दक्षिण चीन सागर को लेकर ऑस्ट्रेलिया और चीन के राजदूत में ट्विटर पर छिड़ी जंग

दक्षिण चीन सागर को लेकर भारत में चीन और ऑस्ट्रेलिया के राजदूत शुक्रवार को ट्विटर पर भिड़ गए।

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Microsoft In Talks To Acquire TikTok's US Ops, Trump Wants "Ban": Report

Technology giant Microsoft is in advance talks to acquire TikTok's US operations, according to a media report on Friday, even as President Donald Trump said his administration is considering to ban...

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Bipartisan Support In US Grows For India Against Chinese Aggression

India has received a strong bipartisan support from members of the US Congress against the recent Chinese military aggression in Ladakh.

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Centre unsure of class 3, 5, 8 exam mode

NEW DELHI: The first major impact of the new National Education Policy (NEP) 2020 is likely to be felt in the academic session 2022-23 when the Centre plans to roll out 'easier' board exams, 5+3+3+4 school format and a reformed 360-degree school report card.However, the plan for exams in classes 3, 5 and 8 has still not been finalised. It is not yet decided if the school or an external authority will conduct these examinations.Officials from CBSE said the issue is being closely examined but it is highly unlikely that the board will conduct these examinations."It is clear that CBSE as a board cannot conduct exams for classes 3, 5 and 8. It will, in all probability, be conducted by the school with some framework from state's education department and may be some guidelines from the Centre. However, we will be deliberating over this subject and have more clarity on it over the next few days," a top CBSE official told ET.Secretary general of the Council of Boards of School Education (COBSE), M K Sharma, said various school boards will await finer details from the Centre before taking a call.The new policy advocates the need to track progress throughout the school years and not just at the end of grades 10 and 12.These examinations aim to test the achievement of basic learning outcomes, through assessment of core concepts and knowledge from the national and local curricula, along with relevant higher order skills and application of knowledge in real-life situations, rather than rote memorisation."The Grade 3 examination, in particular, would test basic literacy, numeracy, and other foundational skills. The results of will be used only for developmental purposes of the school education," stated the NPE 2020.Officials told ET that the idea is to mainly ensure that minimum and basic learning levels are attained, especially in primary schooling years.Meanwhile, considerable ground work has already been done by the CBSE and NCERT on the 'easier' board exam format.The proposal to bring in a format like the SAT National Aptitude Test for senior classes is also expected to see an earlier rollout with a pilot planned later this year.By November-December, the National Foundational Literacy and Numeracy Mission will be launched to ensure that every child in the country necessarily attains foundational literacy and numeracy in Grade 3 by 2025. The plan to serve breakfast at schools is expected to be moved for cabinet approval in the next few weeks. The HRD ministry will next month also initiate work on the new National Curriculum Framework- a near year-long exercise at NCERT.

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Alaska Plane Collision : अलास्का में हवा में टकराए विमान, सात लोगों की मौत

अलास्का में हवा में दो विमानों के आपस में टकराने से सात लोगों की मौत हो गई है। समाचार एजेंसी एएनआई ने रायटर के हवाले से खबर दी है कि इस हादसे में खुद विमान उड़ रहे एक राजनेता की भी मौत हुई है।

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Petrol Diesel Price : पेट्रोल-डीजल के दाम, जानें आज कितनी है कीमत

सरकारी तेल कंपनियों द्वारा आज पेट्रोल और डीजल की कीमत में कोई तब्दीली नहीं की गई है। दिल्ली, मुंबई और चेन्नई और कोलकाता में पेट्रोल और डीजल के दाम पहले के तरह ही हैं।

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सोनिया और राहुल गुट में बंटी कांग्रेस, 1967 जैसी फूट की आशंका

कांग्रेस में एक बार फिर युवा तुर्क और अनुभवी नेताओं के बीच तलवारें खिंच गई हैं।

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India, Israel Conducting Trials For Test That Detects COVID In 30 Seconds

Israel and India are conducting trials in New Delhi on a large sample of patients for four different kinds of technologies that have the potential to detect COVID-19 in about 30 seconds, including a...

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Congress Leader Welcomes Education Policy, Apologises to Rahul Gandhi

Congress National Spokesperson Khushbu Sundar has welcomed the Centre's new National Education Policy (NEP) 2020 and apologised to party leader Rahul Gandhi for her differing stand from that of the...

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Was Living With Sushant Rajput, Left On June 8: Rhea Chakraborty To Court

Actor Sushant Singh Rajput's friend Rhea Chakraborty has told the Supreme Court that she lived with him for a year and shifted on June 8 -- just six days before the 34-year-old as found dead in his...

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Navy not keen on HAL for choppers

NEW DELHI: The navy is not in favour of an offer by Hindustan Aeronautics Ltd (HAL) for an upcoming Rs 21,000 crore Make in India contract as its chopper does not meet requirements and there is a dire need to establish alternative capability in the private sector to manufacture modern aircraft.Sources said that the naval version of the Advanced Light Helicopter (ALH) that is being offered does not meet basic qualitative requirements and is unsuitable for the role required, including urgent Search and Rescue (SAR) missions at sea. As reported by ET, the naval utility helicopter (NUH) plan - originally planned for the private sector under the strategic partnership model - is going through a tussle after HAL entered the fray and has requested the government to be included."The ALH has a rigid rotor head and has been designed for high altitude operations, where it is very good at. The problem is that the design limits it in terms of the blade folding capability. In missions such as SAR, every minute is precious and the ALH just takes too much time to be deployed," a source said. While the navy is already operating the ALH in a utility role, it requires 111 helicopters for deployment onboard ships to carry out multiple roles, including surveillance and ferrying supplies. The requirement is urgent and a specialised chopper is needed that can be quickly deployed and retrieved and can be stored in the space constrained hangar onboard all vessels.The process to acquire the choppers is already in advanced stages with four Indian companies shortlisted who can partner with a foreign technology provider to make the helicopters domestically. However, the final selection is stuck after HAL put in a representation. In the original tender document, it was specified that only private sector companies are eligible to take part in the contest.Sources said that there is a need to have capacity in the private sector too for manufacturing modern aircraft and the NUH programme will enable the identified winner to procure technology and skills. Besides the navy requirement, the winning company will have a large domestic civilian market to tap, besides a robust export potential.

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Import curbs: TV cos may take licence route

KOLKATA: TV makers Samsung, Xiaomi and TCL don’t immediately plan to set up new production lines for large-screen premium models and will instead seek licences to import them as the limited demand for these products does not justify local manufacturing, said people familiar with the matter. LG and Sony, too, are evaluating the licence route for the 75-inch-plus premium models which are at present imported.Industry executives are, however, aware that these licences may not be issued easily, especially for imports from China. They fear that this development will impact availability of highend TV sets just ahead of the crucial festive season.The government on Tuesday re-introduced import curbs on TV sets and put them on the restricted list for the first time in 20 years with the objective of boosting local manufacturing. Companies will now have to apply for a licence to import TV sets.TCL India general manager Mike Chen said the company is already in touch with the Directorate General of Foreign Trade (DGFT) for licences. Sony, Samsung and LG did not respond to ET’s queries. Xiaomi refused to comment on the issue of imports.77295501Consumer Electronics and Appliances Manufacturers Association (CEAMA) president Kamal Nandi said some of the large brands may seek import licence for their premium range where volumes and scale may be low right now, making manufacturing investment unviable.According to industry estimates, 55-inch plus TV sets, which are priced at over Rs 1 lakh, account for around 15-20% of the Rs 25,000 crore Indian TV market. The big companies mostly import these units while manufacturing the rest locally.In addition, some smaller, online-focussed brands as well as Chinese companies import their entire portfolio. These companies will be hit the hardest by the import restrictions, and will have to evaluate their future options, said industry officials. In all, around 35% of the television sets sold in the country are imported."The licensing issue further complicates matter at a time when the industry is fearing demand may take ahit due to the Covid pandemic," said a senior executive with one of the top three television makers."It is not possible to shift production overnight. The products imported are premium models and their sales will take a severe beating in the festive season if the consignments do not reach on time," he said.While around 65% of Samsung TVs sold are made locally, for Xiaomi and TCL, the numbers are 85% and 70%, respectively. Sony said it locally produces almost 99% of its TVs while for LG, 96-97% of its units sold are locally made.

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Import restrictions on colour television to give a boost to local manufacturing: Xiaomi

New Delhi: TV manufacturers like China's Xiaomi said the Indian government's decision to impose restrictions on the import of colour television (TV) sets will encourage and give a boost to local manufacturing."Currently, over 85% of our Mi TVs sold in India are manufactured in India. We believe that this decision will encourage and give a boost to local manufacturing," a Xiaomi India spokesperson said. Indian Cellular and Electronics Association (ICEA), which represents the likes of Xiaomi, Realme and OnePlus, welcomed the decision to restrict imports of colour TVs, saying India has enough manufacturing capacity and the much-needed move will boost local production. ICEA chairman Pankaj Mohindroo said India was losing jobs as imports continued unabated. “The industry was surprised by the government’s decision to restrict the import of colour TVs clocking up to Rs 600-700 crore per month, a substantial portion of which was coming from the zero-duty FTA Asean countries,” the body said in a statement on Friday. “Restrictions mandated through the import licensing regime, will stop the unrestricted inflow of finished goods/CBU’s. Imports of CBU’s in 2019-20 crossed Rs 5,000 crore,” it said. Open cells constitute nearly 70% of bill of material cost for TVs. At present, around 35% of TV sets sold in India are imported.

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Not allowed WhatsApp to go live for full-scale UPI operations: RBI tells Supreme Court

New Delhi: The Reserve Bank of India has told the Supreme Court that it hadn’t permitted WhatsApp to go live with full-scale payment services on the Unified Payments Interface (UPI) system. The banking regulator said it was concerned that WhatsApp was storing some payment data elements outside India beyond the timelines permitted in its June 26, 2019 circular. The central bank said it had advised the National Payment Corporation of India (NPCI), which manages the UPI system, to not permit WhatsApp to launch full-scale payment services till the time it fully complied with the rules.The RBI made the comments in its response to a court notice, seeking its stand on a petition by an NGO which wanted to stop WhatsApp from carrying out trials of its payment service in India before it complied with local regulations.The RBI said in a letter dated November 1, it had advised the NCPI to ensure that the payment data were not stored by WhatsApp outside India beyond the permitted time or in an encrypted form.It said the NPCI had forwarded a system audit report and a post change review report submitted by the Facebook-owned messaging platform, along with its comments on the compliance status on “storage of payment system data”.The RBI said after examining these reports, it was concerned that some payment data elements were being stored outside India beyond the permitted timelines.Subsequently, the NPCI on January 7 told the RBI that it had received a letter from WhatsApp agreeing to complete all pending issues by May 31, and requesting the approval to go live. The NPCI had stated that WhatsApp had committed to closing two of the five items of non-compliance identified by the RBI by January 31 and the remaining three by May 31. Compliance would be supported by a third-party audit report, it had said.The NPCI requested the RBI’s approval to grant the final “go-live” to WhatsApp on UPI, subject to the third-party audit confirming closure of the committed two items.

