Ford, Mahindra Call Off Auto Joint Venture

The companies said in separate statements that the decision was driven by changes in the global economy over the last 15 months, causing both to reassess their capital allocation priorities.

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साल 2021 का पहला दिन और कोहरे की चादर में राजधानी, सफदरजंग में पारा 1.1 डिग्री

देश की राजधानी दिल्ली में कड़ाके की ठंड के साथ नए साल का स्वागत हुआ है। उत्तर भारत में शीत लहर का कहर जारी है। कड़ाके की ठंड पड़ रही है। नए साल के पहले दिन दिल्ली और आसपास के इलाकों में कड़ाके की ठंड के साथ गहरा कोहरा छाया हुआ है।

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झटका: साल के पहले ही दिन महंगा हुआ रसोई गैस सिलिंडर, जानिए कितना है दाम

इस महीने देश की ऑइल मार्केटिंग कंपनियों ने 14.2 किलोग्राम के बगैर सब्सिडी वाले एलपीजी रसोई गैस सिलिंडर की कीमतों में बदलाव नहीं किया है। वहीं 19 किलोग्राम के सिलिंडर में इजाफा किया गया है। 

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बिहार : 13 जिलों के एसपी समेत 38 आईपीएस का तबादला, लिपि सहरसा की एसपी बनीं

बिहार सरकार ने गुरुवार की देर रात 13 जिलों के एसपी समेत 38 आईपीएस अधिकारियों का भी तबादला कर दिया है। वहीं मुंगेर हिंसा के बाद विवादों में आई लिपि सिंह को सहरसा का एसपी बनाया गया है। जबकि फुलवारी शरीफ के एसडीपीओ संजय भारती शिवहर के नए एसपी होंगे।

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"May Spirit Of Hope, Wellness Prevail": PM Modi Extends New Year Wishes

President Ram Nath Kovind and Prime Minister Narendra Modi greeted the nation on the first day of the new year on Friday and expressed hope that the "country will march ahead with renewed energy to...

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Key Meet On COVID-19 Vaccine Approval Today, Day Before Pan-India Dry Run

Applications for the emergency use approval for the coronavirus vaccines filed by the Serum Institute of India, Bharat Biotech and Pfizer will be taken up once again for consideration by a...

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Mahindra-Ford joint venture plans called off

MUMBAI: The much awaited joint venture between Mahindra & Mahindra and Ford Motor Company has been called off due to significant changes in the global business environment due to Covid-19 pandemic. The decision follows the passing of the Dec. 31 “longstop,” or expiration, date of a definitive agreement the organizations entered into in October 2019.Ford in its official statement in the US said its independent operations in India will continue as is. The US car maker will continue with its joint projects, with Mahindra & Mahindra expected to produce the cars for Ford through contract manufacturing tie-up.Ford Motor and Mahindra & Mahindra have mutually and amicably determined they will not complete a previously announced automotive joint venture between their respective companies, said the statement from the company. According to the companies, the outcome was driven by fundamental changes in global economic and business conditions – caused, in part, by the global pandemic – over the past 15 months. Those changes influenced separate decisions by Ford and Mahindra to reassess their respective capital allocation priorities.In a statement to Bombay Stock Exchange, Mahindra & Mahindra said “this decision will not have any impact on its product plan. It is well positioned in its core true SUV DNA and product platforms with a strong focus on financial performance. In addition, Mahindra is accelerating its efforts to establish leadership in electric SUVs.”The proposed 51:49 joint venture which had already received clearance from Competition Commission of India was awaiting clearance from the local state governments of Gujarat and Tamil Nadu – but the same was delayed on account of Covid-19.Ford Motor is actively evaluating its businesses around the world, including in India, making choices and allocating capital in ways that advance Ford’s plan to achieve an 8% company adjusted EBIT margin and generate consistently strong adjusted free cash flow.The company has set its sight on developing and delivering high-quality, high-value, connected vehicles – increasingly electric vehicles – and services that are affordable to an even broader range of customers and profitable for Ford. Ford says it is moving quickly to turn around its automotive business – competing like a challenger while simplifying and modernizing all aspects of the company, and grow by capitalizing on existing strengths, disrupting the conventional automotive business, and partnering with others to gain expertise and efficiency.Mahindra & Mahindra along with Ford Motor Company Inc., USA ("FMC") had executed in October, 2019 a business transfer agreement and share subscription agreement to enable the formation of a joint venture by way of the company and/ or its subsidiaries acquiring 51% of the equity share capital of Ardour Automotive Private Limited, a wholly owned subsidiary of Ford Motor Company ("NewCo") in India.The balance 49% equity shareholding in NewCo was to be held by FMC and/or any of its affiliates; New Co was to acquire the automotive business of Ford India Private Limited ("FIPL"), a wholly owned subsidiary of Ford Motor Company.Upon completion of the aforesaid business transfer, the agreements contemplated the execution of a JV agreement and other ancillary documents between the company and/or its subsidiaries and FMC and/ or any of its affiliates.The new company was to purchase most of the automotive assets of Ford India Private Limited (FIPL), including two vehicle manufacturing plants but excluding one engine making plant in Sanand, Gujarat. The enterprise value of those assets was pegged at Rs 1,925 crores.After adjusting for FIPL’s debt of Rs 636 crore, which the new company will assume, Ford and Mahindra was to pay the remaining Rs 1,289 crore in cash. Mahindra will pay 51% of this, which comes to Rs 657 crore and Ford will foot the remaining capital in the new entity.Mahindra and Ford have been in talks for over three years now and have previously signed several agreements, including ones to co-develop an SUV and connected vehicles technology, and sharing engines.The agreements to share BS VI petrol engines and C segment SUV have already been formalized. The project W605 – C SUV for Ford based on the new generation Mahindra XUV platform has already been kicked off and is likely to hit the roads by end of 2022 and both Mahindra and Ford have actively negotiated the joint B SUV project called B772 including an electric vehicle.

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फाइजर की कोरोना वैक्सीन के इमरजेंसी इस्तेमाल को डब्ल्यूएचओ की मंजूरी, आज भारत भी लेगा बड़ा फैसला

वैश्विक महामारी कोरोना वायरस के बढ़ते मामलों के बीच विश्व स्वास्थ्य संगठन (डब्ल्यूएचओ) ने फाइजर और बायोएनटेक की कोरोना वायरस वैक्सीन के इमरजेंसी इस्तेमाल की इजाजत दे दी है।

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जरूरी खबर: आज से बदल गए हैं व्हाट्सएप, GST, चेक पेमेंट, इंश्योरेंस सहित ये नौ नियम

एक जनवरी 2021 यानी कल से भारत में नौ बड़े बदलाव होने जा रहे हैं। इन बदलावों का आपकी जिंदगी पर सीधा असर पड़ेगा। इन नए नियमों से एक ओर जहां आपको राहत मिलेगी, वहीं अगर आपने कुछ बातों का ध्यान नहीं रखा तो आपको आर्थिक नुकसान भी हो सकता है।

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FASTag आज से अनिवार्य, केवल हाइब्रिड लेन में रहेगी 15 फरवरी तक राहत

सरकार ने फास्टैग (FASTag) की डेडलाइन को लेकर वाहन मालिकों को थोड़ी राहत दी है। अब देशभर में सभी चार पहिया वाहनों के लिए फास्टैग की डेडलाइन 15 फरवरी 2021 तक बढ़ गई है। इससे पहले NHAI की ओर से कहा गया था कि एक जनवरी से कैश टोल कलेक्शन बंद हो जाएगा।

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India's First "Mysterious" Monolith Spotted In Ahmedabad Park

A "monolith", the likes of which have appeared and vanished in different parts of the world since November, has now emerged in a garden in Ahmedabad city, Gujarat.

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Donald Trump Extends Immigrant, Work Visa Restrictions Till March

U.S. President Donald Trump on Thursday extended a pair of immigration bans that block many "green card" applicants and temporary foreign workers from entering the country, measures he says are needed...

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All Calls From Jio To Other Networks To Be Free From Today

Voice calls from Reliance Jio's network to any network across India will be free starting January 1, billionaire Mukesh Ambani-led Reliance Jio said

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Focus on India's path in the post-Covid era

Year 2021 in all likelihood will be the most defining period for Prime Minister Narendra Modi, one where his government's approach and execution will determine the trajectory India takes in the Covid-19 era and beyond. And in doing so, the PM will also shape the contours of his legacy in the long run.The pandemic, in many ways, has forced a reboot within the administration, which is why fresh beginnings are now possible. The government articulated this at the highest level by saying upfront that it intends to convert a crisis into an opportunity. This is how political will was mustered to initiate much-delayed agriculture and labour reforms, which, as year ends, still remain a work in progress.The challenge will be to not just stay the course, but demonstrate political intent to further broaden the ambit of reforms and accelerate the processes of execution where decisions have been made like the new education policy. This is now a political must, not just an economic requirement for BJP.Why? Because one of the achievements of the Modi government has been the success of its social welfare schemes, which are raising aspirations through improved quality of living - be it through a pucca house, drinking water connection, electricity as well as gas connections. The only way these increased expectations can be met will be through larger wealth creation.While it's clear that the way forward on this count will be through structural reforms and formalisation of the economy, the process of doing so will face resistance just like the ongoing agitations against the new farm laws. The government could find itself put on test with every reform decision, but it will have to find the resolve to move on, keeping the larger picture in mind.The way these decisions are executed on the ground will have a significant bearing on building support for reform measures down the road. Which is why it's important that more jobs with better income flow as a consequence of these decisions. And that's where ramping up infrastructure to sustain policy decisions will be vital.In all this, pressures from the external environment will be on the rise. China, which has adopted a militarily aggressive posture against India in 2020, will look to drive home its economic advantage. The recent trade and investment deal with the European Union, achieved through German assistance, is a big signal to the next US Administration that Beijing can get important business done regardless of power shifts in Washington. In fact, China will hope that this will make President-elect Joe Biden also fall in line.India's choices, in this context, are not just limited but narrowing. It needs to think and act fast, cement its partnerships and become the economic alternative it always aspired to be. The point is competition is quite stiff, especially at a time so uncertain, such as now, when all countries - big or small - are keen on first securing their economic prospects in the immediate future.The external challenge for India, thus, will be to compete hard in the economic sphere and find resources to strengthen its defence and security establishment. All this will require a governance mix of immense political will, effective policy execution and strong economic intent.Why 2021 could prove to be a turning point is also because there will always be the lure to opt for the politically more expedient agenda, which are usually on divisive lines. That would be a political distraction with terrible consequences in the long run.The one big incentive for BJP to lay its bets on governance is the electoral success, including in Bihar, through its welfare model. The digitisation process, minimising the role of mediators and reducing possibilities of patronage have worked well to the extent that now it's said there's a well-defined 'Modi vote' woven around this narrative.Can the NDA government and BJP as party take this to the next level to make governance its primary and sole political pitch? The New Year will tell us if BJP's politics will follow that course or not. As for Modi, the PM, the task is cut out - do all what's needed to make India competent enough to compete at a critical juncture in its history.

