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Maruti to witness improvement in market share and margins in FY22

17 Apr, 2021, 11:29AM | Livemint

NEW DELHI: Country’s largest passenger vehicle (PV) manufacturer, Maruti Suzuki India Ltd is expected to witness improvement in its market share in the domestic market in FY22 on the back of multiple new product launches. The company’s operating profit and margins will also recover due to increase in vehicle prices and reduction in discounts offered. The New Delhi-based vehicle manufacturer witnessed a swift recovery in volumes after the unlocking of the economy in FY21 due to better-than-expected economic recovery and shift towards personal mobility. Margins though came under pressure due to increased input costs like steel, copper and other metals. TRENDING STORIESSee All Premium PM Modi says 'Kumbh Mela should now only be symbolic to strengthen Covid-19 fight' 2 min read . 09:21 AM IST Premium Delhi weekend curfew starts amid Covid surge: What's allowed and what's not 2 min read . 11:06 AM IST Premium West Bengal Assembly Elections: Voting begins for 5th phase under Covid-19 shadow - 10 updates 2 min read . 08:38 AM IST Premium Indian Army to reduce attendance in its offices by 50% due to covid surge 1 min read . 06:35 AM IST “The MSIL stock has underperformed (27% v/s Nifty and 23% v/s NSE Auto Index) in the last six months, impacted by market share loss and pressure on margin, despite a strong volume recovery. We see both these concerns abating as: a) product life cycle improves, and b) price increase/discount moderation drives a recovery in profitability. We expect 30% volume growth in FY22E and positive evolution of margin," said analysts of Motilal Oswal Institutional Equities. One of the reasons for market share loss for Maruti, from 48.1% in FY21 to 51.2% in FY19, has been the lack of new product launches, especially in the fast-growing compact sports utility vehicle segment. Exponential rise in Covid19 infections across the country though could derail the recovery in volumes and financials for Maruti and overall industry during the June quarter. “FY22 looks far more promising for MSIL, with several launches lined up for the next two years, with a mixture of full upgrades of existing models (Alto, Celerio, Brezza, Ciaz, and Baleno) as well as new model launches (Jimny, Grand Vitara, and mid-sized MUVs). These launches are focused on SUVs (all new models and Brezza), but would also address its key entry-level model Alto after a gap of 10 years," added the analysts. On Friday, Maruti announced decision to increase price of its vehicles by around 1.6% on an average, across its product portfolio, as a result of sustained increased in input cost. The company had increased prices of its offerings in January and the management had guided for another round of price increase if the input cost keeps rising. “After a gap of almost 20 months, we expect new product launches to resume with a mixture of complete product upgrades (five in 2-3 years) and new model launches (three in two years). This should drive volumes and market share growth. Profitability is near the trough and margin improvement should be seen from the lows of 3QFY21," the analysts added in the note. Share Via Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Rising global prices, muted local demand boost steel exports

17 Apr, 2021, 10:03AM | Economic Times

MUMBAI: India's primary steelmakers have increased their share of exports in the fourth quarter of FY21 ending March, amid rising international steel prices, combined with a slight de-growth in domestic demand during the January-February period. Jindal Steel and Power (JSPL) reported an export share as a percentage of sales at around 38% in Q4 from 21% in Q3. SAIL has increased exports to 0.40 million tonnes from 0.27 MT in Q3. JSW Steel reported a crude steel production of 4.19 MT in Q4 and sources said that there was a significant rise in exports. Tata Steel 's exports remained flat at 11% of total deliveries in Q3 and Q4. "We continue to focus on the domestic market. However, in the last quarter of FY21 and in the last two months exports have gone up on a QoQ basis because there has been a market pull," said SAIL's chairperson Soma Mondal , in an interaction with ET. "There was an increase in exports during the quarter, but we need to see that basic growth plan will always be based on the domestic market. During the first 15 days of January and February domestic demand was impacted after China's Lunar new year," said Jayant Acharya, JSW Steel's director, commercial and marketing told ET. Analysts estimate the share of exports to rise in the first half of FY21, and will increase by 12-16% in FY 22, due to widening spreads between export and domestic realisations. Exports are increasing from India, only because of the good price in international markets. However, primary steelmakers are maintaining a good balance and maximum is consumed domestically, said JSPL's managing director, VR Sharma. As per data from the steel ministry, finished steel exports in FY21 was around 10.79 million tonnes, showing a growth of 29% year-on-year and export of semis in the 11-month period till February 2021 grew by 131% to 6.09 MT. While exports of finished steel in the first quarter of FY21 were driven by lacklustre domestic demand due to pandemic-led lockdowns the surge in the last quarter was led by higher export realisation. "Overall in fiscal 2021, exports increased 29%. The momentum is expected to continue and push finished steel exports another 12-16%higher this fiscal," said a report by rating agency Crisil.

Rising global prices, muted local demand boost steel exports

17 Apr, 2021, 10:03AM | Economic Times

Rising international prices boost steel exports from India

17 Apr, 2021, 09:45AM | Economic Times

India's primary steelmakers have increased their share of exports in Q4 amid rising international steel prices, combined with a slight de-growth in domestic demand during the January-February period JSPL's share of exports in sales was around 21% in Q3 as against 38% in Q4. SAIL has increased exports to 0.40 million tonnes from 0.27 million tonnes in Q3. JSW Steel reported a crude steel production of 4.19 million tonnes in Q4 and sources said that there was a significant rise in exports. Tata Steel’s exports remained flat at 11% of total deliveries in Q3 and Q4. “We continue to focus on the domestic market. However, in the last quarter of FY 21 and in the last two months exports have gone up on a QoQ basis because there has been a market pull,” said SAIL’s chairperson Soma Mondal, in an interaction with ET. Mondal added that the company is agile enough to switch between domestic and export market, and does not want to keep inventories. “We would continue to keep a check on how much we export, quantum of it depends on the market forces,” she added. “There was an increase in exports during the quarter, but we need to see that basic growth plan will always be based on the domestic market. During the first 15 days of January and February domestic demand was impacted after China’s Lunar new year,” said Jayant Acharya, JSW Steel’s director, commercial and marketing told ET. Exports are increasing from India, only because of the good price in international markets. However, primary steelmakers are maintaining a good balance and maximum is consumed domestically, said JSPL ’s managing director, V.R.Sharma. AMNS’s chief marketing officer, Ranjan Dhar said "There is an increase in exports in the last quarter only to balance out the gap that was created in the trade market. Traders started destocking in February and reduced their normal lifting from mills, mills, therefore, had to cover their products with higher allocations towards exports" Analysts estimate the share of exports to rise in the first half of FY 21, and will increase by 12-16% in FY 22, due to widening spreads between export and domestic realisations. As per data from the ministry, finished steel exports in 2020-21 was around 10.79 million tonnes, showing a growth of 29% year-on-year and export of semis in the 11 month period till February 2021 grew by 131% to 6.09 million tonnes. While exports of finished steel in the first quarter of fiscal 2021 were driven by lacklustre domestic demand due to pandemic-led lockdowns the surge in the last quarter was led by higher export realisation. “Overall in fiscal 2021, exports increased 29%. The momentum is expected to continue and push finished steel exports another 12-16%higher this fiscal,” said a report by rating agency Crisil. China’s steel industry consolidation due to emission norms has played a significant role in creating a supply shortage and has influenced the global price levels. “There is a supply shortage in China due to the consolidation of the industries, on top of that, rise in prices of coking coal in China is also why some of the steel mills are buying semis from India and converting it to finished steel,” said rating agency ICRA's senior vice president Jayanta Roy. China and Vietnam are the large export destinations from India and other countries include UAE, Italy and Nepal. Benchmark HRC prices in China are around $900, in the US, they are around $1,400 and in the EU around $1000-1050 as per industry sources. “Domestic steel prices rose slower than global prices, which widened the spread between landed global prices and domestic prices to 19% in March from 2% in October. This drove exports up,” said Crisil’s report. The difference in the realisations led to increase in exports by 126% on-year in March to 1,290-kilo tonne (KT), compared with a monthly average of 650-750 KT in recent times, the report said.

Maruti Suzuki hikes price of selected models, others may follow suit

16 Apr, 2021, 10:41PM | Business Standards

Maruti Suzuki on Friday said it is increasing the prices of select models owing to a rise in various input costs. “The weighted average increase in ex-showroom prices (Delhi) across models is 1.6 per cent,” it said in a regulatory filing. The new prices are effective from Friday. It is expected that other automakers will follow suit. Automakers in India have been hiking prices this year, citing rise in various input costs. In January, Maruti had cited a rise in input costs and raised prices for some car models. The price hike will vary across models. Maruti’s fleet starts from the entry-level Alto and goes up to the premium multi-purpose vehicle XL6. Raw material prices are hardening with the full impact of cumulative increases set to be felt in Q3 and Q4 of this financial year. Steel, aluminium, copper and rubber — key inputs for the auto industry — are headed northwards. Steel is up 30 per cent in 6 months, aluminium up 40 per cent and copper up 77 per cent since last year. Firms also do not have much room left to absorb the hike in input cost because of losses incurred in the first two quarters of the last financial year.

JSPL completes divestment of Oman assets to Vulcan Steel

16 Apr, 2021, 08:38PM | Economic Times

Jindal Steel and Power on Friday announced that it has completed the divestment of its step down subsidiary Jindal Shadeed Iron and Steel LLC, Oman ( JSIS Oman ) to Vulcan Steel by way of sale of shares by Jindal Steel & Power (Mauritius) Limited ( JSPML ) “JSPML has sold the balance shareholding held by it, representing 51 % of the share capital of JSIS Oman, to Vulcan Steel in the second and final tranche, in accordance with the Shareholder approval,” the company said in a statement filed with the BSE. JSPL in 2020 planned to divest its entire stake in subsidiary JSIS Oman and the divestment was part of its aim to bring down debt. Oman assets at the time of divestment had a net debt of Rs 5,300 crore(~US$710mn) at the time of the agreement, said a report by Morgan Stanley . In the first tranche, the company had completed the sale of a 48.99% stake on September 2, 2020. The total cash consideration from the deal was around US $25 million, out of which the US $12.2 million was received by the company last year. JSPL held a 99.9% stake in the Oman asset which it had acquired for $ 464 million in 2010. There was an $ 829 million liability over the Oman unit. “With the continuing upcycle in steel and management's strong focus on de-leveraging, we see JSPL's balance sheet improving and becoming much stronger than in the previous cycle,” said Morgan Stanley in a report on Friday The company has been working towards bringing down debt and is also planning to divest its power business, Jindal Power Ltd. JSPL’s gross debt level as of December 2020 was Rs 28,159 crore, including Rs 6,532 crore of Jindal Power, as per the company’s presentations. The management has been talking also about achieving an Ebidta of Rs 15,000 crore and revenue of more than Rs 50,000 crore in the coming years.

Maruti Suzuki increases vehicles prices for the second time in 2021

16 Apr, 2021, 08:11PM | Livemint

Maruti Suzuki India Ltd – country’s largest passenger vehicle manufacturer – on Friday announced decision to increase price of its vehicles by around 1.6% on an average, across its product portfolio, as a result of substantial increase in prices of commodities like steel, copper and crude oil in the international market. The New Delhi based company had increased prices of its offerings in January to offset the rise in input cost and the management had guided for another round of price increase if the input cost keep rising. Other carmakers are also likely to follow the market leader and announce price hikes of their respective products. TRENDING STORIESSee All Premium Delhi weekend curfew: Travel passes to new rules, all you need to know 2 min read . 07:48 PM IST Premium ICSE board exams for class 10, 12 postponed, new dates to be announced later 1 min read . 06:42 PM IST Premium Delhi Metro issues new rules for this Saturday, Sunday. Know frequency, other details 2 min read . 03:43 PM IST Premium Maruti Suzuki increases price on select models from today 1 min read . 01:20 PM IST “This is to inform you that the Company is increasing the price for select models owing to increase in various input costs. The weighted average price increase in ex showroom prices (Delhi) across models is 1.6%. The new prices are effective from today i.e. 16th April, 2021.," the company said in a regulatory filing. The local unit of Suzuki Motor Corp though did not specify the quantum jump in prices of each and every product. According to sector analysts, despite an expectation of double-digit growth in revenues and net profit for the fourth quarter, Maruti Suzuki India Ltd’s operating profit and margins might remain subdued in the next quarter and FY 22, as the company might find it difficult to offset the impact of rise in commodities and other costs. “MSIL has already seen a 300bp impact of a sharp commodity price inflation in 3QFY21. Based on spot prices of key commodities, we expect further cost inflation (of 200-250bp) in 1HCY21. We see several levers to margin from the base of 3QFY21 via price increases (300bp), discount moderation (100bp), operating leverage (50bp), product mix improvement (not factored into our estimate)," said analysts of Motilal Oswal Institutional Equities. Share Via Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

National Aluminium Co gets mining lease for Utkal-E coal block in Odisha

16 Apr, 2021, 06:49PM | Business Standards

National Aluminium Company Ltd (Nalco) on Friday said it has been granted the mining lease of Utkal-E coal block in Odisha. The lease has been granted by the Department of Steel & Mines, Government of Odisha, through a notification issued on April 12. As per the notification, the mining lease of Utkal-E coal block is over an area of 523.73 hectare, the company said in a filing to BSE. The initial capacity of the block is 2 million tonnes per year with a total mineable reserve of approximately 70 million tonne. Nalco has already executed the mining lease for Utkal-D coal block in March 2021. With the grant of Utkal D & E coal blocks, the total mineable coal reserve of the company will be 175 million tonnes, which will be pivotal in meeting the coal requirement of its captive power plant at Angul, Odisha. Sridhar Patra, CMD of the company said the NALCO team is very optimistic on starting the mining operation from Utkal-D coal block in this financial year. "With the grant of the mining lease of Utkal E coal block, the planned expansion activities of the company will get a boost and will contribute significantly to the bottom line of Nalco," he said. Initially, Nalco will be able to produce four million tonne coal per year from the operation of Utkal-D & E coal blocks. The lease for these two coal blocks has been granted to the PSU for a period of 30 years. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Nalco gets mining lease for Utkal-E coal block in Odisha

16 Apr, 2021, 05:44PM | Economic Times

National Aluminium Company Ltd (Nalco) on Friday said it has been granted the mining lease of Utkal-E coal block in Odisha . The lease has been granted by the Department of Steel & Mines, Government of Odisha, through a notification issued on April 12. As per the notification, the mining lease of Utkal-E coal block is over an area of 523.73 hectare, the company said in a filing to BSE. The initial capacity of the block is 2 million tonnes per year with a total mineable reserve of approximately 70 million tonne. Nalco has already executed the mining lease for Utkal-D coal block in March 2021. With the grant of Utkal D & E coal blocks, the total mineable coal reserve of the company will be 175 million tonnes, which will be pivotal in meeting the coal requirement of its captive power plant at Angul, Odisha. Sridhar Patra, CMD of the company said the NALCO team is very optimistic on starting the mining operation from Utkal-D coal block in this financial year. "With the grant of the mining lease of Utkal E coal block, the planned expansion activities of the company will get a boost and will contribute significantly to the bottom line of Nalco," he said. Initially, Nalco will be able to produce four million tonne coal per year from the operation of Utkal-D & E coal blocks. The lease for these two coal blocks has been granted to the PSU for a period of 30 years.

PM Modi reviews medical oxygen availability status as covid-19 cases surge

16 Apr, 2021, 04:49PM | Livemint

New Delhi: Prime Minister Narendra Modi on Friday held a review meeting with government officials over the availability of medical grade oxygen in the country amid a surge in covid-19 cases. Meanwhile, the government is planning to import 50,000 MT medical grade oxygen, as India’s patient load continues to increase and the country sees a steep rise in demand for medical oxygen. TRENDING STORIESSee All Premium Maruti Suzuki increases price on select models from today 1 min read . 01:20 PM IST Premium Citibank’s exit from India opens the gate for smaller banks 2 min read . 11:21 AM IST Premium UP govt imposes Sunday lockdown in the state. Details here 1 min read . 02:10 PM IST Premium Chandigarh Covid curbs: Weekend curfew imposed in city from today. Read here 1 min read . 03:41 PM IST Also Read | India needs to learn from the Suez crisis Officials said the health ministry has been directed to finalise the tender for the import and explore possible foreign sources identified by the missions of Ministry of External Affairs for the same. "PM Modi also took a detailed review of current situation of oxygen supply and projected use in the coming 15 days across 12 high burden states (Maharashtra, Madhya Pradesh, Gujarat, Uttar Pradesh, Delhi, Chhattisgarh, Karnataka, Kerala, Tamil Nadu, Punjab, Haryana and Rajasthan)," according to a statement from the PMO. An overview of district level situation in these states was also presented to the prime minister. Inputs from ministries like health, steel, and road transport and Department for Promotion of Industry and Internal Trade (DPIIT) were also shared with the prime minister. Modi said it is important to ensure synergy across ministries and state governments. The Centre has allocated 4,880 MT, 5,619 MT and 6,593 MT of medical oxygen to the 12 high-burden states as on 20 April, 25 April and 30 April, respectively. Modi was briefed about the production capacity of the country to meet the rising demand for medical oxygen. He suggested increasing oxygen production as per capacity of each plant. MORE FROM THIS SECTIONSee All Premium Premium Delhi: 10 IAS officers appointed as nodal officers at COVID hospitals 2 min read . 04:50 PM IST Premium Premium Pleased to find mention of our partnership with Amazon in Jeff Bezos' annual letter: Anand Mahindra 1 min read . 04:30 PM IST Premium Premium Indian-origin man says his niece among those injured in Indianapolis shooting 1 min read . 04:12 PM IST Premium Premium Serum's Adar Poonawalla urges Joe Biden: Lift embargo on Covid vaccine raw material exports 2 min read . 04:31 PM IST “Officials should ensure seamless and free movement of tankers carrying oxygen throughout the country," said Modi. The PM was informed about surplus stocks of oxygen supply in steel plants being offered for medical use, a government statement said. The government has exempted all interstate movement of oxygen tankers from registration of permits to enable easier movement. States and transporters have been asked to ensure tankers move round the clock with drivers working in shifts to ensure faster turnaround and adequate capacity to meet the surge in demand. Cylinder filling plants will also be permitted to work 24 hours with necessary safeguards. The government is allowing industrial cylinders to be used for medical oxygen after due purging. Similarly, nitrogen and argon tankers will be automatically allowed to be converted to oxygen tankers to overcome the potential shortage of tankers. India on Friday reported its highest-ever single-day spike in covid-19 cases with over 2.17 lakh new cases and more than 1,100 deaths in the last 24 hours, according to the union health ministry. Share Via Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Tata Steel Mining aims to double ferro chrome capacity to 900,000 tonne

16 Apr, 2021, 03:14PM | Business Standards

Tata Steel Mining Limited (TSML), formerly known as TS Alloys Limited and a 100 per cent subsidiary of Tata Steel Limited, is firming up plans for growth in its ferro chrome manufacturing capacity in India from 450,000 tonne per annum at present to 900,000 tonne in the near future. TSML had acquired three Chromite mines in the 2020 mineral auctions, namely Sukinda Chromite Mine, Saruabil Chromite Mine and Kamarda Chromite Mine, for which leases were granted for 50 years. The mines have now been operational with an annual capacity of over 1.5 million tonne making the company the largest player in chrome ore mining in the country, said Tata Steel in its release today. “We will take the organic as well as the inorganic route to augment our Ferro Chrome manufacturing capacity in India, leveraging the strength of the good quality of chrome ore availability. This will make TSML the top ferro chrome player in India and among the top-five globally. It makes sense to focus on value addition and convert the chrome ore to ferro chrome,” D. B. Sundara Ramam, vice president (raw materials) at Tata Steel, and chairperson of Tata Steel Mining Limited was quoted as saying. The idea behind the initiative is to use the chromite ore optimally to make ferro chrome to serve its growing base of domestic and global customers, who are in the business of manufacturing stainless steel.

PM Narendra Modi asks officials to ensure seamless, free movement of tankers carrying oxygen

16 Apr, 2021, 03:08PM | Livemint

PM Narendra Modi today took a comprehensive review to ensure adequate medical-grade oxygen supply in the country. Inputs from ministries like Health, DPIIT, Steel, Road Transport, etc were also shared with the PM. PM stressed that it is important to ensure synergy across ministries & state governments. "PM Modi also took a detailed review of current situation of oxygen supply and projected use in the coming 15 days across 12 high burden states (Maharashtra, Madhya Pradesh, Gujarat, Uttar Pradesh, Delhi, Chhattisgarh, Karnataka, Kerala, Tamil Nadu, Punjab, Haryana and Rajasthan)," according to official statement of PMO. TRENDING STORIESSee All Premium Maruti Suzuki increases price on select models from today 1 min read . 01:20 PM IST Premium Citibank’s exit from India opens the gate for smaller banks 2 min read . 11:21 AM IST Premium UP govt imposes Sunday lockdown in the state. Details here 1 min read . 02:10 PM IST Premium Chandigarh Covid curbs: Weekend curfew imposed in city from today. Read here 1 min read . 03:41 PM IST An overview of district level situation in these states was presented to the PM. PM was informed that the Centre and States are in regular contact and estimates for projected demand have been shared with states as on 20 April, 25 April & 30th April. Accordingly, 4,880 MT, 5,619 MT and 6,593 MT have been allocated to these 12 states for meeting their projected demand as on 20th April, 25th April and 30th April, respectively. PM was briefed about production capacity in the country to meet the rising demand. PM suggested to increase oxygen production as per capacity of each plant. It was discussed that surplus stocks of oxygen supply in steel plants are being offered from medical use. PM urged officials to ensure seamless and free movement of tankers carrying oxygen throughout the country. The Government has exempted all interstate movement of oxygen tankers from registration of permits to enable easier movement. PM was informed that States and transporters have been asked to ensure tankers move round the clock with drivers working in shifts to ensure faster turnaround and adequate capacity to meet the surge in demand. Cylinder filling plants will also be permitted 24 hour working with necessary safeguards. The Government is allowing Industrial cylinders to be used for medical oxygen after due purging. Similarly nitrogen and argon tankers will be automatically allowed to be converted to oxygen tankers to overcome the potential shortage of tankers. Officers also briefed the PM about the efforts being made to import medical grade oxygen. Share Via Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics Coronavirus

Jindal Steel exits Oman biz via balance 51% stake sale to Vulcan Steel

16 Apr, 2021, 02:59PM | Business Standards

Moving towards the completion of its Oman unit divestment, Naveen Jindal-led Jindal Steel & Power (JSPL) arm Jindal Steel & Power (Mauritius) Limited has sold its balance stake to Vulcan Steel in the second and final tranche. In a BSE filing, the Delhi-based primary steel producer today informed that the balance stake sold represented 51 percent of the share capital of Jindal Shadeed Iron and Steel LLC, Oman was sold to the private limited company, in accordance with shareholder approval secured at the extraordinary general meeting held in July last year. Jindal Steel owned 48.99 percent stake in the Oman unit via Jindal Steel & Power (Mauritius) Limited. The former had made the deal to exit the Oman business in September last year. The transaction was in line with Jindal Steel’s plan to bring down its debt and leverage it balance sheet.

Tata Steel Mining Ltd to double its ferro chrome manufacturing capacity

16 Apr, 2021, 01:35PM | Economic Times

Tata Steel mining arm, Tata Steel Mining Limited ( TSML ), on Friday said it plans to double its ferro chrome manufacturing capacity in India with growing demand for stainless steel in the country. In a bid for aggressive growth, the company aims to raise ferro chrome capacity from 450,000 tonnes per annum to 900,000 tonnes per annum in the near future. TSML said it had acquired three chromite mines in the 2020 mineral auctions --Sukinda Chromite Mine, Saruabil Chromite Mine and Kamarda Chromite Mine. The lease for these mines are for 50 years, officials said. The mines have now been operational with an annual capacity of over 1.5 million tonnes making the company the largest player in chrome ore mining in India, a statement said. The idea behind the initiative is to use the chromite ore optimally to make ferro chrome to serve its growing base of Indian and global customers, who are in the business of manufacturing stainless steel. "We will take the organic as well as the inorganic route to augment our ferro chrome manufacturing capacity in India, leveraging the strength of the good quality of chrome ore availability. This will make TSML the top Ferro Chrome player in India and among the top-five globally. It makes sense to focus on value addition and convert the chrome ore to ferro chrome," Tata Steel Mining Limited, chairperson D B Sundara Ramam said.

LTI appoints Anil Rander as CFO

16 Apr, 2021, 11:59AM | Livemint

Bengaluru: Larsen & Toubro Infotech Ltd (LTI) has appointed Anil Rander as its chief financial officer. Rander, who will be based out of the company’s headquarters in Mumbai, is a chartered account, cost accountant and a company secretary. He is an experienced finance professional with more than 27 years of experience in driving business performance and growth. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Also Read | India needs to learn from the Suez crisis His expertise ranges across business and financial strategy formulation, fiscal management, corporate accounting, investor relations, pricing, risk management, internal audit and financial controls, the company said. “The role of CFO is evolving rapidly, and I am pleased to welcome Anil to our leadership team at this critical juncture in our journey. His financial leadership and business acumen will enable us to chart the next phase of growth for LTI. We remain committed to pushing industry benchmarks on business excellence," said Sanjay Jalona, chief executive officer and managing director, LTI. Rander joins LTI from Tech Mahindra where he was the senior vice president for finance and legal functions and global head of Finance for BPS. Before this role, he was with Hutchison Max Telecom Ltd where he looked after management accounting. His other stints have been with Alpic Finance and A.F. Ferguson & Co. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Large-cap or midcap or smallcap: How to invest in mutual funds

16 Apr, 2021, 11:58AM | Livemint

Mutual funds investment is one of the most popular instruments to beat inflation over the period of investment. As per the tax and investment experts, there are various mutual fund segments in which one should decide investing on the basis of one's investment goal, time horizon, risk taking ability and resource position. They said that for portfolio management, if someone keeps the above-mentioned factors in mind, for such investors’ mutual fund calculator will give better numbers else it may not be able to help the investor meet its investment goal. Speaking on the road map for mutual fund investment Harsh Roongta, Head at Fee Only Investment Advisers said, "While starting a mutual fund investment plan, one needs to know one's investment goal, time-horizon, risk appetite and resource position. Once the investment goal and resource position is know, then one will be able to know its time-horizon. Suppose, an investor can invest ₹5,000 per month and its goal is ₹1 crore, then it's for sure that the time-horizon will be long-term." Roongta said that sometimes, investment tool is decided on the basis of time-horizon too. For example, higher studies or marriage of child, it has a time-horizon and one can invest on the basis of that investment goal. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST On how to choose mutual fund tool after being known to the time-horizon Mumbai-based tax and investment expert Balwant Jain said, "One should start investing in mutual funds from index funds as it gives return at par with the market performance. But, if the time-horizon is higher than five years but less than 10 years, then one can go for Large & Mid-cap fund." Jain said that if the time-horizon is more than 10 years, then one can choose mid-cap or small-cap funds, depending upon its risk appetite. If the risk-appetite is high then small-cap fund is advisable while in the case of low risk taking ability, mid-cap stocks are advised for the investor. Asked about the major mutual fund plans for an investor on the basis of time-horizon Jain said that for Large & Mid-cap Fund one can invest in Mirae Asset Emerging Equity Fund (Direct Growth). He said that for mid-cap mutual fund investment one can look at DSP Mid-cap Fund (Direct Growth) while for small-cap investment Axis Small Cap Fund Direct Growth can be a better option. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Delhi CM Arvind Kejriwal to hold meeting over COVID-19 situation

16 Apr, 2021, 11:54AM | Livemint

After imposing weekend curfew in the national capital, Delhi Chief Minister Arvind Kejriwal is scheduled to hold a meeting later on Friday over the COVID-19 situation. Health Minister Satyendar Jain and other senior officials are also expected to be present at the meet. The CM had announced that the weekend curfew will be applicable till 30 April or further orders. However, essential activities including weddings or travel from airports and train stations will be allowed with curfew passes. Those going to hospitals, railway stations and airports will also be issued curfew passes. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Cinema halls will function at 30% capacity and restaurants will not be allowed to cater to dining—only home delivery and takeaways will be allowed. The Delhi government will also monitor crowds at weekly markets, and the markets and public places will see stricter implementation of covid norms. “Our understanding is that people need to travel during weekdays for work and other essential activities. However, weekends are usually reserved for leisure and entertainment activities—activities that in the given situation can be curtailed and restricted," said Kejriwal. Delhi recorded over 17,000 cases of Covid-19 on Wednesday to become the worst-affected city in the country, leaving Mumbai far behind in the daily tally. It recorded 17,282 fresh cases of COVID-19 on Wednesday, the highest single-day surge in the national capital since the onset of the pandemic, while over 100 fatalities were reported, according to data shared by the health department. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

L&T receives orders worth ?2,500 crore across business segments

16 Apr, 2021, 11:50AM | Livemint

Larsen & Toubro (L&T) on Friday said its construction arm has received multiple orders across business segments in the domestic and international market. The company did not provide the value of the contracts but said the orders fall under the "significant" category, which ranges between ₹1,000 crore and ₹2,500 crore according to the classification of contracts. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST "The construction arm of L&T has secured orders from prestigious clients for its various businesses," L&T said in a regulatory filing. The company said its power transmission and distribution business has won orders to design and construct two 132/11kV substations in Dubai, UAE. L&T's building and factories business has secured another order from a leading cement manufacturer to construct a 3.5 MTPA brownfield cement plant in Nimbahera, Rajasthan. The company added that the railways strategic business unit that resides within the transportation infrastructure business has won an order from the Central Organisation for Railway Electrification (CORE). "This engineering, procurement and construction (EPC) package... involves 25 KV overhead electrification, power supply, signaling and telecommunication and associated works for railway lines in the Northeast Frontier Railway," L&T added. Shares of L&T were trading 1.07 per cent higher at ₹1,389.30 apiece on the BSE. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Karnataka: Night curfew to continue, will review situation on 20 April, says CM Yediyurappa