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भारत की सख्ती पर ड्रैगन का नया पैंतरा, पैंगोंग से नहीं हटने जा रहा चीन

पूर्वी लद्दाख में सामान्य स्थिति बहाल करने के मकसद से भारत-चीन के बीच सैन्य स्तर की 5वें दौर की वार्ता की उपयोगिता व प्रासंगिकता को लेकर गंभीर संशय है।

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अयोध्या में पूरे सप्ताह घर-घर जलाएंगे दीप, ताला खुलने पर आठ दिन मनी थी दिवाली

श्रीरामजन्मभूमि मुक्ति संघर्ष में जब-जब सफलता मिली अयोध्यावासियों का उल्लास देखने लायक होता था।

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सुशांत सुसाइड केस: रिया की गिरफ्तारी किसी भी वक्त संभव, बिहार की अदालत से वारंट का इंतजार

सुशांत सिंह राजपूत केस में नामजद अभियुक्त बनाईं गईं रिया चक्रवर्ती ने शुक्रवार शाम अपने बचाव में एक वीडियो जारी कर अपने ही पैरों पर कुल्हाड़ी मार ली है।

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PM Modi's Pakistani Sister Sends Him Rakhi, Wishes For His Good Health

Ahead of the auspicious occasion of Raksha Bandhan, Prime Minister Narendra Modi's Pakistani sister Qamar Mohsin Shaikh would not be able to meet him amid COVID-19 crisis, so she has sent the sacred...

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BSNL Starts Charging More for Its Broadband, Landline Services

Bharat Sanchar Nigam Limited (BSNL) has revised its seven broadband plans with an increased monthly rental by up to Rs. 30. The state-owned operator has also increased its fixed landline plans for...

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Twitter hack: Three charged in Bitcoin scam

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विशेष बातचीत में केजरीवाल का एलानः वैश्विक बाजार से जुड़ेंगे दिल्ली के औद्योगिक क्षेत्र

दिल्ली सरकार प्रदेश के सभी औद्योगिक क्षेत्रों को वैश्विक बाजारों से जोड़ने जा रही है।

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अमेरिका लगा सकता है TikTok पर प्रतिबंध, ट्रंप ने कहा- सभी विकल्पों पर कर रहे विचार

भारत की तरह अमेरिका भी चीनी एप टिकटॉक पर बैन लगा सकता है। अमेरिका के राष्ट्रपति डोनाल्ड ट्रंप ने शुक्रवार को इस बात के संकेत दिए हैं। उन्होंने कहा कि इस मामले में उनका प्रशासन सभी विकल्पों पर विचार कर रहा है।

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दुनिया में कुल संक्रमित 1.75 करोड़ के पार, मरने वालों की संख्या 6.77 लाख से ज्यादा

दुनिया में 1.75 करोड़ से ज्यादा लोगों के संक्रमित होने और 6.77 से अधिक मौतों के बीच अमेरिका में रिपब्लिकन पार्टी की तरफ से राष्ट्रपति पद के पूर्व में उम्मीदवार रहे हरमन केन की कोरोना वायरस से मौत की खबर आई है।

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Weather Today : ऋषिकेश गंगोत्री हाईवे पर घर पर गिरा पुश्ता, एक भाई, दो बहनें मलबे में दबे

आज तड़के ऋषिकेश गंगोत्री हाईवे पर एक दर्दनाक हादसा हो गया। यहां एक घर के ऊपर हाईवे का पुश्ता गिर गया।

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Review: The Numbers Add Up Nicely In Vidya Balan's 'Shakuntala Devi '

Shakuntala Devi Movie Review: It's easy to be put in the shade when the star is this good but Sanya Malhotra conveys to perfection the emotions of a girl at odds with her mother's global fame.

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Chinese Territory Claims In Bhutan, India "Testing" The World, Says US

China's territorial claims in Bhutan and the recent incursion into Indian land are indicative of their intentions, US Secretary of State Mike Pompeo said on Thursday, adding that Beijing under...

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Covid battle in Pune as cases 3 times of Mumbai

MUMBAI: Covid-19 has sparked political battle in Pune as the cases in the city soar to almost three times that of Mumbai.Amid the BJP and NCP-Shiv Sena clashes, Maharashtra chief minister Uddhav Thackeray on Thursday held a review meeting with district officials in Pune. The visit has been overshadowed by political wrangling as the BJP-run Pune Municipal Corporation (PMC) expressed its inability to pay its share for building three mega covid health centres in the city. The Maharashtra government had said that the PMC, Pune Pimpri Chinchwad Municipal Corporation (PCMC), Pune Metropolitan Region Development Authority (PMRDA) and the state government would pay up Rs 300 crores that is going to be used to build three jumbo covid hospitals in Pune. The PMC that has the BJP in power has, however, said that it does not have the funds to pay for it, claiming that it is running short of case has it has already spent Rs 250 crores during the pandemic. The refusal of the PMC to pay it share is being seen as the result of a bitter political slug fest between the local BJP leaders and the Shiv Sena and NCP unit, especially as the PCMC which also has the BJP in power has said that it is ready to give its share. It also comes when Pune is consistently getting more than 2,000 cases per day and last week for several days it was getting more than 3,000 cases.This is not the only issue of friction, BJP’s Pune Lok Sabha MP Girish Bapat has demanded that Lavassa township in Pune should be turned in to a Covid facility to be used as a quarantine centre. Bapat’s target being the NCP in Pune as the NCP chief Sharad Pawar’s family had been instrumental in the township coming up and had at one point of time even had shares of the project. Interestingly the Pune administration has clearly said that Lavassa being a remote hill city it was not feasible at all for the city to house any patients. As the parties bicker, Pune is facing a shortfall ventilators and hospital beds with oxygen and there have been several complaints of people being turned away from more than a dozen hospitals before they get beds.

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Aug 5 Ram temple event to follow SOPs of Unlock 2

New Delhi: While religious, cultural or social functions continue to be banned as per the Unlock 3 guidelines, the ‘bhoomi poojan’ in Ayodhya will be held on August 5 as the Centre is citing Standard Operating Procedures (SOPs) issued during Unlock 2 for opening religious places.Those SOPs issued on June 4 had laid down social distancing measures for opening religious places from June 8. These norms included that individuals must maintain a minimum distance of six feet, use of face covers or masks are mandatory and large gatherings are prohibited. Both officer on special duty in health ministry Rajesh Bhushan and joint secretary (health) Lav Agarwal referred to the same when asked on Thursday about the upcoming event at Ram Janmabhoomi. Citing the same SOPs, a senior Uttar Pradesh government official, on condition of anonymity, said all required social distancing measures will be followed and the gathering will “not be a large one as it is being limited to 200 people”.“The health ministry has already issued an SOP for practices to be followed in religious places,” said Bhushan. “As far as religious places and how activities will have to be organised there, it is clearly indicated (in the SOP) how social distancing and all other measures have to be put in place to check the spread of infection,” said Agarwal. This comes even as a priest and four cops on the premises tested Covid-19 positive on Thursday.

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Covid deepens India's infra troubles

By Vrishti BeniwalInfrastructure projects in India are infamous for cost overruns and delays, and they are set for even more pain as the coronavirus sweeps through Asia’s third-largest economy.Construction of everything from roads to ports were behind schedule by an average three-and-a-half years, according to an analysis by the Statistics Ministry. Costs of 1,682 projects have shot up by a combined Rs 4 lakh crore over their life cycle, the ministry’s latest update as of April shows.A nationwide lockdown for more than two months since March 25 and continuing restrictions to contain the Covid-19 pandemic are the newest threat. The casualties are expected to be flagship projects such as the 3,300-kilometer freight rail network to connect India’s eastern and western regions.Conceived in 2006, the state-run Dedicated Freight Corridor Corp. of India Ltd. was originally scheduled to complete the work by 2016, but has missed several deadlines. The rail link is now expected to be ready by December 2021.The project will be completed as per schedule despite the virus crisis, V.K. Yadav, the Railway Ministry’s top bureaucrat, was cited as saying by the Press Trust of India in a report this month. But not everyone shares the optimism. 77274425“The lockdowns induced due to the pandemic will lead to delays” in infrastructure projects, said Suvodeep Rakshit, an economist with Kotak Securities Ltd. in Mumbai. “The multiplier effect of infra works will also be missing. Overall, the impact will be felt both at micro and macro level.”Same TracksThe costs aren’t limited to the projects. Delays in adding railway infrastructure — such as building new lines to making more wagons — hinder fuel supplies to power plants. Freight and passenger trains jostle for space on the same tracks, and goods carriers often have to make way for passenger traffic, prolonging the turnaround time for carriages to haul coal, the mainstay of power generation in the country.India has made progress in infrastructure but gaps remain, Shaktikanta Das, governor of the Reserve Bank of India, said Monday as he made a case for boosting investments in the sector to spur the economy.Narendra Modi government has drawn up a plan for $1.5 trillion of such projects over the next five years. But delays in land acquisition, environment clearances, and financing are among issues that have held up projects over the years — a big worry for multilateral lenders when it comes to funding projects in India.“At present everything is in a state of pandemonium,” Hemant Kanoria, chairman of Srei Infrastructure Finance Ltd. in Kolkata, said, while seeking a one-time recast of loans for construction firms, clearance of dues owed by the government and faster resolution of disputes to ease cash flow. “Otherwise everyone is dead.”— With assistance from Rajesh Kumar Singh.