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‘The party on Dalal Street ain’t over yet. Stay tuned’

Mumbai: The Nifty hit 14,000 for the first time on Thursday —the last day of 2020 but investors should stay put in 2021 as there is still some more steam left in the bull run, a majority of participants in an ET poll of 25 fund managers, brokers and analysts said. The most bullish among the poll participants expect the Nifty to rise as much as 15% this year from current levels. Mid and smallcap shares could outperform blue-chips in 2021, they said.According to 75% of the poll participants, equities remain the top asset class and investors are advised not to cut exposure.“All the stars are aligned for markets to go up,” said Nilesh Shah, MD, Kotak Asset Management.While majority of the participants are bullish about the market prospects, 68% of them expect the Nifty to touch 14,500-15,000 in 2021. This is about 3-6% over Thursday’s closing of 13,981.75. The index closed unchanged over the previous day after touching a high of 14,024.85.80054515About 16% see Nifty at 15,000-15,500 level, while 21% expect it to touch 16,000-16,500. Only 5% of participants predicted the Nifty could remain below 14,000.Investors may, however, have to brace for sharp swings in 2021 as volatility in the pace of flows from foreigners, which has been the main driver for the markets in the later part of the previous year, could lead to sharp reversals.“We may see a rapid rise followed by a correction,” said Motilal Oswal Financial Services’ chairman Raamdeo Agrawal, who expects the main indices to end 2021 with 12-15% gains.

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नववर्ष पर अपने राशिफल और ज्योतिष की हर जानकारी पाएं इस खबर में

अमर उजाला ने अपने पाठकों की सुविधा और उत्सुकता को ध्यान में रखते हुए नए वर्ष यानी 2021 के राशिफल और राशि अनुसार ज्योतिष जानकारियों से पूर्ण आलेख तैयार किए हैं। इसे पढ़िए और अपने मित्रों तथा परिजनों के साथ शेयर करिए और उन्हें भी पढ़ाइए:

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Expect a HNY with vaccines in hand: CDSCO, DG

Mumbai: India can expect some “good news” in the New Year on Covid-19 vaccines, said VG Somani, director-general of the Central Drugs Standard Control Organisation (CDSCO), which is responsible for approving vaccines in the country. Somani’s statement on Thursday comes on the day Prime Minister Narendra Modi said India is making preparations for the largest adult immunisation programme in the world.“Since March, along with the department of biotechnology, we have taken this challenge to hand-hold the development of vaccines of different platforms in the country...the drug industry and research organisations have stood the test of time and probably we will have a happy new year with something in hand — that is what I can hint at,” Somani said at a webinar organised by the DBT on the science of vaccine development.On Friday, the subject expert committee under CDSCO is expected to review data provided by the Serum Institute of India, which is testing and manufacturing a Covid-19 vaccine developed by AstraZeneca and the University of Oxford. The UK regulator approved the AZ/Oxford candidate this week, raising hopes that the vaccine will also be cleared for use in India.However, Somani said the Indian regulatory framework will scrutinise the data of the vaccine makers independently, too.“We have a panel of subject experts of immunologists, pharmacologists and pulmonologists who thoroughly scrutinise the data. And, in addition to us, the subject expert committee also reviews the data,” Somani explained. “The scrutiny is quite tough — it is not that just because some vaccine is approved outside it will be automatically approved in our country. It has to go through the tough scrutiny process. Of course, as a regulator, we will be looking at these data quickly and on a rolling basis.”Since the pandemic outbreak, the drug regulator has given “emergency approval” to drugs such as remdesivir and favipiravir as new therapy options to treat Covid-19. 80051304

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Markets may disappoint post record fundraising

Mumbai: Drought after a deluge: That seems to be nature’s way of evening out excesses.But will that be true of our equity markets that saw bumper IPOs in 2020? Historical data suggest so. Hence, investors should temper expectations of returns in 2021.India Inc has raised record 1.88 lakh crore through equities in 2020.Since 1995, whenever India Inc raised record funds, the Sensex returns next year were not that great. For instance, companies raised Rs 11,420 crore in 1995 but the Sensex return in 1996 was -1.3 per cent. The next record fundraising was in 2007 when Indian corporates raised more than Rs 66,000 crore, but the market fell 52 per cent in 2008. Foreign institutional investors pumped in over Rs 72,000 crore in 2007 but sold nearly Rs 54,500 crore worth of stocks in 2008.In 2010, the total amount raised from the primary market was a record Rs 72,000 crore and the Sensex declined 24 per cent in 2011. Similarly, in 2017 India Inc raised Rs 1.37 lakh crore and Sensex gave a return of just 6 per cent in 2018 as FPIs sold stocks worth Rs 35,800 crore. According to analysts, fundraising through the primary market in many cases will impact the secondary market liquidity and also the return ratios with dilution of equity.“Yes, in the past whenever there was a boom in the primary market, the secondary market underperformed in the following year as most of the liquidity was taken away by the new issuances,” said G Chokkalingam, CEO, Equinomics. “However, there is decent reason to believe that the current growth in primary market investment is not a warning of imminent disaster because of ample liquidity around the world. But investors should be careful.”

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अमेरिका: सॉफ्टवेयर से निर्दोष बनाए जा रहे अपराधी, अश्वेतों के प्रति किया जा रहा पक्षपात

अमेरिका में अपराधियों को पकड़ने के लिए चेहरा पहचानने के सॉफ्टवेयर उपयोग किए जा रहे हैं, लेकिन इनकी वजह से निर्दोर्शों को गिरफ्तार कर जेल में डाला जा रहा है।

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Goldsmith Shot Dead By Terrorists In Jammu And Kashmir

Terrorists shot a goldsmith dead at a busy market here on Thursday, police said.

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किसान आंदोलन: कानून वापसी और एमएसपी पर फंसा पेच सुलझाना होगा मुश्किल

किसान आंदोलन के संदर्भ में सरकार ने आधा विवाद सुलझाने का दावा किया है। हालांकि हकीकत यह है कि इस विवाद के मामले में अभी हाथी की पूंछ ही निकली है।

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दुनिया थमी पर भारत में बढ़ी स्टार्टअप कंपनियों की रफ्तार, चार महीने में पांच हजार से ज्यादा हुए पंजीकृत

कोरोना संक्रमण की मार में जहां एक ओर पूरी दुनिया की आर्थिक गतिविधियां थमी है वहीं भारत में स्टार्टअप कंपनियाें की रफ्तार बढ़ी है।

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Man Allegedly Carries Rs 29 Lakh Cash In Delhi Metro, Arrested

The CISF has apprehended a man for allegedly carrying Rs 29 lakh "suspect" cash at a Delhi Metro station, officials said on Thursday.

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Covid-19: देश में 24 घंटे में मिले 21,822 नए मरीज, 299 की हुई मौत, कोरोना के नए स्ट्रेन ने बढ़ाई चिंता

Covid-19: देश में 24 घंटे में मिले 21822 नए मरीज, 299 की हुई मौत, कोरोना के नए स्ट्रेन ने बढ़ाई चिंता

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Share Market Today: 2020 के आखिरी दिन लाल निशान पर खुला बाजार, 47600 के करीब कारोबार कर रहा सेंसेक्स

आज साल 2020 के आखिरी कारोबारी दिन यानी 31 दिसंबर 2020 को शेयर बाजार गिरावट के साथ खुला। बॉम्बे स्टॉक एक्सचेंज का प्रमुख इंडेक्स सेंसेक्स 106.53 अंक (0.22 फीसदी) की गिरावट के साथ 47639.69 के स्तर पर खुला।

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China Is Making It Harder To Solve The Mystery Of How Covid Began

In the year since seafood hawkers started appearing at Wuhan's hospitals sickened with a strange and debilitating pneumonia, the world has learned a lot about Covid-19, from the way it spreads to how...

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3 "Terrorists" Shot Dead, Say J&K Cops, Families Claim They Were Innocent

Hours after Jammu and Kashmir Police said three terrorists were shot dead on the outskirts of Srinagar, the families of the killed "terrorists" alleged that "innocent" young people including the son...

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Immunity: This Dry Fruits Ladoo Is A Traditional Remedy To Fight Cold Wave

Immunity: The season comes with its own set of challenges, eating dry fruits and nuts may help keep you warm and fortified because of the antioxidants. Dry fruits are also packed with...

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दिल्ली में फीका रहेगा नए साल का जश्न, 31 दिसंबर और एक जनवरी को रहेगा नाइट कर्फ्यू

दिल्ली आपदा प्रबंधन प्राधिकरण ने दिल्ली में रात्रि कर्फ्यू लगाया है। इसके तहत अब सार्वजनिक स्थान पर पांच से अधिक व्यक्ति इकट्ठा नहीं हो सकते हैं।

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सुशांत सिंह राजपूत मामला: कहां तक पहुंची है जांच, सीबीआई ने दी ये जानकारी

भाजपा सांसद सुब्रमण्यम स्वामी ने दावा किया है कि सीबीआई ने उन्हें सुशांत की मौत मामले में आज जवाब दिया है।

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इन दिनों चर्चा में हैं संजय राउत की पत्नी, जानिए कौन हैं और क्या करती हैं...

शिवसेना सांसद और वरिष्ठ नेता संजय राउत अपने बयानों को लेकर अक्सर चर्चा में बने रहते हैं। वहीं इस बार संजय राउत नहीं, उनकी पत्नी चर्चा में हैं। जानिए कौन हैं संजय राउत की पत्नी और दिनों में उनके चर्चा में होने की वजह क्या है...

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Night Curfew In Delhi Today, Tomorrow To Restrict New Year Celebrations

No public gatherings will be allowed in Delhi tonight and tomorrow between 11 pm and 6 am as the state government has announced a night curfew to restrict the New Year's celebrations.

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Rohit Sharma's Daughter Samaira Turns 2, Wife Ritika Shares Adorable Pics

Rohit Sharma's daughter Samaira celebrated her second birthday on Wednesday and Ritika Sajdeh came up with a series of adorable pictures to wish their cookie monster.

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Happy New Year 2021: 10 Top Global Health Issues

Happy New Year 2021: On New Year's Eve the World Health Organization (WHO) tweeted, "Let's make 2021 the year when we all stand together in solidarity to end inequities and save lives." The WHO posted...