16 Apr, 2021, 11:48AM | Livemint

After holding a crucial meeting at his residence to review the ongoing Covid-19 surge in the state, Karnataka Chief Minister BS Yediyurappa said that the night curfew imposed in 7 districts, including Bengaluru, reporting high number of virus cases will continue. Currently, these places are under a night curfew between 10 pm and 5 am. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST "Cases have increased, we have collected all information. We will take a call on extension (of night curfew) on April 20th, till then the existing restrictions will continue," Yediyurappa told reports post crucial meeting with the state authorities. He also added, "The scenario in our state is different. No need to compare our state with other states. We have our own issues which need to be addressed." He said that as far as COVID-19 is concerned, appropriate action will be taken to curb the spread further in the state. State Health Minister Dr K Sudhakar and other senior officials were present in the meeting. The announcement comes a day after the southern reported its sharpest single-day spike of 14,738 fresh coronavirus cases and 66 related fatalities, taking the total number of infections to 11.09 lakh and the toll to 13,112, the Health department said on Thursday. The state had previously reported its biggest single-day spike of 11,265 cases on Wednesday. Out of the 14,738 fresh cases reported on Thursday, 10,497 cases were from Bengaluru Urban alone. Meanwhile, Karnataka Health Minister K Sudhakar has warned of strict action against private hospitals if they do not follow its instructions on reserving 50 per cent of the beds for Covid patients. MORE FROM THIS SECTIONSee All Premium Premium Govt's 10-year bond yields rise 4 bps ahead of weekly auction 1 min read . 11:42 AM IST Premium Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Premium Multiple victims reported after shooting at FedEx site in Indianapolis: Report 1 min read . 11:14 AM IST Premium Premium India shifts from mass vaccine exporter to importer, worrying the world 4 min read . 10:58 AM IST "Government hospitals in Bengaluru are instructed to reserve more beds for Covid patients. Private hospitals have also been instructed to reserve 50 per cent of the beds. Strict action will be initiated against those who do not cooperate," news agency PTI quoted Sudhakar as saying. Noting that private hospitals have reserved only 15-20 per cent of what has been asked for, he said the government will consider it as a serious lapse, and strict measures will be initiated, if they do not follow the orders. Moreover, the Bruhat Bengaluru Mahanagar (BBMP) Palike on Thursday introduced a helpline number 1912 that offers direct Covid19-related assistance. The helpline number was launched by the BBMP Commissioner Gaurav Gupta here. "The specific helpline 1912 is for Bengaluru city. We have eight control rooms. The helpline can be used to allot beds in the hospitals and for home isolation support," Gupta said. The BBMP Commissioner also informed that the older helpline is 14410. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Govt's 10-year bond yields rise 4 bps ahead of weekly auction

16 Apr, 2021, 11:42AM | Livemint

Yield on the 10-year government bond rose 4 basis points to hit a near one-month high ahead of the weekly bond auctions, due later on Friday. At 11.24 am, the yield was at 6.161% against its previous close of 6.127%. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST Also Read | India needs to learn from the Suez crisis Market is eyeing the government securities auction worth ₹260 billion, to be conducted later today. On Thursday, the 10-year bond yield rose nearly 12 basis points soon after the Reserve Bank of India (RBI) bought ₹25,000 crore of securities from the secondary market, in the first tranche of its government securities acquisition plan (G-SAP 1.0), at yields higher than that expected by the market. The cut-off yield on 10-year bonds was fixed at 6.0317% against 6% estimated in a Bloomberg survey. Analysts said that the cut-off price of GSAP was not as aggressive as expected. In Thursday’s auction, RBI bought only ₹2501 crore of G-sec maturing in 2035, while it bought ₹7020 crore of 2027 maturity and ₹7511 crore of 2030 maturity. “Rupee yields drifted up following higher cut-offs at the first bond purchase under the GSAP mechanism, with investors now focused on the Friday's weekly auction, where tepid demand might require primary dealers' participation", said said Radhika Rao an economist at DBS Bank.. MORE FROM THIS SECTIONSee All Premium Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Premium Multiple victims reported after shooting at FedEx site in Indianapolis: Report 1 min read . 11:14 AM IST Premium Premium India shifts from mass vaccine exporter to importer, worrying the world 4 min read . 10:58 AM IST Premium Premium ‘Fast and Furious 9’ set for summer release 1 min read . 10:23 AM IST Bond market on Thursday also reacted to the latest inflation numbers which have reaffirmed the expectation that RBI is likely to hold interest rates in coming months. Wholesale price inflation quickened in March to 7.39%,its sharpest pace since 2012, led by higher prices across commodities. In February, WPI was at 4.17%. Retail inflation has already surged to 5.52% in March as fuel and transportation costs increased. "Bounce in global oil prices also added to caution at the margin, besides WPI inflation which surged to an eight-year high owing to an across-the-board gain in commodity prices. Tepid foreign investor appetite is likely to see the central bank play a more active role in bond buying in FY22 besides banks, with a INR1trn a quarter buy under just the GSAP likely to help absorb a third of the issuance." Rao added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

‘Fast and Furious 9’ set for summer release

16 Apr, 2021, 10:23AM | Livemint

New Delhi: After several delays owing to the pandemic, the ninth instalment of the Fast and Furious franchise has released its trailer ahead of a summer release, with India launch slated for 25 June, for now. The American action film, directed by Justin Lin, features Vin Diesel, Michelle Rodriguez, Tyrese Gibson, Chris "Ludacris" Bridges and John Cena in lead roles and will be dubbed in Hindi, Tamil and Telugu. To be sure, India has a special connection with the Fast and Furious franchise. The seventh instalment released in 2015 was the first Hollywood film to cross the ₹100 crore mark at the Indian box office. By grossing nearly ₹150 crore in the country, industry experts have often said, the film was pretty much responsible for initiating the surge that Hollywood has seen in the country over the past five years. The older film had released across 2,800 screens and netted Rs. 69.65 crore in the first week itself. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Also Read | India needs to learn from the Suez crisis In fact, Fast and Furious 7 provides a fascinating case study on the exhibition and distribution potential in India. Going against the norm, distributors Universal Pictures had chosen not to restrict the screening of the film to DCI (Digital Cinema Initiatives)-compliant theatres and had become the first major Hollywood studio to take their film to non-DCI theatres too. DCI is a joint venture of several film studios, including Metro-Goldwyn-Mayer, Paramount Pictures, Sony Pictures Entertainment, 20th Century Fox, Universal Studios, The Walt Disney Company and Warner Bros, to set up a common set of requirements that ensure a high and uniform standard of digital cinema viewing. Each studio reserves the right to release its films in non-DCI formats and while it may be a compromise on quality, the gamble had certainly paid off for Universal in this case, widening reach for the film. F9 lead star Vin Diesel is also well known to Indian audiences, having appeared alongside Deepika Padukone in her Hollywood debut xXx: Return of Xander Cage in 2017. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Congress leader Randeep Singh Surjewala tests positive for Covid-19

16 Apr, 2021, 10:21AM | Livemint

New Delhi: Congress leader Randeep Singh Surjewala has tested positive for Covid-19. "I have tested positive for COVID-19 today morning. Anyone who has come in contact with me in the last five days, please self-isolate and take necessary precautions," tweeted Surjewala. I have tested +ve for #COVID19 today morning.Anyone who has come in contact with me in the last 5 days, please self isolate & take necessary precautions.— Randeep Singh Surjewala (@rssurjewala) April 16, 2021 TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST India today reported its highest-ever single-day spike in COVID-19 with over 2 lakh cases, according to the Union Health Ministry. This is the second straight that that the country is reporting over two lakh cases With a record 2,17,353 daily coronavirus cases in the deadly second wave took the total caseload to over 1.4 crore. 1,185 people died due to Covid in the last 24 hours pushed the country's death count to 1,74,308. This week, India overtook Brazil to become the country with the second-highest number of cases worldwide, after the United States. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Risk of rare blood clots higher after Covid infection than after vaccination: Study

16 Apr, 2021, 10:15AM | Livemint

Researchers at Oxford University have found the risk of a rare type of blood clot is low overall, but higher for people who have been infected with Covid-19 than among people who've had the three vaccines authorized in the UK - those made by AstraZeneca, Moderna and Pfizer. According to CNN, the study, made available in pre-print on Thursday on the Oxford website ahead of publication in a scientific journal, says the risk of cerebral venous thrombosis or CVT - also known as cerebral venous sinus thrombosis or CVST - following Covid-19 infection is around "100 times greater than normal and several times higher than it is post-vaccination or following influenza," across all age groups. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST As per an official statement by Oxford University, the study authors, led by Professor Paul Harrison and Dr Maxime Taquet from Oxford University's Department of Psychiatry and the NIHR Oxford Health Biomedical Research Centre, counted the number of CVT cases diagnosed in the two weeks following diagnosis of COVID-19, or after the first dose of a vaccine. The then compared these to calculated incidences of CVT following influenza, and the background level in the general population. They report that CVT is more common after COVID-19 than in any of the comparison groups, with 30% of these cases occurring in the under 30s. Compared to the current COVID-19 vaccines, this risk is between 8-10 times higher, and compared to the baseline, approximately 100 times higher. In this study of over 500,000 COVID-19 patients, CVT occurred in 39 in a million patients. In over 480,000 people receiving a COVID-19 mRNA vaccine (Pfizer or Moderna), CVT occurred in 4 in a million. CVT has been reported to occur in about 5 in a million people after the first dose of the AZ-Oxford COVID-19 vaccine. The study found that compared to the mRNA vaccines, the risk of a CVT from COVID-19 is about 10 times greater. Whereas, compared to the AZ-Oxford vaccine, the risk of a CVT from COVID-19 is about 8 times greater. Paul Harrison, Professor of Psychiatry and Head of the Translational Neurobiology Group at the University of Oxford, said in a statement: "There are concerns about possible associations between vaccines, and CVT, causing governments and regulators to restrict the use of certain vaccines. Yet, one key question remained unknown: 'What is the risk of CVT following a diagnosis of COVID-19?" MORE FROM THIS SECTIONSee All Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Premium Premium Virus variants inciting India's 2nd surge, epidemiologists say 2 min read . 15 Apr 2021 "We've reached two important conclusions. Firstly, COVID-19 markedly increases the risk of CVT, adding to the list of blood clotting problems this infection causes. Secondly, the COVID-19 risk is higher than see with the current vaccines, even for those under 30; something that should be taken into account when considering the balances between risks and benefits for vaccination," he added. As per the official statement, an important factor that requires further research is whether COVID-19 and vaccines lead to CVT by the same or different mechanisms. There may also be under-reporting or mis-coding of CVT in medical records, and therefore uncertainty as to the precision of the results. According to CNN, this comes as European and British medicines regulators last week announced a "possible link" between the AstraZeneca vaccine and rare cases of blood clots, with the UK announcing it would offer people under 30 an alternative vaccine. Other countries have followed suit and are either only offering to people above a certain age or are like Denmark and Norway, scrapping the vaccine entirely. While advising the public to look out for the signs of clots, the regulators said the benefits of the shot were still worth the risk. The AstraZeneca vaccine has not been authorized for use in the United States. Six reports of similar clotting events following vaccination with the single-dose Johnson & Johnson vaccine prompted the US Centers for Disease Control and Prevention and the US Food and Drug Administration to recommend a pause on administering the vaccine to allow for further investigation. Six women between the ages of 18 and 48 had developed a cerebral venous sinus thrombosis, a clot in the area of the brain that collects and drains oxygen-depleted blood. Blood thinners, the typical treatment for clots, should not be used in such cases. The six reported cases were among more than 6.8 million doses of the Johnson & Johnson vaccine administered in the United States. The WHO on Thursday said "for now the risk of suffering blood clots, is much higher for someone with COVID-19 than for someone who has taken the AstraZeneca vaccine." WHO Regional Director for Europe Hans Kluge reiterated its recommendation of the AstraZeneca vaccine for all eligible adults, calling it "effective in reducing COVID-19 hospitalization and preventing deaths." However, US infectious diseases expert Anthony Fauci said that there remains some confusion around new research from the University of Oxford in the United Kingdom that compares the risk of a rare type of blood clot among people who have had Covid-19 with people who received the AstraZeneca, Moderna and Pfizer vaccines. Fauci who is director of the National Institute of Allergy and Infectious Diseases made the comments during a hearing with the House Select Subcommittee on the Coronavirus Crisis Thursday. "They were trying to find out the difference in the incidence of thromboses, particularly cerebral venous thromboses, following the disease Covid-19 compared to various vaccinations, including influenza as well as the mRNA vaccines of Pfizer as well as Moderna," Fauci said. "They found that - as you might expect - following the disease, you get a very marked increase in the incidence of this adverse situation of cerebral venous thrombosis." However, Fauci added that when the researchers calculated what the incidence of these thromboses may be following Covid-19 vaccination to compare incidents following different types of vaccines, some concerns in the methodology emerged. "It is impossible, the way this study was designed and conducted to make that determination. So, I believe when this paper, which is in a pre-print server, gets submitted to the classical scientific journals and undergoes peer review that that confusion will be straightened out," Fauci said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics Coronavirus Vaccine Tracker

Kumbh Mela 2021: 30 sadhus in Haridwar test Covid-19 positive

16 Apr, 2021, 10:11AM | Livemint

Haridwar: Amidst the ongoing Kumbh in Haridwar, 30 sadhus in the city have tested positive for the novel coronavirus, said the Chief Medical Officer on Friday. Speaking to ANI, Haridwar Chief Medical Officer Dr SK Jha said, "30 Sadhus have tested positive for COVID-19 so far, in Haridwar. Medical teams are going to akhadas and RT-PCR tests of sadhus are being done continuously. The process will be further quickened from April 17." TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST 30 Sadhus have tested positive for #COVID19 so far, in Haridwar. Medical teams are going to akharas and RT-PCR tests of sadhus are being done continuously. The process will be further quickened from 17th April: Dr SK Jha, Haridwar Chief Medical Officer#Uttarakhand— ANI (@ANI) April 16, 2021 Over the last five days, a total of 2167 people were found positive for coronavirus in Haridwar, the place where the month-long Kumbh is going on. Meanwhile, officials have said that despite a record surge in COVID-19 cases in the country, the Kumbh will continue till April 30. With a surge in Covid cases in Uttarakhand which recorded its highest single-day spike in infections on Thursday, the state government issued a revised SOP, making it mandatory for cinema halls, restaurants, bars and gyms to run at half their capacity. SOPs issued by the Centre and the state government for Kumbh Mela in January and February this year will remain in effect. Meanwhile, serious questions are being raised over the decision to continue with the Kumbh Mela, as India reported over two lakh fresh Covid-19 cases for the second day today. Uttarakhand Chief Minister Tirath Singh Rawat had said earlier that there is no comparison between the event held at Nizamuddin Markaz in Delhi last year and Kumbh in Haridwar as the former was held in a closed space while the latter is being held in a vast open area. MORE FROM THIS SECTIONSee All Premium Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:04 AM IST Premium Premium Noida to increase random COVID testing of people commuting to Delhi 1 min read . 09:42 AM IST Premium Premium Covid-19 surge: Govt offices give relaxations to employees from attending office 1 min read . 09:29 AM IST Premium Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Soaring wholesale inflation tells us there’s no free lunch

16 Apr, 2021, 10:05AM | Livemint

March inflation, as measured by the wholesale price index (WPI), was at 7.39%. The last time WPI inflation was higher than this was in October 2012, when it had stood at 7.4%. Given this, WPI inflation in March was at an eight-and-a-half-year high. The pace of price rise was driven by an 18% increase in the price of what the WPI index categorizes as mineral oils. This category has a weight of 7.95% in the overall index. It includes cooking gas, petrol, diesel and jet fuel. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST The price of petrol and diesel rose by 18.48% and 18.27%, respectively. This is an impact of the rise in the price of oil. The price of the Indian basket of crude oil averaged at $33.36 per barrel in March last year. It averaged $64.73 per barrel in March 2021. In March 2020, the oil price was crashing primarily because the global economy was taking into account the coming collapse in economic activity due to the spread of the covid pandemic. In April 2020, the price would fall further to $19.90 per barrel. Over and above this, the total excise duty on petrol and diesel has gone up between March 2020 and March 2021. In March 2020, the excise duty on petrol stood at ₹19.98 per litre. In March 2021, it stood at ₹32.98 per litre. When it comes to diesel, the excise duty jumped from ₹15.83 per litre to ₹31.83 per litre. This was done primarily to help the government. The tax revenues were collapsing post covid, and the extra excise duty helped the government shore up its tax revenue. But as the old cliché goes, there is no free lunch in economics. The government’s gain has resulted in higher fuel prices, which has led to inflation. Over and above this, the price of manufactured products, which form 64.23% of the WPI index, rose by 7.34% in March from a year earlier. When it comes to the current WPI data index, which has inflation data starting from April 2012, this is the highest inflation that manufactured products have ever seen. MORE FROM THIS SECTIONSee All Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Premium Premium America ought to brace itself for a fourth wave of infections 3 min read . 15 Apr 2021 Premium Premium The post-pandemic economy needs a new fiscal policy framework 4 min read . 07:30 AM IST One reason for the increase lies in the increase in the global price of basic metals (iron, copper, lead, zinc etc.), which are used in the manufacturing of different products over the last year. This has happened primarily because global investors have been buying them up, to protect themselves against the massive money printing being carried out by central banks across the world. Also, governments of many rich countries have announced infrastructure projects to revive their economies, pushing up prices of these metals and their alloys like steel. The category of manufacture of basic metals and its subgroup saw inflation of 16.6% during March. Different kinds of steel, which are a part of this category, saw a price rise varying from 14.51% to 22.76%. Again, at the cost of repetition, there is no free lunch in economics. Some of the manufactured products which have seen price increases are motor vehicles, furniture, computer and electronic products, rubber and plastic products, etc. The other reason for the inflation seen in the price of manufactured products lies in the increase in the price of different kinds of fuels. WPI inflation should go up further in the months to come. Other than the reasons explained above, the base effect should come into play. During the months of April to July 2020, the prices as measured by the WPI index fell. In the month of May 2020, prices fell by 3.37%. This should lead to WPI inflation in May 2021, getting into double digits. The important question here will the increase in inflation as measured by WPI feed into inflation as measured by the consumer price index (CPI) or retail inflation as it is more popularly known. Ultimately, companies manufacture products to sell them to consumers. And if the cost of their manufacturing is rising at a never-before-seen rate, they are bound to pass on some of it to the end consumer, thus pushing up retail prices. The retail inflation during March 2021 had stood at 5.52%. Also, it needs to be mentioned that price hikes for some sectors have been due, given that they did not increase prices in 2020. Further, with the second wave of covid spreading, supply chains are likely to break down, as they did in 2020, feeding into both wholesale and retail inflation. On the flip side, if the second wave of covid goes on for a while, demand for manufactured products will come down, and that should ease inflation, both wholesale and retail, though that may not be good news for companies. Vivek Kaul is the author of Bad Money. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day

16 Apr, 2021, 10:02AM | Livemint

India reported over 2 lakh new COVID-19 cases and more than 1,100 deaths in the last 24 hours, according to the Union Health Ministry on Friday. In the last 24 hours, 1,185 COVID-related deaths were reported in the country taking the death toll to 1,74,308. As many as 2,17,353 new COVID-19 cases have been reported in India in the last 24 hours. With this, the total number of cases has gone up to 1,42,91,917. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST The cumulative number of COVID-19 vaccine doses administered in the country stands at 11,72,23,509 till today. As many as 16,699 new COVID-19 cases and 112 related deaths were reported in the national capital in the last 24 hours, the Delhi health department informed on Thursday evening, taking the total number of active cases to 54,309. This is the fifth consecutive day that the national capital has reported over 10,000 fresh cases. Maharashtra continued to report grim COVID-19 figures on Thursday with 61,695 new COVID-19 cases and 349 deaths in the last 24 hours. As per the state health department, the total number of positive cases in the state now stands at 36,39,855, including 29,59,056 recoveries and 59,153 deaths. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

SBI zero balance savings account: Interest rate, free transactions and other details

16 Apr, 2021, 10:02AM | Livemint

State Bank of India (SBI) Basic Savings Bank Deposit (BSBD) account, popularly known as zero balance savings account was designed as a savings account that will offer certain minimum facilities, free of charge, to the holders. Such accounts are primarily aimed at enhancing financial inclusion among the economically weaker sections. SBI has come out with a clarification regarding charges collected from account holders on digital transactions in BSBD accounts beyond 4 free transactions. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST SBI's clarification on charges collected on digital transactions in these accounts In the clarification statement, SBI states that “Reserve Bank of India, during August 2012 mandated that Banks are free to levy reasonable charges in BSBD accounts beyond 4 free transactions. The availment of such additional services shall be at the option of the customers. Accordingly, SBI introduced charges for Debit transactions beyond four free transactions in BSBD accounts w.e.f 15.06.2016 with prior intimation to the customers. During August 2020, the Central Board of Direct Taxes (CBDT) advised banks to refund the charges collected, if any, on or after 01.01.2020 on transactions carried out using the digital mode and not to impose charges on future transactions carried out through such modes. Following the directives, SBI has refunded the charges recovered in respect of all the digital transactions to the BSBD customers w.e.f. 01.01.2020 to 14.09.2020, the lender mentioned. "SBI has stopped recovering charges in such accounts on all digital transactions w.e.f. 15.09.2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month," the bank said. SBI zero balance savings account MORE FROM THIS SECTIONSee All Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Premium Premium Choose an insurer with a claim settlement ratio of at least 95% 2 min read . 05:25 AM IST Premium Premium ClearTax launches GST compliant billing and e-invoicing service. Details here 1 min read . 15 Apr 2021 There is no need for a minimum balance even at the time of opening the account and a customer is provided with an ATM-cum-debit card without any fees. Deposit and withdrawal services are free of cost. Also, the bank cannot levy charges for non-operation or activation of an inoperative account. SBI zero balance savings account cash and ATM withdrawals SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank's ATMs. SBI zero balance savings account interest rate SBI offers the same interest rate on zero balance accounts as on regular savings bank accounts. The bank offers an interest rate of 2.70% per annum on deposits up to and more than ₹1 lakh. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

10 reasons why the coronavirus is airborne: Study

16 Apr, 2021, 09:58AM | Livemint

Colorado: According to a new assessment published today in the medical journal Lancet there is consistent, strong evidence that the SARS-CoV-2 virus, which causes COVID-19, is predominantly transmitted through the air. Therefore, public health measures that fail to treat the virus as predominantly airborne leave people unprotected and allow the virus to spread, according to six experts from the UK, USA and Canada, including Jose-Luis Jimenez, a chemist at the Cooperative Institute for Research in Environmental Sciences (CIRES) and the University of Colorado Boulder. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST "The evidence supporting airborne transmission is overwhelming, and evidence supporting large droplet transmission is almost non-existent," Jimenez said. "It is urgent that the World Health Organization and other public health agencies adapt their description of transmission to the scientific evidence so that the focus of mitigation is put on reducing airborne transmission." The team of experts, led by the University of Oxford's Trish Greenhalgh, reviewed published research and identified 10 lines of evidence to support the predominance of the airborne route. At the top of their list: Super-spreader events such as the Skagit Choir outbreak, in which 53 people became infected from a single infected case. Studies have confirmed these events cannot be adequately explained by close contact or touching shared surfaces or objects. Moreover, transmission rates of SARS-CoV-2 are much higher indoors than outdoors, and transmission is greatly reduced by indoor ventilation. The team highlighted research estimating that silent (asymptomatic or presymptomatic) transmission of SARS-CoV-2 from people who are not coughing or sneezing accounts for at least 40 per cent of all transmission. This silent transmission is a key way COVID-19 has spread around the world, "supporting a predominantly airborne mode of transmission," according to the assessment. The researchers also cited work demonstrating long-range transmission of the virus between people in adjacent rooms in hotels; people who were never in each other's presence. By contrast, the team found little to no evidence that the virus spreads easily via large droplets, which fall quickly through the air and contaminate surfaces. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Premium Premium Virus variants inciting India's 2nd surge, epidemiologists say 2 min read . 15 Apr 2021 Premium Premium Rare blood clotting risk more for Covid-19 than for vaccines: Oxford study 1 min read . 15 Apr 2021 "We were able to identify and interpret highly complex and specialist papers on the dynamics of fluid flows and the isolation of live virus," lead author Greenhalgh said. "While some individual papers were assessed as weak, overall the evidence base for airborne transmission is extensive and robust. There should be no further delay in implementing measures around the world to protect against such transmission." The new work has serious implications for public health measures designed to mitigate the pandemic. First, "droplet measures" such as handwashing and surface cleaning, while not unimportant, should be given less emphasis than airborne measures, which deal with inhalation of infectious particles suspended in the air. If an infectious virus is primarily airborne, someone can potentially be infected when they inhale aerosols produced when an infected person exhales, speaks, shouts, sings, or sneezes. So airborne control measures include ventilation, air filtration, reducing crowding and the amount of time people spend indoors, wearing masks whenever indoors (even if not within 6 feet or 2 meters of others), attention to mask quality and fit, and higher-grade PPE for healthcare and other staff when working in contact with potentially infectious people. "It is quite surprising that anyone is still questioning whether the airborne transmission is the predominant transmission pathway for this virus or not," said co-author Professor Kimberly Prather, an aerosol scientist from the University of California San Diego. "Only by including inhalation of aerosols at both close and long range can we explain the many indoor outbreaks that have occurred around the globe. Once we acknowledge this virus is airborne, we know how to fix it. There are many examples of places that have fared much better by acknowledging this virus is airborne from the start. The world needs to follow their lead as soon as possible." This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Wipro surges 8% after Q4 profit beat estimates

16 Apr, 2021, 09:57AM | Livemint

MUMBAI: Shares of Wipro Ltd gained 8% on Friday after the company's reported revenue and profit estimates were in line with analysts' estimates. Intraday, the stock touched a high of ₹464 and surged as much as 8.01%. At 9.50am, the scrip was trading at ₹465.85 on BSE, up 7.7% from its previous close. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Also Read | India needs to learn from the Suez crisis The IT company's March quarter net profit was flat over the preceding quarter at ₹2,972 crore versus ₹2,897 crore consensus estimates of analysts tracked by Bloomberg. Revenue was up 3.67% quarter-on-quarter (q-o-q) to ₹16,245 crore against estimates of ₹16,077 crore. Revenue from IT services stood at $2,152.40 million, up 3.9% over the previous quarter. Margins narrowed to 20.5% from 21.2% earlier, but beat analyst estimates of 20.1%. The company expects its revenue to grow 11-13% in FY21-22. For the June quarter, Wipro expects 2-4% growth excluding new acquisitions Capco and Ampion. Total contract value of Wipro's order book in the second half of FY21 increased by 33% year-on-year (y-o-y) to $7.1 billion, including large deal booking of $1.2 billion and $1.4 billion in the third and fourth quarters, respectively. In addition, the overall deal pipeline continues to remain strong, and the company expects a large deal pipeline to be better than what it has seen in the second half of FY21. MORE FROM THIS SECTIONSee All Premium Premium Citibank’s exit from India opens the gate for smaller banks 1 min read . 11:21 AM IST Premium Premium After a challenging CY2020, Varun Beverages awaits next leg of growth 2 min read . 11:17 AM IST Premium Premium Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels 1 min read . 09:26 AM IST Premium Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Analysts expect deal bookings to remain robust for the company. This bodes well for strong growth in FY22e. "Wipro growth outlook has improved significantly under the new leadership. Wipro has been lagging its larger peers in the past few years with only low single digit organic CC (constant currency) revenue growth. Although we believe the growth profile of Wipro should improve in the medium term, still expect it to report growth 200-300 bps lower than its larger peers in FY22/23e" said Antique Stock Broking in a note to its investors. "We value Wipro at 22x forward PE multiple on FY23e earnings which gives us target price of ₹500. Our valuation multiple to Wipro is at 25% discount to its larger peers on lower long term growth expectations. We have increase our FY23 EPS by 6% led by better-than-expected results and change in INR:USD assumption to 75 (vs 72.5 earlier)," Antique Stock Broking added. According to Kotak Institutional Equities, Wipro is making good progress in its turnaround journey. Growth from large clients, energizing the organization and large deal wins are a good indicator of progress. The brokerage firm has raised FY2022-24E revenue estimates by 2-3% to capture the Ampion acquisition and higher organic revenue growth. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Noida to increase random COVID testing of people commuting to Delhi

16 Apr, 2021, 09:42AM | Livemint

Amid a surge in COVID-19 cases in Uttar Pradesh, the Gautam Buddh Nagar district administration has decided to increase the number of random coronavirus tests for people commuting to and from Delhi. "Number of COVID tests will be increased in areas bordering Delhi. For people commuting to and from the national capital, the random tests for the virus will be conducted," District Magistrate Suhas LY said while speaking to reporters on Thursday. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST The tests will be conducted at the Delhi-Noida border area. Meanwhile, the Uttar Pradesh government yesterday extended existing night curfew timings in its several cities including the capital Lucknow and Gautam Budh Nagar. With an extension of two hours, the curfew would now be in effect between 8 pm and 7 am. Earlier, the curfew timings were 10 pm to 5 am. The state reported 20,510 new COVID-19 cases in the last 24 hours yesterday taking the number of active cases in the state to 1,11,835, said Uttar Pradesh health Bulletin. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Covid-19 surge: Govt offices give relaxations to employees from attending office

16 Apr, 2021, 09:29AM | Livemint

In the wake of recent Covid situation, various government offices have given relaxations to the employees from attending office, up to a certain level, and have asked them to follow staggered office timings. The guidelines stated that all officers of the level of Deputy Secretary and above will attend office at Krishi Bhawan, New Delhi, on all working days. Officers of the level of Under Secretary and Section Officer will attend office with 50% attendance with staggered timings on rotation basis. 33% officers/staff below the level of Section Officer will attend the office on a rotational basis with staggered timings as per roster as decided by the concerned division, the guidelines said. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST These instructions shall not apply to the offices and employees engaged in essential/emergency services and those directly engaged in taking measures to control the spread of Covid-19, it added. These advisories would be applicable with immediate effect and will remain in force until further communication. Officers/officials above the age of 45 years are advised to get themselves vaccinated for Covid along with their eligible family members. The countrywide vaccination drive for people above the age of 45 started on 1 April. India's daily Covid cases doubled in just 10 days from 1 lakh to 2 lakh. This week, it overtook Brazil to become the country with the second-highest number of Covid-19 cases. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Tata Steel arm to double ferrochrome manufacturing capacity

16 Apr, 2021, 09:20AM | Economic Times

Tata Steel Mining Limited (TSML), a wholly owned subsidiary of Tata Steel, is planning to double its ferrochrome manufacturing capacity in India to 900,000 tonnes a year. Analysts believe the investment to be around Rs 1,500 crore to Rs 2,000 crore. “We will take both the organic and inorganic routes to augment our ferrochrome manufacturing capacity in India, leveraging the strength of the good quality of chrome ore availability,” said Sundara Ramam, Vice President Raw Materials , Tata Steel. The idea behind the initiative is to use the chromite ore optimally to make ferrochrome and serve its growing base of Indian and global customers making stainless steel, Ramam added. “Balasore Alloys was one of the top ferrochrome makers . With that company on a shaky ground and now with Tata Steel expanding, it will make them the biggest ferrochrome supplier,” said IQ Minerals and Metals CEO, Siddharth Bothra. Balasore Alloys, promoted by Pramod Mittal , is facing hurdles in operating its plants. Top executives of the company have left the group citing non-payment of salaries and inoperable plants. This move by Tata Steel could push it to the top in both local and overseas markets. “This will make TSML the top ferrochrome player in India and among the top five globally. It makes sense to focus on value addition and convert the chrome ore to ferrochrome,” Tata Steel’s Ramam said. Ferrochrome is a type of ferroalloy that contains chromium and iron, generally containing 50% to 70% chromium by weight. High carbon ferrochrome is used in the manufacturing of some varieties of steel as well as stainless steel. “Tata Steel has its own chromite mines. With international prices of chrome ore and ferrochrome rising because of export duty issues from South Africa, it makes sense for Tata Steel to improve production capacity,” said Emkay Global 's research analyst Vishal Chandak. Tata Steel is also expanding units in Kalinganagar, and Jamshedpur, units that will need additional ferro alloys, Chandak said. TSML had acquired three Chromite mines in the 2020 mineral auctions, namely Sukinda Chromite Mine, Saruabil Chromite Mine and Kamarda Chromite Mine, for which leases were granted for 50 years. The mines have now been operational with an annual capacity of over 1.5 million tonnes. Tata Steel must be viewing a great opportunity in the ferrochrome market. There is also a huge export market for ferro chrome, the prices are moving up, said IQ Metal’s Bothra. As per analysts, ferrochrome prices have firmed up by up to 50% in the last 6 months to reach around Rs 95,000 a tonne and even crossed 1 lakh in March. TSML is a 100% subsidiary of Tata Steel Limited and is based in Bhubaneswar, Odisha. It is working to develop commercial mining opportunities in addition to the ferro alloys business.

Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels

16 Apr, 2021, 09:17AM | Livemint

Stock market today: On account of weekend profit-booking, Indian indices are expected to remain range-bound throughout the intraday trade session today. According to share market experts, the US markets have closed in green zone that may help the market open on higher side, but due to the weekend profit-booking expected in the later phase of Friday trade session, market may not be able to break the NSE Nifty's strong hurdle at 14800 levels. Speaking on the stock market strategy that traders can maintain today Sumeet Bagadia, executive Director at Choice Broking said, "Overall sentiment of the Indian stock market is range-bound as profit-booking in the second half of intraday trade session is widely expected. Due to this, NSE Nifty is expected to closed today in its current range of 14,300 to 14,800." Bagadia said that market is expected to open in green zone as the US markets have closed on the higher side on Wednesday. he said that intraday support zone for NSE Nifty is 14,300 to 14,350. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST "As market is expected to remain range-bound, one should maintain buy on dips and sell on rise as and when the market reaches to any of the given levels at the NSE," said Bagadia. On sectors that is expected to outperform other indices Mudit Goel, Senior Research Analyst at SMC said, IT, banking and financial sectors are expected to outperform other indices and suggested investors and traders to focus on stocks like Axis Bank, SBI Life, Wipro, Infosys, etc. shares." Rohit Singre, Senior Technical Research Analyst at LKP Securities said that Wipro and Infosys should be preferred if someone is going to buy IT stocks. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Gold prices today fall, a day after big gains, silver rates drop

16 Apr, 2021, 09:16AM | Livemint

Gold and silver prices edged lower today in Indian markets after posting big gains in the previous session. On MCX, gold futures were down 0.12% to ₹47,120 per 10 gram while silver fell 0.26% to ₹68,361 per kg. In the previous session, gold had risen 1.2% while silver had surged 1.2%. Despite today's fall, gold is sharply up this month, rebounding from levels of ₹44,000. In global markets, gold rates were steady today and were on track second straight weekly gain. Spot gold was flat at $1,763.46 per ounce. Technically, international gold is trading in a bullish momentum after pushing past the resistance level of $1,760, say analysts. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST Among other precious metals, silver was also flat at $25.85 while platinum gained 0.5% to $1,198.21. "If gold prices continue to stabilize above $1760 there are chances of recovery upticks which may lead prices towards $1820 or more. At the same time a direct turn below $1725 is a bearish signal," Geojit said. MCX gold has resistance at ₹47,740 and support at ₹45,880, the brokerage said. Gold prices got a boost this week as US Treasury yields fell to one-month lows on Thursday. Inflationary concerns and ultra-low interest rates across the globe also kept the metal supported. Lower returns from bonds reduce the opportunity cost of holding non-yielding bullion. Gold was also supported this week after Federal Reserve Chairman Jerome Powell reiterated his dovish stance on monetary policy. However, a rebound in US retail sales in March, drop in weekly initial claims for state unemployment benefits capped gold's rise. ETF interest remained weak. Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.3% on Wednesday from Tuesday. MORE FROM THIS SECTIONSee All Premium Premium Citibank’s exit from India opens the gate for smaller banks 1 min read . 11:21 AM IST Premium Premium After a challenging CY2020, Varun Beverages awaits next leg of growth 2 min read . 11:17 AM IST Premium Premium Wipro surges 8% after Q4 profit beat estimates 2 min read . 09:57 AM IST Premium Premium Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels 1 min read . 09:26 AM IST "ETF outflows also show weaker investor interest. Gold may continue to trade with recent range owing to mixed factors however we expect buying interest to emerge at lower levels as Fed’s stance may keep pressure on US dollar," Kotak Securities said in a note. On silver, Geojit said, choppy trading is likely to continue inside $26.50-23.80 levels initially and it required to break either the sides to suggest a fresh direction to the commodity. Silver on MCX has resistance at at ₹69,900 while support at ₹66,560, it added. (With Agency Inputs) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation

16 Apr, 2021, 08:56AM | Livemint

Amid surge in coronavirus cases, Karnataka Chief Minister BS Yediyurappa has called an emergency meeting at his residence today, to discuss the Covid-19 situation in the state. Karnataka Chief Minister BS Yediyurappa has called an emergency meeting at his residence today, to discuss the #COVID19 situation. (File photo) pic.twitter.com/7MjatwFhki— ANI (@ANI) April 16, 2021 TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST The meeting comes a day after the state reported its sharpest single day spike of 14,738 fresh coronavirus cases and 66 related fatalities. Out of the 14,738 fresh cases , 10,497 cases were from Bengaluru Urban alone. The state had previously reported its biggest single day spike of 11,265 cases on Wednesday. The state government has convened an all-party meeting on April 18 to discuss strategies to control the spread of infections. Meanwhile, Karnataka Health Minister K Sudhakar has warned of strict action against private hospitals if they do not follow its instructions on reserving 50 per cent of the beds for Covid patients. "Government hospitals in Bengaluru are instructed to reserve more beds for Covid patients. Private hospitals have also been instructed to reserve 50 per cent of the beds. Strict action will be initiated against those who do not cooperate," news agency PTI quoted Sudhakar as saying. Noting that private hospitals have reserved only 15-20 per cent of what has been asked for, he said the government will consider it as a serious lapse, and strict measures will be initiated, if they do not follow the orders. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Fresh covid surge: Office sector recovery to see more delays

16 Apr, 2021, 08:54AM | Livemint

BENGALURU: The second covid wave may lead to more delays in the recovery of the commercial office sector, which has continued to see a dip in leasing volumes this year. As expected, the office market saw a 47% year-on-year decline in the January-March quarter with net absorption at 3.6 million sq ft. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Also Read | India needs to learn from the Suez crisis “While green shoots were emerging in January with a pick-up in leasing enquiries and large pre-leasing transactions, the second wave may lead to a delayed recovery for the office market. We now expect a leasing pickup towards the end of September, as international travel may pick up again along with effective covid vaccines, versus July as estimated earlier and the current trend of occupiers downsizing and delaying new leasing decisions to continue in the near-term," ICICI Securities Ltd said in a 15 April report. After a seven-year long bull run, with rising rentals, falling vacancies and record leasing of 42 million sq ft in 2019, the commercial real estate market stumbled last year as businesses worldwide hit the pause button on expansion and fresh leasing due to the pandemic. While 2020 was a weak year with 20 million sq ft of net absorption due to the covid-19 impact, ICICI Securities said it expects net absorption to gradually improve and touch an estimated 24.3 million sq ft in 2021 and 29.8 million sq ft in 2022. Pre-covid, Bengaluru had low Grade A vacancy of 5% and accounted for around 22% of net absorption of office space in 2019. It is expected to retain more than 25% of net absorption over 2021 and 2022. The IT-ITES sector continues to be the largest occupier of office space across major cities. It maintains its lead with 35-40% share in office occupancy. MORE FROM THIS SECTIONSee All Premium Premium India shifts from mass vaccine exporter to importer, worrying the world 4 min read . 10:40 AM IST Premium Premium ‘Fast and Furious 9’ set for summer release 1 min read . 10:23 AM IST Premium Premium Congress leader Randeep Singh Surjewala tests positive for Covid-19 1 min read . 10:21 AM IST Premium Premium Kumbh Mela 2021: 30 sadhus in Haridwar test Covid-19 positive 1 min read . 10:11 AM IST “Demand from IT/ITes segment would sustain over 2021 and 2022, though driven largely by Global In-House Captives or GICs. Many large leasing deals are being driven by MNC IT/ITeS companies such as Google, Apple, Microsoft, LinkedIn, IBM. In many cases, these companies are setting up their research & development (R&D) centres instead of the conventional labour arbitrage seen in offshoring," the report said. Unlike the residential market which has relatively lower entry barriers in India, the office and retail or shopping mall market is a capital-intensive business. Sizes of office developments as well as malls have increased and improved in quality over the years. Analysts remain positive about the sector in the long-term. With just 8-10 pan-India office developers, affordable monthly rentals of under one dollar or ₹70-75 per sq ft and availability of science, technology, engineering and math (STEM) talent, ICICI Securities said that the long-term advantages remain as a high-quality office hub. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Wipro shares: Some analysts see potential upside in stock price

16 Apr, 2021, 08:54AM | Livemint

Wipro on yesterday reported a 0.1 per cent QoQ (quarter-on-quarter) rise in its consolidated profit at ₹2,972 crore in the March 2021 quarter. The company posted a consolidated profit of ₹2,968 crore in the quarter ended December 2021. The IT company reported guidance to the tune of 4 per cent which is a good number from the Wipro standards. According to stock market experts, strong quarterly numbers of Wirpo is expected to reflect in the strong Wipro share price opening today. They said that Wipro shares can go up to ₹500 levels in just one month time-horizon. Speaking on the Wirpo quarterly numbers supporting Wipro stock price Avinash Gorakshkar, Head of Research at Profitmart Securities said, "On account of strong quarterly numbers, Wipro is going to remain one of the newsmaker stocks throughout the intraday trade. It has announced near 4 per cent guidance that is a good number from Wirpo standards. I am expecting Wipro stocks to go up to ₹460 in next two to three trade sessions." TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST On Wipro share price outlook in short term time-horizon Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Wipro share price has recently made falling channel breakout that augurs well for the upside movement in the IT counter. One can buy Wipro stocks at current market price for the intimidate target of ₹450 to ₹460. But, once it breaks this hurdle, Wipro shares may soon go up to ₹500 levels in coming one month." Singre advised stock market investors to maintain stop loss at ₹410 and once it breaks ₹450 hurdle and sustains above it, he advised to upgrade the stop loss at ₹430. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India

16 Apr, 2021, 08:44AM | Livemint

Battling the fourth wave of the coronavirus pandemic, Delhi recorded over 17,000 cases of Covid-19 on Wednesday to become the worst-affected city in the country, leaving Mumbai far behind in the daily tally. Mumbai's single day peak so far is 11,163, registered on April 4, according to officials figures. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Delhi recorded 17,282 fresh cases of COVID-19 on Wednesday, the highest single-day surge in the national capital since the onset of the pandemic, while over 100 fatalities were reported, according to data shared by the health department. Thus, Delhi has eclipsed Mumbai in the daily infection tally by a huge margin. "It is an absolute rampage in the city, young and old, vaccinated or not vaccinated, the virus is just hitting everyone. Delhi's situation is grim," said Suranjit Chatterjee, a senior consultant at Apollo Hospitals, PTI reported. The cases in Delhi have since April 11 been on an upward spiral, 13,468 cases on Tuesday, and eventually 17,282 cases on Wednesday. Richa Sareen, consultant, Pulmonology and Critical Care Medicine, Fortis hospital h, said, "Given the pace of spread, it definitely seems there is a different variant in circulation and it is more infectious than the previous one." She said the younger population was getting more infected as elderly have mostly got vaccinated, and the older population is more at home, but younger demographic segment is gong out and meeting others or socialising, partying or travelling, which increases the chance of infection. MORE FROM THIS SECTIONSee All Premium Premium India shifts from mass vaccine exporter to importer, worrying the world 4 min read . 10:40 AM IST Premium Premium ‘Fast and Furious 9’ set for summer release 1 min read . 10:23 AM IST Premium Premium Congress leader Randeep Singh Surjewala tests positive for Covid-19 1 min read . 10:21 AM IST Premium Premium Kumbh Mela 2021: 30 sadhus in Haridwar test Covid-19 positive 1 min read . 10:11 AM IST Delhi Chief Minister Arvind Kejriwal on Thursday announced sweeping restrictions, including a weekend curfew and the closure of malls, gyms, spas and auditoriums, in a bid to break the chain of COVID infections in the city. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy

16 Apr, 2021, 08:40AM | Livemint

Three French auto parts factories belonging to Alvance Aluminium, part of the steelmaking GFG Alliance owned by Indian-British billionaire Sanjeev Gupta, will file for bankruptcy protection on Friday, the company and unions said. The factories will be the first in the steel magnate's empire to seek bankruptcy protection since the collapse last month of Greensill, a British firm which was a major provider of trade finance for GFG Alliance. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST The factories set for bankruptcy protection are two foundries at Poitou plus an alloy wheel factory near Chateauroux which employ some 850 staff. An Alvance spokesman said the decision does not include Alvance sites in the French city of Dunkerque, Duffel in Belgium, or Lochaber in Scotland, which he said "are all functioning normally, thanks to their strong positions on the market and positive cash flow". Following the collapse of Greensill there has been growing concern about the future of GFG and its Liberty Steel unit, which together employ 35,000 people worldwide. Gupta ruled out a bailout and factory closures at the start of April, saying his company which generates $20 billion in annual revenue is globally profitable. A union representative said they were informed bankruptcy proceedings should start by the end of the month and would provide time to find a buyer. The factories in particular serve French carmakers Renault and Peugeot. MORE FROM THIS SECTIONSee All Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Premium Premium Wipro Q4 net profit rises to ₹2,972 cr, revenues up 3.4% 2 min read . 02:02 AM IST While some of their operations have been hurt by the shift away from diesel engines, others have been hit by foreign competition. The Alvance spokesman said the company had injected over 45 million euros ($54 million) into the sites but that supporting them "could not be maintained after the collapse of Greensill". Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Apple announces $200 mn Restore Fund to reduce carbon

16 Apr, 2021, 08:31AM | Livemint

Apple on Friday announced a first-of-its-kind carbon removal initiative — called the Restore Fund — that will make investments in forestry projects to remove carbon from the atmosphere while generating a financial return for investors. The Restore Fund, launched in partnership with Conservation International and Goldman Sachs, expected to have its first projects targeted later this year. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST "Nature provides some of the best tools to remove carbon from the atmosphere," Apple vice president of environment, policy and social initiatives Lisa Jackson said in a statement. "Through creating a fund that generates both a financial return as well as real, and measurable carbon impacts, we aim to drive broader change in the future -- encouraging investment in carbon removal around the globe." Forests draw in carbon from the air, storing it away and stopping the gas from contributing to climate change. The fund aims to remove one million metric tons of carbon dioxide annually from the atmosphere, equal to the amount spewed by more than 200,000 passenger vehicles. Apple said last year it would become carbon neutral by 2030 for all its operations, including manufacturing. The California-based iPhone maker said its goal was to have no climate impact for all its devices sold. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Premium Premium Wipro Q4 net profit rises to ₹2,972 cr, revenues up 3.4% 2 min read . 02:02 AM IST "Investing in nature can remove carbon far more effectively -- and much sooner -- than any other current technology," Conservation International chef executive M. Sanjayan said in a joint release. "As the world faces the global threat climate change presents, we need innovative new approaches that can dramatically reduce emissions." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

OCI cards: Rules for re-issue of Overseas Citizens of India cards simplified

16 Apr, 2021, 08:25AM | Livemint

The government has simplified the process of maintaining Overseas Citizens of India (OCI) cards. Now, the (OCI) cardholders will be required to get their document re-issued only once at the age of 20 instead of multiple times needed currently needed to be done currently, according to the Union Home Ministry. "This will remove the confusion to many OCI cardholders on the process of renewing the card at the age of 20 and 50 and one doesn't have to go through the whole OCI card renewal process again," Dr Thomas Abraham chairman of the Global organisation of People of Indian Origin (GOPIO) told PTI on Thursday. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST "This will also encourage more overseas Indians to become OCIs and it will benefit India, through their travel, business and investment in India," he said. What are OCI cards? The Overseas Citizens of India (OCI) cards, which is highly popular among overseas Indians, provides long term visa free travel and stay in India and gives the cardholders a host of privileges normally not given to a foreign national. The previous provision of OCI card holders below 20 years of age and above 50 years of age requiring to re-apply for a fresh OCI card every time their passport was renewed was causing a lot of anxiety and travel turbulence to people of Indian origin. "With a view to facilitate the OCI cardholders, it has now been decided by the Government of India to dispense with this requirement," the Union Home Ministry said in a statement. A person who has got registration as OCI cardholder prior to attaining the age of 20 years will have to get the OCI card re-issued only once when a new passport is issued after his/her completing 20 years of age, so as to capture his/ her facial features on attaining adulthood. MORE FROM THIS SECTIONSee All Premium Premium Kumbh Mela 2021: 30 sadhus in Haridwar test Covid-19 positive 1 min read . 10:11 AM IST Premium Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Premium Noida to increase random COVID testing of people commuting to Delhi 1 min read . 09:42 AM IST Premium Premium Covid-19 surge: Govt offices give relaxations to employees from attending office 1 min read . 09:29 AM IST If a person has obtained registration as OCI cardholder after attaining the age of 20 years, there will be no requirement of re-issue of OCI card. "With a view to update the data regarding new passports obtained by the OCI cardholder, it has been decided that he/she shall upload a copy of the new passport containing his/her photo and also a latest photo on the online OCI portal, each time a new passport is issued up to 20 years of age and once after completing 50 years of age. These documents may be uploaded by the OCI cardholder within 3 months of receipt of the new passport," the government statement said. So far India has issued about 37.72 lakh OCI cards. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Quality investing offers the best pathway for long-term wealth creation

16 Apr, 2021, 08:19AM | Livemint

Cricket and stock markets are two topics that trigger passionate conversations in most Indian households. And to be honest, there is a striking similarity between these two facets of life. Test cricket, which is the purest form of the game, is a test of one’s patience, perseverance and skill. Similarly, to be successful at equity investing, an investor needs to exhibit traits of long-term investing (patience), holding on during difficult times (perseverance) and investing in the right companies (skills). To win a Test match, a team needs to a) follow the grind for the entire five days, b) win more sessions than the opponents in order to emerge victorious. Likewise, to create wealth, an investor needs to a) stay invested across the entire period, b) have more winning years in order to compound his/her wealth at the end of their investment tenure. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST View Full ImageParas Jain/Mint Share Via A team of 11 players is a combination of different styles and approaches, a diversification quality of prime essence to build a successful team under all types of playing conditions. The players will be challenged by different playing conditions and opponents and each player might not have the best skill set to perform in different environments. In the world of equity investing too, there are different styles and approaches to portfolio management. An investment style/approach is defined as an investment strategy/philosophy that tells us about the portfolio manager’s approach to portfolio construction. Some of the most renowned investment styles are growth, value, quality, momentum, dividend investing, etc. IDEAL PHILOSOPHYEmpirical evidence suggests that quality has outperformed and remains an ideal investment philosophy for long-term wealth creation. Quality per se, as an investment style, does not have a clear outlined definition unlike growth and value investing. But when it comes to identifying quality stocks, in our opinion, it connotes a combination of quantitative and qualitative factors. The quantitative factors refer to stable cash flows, consistency in earnings, high profitability margins, etc. Such attributes are found in secular compounding stories, which, irrespective of the market cycle, tend to deliver on the above parameters. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:02 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Premium Premium Choose an insurer with a claim settlement ratio of at least 95% 2 min read . 05:25 AM IST The carnage in March 2020 saw stocks across the board witness severe drawdowns in prices. But the cyclical (high beta) ones were the most impacted as the fear of the unknown created uncertainty in business activity. Expectations were rife about a strong bounceback in the Indian economy after a disastrous Q1FY21 GDP (gross domestic product) print of -23.9%. Given the positioning, the market preference was heavy towards cyclicals. The accompanying graphic (see above) drives home the point on how the past 12 months have been a classic play on stocks that were high beta in nature combined with low RoEs (return on equities). Different market conditions are suited for different investment styles and 2020 was the year when cyclicals were in the limelight. But to win over the long term, an investor’s portfolio needs to have an investment style that will deliver more consistently rather than in bouts. OVERARCHING THEMEAt Axis Asset Management Company (AMC), our overarching theme of portfolio management has always been quality. We believe so because, from an Indian context, there is a huge dispersion between performers and non-performers and one major attribute has been the quality of these companies. Second, long-term sustainable growth is achieved only if quality is an inherent characteristic among companies. Our investment thesis is derived from identifying secular compounding growth stories that are structural in nature and have the ability to deliver for extended periods of time, rather than cyclical ones as these tend to be more volatile in earnings delivery. The proposition has worked well for us over the past decade and we continue to remain positive going ahead as well. Jinesh Gopani is head of equity, Axis AMC. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Axis Bank, GAIL to SBI Life — experts recommend these shares for buying today

16 Apr, 2021, 08:09AM | Livemint

Shares to buy today: On account of strong global cues, Indian indices are expected to continue gaining strength. According to stock market experts, banking and financial stocks are expected to continue northward trend. They said that stocks like Axis Bank and SBI Life is expected to showcase sharp rise in the intraday trade. They recommended stock market traders and investors to buy these two shares and book profit in the intraday trade session. Speaking on Bank Nifty; Sumeet Bagadia, Executive Director at Choice Broking said, "Bank Nifty is trading in 30,700 to 33,000 range. On the breakage of any side will decide positive or negative sentiment in the index. But, the major trigger for the market in India is the number of fresh COVID-19 cases being reported and how the US market is performing. Since, there is no such rise in the COVID cases in India and the US market has closed on higher side, banking index is expected to remain positive." TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST On shares to buy today from banking and financial sector Mudit Goel, Senior Research Analyst at SMC said, "Axis Bank and SBI Life looks promising. One can buy Axis Bank share at CMP for the target of ₹685 maintaining stop loss at ₹656. SBI Life can be bought at current market price for the target of ₹930 maintaining stop loss at ₹896." Mudit Goel of SMC went on to add that one can buy GAIL shares too at CMP for the target of ₹147. However, he recommended strict stop loss at ₹136. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Madhya Pradesh to get 450 MT of oxygen soon for Covid-19 patients: Chouhan

16 Apr, 2021, 08:06AM | Livemint

Madhya Pradesh would get 450 metric tonnes of medical oxygen from other states shortly for treatment of critical COVID-19 patients, Chief Minister Shivraj Singh Chouhan said on Thursday. The new stock of medical-grade oxygen, whose demand has shot up due to the rising coronavirus cases, is being arranged after talking to the Centre, he said. "I had requested Union Commerce and Industry Minister Piyush Goyal and Petroleum Minister Dharmendra Pradhan for oxygen supply to Madhya Pradesh. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST A consensus has been reached for supply of 450 metric tonnes (MT) of oxygen from Bhilai, Devri (Chhattisgarh) and Rourkela (Odisha) to the state shortly," Chouhan told reporters here. “I am thankful to them," he added. The chief minister said the private sector is being roped in to transport the life-saving gas in the state, which has been witnessing a surge in COVID-19 cases. "Transportation of oxygen is being done on a war footing," the CM said, adding the support of the private sector, too, is being taken. He said continuous efforts are being made to procure Remdesivir, an anti-viral drug used in treatment of COVID-19 cases. "We got 10,000 (vials of the medicine) by Wednesday night. Private hospitals are shipping the injections from their sources. The state government has placed an order of 50,000 injections," he added. Chouhan said he has spoken to three pharma companies over supply of Remdesivir and they have given a positive response. The CM said the number of hospital beds is being increased to accommodate new coronavirus patients. PTkmm Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree

16 Apr, 2021, 07:57AM | Livemint

NEW DELHI: Here is the list of stocks that could be in focus on Friday. Wipro Ltd: Has posted a net profit of ₹2,972.3 crore, a nearly 28% increase from the year-ago period, on the back of higher revenues. The profit was above consensus Bloomberg estimates of ₹2,873.7 crore. Revenues for the fourth quarter grew 3.4% year-on-year to ₹16,245.4 crore on broad-based growth across sectors. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Tata Steel: The steel major on Thursday unveiled its transformation plans for a steel tube making site in the UK's East Midlands, which it said will give the business the best chance of a strong future. Vodafone Idea: Following a show-cause notice from the department of telecom on non-payment of licence fee in seven circles, Vodafone Idea has now made full payment with interest. IL&FS: Bankrupt infrastructure financier IL&FS on Thursday raised its debt recovery target to ₹61,000 crore, almost 62% of the total financial debt. Last year the group had sai it could resolve loans worth ₹56,000 crore. The new board led by veteran banker Uday Kotak said it had so far resolved debt worth ₹43,000 crore. Piramal Capital & Housing Finance: Part of Piramal Enterprises aims to become a financial conglomerate, with a larger focus on retail credit and moving away from builder loans by leveraging its recent tie-ups with technology startups. Ashoka Buildcon: The company has received a Letter of Award from Gujarat Rail Infrastructure Development Corp for project - Gauge Conversion of Bechraji - Ranuj section, with 25 KV AC electrification in Ahmedabad division of Western Railway. Project cost is Rs333.625 crore. Dabur India: Crossed ₹1-trillion in market capitalisation on Thursday, after its shares rose 1.6% a fresh high of ₹569.20 apiece. MORE FROM THIS SECTIONSee All Premium Premium Citibank’s exit from India opens the gate for smaller banks 1 min read . 11:21 AM IST Premium Premium After a challenging CY2020, Varun Beverages awaits next leg of growth 2 min read . 11:17 AM IST Premium Premium Wipro surges 8% after Q4 profit beat estimates 2 min read . 09:57 AM IST Premium Premium Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels 1 min read . 09:26 AM IST Bajaj Auto: Forty eight hours after it re-opened bookings for Chetak, Bajaj Auto stopped accepting fresh orders due to supply chain issues, the company said in a statement on Friday. Bajaj’s maiden electric scooter, on sale since January 2020, hasn’t been able to align production to demand. National Fertilizers: The government has issued request for proposals (RFP) for engagement of legal advisors, merchant bankers and selling brokers for disinvestment of 20% of its stake in National Fertilizers through the offer for sale route. Tata Communications: Ace investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala sold 2.5 lakh equity shares in Tata Communications in the quarter ended March, bringing her stake down to 1.04% of total paid up equity. She had owned 32,00,687 equity shares, representing 1.12% of total paid up equity, in the company as of December. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Oil steady near four-week highs on demand revival