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RIL raises Rs 2,550 cr through commercial paper issue

Mumbai: Reliance Industries on Thursday raised Rs 2,550 crore by selling five sets of commercial papers, coming back to the market with a significant offering after a few weeks and, according to market insiders, gaining in terms of funding costs.The retail-to-oil conglomerate, for example, mopped up Rs 1,250 crore for three months at 3.4 per cent. The rate is 45 basis points lower than its previous CP sale in May last week. One basis point is 0.01 percentage point.“Rates have crashed by 40-45 basis points in the past two months for a top-rated company like Reliance Industries,” said Ajay Manglunia, managing director and head of debt capital market at JM Financial.During this time, the three-month Treasury Bill, the short-term sovereign paper, yielded five basis points higher, data from Financial Benchmarks India show.“RIL now enjoys net debt free status, which in turn has added to positive investor sentiment,” Manglunia said.The mopup will help the company meet its working capital needs.The new papers will mature in October (two of them) and December this year and March and June next year.Commercial papers are short-term debt instruments with less than one-year maturities generally. On May 30, Reliance Industries had raised Rs 2,000 crore via three-month CPs, offering 3.85 per cent.

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Apple announces 4-1 stock split after shares surge toward $400

By Mark GurmanApple Inc. announced a 4-for-1 stock split after shares of the iPhone maker surged more than 80% in the past year.Shareholders at the close of trading on Aug. 24 will receive three additional shares for each one they currently own. Post-split trading will begin Aug. 31, Apple said in a statement on Thursday.The company said the move will “make the stock more accessible to a broader base of investors.” Apple shares have surged to almost $400 in the past year.This is the fifth stock split since Apple went public in 1980. The last split was in 2014. The company previously did splits in 1987, 2000 and 2005.The 2014 move paved the way for Apple to be added to the Dow Jones Industrial Average, which due to its configuration tends to eschew high-priced shares.The move bucks a trend among big U.S. tech companies that have mostly refused to split their shares, resulting in sky-high prices. Alphabet Inc. stock costs more than $1,500, and Amazon.com Inc. trades above $3,000, effectively disqualify the companies from the Dow.

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तमिलनाडु: कोरोना से ठीक हुए मंत्री, कार्यकर्ताओं ने पटाखे जलाकर किया स्वागत

मंत्री को बीते शुक्रवार को चेन्नई के एमआईओटी अस्पताल से छुट्टी दी गई थी। सेल्लूर राज्य के तीसरे मंत्री हैं जो कोरोना की चपेट में आए थे।

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Twitter Cyber Attack : पंद्रह दिन बाद ट्विटर ने खोली साइबर हमले की कुछ और परतें, बताई अहम जानकारी

ट्विटर ने ठीक पंद्रह दिन पहले उस पर हुए साइबर हमले की कुछ और परतें खोली हैं। इस साइबर अटैक में हैकर्स ने कंपनी के कुछ खास कर्मचारियों को निशाना बनाया था। इन्हीं के जरिए साइबर हमला करने वालों ने दुनियाभर की कई हस्तियों के खातों में सेंध लगाई थी।

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Blog: In New Education Policy, Modi's Giant Move vs Lutyens' Delhi

This is probably the last nail in the old elite's coffin. They have largely been evicted from Lutyens Delhi in any case. The NEP is one part of a massive project of creating a new Central Vista elite.

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Sales up Rs 70K cr annually in 17-19: Tata

MUMBAI: The Tata Group companies, under Tata Sons chairman N Chandrasekaran, have seen annual incremental revenue growth of around Rs 70,000 crore between 2017 and 2019. Further, return on equity on funds infused by shareholders has risen to 46%, excluding impairment, during this period. This was stated by Tata Sons in an affidavit filed in the Supreme Court on Thursday in response to earlier submissions by Cyrus Investments and other Shapoorji Pallonji Group companies."The current management has been taking decisive actions to strengthen and solidify the core businesses and foray into new businesses, correcting the capital structure of both listed and unlisted companies to eliminate risk on Tata Sons," the affidavit said.Cyrus Mistry, who was removed as the chairman of Tata Sons in 2016, had claimed in his submissions to the apex court that the Tata Group had an adjusted net loss of Rs 13,000 crore in 2019 - the worst in three decades.However, the Tata Sons affidavit - which essentially defended the group's performance under Chandrasekaran - said that Mistry had a jaundiced view of events. "One needs to note that business perspectives can alter depending on the vantage point one is placed in," it said.As per the submission by Tata Group's holding company, the return on equity (RoE) on capital infused by shareholders rose to 46% in 2018-20, excluding writeoffs."It is regrettable that for reasons primarily attributed to earlier inaction, Tata Sons had to absorb impairments and writeoffs. Excluding such impairments, the RoE (a measure of return on the equity infused by shareholders of a company) increased to 46% in 2018-20," said Tata Sons in its reply, a copy of which was reviewed by ET."The market capitalisation of listed Tata operating companies increased by 37% as compared to the increase in BSE 50 at 22% and Nifty 50 at 21%. In the same period, the value of Tata Sons holdings in listed operating companies increased by 55%," the affidavit said.Overall, Tata Sons invested Rs 28,500 crore in the operating companies to correct their balance sheets and support growth during Chandrasekaran's tenure.The capacity of Tata Steel India rose from 12.7 million tonnes per annum to 19.3 MTPA in the past three years through two major acquisitions and organic growth. Tata Sons also increased its shareholding in operating companies across the board.The Tata Sons affidavit also compares, unfavourably, Mistry's tenure with that of Ratan Tata."Under the tenure of Respondent No 3 (Cyrus Mistry), the market performance of Tata operating companies excluding Tata Consultancy Services and Tata Motors was below Sensex returns," said the affidavit.The submission went on to state that, "Under Respondent No. 4's (Ratan Tata's) tenure as executive chairman, however, the market capitalisation of Tata operating companies increased from less than Rs 8,000 crore in the year 1991 to around Rs 5 lakh crore in the year 2012 - an increase of approximately 60 times - more than three times the Sensex return in the same time period.""The complaints of Respondent Nos 1 & 2 (Mistry Group-promoted firms) are nothing but an attempt on the part of Respondent No 3 (Cyrus Mistry) to avenge his 'loss of face' because of his replacement as the chairman of Tata Sons," the affidavit said.

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Monsoon loses steam, raises crop concerns

PUNE | NEW DELHI: After a blistering start in June, the southwest monsoon has stuttered, falling far short of normal in the fertile planes of northern and central India as well as parts of Maharashtra, sparking concerns about output of key crops if rainfall does not strengthen in a week.Bountiful rainfall in June prompted farmers to speed up crop planting, which remains much higher than this time last year, but farmers who sowed oilseeds, pulses, cotton and coarse grain in areas with erratic rainfall are beginning to worry."Some districts in Rajasthan, Madhya Pradesh and Uttar Pradesh have not received sufficient rainfall, which may affect the crop growth," said Suresh Agarwal, president, All India Dal Millers Association.Rainfall across India in July, a crucial month for farming, is 9% below normal, with a deficit of 20-27% in parts of northern, central and western India. But there is no need to ring the alarm bell yet as crops will revive if the monsoon revives quickly in these areas.77274042"If we receive rainfall during the next 10 days, the situation can remain under control. Also, good increase in area under sowing and good weather condition in Karnataka, Andhra Pradesh, Telangana and parts of Maharashtra, may compensate for any losses in productivity in other states," said Nitin Kalantry, a pulses processor from Maharashtra.The good news is that rainfall is indeed expected to strengthen in the next two weeks, the head of long-range forecasting at India Meteorological Department (IMD), Sivananda Pai, told ET. Northern India has seen heavy showers in the past two days. He said monsoon lost momentum because there were no low-pressure area since June 22. IMD data shows 26 out of 33 districts in Rajasthan have received deficit rainfall. As much as 32 out of 75 districts in Uttar Pradesh, 19 out of 33 in Gujarat and 17 out of 51 districts in Madhya Pradesh have received deficient rainfall.The soybean processing industry recently said crops were at risk. India is dependent on imports for oilseeds. It had to import 400,000 tonnes of urad in 2019-20 to bridge the gap in domestic production and demand.Total rainfall for the season remains above normal, but its distribution is a concern, said Rahul Chauhan, director, IGrain India, a commodity research company. "An outbreak of high temperature and heavy heat is also reported which has threatened the progress of kharif crops. There is sporadic rain at some places but it is not benefiting much In some other areas of Madhya Pradesh including Malwa-Nimar, the dry hot weather is adversely affecting the progress of crops," he said.

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NPCI looks to limit UPI dominance by single third-party application, may restrict share of transactions

Mumbai: The National Payments Corporation of India (NPCI) is thinking of ways to limit the Unified Payment Interface’s (UPI) dependence on any single third-party application. It proposes to do this by restricting the share of transactions of any single payment company, people familiar with the matter said. NPCI owns and operates UPI in the capacity of a not-for-profit “umbrella body”.The burgeoning UPI ecosystem is currently dominated by Google Pay, Paytm, Walmart-owned PhonePe and Amazon Pay, who together control over 90% market share. ET reported in September last year that NPCI could cap the share of transactions at 33% of the overall market share, to insulate the broader UPI ecosystem against any systemic collapse.The discussions have gathered steam over the last couple of months, the people said, and NPCI has held closed-door meetings with payment service provider (PSP) banks, members of UPI’s steering committee and select third-party players to discuss the implementation scope and challenges. 77274020One of the ways being considered is to introduce new regulation capping the transaction share at 50% for the first year of implementation and reducing it to 40% and 33%, respectively, over the next two fiscal years, one of the people said. In case the transactions limit is set to be breached, the NPCI may send warnings to companies to stop onboarding new customers and disable new transactions – else incur a penalty, the person said.The discussions are “a work in progress” and NPCI has not issued any formal circular or internal advisories on how the system will be implemented, another person aware of the matter said.NPCI declined to comment. “Imagine your payments will be distributed to other players, if you reach a market cap which is not under our control. And, players have to de-facto lose customers because new acquisitions will be stopped,” Sameer Nigam, founder of PhonePe said. “Also, why hasn’t there been a cap on other payment instruments? While none of the payment players is in the 50% discussion range, what is of concern is the market cap for the second year, as most of us are nearing the 40% cap. We are still awaiting clarity on this from NPCI,” Nigam added.