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CBIC permits vaccines through courier

NEW DELHI: Import and export of Covid 19 vaccines through courier has been allowed without any value limit at locations where the Express Cargo Clearance System (ECCS) is operational, the Central Board of Indirect Taxes and Customs (CBIC) said in a circular to field units.The Board also directed that customs authorities create a task force with relevant stakeholders to ensure speedy clearance of the vaccines through customs."Efficient clearance and distribution of vaccines would be a critical requirement in the collective fight against the COVID-19 pandemic, the challenges in doing so is heightened by the fact that the vaccines need to be stored and transported under controlled temperatures and there are multiple stakeholders involved in this process," the Board said backing the need for efficient cross-border procedures for speedy evacuation of the vaccines. CBIC has amended the Courier Imports and Exports (Electronic Declaration and Processing) regulation to allow for temporary import and re-export of durable containers that will be used for transportation of the vaccine."Importers may be advised to indicate the unique identifier of the container and the accessories during import in the Courier Bill of Entry (CBE-V) and also at the time of re-export in the Courier Shipping Bill (CSB IV) for facilitating clearance," it said.Care should be taken to ensure compliance with the procedure including execution of a continuity bond, declaration of the durable containers and accessories thereof as a separate item in the customs declaration during import and re-export, the Board said.The changes, which were firmed up after review of the process for cross-border movement of goods, will come into effect immediately. Noting that coordinated approach among the stakeholders would be necessary, CBIC has directed commissioners in charge of the international courier terminals where ECCS is operational, to immediately form a task force headed by an officer of the rank of joint or additional commissioner of customs and comprising of officials from relevant participant government agencies,, authorized couriers, custodians, airlines and other relevant stakeholders. Details of the task force, and the name, designation and contact details of the officers concerned heading the task force would have to be given wide publicity and should also be placed on the website of the commissionerate or zone, CBIC added.

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India Inc seeks reintroduction of single I-T structure

New Delhi: Industry has sought reintroduction of the single structure of income tax instead of the current one that gives two options to taxpayers, saying that it had made compliance on withholding tax a complex process for employers, leading to higher cost and tax leakages.This was among several recommendations made by the Confederation of Indian Industry (CII) to the finance ministry ahead of the union budget announcement.Finance minister Nirmala Sitharaman had introduced a new taxation regime from April 1, 2020, whereby individual and Hindu undivided family taxpayers could pay income tax at a lower rate from April 1, 2020, provided they didn’t take any tax exemptions, or pay at the existing rates after availing of the exemptions. Taxpayers were to choose one of the options at the beginning of the year, but would be able to change it at the time of filing returns, which is expected in July 2021.“For a vast country like India, it has created more confusion for the taxpayer than a relief … it has further made withholding tax compliance complex for the employer,” the CII said in its representation.Industry has also sought lower tax rates for individuals to tide over job losses some may have faced during the Covid-19 pandemic. “Most of employees have faced reductions in salary. Pandemic has impacted the financial positions of individuals badly,” it said.Taking into consideration rising food inflation over the last decade, the CII suggested that the current exemption of Rs 50 per meal per employee if the employer is providing food to be increased to Rs 200. The exemption that exists for paper vouchers should be extended also to digital vouchers, it said.On the corporate side, industry has sought that limited liability partnerships and companies be taxed at the same rate of 25% instead of LLPs getting taxed at 30%. The change will help investors select the optimal governance model and remove any confusion, it said.The federation suggested that the process of filing appeals with the commissioner of income tax be replaced with a review of orders passed by tax officers by a dispute resolution panel, to help reduce prolonged litigation.The setoff period of losses for companies that have a gestation period of more than 10 years, should be extended to 15 years from the current limit of eight years, it said. “It will allow companies to have a long-term sustainable business model in India with a long-term investment horizon to gain stability and profitability.”

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coronavirus: 96 प्रतिशत रिकवरी के साथ भारत शीर्ष पर, संक्रमितों से ज्यादा मरीज हो रहे डिस्चार्ज

देश में हर दिन संक्रमित मरीजों की संख्या कम हो रही है लेकिन सरकार का यह भी कहना है कि इसकी वजह से लोगों को लापरवाही नहीं बरतनी है।

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China's Bottled Water King Dethrones Mukesh Ambani As Asia's Richest

Zhong Shanshan is a private billionaire who's rarely quoted in the press.

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Canada To Require Negative COVID-19 Test For People Entering Country

Canada will require travellers to obtain a negative Covid-19 test before being allowed into the country, the government announced Wednesday.

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India Will Have COVID-19 Vaccine Within Days: AIIMS Director

Terming the approval for Oxford-AstraZeneca vaccine for use in the UK as a "big step forward", AIIMS Delhi Director Dr Randeep Guleria on Wednesday said that India will have the COVID-19 vaccine...

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2 Cases Of Mutant Covid Strain Detected In Noida, Meerut: UP Government

Traces of a new strain of coronavirus were found in two people who recently returned from the United Kingdom, an Uttar Pradesh official said on Wednesday.

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किसानों की चार में से दो मांगें सरकार ने मानीं, कृषि कानूनों और एमएसपी पर नहीं बनी बात

कृषि कानूनों की वापसी और एमएसपी की कानूनी गारंटी की मांग पर अडेे़ किसान संगठनों के साथ बैठक में सरकार ने उनके एजेंडे की चार में से दो मांगें मान लीं।

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"Highly Unlikely" 91-Year-Old's Death Due To Vaccine: Switzerland

There is no indication the Pfizer-BioNTech vaccine against Covid-19 was responsible for the death of an elderly person in Switzerland just days after she received the jab, Swiss authorities said...

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RBI seeks to end unauthorised fintech lendings

Mumbai: The Reserve Bank of India is seeking to end unauthorised digital lending by fintech companies and has asked midsize and large non-bank lenders to provide details of their exposure to such firms, two people aware of the development said.Similar details could also be sought from banks lending to fintech players, they said.The RBI is said to be evaluating the prevailing regulatory arbitrage in the financial sector to minimise the spillover of risks.“The regulator’s supervisory team is collating details to ascertain the issue of interconnectedness among such non-bank lenders (NBFCs and fintech firms),” an official in the know said. “The regulator is also studying the likely impact the collapse of a few such firms would have on the system.” These small fintech operators have seen a considerable high rate of defaults in the lockdown months. ET had recently reported that financial stress among retail borrowers was biting fintech lenders, with more than a third of their customers skipping payments in the past few weeks. This stress could spread to the banks and NBFCs that have lent money to the fintech firms.“A bulk of the bounces shown through the NACH (National Automated Clearing House) data is due to high payment failure rates of fintech borrowers; many of such lenders have poor underwriting skills and just rely on high-handed tactics to recover monies,” said another official.For the second time in three months, the RBI has issued last week a note of caution to the public against the use of “unauthorised” lending apps.The lockdown months have seen hundreds of such apps proliferating and targeting blue-collar workers with promise of easy liquidity.Only licensed banks and non-banking financial companies (NBFCs) can do public lending activities, the central bank has said.Earlier this year, the RBI had issued a detailed set of guidelines over acceptable lending practices that can be followed by fintech apps.Aggregators tying up with licensed banks and NBFCs would have to disclose upfront the nature of these tie-ups, to improve transparency, the central bank has said.Recently, several reports have surfaced of excess interest charged, additional hidden charges and unethical collection practices including misuse of agreements to access data on the mobile phones of the borrowers by the collection agents of these fintech lenders. 80033589

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राजस्थान: झालावाड़ में बर्ड फ्लू की दस्तक, कई कौओं की मौत

समूचा देश जहां कोरोनावायरस से जूझ रहा है, वहीं झालावाड़ में बर्ड फ्लू ने दस्तक दे दी है। राड़ी के बालाजी मंदिर परिसर में बर्ड फ्लू से कई कौओं की मौत हो गई। जिला कलेक्टर एन. मोबिलिटी लागू कर सभी पोल्ट्री फार्म में जांच के निर्देश दिए हैं।

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पोप की आपत्ति के बावजूद अर्जेंटीना में वैध हुआ गर्भपात, विधेयक को सीनेट की मंजूरी

अर्जेंटीना की सीनेट में गर्भपात को वैध बनाने वाला एक बिल पारित हो गया है। महिलाएं इस अधिकार के लिए दशकों से आंदोलन करती रही हैं।

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School Reopen Date: इन राज्यों में जनवरी से खुल रहे हैं स्कूल, जानिए क्या हैं दिशा-निर्देश

कोरोना महामारी के कारण बच्चों की सुरक्षा को देखते हुए देश भर में स्कूलों को बंद कर दिया गया था, लेकिन अब मामले कम होने के बाद कई राज्यों ने फिर से स्कूल खोलने का निर्णय लिया है।

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बिहार: नीतीश को ऑफर देने के बाद राजद का दावा, हमारे संपर्क में जदयू के 17 विधायक

अरुणाचल प्रदेश में भाजपा और जदयू के बीच हुए तल्ख रिश्ते के बाद राजद के नेताओं की ओर से नीतीश कुमार को पार्टी में शामिल करने का ऑफऱ दिया जा रहा है। इसी बीच राजद के एक बड़े नेता ने दावा किया है कि जदयू के 17 विधायक राजद के संपर्क में हैं। 

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14 New Cases Of UK Coronavirus Strain In India, Total 20 Cases So Far

Fourteen fresh cases of new mutant coronavirus strain - first reported in the United Kingdom in September - have been reported in India, the government said this morning, a day after the country...

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UAE Reports "Limited Number" Of Cases Of New Coronavirus Variant

The United Arab Emirates (UAE) has discovered a "limited number" of cases of people infected with the new coronavirus variant in the country, a government official said, the first confirmed cases of a...

