia zone president, Nielsen Global Connect.While FMCG companies have increasingly relied on the rural hinterland, home to more than 800 million people, the market contributes just 36% of overall industry sales despite having over two-thirds of India's consumer base.“With a predicted good monsoon, a very good harvest of the primary staple goods in the country, and benefits the government has recently announced in terms of going beyond APMC (Agricultural Produce Market Committee) for farmers to be able to sell their produce to the highest bidders, I do hope that it shores up rural incomes,” Suresh Narayanan, chairman and managing director, Nestle India, told ET recently, adding that it has been witnessing stronger demand in rural and smaller towns compared to urban India.Crisil, which analysed 57 companies that accounted for nearly 50% of the sector’s revenues, said India’s FMCG companies’ sales are expected to contract 2-3% in the current fiscal but rural India should fare better.The government’s economic package has increased allocation under the MGNREGA by an additional Rs 40,000 crore from the earlier allocation of Rs 61,000 crore to enhance employment in villages.Hindustan Unilever, the country's biggest consumer goods firm, said pantry loading was more an urban phenomenon than rural because most shops were open in the hinterland and consumers don't have the money to spend on such stockpiling.“Even before Covid, the rural economy was going through stress,” HUL chairman Sanjiv Mehta told ET last week. “So the focus of the government in having direct transfer of money to the rural people, increasing the minimum support price, improving the outlay on MGNREGA, the focus has been absolutely right.”The trend is true even for discretionary categories. A recent Motilal Oswal report said 80% stores of regional players, selling apparel to home products, have opened in smaller towns and are clocking sales at 60-70% of pre-Covid levels with only serious buyers turning up.“With the migrant labourers also moving, I think there's a possibility that rural and smaller town are less impacted and that is an opportunity for us,” United Spirits managing director Anand Kripalu said last week.

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Five stocks with high interest on F&O traders’ radar for July

Telecom, IT, pharma and hospital stocks are in the limelight in July derivatives series so far. With gains in the Nifty expected to remain capped in the near future, the focus is once again on companies that are still growing. Technology shares rose on Friday after better-than-expected earnings from Accenture. ET takes a look at five stocks which are gaining momentum in the July series and details their near-term outlook.Vodafone IdeaCMP: Rs 10.4Spot Price Change in : 5.6%OI Change in : 110.95%The stock is rising due to momentum in other telecom stocks, said Chandan Taparia, derivative analyst at Motilal Oswal Financial Services. Reports of Google eyeing stake in the company and hope of relief on AGR dues have helped the stock gain 218% since March. The stock gained nearly 6% on Friday amid higher than average volumes.MindtreeCMP: Rs 949.10Spot Price Change in : 3.5%OI Change in : 31.2%The company’s shares have risen along with gains in the IT sector on Friday after better-than-expected earnings numbers from Accenture. The stock has support near Rs 910 and can rise to Rs 1,000-Rs 1,020 in the July series, said Taparia.United BreweriesCMP: Rs 1,017.95Spot Price Change in : -3%OI Change in : 16.8%The stock has seen build-up of bearish positions after the company on Wednesday reported a 39.35% decline in March quarter profit, mainly due to Covid-19 disruptions. IDFC Securities said in a note that any correction in the stock should be used to add positions. The brokerage said the near-term trajectory will remain under pressure but the brokerage believes that United Breweries is best placed to navigate and come out stronger due to better portfolio strength and healthy balance sheet among other factors.Apollo HospitalsCMP: Rs 1,388.15Spot Price Change in : -3.4%OI Change in : 15.4%Traders have built short positions in the stocks due to uncertainties over occupancy and threat of price caps. CLSA has downgraded the stock to ‘outperform’ from ‘buy’ and cut target price to Rs 1,570 from Rs 1,800. Apollo reported a profit of Rs 209.6 crore for the March quarter mainly one account of one-off gains. Operations may normalise only in 2021; the threat of more price caps by state governments keeps us concerned about the earnings outlook as this would be a risk to margins,” said CLSA.HCL TechnologiesCMP: Rs 562.4Spot Price Change in : 2.25%OI Change in : 8.3%HCL Technologies’ have also gained on the back of optimism in the sector after Accenture’s result. The stock has taken support near its 50-day moving average in the last four to five sessions. “Now the stock has support near Rs 545 level and can move to Rs 600 in the near term,” said Taparia.

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