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Third-party sellers flag Amazon's data policy, say company pushing in-house brands

BENGALURU: Third-party sellers have demanded transparency from ecommerce company Amazon on its data practices as well as alleged preferential treatment for in-house brands.Five small sellers — across categories like fashion, toys, packaged foods and general merchandise — have highlighted these concerns to Amazon India, they told ET, without getting a clear-cut response or legal assurance. The All India Online Vendors Association (AIOVA) has also raised similar concerns with the Competition Commission of India. The development comes at a time when small sellers are becoming increasingly dependent on online channels for sales in light of the economic disruption due to the Covid-19 outbreak. It also comes in the backdrop of Amazon founder Jeff Bezos’s admission to the US Congress on Wednesday that he could not guarantee it was not accessing third-party seller data to develop its own competing products. The ecommerce behemoth has in the past denied such allegations. Amazon has more than 500,000 third-party Indian sellers.77273999At the same time, the online retailer operates at least eight private label brands, including home cleaning products range under Presto!, fashion brands — Symbol, Myx, House & Shields and Arthur Harvey; as well as small furniture and appliances under Solimo, grocery label Vedaka, and AmazonBasics brand for small electronics items. Sellers said their issues revolve around differential platform fees, and the use of sales data to make Amazon’s private labels and partner brands stronger, which have also been highlighted by local seller bodies in the past. “These practices have been a concern for a larger set of merchants, as there are no clear checks and balances,” said a small merchant who sells toys on Amazon, with average sales of less than Rs 3 crore. Amazon did not reply to ET's email seeking comment till press time.“Using competitors’ data to design private labels and selling it at massive discounts and discounted platform fee to preferred sellers are the issues flagged in India,” said Chanakya Basa, managing partner at Knock Legal, a firm that has represented the AIOVA in a few cases against ecommerce platforms.“The only way to survive is that either your brand is so powerful that the platform cannot replace you or they will copy your product and keep you. The real issue is when a third-party brand is not powerful, that's when they will copy and replace,” an Amazon employee said.

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NPCI looks to limit UPI dominance by single third-party application, may restrict share of transactions

Mumbai: The National Payments Corporation of India (NPCI) is thinking of ways to limit the Unified Payment Interface’s (UPI) dependence on any single third-party application. It proposes to do this by restricting the share of transactions of any single payment company, people familiar with the matter said. NPCI owns and operates UPI in the capacity of a not-for-profit “umbrella body”.The burgeoning UPI ecosystem is currently dominated by Google Pay, Paytm, Walmart-owned PhonePe and Amazon Pay, who together control over 90% market share. ET reported in September last year that NPCI could cap the share of transactions at 33% of the overall market share, to insulate the broader UPI ecosystem against any systemic collapse.The discussions have gathered steam over the last couple of months, the people said, and NPCI has held closed-door meetings with payment service provider (PSP) banks, members of UPI’s steering committee and select third-party players to discuss the implementation scope and challenges. 77274020One of the ways being considered is to introduce new regulation capping the transaction share at 50% for the first year of implementation and reducing it to 40% and 33%, respectively, over the next two fiscal years, one of the people said. In case the transactions limit is set to be breached, the NPCI may send warnings to companies to stop onboarding new customers and disable new transactions – else incur a penalty, the person said.The discussions are “a work in progress” and NPCI has not issued any formal circular or internal advisories on how the system will be implemented, another person aware of the matter said.NPCI declined to comment. “Imagine your payments will be distributed to other players, if you reach a market cap which is not under our control. And, players have to de-facto lose customers because new acquisitions will be stopped,” Sameer Nigam, founder of PhonePe said. “Also, why hasn’t there been a cap on other payment instruments? While none of the payment players is in the 50% discussion range, what is of concern is the market cap for the second year, as most of us are nearing the 40% cap. We are still awaiting clarity on this from NPCI,” Nigam added.

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Petrol Diesel Price: पेट्रोल और डीजल के दाम में कोई बदलाव नहीं, जानें आज कितनी है कीमत

सरकारी तेल कंपनियों द्वारा आज पेट्रोल और डीजल की कीमत में कोई तब्दीली नहीं की गई है। दिल्ली, मुंबई और चेन्नई और कोलकाता में पेट्रोल और डीजल के दाम पहले के तरह ही हैं।

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Lt Governor Vetoes AAP Government On Delhi Riots Lawyers' Panel

The Arvind Kejriwal government was vetoed by Lieutenant Governor Anil Baijal today on the panel of lawyers to represent the Delhi Police in cases linked to the February riots in the capital.

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Covid: China's new cases highest since Mar

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S&P dips on worries about earnings, data, elections

The S&P 500 and Dow closed lower on Thursday after data painted a worrying economic picture on a crucial day for corporate earnings reports, while President Donald Trump exacerbated investor nervousness by floating the possibility of delaying the U.S. presidential election.The main earnings focus on Thursday was on reports from high-flyers including Apple Inc, Google parent Alphabet Inc and Facebook Inc and Amazon.com Inc .After the bell, shares in Facebook rose 8% and Amazon climbed 6% following their reports while Alphabet climbed 2%.Investors also worried about the expiration of enhanced employment benefits on Friday as U.S. Congress was no closer to a deal on Thursday to extend or replace the extra $600-per-week in payments to tens of millions thrown out of work by the coronavirus.Early in the day second-quarter Gross Domestic Product (GDP) data showed the U.S. economy suffered its steepest contraction since the Great Depression, as business activity came to a halt due to lockdowns aimed at fighting the pandemic.Also jobless claims rose last week, adding to signs the momentum of economic recovery has slowed as coronavirus cases spiraled in southern and western U.S. states.Shortly after the data, Trump, raised the idea of a delay in elections. The idea was immediately rejected by both Democrats and his fellow Republicans in Congress, the branch of government with the power to make that change.But the S&P gained ground as the day wore on and closed well above its session low, which was reached at 1000 EDT (1400 GMT).The market stabilized after "opening the front hall closet and all the stuff comes tumbling out," said Carol Schleif, deputy chief investment officer, Abbot Downing in Minneapolis, Minnesota. She cited the stimulus battle along with election uncertainty on top of weak data and earnings angst.After the initial knee-jerk reaction, Schleif said, people stepped back and focused on Federal Reserve Chair Jerome Powell's assurance on Wednesday that the central bank would "do whatever it takes" to support the economy."You open the door it comes piling out, you're frightened and then you settle down and start picking stuff up and putting it back where it belongs," she said.The Dow Jones Industrial Average fell 225.92 points, or 0.85%, to 26,313.65, the S&P 500 lost 12.22 points, or 0.38%, to 3,246.22 and the Nasdaq Composite added 44.87 points, or 0.43%, to 10,587.81.The market had gained ground on Wednesday even after the Fed also said a surge in virus cases was likely stalling the recovery, which will depend significantly on the virus path.Of the S&P 500's 11 major sectors energy, materials , financials and lagged the most. Technology consumer discretionary and communications services were the only sectors to eke out small gains.The tech-heavy Nasdaq was boosted by Qualcomm Inc, up 15%, after the chipmaker forecast fourth-quarter revenue largely above estimates.But investors were anxious about earnings from the Nasdaq's so called four horsemen - Apple and Amazon, Alphabet and Facebook. Apple was the last to report of the companies which have a combined market value of about $5 trillion."When you have a big earnings day you're going to have volatility in the market," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.Still Wall Street's main indexes were headed for their fourth monthly gain in a row, with the benchmark S&P 500 only about 4% below its February record high."The markets have over the past several months been detached from reality and are being fueled by Fed buying and positive momentum," said Phil Toews, chief executive officer of Toews Corp in New York.United Parcel Service Inc, up 14.4%, soared following its quarterly results.Declining issues outnumbered advancing ones on the NYSE by a 1.89-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.The S&P 500 posted 30 new 52-week highs and no new lows; the Nasdaq Composite recorded 95 new highs and 27 new lows.On U.S. exchanges 10.1 billion shares changed hands compared with the 10.47 billion average for the last 20 sessions.

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रोचक होगी बिहार चुनाव की जंग, पैरोल पर आकर लालू संभालेंगे विपक्ष की रणनीति की कमान

इस साल होने वाले बिहार विधानसभा चुनाव में राजद सुप्रीमो लालू प्रसाद यादव की कमी नहीं अखरेगी।

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August 5 "Deliberately" Chosen For Ayodhya Event: CPI(M)

The CPI(M) on Thursday alleged that the government has "deliberately" chosen August 5 as the date of the bhoomi pujan ceremony for the Ram temple at Ayodhya as the "demolition" of Jammu and Kashmir...

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Richa Was Asked About Her Wedding Date. She Gave An Adorably Honest Reply

Richa Chadha's reply was a clear winner

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भारत में 150 दिन में ठीक हुए कोरोना के 10 लाख मरीज, रिकवरी दर में आ रही है तेजी

देश में जहां कोरोना वायरस की रफ्तार बढ़ रही है, वहीं इससे ठीक होने वाले मरीजों की संख्या में भी इजाफा हो रहा है। भारत में बुधवार को कोरोना वायरस से ठीक होने वाले मरीजों की संख्या 10 लाख को पार कर गई।

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राफेल पर बोले पूर्व वायुसेना प्रमुख धनोआ, सौदे का इसलिए किया बचाव, ताकि यह बोफोर्स न बन जाए

भारतीय वायु सेना के पूर्व प्रमुख बीएस धनोआ ने बुधवार को राफेल लड़ाकू विमानों के भारत की धरती पर उतरने का स्वागत किया।

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झारखंड: हेमंत सोरेन सरकार में बगावत, कांग्रेस के नौ विधायक नाराज, दिल्ली में आलाकमान से शिकायत

झारखंड में महागठबंधन से बनी हेमंत सोरेन सरकार की सहयोगी कांग्रेस ने बगावती तेवर अपना लिए हैं और मामला अब दिल्ली तक पहुंच गया है।

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Defended Rafale Deal To Stop It Go Bofors Way: Former IAF Chief BS Dhanoa

Former Chief of Air Staff BS Dhanoa on Wednesday welcomed the arrival of Rafales in India and said he defended the deal to procure the multi-role jets notwithstanding the political controversy to stop...

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West Bengal Congress President Somen Mitra Dies At 78

West Bengal Congress president Somen Mitra died at a city hospital in the early hours of Thursday. He was 78.