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US detects first case of new COVID-19 variant

WILMINGTON: The first known U.S. case of a highly infectious coronavirus variant was detected in Colorado on Tuesday as President-elect Joe Biden warned it could take years for most Americans to be vaccinated for the virus at current distribution rates. Biden's prediction of a grim winter appeared aimed at lowering public expectations that the pandemic will be over soon after he takes office on Jan. 20, while also sending a message to Congress that his administration will want to significantly increase spending to expedite vaccine distribution, expand testing and provide funding to states to help reopen schools. Biden, a Democrat, said about 2 million people have been vaccinated, well short of the 20 million that outgoing Republican President Donald Trump had promised by the end of the year. Biden defeated Trump in a November election. "The effort to distribute and administer the vaccine is not progressing as it should," Biden said in Wilmington, Delaware. At the current rate, "it's going to take years, not months, to vaccinate the American people." Shortly after Biden's remarks, Colorado's Governor Jared Polis said his state had discovered a case of the highly infectious coronavirus variant B.1.1.7 first detected in Britain. Scientists there believe the variant is more contagious than other previously identified strains of the SAR-CoV-2 variant. It has been detected in a number of European countries, as well as in Canada, Australia, India, South Korea and Japan, among others. Polis said in a statement the infected patient was a man in his 20s with no recent travel history who is currently in isolation in Denver. "Public health officials are doing a thorough investigation" and the individual has "no close contacts identified so far," he said, adding that the state has notified the federal government. Biden's goal of ensuring that 100 million vaccinations are administered by the end of his 100th day in office would mean "ramping up five to six times the current pace to 1 million shots a day," Biden said, noting that it would require Congress to approve additional funding. Even at such an ambitious rate, it would still take months for the majority of Americans to be vaccinated, he said, adding that the situation may not improve until "well into March." Biden also said he plans to invoke the Defense Production Act, which grants the president the power to expand industrial production of key materials or products for national security or other reasons, to accelerate production of vaccine materials. Trump himself has invoked the law during the pandemic. To reopen schools safely, Biden said Congress will need to provide funding for such things as additional transportation, so students can maintain social distancing, and improved ventilation in school buildings. Congress also needs to fund more testing and help pay for protective equipment for healthcare workers, Biden added. Trump defended his administration's record after Biden concluded his remarks. "It is up to the States to distribute the vaccines once brought to the designated areas by the Federal Government. We have not only developed the vaccines, including putting up money to move the process along quickly, but gotten them to the states," he said on Twitter. Trump, who had COVID-19 in October, has often played down the severity of the pandemic and overseen a response many health experts say was disorganized and cavalier and sometimes ignored the science behind disease transmission. Harris gets the vaccine Earlier in the day, Vice President-elect Kamala Harris received a COVID-19 vaccination live on television in a bid to boost confidence in the inoculation. Harris, who is Black and Asian American, received the Moderna Inc vaccine at a medical center in predominantly Black southeast Washington. The Biden team has emphasized the importance of inoculation in non-white groups especially hard hit by the coronavirus. Biden has vowed to make a top priority of fighting the coronavirus, which has infected more than 19 million people in the United States and killed over 334,000. He received his first injected dose last week. Two doses are required for full protection. Dr. Atul Gawande, a member of Biden's COVID-19 advisory board, told CBS News the transition team still did not have all the information it needed to understand the vaccine distribution bottlenecks.

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Airtel likely to skip auction of ‘expensive’ 700 MHz band

New Delhi: Bharti Airtel is likely to give the 700 MHz band a miss again in the upcoming spectrum auction due to its high price. Additionally, the telco doesn’t need to renew most of its airwaves that are expiring from July, a top company official said.After all telecom operators gave the 700 MHz band – considered very efficient for 4G services and even 5G in the future – a pass in the 2016 auction, the Telecom Regulatory Authority of India reduced its reserve price by 43% to ₹6,568 crore a unit, or ₹32,840 crore for a block of 5 MHz.“It (700 MHz) is just too expensive to buy at the current price,” the official told ET. The Cabinet earlier this month approved the sale of airwaves in an auction due to be held before March 31, 2021. A total of 2251.25 MHz worth ₹3,92,332.7 crore at the reserve price will be offered in seven frequency bands ranging from 700 MHz to 2500 MHz.The executive said Airtel is under no pressure to buy expiring airwaves. Bharti Airtel – with about 294 million users – has airwaves, mostly in the 1800 MHz band, which are set to expire across eight circles from July. As per brokerage Motilal Oswal, Bharti Airtel will have to spend ₹13,000 crore to renew all its airwaves at the base price.“… but we already have enough backup spectrum in those circles,” the official said.The official said Airtel may bid for some amount of sub-GHz airwaves. “We need to see if we need to add more capacities here and there,” he said.The auction is considered crucial for Reliance Jio because a substantial portion of its own airwaves and those it shares with Reliance Communications in the 800 MHz band expires in 12 and 14 circles, respectively, starting July 2021. Without these airwaves, Jio’s services in these circles will be impacted.The Airtel executive said the telco was financially comfortable to buy airwaves in the next 4G spectrum auction and it doesn’t need to raise additional funds.“Our balance sheet is quite strong and we have done a big round of fundraising of $8 billion in the last few months,” he said, adding that all capex is being done through existing cash flows.Airtel declined to comment.The official reiterated Airtel’s opposition to setting up separate India-specific 5G standards. 80015041

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कोरोना के नए रूप के साथ मानसिक रोग 'कोविड साइकोसिस' की पुष्टि

भारत समेत दुनिया के कई देशों में कोरोना का नया रूप मिल चुका है। इसी बीच कोरोना संक्रमित में बेहद ही गंभीर मानसिकता रोग (कोविड साइकोसिस) का पता चला है।

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दिल्ली एयरपोर्ट से फरार होने वाली महिला में मिला वायरस का नया रूप

ब्रिटेन में फैले कोविड के नए स्ट्रेन के भारत में 6 मामले सामने आए हैं। मं

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किसान आंदोलनः छह पहरेदारों के सुरक्षा कवच के बीच टेंट में रहती हैं 70 महिलाएं

सिंघु बॉर्डर पर मंच से करीब 300 मीटर की दूरी पर 200 मीटर के क्षेत्र में टेंट सिटी में 70 महिलाएं 6 पहरेदारों के सुरक्षा कवच के बीच रह रही हैं।

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"Shubman Gill Is Special Talent, Don't Compare Him To Anyone": Jaffer

IND vs AUS: Former India opener Wasim Jaffer urged people not to compare him to anyone and put "undue pressure" on him.

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"Never Hurt A Samosa..." Hilarious Pun On Chennai Restaurant Bill Goes Viral

A Chennai restaurant indulged in some hilarious wordplay at the end of their invoice. The post went viral on social media!

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RBI says banking sector health has improved

MUMBAI: The performance of the Indian banking sector improved in fiscal 2020, when lenders reported a profit on an aggregate basis after two years of losses, the central bank said in its yearly assessment report. The banking system's bad loans fell and capital buffer improved, but banks need to be vigilant about competition from nimbler tech rivals, the Reserve Bank of India said.The RBI also expressed concern over rolling back the policy support given to banks to deal with the Covid-19 pandemic in the last eight months."In 2020-21, as policy support is rolled back, the impact of the Covid-19 pandemic may dent the health of the banks and non-banks," the regulator said, as part of its report on Trends and Progress of Banking in India. The RBI said the turnaround of the banking system depended on the pace of the economy returning to a growth path."Improvement in the health of the banking sector henceforth hinges around the pace and shape of economic recovery," it said. "The challenge is to rewind various relaxations in a timely manner, reining in loan impairment and adequate capital infusion for a healthy banking sector." 80019294The RBI said at the end of August 2020, moratorium had been availed of on around 40% of the outstanding loans of the financial system, including banks and non-bank lenders. Moratorium was higher among MSMEs customers, the data showed - as much as 78% of such customers availed of the facility.Its preliminary estimates also suggested that potential recapitalisation requirements for meeting regulatory purposes as well as for growth capital might be to the extent of 1.5 percentage point of the common equity tier-1 ratio for the banking system.On the asset quality front, the RBI said data on gross non-performing assets of banks were yet to reflect the stress, obscured under the asset quality standstill with attendant financial stability implications.An analysis of published quarterly results of a sample of banks indicates that their gross NPA ratios would have been higher in the range of 0.10% to 0.66% at the end of September 2020, according to the report."The Covid-19 provisioning and ploughing back of dividends would help shield their balance sheets from emanating stress to a certain extent," the regulator said.

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Centre working on plan to allot Covid vaccines equitably

New Delhi: The government is working on a formula that would give weightage to active caseload, mortality rate and population density for an “equitable” distribution of the Covid-19 vaccine once cleared by the regulatory authorities.Those familiar with the details told ET that the formula will help states to scientifically identify and inoculate priority groups. This, they added, would also be an objective way to address the delicate question of who should have access to the first 10 million doses. According to sources, the first 10 million doses would not be “equally” but “equitably” distributed.80019540Most Deaths Reported by Bengal, KeralaThis would mean that if two states have more or less a similar active caseload, then the one with higher mortality and population density will get priority.“Having 20,000 active cases in Haryana is very different from having 20,000 active cases in Chhattisgarh. So the active caseloads coupled with population density change the pecking order for vaccination,” an official said.Still, a senior government official told ET that active caseload will remain the “biggest factor as mortality is a consequence”. The highest mortality rates, which is another consideration for vaccine distribution for priority groups, are being reported from poll-bound states of West Bengal and Kerala.According to health ministry data of the past 24 hours, Maharashtra reported the highest number of deaths at 50 followed by West Bengal at 27 and Chhattisgarh at 26. Along with Delhi, UP, Kerala, these six states accounted for 61% of new deaths. Kerala, reported the highest caseloads followed by Maharashtra, West Bengal, Uttar Pradesh and Chhattisgarh. As per the present matrix, Kerala and West Bengal may have a stronger claim to get higher doses.“We need to break the chain of spread and the way to do that is to halt the spread in areas where the virus is spreading rapidly. It is a complicated question but we are working toward this,” the official quoted above said.In the US, the government has selected McKeeson Corporation as its central distributor. This distributor is delivering vaccines via orders received from the states. Each state has identified priority groups with healthcare workers being the first.In the UK, the Joint Committee on Vaccination and Immunisation (JCVI), identified mortality and protection of health and social care staff as the main factors in the matrix. This is why the UK started with inoculating the elderly population in care homes.

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December Delight for car makers in India, industry set to post record despatches of 2.78 lakh

Mumbai: The passenger vehicle industry in India is set to record its fifth straight month of double-digit sales growth in December, ending an eventful year that witnessed almost 50 days of no or low sales and a total disruption in the mobility space.Dispatches from factories this month are expected to be 2.78 lakh units, the highest on record for any December and a 17-18% increase from a year earlier. Retail sales are estimated to be around 80,000 more at about 3.6 lakh units, leaving the industry with the lowest ever closing year-end stock at about 1 lakh units.In the last five years, December sales have been in the range of 2.30-2.40 lakh units, or 7-8% of the volume for the whole year. This December, this share is set to increase to 11%.Dealerships have reported strong sales in the first 20 days of this month. But the momentum waned since, because of non-availability of popular models. 80019363Maruti Suzuki executive director for sales and marketing Shashank Srivastava declined to give any guidance on December numbers, but said it had been a “unique and a different” month when compared to yesteryears.He said the industry inventory level in December was quite low at 167,000 units as against 28,7000 last year. As a result, sales promotions had also been lower. The rollover of production to next year is also missing due to maintenance shutdowns, he said.“Ever since the lockdown was lifted, the pent-up demand has bounced back faster than the supply and as a result, with supply chasing demand, the stock levels have been low,” added Srivastava.The channel inventory after June has averaged at 21-25 days, which is almost a couple of weeks lower than normal. With the industry starting 2021 with just 15 days of stock at the dealerships and a lower inventory in transit as vehicle makers decided to take block closure on account of maintenance, there is a significant space for vehicle makers to start 2021 on a very strong note.A top executive at a leading carmaker said retails maintained a good momentum in December, even as stock was fast receding in the channel.The pent-up demand coupled with the expectation of a recovery in replacement demand is likely to help sustain double-digit volume growth in 2021, added the executive, requesting anonymity.