16 Apr, 2021, 07:38AM | Livemint

Oil prices dipped in early trade on Friday but were on course for a weekly gain of more than 6% with an improved oil demand outlook and strong economic recoveries in China and the United States offsetting concerns about spikes in COVID-19 infections. Brent crude futures fell 17 cents, or 0.3%, to $66.77 a barrel at 0052 GMT, following a 36 cent rise on Thursday. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST U.S. West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3%, to $63.27 a barrel, after climbing 31 cents on Thursday. Strong economic recoveries around the world and supply curbs by OPEC and its allies, together called OPEC+, as well as a cautious response to higher prices by U.S. oil producers are supporting the market, said Westpac senior economist Justin Smirk. "We still think there's a clear risk prices could rise up to $70 a barrel before we see a more meaningful pull back," Smirk said. He said the longer prices stay elevated, the more supply is likely to return to the market, and the risks of COVID-19 cases spiking in places like India and Europe could eventually drive prices down. For the moment, a strong jump in U.S. retail sales, a drop in unemployment claims and signs of more cars on the road in the world's biggest economy buoyed the market. "The reopening of the (U.S.) economy has already seen traffic levels increase in various states across the nation," ANZ analysts said in a note, adding that India and China are also showing "high levels of congestion". MORE FROM THIS SECTIONSee All Premium Premium India shifts from mass vaccine exporter to importer, worrying the world 4 min read . 10:40 AM IST Premium Premium ‘Fast and Furious 9’ set for summer release 1 min read . 10:23 AM IST Premium Premium Congress leader Randeep Singh Surjewala tests positive for Covid-19 1 min read . 10:21 AM IST Premium Premium Kumbh Mela 2021: 30 sadhus in Haridwar test Covid-19 positive 1 min read . 10:11 AM IST Traders are looking ahead to a pick-up in traffic typical in the United States in June through August. "With miles driven on the U.S. highways up for the first time since the pandemic outbreak, it means we are well on the way to a bountiful U.S. summer driving season that could come close to matching the summer of 2019," Axi chief global market strategist Stephen Innes said in a note. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Vodafone Idea makes full payment to DoT with interest after showcause notice

16 Apr, 2021, 07:27AM | Livemint

Vodafone Idea -- which had been issued a showcause notice by DoT over non-payment of licence fee in seven circles -- has now made full payment with interest, a source said. After receiving DoT's showcause notice dated April 7, Vodafone Idea (VIL) had recently said any payment not made on March 25, would be paid on April 15 with interest. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Sources aware of the company's position on the matter said full payments with interest have now been made to DoT. An e-mail sent to Vodafone Idea on the issue remained unanswered. Earlier this month, the Department of Telecom (DoT) had issued a show-cause notice to VIL over non-payment of licence fee for the fourth quarter of FY2020-21 with regard to circles of Bihar, Gujarat, Jammu and Kashmir, Kerala, Maharashtra, Uttar Pradesh (East), Odisha, as well as national long distance. As per the notice, DoT directed VIL to show cause by April 12, 2021 why action should not be taken against the company under relevant clauses of the licence agreement. "Failure to perform any obligation(s) under the licence including timely payment of licence fee and other charges due to licensor is breach of licence agreement as per the terms and conditions of the licence agreement," DoT had said in the notice. In a regulatory filing on April 12, VIL said it will be sending a "suitable clarification" to the Telecom Department on the showcause notice. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Premium Premium Wipro Q4 net profit rises to ₹2,972 cr, revenues up 3.4% 2 min read . 02:02 AM IST VIL had explained that payment of licence fee is a regular quarterly exercise based on self-calculation of revenue for each quarter. Generally the payment is made on 15th day of the month following the quarter end, but in the fourth quarter an estimated payment is required by March 25. However, the licence also allows the payment to be made with interest on April 15. "To the extent of any payment not made on March 25, will be paid on April 15 with interest," VIL had said then. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Gold price scales ?47,000. More gains seen in the precious metal

16 Apr, 2021, 07:24AM | Livemint

Gold prices continues to recover in Indian markets. On MCX, it rose ₹562 to close at ₹47,170 per 10 gm at Multi Commodity Exchange (MCX). In international market, gold price also crossed key resistance level of $1764 per ounce. The landing price of gold is around ₹1200 to ₹1500 higher than MCX price. Gold price in Delhi is at ₹48,255 per 10 gram. After hitting a year-low of ₹44,000 earlier this month, gold has rebounded in domestic markets. According to commodity experts, gold price is rising due to the rising fear of second wave of Coronavirus spread, depreciating Indian National Rupee (INR) against the US Dollar (USD), rising crude oil prices fueling fears of global inflation and some softness in US yields. They said that by end of May we can expect gold price at MCX to go up to ₹48,500 per 10 gm levels. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Speaking on the gold price forecast Anuj Gupta, Vice President — Commodities & Currency Trade at IIFL Securities said, "Major reason for gold price rally is rising fear of second wave of Coronavirus. Apart from this, global crude oil prices are rising and in coming times too, there is no hope of any ease in the crude oil price. So, the global inflation is expected to continue on the higher side, which is also supportive for the gold price rise." INR vs USD Anuj Gupta of IIFL Securities went on to add that Indian National Rupee (INR) has also gone down these days and hit its 10-month low. Gupta said that rupee may continue to go down further and hit 76 per dollar in next one to two months. So, rise in precious yellow metal is expected to continue and by end of May, we can expect the gold price to go up to ₹48,500 per 10 gm levels. Highlighting the important levels in gold price Amit Sajeja, Vice President — Research at Motilal Oswal said, "Gold price had a major hurdle at $1,745 to $1,750 per ounce levels. Since, the bullion metal has broken this hurdle, the next hurdle for it is $1,800 to $1,820 per ounce. As overall outlook for gold is positive, my suggestion to gold investors is to keep accumulating on every dips as there can be some profit booking taking place as well." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

IL&FS board plans to settle 60% of its debt by end of FY22

16 Apr, 2021, 07:00AM | Livemint

MUMBAI : The government-appointed board of troubled Infrastructure Leasing and Financial Services (IL&FS) expects to resolve about 60% of the entity’s outstanding dues of around ₹1 trillion by the end of this fiscal. In its quarterly update on the resolution process of the conglomerate, the board said debt worth ₹43,000 crore has been resolved, and the number of subsidiaries of the company has been slashed from 347 to 186 . TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST “The total debt owed by IL&FS to financial creditors was around ₹1 trillion, including non-fund-based exposure. Today, we have addressed ₹43,000 crore of that, roughly around 43% of the total debt," said Uday Kotak, non-executive chairman of IL&FS. Kotak expects to resolve liabilities worth ₹50,000 crore by the end of September and ₹61,000 crore by the end of March 2022. IL&FS, which began operations as a road construction financier, ended up with around 347 subsidiaries and amassing a massive debt pile in the process. The government seized the non-bank lender after it defaulted on a series of payments in August 2018. In October that year, the government named Kotak Mahindra Bank founder Uday Kotak as chairman of the debt-ridden financer. “The group has further enhanced its estimates of aggregate debt recovery to ₹61,000 crore —an increase of ₹5,000 crore over its earlier estimate of ₹56,000 crore. The increased estimate represents the resolution of nearly 62% of overall fund-based and non-fund-based group debt of approximately ₹99,000 crore, as of October 2018," the company said in a statement. The upgrade in potentially addressable debt by ₹5,000 crore (to ₹61,000 crore) has been largely on account of improved valuations, better operating performance, and enhanced recoveries from non-group exposures. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium Wipro Q4 net profit rises to ₹2,972 cr, revenues up 3.4% 2 min read . 02:02 AM IST IL&FS has also resolved to bring the number of unresolved entities to below 100 by September 2021. “The new board has been able to maximize the recoveries for all classes of creditors by following a three-pronged strategy of resolution, restructuring, and recovery while keeping the tenets of corporate governance and corporate finance in mind," the company said. The aggregate addressed debt of ₹43,000 crore comprises ₹26,800 crore through asset monetization initiatives and accrued cash balance, ₹14,350 crore of additional net recovery expected from resolution and restructuring applications filed with and awaiting approval of the NCLT (Mumbai) and NCLAT, and ₹1,926 crore from Supreme Court verdict passed in favour of Rapid Metro Gurgaon. It estimates to address about ₹8,000 crore of additional debt by September 2021. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Market LIVE: Sensex tests 49K, Nifty above 14,600; IT, auto, pharma stocks gain

16 Apr, 2021, 06:46AM | Livemint

Indian markets were volatile as investors worried about the surge in covid cases in the country and the WPI inflation soaring to an eight-year high. India reported over 2 lakh new COVID-19 cases and more than 1,100 deaths in the last 24 hours. 16 Apr 2021, 11:58:04 AM IST IMD forecasts ‘normal’ monsoon for 2021 Overall rainfall is expected to be 98% of the LPA during the June-September monsoon season: IMD Share Via 16 Apr 2021, 11:57:03 AM IST Quess Corp to acquire remaining 30% stake in Conneqt from Tata Sons for ₹208 crore Share Via 16 Apr 2021, 11:32:00 AM IST Rupee up at 74.70 to a dollar; Thursday's close at 74.92/dollar Share Via 16 Apr 2021, 11:30:44 AM IST Govt 10-year bond yields rise to near one-month high The yield on the 10-year government bond rose to touch a near one-month high ahead of weekly bond auctions due later on Friday.At 1124am, the yield was at 6.161% compared with the previous close of 6.127%.The market is eyeing the G-sec auction, worth ₹260 billion, to be conducted later today. Share Via 16 Apr 2021, 11:20:29 AM IST Citigroup to exit consumer banking business in India Citigroup on Thursday said it will exit its retail banking business in India and 12 other countries, choosing to deploy its capital and resources in investments that offer better returns and growth.The move will see the bank also exit consumer businesses across parts of Asia and the Europe, including Australia and China. It will, however, retain its consumer-banking franchise in the four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London. Share Via 16 Apr 2021, 11:06:56 AM IST After a challenging 2020, Varun Beverages awaits next leg of growth Varun Beverages Ltd (VBL), the second-largest bottling company for PepsiCo outside the US, had a rough financial year due to the covid-19 pandemic. VBL follows a January to December accounting year.While the company ended CY2020 on a strong note, with better-than-expected December-quarter results, revenues for the year have declined by 9.5% year-on-year to Rs6450 crore, as the demand was hit due to the pandemic. A Motilal Oswal Financial Services Ltd report dated 15 April, said its analysis of VBL’s CY20 annual report highlights the management’s efforts to improve its presence, product mix, and utilisation levels. NSE BSE listElement-graph-11618551415538-209550 listElement-graph-11618551415538-209550 Share Via 16 Apr 2021, 10:59:45 AM IST Gold prices hold steady Gold held steady near a more than one-month high on Friday, en route to its second straight weekly gain, boosted by a drop in U.S. Treasury yields and a weaker dollar.Spot gold was up 0.1% at $1,764.13 per ounce, after hitting its highest since Feb.26 at $1769.37 on Thursday. Bullion is up more than 1% so far this week.U.S. gold futures eased 0.1% to $1,764.40. Share Via 16 Apr 2021, 10:59:18 AM IST Govt looking at proposal to bring 11 PSBs under Companies Act: report View Full ImageET Now. Share Via 16 Apr 2021, 10:34:38 AM IST Rupee rises to 74.71 vs Thursday's close of 74.92 to a dollar Share Via 16 Apr 2021, 10:22:57 AM IST HDFC twins, Asian Paints lead gains on Sensex View Full ImageSensex contributors. Share Via 16 Apr 2021, 10:04:20 AM IST India reports over 2 lakh covid cases for second straight day India reported over 2 lakh new COVID-19 cases and more than 1,100 deaths in the last 24 hours, according to the Union Health Ministry on Friday.As many as 2,17,353 new COVID-19 cases have been reported in India in the last 24 hours, pushing the caseload to 1,42,91,917.The cumulative number of COVID-19 vaccine doses administered in the country stands at 11,72,23,509 till today. Share Via 16 Apr 2021, 10:02:16 AM IST All Nifty sectoral indices higher View Full ImageNifty indices. Share Via 16 Apr 2021, 09:55:49 AM IST Oil steady near four-week highs on demand revival Oil prices dipped in early trade on Friday but were on course for a weekly gain of more than 6% with an improved oil demand outlook and strong economic recoveries in China and the US offsetting concerns about spikes in COVID-19 infections.Brent crude futures fell 17 cents, or 0.3%, to $66.77 a barrel, following a 36 cent rise on Thursday.U.S. West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3%, to $63.27 a barrel, after climbing 31 cents on Thursday. Share Via 16 Apr 2021, 09:52:45 AM IST China's Q1 GDP grows at record 18.3% China's economy expanded at its fastest pace on record in the first quarter of 2021, data showed Friday, in a sharp turnaround from the historic contraction caused by the coronavirus outbreak.The world's second largest economy was the only major one to grow at all in 2020, supported by strong retail spending and industrial activity as well as better-than-expected exports as the virus hit markets around the world. Share Via 16 Apr 2021, 09:24:53 AM IST Wipro gains after Q4 results Wipro Ltd on Thursday posted a net profit of ₹2,972.3 crore, a nearly 28% increase from the year-ago period, on the back of higher revenues. The profit was above consensus Bloomberg estimates of ₹2,873.7 crore.The Bengaluru-based company’s revenues for the fourth quarter grew 3.4% year-on-year (y-o-y) to ₹16,245.4 crore on broad-based growth across sectors. The dollar revenue for the IT services segment grew 3.8% annually to $2.15 billion, driven by strong volume growth, making it the best fourth quarter in a decade. NSE BSE listElement-graph-11618545292502-107685 listElement-graph-11618545292502-107685 Share Via 16 Apr 2021, 09:22:26 AM IST Gainers/losers on Sensex View Full ImageSensex stocks in opening deals on 16 April. Share Via 16 Apr 2021, 09:19:39 AM IST Nifty in opening deals View Full ImageNifty check. Share Via 16 Apr 2021, 09:18:46 AM IST Sensex at open View Full ImageMarket check. Share Via 16 Apr 2021, 09:05:53 AM IST Nifty in pre-open View Full ImageNifty50. Share Via 16 Apr 2021, 09:05:19 AM IST Sensex in pre-open View Full ImageSensex check. Share Via 16 Apr 2021, 08:16:28 AM IST Sputnik V deliveries to India to begin in April, says Indian envoy Venkatesh: ANI The first batch of Russia's COVID-19 vaccine Sputnik V will be delivered to India this month, the TASS news agency reported, citing Indian Ambassador to Russia, Bala Venkatesh Varma."What we heard from companies is that by (the end of) this month, the first shipment will take place and the production will be (launched) there in May and slowly increase," Bala Venkatesh told reporters.Venkatesh said vaccine production in India will be ramped up gradually, and may exceed 50 million doses per month. (Read here) Share Via 16 Apr 2021, 08:14:34 AM IST Bank Nifty; Sumeet Bagadia, executive director at Choice Broking Bank Nifty is trading in a range of 30,700-33,000. A breakout on either side will decide positive or negative sentiment for the index. But, the major trigger for the market in India is the number of fresh COVID-19 cases being reported and how the US market is performing. Since, there is no such rise in the COVID cases in India and the US market has closed on higher side, banking index is expected to remain positive. listElement-graph-11618541073553-127 listElement-graph-11618541073553-127 Share Via 16 Apr 2021, 08:12:08 AM IST Bond yields surge after first tranche of G-SAP purchase Yields of 10-year government bonds surged 12 basis points (bps) to 6.127% on Thursday after the Reserve Bank of India (RBI) bought ₹25,000 crore of securities from the secondary market, in the first tranche of its Government Securities Acquisition Plan (G-SAP 1.0), at yields higher than the market expected.The cut-off yield on 10-year bonds was fixed at 6.0317% against 6% estimated in a Bloomberg survey. (Read here) Share Via 16 Apr 2021, 07:59:15 AM IST Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree Share Via 16 Apr 2021, 07:41:02 AM IST SGX Nifty futures trade flat SGX Nifty futures were at 14,597.80, down 0.02% from previous close, hinting at tepid start for domestic indices. Share Via 16 Apr 2021, 07:29:42 AM IST Asian equities little changed, await cues from China data release Asian shares were little changed on Friday ahead of a raft of Chinese economic data, while world stocks on the whole flew at a record level, fuelled by strong U.S. economic data that may herald a solid recovery ahead.MSCI's broadest index of Asia-Pacific shares outside Japan were little changed while Japan's Nikkei ticked up 0.2%.Hong Kong’s Hang Seng gained 0.47%; Korea’s Kospi was flat while China’s Shanghai Composite index edged 0.3% higher. Share Via 16 Apr 2021, 06:46:17 AM IST Wall Street scale record highs on robust earnings from large banks Wall Street stocks surged to fresh records on Thursday following robust earnings from large banks and strong US economic data which showed recovery picking up speed.The Dow Jones Industrial Average climbed 0.9% to a record 34,035.99, and the first close above 34,000. The broad-based S&P 500 also ended at a record, gaining 1.1% to 4,170.42, while the tech-rich Nasdaq Composite Index jumped 1.3% to finish at 14,038.76.Data released showed that U.S. retail sales in March jumped 9.8% from February, racing past economists’ forecasts of a 5.5% growth.Also, 576,000 people applied for unemployment benefits last week, well below the 700,000 that economists had forecast and down from 769,000 the prior week. It's also the lowest the number has been since the pandemic. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

100 new hospitals to have their own oxygen plant under PM-CARES Fund

16 Apr, 2021, 06:41AM | Livemint

The government said that 100 new hospitals will have their own oxygen plant under PM-CARES Fund and another 50,000 MT of medical oxygen will be imported for easier availability of essential medical equipment and oxygen in the wake of rising cases of COVID-19. A Health Ministry release said that EG2 is monitoring the situation of demand and supply of medical oxygen continuously to ensure that all necessary steps are taken to support the uninterrupted supply of medical oxygen. It said medical oxygen is a critical component in the treatment of COVID affected patients. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST A meeting of Empowered Group 2 (EG2) was held on Thursday to review the availability of essential medical equipment and oxygen. The meeting identified 4880 MT, 5619 MT and 6593 MT for 12 high burden states for meeting their projected demand as on April 20, April 25 and April 30 respectively. "There has been increasing demand for medical oxygen, especially from the 12 states with high burden of active COVID cases. While the demand in Maharashtra is expected to (be) beyond available production capacity of the state, states like Madhya Pradesh do not have any production capacity to meet their demand for medical oxygen. Besides, there is a trend of increasing demand in other oxygen producing states such as Gujarat, Karnataka, Rajasthan," the release said. It said that sources of medical oxygen and their production capacity was mapped to match the requirement of states. These states are Maharashtra, Madhya Pradesh, Gujarat, Uttar Pradesh, Chhattisgarh, Karnataka, Kerala, Tamil Nadu, Punjab, Haryana and Rajasthan and the union territory of Delhi. It said the Health Ministry is issuing orders for meeting projected demand of states with high cases of COVID-19. The release said the government is identifying another 100 hospitals in far flung locations for installation of Pressure Swing Adsorption (PSA) plants. PSA plants manufacture oxygen and 162 such plants sanctioned earlier under PM-Cares are being monitored early completion. In view of increasing demand for medical oxygen, the government decided to float a tender for import of 50,000 MT of medical oxygen. The Health Ministry will finalise the tender and also explore possible sources for import identified by the missions of MEA. MORE FROM THIS SECTIONSee All Premium Premium ‘Fast and Furious 9’ set for summer release 1 min read . 10:23 AM IST Premium Premium Congress leader Randeep Singh Surjewala tests positive for Covid-19 1 min read . 10:21 AM IST Premium Premium Kumbh Mela 2021: 30 sadhus in Haridwar test Covid-19 positive 1 min read . 10:11 AM IST Premium Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST The issue of availability of Remdesivir was also reviewed by the Minister of State for hipping and Waterways (I/C) and Chemicals and Fertilizers, Mansukh Mandaviya in meetings with all existing manufacturers of the drug and other stakeholders on April 12 and 13 where decisions have been taken to increase production and supply and reduce prices. Mona Desai, former president, Ahmedabad Medical Association told ANI that due to oxygen shortage, manufacturers are charging two-three times more, and asked the government to take steps against black marketing. "Oxygen requirement at COVID hospitals has gone up by two-three times. We've written to the Chief Minister to direct oxygen manufacturers to sell 100 per cent oxygen to health care facilities," Desai added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Maharashtra wants to inoculate up to 7 lakh people daily: Rajesh Tope

16 Apr, 2021, 06:35AM | Livemint

Maharashtra wants to vaccinate 6 to 7 lakh people against COVID-19 on a daily basis and to achieve the target, the state needs 40 to 45 lakh vaccine vials every week, health minister Rajesh Tope said on Thursday. A large-scale vaccination will help to bring down the COVID-19 cases and stem its spread, he said. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Speaking to reporters, he said, “Maharashtra wants to vaccinate 6 to 7 lakh persons on a daily basis, for which we need to receive 40-45 lakh vaccine vials on a weekly basis." "If we manage to vaccinate so many people on a daily basis, it would be a major step in curbing the COVID-19 spread in the state," Tope said. Maharashtra is the worst-hit state in the country when it comes to cumulative infections and deaths due to COVID-19. “I think if a delegation from the state, including members from the opposition, visits New Delhi and takes up the issue with the Centre, we will get more vaccines to save lives. We will work it out," he said. Commenting on shortage of Remdesivir, he said, “Seven manufacturers had reduced their production when COVID-19 cases were coming down. "Now, they have ramped up production, but it takes some time to deliver stocks. By April-end, there will be supply of one lakh Remdesivir vials in the state." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

BBMP launches COVID-19 helpline number for Bengaluru

16 Apr, 2021, 06:29AM | Livemint

The Bruhat Bengaluru Mahanagar (BBMP) Palike on Thursday introduced a helpline number 1912 that offers direct Covid19-related assistance. The helpline number was launched by the BBMP Commissioner Gaurav Gupta here. "The specific helpline 1912 is for Bengaluru city. We have eight control rooms. The helpline can be used to allot beds in the hospitals and for home isolation support," Gupta said. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The BBMP Commissioner also informed that the older helpline is 14410. Gupta urged people to get themselves tested if they even get any mild symptoms. "We have noted incident involving queues of ambulances outside crematoria. We have 13 electric crematoria in Bengaluru. Only 4 were identified initially and one of them saw such rush. We have decided to direct bodies to other crematoria," Gupta said on the issue of queues of ambulances outside crematorium. According to Union Health Ministry, there are 85,499 active COVID-19 cases in Karnataka while the death toll due to infection has mounted to 13,046. (ANI) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Over 300 Delhi police personnel test Covid positive, 15 admitted to hospital

16 Apr, 2021, 06:15AM | Livemint

Over 300 Delhi Police personnel who are at the forefront of efforts to ensure that people are adhering to the Covid-19 restrictions, have been tested positive for coronavirus in the last few days. "Over 300 Delhi Police personnel test positive for COVID-19. While 15 of them are admitted to the hospital, the rest are home quarantined," the Delhi police said. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Speaking on the situation, Delhi Police Commissioner SN Shrivastava had earlier said some of our police personnel have tested positive in the last few days amid a sudden surge in COVID-19 cases in the city, the Health Care workers and the front-line workers are exposed to the highly contagious disease. "During conducting our duties, we have to take all precautions including wearing a 3-ply or N95 mask, maintaining social distancing and sanitising," he said. As many as 16,699 new COVID-19 cases and 112 related deaths were reported in the national capital in the last 24 hours, the Delhi health department informed on Thursday evening, taking the total number of active cases to 54,309. This is the fifth consecutive day that the national capital has reported over 10,000 fresh cases. As per the latest health bulletin, with this, the total COVID-19 cases in Delhi now stand at 7,84,137, including 54,309 active cases, 7,18,176 recoveries, and 11,652 deaths. In an effort to curb the spread of the contagious virus, the Delhi government has also imposed a weekend curfew in a view of the grim coronavirus situation in the national capital from Friday. MORE FROM THIS SECTIONSee All Premium Premium Kumbh Mela 2021: 30 sadhus in Haridwar test Covid-19 positive 1 min read . 10:11 AM IST Premium Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Premium Noida to increase random COVID testing of people commuting to Delhi 1 min read . 09:42 AM IST Premium Premium Covid-19 surge: Govt offices give relaxations to employees from attending office 1 min read . 09:29 AM IST Additionally, malls, auditoriums, restaurants, gyms, and spas have been shut down till further orders, while theatres will be allowed to screen movies with a third of their capacity on weekdays. Curfew passes will be issued to those rendering essential services. People will not be allowed to dine-in restaurants and only home deliveries will be permitted. At least 37 doctors of Delhi's Sir Gangaram Hospital have tested positive for coronavirus in the first week of this month, as per the hospital sources." 37 doctors of the hospital have tested positive for COVID-19 while treating COVID-19 patients at Sir Ganga Ram Hospital. A majority of these Health Care Warriors have mild symptoms. 32 doctors are in home isolation and 5 are admitted in the hospital", informed hospital sources. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Sputnik V covid vaccine deliveries to India to begin this month

16 Apr, 2021, 05:52AM | Livemint

The first batch of Russia's COVID-19 vaccine Sputnik V will be delivered to India this month, the TASS news agency reported, citing Indian Ambassador to Russia, Bala Venkatesh Varma. "What we heard from companies is that by (the end of) this month, the first shipment will take place and the production will be (launched) there in May and slowly increase," Bala Venkatesh told reporters. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Venkatesh said that the volume of vaccine production in India will be gradually increasing and may exceed 50 million doses per month. Sputnik will be the third vaccine to be used in India against coronavirus. India on Monday granted permission for the restricted emergency use of the Russian COVID-19 vaccine Sputnik V. Currently, two vaccines -- Covaxin by Bharat Biotech and Covishield by Serum Institute of India (SII) -- are being used for inoculation in India. India has become the 60th country to authorise the use of the Russian Sputnik V vaccine against coronavirus. The vaccine is now approved in countries with a total population of 3 billion, or 40 per cent of the world's population. The Russian Direct Investment Fund said more than 850 million doses of Sputnik V are going to be produced annually in India -- the 60th country to approve the vaccine. Earlier this week, the Indian government decided to fast-track emergency approvals for all coronavirus jabs that have been given a similar nod by the World Health Organization or regulators in the United States, Europe, Britain or Japan. The move is significant as it may make available several vaccines, including those made by Pfizer, Moderna and Johnson & Johnson, in India with certain conditions. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics Coronavirus Vaccine Tracker

India to import 50,000 MT of Medical Oxygen, MEA tasked to explore sources

16 Apr, 2021, 05:50AM | Livemint

Amid the spiralling of Covid-19 cases across the country, the Centre has decided to import 50,000 metric tonnes (MT) of Medical Oxygen to address the shortage in the hospitals, for which the Ministry of External Affairs (MEA) via its missions abroad is being tasked to identify and explore from where oxygen can be imported. "In view of increasing demand for medical oxygen, the Government has decided to float a tender for import of 50,000 MT of medical oxygen. MOHFW has been directed to finalise the tender for the same and also explore possible sources for import identified by the missions of MEA," the Ministry of Health and Family Welfare (MOHFW) said in a statement. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST "Government is identifying another 100 hospitals in far-flung locations for installation of Pressure Swing Adsorption (PSA) plants, which manufacture oxygen. 162 PSA plants sanctioned earlier under PM-Cares are being monitored for early completion to enhance self-generation of oxygen in hospitals," the statement said. India has witnessed a rapid surge in coronavirus cases as more than 2 lakh people have tested positive in the last 24 hours, resulting in huge demand for oxygen. 4880 MT, 5619 MT and 6593 MT have been identified for the 12 high burden states for meeting their projected demand as on April 20, April 25 and April 30, respectively. Sources of medical oxygen and their production capacity was mapped to match the requirement of states. The government said that there has been increasing demand for medical oxygen, especially from the 12 states with high burden of active COVID cases viz.- Maharashtra, Madhya Pradesh, Gujarat, Uttar Pradesh, Delhi, Chhattisgarh, Karnataka, Kerala, Tamil Nadu, Punjab, Haryana and Rajasthan. "While the demand in Maharashtra expected to go beyond the available production capacity of the state, states like Madhya Pradesh do not have any production capacity to meet their demand for medical oxygen. Besides, there is a trend of increasing demand in other oxygen-producing states such as Gujarat, Karnataka, Rajasthan, etc," the health ministry added. MORE FROM THIS SECTIONSee All Premium Premium Kumbh Mela 2021: 30 sadhus in Haridwar test Covid-19 positive 1 min read . 10:11 AM IST Premium Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Premium Noida to increase random COVID testing of people commuting to Delhi 1 min read . 09:42 AM IST Premium Premium Covid-19 surge: Govt offices give relaxations to employees from attending office 1 min read . 09:29 AM IST The Centre has swung into action and has decided that 100 new hospitals have their own Oxygen plant under PM-CARES Fund. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Maharashtra CM thanks PM Modi as Centre allows Haffkine to produce Covaxin