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Oyo founder to bet on startups with Aroa Ventures

Ritesh Agarwal, group chief executive of SoftBank-backed hospitality chain Oyo Hotels & Homes, has set up a new entity, Aroa Ventures, which will look to place early- to growth-stage bets, making him the latest Indian entrepreneur to create a vehicle to make personal investments.Singapore-based Aroa Ventures plans to invest between $500,000 and $5 million, and is targeting opportunities across the consumer, technology and leisure infrastructure sectors, according to its website.Agarwal, who founded Gurgaon-headquartered Oyo in 2013, has roped in Gaurav Gulati, who previously was the chief operating officer at co-working company Innov8, which was acquired by Oyo for an estimated Rs 200 crore last year, to head the venture."Beyond capital, our team of serial entrepreneurs and experienced professionals work alongside portfolio companies to accelerate their growth and to deliver better risk-adjusted returns," the Aroa Ventures website states.The investment firm is being sponsored by RACo Holding, which is controlled by Agarwal, according to digital publication Entrackr, which was the first to report the news, citing filings. Oyo did not respond to ET's messages at the time of going to press.In 2019, the Oyo Group CEO had floated RA Hospitality, a Cayman Islands-domiciled entity, through which he has undertaken a $2.2 billion debt financing round to buy back shares from existing investors, as well as infuse fresh capital into the hospitality chain.Additionally, in October last year, ET had reported that Agarwal, along with a clutch of senior Oyo executives, had also set up Raaga Partners LLP, a venture created to ostensibly pool their individual angel investments.Agarwal is not the first Indian entrepreneur to have created a separate investment vehicle for his personal investments. Others, such as Kunal Bahl and Rohit Bansal, co-founders of ecommerce marketplace Snapdeal, who are among the most active angel investors in the country, have also set up Titan Capital, which has been described as a holding company for all their personal bets.Additionally, Sachin Bansal and Binny Bansal had created Sabin Advisors Pvt Ltd, while Kunal Shah and Sanjeev Tandon had set up Whiteboard Capital to house their burgeoning portfolio of startup investments, following their exits from payments platform FreeCharge.Earlier this month, Paytm CEO Vijay Shekhar Sharma was also reported to have set up two new entities-VSS Investco and VSS Holdings-to host and make personal investments.

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Bihar should test more to control Covid: Paswan

Bihar needs to increase testing urgently in order to control the spread of Covid-19 in the state, said Union food and consumer affairs minister Ram Vilas Paswan. In an exclusive interview with Kumar Anshuman, the Lok Janshakti Party leader spoke about his ministry’s work in supplying food grains, his personal political commitment to Prime Minister Narendra Modi and his son Chirag taking charge of LJP. Edited excerpts: States such as Bihar and Assam have been devastated by floods, apart from Covid-19. Have you received any demands from these states for additional supply of foodgrain?I haven’t received any further demands as of now. We are already offering free ration to a large section of people across the country. The PMGKY (Pradhan Mantri Garib Kalyan Yojana) was extended till November 2020. After the extension from July 8 to July 27, 83% of the allocation has already been handed over to the state governments for further distribution to beneficiaries. It is for the states to distribute it now. It will ensure that foodgrain reach every nook and corner of the country as per allocations and the stated objective of the government that no poor person will have to remain hungry for want of food will be achieved.Bihar faces a flood crisis almost every year. Don’t you think there should be a permanent solution to the crisis?Not the entire Bihar but only 12-13 districts of north Bihar get affected by floods. Central and south Bihar largely remain unaffected and at times face a drought. There are several reasons for the floods. Of course, water released from the Nepal side is one of the major problems. Over the years the riverbed is also getting filled with sand and silt. Former PM Atal ji had proposed interlinking of rivers in order to channelise water from flood areas to drought-affected regions. Experts can say more but this could be a way to manage the flood situation in the state. Covid-19 gripped Bihar a little later than it did many other states. How do you view the current situation?I think Bihar needs to improve on testing. The state should test more and more to get a grip on the epidemic. Look at states like Delhi, Maharashtra, UP. These states are testing much more as compared to Bihar and their situation is improving very fast. Now a central government team has visited Bihar and I hope things will improve going forward.Under these circumstances, do you think elections should take place on time in the state?This is for the Election Commission to decide. I can’t comment on that.There is a lot of talk of growing differences among NDA partners before the elections. Is the LJP unhappy within the NDA?I am part of the central government. I can speak for my ministry-related work. For the party, there is party president Chirag Paswan. I have left it to him to take a decision and comment on these issues. I don’t interfere in his responsibility. As far as I am concerned, PM Modi is my leader and I am committed to him.Why is the LJP bringing out a separate manifesto called ‘Bihar First Bihari First’ despite being part of the NDA?What’s the harm? Every party brings out their vision document. There is nothing more to it. Every party has different views on different subjects. When they come together they respect each other’s point of view.The LJP and JDU had started off very well initially. What went wrong going thereafter?Again, you are asking the wrong person. My concern is not to let a food shortage in any part of the country. For all political questions, you better speak to Chirag Paswan.

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SS Rajamouli tests positive for Covid

'Baahubali' director SS Rajamouli and his family have tested positive for Covid-19, the 46-year-old said in a tweet. Taking to Twitter to share the news of his diagnosis, the film-maker said that they had got themsleves tested after developing a mild fever that has since subsided. He said that none of them had any major symptoms, and were isolating at home, "following all the precautions and instructions". "My family members and I developed a slight fever few days ago. It subsided by itself but we got tested nevertheless. The result has shown a mild COVID-19 positive today. We have home quarantined as prescribed by the doctors," Rajamouli wrote in a tweet thread.Adding, "All of us are feeling better with no symptoms but are following all precautions and instructions...Just waiting to develop antibodies so that we can donate our plasma." The director was working on his upcoming film 'Rise Roar Revolt', starring Ram Charan and Jr NTR in lead roles, before the coronavirus-lockdown brought activities in the country to a halt, in March. The big budget project also features Alia Bhatt, Ajay Devgn, Ray Stevenson, Olivia Morris and Alison Doody, and is scheduled to release on January 8, 2021.Set in the 1920s, the period-drama is based on the story of two freedom fighters, Alluri Seetharamaraju and Komaram Bheem.76936341

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India's economic recovery: Report card of July

ET’s reporting on key sectors shows that, with a few exceptions, demand this month has been lower or barely higher than in June. Some macro data are small positives. There’s some good news in a section of the job market. But from retail to real estate, autos to cement, ride-hailing to electricity consumption, the narrative is either a small rise or a decline. Industry says that short of a big demand bump, FY21 outlook doesn’t look promising. Here’s the sector-by-sector picture.Macro dataE-way bills till July 26, at 38.8 million, are marginally higher than those till June 26 (34.1 million). Rail freight as on July 27 surpassed the level on July 27, 2019 —3.13 MT compared with 3.12 MT. And while the trade surplus in June is an indicator of low economic activity, July exports are almost 87.5% of 2019 July, showing some revival.Verdict: Small positiveJobsCompanies’ hiring intent improved from 11% during the lockdown period (March 25-June 7) to 18% for the period till September, according to a TeamLease report. Industries most keen to hire are those doing good business because of the pandemic: healthcare and pharmaceuticals; education; agriculture and agrochemicals; FMCG; IT; and ecommerce. If this persists next month, jobs can recover well, say experts.Verdict: Medium positiveAutomobilesJuly has been better than June, which was better than May. But the June to July improvement isn’t sharp. Year-on-year sales decline was 25% in June and 15-20% in July. Industry says local lockdowns are affecting sales volumes by 5-7%. Two-wheelers are still the best-sellers, and sales of commercial vehicles are still in the dumps. FY21outlook: Double-digit sales decline compared with FY20.Verdict: Small positiveReal-estateSales have plateaued in July after a pickup in June to 60% of year-ago levels. Industry says demand unlikely to improve till Dussehra/Diwali. And that too depends on a demand stimulus.Verdict: Big negativeRetailJuly saw a marginal rise, 64% year-on-year de-growth compared with 67% in June. In the durables and electronics sub-sector, July saw 85% pre-Covid performance vis-à-vis 75% in June. And in FMCG, June’s high growth has plateaued in July. Industry says stockpiling is over, and it’s rural demand that’s driving FMCG now. FY21outlook depends on demand reviving in urban centres and malls opening up fully.Verdict: Small positiveSmartphonesThe 10 million units sold in July were lower than June’s 11 million. Industry says August-September sales are likely to be flat. Festive season is critical. But demand exhaustion and consumer caution on upgrades are concerns.Verdict: Small negativeEcommerceJuly saw 90-100% levels of pre-Covid gross merchandise value (GMV), bettering June performance. But average order value is still down compared with pre-Covid. Etailers are betting on the festive season for higher fashion and electronics sales. But some analysts are not sure. However, GMV outlook for FY21is good.Verdict: Big positiveDigital paymentsJuly saw 90% of pre-Covid transaction volumes, up from June levels. Some payment options such as UPI exceeded pre-Covid volumes. But card transactions at PoS terminals are still at 50-55% of pre-Covid levels. And local lockdowns are hurting card payments at small retailers.Verdict: Medium positiveCab-hailingJuly saw 10% of pre-Covid rides, a sharp drop from 20% pre-Covid rides in June. Industry says local lockdowns are hurting. Analysts say at these levels, the business will be tough to sustain over the next few months. Ride-hailers need to look at other business models such as rentals and corporate contracts. Plus, even if demand picks up, drivers who exited the business may not be able to come back quickly.Verdict: Big negativeAviationJuly saw airlines operating 750-800 flights per day, less than 30% of pre-Covid levels. And this month was slightly worse than June as local lockdowns affected flights. Government estimates domestic flight numbers may be around 1,500 flights per day till November-end. Industry says this will be difficult, if Covid continues to spread.Verdict: Big negativeHospitalityJuly occupancy likely to be around June’s 20% level, industry says. Local lockdowns are an additional negative. Industry says it will take two-and-a-half years to reach 50-70% of pre-Covid levels. Debt is likely to be a big problem.Verdict: Big negativeTechnologyJuly saw further improvement for India’s IT firms vis-à-vis June, as tech spends by global clients adjusting to new work rules kept rising and IT biggies bagged large deals. Hiring in India and abroad is up, and IT stocks are high-performers. Industry says FY21outlook is good.Verdict: Big positiveFuel & electricityDemand for diesel in the first half of July was 18% lower than in June first half; and petrol demand was down 6%. The industry blames high prices and local lockdowns. Peak power demand in July, at 164 GW, was marginally higher than June’s 158 GW. Fuel and power companies say unless industry and mobility revive, FY21will be considerably worse than FY20.Verdict: Medium negativeSteel & cementFor steel, capacity utilisation of 80% in July was slightly less than in June. Rating agencies estimate steel demand contraction of 20-21% in FY21. In cement, 70% capacity utilisation in July was better than in June. But demand overall is weak, says industry, since construction activity is not growing fast. Analysts expect cement demand to decline by 10-12% Y-o-Y in FY21.Verdict: Big negative