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Rates have bottomed out, RBI may go on a long pause

The year 2021 is promising to be a better one than 2020. But there are challenges that a recovery poses like price pressures and hardening credit demand. B Prasanna, head of global markets at ICICI Bank, tells Saikat Das and MC Govardhana Rangan about the opportunities and risks. Edited excerpts.After the worst ever year in terms of economy there’s likely to be a rebound in the next. But the question is how strong and how sustainable it could be?Indian economy consistently surprises the doomsayers. There is an absolute loss in GDP this year to the extent of nine to ten trillion rupees. There are a lot of green shoots and not just green shoots, I would say animal spirits, starting with real estate — stamp-duty reduction, lower prices and low cost of borrowing. Another important reason is the PLI (production-linked incentive) schemes. And the amount that has been earmarked for it is something as much as ₹lakh crore. To get that ₹2 lakh crore across, industry will have to produce something like ₹40 lakh crore, and you need the capex. These two put together could make the recovery strong. Then the government is sitting on huge balances, which it could begin to spend. The only risk factor is the second wave or the new strain.Does that settle the debate whether this recovery is sustainable?Definitely, a lot of it which has happened has been pent-up demand. But things like private capex are not a single month or a two-month event. It is going to stay for at least a couple of years.Is there a disconnect between the financial markets and the real economy?Markets are forward looking discounting machines. From complete pessimism to euphoria now, because now people are seeing the light at the end of the tunnel. Vaccines are really readily available and the effect on the growth is also not expected to be as bad as what was originally feared. If the economies recover and there’s so much liquidity, what about inflation which is already worrying some in India?I think I’m pretty clear that whether it is Fed or whether it is the ECB or whether it is the BOE, they are all going to provide more liquidity. Fed has brought out this average inflation targeting framework, which basically means that earlier, the minute inflation started edging towards 2%, they would have started thinking of hiking rates and reduce liquidity. So, they will be possibly be okay with inflation even at 2.5% for a six-month period. Global central banks are not going to switch off the tap easily.What does it mean for the emerging markets, and India in particular, when we already have inflationary pressures? What are the choices for the RBI?There are some estimates which forecast that EMs may see a flow of $350 billion. Then India will also get a fair share of the pie. That will lead to easing of financial services index. Rates have more or less bottomed out and the RBI is expected to go on a long pause. No more repo rate cuts can be expected. The first report rate hike might actually come around February 2022. Of course, this is contingent on how inflation pans out over the next year. But before that RBI will have to take certain other measures to unwind some of the extraordinary accommodation that it has provided in the form of liquidity. I really feel that the stance shifting to a neutral one is very much possible by June 2021 policy.The RBI intervention made rupee an underperformer. With record high reserves and the impossible trinity at work, what could the RBI do?The RBI’s policy prevented a runaway appreciation in the rupee. From the real effective exchange rate (REER) point of view, I think rupee is overvalued somewhere between 16-and-a-half and 18 percent. With Indian inflation likely to gradually edge lower, hopefully even when compared to its trading partners, the REER might have a potential to correct on its own. Other than another Covid wave, what are the risks to a sustained revival?A return of inflation and a very quick exit from the easy money policy is a risk factor that will bring back contraction in liquidity.

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यूपी में यूके स्ट्रेन मिलने के बाद अलर्ट, 565 यात्री अब भी लापता, अधिकारियों ने साधी चुप्पी

यूनाइटेड किंगडम (यूके) से लौटी दो साल की बच्ची में नया कोरोना वायरस का नया स्टे्रन मिलने के बाद एलर्ट जारी कर दिया गया है।

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coronavirus: कोरोना संक्रमितों में 51 प्रतिशत पुरुष, इसमें से 11 फीसदी की गई जान

कोरोना वायरस अब तक देश में एक करोड़ से भी ज्यादा लोगों को अपनी चपेट में ले चुका है। इन संक्रमित हो कि अगर आयु व स्थिति देखें तो सबसे ज्यादा 51 फीसदी संक्रमित मरीज युवा पुरुष हैं।

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ट्रंप के फैसले पलटेंगी कमला हैरिस, भारतीयों समेत 1.1 करोड़ युवा अप्रवासियों को मिलेगी नागरिकता

अमेरिका की नवनिर्वाचित उप राष्ट्रपति कमला हैरिस ने मंगलवार को बड़ा वादा करते हुए कहा, मैं अमेरिकी संसद (कांग्रेस) में एक विधेयक लेकर आऊंगी, जिसमें 1.1 करोड़ उन आप्रवासी लोगों को नागरिकता दिए जाने का प्रावधान होगा, जिनके पास कोई दस्तावेज नहीं है।

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इस साल सबसे ज्यादा 5100 बार हुआ संघर्ष विराम का उल्लंघन, गईं 36 जानें

नियंत्रण रेखा पर इस साल पिछले 18 वर्षों में सबसे ज्यादा 5100 बार सीजफायर उल्लंघन हुआ है।

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ब्रिटेन में मिला कोरोना वायरस का नया स्ट्रेन कोलोराडो में खोजा गया

कोरोना के नए स्ट्रेन को 70 फीसदी अधिक संक्रामक बताया जा रहा है।

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दुखद: पहनावे को फैशन बनाने वाले पियरे कार्डिन नहीं रहे

पहनावे के तौर पर उपयोग होने वाले परिधानों को स्टेट्स सिंबल वाला रेडी टू वीयर फैशन बनाने वाले मशहूर फ्रांसीसी फैशन डिजाइनर पियरे कार्डिन का मंगलवार निधन हो गया।

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Income Tax Body Detects Suspect Transactions Of Rs 300 Crore In Delhi

The Income Tax department raided a number of hawala operators in Delhi and detected suspect transactions worth Rs 300 crore, the Central Board of Direct Taxes (CBDT) said today.

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US Detects First Case Of UK Coronavirus Variant In Colorado

The US state of Colorado has recorded what is reportedly America's first case of the particularly infectious coronavirus variant that emerged recently in Britain, the governor said Tuesday.

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HUL’s app becomes sourcing point for kiranas

MUMBAI: Hindustan Unilever’s use of technology to drive sales accelerated since the Covid-19 lockdown as about 3 lakh kirana stores are now buying from its internal ordering app Shikhar, three times more than a year ago.The country’s biggest consumer goods firm is also mapping its sales initiatives to Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and PM Kisan Yojana to understand where farmers have benefited as well as Google Mobility to understand how consumers travel for discretionary purchase.“Whether the money is increased, which states are getting the benefit now and the fact that migrant populations move, all these together can be very potent. There are some villages and some districts that are not seeing so many instances of Covid and are actually pretty normal. Therefore, to ensure that our execution over there was at the highest and servicing to stores was absolutely normal, technology was needed,” said Srinandan Sundaram, executive director, sales & customer development at HUL.HUL’s manufacturing and sales operations came to a standstill when the lockdown was clamped nine months ago. Before the pandemic, HUL's app covered nearly 25% of all towns with population of five lakh and above. This, too, has trebled with nearly 60% of its orders from these markets done on Shikhar.The company has now ensured Shikhar isn’t restricted to just an order taking app. For instance, it added features such as letting kirana store owners see nearby outlets, history of purchases and even product recommendations suited for their vicinity. Also, it recently partnered with the State Bank of India to give kirana owners credit facility.“The most critical bit on our app is it can communicate back to fulfilment. We are really trying to learn from Apple and as a design philosophy, make sure that what you want to sell is seamlessly integrated with the back end,” added Sundaram.

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Bharat Serum & Vaccines' Daftary family buys two SOBO luxury apartments for Rs 101 crore

MUMBAI: In one of the most expensive residential transactions concluded this year, Bharat Serum & Vaccines’ Gautam Daftary has bought an entire floor with two large sea-view apartments in a nearly completed project on South Mumbai Carmichael Road for Rs 101 crore.The deal for both the apartments with a total 6,366 sq ft area is valued at nearly Rs 1.59 lakh per sq ft, a record price being paid for a house anywhere in the country this year. The transaction for the entire top floor with 8-bedrooms in will also be counted among the most expensive deals ever in terms of pricing.The transactions for both the apartments were registered on December 24. The apartments on the top floor of the 20-storey building have been bought in the name of Daftary’s sons Akshay and Karan. The stamp duty paid for both the transactions totalled Rs 2.02 crore, showed the registration documents accessed by ET.The super-premium Carmichael Residences, spread over half an acre, is coming up on Altamount Road-Carmichael Road, known for housing billionaires including Mukesh Ambani and Kumar Mangalam Birla.The luxury residential tower is being developed by RA Realty Ventures, formed by the Khemchand B Kothari Group and Ashok Piramal Group’s realty development company Peninsula Land.In July, Anurang Jain, managing director of auto component maker Endurance Technologies bought two apartments in the same tower for Rs 100 crore, the largest residential transaction of 2020 until now. The billionaire nephew of Bajaj Auto patriarch Rahul Bajaj purchased one more apartment in this luxury tower for Rs 39 crore in October.ET’s email query to Gautam Daftary’s office remained unanswered until the time of going to press. Khemchand B Kothari Group’s director Varun Kothari declined to comment for the story.Daftary is part of the promoter family of Bharat Serums & Vaccines and is a director on the board of the Mumbai-headquartered company, which has its subsidiaries across the USA, Germany and Philippines.It can be recalled that private equity major Advent International acquired a majority stake in Bharat Serums & Vaccines in 2019 at an enterprise valuation of $500 million from its promoters the Daftary Family, and existing investors Orbimed and Kotak Private Equity.For over four decades since its inception, the company is known for its biological, biotech and pharmaceutical products and works in the therapeutic areas of women’s health and critical care and assisted reproductive treatment.Several high-value transactions are being concluded in the luxury segment of the country’s most expensive property market of Mumbai owing to easing prices and lower stamp duty benefit. These deals are helping drive the volume in the luxury segment that had remained sluggish for almost four-five years.The government of Maharashtra has reduced stamp duty to 2% from 5% till December-end and 3% between January and March 2021 in a bid to encourage home sales.The stamp duty reduction not only helped convert pent-up demand in the mid-income and affordable segments but also prompted the conclusion of several large-ticket transactions in the city, and the trend is seen picking up further.While the registration data has been suggesting more traction in housing sales in suburban localities, these luxury deals in south- and south-central Mumbai are also taking the country’s most expensive property market to new highs.