16 Apr, 2021, 05:39AM | Livemint

Maharashtra's Chief Minister Uddhav Thackeray on Thursday thanked Prime Minister Narendra Modi for allowing Maharashtra-government owned Haffkine Institute to manufacture Bharat Biotech's Covaxin. Taking to twitter, the office of the Chief Minister of Maharashtra made the announcement saying that the government of India has granted approval to Haffkine Institute to produce Covaxin. TRENDING STORIESSee All Premium PFRDA to raise max age for admission under NPS to 70 2 min read . 12:40 AM IST Premium NEET PG 2021 exams postponed amid Covid-19 surge, new date to be decided later 2 min read . 15 Apr 2021 Premium UP: Schools shut till 15 May; night curfew hours extended in Noida, Lucknow, other districts. Details here 1 min read . 15 Apr 2021 Premium SBI clarifies on transaction charges in zero-balance accounts 1 min read . 15 Apr 2021 "The Dept of Science and Technology, Government of India, has granted approval to Haffkine Institute to produce Bharat Biotech's Covaxin vaccine on a transfer of technology basis. CM Uddhav Balasaheb Thackeray has thanked Prime Minister for approving this request," CMO Maharashtra tweeted. Maharashtra Chief Minister Uddhav Thackeray had earlier requested the Centre to allow the Haffkine Institute to produce Covaxin. Maharashtra continued to report grim COVID-19 figures on Thursday with 61,695 new COVID-19 cases and 349 deaths in the last 24 hours. As per the state health department, the total number of positive cases in the state now stands at 36,39,855, including 29,59,056 recoveries and 59,153 deaths. In a letter sent by CM Thackeray to Prime Minister Modi on Wednesday, he said that the medical oxygen requirement in the state is projected to reach 2,000 metric tonnes per day by April-end from the present consumption of 1,200 MT per day. Thackeray also sought permission under the National Disaster Management Act to airlift oxygen from steel plants in eastern and southern parts of the country. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Good opportunity for Tesla to start manufacturing in India: Gadkari

16 Apr, 2021, 05:33AM | Livemint

Union Minister Nitin Gadkari on Thursday said American electric car major Tesla has a golden opportunity to set up its manufacturing facility in India given the country's thrust on e-vehicles. Tesla is already sourcing various auto components from Indian automakers and setting up base here would be economically viable for it, Road Transport, Highways and MSMEs Minister Gadkari said while addressing a session at the Raisina Dialogue. TRENDING STORIESSee All Premium PFRDA to raise max age for admission under NPS to 70 2 min read . 12:40 AM IST Premium NEET PG 2021 exams postponed amid Covid-19 surge, new date to be decided later 2 min read . 15 Apr 2021 Premium UP: Schools shut till 15 May; night curfew hours extended in Noida, Lucknow, other districts. Details here 1 min read . 15 Apr 2021 Premium SBI clarifies on transaction charges in zero-balance accounts 1 min read . 15 Apr 2021 "I will suggest them (Tesla) that it will be golden opportunity for them to start manufacturing facility in India because as the automobile components are concerned, already Tesla is taking a lot of components from the Indian manufacturers. So there will be availability," the minister said. At the same time, the Indian market will be good for Tesla also, he added. Gadkari exuded confidence that given the improvement in Indian products, within two years India would be capable of producing e-vehicles of Tesla's standard. "So in the interest of Tesla, I suggest them that you start manufacturing as early as possible. It will be beneficial for you," Gadkari said. He said as far as manufacturing elsewhere and only marketing in India was concerned, the company was free to do it but "if they manufacture here in India we will support them." He also said Tesla can make industrial clusters and create and develop its own vendors here. MORE FROM THIS SECTIONSee All Premium Premium India, EU to chart summit deliverables 1 min read . 12:35 AM IST Premium Premium US puts fresh sanctions on Russia over hacking, election interference 7 min read . 12:07 AM IST Premium Premium CDC identifies small group of covid19 infections among fully vaccinated patients 5 min read . 15 Apr 2021 Premium Premium Why US warship in Indian waters may be a concern 2 min read . 15 Apr 2021 "They can export a lot of vehicles from India and as compared with the other countries, it will be economically viable," the minister said. The government has a special thrust on e-vehicles and such vehicles will be easily available in six months to one year span and the scenario will change, he said. "It is good for them (Tesla). I request them and suggest them but it is up to them to decide about it. But meanwhile, within two years whatever the e-vehicles we are getting into the market from Indian companies, they will be up to the mark of Tesla," he asserted. The minister added that at a preliminary stage Tesla wants to start marketing, beginning with Bengaluru, Delhi and Mumbai. Post approval to the vehicles scrapping policy, "within five years India will be number one manufacturing hub for electric vehicle in the world", he said. The minister noted that steel, aluminium, copper and rubber will be for easily available from scrapped vehicles for recycling and added that mass production will make electric vehicles economically viable. Gadkari further said he will be requesting government departments and public undertakings to purchase e-vehicles. The minister emphasised that India has the potential to become the largest EV (electric vehicle) producer in the world in the next five years. Gadkari has been pushing for green fuel and electric vehicles for cutting India's huge ₹8 lakh crore crude imports. Earlier this year, Tesla registered its Indian arm. Tesla Inc co-founder and chief executive Elon Musk had in October 2020 said the company will enter the Indian market in 2021. The Maharashtra government had earlier said it is looking for potential investment from Tesla in the state and has held discussions with the company. Besides, Karnataka Chief Minister B S Yediyurappa had in February said Tesla would set up a manufacturing unit in the state. Talking about economic stress on account of COVID, Gadkari said the government will win the economic war with multiple steps it has initiated like promotion of ethanol, methanol and bio CNG, among others. Ethanol economy, he said, will be taken to ₹5 lakh crore in five years. He also said he had asked automakers to make flex engines like in the US, Canada and Brazil. PTI NAM ABM ABM Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

‘My emergency corpus can cover expenses for 5 years’

16 Apr, 2021, 05:26AM | Livemint

Coinbase churns as jitters overshadow Wall Street’s optimism

16 Apr, 2021, 05:26AM | Livemint

Coinbase Global Inc. seesawed on Thursday following a volatile trading debut, with momentum building around the stock even as some in the market struggled to place a value on the biggest U.S. cryptocurrency exchange. After initially spiking as much as 6.4%, a choppy session saw shares close down 1.7% at $322.75. Nearly 40 million shares changed hands in Thursday’s session, making it among the most actively traded companies with a market value above $25 billion. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST While the exchange’s $64 billion valuation tops the likes of Capital One Financial Corp. and Analog Devices Inc., it’s a far cry from $112 billion hit in its debut. Unlike traditional IPOs, where banks help set the company’s value, Coinbase’s direct listing leaves that up to market participants, helping contribute to a stock’s volatility. Despite being unable to sustain its initial strength, positive sentiment toward the stock is starting to build. DA Davidson analyst Gil Luria raised the firm’s price target to a Street-high of $650 and touted the company’s “regulatory-friendly" approach to the nascent market. Optimism was apparent on the buy-side as Cathie Wood’s Ark Investment Management bought about $246 million worth of the stock for three of its funds, while BTIG analyst Mark Palmer initiated coverage with a buy rating and highlighted the potential increase in cryptocurrency’s total market capitalization beyond the current $2.1 trillion. Coinbase’s valuation should reflect its position as a market leader similar to “other category leaders with open-ended growth opportunities" like Zoom Video Communications Inc., Tesla Inc., and Snowflake Inc., Palmer wrote in the note. Retail investors were also interested in the stock, with data from VandaTrack showing day traders purchased a net $57 million of the shares during its debut on Wednesday. Read more: Coinbase’s Retail Buyers Stung After Plowing in Early at Debut MORE FROM THIS SECTIONSee All Premium Premium Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels 1 min read . 09:26 AM IST Premium Premium Gold prices today fall, a day after big gains, silver rates drop 1 min read . 09:49 AM IST Premium Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Premium Markets seen rangebound amid rising covid cases; Wipro, Bajaj Auto in focus 1 min read . 08:34 AM IST Coinbase’s listing is seen pushing crypto even more into the mainstream of investing, exposing legions of potential buyers to digital tokens, which have grown into a $2 trillion industry in little more than a decade. Bitcoin, the original and biggest crypto coin, is valued at more than $1 trillion alone after a more than 800% surge in the past year. Given its size and visibility, Coinbase is likely to be popular with actively managed equity funds, particularly growth managers, essentially making a large swath of stock holders passive investors in crypto. It is also worth noting that given Coinbase’s path to becoming a publicly traded company, existing investors are able to put their shares on the market immediately and don’t have to wait for a typical lockup period to expire. Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin to a 120% rally since December, as well as lifting other tokens to record highs. That’s despite lingering concerns over their volatility and usefulness as a method of payment. Attention from regulators is poised to intensify as Coinbase becomes a public company. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Choose an insurer with a claim settlement ratio of at least 95%

16 Apr, 2021, 05:25AM | Livemint

I’m 30 years old and want to buy a ₹1 crore term plan. There are too many plans in the market; which one should I opt for? Please suggest riders too. My monthly salary is ₹50,000. I am married and have no kids at present. —Name withheld on request TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST To select an insurer, you should consider the claim settlement track record. There are a reasonable number of insurers with a more than 95% claim settlement ratio. You should select an insurer who could match your benefit requirements and offer the lowest premium. Death claim payments are typically very high because the regulator does not allow any exclusions. At your salary, ₹1 crore is a reasonable sum assured. Increasing sum assured plans may automatically increase the sum assured every three to five years, or give you an option to increase the sum assured in case of a major life event such as having a child. It would be a good idea to consider increasing sum assured plans in your life stage. Alternatively, it is also okay to buy a regular term plan and then a new top-up for an incremental amount every five years. I recommend the critical illness rider along with term insurance. This rider will pay a lump sum in case the insured gets diagnosed with one of the named critical illnesses. The key thing to look at in critical illness is the number and types covered. This varies from one insurer to another and ranges between four to 25. Prefer an insurer with a higher number of critical illnesses covered. Also, opt for critical illness riders that cover diseases that may not require extensive hospitalization, such as Alzheimer’s or stroke. These diseases are difficult to cover in standalone health insurance. I am a 36-year-old married man. I have one kid and I want to buy term insurance. Please help me choose the best insurer. Since life insurance is a long-term commitment, I don’t want my nominees to face any trouble in future. —Name withheld on request The claim settlement track record of an insurer is a good way to ascertain its credibility. You should select an insurer with a more than 95% claim settlement track record. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Another proxy to assess an insurer’s customer service is the number of grievances reported relative to policies issued by the firm. Lower the better. This information is available in Insurance Regulatory and Development Authority’s annual report. Abhishek Bondia is principal officer and managing director, SecureNow.in. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Bond yields surge after first tranche of G-SAP purchase

16 Apr, 2021, 05:15AM | Livemint

Yields of 10-year government bonds surged 12 basis points (bps) to 6.127% on Thursday after the Reserve Bank of India (RBI) bought ₹25,000 crore of securities from the secondary market, in the first tranche of its Government Securities Acquisition Plan (G-SAP 1.0), at yields higher than the market expected. The cut-off yield on 10-year bonds was fixed at 6.0317% against 6% estimated in a Bloomberg survey. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Bond dealers said that the higher-than-expected cut-off yield sent out a signal that the central bank is not worried about higher yields. “The market was expecting the benchmark yield to come at 5.99% or 6.01%. However, RBI bought it at 6.03%. If RBI had bought it at lower yield, then it would have sent out a signal that RBI wants yields to be kept lower," said the treasury head of a public sector bank. “If they had not done this auction today, then the 10-year benchmark yield would have closed at 6.03-6.04%," he said. Following Thursday’s auction, the bond market now expects that RBI will be forced to sell the 10-year paper in Friday’s auction at a higher yield. This could result in the devolvement of the auction, leaving the primary dealers to underwrite it, according to dealers. Another reason that the market was caught off guard is that the central bank bought only ₹2,501 crore of G-Secs maturing in 2035, while it bought ₹7,020 crore of 2027 maturity and ₹7,511 crore of 2030 maturity. “The market was negatively surprised that RBI bought less of the duration bond, as the trend has been otherwise opposite in regular open market operations (OMOs) and Operation Twists," said Naveen Singh, head of fixed income trading, ICICI Securities Primary Dealership. In the April monetary policy, RBI had announced G-SAP 1.0, wherein the central bank will purchase government bonds worth ₹1 trillion from the secondary market in the first quarter of this fiscal. With this announcement, RBI satisfied a long-standing demand of the bond market of an OMO calendar. So far, RBI had been announcing standalone and special OMOs to bring down yields, refusing to divulge details of a calendar in advance. gopika.g@livemint.com Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Airtel takes a leaf out of Jio’s playbook

16 Apr, 2021, 05:10AM | Livemint

Bharti Airtel Ltd’s new corporate structure comprising digital, India telecom services, international operations and infrastructure will enable it to sharpen focus on its digital business, even as it reduces statutory levies calculated on total revenues, said analysts. The telco’s move to merge all digital services with the parent, and hive off the regulated telecom business into a wholly-owned subsidiary is similar to the model adopted by Mukesh Ambani-led Jio Platforms Ltd. The move will also ensure customer stickiness, the analysts said. The shift in strategy could lead to Airtel monetizing its digital businesses, along the lines of what Jio has done, they added. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST According to a JM Financial Ltd report, Airtel’s new corporate structure has a long-term view of separately monetizing the digital assets. “Digital business is growing very fast and market opportunity is rising. Bharti Airtel had digital assets sitting in multiple entities and, thus, it was missing a united push and opportunity to cross-sell services. A separate digital entity is expected to bring focus to business and united efforts are intended at sharpening the execution," ICICI Securities said in a report. While licensed connectivity services for mobile, broadband and enterprises will be under a new entity, Airtel Ltd, digital assets such as Wynk Music, Airtel Xstream, Airtel Thanks, Mitra Payments, Airtel Ads, Airtel IQ, Airtel Secure and Airtel Cloud, which were a part of Airtel Digital Ltd, will be merged with the parent. Its wholly-owned DTH subsidiary Bharti Telemedia Ltd will eventually be merged with Airtel Ltd, it said on Wednesday. Jio Platforms, a Reliance Industries Ltd subsidiary, houses its telecom business and other digital services such as healthcare, payments, online gaming, cloud, over-the-top content, music, video-conferencing and messaging. “Airtel’s restructuring is similar to that of Jio, which moved its connectivity business to a separate unit, while shifting all its digital assets to the main company under Jio Platforms," Axis Capital said in a report on Thursday. “Airtel has digital assets that are yet to be valued by the market despite having good traction in recent quarters." The restructuring follows a number of announcements on asset monetization by Airtel over the past few months. MORE FROM THIS SECTIONSee All Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST The telco’s Africa unit will sell 1,424 towers in Madagascar and Malawi to Helios Towers Plc for $108 million. It has also signed a pact with Helios for a sale of towers in Chad and Gabon. An investment of $100 million by Mastercard in the Africa unit’s mobile money business, sale of spectrum to Reliance Jio in Andhra Pradesh, Delhi and Mumbai, and TPG-owned The Rise Fund’s $200 million capital infusion in Airtel Africa are also part of the company’s asset monetization programme. The strategy will ensure that Airtel’s digital business is not exposed to government levies, such as spectrum usage charge and licence fee in the future, ICICI Securities said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Wipro Q4 net profit rises to ?2,972 cr, revenues up 3.4%

16 Apr, 2021, 02:00AM | Livemint

Wipro Ltd on Thursday posted a net profit of ₹2,972.3 crore, a nearly 28% increase from the year-ago period, on the back of higher revenues. The profit was above consensus Bloomberg estimates of ₹2,873.7 crore. The Bengaluru-based company’s revenues for the fourth quarter grew 3.4% year-on-year (y-o-y) to ₹16,245.4 crore on broad-based growth across sectors. The dollar revenue for the IT services segment grew 3.8% annually to $2.15 billion, driven by strong volume growth, making it the best fourth quarter in a decade. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Wipro expects revenue from its flagship IT services business for the June quarter to grow 2-4% in the range of $2.19 billion to $2.23 billion, backed by a strong demand environment and robust pipeline of digital deals. This does not include revenue from the acquisitions of Capco and Ampion. The revenue growth guidance is higher than analyst estimates of 0.5-2.5%. Unlike Infosys Ltd, which provides guidance for the full year, Wipro guides for the quarter ahead. “We delivered a third consistent quarter of strong revenue growth, deal wins, and operating margins. We also announced our largest ever acquisition of Capco, which will bolster our global financial services sector. We are excited by this wave of business momentum that we are witnessing. All key markets are now growing on a y-o-y basis and this provides us a solid foundation to build on next year growth rates," said Thierry Delaporte, chief executive officer and managing director, Wipro. Operating margin for the IT services segment stood at 21% for the fourth quarter, an expansion of 344 basis points y-o-y after absorbing the impact of wage hikes doled out in January. The next wage hike will be for senior employees and will be given in June. Effective 1 January, Wipro reorganized its operating model into four strategic market units (SMUs), three of which, Americas 1, Americas 2, and Europe grew 3.5%, 4%, and 3.7% sequentially. However, Asia Pacific Middle East Africa (APMEA) declined 6.3% quarter-on-quarter in constant currency terms. While Americas 1 and Americas 2 are primarily organized by industry sector, Europe and APMEA are organized by countries. The two global business lines, iDEAS (Integrated Digital, Engineering & Application Services) and iCORE (Cloud Infrastructure, Digital Operations, Risk & Enterprise Cyber Security Services) accounted for 56.8% and 43.2% respectively to the company’s revenues. “Strong guidance, positive y-o-y growth in key markets and strong deal wins are expected to reduce the gap in growth rate with large peers in FY22, which would provide scope for re-rating. We have Buy rating on Wipro," said Sanjeev Hota, head of research, Sharekhan by BNP Paribas. MORE FROM THIS SECTIONSee All Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Premium Premium Citigroup to exit consumer banking business in India 3 min read . 15 Apr 2021 The voluntary attrition for Q4 on a trailing 12-month basis increased to 12.1% from 11% in the previous quarter reflecting the industry-wide trend of increased demand for talent. To contain the rising attrition levels, the company is on track to providing both financial and soft perks to the employees, said Saurabh Govil, chief human resources officer, Wipro. During the fourth quarter, Wipro also completed the buyback of 237.5 million equity shares at ₹400 per equity share for an aggregate amount of $1.3 billion, excluding buyback tax. Wipro announced its earnings after market hours. Ahead of its earnings announcement, Wipro shares were up 2.95% to close at ₹431 on the BSE. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

India, EU to chart summit deliverables

16 Apr, 2021, 12:35AM | Livemint

India and the European Union (EU) will meet on 29 April, ahead of next month’s India-European Leaders’ Summit, with the aim of finalizing some of the deliverables from the summit, a person familiar with the matter said. Preparations are on for Prime Minister Narendra Modi’s visit on 8 May to Lisbon, where he is to meet the heads of state and government of EU countries. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST With covid-19 cases surging in the country, two other people in the know of the matter said PM Modi was at present focused on the pandemic situation in the country, and did not comment on whether the leaders’ summit would take place virtually or in person, with Modi travelling to Portugal. Preparations are, however, under way for the summit, one of the people cited above said. “We are looking to close" an agreement on investment during the summit, the first person cited above said. Talks on the proposed pact are expected to take place on 29 April between Union trade minister Piyush Goyal and the executive vice-president and Commissioner for Trade Vladis Dombrovskis. The mechanism was set up during the July 2020 India-EU summit held virtually. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Postpone repayment of loan instalments: Maharashtra CM Uddhav to Centre

16 Apr, 2021, 12:01AM | Business Standards

Maharashtra Chief Minister Uddhav Thackeray has written a letter to the Centre, demanding that banks be asked to postpone the repayment of loan instalments of small, medium, and other business enterprises due in the first quarter of the current fiscal, without charging any interest over it. He said number of active caseload of Covid-19 in the state is expected to double in the next 15 days. Maharashtra is expecting its active caseload to reach 1.19 million by April 30, compared to the current active caseload of 564,000, Thackeray said on Wednesday in the letter addressed to Prime Minister Narendra Modi. He also said the medical oxygen requirement in the state is projected to reach 2,000 metric tonnes per day by April-end from the present consumption of 1,200 mt per day. Citing logistical hurdles in the transportation of liquid medical oxygen from neighbouring states, Thackeray sought permission under the National Disaster Management Act to airlift oxygen from steel plants in eastern and southern parts of the country. Maharashtra has approached neighbouring states for medical oxygen supply amid the Covid-19 surge, but they have expressed their inability due to its high demand there, Health Minister Rajesh Tope said on Wednesday. Thackeray on Tuesday said there is a shortage of medical oxygen and the Centre should help supply it for coronavirus patients in the state by using Air Force planes. In his letter to Modi, the CM welcomed the Centre's decision to ban the export of Remdesivir and demanded that authorities grant compulsory license, as per the section 92 of the Indian Patents Act 1970, to facilitate approval to the exporting units to produce and sell the key anti-viral drug in the domestic market without any legal hurdle. He also asked the Centre to consider the Covid-19 pandemic as a natural calamity, so that the Maharashtra government can use the State Disaster Response Fund (SDRF) to provide financial assistance to the affected people. All State Disaster Management Acts have been formed as part of the central disaster management law; hence the state needs the Union government's permission to use the SDRF for helping the pandemic-hit people, a government official said. As of now, flood, lightning incidents, heavy rainfall where there is loss of property or livelihood fall under the category of natural calamity and monetary compensation is provided to the affected people. “The chief minister wants to use the SDRF for the similar purpose as the coronavirus outbreak has affected the earnings of thousands of people in the state. We need a legal provision to do so, hence the state government has written to the Centre," the official said. Thackeray also said that notifying the pandemic as natural calamity would allow the state to pay a gratuitous relief of Rs 100 per adult per day and Rs 60 per child per day during the period of the lockdown to those registered under the Antyodaya Anna Yojana and Priority Household ration card holders. He also said the first installment of the central share of the SDRF may be released to the state to tide over the financial situation arising out of the Covid-19 pandemic.

Citigroup to exit consumer banking business in India

15 Apr, 2021, 11:56PM | Livemint

MUMBAI : Citigroup on Thursday said it will exit its retail banking business in India and 12 other countries, choosing to deploy its capital and resources in investments that offer better returns and growth. The move will see the bank also exit consumer businesses across parts of Asia and the Europe, including Australia and China. It will, however, retain its consumer-banking franchise in the four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST The exits were announced as Citigroup reported record quarterly profit, boosted by income from blank-cheque companies that it helped take public, Bloomberg said on Thursday. Jane Fraser, who took charge as chief executive on 1 March, is trying to boost profitability by focusing on more lucrative parts of Citigroup’s businesses. The bank is now expected to sell its retail portfolio in India, where rival lenders are falling over each other to get more retail customers into their fold. Retail loans are considered less risky owing to the relatively smaller size and being backed by a healthy amount of collateral. Retail deposits are also extremely lucrative as they act as a cheap source of funds for banks. Ashu Khullar, chief executive of Citi India, said in a statement that India is a strategic talent hub for Citi. “We will continue to tap into the rich talent pool available here to continue to grow our five Citi Solution Centres, which support our global footprint. There is no immediate change to our operations and no immediate impact to our colleagues as a result of this announcement. In the interim, we will continue to serve our clients with the same care, empathy and dedication that we do today," said Khullar. A Citi India official said the bank would eventually look at selling its portfolio, but it will be in the form of a transfer. Citibank India has 35 branches and serves 2.9 million retail customers with 1.2 million bank accounts and 2.2 million credit card accounts. It has a 6% market share of retail credit card spends in the country. Citi had outstanding loans of ₹67,101 crore as of 31 March 2020 in the country. The bank had a 15.4% market share in loans among all foreign banks in India in FY20, trailing Standard Chartered Bank and HSBC, showed data from the Reserve Bank of India. Its total deposits stood at ₹1.57 trillion as of 31 March 2020, including deposits from customers and other banks. Of this, savings bank deposits were at ₹31,730 crore in FY20, showed data available on the bank’s India website. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST In FY20, the retail banking business in India reported a revenue of ₹5,420 crore, 3.7% more than the previous financial year. The foreign lender has a storied past in India, having started operations more than a century ago in Kolkata. It also helped lay the foundation of the Indian software industry by establishing Citicorp Overseas Software Ltd and Iflex Solutions Ltd. The bank employs 19,235 employees as of 31 March 2020. The bank has decided to exit the retail segment in Bahrain, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. However, Citigroup’s Institutional Clients Group will continue to serve clients in all 13 markets, it said in a statement. “As a result of the ongoing refresh of our strategy, we have decided we are going to double down on wealth," Fraser said. Fraser said Citi will operate its consumer banking franchise in Asia, and Europe, Middle East and Africa (EMEA) solely from four wealth centres, allowing the bank to capture the strong growth and attractive returns the wealth management business offers. “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia," said Fraser. 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Covaxin may take at least 2 months to scale up

15 Apr, 2021, 11:51PM | Livemint

Expansion of Bharat Biotech International’s Covaxin capacity is likely to take at least two months as the repurposing of its Bengaluru facility, which earlier made animal vaccines, is underway even as talks with Panacea Biotec to contract-manufacture the vaccine have just started, three people familiar with the development said. “It takes about four to six months to repurpose a plant to produce the inactivated vaccine. It is unlikely that they will be scaling up their production next month also. For Panacea, it could take about two to three months at least after it signs a contract manufacturing deal with Bharat to start producing Covaxin," one of the three people said. Talks between Panacea Biotec and Bharat Biotech, which are at an early stage, started earlier this month following a nudge by the Department of Biotechnology, the person cited above said. The former is the only vaccine maker in India apart from Bharat Biotech with a biosafety level 3 production facility, crucial for making Covaxin, because it involves the cultivation of large batches of the highly infectious SARS-CoV2 before killing them. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST So far, there have been two meetings between the companies, but no progress has been made on it since last week, the person said. Bharat Biotech’s own plan to repurpose its facility at Bengaluru to manufacture Covaxin is taking time and is likely to be completed only in about two months, if not more. The indigenously developed vaccine is one of the two that are currently being used by the government in its covid-19 immunization drive, with the other being Serum Institute of India’s Covishield, a version of the vaccine originally developed by the University of Oxford and AstraZeneca. However, the supply of Covaxin has been severely hampered by production constraints as the company currently has an annual capacity of 200 million doses or roughly 16-17 million doses per month after the company had started another plant at its facility in Hyderabad’s Genome valley last month. In contrast, Serum Institute of India’s current capacity to manufacture Covishield is 60-70 million doses per month, far higher than that of Bharat Biotech. Bharat Biotech has earlier said that the company plans to raise its capacity to 700 million doses per annum with the Bengaluru facility. Apart from capacity constraints, Bharat Biotech is also facing problems with the supply of raw materials. At a press conference on 29 March, chairman and managing director Krishna Ella said that the company is facing a shortage of some raw materials that are imported from the US and Sweden due to restrictions by those countries. Serum Institute also plans to scale up its capacity to raise its Covishield production capacity to 100 million by next month, a person close to the development said. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Premium Premium Virus variants inciting India's 2nd surge, epidemiologists say 2 min read . 15 Apr 2021 A spokesperson for Serum Institute declined to comment on the capacity expansion, while emailed queries sent to Bharat Biotech remained unanswered at the time of publishing. Panacea managing director Rajesh Jain declined to comment. Meanwhile, India’s inoculation programme is racing much faster than vaccine production. As of Thursday morning, over 50 million doses have been administered across the country in April, roughly the same number as the total number of doses given in the entire month of March. Less than a tenth of the total vaccine doses administered are Covaxin while the rest of the inoculations are being done using Covishield. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