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Rajan: Allow promoters to renegotiate under IBC

Mumbai: Former RBI governor Raghuram Rajan has said that, instead of closing the insolvency option completely for Covid defaults, borrowers should have been allowed to renegotiate the loans under the bankruptcy platform and retain their businesses.Currently under Section 29A of the Insolvency Act, defaulters cannot bid for their own business under the bankruptcy process. Lenders are extra careful to ensure that bidders have no connection with the defaulters. Rajan was speaking at a webinar hosted by Princeton’s Bendheim Center for Finance.Rajan said that after Covid, there was a tendency to take a stand that this is a new kind of situation and requires a new kind of process and therefore cases cannot be referred under the Insolvency and Bankruptcy Code (IBC). “This is unfortunate because it treats bankruptcy as some kind of punishment rather than a necessary way of restructuring capital structure and ownership. We need to look at it carefully as a lot of distressed cases will be coming out,” said Rajan.Calling for a more effective Chapter 11-like structure, Rajan said that currently under the insolvency process at the National Company Law Tribunal, the defaulting firm is auctioned to the highest bidder even if it is a reasonably viable firm. “There were reasons why it went to that structure. The bias under the old structure for removing management can be relooked at. Banks want some court blessing so that they can remove their own liability. These are complicated cases, but rather than close the court down, we need to look at what will work,” said Rajan.Pointing out that private banks were ahead in raising capital, Rajan said that government banks also need recapitalisation. “If you do not do anything, you have much less working capital and much less investment and there will be many more zombies — the living dead — holding back growth,” he said.

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India’s banks are racing to lend against a $1.5 trillion hoard of gold

Indian families, sitting on the world’s biggest private stash of gold, are rushing to borrow against their jewelry as the precious metal rallies to records and the coronavirus pandemic fuels an economic downturn. Now, financial firms and banks are using that demand to lure more customers from pawnbrokers and money lenders.The added competition could lower borrowing costs for Indian consumers, who in desperate moments of financial stress often pay exorbitant rates to informal lenders to use gold as collateral. Firms like HDFC Bank Ltd. and Federal Bank Ltd. are expanding the loans they make against the precious metal. India’s gold lenders, such as Muthoot Finance Ltd. and Manappuram Finance Ltd., are making it easier for their clients to borrow.Manappuram is offering gold-backed loans at the customer’s doorsteps via a 24-hour bank network since people are reluctant to leave their homes while coronavirus cases are surging in India. And it has staff and vehicles on standby to service client requests. HDFC Bank is boosting the number of branches offering such loans in rural India, where money lenders remain the norm.The World Gold Council estimates that Indian households are sitting on a $1.5 trillion hoard of gold, the biggest of its kind, largely made up of jewelry, which families often inherit or are gifted at weddings. Gold is worn at special occasions and can contribute to a substantial portion of the marriage dowries of women. It also doubles up as an insurance policy and retirement plan in a nation lacking robust social welfare systems.As a result, India’s demand for gold-backed loans has only risen as its global price has approached $2,000 an ounce, allowing families to borrow larger amounts against their holdings.Still, consultancy KPMG estimates that 65 per cent of India’s $46 billion gold loan industry is dominated by informal lenders, whose interest rates can range from 25 per cent to 50 per cent. In many parts of India, particularly rural areas, the pawning of a woman’s ornaments is often viewed as a last recourse for families who have run out of options.“Conventionally the country has pawn shops at the end of every street and they have been mostly working with exorbitant margins," said Gnanasekar Thiagarajan, director at Commtrendz Risk Management Services Pvt. “A professional setup like the gold loan companies, who offer transparency and finer pricing are likely to see huge volumes to move from there."Lost JobsBanks have long had a limited presence in the gold loan industry but are attempting to make bigger inroads this year as other sources of income have dried up. They want to reach more consumers like Paul Fernandes, who pledged some of his wife’s gold ornaments at a local bank in the coastal state of Goa to pay for his children’s education fees in June.Fernandes, who worked as a head waiter on a cruise ship, hasn’t drawn a salary in three months since his contract with a U.K.-based company expired in March and he had to return home. The quick loan was a lifeline.“With no clarity when the cruise industry will revive after being grounded by the virus, I don’t know how soon I will be able to work again," he said. “We have in the past borrowed against gold and it is our go-to option to tide over short-term cash needs rather than asking money from relatives."Fernandes, who declined to say which bank he borrowed from, said he is being charged an interest rate of 8.5 per cent. He chose to go to a bank instead of a pawnshop because banks are safer and charge lower interest rates. He was asked for minimal documentation of only a national identity card and residence proof and the entire loan process took less than an hour.Gold loans allow consumers to draw upto 75 per cent of the value of the metal. Banks can charge interest rates of about 7 per cent to 15 per cent while Manappuram and Muthoot can charge rates from 12 per cent to 29 per cent.With transaction times to process gold loans falling to less than an hour and collateral that’s easy to sell in the event of default, India’s market for such lending is set to expand by at least 34 per cent to 4.6 trillion rupees ($61 billion) in two years to March 2022, according to an estimate by KPMG.Virus-related lockdowns in India have shuttered businesses and left millions jobless, pushing India’s economy toward its first annual contraction in four decades. Bank loans may not grow at all in the year ending March 31, 2021, according to the local unit of S&P Global Ratings. That makes gold-backed loans particularly important.HDFC Bank is slowly making inroads into the market and plans to raise the number of branches offering gold loans in rural areas this year from 800 in the previous fiscal year. “The availability of the asset and the ease of securing a loan have made this a convenient and viable credit option," the bank said in its annual report in June.Kerala-based Federal Bank, which saw its gold loans grow 36 per cent in the quarter ended June from a year earlier, says they are an area of high focus. “It’s spoken about at least once every day by the senior teams," Managing Director Shyam Srinivasan said in an analyst call on July 15.As competition in the segment rises, non-banking financial companies are offering more innovative products.The longer tenure, as compared to the 90 days or 120 days it now allows, will help customers retain their ownership of the pawned ornaments and reduce risk of auctioning the jewelry if repayment obligations are not honored within the term, said Umesh Mohanan, executive director of Indel Money.In the formal lending sector, Muthoot and Manappuram remain the leaders on gold-backed loans. As of March 31, they held 248.4 tons of gold pledged by customers, equal to about half the European Central Bank’s reserves. Shares of the two companies have rallied this year, with India’s largest gold lender Muthoot’s stock more than doubling since the Indian government announced the first lockdown restrictions in March.The highest demand has from the lower middle class, or those with incomes of 13,000-15,000 rupees, said V.P. Nandakumar, chief executive officer of Manappuram.The push by the banking sector could help the market for gold loans grow by 20 per cent to 25 per cent this fiscal year amid demand from small businesses and agricultural operations that are often family owned, said P.R. Somasundaram, managing director for India at the World Gold Council.“Gold loans are growing but once the lockdown is lifted and some sort of normalcy returns you will see a big jump," he said. “When most businesses open they will require capital."

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US lawmakers, united in their ire, lash out at big tech’s leaders