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कर्नाटक विधान परिषद के उपाध्यक्ष का शव रेलवे ट्रैक पर मिला, सदन में हुआ था दुर्व्यवहार

कर्नाटक के राज्य विधान परिषद के उपाध्यक्ष एसएल धर्मगौड़ा का शव चिकमंगलूरू के कडूर के पास एक रेलवे ट्रैक पर मिला है। उनके पास से एक सुसाइड नोट बरामद हुआ है।

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पाकिस्तान: बलूचों ने बढ़ाई इमरान खान की चिंता, अब शहरों में बना रहे चीनीयों को निशाना

बीते मंगलवार को कराची के बाहरी इलाके में एक कार शोरूम के अंदर एक चीनी नागरिक और उसके सहयोगी पर जानलेवा हमला हुआ था। इस हमले में वे बाल-बाल बचे थे।

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भारत में अब तक कोरोना के जीनोम में 19 तरह के हुए आनुवांशिक बदलाव

कोरोना वायरस के नए रूप को लेकर पूरी दुनिया हाहाकार मचा हुआ है। ब्रिटेन से ज्यादातर देशों ने अपना हवाई संपर्क तोड़ दिया है। भारत में इसे लेकर सभी राज्यों को अलर्ट पर रखा है।

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अर्णब पर कस सकता है शिकंजा, बार्क के पूर्व सीईओ को लाखों का भुगतान करने का आरोप

रिपब्लिक टीवी के एडिटर-इन-चीफ अर्णब गोस्वामी के खिलाफ मुंबई पुलिस का शिकंजा कस सकता है।

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Karnataka Upper House Deputy Speaker Found Dead, Police Say Suicide

Karnataka Legislative Council Deputy Speaker SL Dharmegowda was found dead near a railway track in state's Chikkamagaluru district this morning, police said today.

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Panel Recommends Environment Clearance For Central Vista Project

The environment ministry's expert appraisal committee has recommended granting environment clearance to the government's ambitious Central Vista redevelopment project, but directed that its developer...

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In Biden's Digital Team, India-Born Aisha Shah Bags Senior Position

US President-elect Joe Biden on Monday announced the members of his White House Office of Digital Strategy, where Kashmir-born Aisha Shah has bagged a senior position.

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Covid-19 has established the need to place sustainability towards top of India Inc’s agenda

In March, people in Jalandhar reported seeing the Himalayan snow peaks from their rooftops. And folks in Varanasi saw fish and tortoise from the surface of a surprisingly clean and clear Ganga. With our factories, cars and airplanes on silent mode during the lockdown induced by Covid-19, the world had practically taken a time machine to a pre-industrial revolution era. The air quality index of Jalandhar had crashed to 39 on March 31, 2020, compared to 129 on March 31, 2019. And the Ganga saw significant fall in dissolved pollutants, and increase in dissolved oxygen. The big question was, is this sustainable? And the answer was: certainly not. Or, at least not to that degree. As of December 27, with the lockdown a distant memory, Jalandhar’s AQI has risen to 94, and the far more industrialised Delhi’s AQI has shot up to a distressingly familiar ‘severe’ 415 (AQI in Delhi was 71 on March 31). And the Ganga is back to its murky, mucky worst. The inference is clear. Unless industry pulls up its green socks, the world – including businesses themselves – will suffer in rising degrees. Industry realises that consumers are becoming more discerning about the issue, which is influencing buying behaviour. “Environmental sustainability is a positioning that a company takes, which can possibly help them increase their sales by targeting customers who are inclined to favour a company which is green,” says NR Bhusnurmath, professor, finance, at MDI, Gurgaon. Swedish clothing giant H&M, for example, gives a 15% discount coupon for every bag of old clothes deposited by customers. By 2030, the company plans to source all its material through recycling or other sustainable ways. “We are constantly exploring new technology and innovations to help transform the fashion industry and reduce the dependency on virgin resources,” said Pascal Brun, head of sustainability at H&M, in a statement. “Getting customers on board is key to achieve real change.” Flipkart has set in motion a plan to transition its entire logistics fleet to electric vehicles by 2030. “Going fully electric is a step towards transitioning mobility systems to adapt to climate-friendly technology, which will future-proof the business and reduce carbon emissions,” says Mahesh Pratap Singh, head of sustainability and social responsibility, Flipkart. “It will also bring in cost efficiencies to the business in the long run.” IT major Infosys is transitioning to renewable energy for all its electricity needs, and has already invested in a 60 MW solar plant. The company says it has become carbon neutral for fiscal 2020, across all emissions.Dipankar Ghosh, partner and leader, sustainability, climate change and ESG, Thinkthrough Consulting, points out that mitigation measures such as adoption of resource conservation, energy efficiency, and recycling are adopted by companies at the initial phase of their sustainability journey. “Matured businesses today, additionally, often leverage on sustainability opportunities to enhance top line.” There’s an interesting view on bottom line impact as well. “Implementing ESG principles creates an ecosystem within the organisation focusing on resource optimisation and well-being,” says Chaitanya Kalia, partner and national leader, climate change and sustainability services, EY India. “With the right ESG framework, it adds up to profits as sales shoot up with increase in demand for sustainable products, and cost reduces with a sustainable supply chain in place.”Sounds perfect, but profitability from ESG-driven business models is some distance away for the larger business community. However, the desire to create an ecosystem of ‘responsible growth’ has certainly begun.(This story is part of a series of articles on sustainability in association with Mondelez. The company had no editorial input)

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Labour Ministry to clear the air on work hours

NEW DELHI: The government will soon specify the cut-off for daily work hours, likely limiting this to eight, after which overtime starts, said people with knowledge of the matter. This is aimed at ending the misconception that the new labour laws allow a 12-hour workday, they said. The overtime wage rate is twice that of regular daily pay.After the Wistron episode, policymakers are keen that working hours be clarified explicitly to avoid ambiguity under the new labour codes that are likely to go into effect on April 1, a senior government official told ET. Violence broke out at the Apple contract maker’s Karnataka plant earlier this month after wages and overtime payments to workers were said to have been delayed.The labour ministry has proposed an eight-hour workday in the draft rules under the code on Occupational Safety, Health and Working Conditions (OSH&WC code). However, the draft rules under the code, also provide that the working hours in a day can be modified subject to weekly cap of 48 hours.Besides this, the code has also allowed a working day ‘spreadover’ of 12 hours as against the current practice of nine hours of work or 10 ½ hours of spreadover under the Factories Act to facilitate shift changes and breaks. That has created the impression the regular workday can stretch to 12 hours, subject to the cap of 48 hours a week.Companies are of the view that with weekly hours capped at 48, they can allow employees to work for four days a week and extend the weekend to three days. That’s incorrect, said the people cited above. “This is not the intent of the current proposal,” one said. “The idea was to allow companies the flexibility to get the orders in hand finished on time in case of tight deadlines and not make it a norm.”The first official cited said, “We are seeing how we can clarify the overtime and work hours in the final rules.” The rules under the code are likely to be finalised by next month.80002104While the draft rules don’t explicitly state the hours after which overtime starts, they provide details in other areas. Currently, anything less than 30 minutes is not counted as overtime. Under the draft rules, any period between 15 and 30 minutes will be counted as 30 minutes of overtime.“There is no clarity in the current draft rules on the components of eight hours of work in a day. It is important that the components as well as when the overtime kicks in are clearly explained to avoid any labour litigations in this regard in future,” said labour expert and professor at XLRI, KR Shyamsundar.Vrijesh Upadhyay, former general secretary of the Bharatiya Mazdoor Sangh, said the provision of ‘spreadover’ is misleading. “Government should clearly spell out overtime and the wage rates beyond eight hours to be paid during the overtime worked by the workers,” he said.Under the current Factories Act 1948, an adult — 18 and above — cannot work for more than 48 hours in a week and not more than nine hours in a day. Section 51 of the Act stipulates that the spreadover time should not exceed 10 ½ hours.

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India Inc sustains performance gains: Survey

New Delhi: India Inc registered continued improvement in capacity utilisation and sales in December but high managing costs and weak demand still remain sore points for businesses, a survey conducted by industry lobby Ficci and Dhruva Advisors showed on Monday.The prospect of a vaccine for Covid-19, continued support from the government and the Reserve Bank of India, and the expected benefits from a shifting global supply chain have improved business sentiment, the survey found.“The results of the survey are encouraging and highlight the ongoing industrial and economic recovery,” Ficci president Uday Shankar said. “This momentum needs to be built upon and now all eyes are on the upcoming budget.”According to the survey, 21% of the respondents reported capacity utilisation between 50% and 70%, up from 17% in the second round of survey in August and 12% in the first round in June.In the survey, 50% of the respondents reported a positive impact of the ‘unlock’ on their order books in December, up from 44% in August and 25% in June.In a sure sign that the economy was not out of the woods just yet, in terms of the pandemic impact, 59% of the firms saw weak demand as a key challenge in the current situation. This remains a persistent problem as the figure was the same in June, although it represented a decline from 68% in August.In response to a question on the expected time frame for a return to economic normalcy post the stimulus package and unlock, 55% of the respondents felt it would take a year, as against 62% in August and 57% in June.Nearly three-fourth of the respondents felt their business would be significantly impacted post the availability of a vaccine, with 35% of these firms expecting a return to normal growth levels within six months from this point. On Atmanirbhar Bharat 3.0, the latest stimulus package, 45% of the firms saw the move as “good” or “excellent”, while over half or 55% thought it was “average”. 79998478

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M&M issued corporate guarantees to global creditors for SsangYong Motor Co