CDC identifies small group of covid19 infections among fully vaccinated patients

15 Apr, 2021, 11:31PM | Livemint

The U.S. Centers for Disease Control and Prevention has identified a small cohort of approximately 5,800 cases of Covid-19 infection among more than 66 million Americans who have completed a full course of vaccination. These so-called breakthrough cases, which are defined as positive Covid-19 test results received at least two weeks after patients receive their final vaccine dose, represent 0.008% of the fully vaccinated population. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Officials said such cases are in line with expectations because the approved vaccines in the U.S. are highly effective but not 100% foolproof. They are a reminder that even vaccinated people are at risk and should continue to take precautions such as masking and social distancing in many circumstances. The CDC earlier this year asked state health departments to track and report breakthrough cases to the federal government. So far, the cases that have been reported come from about 40 states. Separately, The Wall Street Journal contacted health departments in all 50 states and the District of Columbia to ask how many breakthrough cases had been identified. Twenty-three states responded, reporting a total of 4,172 breakthrough cases. One area of focus for the CDC is conducting genomic sequencing on respiratory samples from patients with breakthrough cases, so that the agency can track genetic variants of the coronavirus for clues as to how they interact with the vaccines. Public-health officials are studying whether certain mutations of the coronavirus are more resistant to vaccine-based immunity. The CDC has established a database to record details of each breakthrough case, including patient demographics, geographic location, time since vaccination, vaccine type and virus lineage. “You will always see some breakthrough infections no matter the efficacy of your vaccine," Anthony Fauci, the government’s top infectious-disease official, said in an interview. “Before people get excited about the quantitative number of infections, they need to understand what the denominator is, and we’re going to see breakthroughs in numbers that are going to be well within the 90%, 95%, 97% effectiveness rates of the vaccines." MORE FROM THIS SECTIONSee All Premium Premium ‘Fast and Furious 9’ set for summer release 1 min read . 10:23 AM IST Premium Premium Congress leader Randeep Singh Surjewala tests positive for Covid-19 1 min read . 10:21 AM IST Premium Premium Kumbh Mela 2021: 30 sadhus in Haridwar test Covid-19 positive 1 min read . 10:11 AM IST Premium Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST At press briefings over the past two weeks, Dr. Fauci has tried to assure the public that a small number of these infections are to be expected. Patients can become infected after vaccination for a number of reasons. Older people or those with compromised immune systems may not produce a sufficient immune response to the vaccine, leaving the body vulnerable, said David Hirschwerk, an infectious-diseases physician at Northwell Health System in Manhasset, N.Y. Other times, more aggressive variants of the virus can evade the protections brought on by immunization, or a patient could simply be exposed to a high viral load in a superspreader event, which could simply overwhelm the body’s defenses. “The experience so far is that the vaccine remains highly effective and those who did have breakthrough infections have had very mild and manageable illnesses," said Dr. Hirschwerk, who has treated at least one patient who fell ill with Covid-19 after being vaccinated. “This is really what we see each season with the influenza vaccine." Of the breakthrough cases identified by the CDC, more than 40% occurred in people older than 60, while 65% of the cases were in female patients, according to Tom Clark, leader of the vaccine evaluation team at the federal agency. The CDC found that 29% of breakthrough infections were asymptomatic and 7% of patients experiencing a breakthrough infection were hospitalized. So far, 74 people have died after experiencing breakthrough infections. The agency is expected to publish some of these findings next week. “It is fully expected that some people who are vaccinated against Covid-19 will still get Covid-19," said Joseph Wendelken, a spokesman for the department of health in Rhode Island. In that state, 290 people have tested positive after becoming fully vaccinated, representing 0.13% of the state’s fully vaccinated population. “The fact that our positivity rate among vaccinated people is so low is a sign of how effective that Covid-19 vaccine is. This is another reason why people should get vaccinated when they are eligible." Doctors and public-health officials emphasize that such cases aren’t surprising when dealing with a disease for which no vaccine provides 100% efficacy at preventing infection. All three vaccines approved for use in the U.S.—manufactured by Pfizer Inc. and BioNTech SE together; Moderna Inc.; and Johnson & Johnson—were found in clinical trials to be highly effective at preventing both serious and symptomatic cases of Covid-19. The Pfizer-BioNTech and Moderna shots were more than 94% effective at preventing Covid-19 in their late-stage clinical trials, while J&J’s effectiveness was 66%. However, scientists are still studying the vaccines’ effect on transmission and their efficacy in treating new variants of the virus. Currently there are five variants of the SARS-CoV-2 virus circulating in the U.S., several of which scientists believe to be more easily transmissible among humans than the originally identified version of the virus. Public-health officials believe that studying breakthrough cases will help them better understand how variants work. The CDC recommends that even those who are fully vaccinated wear a mask indoors when not at home and continue to follow hand-washing and social-distancing guidelines to prevent post-vaccine infection. Most flu vaccines are only about 60% effective, Dr. Hirschwerk said, but both flu and Covid-19 vaccines are highly effective at preventing serious illness. “People who are getting Covid, despite the vaccine, there is a very good chance that those individuals would be in the hospital, some of them critically ill, not recovering at home, if they hadn’t gotten the shot," he said. When Sarah McCauley, a hospital nurse from Bethlehem, Pa., tested positive for Covid-19 in late March, she was flabbergasted. Just two months before, she had received her second shot of Pfizer’s Covid-19 vaccine. “I thought, ‘there’s no way this can be happening,’" said Ms. McCauley, 35 years old. “We’ve been living with this disease for over a year, and I’ve been so careful, I got vaccinated. My jaw just dropped." Ms. McCauley experienced fatigue, loss of sense of smell and congestion, but recovered quickly and returned to work. She says she was initially worried because she has asthma, but she is glad she got the shot. “My respiratory symptoms were minimal, and I had no cough or fever," she said. “It scared me, but I felt pretty good and I’m hoping that it prevented a much worse sickness." In Maryland, health officials are still collecting data, but the number of breakthroughs has been “very, very low," said Jinlene Chan, acting deputy secretary for Public Health Services for the state of Maryland. “The fact is that the vaccination is working exactly as we expected it to," Ms. Chan said. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

The WPI scare

15 Apr, 2021, 11:18PM | Livemint

After retail inflation, it’s India’s data on wholesale prices that has come as a rude shock. Government figures released on Thursday showed our inflation rate based on the wholesale price index (WPI) shot up to 7.39% in March from 4.17% in February. This is the highest reading in eight years. Rising fuel prices were a big driver, and these pushed up costs and thus prices of manufactured goods. Although WPI numbers are not on our central bank’s main radar for the purpose of setting monetary policy, last month’s spike is likely to make policymakers sit up and take notice. Our wholesale and retail indices don’t always show a close link, with the former loaded more in favour of factory products and the latter bigger on food and services, and the two have seen several divergences in recent years. Yet both are measures of the same basic phenomenon, of too much money chasing too few buyables, and wholesale effects could spill over to the retail level, especially if covid disruptions of supply worsen. Some economists foresee WPI inflation hitting double digits in the months ahead. Should this happen, policymakers might face a quandary over liquidity support for our economy. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Jeff Bezos says Amazon must treat workers better after union vote

15 Apr, 2021, 11:14PM | Livemint

For years, Jeff Bezos has made a religion of putting the customer first at Amazon.com Inc. Now, with a contentious union vote behind him and the end of his reign as chief executive officer nearing, the world’s wealthiest person says it’s time to focus more on the welfare of the company’s workers as well. “I think we need to do a better job for employees," he said in a letter to shareholders. “While the voting results were lopsided and our direct relationship with employees is strong, it’s clear to me that we need a better vision for how we create value for employees – a vision for their success." TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Bezos is stepping down as CEO later this year to become executive chairman, and it was clear that legacy was on his mind in the final missive to investors in his current role. The company he founded is the world’s largest online retailer and cloud-computing company and ranks highly in polls of popular brands and trusted institutions. But Amazon has found itself challenged by regulators, labor unions and activists around the world in the last year, some of whom make the case that the company reached its perch through aggressive business tactics that left a trail of vanquished competitors, shortchanged partners and burnt out workers. In the letter, released Thursday, Bezos argues that Amazon’s success emanates from its track record of invention and adding value to society. “Any business that doesn’t create value for those it touches, even if it appears successful on the surface, isn’t long for this world," he said. In an extremely back-of-the-envelope tally for 2020, he added up the company’s returns to shareholders, employee pay, profits of the small sellers on Amazon and saved time and money from shoppers and cloud-computing customers. The sum: $301 billion. Bezos also said the company had 200 million Prime subscribers, up from 150 million at the beginning of 2020. Referring to employees, Bezos says he wants to add two elements to Amazon’s customer-centric credo. “We are going to be Earth’s Best Employer and Earth’s Safest Place to Work," he said. Workers at a warehouse in Bessemer, Alabama, overwhelmingly rejected a proposal to join the Retail, Wholesale and Department Store Union. Of the more than 3,000 ballots cast, Amazon garnered 1,798 nos and the union just 738 yeses. The RWDSU has vowed to contest the results, which were announced last week. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST The outcome followed a hard-fought election that lasted seven weeks and attracted national attention from longtime critics of Amazon’s labor policies, including Vermont Senator Bernie Sanders. Much of that criticism focused on the long hours and working conditions at the company’s fulfillment centers. Amazon argues that it has hired hundreds of thousands of people and pays them more than twice the federal minimum wage and provides health benefits. In the letter, Bezos rejected portrayals of his company as a sometimes brutal workplace for hourly employees. “If you read some of the news reports, you might think we have no care for employees," he said. “In those reports, our employees are sometimes accused of being desperate souls and treated as robots. That’s not accurate." Bezos said Amazon doesn’t set unreasonable performance goals and that 94% of the Amazon’s employees already say they would recommend working there to a friend. The union quickly responded to the letter. “The impact on Amazon’s reputation by this campaign has been devastating, regardless of the vote result," RWDSU President Stuart Appelbaum said in a statement. “We have initiated a global debate about the way Amazon treats its employees. Bezos’s admission today demonstrates that what we have been saying about workplace conditions is correct. But his admission won’t change anything, workers need a union -- not just another Amazon public-relations effort in damage control." After he steps down from day-to-day management of the company, Bezos has said he hopes to focus on invention and new initiatives, including work with Amazon’s logistics teams on new programs for workers. He highlighted a few programs already underway, including efforts to prevent repetitive-stress injuries through ergonomic coaching and by adjusting the company’s scheduling software to rotate employees through tasks that use different muscle groups. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

SoftBank looking to bet on Swiggy, to invest $450 million

15 Apr, 2021, 11:11PM | Livemint

MUMBAI/BENGALURU : SoftBank Vision Fund 2 is expected to invest $450 million in Swiggy in a deal that will mark the Masayoshi Son-led SoftBank Group Corp.’s first direct bet in the foodtech sector in India. The infusion is part of a larger $1.25 billion round, which has been in the works for the past few months. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST SoftBank and Swiggy’s parent Bundl Technologies Pvt. Ltd are still negotiating the finer details of the deal and are yet to sign the shareholder agreement, said a person directly aware of the development, seeking anonymity. The papers are likely to be filed with the Competition Commission of India (CCI) in one or two weeks, this person said. SoftBank’s entry might push Swiggy’s post-money valuation to $5.5 billion, the person mentioned above said. The SoftBank Group could invest up to $500 million, said a second person, also requesting anonymity. When contacted, both SoftBank and Swiggy did not comment. Last week, Swiggy, in an internal note, had said it had raised $800 million (about ₹5,863 crore) at a post-money valuation of $5 billion from a consortium of new and old investors. Falcon Edge Capital, Goldman Sachs, Think Capital, Amansa Capital and Carmignac were the new investors. Naspers Group’s investment arm Prosus Ventures and Accel Partners also participated in the round. The company is also expected to raise another tranche from sovereign wealth funds Singapore’s GIC Pvt. Ltd and Qatar Investment Authority (QIA), Mint had reported earlier. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Globally, SoftBank owns around 22% in food delivery firm DoorDash, which went public earlier this year at rich multiples. SoftBank had invested $680 million in DoorDash, which saw its value rise up to $11.9 billion on the first day of trading. After the DoorDash listing, the Vision Fund started exploring options to invest in Swiggy and rival Zomato. However, SoftBank founder and chief executive Masayoshi Son preferred Swiggy over Zomato after evaluating the former’s new bouquet of products, the first person mentioned above said. “SoftBank was aiming to invest in India’s foodtech segment, which continues to grow even during the pandemic. Apart from foodtech, Swiggy has diversified successfully through its grocery delivery service Instamart, building multiple revenue moats and standing out from rival Zomato," said the second person mentioned above. With Naspers and SoftBank backing Swiggy, the food delivery company will be able to stay private for longer, the first person said. Although SoftBank chose Swiggy, a senior SoftBank executive, not part of the Vision Fund, had made a small personal investment in Zomato in February, VCCircle had reported. That investment was cleared by SoftBank at that time. SoftBank had earlier invested in Uber Eats indirectly, via its investment in ride hailing platform Uber. Uber Eats India was sold to Zomato in January 2020. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Piyush Goyal chairs first meeting of National Startup Advisory Council

15 Apr, 2021, 11:02PM | Livemint

Trade minister Piyush Goyal on Thursday chaired the first meeting of National Startup Advisory Council (NSAC) set up to advise the government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country. In his inaugural address, Goyal said that this council shall act as the guiding light for many budding startup entrepreneurs in India. He said that this is the first time in our nation’s history where such a high-powered team of people from the private sector and the government have come together, so that they take their own policy decisions. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Department for Promotion of Industry and Internal Trade (DPIIT) in January had constituted the Council to drive sustainable economic growth and generate large scale employment opportunities. Besides the ex-officio members, the council has a number of non-official members, representing various stakeholders such as founders of successful startups, veterans who have grown and scaled companies in India, persons capable of representing interest of investors into startups, persons capable of representing interests of incubators and accelerators, representatives of associations of stakeholders of startups and representatives of industry associations. Appreciating the work done by the startups in all sectors, for finding innovative solutions to various problems, Goyal said that India is hub of innovation and out-of-the-box thinking. He said that Startup movement has stirred entrepreneurial spirit in last five years. “We have witnessed tremendous efforts by stakeholders right from national to block levels towards the realization of our PM’s ‘Startup India’ vision," he added. Describing the startups as the new champions of Aatmanirbhar Bharat, Goyal said that India has the potential to become world’s largest and most innovative startup ecosystem. He said that the government has and will always be a supportive partner in charting progress of Indian startup ecosystem. He also called upon the successful entrepreneurs to take initiative to share their knowledge, experience, ideas and mentor students and youth. He said that there are innovative ideas with people in rural India and Tier II and Tier III towns waiting to be harnessed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

C-Suiters: Who have moved up the corporate ladder this week

15 Apr, 2021, 10:59PM | Livemint

A weekly list of C-Suiters who have moved up the corporate ladder either within or outside their companies. ■ Ajay Bharwani TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Appointed as Group CIO & Head - Digital Transformation at Writer Corporation In the new role, Bharwani will be responsible for leading the group’s technology function. Bharwani has more than 29 years of professional experience and has worked with companies like Lupin, Ernst & Young, SAP, PwC, and L&T Infotech in the past. Bharwani holds a bachelor’s degree in engineering from the University of Mumbai. ■ Ambarish Singh Appointed as Chief Information Security Officer at Godrej & Boyce In this new role, Singh will be leading the cybersecurity and risk management domains at the manufacturing company. Previously, Singh was associated with Flipkart for more than five years and served the role of Senior Manager-Information Security. In the past, Singh served CIRT Navy (Government of India) for more than 20 years and retired as the Associate Director. He holds various degrees including a Master’s degree in Cyber Security & Cyber Law and an MBA in IT. ■ Anand Kumar MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Appointed as Chief Operating Officer at Big Trunk Communications Kumar has a total experience of 18 + years working in the advertising and media network with DDB Mudra being the latest assignment. His has previously worked with organisations like Komli SVG Media, Radio Mirchi, Vizeum Media, TV 18 Group. During his last assignment as Senior Partner – Digital at DDB, Kumar has been credited with building the entire team and driving fast track growth for the organisation in terms of revenues and profitability. With a MBA from IIM Indore, Anand has had a rich career across both offline and online forms of advertising. ■ Bijoya Roy Appointed as Senior Vice President, Sales and Marketing at Bombay Shaving Company A dual-qualified lawyer, Ms Roy joins Pernod from Flipkart. She started her career with Tata Housing Development Company Limited. Over the course of her career, she has worked with Asian Paints Ltd, Eastman Kodak Company and Thomson Reuters. ■ Gaurav Anand Appointed as Senior Vice President, Sales and Marketing at Bombay Shaving Company Previously, Gaurav worked with Reckitt for over 7 years and performed different roles in sales and marketing. He was majorly responsible for the P&L Management, Strategic Sales Planning and Execution as well as Distribution Management. Before joining Bombay Shaving Company, Gaurav spearheaded Zomato’s Central India region followed by Strategic Initiatives for two years. ■ GT Thomas Phillippe Appointed as General Counsel at ShareChat He had been external general counsel to the app since October 2020. With over 15 years of experience, he has earlier worked with Zomato, Khaitan & Co, PXV Law Partners, AZB Associates and Trilegal. ■ Lalit Malik Appointed as Chief Financial Officer at Torrent Power Malik has over 33 years of experience in the field of financial planning and strategy, accounting under USGAAP, IFRS & Indian GAAP, corporate restructuring, mergers, takeovers, treasury, tax planning & execution, budgeting, corporate governance, risk management, regulatory and compliances. He joins from Dabur and has worked in the past, in leadership roles, with Moser Baer India, American Express (India), Proctor & Gamble, Gillette India, Philips India and Sharp & Tannan. ■ Manuj Khurana Appointed as Head Policy and Business Development at Tesla India Khurana has previously been on a government panel on the future of transportation led by Prime Minister Narendra Modi's top scientific adviser. In his new role, he is also handling Tesla's market-entry process in India. A MBA from IIM Bangalore, Manuj has earlier worked with Invest India, Accenture, CEB and i3 consulting. ■ Nandkishore Purohit Appointed as Chief Digital Officer at IIFL Securities Purohit is a digital transformation specialist who comes with more than 21 years of experience and has led digital transformation at HDFC Securities and Angel broking, as per a statement. A management graduate from IIT Delhi, he has also had stints with organizations such as HDFC Bank, HDFC Securities, TCS, Angel Broking, and Alstom. ■ Pankaj Razdan Appointed as Vice Chairman and Managing Director at Edelweiss Wealth Management In his previous role, Razdan was Deputy Chief Executive of Aditya Birla Capital Limited, the financial services business of the Aditya Birla Group. He has a long and successful track record of building large retail, HNI and Institutional franchises in India and overseas. At Aditya Birla Capital, he oversaw multiple existing businesses such as Asset Management, Offshore, Distribution, Broking, Wealth Management, Capital Markets and Real Estate Private Equity. He is also credited with launching various new lines of business such as a Real Estate Fund, a Private Equity Fund, Offshore Asset Management, SME lending. ■ Rajiv Srivastava Appointed as Joint Managing Director & Additional Director at Redington Until recently, Rajiv was the Managing Director and Chief Executive Officer of Indian Energy Exchange (IEX). Rajiv Shrivastava has also held leadership positions at trade bodies such as Manufacturers Association of Information Technology (MAIT), NASSCOM, Confederation of Indian Industries (CII) and American Chamber of Commerce (AMCHAM). ■S Sundareswaran Appointed as Partner at Alta Capital Sundareswaran’s new role will see him advising global investors who want to buy real estate assets directly in India. He spent 13 years with Morgan Stanley, joining from Kotak Mahindra Capital. Morgan Stanley, with Sundareswaran on board, worked on the listings of Brookfield India Real Estate Trust, Embassy Office Parks REIT and Mindspace Business Parks REIT. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Telecom market now down to nearly 2.5 players: Sunil Mittal

15 Apr, 2021, 10:08PM | Livemint

New Delhi: Bharti Airtel Chairman Sunil Mittal on Thursday said the Indian telecom market is now down to nearly 2.5 operators as one player is increasingly becoming "a question mark". Airtel weathered three-four big crises, including disruption caused by launch of Jio in 2016, and has emerged out of market adversities in a healthy shape, Mittal added. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST Speaking at the Amazon Smbhav event, Mittal said Airtel had encountered "several near death experiences" in the past and had demonstrated that it is a company which will thrive even in crisis. Airtel has emerged stronger from three-four big crises and has arrived in a very healthy shape, he said. "...and of course last, the recent one 2016 the launch of Jio, as one of the most powerful competitors in Indian space, free service for a year, subsidised service for another year, predatory pricing, subsidised phones, all sorts of things, and there is no surprise that 9 of the 12 operators packed up, went bankrupt, merged with us or with each other," Mittal said. Without taking names, he went on to add: "And today we are down to three private sector operators, in which very clearly one operator is becoming increasingly a question mark. So for a country of our size of 1.3 billion people, we are now down to nearly 2.5 operators...and the last test we have passed again very well". Mittal's comments may potentially revive the old industry debate around a risk of near duopoly in the market. Bharti Airtel has been locked in an intense battle with India's youngest and largest telecom company Reliance Jio for a greater slice of fast-growing Indian market. MORE FROM THIS SECTIONSee All Premium Premium Allow post-production, open up vaccination: M&E industry bodies request Maha CM 1 min read . 11:13 AM IST Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST While the two players have been adding subscribers at a breakneck pace, infusing massive investments in networks and bolstering their footprint, Vodafone Idea has been suffering from subscriber churns and low realisation over past many months. Apart from the three operators, the fourth telecom player is state-owned BSNL/MTNL. Mittal recounted "several near death experiences" faced by Airtel, including the phase that company went through in 2003 "when the question was not if but when will Airtel collapse". Crisis loomed again in 2008-2010 when 12 new licences were given out, creating huge disruption in the market. Citing the major crises, Mittal said Airtel pulled through riding the storm, increased its market share, improved brand loyalty, brand index and is now onboarding more customers than competition in the last 8-9 months. "We have added new lines of businesses, we have accelerated our Fibre to Home, many many hundreds of thousands of new homes are being connected every month. Data centres business has come through. "Our enterprise business is now clearly the leading edge business in marketplace. The DTH business has taken a lead over Dish which used to be largest DTH operator in market place," Mittal said. Airtel Payments Bank, the group's "newest baby", is making inroads in rural areas and tier 2-3 cities, he said. Mittal further said India will be a force in the next 5-10 years as a major economy, building its success on industrial upliftment, digital upliftment and self-reliance. India presents a great opportunity for businesses, given its large base of consumers using more and more products, services and data, and its young population is adding momentum to the GDP and consumption story, he noted. India is attracting massive FDI and "is the place to be", Mittal observed. With "data and smartphones in their hands, using services like Amazon, Google, Facebook and several other tech based services coming through whether shared economy services like Uber, Ola, or seeking delivery from restaurants...everything is fast moving to digital platform... "...these young people who are coming in hordes in mainstream are adding momentum to our GDP and consumption story," he said. India is also benefiting from "some tailwinds because China is suddenly is not the flavour of the decade", Mittal noted. "Most people are shifting their business from China to India which would mean more manufacturing coming here, more development coming here, more innovation coming here and in next 5-10 years it is my belief that India will be a major economy, where we will have had industrial upliftment, digital upliftment and importantly more of self reliant and stronger India in the hands of Indians," Mittal said. Mittal also urged young businesses to make most of the advantage. "You are today in a time which like no other time, access to capital is easy, technology is on your fingertips, country is large and thriving, there is a big market there for you...put all this together...don't you think you have opportunity like we never had and will you not therefore build businesses which will be strong and resilient," he said. This story has been published from a wire agency feed without modifications to the text. 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Oh how the curve has steepened!

15 Apr, 2021, 10:05PM | Livemint

Have you spent any waking moments wondering about the virus numbers in India? Consider that we’re back to finding the phrase “largest single-day increase" nearly every day in news reports about the pandemic. This is a memory from at least 6-8 months ago—a memory we probably thought would never turn real once more. Yet it has, and perhaps we should pay attention to what it all means. It seems alarming, but just how alarming? First of all, remember that the country’s daily count of new covid cases generally increased for much of last year, so it’s not unprecedented that it’s increasing now as well. But some things have changed. On 11 September 2020, we had 97,654 new cases. Given the way that daily count had been trending upward for months before, on 11 September it seemed only a matter of a couple of days before we’d touch 100,000 new cases in a day. Now by itself, that is not a particularly significant number except for being a nice round one that makes for a good milestone. But just as we were set to zoom past the milestone, we didn’t. The daily numbers started flattening. They stayed in the high 90,000s for a few more days—reaching a high of 97,859 on 16 September—and then started dropping. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Here was a sure sign that we had reached some kind of Corona peak. Over the next two months, the downward trend in daily counts was just about as steep as the upward trend had been in the two months prior to the mid-September peak. The decline slowed a bit after that, but didn’t stop. In fact, daily new case counts dropped steadily not just for two months, but for five months after that peak. On 8 February this year, India had just 8,957 new cases, the kind of number we had not seen since early June of 2020. It had been a long-enough decline, and 8,957 was low enough compared to September’s 97,859, to persuade us that we had licked this virus. With vaccines becoming available, with the rate of vaccinations picking up steam about the same time, it was easy, almost seductive, to believe that this pandemic would soon be a thing of the past in India. How quickly things change. But before we examine that, some observations about the numbers, past and present. Earlier in 2020, the growth rate in new covid cases had been disturbingly high. For example, on 19 April we had 1,580 new cases, which was an increase of 10.05% that day. That’s a sharp rise by any standard. Yet it was only to be expected, because the pool of infections was so much smaller than it would grow to—we had just 17,305 cases in India on 19 April. On 2 June, we had 8,821 new covid cases, but a total of 207,191 cases. So on a total case count that was then over ten times larger than it had been on 19 April, that was about a 4.4% increase. Just over three months later still, on 16 September, we had a total of 5,115,893 cases, now over twenty times as many as in June. So the 97,859 new cases that day represented an increase of just 1.95%. What did this tell us? That even with the rise to nearly 100,000 new cases a day, even with that milestone in sight, the increase was slowing. It had slipped from 10.05% to 1.95% in about five months. This slowing suggested the peak that we reached in September. We fell far indeed from that peak. When we had only 8,957 new cases on 8 February, we had a total case count of about 11 million; thus the increase that day was just 0.08%. The vision that brought us was seductive indeed: that the daily increase would soon drop to pretty much zero. 10.05% to 4.4% to 1.95% to 0.08%—yes, we could hope for zero. No wonder movie theatres opened, parks started filling ... after many months of precautions, a return to normal life looked imminent. MORE FROM THIS SECTIONSee All Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Premium Premium America ought to brace itself for a fourth wave of infections 3 min read . 15 Apr 2021 Premium Premium The post-pandemic economy needs a new fiscal policy framework 4 min read . 07:30 AM IST But that was just a dream, that was just a dream. From that February day on, daily new case counts have been rising. By the end of that month, they were at 16,000. They crossed 50,000 by the third week of March. On 4 April, we shot past the 100,000 milestone that we had glimpsed but not touched last September, recording 103,793 new cases. We have since sped past the 150,000 milestone and with 185,248 cases on 13 April, it’s likely that by the time you read this, we will have left the 200,000 milestone mark behind. Two things to note about this latest rise. First: on 13 April, we had nearly 14 million cases. The 185,248 new cases that day is, thus, only a 1.35% increase. “Only", because that’s small compared to the percentage increases we saw through most of last year. But second: compare it instead to the low of 8 February: it is almost 17 times greater than the 0.08% of that day. To put that in some perspective: in 2020, it took about 50 days—late July to 16 September—for new case counts to double from 50,000 per day to almost 100,000. That translates to a 1.4% increase each day in those counts. This year, that same doubling (50,000 to 100,000) happened between 24 March and 4 April—11 days, or a 6.5% increase from day to day. That rate shows no sign of slowing, which is why new case counts will probably have doubled again, crossing the 200,000 milestone, when you read this. Often with figures, there are different ways of looking at them, some of which can be reassuring. But with these most recent corona numbers in India, it’s hard to see a silver lining. In fact, almost more than the numbers themselves, it is the speed at which we are adding new corona infections that is the really worrying aspect of this latest surge in our battle with the virus. When the battle began about a year ago, we heard plenty and often about the need to “flatten the curve". What that meant was not so much that we had to somehow reduce the number of infections. Instead, there was an almost tacit recognition that the brush with the virus would inevitably, inexorably, infect a large number of us; that there was no easy way to reduce that large number significantly. Even so, we could not allow the numbers to overwhelm our healthcare system. What did seem possible, then, was to slow down the increase in case numbers—that is, flatten the curve. This is why we have measures like masks and distancing, hand-washing and curfews, closed theatres and restricted use of public transport. Follow such measures, the thinking went, and the number of people needing care at any given time will remain manageable. Besides, this way we buy time to ramp up our healthcare facilities. To what extent we have been able to achieve these things, I’m not sure. Certainly we don’t hear much any more about flattening curves. Yet what’s frightening about the latest surge in covid infections is just how far from flat the curve really is. It was nearly flat in February. But since then, it’s like the side of a dizzyingly steep mountain. It’s the mountain you and I are climbing together. Once a computer scientist, Dilip D’Souza now lives in Mumbai and writes for his dinners. His Twitter handle is @DeathEndsFun Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

CSC, Tata Power to set up 10,000 solar micro grids in rural areas

15 Apr, 2021, 09:41PM | Livemint

New Delhi: The government's e-governance services arm CSC on Thursday announced a collaboration with Tata Power to set up solar-powered micro grids and water pumps in rural areas across the country. To begin with, Tata Power has proposed to set up 10,000 micro grids to support rural consumers through Common Service Centres (CSCs). TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST CSC e-Governance Services India Managing Director Dinesh Tyagi said the collaboration will amplify the government's ongoing campaign to provide clean and sustainable energy to households and businesses in rural areas. "This partnership will increase energy access and provide an economic opportunity to the company by providing off-grid or microgrid power. This will help rural customers move away from burning relatively expensive fuels such as kerosene and can provide basic energy services and meet economic needs," Tyagi said in a statement. Under the partnership, over 3.75 lakh CSCs will be involved in supplying solar water pumps to farmers and help in setting up micro grids in residential and commercial establishments in rural areas. The partnership is initially expected to create employment to a minimum two persons in each panchayat where microgrid are proposed to be installed, thereby leading to generation of 20,000 jobs for rural youth. CSC CEO Sanjay Kumar Rakesh said the association with Tata Power will help it reach out to farmers and rural enterprises with clean energy solutions and will not only create new employment opportunities for Village Level Entrepreneurs (VLEs) but also offer Tata Power a grasp over the potential rural market. The micro grids will be supported by CSC VLEs at the ground level. VLEs will help in providing connection to rural citizens, including MSME units for commercial purposes. The power available through these units would be affordable, qualitatively better, decentralized and serviced by a local entrepreneur, as per the statement. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST VLEs will also be trained in installation of domestic and commercial connection. "This association will also meet the energy requirements of CSCs and address the need of 24-hours supply of electricity to BharatNet in villages. A micro-grid has been piloted in five villages of Lakhimpur Kheri in Uttar Pradesh and learning from this will be useful in full rollout," the statement said. CSC has also approached Tata Power with a request to support a rental model for solar water pumps that can be provided to 6,000 Farmer Produce Organisations (FPOs), which CSC is setting up to support farmers across the country. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