By Cecilia Kang and David MccabeWASHINGTON: The chief executives of Amazon, Apple, Google and Facebook, four tech giants worth nearly $5 trillion combined, faced withering questions from Republican and Democratic lawmakers alike Wednesday for the tactics and market dominance that had made their enterprises successful.For more than five hours, the 15 members of an antitrust panel in the House lobbed questions and repeatedly interrupted and talked over Jeff Bezos of Amazon, Tim Cook of Apple, Mark Zuckerberg of Facebook and Sundar Pichai of Google.It was the first congressional hearing for some time in which Democrats and Republicans acted as if they had a common foe, though for different reasons. Democratic lawmakers criticized the tech companies for buying startups to stifle them and for unfairly using their data hoards to clone and kill off competitors, while Republicans questioned whether the platforms had muzzled conservative viewpoints and were unpatriotic.“As gatekeepers to the digital economy, these platforms enjoy the power to pick winners and losers, shake down small businesses and enrich themselves while choking off competitors,” said Rep. David Cicilline, D-R.I., chairman of the House Judiciary Committee’s antitrust subcommittee. “Our founders would not bow before a king. Nor should we bow before the emperors of the online economy.”In response, Pichai, Zuckerberg, Cook and Bezos, who testified via videoconference because of the coronavirus pandemic, were forced to strike a more humble chord. They presented themselves as participants in enormously competitive and fast-changing digital marketplaces, and they evaded questions about the decisions that turned their companies into giants.“We approach this process with respect and humility, but we make no concession on the facts,” said Cook at the outset of his testimony.Not since Microsoft stood trial in the late 1990s for antitrust charges have tech chief executives been under such a microscope for the power of their businesses. With echoes of the trustbusting of U.S. Steel and Standard Oil more than a century ago and AT&T in 1984, the hearing underlined the government’s recognition that this cohort of tech companies — which wield immense control over commerce, communications and public discourse — had become the new trusts of the internet age.President Donald Trump also used the event to rail against tech power. In a post on Twitter before the hearing began, he said that he would issue executive orders to rein in the companies if Congress did not.From its conception, the House antitrust hearing was set to be a spectacle, lining up four of the world’s most powerful executives — with two of them among the planet’s richest individuals — to answer largely hostile questions together. While the joint appearance limited sustained questioning of any one executive, it created a side-by-side image that recalled the 1994 congressional hearing of top American tobacco executives, who said they did not believe that cigarettes were addictive.House lawmakers, who had opened an investigation into the tech companies in June 2019, made the most of it. Rep. Jerry Nadler, D-N.Y., confronted Zuckerberg with the CEO’s own emails, saying they showed a plot to take out a young competitor. Rep. Jim Jordan, R-Ohio, said Google was biased and asked Pichai whether the company would change its products to help elect Joe Biden for president.In one of the sharpest exchanges, Rep. Pramila Jayapal, D-Wash., confronted Bezos on accusations that an Amazon lawyer had lied to the committee about how the company develops its own products. She asked him to answer with a yes or no.“I can’t answer that question yes or no,” said Bezos, appearing rattled.77252726Yet while the hearing was ripe with theater, any effect will be limited by antitrust laws that were created a century ago and that are imperfect for corralling internet firms. Since the 1980s, enforcement officials have used the notion of consumer welfare as the predominant test for antitrust violations — generally meaning that if prices are not going up, the markets are most likely competitive enough. The tech giants have generally not driven up prices of digital services or consumer goods; many do not charge at all for services like Google Maps or Instagram.While Democrats at the hearing indicated they were more inclined to change antitrust law, Rep. Jim Sensenbrenner, R-Wis., said he did not think the laws needed to change. Ultimately, Congress doesn’t have the power to break up the companies.Still, the proceedings provided fuel to other investigations of the tech companies by the Justice Department, the Federal Trade Commission and state attorneys general. The Justice Department is expected to soon announce charges against Google accusing it of abusing its dominance in online advertising, people with knowledge of the investigation have said. The FTC is preparing to question Zuckerberg under oath in its investigation of Facebook’s grip over social networking and acquisitions of nascent rivals.“This is a critical juncture in how the Washington policy clash with the titans of Silicon Valley unfolds,” said Gene Kimmelman, a former Justice Department antitrust official and a special adviser to consumer advocacy group Public Knowledge.Regulators around the world are also moving to limit the power of the tech giants. Europe has led the charge with antitrust investigations, and Margrethe Vestager, the region’s top trustbuster, recently vowed to take a harder line on the companies. On Wednesday, Turkey passed legislation giving its government sweeping new powers to regulate social media content.The hearing Wednesday was a turnabout from just a few years ago, when Facebook, Google, Amazon and Apple were emblems of national pride for their innovation and growth. But the expanding reach of the four — which are involved in everything from smartphones to e-commerce to digital payments — and their stumbles in misinformation, privacy, election interference and labor issues have increasingly raised hackles.Even so, the companies have continued growing as more people live their lives online, with all of them expected to post solid financial performances when they report quarterly earnings Thursday.The hearing was made more bizarre by Bezos, Cook, Pichai and Zuckerberg dialing in remotely using Cisco’s Webex videoconferencing service. Lawmakers — who mostly appeared in person wearing masks in a House hearing room — faced empty chairs and a jumbo screen with the faces of the executives, who looked soberly into their cameras.Lawmakers nonetheless drilled down on key moments when the companies had gained power or allegedly squeezed consumers, competitors and small businesses. They directed most of their questions to Zuckerberg and Pichai, then to Bezos, according to a tally by The New York Times. Cook was asked the fewest questions.The tone of the hearing was set with Cicilline’s very first question, directed at Pichai. “Why does Google steal content from honest businesses?” Cicilline asked. Pichai replied: “Mr. Chairman, with respect, I disagree with that characterization.”Pichai was repeatedly asked about Google’s dominance in search and how the company was potentially trying to keep users within “a walled garden.” He said Google had many competitors for specific categories of search, such as shopping.77252938Zuckerberg was asked about Facebook emails in which executives discussed the company’s 2012 acquisition of Instagram as a possible strategy to take out a nascent competitor. Zuckerberg said that, in fact, Instagram’s success had never been guaranteed and was the result of Facebook’s investment in the product.When lawmakers asked Bezos if Amazon had bullied small merchants, he said that it was “not how we operate the business” — before being confronted by an audio recording of a bookseller begging him directly for relief.In response to questions about whether Apple favored some app developers over others, Cook said there were “open and transparent rules” that applied “evenly to everyone.”David Heinemeier Hansson, co-founder of Basecamp, a project-management company that has battled with both Google and Apple over their market power, said the hearing would be irrelevant if the government did not act to rein in the tech giants.“What we ultimately need is relief. We don’t just need a historic moment. We need this to lead to legislation and regulation and enforcement,” he said.But, Heinemeier Hansson added, “thankfully I’ve never been more optimistic for that than I am right now.”

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भारत के लिए राफेल के क्या हैं मायने और अंबाला में ही तैनाती क्यों

फ्रांस के मेरिगनेक एयरबेस से करीब सात हजार किमी सफर तय करने के बाद दोपहर करीब 3 बजकर 10 मिनट पर वायुसेना के अंबाला एयरफोर्स स्टेशन पर पहला राफेल विमान उतरा।

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Petrol Diesel Price Today: पेट्रोल और डीजल के दाम में कोई बदलाव नहीं, जानें आज कितनी है कीमत

सरकारी तेल कंपनियों द्वारा आज पेट्रोल और डीजल की कीमत में कोई तब्दीली नहीं की गई है। दिल्ली, मुंबई और चेन्नई और कोलकाता में पेट्रोल और डीजल के दाम पहले के तरह ही हैं।

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Kamala Harris for Vice President? Joe Biden's Notes Fuels Speculation

Joe Biden's vice presidential pick has been one of Washington's best kept secrets but a supposedly accidental news publication and Biden's own teasingly displayed notes are raising expectations that...

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NPPA unable to regulate remdesivir sale

NEW DELHI: India has not set a price for anti-viral remdesivir because it has been approved only as an experimental therapy for Covid-19, leaving the field open for black marketers, who are said to be selling the drug for as much as 10 times the actual price.The Drug Controller General of India said in June that remdesivir could be included in the clinical management protocol for Covid-19 as an experimental therapy for restricted emergency use on patients.According to the National Pharmaceutical Pricing Authority, remdesivir has not been notified as a drug and hence it cannot regulate the price of one of the most expensive Covid-19 treatments in India.The NPPA can only control prices of devices and products that are defined as drugs under the Drugs and Cosmetics Act. A product or device that is not notified as a drug goes out of the NPPA's purview, people aware of the matter told ET.In the case of stents and orthopaedic implants too, the government had to notify them as drugs to bring them under price regulation.The DCGI said remdesivir cannot be brought within the ambit of a drug as yet.

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Eye phone or a smart idea for smartphone companies, may be the next market disruptor

NEW DELHI: Smartphones as well as laptops and tablets are 21st century essentials. According to Statista, currently 3.5 billion people globally own smartphones. That works out to nearly 45% of the world’s population, which is 7.8 billion. The percentage of smartphone users will go up substantially every year.Now, look at another statistic. Vision Council of America estimates that over 4 billion people in the world use either glasses or contact lenses. That’s more than 51% of the global population.There’s no data on how many smartphone users wear glasses or use contacts. But it’s likely to be a very substantial number.Now consider three facts.1. Vision problems typically are more common as a person ages.2. Purchasing power typically also goes up as a person grows older or working.3. Researchers studying what is called the digital eye syndrome (vision problems associated with prolonged exposure to digital screens) have noted that people with eyeglasses or contact lenses are likely to suffer more while looking at digital screens for extended periods of time.All these data and facts are telling smartphone companies one thing — there’s a huge market for devices with screens that adapt to an eyeglass or contact lens user’s vision problems. And super premium pricing is no issue because, as we noted, older people who have vision problems are also typically those who have more purchasing power.Think about it. A corporate executive with, say, nearsightedness who can’t work without his phone or laptop would gladly pay a fairly steep premium for a device that allows him to take off his glasses while using his device. The sheer relief and convenience is impossible to overestimate.In the Indian pricing context, a CEO with vision issues who pays around one lakh rupees for a top-end, feature-rich Apple iPhone 11 Pro Max or a Samsung Galaxy S20 Ultra would pay a 20-30% premium without batting an eyelid for a model that allows him to take off his eyeglasses while working.The same holds globally. And don’t underestimate the potential market from smartphone-addicted, eyeglass/contact lens wearing teenagers with affluent parents – they, and their parents, would be only too happy to pay those premiums too.Apple, Samsung and other top-of-the-line smartphone makers should therefore definitely consider adding these vision-correcting smartphones to their product portfolio. The first company out with such a product will likely be able to charge high premiums.Toplines, bottomlines and market capitalisation will all spike. That’s the nature of disruptive innovation. It disproportionately rewards first movers. So, even if, say, a competitor hits the market with a similar product in a quarter, the first mover will still make a lot of money and add a lot of heft to its m-cap. The good news for Apples, Samsungs and their likes is that at least one version of base level technology for such devices has already been tested. And the even better news is that according to research in this technology, vision-correcting devices may need nothing more than a smart accessory that can be fitted onto an existing smartphone.As Live Science reports (https://bit.ly/3jOqBOL) on an MIT Technology Media Lab project: A “vision-correcting display is a thin, transparent material that fits on top of the screen of a smartphone or other device. It works in conjunction with a software program to correct the viewer’s focal distance — the range at which the eye can bring objects into focus.” Focal distance is the problem for people with vision issues like nearsightedness or farsightedness.University of California, Berkley researchers also developed a similar technology. The basic way this technology works is this:1. The vision-correcting screen cover has tiny pinholes that adjust lights coming from the screen.2. An algorithm is fed with data on an individual’s specific vision impairment.3. That algorithm then adjusts, as Live Science reports, “the intensity of each direction of light that emanates from a single pixel of an image on the device's screen”.4. It’s this adjustment that allows a vision-impaired person to keep away his eyeglasses and still see clear images on the smartphone screen.Obviously, when smartphone makers sell vision-correcting devices they will have to be programmed with each user’s specific vision data. But that’s hardly an insurmountable problem. The programming can be done at a retail level or even by consumers themselves. Right now, apps that can adjust screen light or font size or other display particulars in a few quick clicks are all that vision-impaired people can fall back on when using digital devices. For them, a device that adjusts to their own vision needs and allows them to say goodbye to their glasses will be a boon. And the company that gives this product to them will have a smash hit. The new Eye Phone — that may well be the next market disruptor.

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New education policy 2020: सरकारी-निजी स्कूलों में एक नियम, फीस पर लगेगी लगाम

नई शिक्षा नीति के तहत 2030 तक शत-प्रतिशत बच्चों को स्कूली शिक्षा में नामांकन कराने का लक्ष्य है। इसका मतलब हर बच्चे तक शिक्षा पहुंचाना या उन्हें शिक्षा से जोड़ना है।

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दिल्ली के तीन बड़े अस्पतालों में अब कोई भी करा सकेगा एंटीजन जांच

राजधानी के राम मनोहर लोहिया अस्पताल, लेडी हार्डिंग और सफदरजंग अस्पताल में अब कोई भी एंटीजन जांच करा सकेगा।

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4 Navy Officers Submitted Fake Bills Worth Rs 6.76 Crore, Says CBI

Four Indian Navy officers of the Western Naval Command, including a Captain, and 14 others have been booked by the Central Bureau of Investigation for allegedly submitting fake and forged contingent...