MUMBAI: Mahindra & Mahindra, Indian parent of South Korean SUV maker SsangYong Motor Co (SYMC), issued corporate guarantees earlier this year to some of its global creditors, such as Bank of America, JPMorgan Chase and BNP Paribas, to safeguard their exposure once SYMC was on the brink of bankruptcy, said people aware of the matter.For others like Citibank, the Indian conglomerate’s corporate guarantee was not enough. So, M&M had to issue an indemnity letter in favour of the US bank’s Indian arm. Based on that, Citi India wrote a standby letter of credit on behalf of Citi, South Korea. Citi, said sources in the know, has been paid out. Total contingent liabilities for Mahindra, including the guarantees, stand at Rs 680 crore, putting the onus on the Indian parent to clear all dues.These agreements came to light after SsangYong filed an application on December 21 for commencement of rehabilitation procedures with the Seoul Bankruptcy Court, under the Debtor Rehabilitation and Bankruptcy Act of South Korea. It had failed to repay loans of about 60 billion won (Rs 408 crore) due on December 14 to lenders including JPMorgan Chase, Bank of America and BNP Paribas.These guarantees can be invoked within a year of the company being admitted to bankruptcy, said the people cited above. For some creditors, the timeline is as short as a few weeks, one of them said. This runs counter to the view that the latest development is unlikely to have any impact on Mahindra’s financials. It had already taken an impairment hit in the March quarter, owing to which it reported a Rs 530-crore loss, the steepest in 19 years. Moreover, it has ceased fresh investments in its South Korean operations since the beginning of the current financial year, plagued by mounting losses.Mahindra acquired the company a decade ago, from court receivership. The loans were given by global banks three to four years ago and didn’t originally carry such guarantees. However, as the financial health of SsangYong deteriorated, lenders threatened to stop credit lines unless they obtained additional security. That came in the form of firm guarantees.“If, under the bankruptcy programme, SsangYong is sold at 40 cents to a dollar, then all creditors will get paid out accordingly,” said a creditor. “But for the remaining 60 cents, guarantees can potentially be invoked and M&M will have to make good the rest. M&M has a large relationship with banks, so even if there is a one-year deadline, they can request creditors and get some extra time if the whole process is left incomplete by the stipulated timeline. Banks will not lose a single penny.”BNP Paribas, Mahindra, JPMorgan, Citi and Bank of America declined to comment.A Mahindra spokesperson did not respond to specific questions. The company’s official release said, “Whilst the company has made a commitment to cover the above-mentioned loans given by banks, its final liability will be limited to the extent not recovered from SYMC.”80002021Korean govt bailout unlikelySYMC has been Mahindra’s biggest pain point and the latest filing is its last option to see if it can be sold, said analysts at Motilal Oswal. Mahindra’s total investment in SYMC was Rs 245 crore as of March 2020. It owns 74.65% of the company. Under court receivership, SsangYong will have three months to strike an agreement with a potential buyer or negotiate a restructuring plan with creditors.For the last six months, Mahindra has been trying to find a suitor. Talks with US distributor HAAH Automotive for a stake sale didn’t fructify. Analysts aren’t too confident about the prospects of a deal anytime soon — the company has recorded operating losses for 15 consecutive quarters and seen sales declining due to lack of new models since 2015.There had been indications that Korean Development Bank (KDB), which questioned the company’s ability to continue as a going concern, would consider extending the maturity of its loans if SsangYong cleared its debt to the foreign banks. But it appears that KDB found SsangYong ineligible for support from the Basic Industry Stability Fund operated to support companies undergoing financial difficulties. As KDB didn’t extend the maturity of its loans, SsangYong was forced into insolvency proceedings. Officials are worried that rescuing SsangYong to save local jobs might send the wrong signal to other foreign-backed auto majors, even as Seoul rolled out fiscal stimulus measures to soften the blow of Covid-19, including direct support to struggling industrial groups.Incidentally, GM Korea received a bailout in 2018, getting a $750-million lifeline from KDB.SsangYong was able to reduce its operating losses in the third quarter, with sales of 25,350 vehicles. The company has been struggling with deteriorating earnings since 2017.

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Will building material stocks emerge new comeback kids

Mumbai: Suppliers of building materials such as plumbing pipe, tile, sanitaryware and MDF (medium-density fibreboard) in the organised segments are likely to outperform the market in 2021, according to analysts.Stocks like Prince Pipe, Greenply Industries, Somany Ceramics, Astral Poly Technik, Supreme Industries, Pidilite and Kajaria Ceramics can be good picks for the New Year, they said. An impressive performance by real estate stocks in recent weeks on the back of improving demand situation in the sector augurs well for them.“The organised building material sector is likely to be on a strong comeback trail with branded companies expected to report healthy volume growth in 2021, driven by strong pent-up demand in the renovation or refurbishment segment and an impressive pickup in secondary sales in the real estate sector post-Covid,” said Nehal Shah of ICICI Securities. “Branded categories like plumbing pipes, MDF and ceramic tiles seem poised to outpace the other building material categories in terms of volume growth recovery.”80001912Shares of building materials companies have rallied between 15 per cent and 80 per cent in the last three months. Despite this rally, many of them are considered to have re-rating or turnaround potential in the near term.Tile manufacturers Kajaria Ceramics and Somani Ceramics have rallied 76 per cent and 32 per cent, respectively, in the past three months. These companies will likely benefit from impressive market share gains from Morbi-based players, who are incrementally focusing on exports since the start of the pandemic.Among pipe makers, Astral Poly Technik has gained 42 per cent in three months while Prince Pipes and Supreme Industries have both rallied 15 per cent.

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IND vs AUS 2nd Test Match LIVE: बॉक्सिंग-डे टेस्ट में जीत के करीब भारत, ऑस्ट्रेलिया ऑलआउट के करीब

भारत ने कप्तान अजिंक्य रहाणे (112) के आकर्षक शतक और रवींद्र जडेजा (57) के अर्धशतक की मदद से अपनी पहली पारी में 326 रन बनाकर 131 रन की बढ़त हासिल की थी।

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बर्फबारीः नया साल आने तक ठिठुरेंगे मैदान, दिल्ली समेत पांच राज्य के लिए ऑरेंज अलर्ट

हिमाचल प्रदेश, जम्मू-कश्मीर समेत पहाड़ों पर हो रही बर्फबारी का असर उत्तर भारत के मैदानी इलाकों पर भी पड़ेगा। मंगलवार से गुरुवार तक यानी नया साल आने तक उत्तर भारत में मैदानी इलाके शीतलहर से ठिठुरेंगे।

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किसान आंदोलन: पंजाब में 24 घंटे में 90 मोबाइल टावरों के कनेक्शन काटे, अब तक 1500 को पहुंचाया नुकसान

कृषि कानूनों के खिलाफ पंजाब में किसानों का प्रदर्शन लगातार जारी है। आक्रोशित किसानों ने 24 घंटों के भीतर जियो के 90 मोबाइल टावरों को क्षतिग्रस्त कर दिया है।

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2nd Test, Day 4 Live: Siraj Removes Green As Australia Lose 8th Wicket

India vs Australia Test Live Cricket Score: The visitors will be aiming to seal victory on Day 4 of the ongoing second Test match, at the Melbourne Cricket Ground.

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Pandemic Severe, But "Not Necessarily The Big One": WHO

The novel coronavirus has had a devastating impact around the globe, but the World Health Organization warned Monday that worse pandemics could lie ahead, urging the world to get "serious" about...

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Rohit Reacts As Dhoni Wins ICC Spirit Of Cricket Award Of The Decade

Former India captain MS Dhoni won the ICC spirit of cricket award of the decade on Monday

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Mamata Banerjee Asks TMC Workers To Protest Against Delay In Road Project

West Bengal Chief Minister Mamata Banerjee today asked TMC workers to put up posters, organise rallies and gherao officials to force the completion of NH 60 bypass at Dubrajpur in Birbhum district...

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किसानों के सामने एमएसपी पर नया फार्मूला पेश करेगी सरकार, कल होगी बातचीत

किसानों के करीब एक महीने से जारी गतिरोध खत्म करने और अन्नदाताओं की शंकाएं दूर करने के लिए सरकार बुधवार को होने वाली बातचीत में एमएसपी पर नया फार्मूला पेश करेगी।

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पुराना रुतबा पाने के लिए धर्मनिपेक्षता के अपने एजेंडे पर लौटेगा जदयू, भविष्य में भाजपा से टकराव के आसार

विधानसभा चुनाव के झटके से उबरने के लिए जदयू फिर से अपने सामाजिक न्याय और धर्मनिरपेक्षता के पुराने एजेंडे पर लौटेगा।

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Sena's Sanjay Raut's Wife Summoned In Money Laundering Case: Report

The Enforcement Directorate has summoned Varsha Raut, wife of Shiv Sena MP Sanjay Raut, for questioning in the PMC Bank money laundering case on December 29, officials said on Sunday.

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Shimla Receives Season's First Snowfall, Rain Predictions For Monday

Shimla received the first snowfall of the season on Sunday, bringing cheer to tourists who come here in large numbers to celebrate Christmas and New Year.

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Asset management firm in the works to tackle bad loans of PSU banks

NEW DELHI: The government may set up an asset management firm to assist state-run lenders in disposing of their bad loans, leaving them to focus on core banking.The proposed firm will not be a full-fledged bad bank, an idea that the Reserve Bank of India (RBI) is not in favour of.Instead, it will act as a conduit between distressed funds, asset reconstruction firms and lenders.“Unlike a bad bank, it won’t take up the impaired loan portfolio on its books and then find ways to settle it,” said a government official aware of the matter, adding that these were preliminary discussions.The proposed AMC will work on a fee-based model. It will collate bad debt across banks and reach out to institutional investors, including distressed funds. Once the AMC secures funding for the collated asset, it will engage with ARCs to turn around the asset.The aim is to find a mechanism before banks resort to the Insolvency and Bankruptcy Code.According to the RBI’s Financial Stability Report of July 2020, the gross Non-Performing Assets ratio of state-owned banks, which was at 11.3% in March 2020, may increase to 15.2% by March 2021 under the baseline scenario.In such a situation, the government feels banks need more help in dealing with bad loans.“There is a view within the government that more action is required on the NPAs in banks than what is available through the Bankruptcy Code, but a government-driven bad bank is not palatable,” said another official.The AMC route may be more acceptable, and the government would also not need to put substantial equity to set up such a structure.79981212“It can be a focussed special purpose vehicle (SPV) which will attract institutional funding in stressed assets,” said the first official quoted above. The AMC will then engage asset reconstruction firms (ARCs) towards operational turnaround of the asset.Experts believe that an AMC structure can be a viable option if the government has some stake in disposing of the bad loans.“If this government body is isolated from vigilance issues in price discovery mechanism then this model may work,” said MP Shorawala, a former independent director with state-run Central Bank of India. “Banks, anyway, are taking huge haircuts through IBC. So, if this AMC helps them to get bad loans off their books without vigilance concerns and at a better price then why not?”Earlier this month, Economic Affairs secretary Tarun Bajaj had said that the government was looking at various options to improve the health of the banking sector, which includes setting up of a bad bank.“We are looking at various options, including the option you mentioned (of bad bank), and it is still in the works…,” he had said in response to a query.In their customary pre-budget meeting with finance minister Nirmala Sitharaman, industry associations had also sought for the setting up of a bad bank to tackle rising bad loans.“High NPAs are affecting credit cycles, and Covid-19 (outbreak) is expected to exacerbate the NPA problem. Government should create multiple bad banks by allowing Alternate Investment Funds (AIFs) to buy bad loans,” Confederation of Indian Industry (CII) president Uday Kotak had proposed during the meeting.