India’s wave of sports is one that’s not going to flatten

15 Apr, 2021, 09:41PM | Livemint

There’s no doubt about it—sports in India are on the rise. Over the past 20 years, we’ve seen the rise of the Indian Premier League (IPL), and more recently kabaddi, soccer, badminton, hockey and wrestling tournaments. All of these sports have grown in participation and following. None of this is surprising. We’ve seen similar trends around sport across Asia. But one sport has shown impressive potential to become very popular in India—basketball. We have seen basketball participation increase exponentially in India, including growing talent at the elite level and breakthroughs on the international and professional stage, with Princepal Singh advancing from NBA Academy India to the US-based National Basketball Association’s (NBA’s) G League. As a fan of basketball and the NBA, I’m excited to see this growth. I also have the privilege of leading the charge for the sport and the NBA’s efforts across the country as managing director of NBA Asia. Working in international business has always been my focus. Ever since I entered the workforce, I moved toward a role that would allow me to travel and engage with different cultures. I eventually made my way to McCann Erickson, a global advertising agency network, where I worked as an international media supervisor. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Over time, I became an ‘international expert’, though with one big limitation: I was developing and recommending strategies to global brands even though I had never travelled outside the US. I knew I had to broaden my horizons. It was time to see the world. So, I bought a one-way ticket to Beijing and spent the next six months backpacking across Asia-Pacific with my wife. Along the way, I knocked on the doors of everyone I knew through my previous role and spent time learning about the region, its challenges, its unique cultures, and its potential. When I returned to the US, I landed a role in the international advertising group at the NBA. That’s when things started to get really interesting. I was fortunate to join the NBA just as international players were starting to make a significant impact on the league and its global popularity. The 1992 Olympics in Barcelona served as a tipping point for the international growth of the NBA, inspiring a generation of international players like Dirk Nowitzki, Pau Gasol and Yao Ming, who in turn inspired a generation of fans around the world. In time, my remit expanded to include programming sales, and I was extremely fortunate that my job was to travel the world representing a property that I was passionate about and that had growing international appeal. In 2009, I took up the role of managing director for Asia, overseeing countries as diverse as Japan, the Philippines, Australia, and now India. It has been an amazing ride. I’ve now been living in Asia for more than a decade, and I still look back fondly on my time backpacking across the region. Asia has a remarkably sports-savvy population and a growing middle class. Participation in and consumption of sports are increasing. The growth of sporting leagues and university-level tournaments has further allowed youth in Asia to play sports, both recreationally and competitively. This is critical to sport development, as research has shown that if kids play a sport at an early age and enjoy it, they are much more likely to continue to do so throughout their life. MORE FROM THIS SECTIONSee All Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium America ought to brace itself for a fourth wave of infections 3 min read . 15 Apr 2021 Premium Premium The post-pandemic economy needs a new fiscal policy framework 4 min read . 07:30 AM IST This is why I’m extremely proud of our Jr. NBA programme, which to date has reached more than 24.5 million youth across Southeast Asia, and in India—which is home to the largest Junior NBA programme in the world—has engaged more than 11 million boys and girls from more than 13,000 schools since its inception in 2013. The growing participation has gone hand in hand with the consumption of sports programming. For us, digital and virtual technology remain key. No matter where fans are, access to live games, off-court and lifestyle content, and other points of connection like merchandise and fantasy gaming must be easily available to fans on the devices and platforms they use most. The global pandemic has been difficult for everyone, both personally and professionally. In 2021 and beyond, we must redefine relationships with fans through innovative digital solutions that both ensure their health and safety and maintain genuine connections. Sports brands and properties must aim to deliver an array of viewing options for current and future generations of sports fans by establishing a strong presence across platforms. The best way to reach the younger generation is to meet them where they are, create personal experiences, and be authentic. It is my fervent hope that we will soon will be able to resume travelling for work and pleasure, and not necessarily in that order. While we will all have to adjust to a ‘new normal’, the NBA will continue to focus on engaging and inspiring fans around the world by using the transformative power of basketball. Scott Levy is managing director of NBA Asia Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Mumbai reports 8,217 new COVID cases today, over 1,000 buildings sealed

15 Apr, 2021, 09:34PM | Livemint

Mumbai reported as many as 8,217 fresh COVID19 cases today, taking the total tally 5,53,159, as per the health bulletin. This is, however, lower than yesterday's total of 9,925 new cases reported in a span of just 24 hours. With today's count, the active number of cases touched 85,494. The health bulletin also stated that 49 deaths were recorded today, pushing the toll to 12,189. However, on a positive note, India's financial capital witnessed higher number of recoveries today as compared to the number of fresh cases. And, with today's count of 10,097 discharges, the recovery total reached 4,54,311. TRENDING STORIESSee All Premium NEET PG 2021 exams postponed amid Covid-19 surge, new date to be decided later 2 min read . 07:05 PM IST Premium UP: Schools shut till 15 May; night curfew hours extended in Noida, Lucknow, other districts. Details here 1 min read . 02:18 PM IST Premium NPS maximum age to be hiked to 70, guaranteed return product proposed by PFRDA 2 min read . 01:07 PM IST Premium CM Kejriwal announces weekend curfew in Delhi. Check all details 1 min read . 01:58 PM IST In the city, currently, as many as 95 areas have been declared as containment zones while 1,100 building has been sealed. As many as 45,486 tests were conducted in the last 24 hours, the overall test count of the metropolis increased to 48,01,219, the health bulletin said. The city's COVID-19 recovery rate is 82 per cent, the overall growth rate is at 1.64 per cent and the case doubling rate is 42 days. Maharashtra as a state continues to report high number of cases in a daily basis. The state on Thursday reported reported 61,695 new Covid-19 cases and 349 deaths, as per the state health bulletin. Today's number of fresh cases is quite higher than yesterday's count of 58,952. Earlier in the day, Chief Minister Uddhav Thackeray said that the number of active COVID-19 cases in Maharashtra is expected to double in the next 15 days, a PTI report said. In a letter sent to Prime Minister Narendra Modi, the chief minster noted, that medical oxygen requirement in the state is projected to reach 2,000 metric tonnes per day by April-end from the present consumption of 1,200 MT per day. MORE FROM THIS SECTIONSee All Premium Premium CDC identifies small group of covid19 infections among fully vaccinated patients 5 min read . 11:31 PM IST Premium Premium Why US warship in Indian waters may be a concern 2 min read . 11:32 PM IST Premium Premium Daily covid-19 cases in India reach 2 lakh, many states impose 'stricter' curbs 3 min read . 11:13 PM IST Premium Premium No real surge in covid-19 vaccinations during Tika Utsav, show statistics 1 min read . 11:08 PM IST Citing logistical hurdles in the transportation of liquid medical oxygen from neighbouring states, Thackeray also sought permission under the National Disaster Management Act to airlift oxygen from steel plants in eastern and southern parts of the country. Maharashtra has also approached neighbouring states for medical oxygen supply amid the COVID-19 surge, but they have expressed their inability due to its high demand there, Health Minister Rajesh Tope said on Wednesday. Thackeray on Tuesday said there is a shortage of medical oxygen and the Centre should help supply it for coronavirus patients in the state by using Air Force planes. Meanwhile, the Union Health Ministry said on Thursday stated Maharashtra, Uttar Pradesh, Delhi, Chhattisgarh, Karnataka, Madhya Pradesh, Kerala, Tamil Nadu, Gujarat and Rajasthan have shown a steep rise in COVID-19 daily cases, accounting for 80.76 per cent of the new infections reported in a day. It further added, Maharashtra, Chhattisgarh, Uttar Pradesh, Karnataka and Kerala cumulatively account for 67.16 per cent of India's total active cases, the ministry said. According to the Union Health Ministry data updated on Thursday, India added a record over 2 lakh new COVID-19 infections in a day pushing the total tally of cases to 1,40,74,564, while the active cases surpassed the 14-lakh mark. (With inputs from agencies) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

SuperK raises Rs6 crore in seed funding led by Strive VC

15 Apr, 2021, 09:28PM | Livemint

Rural retail aggregator, SuperK, on Thursday said that it has raised ₹6 crore, as a part of its seed funding round led by Strive VC. The round also saw participation from Firstcheque VC, Ramakant Sharma & Syndicate, serial entrepreneur Srinivas Anumolu; director of platforms and product partnerships at Facebook,Anand Chandrasekaran , co-founder of Groww, Lalit Keshre; co-founder of Instamojo, Sampad Swain amongst others. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST According to the company, it will use this investment for expanding its infrastructure, improving its tech stack, and hiring talent. SuperK helps franchise stores to manage procurement, marketing, promotions, and merchandising for all stores through a tech-based system and a standard operating plan. “Our mission is to bring modern retail experiences to the smallest of towns in India by empowering entrepreneurs from these towns to easily own and operate supermarkets. Most other startups that are helping retailers are only providing tools to these stores while we are driving outcomes for the stores by using the technology ourselves," said Neeraj Menta, co-founder at SuperK. According to Menta, the company will now be investing in logistics infrastructure and tech products to further scale its network of stores. Further, the company also claims to have built an end-to-end integrated system that enables franchise stores to offer standardized low pricing, discounts, cashbacks, with a digital bill. The startup’s system connects warehouses, stores, and vendors via mobile apps. “While existing organized retailers are competing with individual retailers, SuperK is enabling local entrepreneurs to effectively compete with large chains. Their unique business model allows them to be asset-light and operate with negative working capital. This allows SuperK to scale much faster than any other retail chain," said Nikhil Kapur, partner at Strive. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST At present, SuperK claims to have served more than 40,000 families and is expecting to reach an annual gross merchandise value of $10 million by the end of 2021. The company is also in the process of launching a mobile app for customers to place orders, provide financial services for customers through stores and help with in-store tech for engagement and marketing. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Gaps in how we study the impact of covid on inequality

15 Apr, 2021, 09:25PM | Livemint

At the onset of the covid pandemic, early last year, I argued in an essay that the virus’s global spread and socio-economic impact would make it the ‘great leveller’, flattening or reducing high wealth/income inequities at a global level, while redefining pre-existent political and economic arrangements from one country to another. My argument then, entrenched in a set of claims, was drawn broadly from a study of the economic history of such shocks and their effect on global income inequality. These claims seem to validate through empirical evidence provided by Nobel Laureate Angus Deaton in his recent paper Covid-19 and Global Income Inequality. On closely studying data on cross-country covid mortality rates and per capita incomes, Deaton offers three key analytical points in his paper on what happened to global income inequality in 2020. He states: a) Richer countries had higher covid mortality rates, despite better and more technically-advanced medical systems, than less developed nations; b) Economic growth levels fell more rapidly in countries with higher per-capita gross domestic product (GDP); and c) More generally, for a given shock like covid, economic growth tends to fall for nations with higher income-per-head, but the relationship of this one-to-one effect remains less significant if one includes data on nations “weighted for their population sizes". What the last point means is that a small country like Macao cannot be equated with a highly populous one like China while studying the link between a shock and its economic impact. The pandemic, by Deaton’s findings, reduced global unweighted inequality, but increased global population-weighted income inequality. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST In explaining these contradictory findings, Deaton is cautious, and expresses humility in acknowledging how measuring ‘global inequality’ operates under key caveats and economists must work under severe methodological limitations. More research may be needed on what happens to ‘inequalities of income distribution’ within nations, which seem to have got exacerbated by the pandemic. This also raises questions on the conceptual design and framework for analysing economic inequality, which is still largely measured by a macro-income-centred approach, using inhibitive indicators like ‘GDP per capita incomes’ and ‘GDP’ that hardly reflect or explain the true nature, form and substance of inequities experienced by individuals or groups, both in and between nations. Before critiquing Deaton’s study, let’s consider the dominant macro-economists’ view on inequality, seen in terms of income distributions (what the Gini coefficient seeks to do). Three concepts are generally used for inequality measurement. The first considers the dispersion of per-capita income among nations, with each a unit of observation. Here, each country is treated as an ‘individual’, and calculations are made of inequality levels between one another. The second considers the dispersion of per-capita income between countries, but with each weighted by population. This concept pretends that each person in the world has his or her country’s per capita income, and then calculates inequality among all those persons. Both concepts examine inequality between nations and ignore it within each. The distribution of income between all persons in the world, which Branko Milanovic (2011) calls Concept 3 inequality, extends the second concept by adding the distribution of income within countries. The changes on this during the pandemic have been vast. But Deaton’s study, like many other economists’ studies on inequality done recently, do little to examine this aspect of it. Even though income inequalities between countries may or may not have increased, depending on how one picks the data (weighted by country population or not), we still do not know how inequities have worsened within nations, especially for less developed economies (like China, India, Brazil, Nigeria, etc.). More importantly, any such discourse on inequality and its measurement from the perspective of per-capita incomes alone, whether observed under a global or national lens, says very little about the actual inequities that people experience and live with. There is thus a pressing need to incorporate a more ‘inter-relational’ perspective in the development of a granular, meso-level approach to inequality studies (as argued by scholars like Amartya Sen and many others), which would complement and align with macro findings both in terms of measurement and analytical scrutiny. The pandemic has wreaked havoc on the lives and livelihoods of those living in poorer nations that are characterized by large unorganized and informal socio-economic landscapes. Informality and how it shapes the relative life outcomes of various people is rarely studied for economic diagnoses of inequality. MORE FROM THIS SECTIONSee All Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Premium Premium America ought to brace itself for a fourth wave of infections 3 min read . 15 Apr 2021 A relational, inter-subjective lens would help one understand how inequities persist and worsen almost as a continuum. For analysis, we could look at the differential access that individuals/groups have to economic resources, social opportunities, welfare-safety nets, etc. Differential access tends to circumscribe human agency, and so it allows inequality to ‘relatively’ widen from one to another over time. It is about time that even social aggregates of gender, class, caste, race and ethnicity are considered in widening the conceptual base of how we view inequality. Income data-sets are important, but many economists, including Deaton in his paper, fail to include or even discuss other aspects. Deepanshu Mohan is associate professor of economics at OP Jindal Global University Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Maharashtra sees 61,695 new Covid-19 cases, 349 deaths today; active cases over 6 lakh

15 Apr, 2021, 09:14PM | Livemint

Maharashtra, the worst affected state in the country in terms of Covid-19 cases, has reported 61,695 new Covid-19 cases and 349 deaths on Thursday, as per the state health bulletin. Maharashtra's caseload has now reached 36,39,855 and the death toll has touched 59,153. As on Thursday, Maharashtra has 6,20,060 active cases. TRENDING STORIESSee All Premium NEET PG 2021 exams postponed amid Covid-19 surge, new date to be decided later 2 min read . 07:05 PM IST Premium UP: Schools shut till 15 May; night curfew hours extended in Noida, Lucknow, other districts. Details here 1 min read . 02:18 PM IST Premium NPS maximum age to be hiked to 70, guaranteed return product proposed by PFRDA 2 min read . 01:07 PM IST Premium CM Kejriwal announces weekend curfew in Delhi. Check all details 1 min read . 01:58 PM IST In addition to this, 53,335 people recovered in the last 24 hours, taking the recovered number of cases to 29,59,056. Today's number of fresh cases is quite higher than yesterday's count of 58,952. The case fatality rate in the state currently stands at 1.63%. Out of 2,30,36,652 laboratory samples, 36,39,855 have tested positive (15.8%) for Covid-19 until on Wednesday. At present, Maharashtra has 35,87,478 people in home quarantine and 27,273 people are in institutional quarantine. Active Covid cases in Maha to double in 15 days: Thackeray to Modi The number of active COVID-19 cases in Maharashtra is expected to double in the next 15 days, according to Chief Minister Uddhav Thackeray. MORE FROM THIS SECTIONSee All Premium Premium Daily covid-19 cases in India reach 2 lakh, many states impose 'stricter' curbs 3 min read . 11:13 PM IST Premium Premium No real surge in covid-19 vaccinations during Tika Utsav, show statistics 1 min read . 11:08 PM IST Premium Premium Accept Delhi govt's decision to curb Covid but biz will be severely hit: NRAI 1 min read . 10:49 PM IST Premium Premium Delhi: Over 2,400 booked, 143 cases registered for night curfew violations 1 min read . 10:49 PM IST The state’s active caseload will reach 11.9 lakh by April 30, from the current 5.64 lakh, Thackeray said in a letter to Prime Minister Narendra Modi. The letter sent on Wednesday also said the medical oxygen requirement in the state is projected to reach 2,000 metric tonnes per day by April-end from the present consumption of 1,200 MT per day. Thackeray also sought permission under the National Disaster Management Act to airlift oxygen from steel plants in eastern and southern parts of the country. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Spintly raises Rs4.6 crore in funding led by Riso Capital

15 Apr, 2021, 09:09PM | Livemint

Physical security startup Spintly, on Thursday said that it has raised Rs. 4.6 crore as a part of its extended seed round of funding, led by Silicon Valley-based Riso Capital. Hyderabad-based SucSEED Indovation Fund, Chicago-based Nikhand Investments LLC, and Keiretsu Forum angel network also participated as part of this round. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Spintly provides Software-as-a-Service (SaaS) based physical security solutions allowing users to access doors and locks through their smartphones. This eliminates the need for physical key cards and elaborate wiring. “We are extremely bullish about the future and are determined to transform the entire physical security and smart building ecosystem. We provide fully wireless mesh technology for access control which can also be used for smart building applications, and have been witnessing a steady growth in demand for contactless door access solutions," said Rohin Parkar, co-founder and chief executive officer at Spintly. According to Parkar, it will use these additional funds to boost sales, marketing and research activities in order to enhance its position in the wireless cloud-based access control technology space. “Riso Capital is excited to be part of Spintly’s journey as they continue to scale and deploy a flexible SaaS model to access control and building automation markets. Spintly brings an enterprise grade Access Control as a Service (ACaaS) stack offering to a growing building automation market. The stack is versatile to run on various hardware topologies including Bluetooth mesh and other native IP protocols," said Sri Purisai, founder and partner, Riso Capital. According to the startup, it looks to enable diverse use-cases in smart buildings, as they move towards wireless infrastructure. “Spintly’s tech solution is quite fitting to the growing segment of Smart buildings and smart living. Collaboration with supporting ecosystem could be key in their growth strategy, which we feel we can help them with," said Vikrant Varshney, managing partner of SucSEED Indovation Fund. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

NIXI announces 3 new initiatives to make India’s Internet future ready

15 Apr, 2021, 09:04PM | Livemint

The National Internet Exchange of India (NIXI), today, announced three new initiatives aimed at raising awareness of the IPv6 protocol in India. IPv6 is the most recent version of the Internet Protocol communications system, which provides identification and location information for devices and networks connecting to the Internet. The protocol is considered especially important with the impending move to 5G, which will massively increase the total number of devices connecting to the Internet. The Department of Telecom (DoT) had, in February last year, mandated all government organizations to transition to IPv6 by March 2020. The NIXI’s new initiatives include an expert panel (IP Guru) that will “extend support" to Indian organizations looking to make the move to IPv6 systems. It will also help in identifying and hiring agencies that provide the technical support required for these transitions. The panel consists of members from the Department of Telecom (DoT), Ministry of Electronics and Information Technology (MeitY) and the industry. It will be offering its services free of cost. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST NIXI is also creating an education platform for IPv6, called NIXI Academy. This will include an IPv6 training portal to provide mass training about the technology. The beginner training materials offered initially will be available for free, but advanced courses may be offered in future, which will be chargeable. Thirdly, a NISI IP-Index was introduced, which will showcase the adoption rate for IPv6 in India and compare it against other economies in the world. India is already number one in IPv6 adoption worldwide, according to a September 2020 report from global cloud services provider Akamai. The new portal will include details about IPv6 adoption, traffic and more in the next few weeks. Organizations and governments around the world have wanted to retire the old IPv4 protocol for many years now. The old protocol, which was based on a 32-bit system, could only accommodate 4.3 billion devices, which isn’t enough for the burgeoning number of devices that connect to the Internet today. IPv6 is more secure, efficient and mobile friendly, making it the right system to use for the 5G future. “The idea is that IPv6 addresses will be adopted as the identifiers for both external and internal devices in organizations," said tech policy analyst Prasanto K. Roy. Further, IPv6 is also expected to offer better traceability and interaction between networks and devices in future. This is important, given the growth of the Internet of Things (IoT), that’s expected once 5G networks start rolling in. For instance, in connected cars, multiple different parts of the vehicles connect to a network, meaning they may all need their own IP addresses. Essentially, while this system doesn’t impact the Internet speed or bandwidth directly, it is essential to ensure all devices and connect to the Internet and interact with each other. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Wipro to roll out promotions again in June; employees to get skill-based bonuses

15 Apr, 2021, 09:03PM | Livemint

Wipro on Thursday said that it is taking multiple measures — promotions, salary hikes and skill-based bonuses — to retain employees. The employees of Wipro, received a salary hike in January 2021. The Bengaluru-based Information Technology major is planning to roll out another wage hike in June for the remaining employees. In October 2020, the company announced promotions for 80% of its employees effective December 2020. Speaking about the wage hike, Saurabh Govil, chief human resources officer at Wipro said, "In January, 80% of our employees got a salary hike. For junior employees, we did a promotion cycle in December and we are again doing it in June. Apart from that we are looking at skill-based bonuses and salary hike for senior employees." TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST During the quarter ended in March, the IT behemoth hired nearly 18,000 employees. The attrition rate increased to to 12.1% during the fourth quarter of FY21. The company is expecting a higher uptick in attrition on the back of a strong demand environment and the need for talents in niche areas, Govil said. "However, supply chain will not be a constraint to growth. There is a high demand environment for people with right skills," he further added. The total headcount of the company stood at 1.97 lakh at the end of March 31, 2021. Wipro made a net addition of 15,000 employees in FY21. Out of them, around 9,000 were freshers. "We recognise that we are competing for quality talent and we are fully prepared to lead the war for good talent. We are investing in building talent at scale, we have implemented several interventions to retain diverse talent. In parallel, measures are in place to ensure the supply chain does not slow down our pace of growth," Thierry Delaporte, chief executive officer and managing director, Wipro said. Wipro on Thursday reported 27.78% year-on-year increase in net profit to ₹2,972.3 crore for the quarter ended in March. Its revenue from operations grew 3.4% year-on-year to ₹16,245.4 crore for the quarter under review. At the operating level, IT services' earnings before interest and tax (EBIT) stood at ₹3,417 crore and margin at 20.92 percent for Q4FY21. We delivered a third consistent quarter of strong revenue growth, deal wins and operating margins. We also announced our largest ever acquisition of Capco that will bolster our global financial services sector," said CEO. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

RIL, BPCL to supply oxygen to hospitals

15 Apr, 2021, 08:56PM | Livemint

MUMBAI : State-run Bharat Petroleum Corporation Limited (BPCL), the second-largest oil marketing company, will supply medical oxygen from its Kochi Refinery to government hospitals in Kerala, in view of the shortage of the same for critical patients of covid-19. The company will be supplying around 1.5 tonnes per day of oxygen to Government Hospitals from this facility. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Last year, the company had supplied around 25 tonnes of medical oxygen when the average daily cases had risen in October-November 2020. "The build-own-operate unit of Kochi Refinery has a provision to produce and store liquid oxygen of 99.7% purity. Currently, the Company has around 20 tonnes of storage of oxygen from which the government hospitals will be supplied. This supply shall be free of cost to Government Hospitals," BPCL said. With average daily cases of COVID-19 rising again since the last month, the demand for oxygen has significantly risen. In fact, in most parts of the country, the cases are hitting a new peak, thereby disrupting the demand-supply scenario for medical oxygen. On Tuesday, Maharashtra's Urban development minister, Eknath Shinde in a tweet said the state will get 100 tons of oxygen from Reliance Industries' Jamnagar Refining facility. This will help aid Maharashtra in its battle with covid-19. Maharashtra has been hit hard by the second wave of covid-19 and is facing a shortage of oxygen at its hospitals. RIL, which operates one of the largest refining complexes in Maharashtra has started supplying oxygen from Gujarat’s Jamnagar at no cost. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Meanwhile, Chief Minister Uddhav Thackeray in a letter to the Centre said the state is expecting its active caseload to reach 11.9 lakh by April 30, compared to the current active caseload of 5.64 lakh. He also said the state’s medical oxygen requirement is projected to reach 2,000 metric tonnes per day by April-end from the present consumption of 1,200 MT per day. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