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LIVE: Emmy Awards ceremony to be held online

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पश्चिम बंगाल कांग्रेस अध्यक्ष सोमेन मित्रा नहीं रहे, कोलकाता के अस्पताल में ली अंतिम सांस

पश्चिम बंगाल कांग्रेस के अध्यक्ष सोमेन मित्रा का कोलकाता के एक अस्पताल में निधन हो गया।

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100 लोगों की हत्या करने वाला डॉक्टर डेथ गिरफ्तार, कई राज्यों में था आतंक

पुलिस की अपराध शाखा की नारकोटिक्स सेल ने दुर्दांत हत्यारे डॉ. देवेंद्र शर्मा को बुधवार को बापरौला से गिरफ्तार किया है।

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Market looking for a sequential recovery

People see that the market has moved on its own and are thinking if they do not participate, they will be left out. In fact Tuesday’s rise is another proof of a further left out feeling, says the Partner & CIO, Sarthi Group. In the latest commentary that has been coming in, some of the numbers are perhaps not looking as grim as was anticipated. Maybe that is also helping to bring some stability back into the markets after a couple of days of lull. UltraTech for instance was up 7.5% Yesterday.Yes, clearly the market is looking at sequential recovery. Everybody knows that there is no point looking at the year on year numbers because they will obviously show a de-growth. The question is how soon and how flexible we are in being able to recover from the April lows? April was the worst month and from there, we have clearly seen a sequential recovery in May and June. Then came the question whether the sequential pick up was on pent-up demand and whether it will sustain or not. If we listen to the quarterly analysts’ calls, for most of the companies they are saying that in the 20 odd days of July also they are seeing a reasonably sustained growth. Of course, the industry factor, the seasonal factors, the monsoon factors -- all those standard things will play out over the year. So that is one thing. The other thing is clearly the tailwinds of lower costs playing out for example in cement. For the whole cement industry, the lower cost factor was a play in the March quarter and proved to be quite beneficial for the whole industry. It has continued to remain beneficial for the industry in the June quarter also. At the same time, surprisingly, there is no drop in the realisation per tonne. In fact they have gone up. So these are the factors we are seeing. On the other side. if we move beyond the fundamentals or the recovery side, there is clearly money flow continuing in equity. In the initial part of the Covid led developments in April-May, we did not have as much inflows coming in from global institutions. Now of course, we are having that also. At the same time, since the money is going into the other asset classes like real estate, fixed income etc, I think part of that money will be coming to equities as well. The under-ownership is another part. There was a concern that because of the economic slowdown there would not be equity market participation but people clearly see that the market has moved on its own and if we do not participate, we will continue to be left out. In fact Tuesday’s rise is another proof of a further left out feeling. All these things are coming together and are leading to the overall buying interest continuing in the market. What would be your preferred play in the banking sector?My preferred play in terms of slightly expensive stock will be Kotak Mahindra Bank. The stock was leading the banking Nifty up on Tuesday besides one or two others and in terms of less expensive stocks, it will be ICICI Bank. Both the banks have reported good numbers. ICICI Bank numbers unfortunately were followed by some correction in the market so we could not see that much of a positive impact coming in. We should hopefully see that now. Kotak’s results got followed up by positive sentiment in the market or maybe Kotak’s results have turned the sentiment positive in the market whichever way we look at it. So the stock is up. So these are the two good bank stocks. As I said, the results have been better for not only these two, in other private sector banks also, the asset quality risk which was being perceived by the market has proved out to be much less. The moratorium assets are under control. Coming to Kotak, the CASA growth clearly shows that the money inflow is continuing. They have intentionally de-grown or gone slow on the advances which on Monday in the call, Mr Uday Kotak said that post 30th June they have gone reasonably aggressive in credit guarantee scheme for lending to SMEs and MSMEs. So, that growth will be visible in the September quarter numbers. Overall, the indications are towards a positive side and that is the reason. How you are looking at the financials? How have you looked at the overall valuations and where do you stand when it comes to this space? One, in terms of the participation in the rally in the last three, three-and-a-half months post the March low, there was an initial spurt of participation by some of the sub-sectors of BFSI but not as much participation by some other sub-sectors. Another point is over the years, the whole BFSI section has grown with too much market cap, too many opportunity and in terms of sub-sectors, if I compare today’s BFSI to let us say about five or even four years ago, the whole space of microfinance companies was not available for investing at that point of time. Today it is available. I am not recommending anything but I am just trying to compare. The space of asset management companies for investing was not available earlier. The space of insurance companies -- both life and general -- was not available till three-four years ago. Even small finance banks were not available. So the only things that were available were private sector banks, public sector banks, old generation private sector banks and some of the NBFCs. Of course the number of NBFCs that have got listed have also grown in the last few years quite significantly. I am not concerned about the sector’s performance and I do not see any stress in the sector as a whole. Of course, in any market, in any sector there will always be laggards given the way things have shaped up. Some smaller companies, more from the NBFCs and the home finance side, are the ones that could suffer. Public sector banks have always been a no-no for me. So while we have seen some recovery from the lows in the last one, one-and-a-half month, if we look at the year till date number, the public sector banking index was down at that point of time about 40%. The biggest fallout in all the other sectoral indices and not only in the year to date, even in the last two, three, four, five years, the public sector banks’ performance has not been anything to write home about. The investors have continuously lost money. So that continues to be a no-no, otherwise we continue to see opportunity. We generally do not talk of insurance companies. These have been a clear outperformer in the last two-three months’ market movement. While the private sector banks have not participated, they continue to be good investments. But insurance companies as a pack also is a very good investment opportunity. In NBFCs, the buying interest has shifted and will continue to remain towards the larger, more liquid and better managed companies compared to the plethora of NBFC IPOs and the listing that we have seen recently.It would be interesting to see what ARPU numbers Bharti delivers. This is the quarter where telecom companies have made hay during the lockdown and of course the commentary on the AGR dues etc is something that we are going to be looking out for. What according to you is most critical from the Bharti management in their earnings commentary?In my view, one or two things that are critical -- the ARPU growth numbers. I do not think that number will show a very significant improvement but any talk about the management on the likely trend, what possibility they see or pricing power coming back to the industry, whether they will be able to raise further rates or not. Another important point will be the data usage. We know that because of people staying at home, data usage has clearly increased. Whether it actually reflects in the numbers of the telecom companies, particularly Bharti or not will be the another key thing to be watched out for. Telecom subscriber numbers of course become available on a monthly basis so there will be no surprise there and the AGR dues commentary is an ongoing issue with the Supreme Court available online. So again, there also nothing much would be to be watched out for. Even in the terms of debt, cash, cash flow position, there is nothing critical to be watched out for but these are the two things; The data usage number will be a very important point to be watched out. Mahindra & Mahindra is up about 4% odd or so and Maruti is still up ahead of numbers. The entire auto pack is up 4%. Is this just some kind of buying at lower levels across the auto names because apart from an Eicher, or even an M&M. on the back of the rural thrust we have not really seen any other major reasons for this kind of pickup in some of those auto names?Yes, you are right. What tends to happen is that if the market continues to remain directional, whether on the upside or on the downside, to sustain the index movement and to absorb the money inflow that is coming into the market the money that is coming in has to keep looking for opportunities. In a shorter term, the money goes into sectors or stocks which have not participated recently. That is where we keep seeing sectoral rotation either on a daily basis or on a two-three day basis or sometimes on a weekly basis. So clearly that is one point. Suddenly automobiles seem to be back in surge, IT is back in surge. Last three days, banking was not participating. On Tuesday, there were signs of participation and that might continue. As I said, when the market takes a direction, money either keeps coming in or going out. It keeps looking for that shorter term opportunity. Having said that, an agri related automobile demand pickup is quite visible and that could be one of the reasons that we have some buying interest continuing in the agri related automobile stocks continuing to be there although with every rise, their valuations stand to become expensive. The whole question of whether the demand sustainability will continue or not, in case of agri -- the market has more confidence of sustenance because it is not being seen as a pent up demand, it is being seen more as a rural recovery and a good agricultural production backed demand. What is the outlook on telecom? Just today a Goldman Sachs report indicates that they continue to prefer Bharti Airtel over Idea. In fact, they have downgraded the Vodafone-Idea stock. What is your outlook within the telecom space? How are you looking at Reliance Industries as well and how are you reading into the downgrades that we have witnessed?Speaking about Reliance Industries fortunately or maybe unfortunately it has become a very simple trade that just invest and forget in the short term, leave aside medium and long term, medium and long term it is always that kind of not trade but an investment so that has become the case even in the short term. Now how long that will continue looks difficult to predict as we all know we had a low of around March 15th from there it moved to 1500 and everybody felt that okay it has doubled so now the story is over, from there it moved to 1700 the same feeling came then it moved to 1900 same feeling came and today we are at 2100 odd and nobody knows. Of course one point will come wherein it will peak out and maybe either consolidate. Consolidate it has tried to do maybe for a shorter period of time hardly one day or two days or three days even now also but it will correct so difficult to predict. In terms of downgrades it is natural for analysts that if something keeps moving you become safer by downgrading it and vice versa that if price has been coming down and if the company is doing well you become safer by upgrading it. So I would not read much into it. In my view right now it is very difficult to take a call on the price movement and valuation of the Reliance Industries. As of now, it continues to look that buying interest is continuing and may continue for the time to come. You would not be brave right now and buy into an InterGlobe Aviation or for that matter PVR or an Inox because there is chatter that perhaps multiplexes are set to open by next month, although it is going to be left to various states to take an individual call. Do you think investment wise this could be a contra call?One word answer to your question is as you rightly said it is no. A good comeback just when we thought the market was steadying. What do you feel is in store?You are right and this has happened multiple times in the last four months of almost a one-way sharp upward recovery that whenever indices have tried to take a breather, the feeling comes that finally, the market is topping out and there will be a correction. This also comes from wishful thinking because based on my interaction with so many people in the market, not many in terms of percentage of market participants, expected this kind of a sharp rally. Everybody kept watching and kept waiting that no, no this does not look sustainable. There is indeed a negative effect on the economic growth of Covid, but the surprise was why the market is not considering that. As we discussed in the beginning, the market is looking for a sequential recovery. It looks like that instead of continuing to hold on to the view that the market will correct, it will correct at some point of time. It is better to start participating in the market, there are sectors and stocks and we have been discussing all through the last half an hour. The banking stocks have given a good correction in the last three days, some of them are below 10-15% from their recent highs and so despite indices looking very high, there are opportunities in this kind of market and people should start participating and start getting into the market.

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