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Rich & famous put gloss back on Mumbai realty

Mumbai: Captains of industry, corporate bosses, cricketers and actors are among those setting Mumbai’s luxury real estate abuzz again. Thanks to the pandemic-led price correction and stamp duty reduction, the last couple of months have seen closure of several big-ticket realty deals. Buyers include HDFC’s Keki Mistry, actors Hrithik Roshan, Alia Bhatt and Amrita Puri (daughter of HDFC Bank ex-chief Aditya Puri), stockbroker Motilal Oswal, cricketer Shreyas Iyer, Jatia Hotels’ Vinod Kumar Jatia, Modison Metals’ Kumar Jay Modi and Harpreet Singh Minhas of Harman Finochem.But it’s not the price of these swanky homes that’s eye-catching but the speed of the transactions, especially since the economy is nowhere near full recovery.79984693Hrithik Roshan bought two apartments on Juhu Versova Link Road for ₹97.50 crore recently, while Alia Bhatt purchased a house in Bandra for ₹32 crore. Motilal Oswal has purchased two duplex apartments for ₹101 crore at Peddar Road. Amrita Puri, along with her mother Anita, recently purchased a ₹50-crore apartment in the plush Malabar Hill. Shreyas Iyer bought a luxury apartment spread over 2,618 sq ft at the World Towers in Lower Parel for ₹11.85 crore, showed registration data accessed by Zapkey.com. Sales of luxury apartments in central and south Mumbai had been sluggish way before the pandemic hit. Market observers say the current upswing is the first in almost five years.Prices have eased 10-15% over the last few months, incentivising many fence-sitters to take the plunge. “This is like a once-in-a-lifetime opportunity,” said Atin Dasgupta of Gupta & Sen Luxury Real Estate. According to him, there’s been an increase in enquiries and conversions from non-resident Indians too.“The pandemic’s income impact on clientele for luxury properties has been limited. These prospective buyers are largely scouting for ready homes or those nearing completion,” said Yashika Rohiira, director at Karma Realtors, which focuses mainly on the southern and western parts of Mumbai.Maharashtra reduced stamp duty to 2%, from 5%, till December-end. Duty will be 3% during January-March 2021. Given the pickup in sales, unsold stock in south-central Mumbai localities had reduced by more than 5% in a year to 11,300 units at the end of September. The inventory is expected to reduce further.

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Time for government, companies to adopt artificial intelligence: Deloitte India

MUMBAI: In the midst of Indian companies battling the Covid-19 disruption, there is a growing realisation and acceptance that artificial intelligence (AI) is not only unavoidable but it must be adopted quickly to remain competitive in the marketplace, Deloitte India CEO N Venkatram told ET.“Indian companies need to re-skill, train, and acquire more relevant talent, if they are to successfully integrate AI technologies. Most importantly, they should be willing to make the continued investment. It is an uphill race in which there will be winners and losers,” said Venkatram.Many experts believe not just companies but the government's adoption of advanced digital technologies like AI, IOT or analytics is critical for transformation of public works, especially in large economies like India.“The way the government responds to cognitive technologies, both as a regulator and as a user, will shape our societies for years to come. One reason AI can work well for the government is because it is the largest creator of data. AI should help free up policy makers to focus on being innovative and prescriptive rather than bureaucratic and technical in their use of data. The same reasoning should allow for ambitious problem-solving,” said Venkatram.The Deloitte CEO said whether it is manufacturing, banking, services or agriculture – technology is key for India’s aspirations in any of these sectors.“We have examined the opportunity for investment, job creation, value overtime etc. - and all our assumptions are magnified by the economic impact of Covid-19. The toolkit of AI - computer vision, natural language processing and machines that learn over time – will enhance almost everything done in government and business,” he said.India’s economy was hit hard by the Covid-19 pandemic with GDP contracting 23.9 per cent year-on- year (YoY) in April-June quarter but the bounce-back has been encouraging ever since the economy was unlocked. So will the pandemic have long-term growth implications for the Indian economy?"Growth by its very nature is impermanent. It is therefore necessary to look more long term in setting growth aspirations. The IMF’s statement that India will regain its position as the fastest growing emerging economy in 2021 inspires confidence and confirms our own prediction that India’s GDP will rebound in double digits in FY2022. The question on India’s $5 trillion economy is therefore not whether it will come to be, but when,” said Venkatram.“To have a substantive role in a post-pandemic global economy, India should build on its competitiveness and comparative advantage to ensure inclusive, profitable growth,” he added.

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नीतीश कुमार का समाजवाद, परिवारवाद की जगह जातिवाद

समाजवादियों का उत्तराधिकारी बतानेवाले बिहार के मुख्यमंत्री नीतीश कुमार परिवारवाद में तो नहीं फंसे, मगर जातिवादी राजनीतिक का सूत्रपात कर बैठे।

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After A Week's Delay, Trump Signs $900 Billion Covid Relief Bill

After nearly a week's delay and under pressure from all sides, President Donald Trump signed a $900 billion Covid-19 relief bill Sunday, the White House said, extending benefits to millions of...

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2020 Weather Disasters Boosted By Climate Change: Report

The ten costliest weather disasters worldwide this year saw insured damages worth $150 billion, topping the figure for 2019 and reflecting a long-term impact of global warming, according to a report...

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Roger Federer Out Of Australian Open After Knee Surgery

Roger Federer will miss the Australian Open for the first time in his career as he continues his recovery from two rounds of knee surgery, organisers said Monday.

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RCom resolution process may hit a bump

Mumbai: The bankruptcy resolution process for Reliance Communications (RCom) may hit another hurdle with State Bank of India, Union Bank of India and Indian Overseas Bank classifying the accounts of the telco and its units — Reliance Telecom and Reliance Infratel — as fraudulent last week, said people with the knowledge of the matter. The lenders are now looking to initiate a deeper probe, said one of the persons.Resolution applicants Reliance Jio Infocomm and UV Asset Reconstruction Co. Ltd (UVARCL) may want to seek indemnity from any investigative proceedings into these companies, said the people cited above. Delays will further erode the prospects of recovery for lenders who were expecting ₹20,000-23,000 crore from the asset sale of RCom and its units. Financial creditors have said they are owed ₹57,382 crore. ‘May Delay Recovery Process’“Lenders will have to make full provisions for their exposure in these accounts over the course of the next four quarters and a decision on whether they want to flag this off with the investigative agencies will also be taken soon,” said a bank executive aware of the development. “The concern among bankers is that if investigators come into the picture, that could delay the recovery process if they consider monies of these firms as proceeds of crime.”The latest allegations come a year after a forensic audit unearthed questionable transactions worth ₹5,500 crore in the three Anil Ambani-led Reliance Group entities. The probe that looked at transactions between May 2017 and March 2018 found three large entries buried under hundreds of thousands of others that the SBI-led consortium suspects could conceal fund diversion, according to the people cited above.The lenders, RCom, Jio and UVARCL did not respond to ET’s queries.At the time of filing for bankruptcy, RCom had debt of ₹46,000 crore. As many as 53 financial creditors, including local and foreign banks, nonbanking finance companies and funds have claimed ₹57,382 crore, of which ₹49,224 crore has been accepted by the resolution professional.The allegations of fraud come as the dedicated bankruptcy court approved of the plan by Reliance Industries subsidiary Reliance Digital Platform & Project Services to pick up the tower assets of Reliance Infratel for ₹4,975 crore. Meanwhile, UVARCL is awaiting approval by the National Company Law Tribunal (NCLT) for picking up assets of RCom and Reliance Telecom, which houses spectrum and fibre.Not all agree that there will be further delays.“The investigations, if initiated, will be against the previous management and has nothing to do with the future monetisation plans,” said one of those cited above. 79984458RCom was forced to shut its wireless operations late 2017, hurt by mounting debt and widening losses amid intense competition in the telecom sector after Jio’s entry in September 2016. Delays arising from regulatory clashes have already led to an erosion in asset value by over 10%, according to some involved with the transactions.

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Global private banks ask FPI managers not to sell NRI clients’ investments

MUMBAI: Global private banks, dealing with the rich and ultrarich, have told managers of foreign portfolio investors (FPIs) to refrain from selling off investments by their non-resident Indian (NRI) and overseas citizens of Indian (OCI) clients to meet the rules laid down by Securities & Exchange Board of India (Sebi).FPIs have to bring down the aggregate contribution of NRIs and OCIs (along with resident Indians) in a fund to below 50% by December 31, 2020. Also, contribution by an NRI/OCI cannot exceed 25%. Funds which fail to do this will have to wind up in six months.To meet this requirement, India dedicated FPIs with large money have been redeeming investments proportionately — selling stocks to return the money to investors. However, the international private banks want absolute contributions of their clients to remain unchanged. “They are asking for a formal undertaking from FPI managers that future investments by their NRI/OCI clients will not be redeemed to meet the 25-50% rule. But most FPIs are reluctant to give any formal assurance. As a result, we cannot empanel these global banks which were an easy source to tap money from NRIs, PIOs (Persons of India Origin) and OCIs,” said an official of an Indian financial services house managing an FPI.Till last week the Sebi has not given any indication that it may relax the 25-50% regulation, despite multiple representations made by several offshore funds. Besides, an NRI controlled investment manager (or the asset management company) running an FPI must register itself as a ‘non-investing FPI’ with Sebi.“In the last past two weeks there has been a scramble for getting themselves registered as non-investing FPIs by many funds. Even if a fund lowers the NRI contribution to meet the Sebi condition, the manager must become a non-investing FPI if it is controlled by NRIs/OCIs,” said Richie Sancheti, partner at the law firm Algo Legal. “Both tests have to be met independently,” said Sancheti.The manager of a non-investing FPI cannot invest the AMC or proprietary money (though the fund can continue to invest as long as the NRIs limits in the FPI are not breached). 79984374Indian brokerages and banks which have floated FPI vehicles abroad believe that unless there is a rethink on the rule, which stems from a regulatory paranoia about fund round-tripping and tax evasion, the vast Indian diaspora cannot be effectively tapped.“When an Indian bank or brokerage taps investors abroad, they naturally approach NRIs and PIO who can relate to the India story. One of the ways to attract that money is through global private banks who may give a single cheque on behalf of seven to 10 clients. Now, when we are asking them for a break-up of NRI and non NRI clients, they want a written undertaking so that their NRI clients’ investments are not hastily redeemed in future,” said an official with a large brokerage. While NRI contribution in FPIs is comparatively patient money, the NRI limits in a fund can be quickly breached if there is a sudden selloff by foreign investors.Against this backdrop, many financial services providers in GIFT City think that the government, along with Sebi and Reserve Bank of India, should permit NRI dominated FPIs to trade on stock exchanges if the money is pooled in a vehicle in the GIFT International Financial Services Centre and there are adequate regulations on the investment manager. “If alternative investment funds (or private equity and venture capital funds) can have more flexible rules compared to domestic alternative investment funds (AIFs), FPIs structures in GIFT can also have easier rules. This would enable GIFT to compete with Mauritius, Singapore and Cayman,” said a person familiar with the subject.Unlike domestic AIFs, such funds in GIFT are allowed to leverage while RBI, after years of dithering, has recently allowed resident Indians to open foreign currency accounts with banks in GIFT by transferring funds under the central bank’s liberalised remittance scheme. “The IFSC authority — the new regulator for the financial centre — would pursue the matter with the government,” said the person.

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