India needs to learn from the Suez crisis

15 Apr, 2021, 08:51PM | Livemint

NEW DELHI : It took the six-day blockage of the Suez Canal to remind us how dependent India is on free passage through the canal and the Red Sea. While the 400-metre-long container ship, MV Ever Given—which ran aground into the east bank of the Suez Canal on 23 March and blocked all movement till it was released on 29 March—is now in Egyptian custody, the saga has sent out economic and strategic alarm bells. The Suez Canal is used by about 19,000 ships every year, which transport 12% of global trade, valued at $700 billion. About 4.8 million barrels per day (mbd) of crude oil is transported both ways through the canal. Of this, about 500,000 barrels/day of crude is shipped to India through the Suez Canal from the US, Latin America and Algeria. TRENDING STORIESSee All Premium NEET PG 2021 exams postponed amid Covid-19 surge, new date to be decided later 2 min read . 07:05 PM IST Premium UP: Schools shut till 15 May; night curfew hours extended in Noida, Lucknow, other districts. Details here 1 min read . 02:18 PM IST Premium NPS maximum age to be hiked to 70, guaranteed return product proposed by PFRDA 2 min read . 01:07 PM IST Premium CM Kejriwal announces weekend curfew in Delhi. Check all details 1 min read . 01:58 PM IST This makes India the largest crude importer through the canal. India is also the sixth-largest exporter of oil products through the Suez, after Russia, Saudi Arabia, Iraq, Libya and Algeria. The total value of India’s merchandise trade that passes through the Suez is $200 billion, ie, one-fourth of India’s global trade. Besides oil products, Indian key exports are: chemicals, iron and steel, machinery, textiles, carpets and handicrafts. The recent Suez Canal blockage has not only highlighted the importance of the Red Sea waterway, but it has also focused attention on the ongoing conflicts on both sides of the sea, which, if not managed successfully, could easily engulf the region and jeopardise safe passage through the sea. The security situation on the Red Sea littoral is being influenced by two ongoing competitions in West Asia: one, the Saudi-Iran confrontation that now has reverberations in the Red Sea; and, two, the intra-Sunni competition that has Turkey and Qatar pitted against a Saudi-led coalition that includes the UAE, Bahrain and Egypt. Given that the security of the Red Sea is crucial for India’s economic interests. what then should be the country’s approach to this contentious area? The Gulf and the Red Sea now constitute an integrated security landscape. This demands that India’s strategic approach should take a holistic view of the region. In recent years, while India’s maritime focus has been on backing US interests in the South China Sea through the “Quad", an area where India has negligible security interests, it has taken its eyes off the western Indian Ocean—the Gulf and the Red Sea littoral—where its crucial strategic interests lie. MORE FROM THIS SECTIONSee All Premium Premium CDC identifies small group of covid19 infections among fully vaccinated patients 5 min read . 11:31 PM IST Premium Premium Why US warship in Indian waters may be a concern 2 min read . 11:32 PM IST Premium Premium Daily covid-19 cases in India reach 2 lakh, many states impose 'stricter' curbs 3 min read . 11:13 PM IST Premium Premium No real surge in covid-19 vaccinations during Tika Utsav, show statistics 1 min read . 11:08 PM IST The most significant development in the western Indian Ocean from India’s perspective is the emergence of China as an active player in regional affairs. In 2017, China joined the US, France, Italy and Japan in setting up a base in Djibouti, a small country of a million located at the Bab al Mandeb. Though China refers to it as a “logistical facility", it has deployed 2,000 military personnel at the base (can be increased to 10,000 when required). China has also been sending a naval task force to the Gulf of Aden every three months since 2011. China has consolidated its regional presence with trade and investment. China’s trade with Red Sea states is about $100 billion, making it the principal partner for most of them. China’s main imports from the region are crude oil and liquified natural gas (LNG). As of now, China sees its regional role as promoting the maritime component of the Belt and Road Initiative (BRI) that passes through the Red Sea to reach the Mediterranean and European ports. China’s infrastructure development activity in the Horn of Africa includes construction of railways, dams and ports. As its connectivity projects fructify, the importance of the Red Sea for east-west trade will significantly increase. The geopolitics The Indian Ocean and the Mediterranean Sea are linked by a relatively short and very narrow ribbon of sea water—the Red Sea. It connects the economies of Asia with those of Europe and North Africa, and then, across the Atlantic, with North and South America. The Red Sea is just over 2,000 km long and has an average width of 280 km. But the sea is tightly enclosed at both ends—the Bab al-Mandab Strait at the Indian Ocean end and the Suez Canal at the Mediterranean. Completed in 1869, the Suez Canal cuts through the Suez Isthmus that links Asia with Africa. The canal is 193km long, 205m wide and 24m deep. At the other end, the Bab al Mandab strait is just 26-29 km wide. Its name means “Gate of Sorrows", possibly a reference to the sailors killed in its turbulent waters. The Red Sea littoral states of Somalia, Ethiopia, Djibouti and Somalia, taken together, constitute the “Horn of Africa". This region over the last few decades has witnessed unrelenting violence and great suffering due to civil conflict and inter-state wars. These conflicts have resulted from fragile state formation, inter-tribal rivalries and support enjoyed by fissiparous groups from external sources. The Horn of Africa was afflicted with maritime piracy from 2000, which continued till 2017 and ended only with the cooperative efforts of 33 nations. It is also home to the extremist group, Al Shabaab, in Somalia, that launches lethal attacks in East Africa and has ties with the Boko Haram extremists in Nigeria. Over the last ten years, the countries of the Gulf Cooperation Council (GCC), particularly Saudi Arabia, the UAE and Qatar, have effected a major change in their foreign policy approach. They now aggressively seek to expand their influence in the areas of the Red Sea littoral. Saudi Arabia initiated the conflict in Yemen in 2015 to stem the tide of Iranian influence in a country with which it shares a soft 1,400-km border. The six-year war has caused the deaths of about 100,000 people, while several million face a humanitarian disaster, with no signs of an effective peace process. The UAE is supporting the Saudi military effort with mercenaries from Sudan, Somalia and Eritrea. The UAE has also taken control of some of Yemen’s ports—Mokha in the Red Sea, and Aden as well as Mokalla on the Indian Ocean. As Iranian naval activity has increased in the Gulf of Aden, the UAE also set up an air base on Perim Island at Bab al Mandeb, eight miles off Yemen. The GCC countries are investing heavily in the region to maintain local political alliances: the UAE and Saudi Arabia have courted Egypt with $120 billion in aid and investment since 2003. Ethiopia, Sudan and Eritrea have benefited to the extent of $18 billion from Saudi Arabia, the UAE and Qatar. These investments have been in sectors such as oil refining, infrastructure, real estate and, above all, food production. The regional sparks There is a serious downside to these West Asian interventions. Since they reflect ongoing competitions in West Asia, the Gulf states seek to reshape regional politics to their own advantage. Thus, both Saudi Arabia and the UAE have set up bases in Eritrea and Somaliland to launch air and sea attacks on the Houthis and their Iranian allies. Again, West Asian rivals are competing to influence domestic politics in Sudan which has a fragile military-civilian administration. Turkey is seeking to develop the Ottoman-era port of Suakin, which is being opposed by Egypt and its Gulf allies who are backing the country’s military leaders. This significant involvement of GCC states in the Red Sea littoral has expanded the arc of political contention and instability into the broader western Indian Ocean, jeopardising both regional security and safe passage through the sea and constituting a threat to India’s interests. As mentioned earlier, the regional security scenario has been complicated by two developments that have recently emerged in the Red Sea littoral. One is the increasing frequency of relatively low key skirmishes between Iranian and Israeli vessels in the Red Sea and the eastern Mediterranean over the last two years, involving both commercial and naval vessels. As Israel becomes more aggressive in opposing Iran’s nuclear activity and possibly seeking to provoke Iran into an aggressive response, these skirmishes could easily escalate into a major conflict that could block the Bab al Mandeb. The other threat to regional peace is the sharpening divide between Egypt and Ethiopia. In 2011, Ethiopia began the construction of the Grand Ethiopian Renaissance Dam (GERD) on the Nile river, largely to provide electricity to the power-starved country. Egypt is concerned that the dam would reduce water supply for its own population. Observers have not ruled out an Egyptian military attack on the dam or, alternatively, encouragement to Ethiopian rebels to sabotage the project. Clearly, the regional political order in the Red Sea littoral is fragile and is marked by internal and inter-state conflicts amidst continued concerns relating to extremism and maritime threats, particularly trafficking—human, drugs and weapons. Options before India Given this volatile situation, and India’s preoccupations with the “Quad", we should have concerns about Indian Ocean and Red Sea ports coming under the control of Gulf nations which have no navy worth the name. These ports could be increasingly used by Western, Chinese or Pakistani navies whose interests and actions might not be congruent with those of India. India has several options to safeguard its interests. One, it has already built close links with several Indian Ocean island nations, including Mauritius, Seychelles, Madagascar and Reunion. But, given its location at the heart of the Indian Ocean, India does not really need a base. Bases tend to evoke resentments among local populations and are subject to the vagaries of local governments. Perhaps, India’s interests would be best served with more support vessels, long-range missiles deployed on the mainland, and improved aerial surveillance. Two, the Suez blockage has also focused attention on alternative routes for east-west trade. India is at an advantage here with the International North-South Transport Corridor (INSTC) that links Indian ports via the land route from Iran’s Chabahar port to Moscow, through Azerbaijan. Greater Indian alacrity in pursuing its own connectivity initiatives rather than bemoaning the success of China’s BRI projects would better serve national and regional interests. Finally, given the sharp divisions between Gulf states and their heightened activism —economic, military and maritime—across the western Indian Ocean, India, too, needs to recalibrate its ties with them to provide greater focus on the maritime factor in the relationship. Here, the policy approach will need to be holistic territorially, while avoiding joining regional contentions. This calls for an entirely different diplomatic approach. A stable regional environment would yield enormous benefits not just for the littoral states, but for other regional players which have a crucial interest in Red Sea security. In fact, the Gulf states, gripped today in existential contentions, are also pursuing initiatives that would make the Arabian Peninsula the global hub for innovation and economic diversification, an urgent need in the post-pandemic era. Thus, the challenge is for India to shape, in alliance with regional players, a comprehensive security management order to promote dialogue and conflict-amelioration. One way forward would be to reshape the Indian Ocean Rim Association (IORA), of which India is a founding member, into an effective regional security platform by revamping its mandate and expanding its membership. Besides India’s long historical links with the region and its significant naval and merchant shipping capacities, it has excellent bilateral ties with all the major role-players having a stake in Red Sea stability. India is well-placed to pursue this initiative successfully. The author is the former Indian ambassador to Saudi Arabia, Oman and the UAE Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. 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PepsiCo reports mid-single digit revenue growth in India

15 Apr, 2021, 08:49PM | Livemint

Food and snacking major PepsiCo on Thursday reported mid-single digit organic revenue growth in its international markets including India, the company said in its first quarter earnings . “Our developing and emerging markets remained resilient and delivered mid-single-digit organic revenue growth in the quarter, including double-digit growth in Brazil, Russia and China, mid-single-digit growth in India and low-single-digit growth in Mexico," the company’s management said in their remarks announcing results for the quarter ended March 20, 2021. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST The company’s first quarter results incorporate the months of January and February for its business in international markets, it added. In India its snacking business that includes brand such as Kurkure and Lay’s witnessed a high single-digit growth. Meanwhile, it reported a mid-single-digit decline in its India beverage business. In the AMEA or the Asia, Middle East and Africa region—its net revenue increased 40%. In the region, its snacks unit volume grew 232%, primarily reflecting a 228-percentage-point impact of its Pioneer Foods acquisition, double-digit growth in Pakistan and high-single-digit growth in India, partially offset by a low-single-digit decline in the Middle East. Beverage unit volume grew 5.5% in the region, the company said. “…Primarily reflecting a 4-percentage-point impact of our Pioneer Foods acquisition and double-digit growth in Pakistan, partially offset by a mid-single-digit decline in India and a slight decline in the Middle East. Additionally, Nigeria experienced slight growth," it added. Overall, the food and beverage major’s net revenue grew 6.8% to $14.82 billion during the quarter, the company said. “We are pleased with our results for the first quarter as we successfully overcame challenges related to difficult year-over-year comparisons, uneven recoveries across many of our international markets and weather-related business disruptions in the U.S.," said chairman and CEO Ramon Laguarta in the company's earnings statement. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

ClearTax launches GST compliant billing and e-invoicing service. Details here

15 Apr, 2021, 08:41PM | Livemint

To help businesses digitise and streamline billing and invoicing, leading fintech company ClearTax has launched ClearOne — a GST compliant billing and e-invoicing product. ClearOne will help Small and Medium Enterprises (SMEs) to generate professional invoices with ease. The billing range includes professional invoicing, e-invoicing, export invoicing, e-way bill generation among others. The business owners will have an option to customise their invoices as per requirements. "SMEs can make bills/invoices, customise it as per their own or their customer’s requirement, raise and monitor their invoices on the go and be fully compliant with regulatory requirements," ClearTax said in a statement. Compared to the current billing solutions in the market, ClearOne is easy to use and "accommodate frequent regulatory changes at scale," the company said. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Explaining the rationale behind this launch, Archit Gupta, founder and chief executive officer of ClearTax said, "Invoicing is key to running a business and digitisation of the invoice is essential when the intent is of business transaction digitisation. The government is moving towards a completely digital invoicing era which will result in massive change for businesses. As a consumer centric company we want to make this journey smooth for the user." "ClearOne is the direct result of our in-depth market study and a better understanding of the need-gaps that businesses typically have to face. We are confident that users will find ClearOne very intuitive and easy to set up and use," he added. There are roughly 5 million small businesses in India that need a software solution to raise invoices. Out of them, ClearTax is looking to onboard about 1 million in the first year of its launch. At present, ClearTax caters to more than 2,000 of India’s biggest brands and corporations as well as 5 million individual taxpayers. It processes around 10 percent of the country’s overall B2B invoices, cumulatively contributing to a trade value of over $300 billion every year, the company said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Restaurants, malls stare at loss of business as capital announces fresh curbs

15 Apr, 2021, 08:33PM | Livemint

NEW DELHI : The Delhi government on Thursday announced a fresh set of restrictions in its fight against covid-19, including a weekend curfew and closure of malls, auditoriums, spas, entertainment parks, and dining in restaurants until 30 April. The curbs, which focus on non-essential movement, come as the capital recorded 16,699 fresh cases in the last 24 hours. The Delhi Disaster Management Authority in its order said that shopping malls, gymnasiums, spas, auditoriums, assembly halls, entertainment parks, and similar places will be closed. “Cinemas/ theatres/multiplexes will be permitted to open with 30% of their sealing capacity," it said. Bars shall remain closed and restaurants will only be allowed to offer takeaways and deliveries on weekdays, it said. On weekends only deliveries will be allowed, said restaurant executives. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Non-essential movement will be restricted in Delhi over the weekend from 10pm on Friday. Only people related to commercial and private establishments providing essential services and commodities, including shops selling food, groceries, fruits and vegetables, dairy and milk booths, meat and fish, animal fodder, pharmaceuticals, medicines and medical equipment will be permitted to commute. E-commerce firms are allowed to only deliver essential goods including food, pharmaceuticals and medical equipment. Confusion prevailed hours after chief minister Arvind Kejriwal’s address as mall owners and restaurants sought clarity on their days of operations. The restaurant industry, which has been prohibited from allowing customers to dine in, their main source of revenue, said the move will further cripple the sector, already hit by the night curfew imposed a few days ago that prompted eateries in the city to shut down by 9pm. “The move is unprecedented and would lead to a significant drop in business in the capital," said Kabir Suri, vice president at industry body National Restaurant Association of India (NRAI). Business could be hit by well over 70% in April, he said. NRAI said it has requested the government to allow round-the-clock home delivery of food in lines with what Mumbai has done. “We urge the government to smoothen the process of e-passes and issue clear directions to the law enforcing agencies so that our workers, who are also frontline warriors, are not subjected to any undue harassment by these law enforcing authorities," it said in a statement on Thursday. Retailers are also in a bind as the curfew comes in the middle of ongoing festivities and the wedding season. More states could follow Delhi’s move to restrict non-essential movement, they said. “The festival season towards the end of 2020 was when the industry had started reviving. Before we could chart a path towards more sustained growth, the second wave has hit the country. The current curbs and lockdown are leading to a major slump in business. Stores are shut all over Maharashtra and e-commerce is operational only for essentials. Even states such as Delhi have a weekend curfew. There is a chance that other states may follow suit," said Sanjay Vakharia, CEO, Spykar Lifestyle. MORE FROM THIS SECTIONSee All Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST Mall developers, too, said the fresh closure is a dampener for business but added that curbs may be important to control the pandemic. “We welcome the step taken by the authorities to contain the surge in corona cases... However, we would request the authorities to help the retailers and mall owners with some measures to support the tenants," said Abhishek Bansal, executive director, Pacific Group, which operates malls in Delhi-NCR. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Gaganyaan mission: India, France sign agreement for cooperation

15 Apr, 2021, 08:19PM | Livemint

NEW DELHI : Space agencies of India and France on Thursday signed an agreement for cooperation for the former's first human space mission, Gaganyaan, a move that will enable Indian flight physicians to train at French facilities. French space agency CNES said under the agreement, equipment developed by it, tested and still operating aboard the International Space Station (ISS) will be made available to Indian crews. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST The CNES will also be supplying fireproof carry bags made in France to shield equipment from shocks and radiation, it said. The agreement was announced during French Foreign Affairs Minister Jean-Yves Le Drian's visit to the Indian Space Research Organisation's (ISRO) headquarters in Bengaluru. ISRO has asked CNES to help prepare for the Gaganyaan mission and to serve as its single European contact in this domain, the French space agency said. "Under the terms of the agreement, CNES will train India's flight physicians and CAPCOM mission control teams in France at the CADMOS centre for the development of microgravity applications and space operations at CNES in Toulouse and at the European Astronaut Centre (EAC) in Cologne, Germany," the CNES said. The training of astronauts is a critical aspect of the human space mission project. Flight physicians or surgeons are responsible for astronaut's health before, during and after the flight. Currently, all space physicians are from the Indian Air Force. France has a well-established mechanism for space medicine. It also has the MEDES space clinic, a subsidiary of CNES, where space surgeons undergo training. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Virus variants inciting India's 2nd surge, epidemiologists say 2 min read . 15 Apr 2021 Premium Premium Rare blood clotting risk more for Covid-19 than for vaccines: Oxford study 1 min read . 15 Apr 2021 The agreement provides for CNES to support the implementation of a scientific experiment plan on validation missions, exchange information on food packaging and the nutrition programme, and above all, the use of French equipment, consumables and medical instruments by Indian astronauts. "This cooperation could be extended in the future to parabolic flights operated by Novespace to test instruments and for astronaut training, as well as technical support for the construction of an astronaut training centre in Bangalore," the CNES said. The Gaganyaan orbital spacecraft project was kicked off in August 2018. It originally intended to send astronauts from India to mark the 75th anniversary of the country's independence in 2022. However, the mission has been delayed due to the restrictions imposed in view of the coronavirus pandemic. ISRO is targeting the first unmanned mission under the Gaganyaan project in December. This launch was to take place in December last year. This mission will be followed by another unmanned mission. The third leg is the main module. France and India share robust ties in the area of space cooperation. The first space agreement between France and India dates back to 1964. Existing partnerships between the two nations cover almost all areas of space activity. ISRO will also be launching the joint Oceansat 3-Argos mission this year. In March 2018, India and France had unveiled a joint vision for space cooperation. The two nations have also agreed to work on inter-planetary missions to Mars and Venus. India has already signed an agreement with Russia for the training of four astronauts who have been shortlisted for the Gaganyaan mission. Additionally, it is also in talks with Australia to have a ground station at the Cocos Islands for the Gaganyaan mission. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Eight entities apply for on-tap banking permits

15 Apr, 2021, 08:01PM | Livemint

MUMBAI : Eight institutions and individuals have applied for on-tap licences to set up universal banks and small finance banks, the Reserve Bank of India (RBI) said on Thursday. UAE Exchange and Financial Services Ltd, Repatriates Cooperative Finance and Development Bank Ltd, Chaitanya India Fin Credit Pvt. Ltd, an entity owned by Flipkart co-founder Sachin Bansal, and Pankaj Vaish and others have sought licences for universal banks. UAE Exchange had applied unsuccessfully for a banking licence in 2017. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST VSoft Technologies Pvt. Ltd, Calicut City Service Co-operative Bank Ltd, Akhil Kumar Gupta and Dvara Kshetriya Gramin Financial Services Pvt. Ltd have shown interest in setting up small finance banks. This comes weeks after RBI set up an advisory panel, led by former deputy governor Shyamala Gopinath, to evaluate applications for universal and small finance banks, which are mandated to focus on priority sector lending and small loans. The last time RBI handed out universal bank licences was in 2015 when it cleared IDFC Ltd and Bandhan Financial’s applications. In August 2016, RBI released guidelines for on-tap licensing for universal banks. Among eligible promoters for banks were resident professionals who have 10 years of experience in banking and finance at a senior level. Private sector entities owned and controlled by residents and have a successful track record for at least 10 years are also eligible, provided they have assets of ₹5,000 crore or more, and the non-financial business of the group does not account for 40% or more of total assets or gross income. Existing non-banking financial companies (NBFCs) controlled by residents and with a successful track record for at least 10 years were also allowed to apply for licences. In August 2013, RBI released a policy discussion paper on banking structure in India that favoured an on-tap licensing policy to boost competition and bring in new ideas into the system. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Fuel delivery startup FuelBuddy raises Rs12.5 crore

15 Apr, 2021, 07:47PM | Livemint

MUMBAI : Online fuel delivery startup, FuelBuddy, has raised ₹12.5 crores in funding from the Jaipuria Family Office and Rishi Kajaria. The Delhi-based company is an app-based, IoT and cloud-enabled fuel delivery service making available fuel on-demand with value-added services. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST "It follows a five-axis approach – cashless transactions, convenience, quality & quantity, safety & environment with technology as its backbone," FuelBuddy said in a statement today. FuelBuddy also offers complete supply chain solutions using technology, IoT, and cloud computing thereby enabling customers to use advanced analytics to control and monitor data. It procures fuel from oil marketing companies, Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation. Jaipuria Family Office is based in New Delhi and has a significant presence in over 35 locations with a workforce of more than 2000 people through its investee companies. The investee companies’ activities encompass real estate, beverages, retail, engineering, IT, and plastics. Rishi Kajaria is Jt. MD of Kajaria Ceramics Limited, India’s largest manufacturer of ceramic/vitrified tiles. He has also invested in various startups in his personal capacity. FuelBuddy which was set up in 2016 has expanded operations to 33 cities and has increased its turnover 2.5x. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Virus variants inciting India's 2nd surge, epidemiologists say

15 Apr, 2021, 07:39PM | Livemint

NEW DELHI : The second surge of COVID-19 cases in India has swamped hospitals much faster than the first because mutations in the virus mean each patient is infecting many more people than before, epidemiologists and doctors say. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST India's daily infections skyrocketed more than 20-fold to more than 200,000 on Thursday since a multi-month-low in early February, though the government has played down the role of mutants in the latest rise, the worst anywhere this month. The world's hardest-hit country after the United States has reported about 950 cases of people contracting the variants first detected in the United Kingdom, South Africa and Brazil. "The point is that these variants of concern are still not on top of the discourse," said epidemiologist Rajib Dasgupta of New Delhi's Jawaharlal Nehru University. "Even if it is a new variant, you need to do the same things" to control it and treat patients "but it requires a different urgency to recognise that", he said. Doctors at New Delhi's All India Institute of Medical Sciences have found that one patient is now infecting up to nine in 10 contacts, compared with up to four last year. Scientists in Britain say the B.1.1.7 version of the virus, widely known as the UK variant, is 70% more transmissible than previous versions, and potentially deadlier. MORE FROM THIS SECTIONSee All Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Premium Premium Rare blood clotting risk more for Covid-19 than for vaccines: Oxford study 1 min read . 15 Apr 2021 Premium Premium What are Covid vaccine passports? Do I need to get one? 1 min read . 15 Apr 2021 The northern Indian state of Punjab, which has reported one of the highest recent fatality rates in the country, said late last month 81% of 401 COVID-19 samples it sent for genome sequencing were found to be the UK variant. "This virus is more infectious and virulent," said Dhiren Gupta, a senior consultant at New Delhi's Sir Ganga Ram Hospital. "More children are reporting high-grade fever compared to last year. We have 35-year olds with pneumonia in intensive care, which was not happening last year." India has recorded 14.1 million infections and 173,123 deaths in total. Mass gatherings The government has mainly attributed the big rise in cases to a reluctance to wear marks and crowding. Still, it has refused to call off a mass gathering of Hindu devotees for a festival and its ministers are addressing tens of thousands of largely mask-less people in election rallies. A scientist at the National Institute of Epidemiology said more evidence was needed to directly link the rise in cases to the variants, but that anecdotally that seemed to be the case. "There are in-vitro experiments which can also tell us about the infectivity, the severity, how lethal it is, etc, but those are not completed yet, they are ongoing," said Tarun Bhatnagar. "We haven't had a virus that has spread so rapidly, and we haven't had the time to study it. Everything is on the go. We are dealing with it, being affected by it and studying it. The pace of every thing is too fast." But with crowding still common in many regions of India, "we are about to find out just how dangerous this strain is", said Om Srivastava, head of infectious diseases at Mumbai's Jaslok Hospital who also advises India's worst-hit Maharashtra state. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

PE investments in real estate grew 16 times in Q1 of 2021: report

15 Apr, 2021, 07:31PM | Livemint

As per a report released by Knight Frank India, private equity investors put in $3241 million in Indian real estate through 19 deals in the first quarter of calendar year 2021. This was 16 times $199 million invested by private equity in the Q1 of 2020. The money came in the form of both equity as well as debt investments. The Q1 of 2020 saw strong momentum as covid cases subsided during the early part of Q1 2021 and certain deals were spilled over from 2020 to 2021. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST However, going forward the momentum will depend on how long it will take for the cases to go down as we are witnessing the second wave and pace of vaccination. Of the total PE investments in real estate, the office segment attracted 71% share, followed by retail at 15%, residential and warehousing with 7% each respectively. Shishir Baijal, chairman and managing director, Knight Frank India said, “The deal street market of Indian real estate witnessed an impressive surge in both value and volume of private equity investments in the first quarter of 2021, when compared to the entire year of 2020. Office assets continue to be the preferred segment attracting over 70% of PE investments Q1 2021 as the segment moves towards maturity which includes sustained demand, stability in rental income and change in ownership profile over the long term. Investors are expecting demand to recuperate faster as the pace of vaccination increases." “While Q1 2021 has been an encouraging quarter for PE investments, however, the upward trajectory can be impacted by the rising second wave of COVID-19 infections in India which started in the month of April 2021. The sustainability of revival in investor sentiments will therefore depend on how soon the second wave of infection subsides and the pace of vaccination," he added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Ashok Leyland incorporates new unit for freight business

15 Apr, 2021, 07:17PM | Livemint

New Delhi: Commercial vehicles maker Ashok Leyland on Thursday said it along with Hinduja Leyland Finance has incorporated a company to take care of the freight mobility business. The company and its subsidiary Hinduja Leyland Finance Ltd have jointly incorporated a firm in the name of 'Gro Digital Platforms Limited' on April 14, 2021, Ashok Leyland said in a regulatory filing. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST "'Gro Digital Platforms Ltd (GDPL) is incorporated to carry on the business of freight mobility and associated services relating to fleet-owners," it added. The firm, with its registered office in Chennai, is yet to commence operations, Ashok Leyland added. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

India's exports surge 60% in March, fall by 7.2% in FY21

15 Apr, 2021, 07:09PM | Economic Times

India’s exports grew the fastest in March with total outbound shipments rising 60.29%, far higher than 0.65% growth in February, with March becoming the fourth consecutive month of growth in FY21. For the full year, exports fell by 7.26% versus FY20. However, gold imports surged almost 592% on-year, leading to a 53.7% rise in overall imports and widening the country’s trade deficit to $13.93 billion from $9.98 billion in the year ago period, provisional data released by the commerce and industry ministry on Thursday showed. India’s outbound shipments for March were to $34.45 billion while imports were $48.38 billion. All but two categories out of 30 major exports witnessed growth in March including iron ore, electronic goods, carpets, handicraft, gems and jewellery, ceramic products and engineering goods among others. Exports of oil seeds and cashew witnessed decline in the month. Exports in the April-March period were $290.63 billion, 7.26% lower than $313.36 billion in the corresponding period last year. For FY21, the trade deficit narrowed to $98.56 billion, from $161.35 billion in FY20. Trade watchers attributed the expansion in exports to combination of factors such as a muted base, rising commodity prices reflecting post-vaccine optimism and surge in volumes at the end of the year. Trade deficit widened in March owing to on account of a spike in net imports of precious metals, precious and semi-precious stones and gems of jewellery by $6.7 billion, ratings agency ICRA noted. Government data said that petroleum and crude oil imports rose by 2.23% in March on-year to $10.2 billion, but declined sharply by 37% to $82.3 billion during the April-March FY21 period. Besides gold and electronic goods, imports of pearls, precious and semi-precious stones, electrical and non-electrical machinery, iron and steel also increased in March. However, the import of transport equipment and project goods declined. Non-oil non-gold imports, an indicator of the strength of domestic demand, rose 46.66% in March. “With the rise in commodity prices and surge in gold imports, we expect the current account deficit to widen to US$ 5-7 billion in Q4 FY2021, limiting the size of the annual current account surplus to US$26-28 billion in FY2021 as a whole,” said Aditi Nayar, principal economist at ICRA. She added that both exports and imports may be adversely impacted in the ongoing quarter in sequential terms if localised restrictions proliferate further. Several states have imposed weekend and night curfews to curb the rising number of Covid 19 cases as India reels under the second wave of the pandemic. For FY22, Nayar expects India's current account deficit to be $22-27 billion as some demand may get shifted from Q1 FY22 to the later part of the year due to the surge in Covid-19 infections, which may temporarily dampen imports.

India social security contributions and widening of the tax regime

15 Apr, 2021, 07:08PM | Livemint

Across the globe, retirement planning is a critical issue for individuals. In the Indian context, in the absence of a universal state-sponsored welfare scheme, individuals have to rely on provident fund and similar schemes to build their retirement nest. A few tax incentives have been provided under the Income Tax Act, 1961, which promote contributions to specified social security funds namely Provident Fund (PF), National Pension Scheme (NPS) and Superannuation Funds (SAF) by employees and their employers. The backdrop TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Till financial year 2019-20, only contribution by the employer to the account of an employee more than the prescribed thresholds was taxable as perquisite in the hands of the employees. (See Chart 1) Contributions up to the prescribed threshold did not get taxed at any point of time, since Exempt-Exempt-Exempt (EEE) regime was followed for these retiral funds. Even though a separate threshold was prescribed for each fund, there was no combined monetary threshold for employer’s contribution to such funds. As a result of this, certain individuals were able to structure their compensation in a manner that a large portion of their salary was paid by employer in the specified funds. However, given that the employer’s contribution was well within the aforesaid limits, the contribution was not taxable. Further, given the EEE regime, such contributions were never subject to tax. The government vide Finance Act 2020 decided to provide an overall cap on the employer’s contribution to PF, SAF and NPS. View Full ImageRetirement planning Share Via New taxation provisions MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:02 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST The government vide Finance Act, 2020 decided to tax the employer contribution to these specified funds, in excess of certain limits and annual accretion thereon. This accretion could be in form of interest, dividend or any other amount of similar nature. Accordingly, effective FY2020-21, it was provided that if the aggregate contribution made by an employer to the specified funds is in excess of `7.50 lakh (excess contribution), then the excess contribution will be taxable as perquisite in the hands of the employee. Such perquisites will be included in employee’s salary and taxed at the applicable slab rates. This also includes the interest or income accrued in respect of such excess contribution. Recently, the government also notified the manner of computing the annual accretion by way of interest, dividend, etc., on such excess contribution. A formula-based approach has been prescribed which, inter-alia, requires details of opening and closing balance of these funds and the interest rates or NAVs, as the case may be. Implications for the employer The employer is required to estimate the taxable salary of employee and withhold tax at average rate of tax during the financial year. Accordingly, the employer is now required to withhold tax on excess contribution and the annual accretions thereon in these funds. Challenges ahead As a result of the aforesaid changes and computation methodology prescribed, there are certain practical challenges being faced by employers which need to be addressed: * Cases where employer is contributing to more than one specified fund. (See Chart 2) In such cases, there is lack of clarity on how this excess contribution i.e. ₹50,000, is to be computed. In other words, the excess contribution would be attributable to which fund has not been clarified. Therefore, a question arises whether an employer can suo moto decide or allocate it proportionately to all the funds in the ratio of contribution made by it. It is pertinent to note that this would also have a consequential impact on the taxable accretions as well, which are worked out differently for these specified funds. * This methodology for computation of accretion on excess contribution, applicable for 2020-21, was notified on 5 March 2021 and hence, companies need to now consider this while determining the taxes to be deducted for FY2020-21. This poses a practical challenge for the employer, being the end of the financial year. * Information like the earnings of the fund, and opening and closing balance of the specified funds is not readily available during the year, with the employers. They need to seek these details from the employees and there may be data privacy concerns for the employees. Even if the employees reluctantly share these details, adequate documentation to substantiate this information would also need to be maintained by the employer. This will add to the administrative burden for the employers. * The other challenge would be in terms of availability of the interest rates e.g. the interest rates for PF are not announced at the beginning of the financial year, it would be difficult to compute the income accrued during the year. Accordingly, for such cases, the government should provide guidance regarding the manner in which the taxable perquisite is to be computed during the year. Should the employer consider the interest rate of last year or average interest rates of last two previous years, etc. One way to resolve this issue is that a true-up is done by employer before issuing Form 16, if the rate is available by then or the employees could do so in his / her income tax returns. * In most cases, the income accrued for the entire financial year will be ascertained only after the end of the financial year, since the contribution for March 2021 would also form part of the total amount on which the accrued income is to be determined. So, clarity is required if the true-up could be done by employer in the next financial year. * There would be a separate set of challenges when employees join or leave the organization during the year i.e. cases where settlements are pending. * In case of specified funds which are NAV-based (NPS), the NAV continues to change during the year and the final NAV is available only after the end of the financial year. The above issues may lead to administrative challenges both for the employers and employees. It is possible that different approaches may be adopted by different organizations, which may lead to unintentional non-compliance, dispute and litigation. Therefore, some of these aspects require attention and should be clarified. Vikas Vasal is national managing partner–Tax at Grant Thornton Bharat LLP. Richa Sawhney and Ankita Chowdhry contributed to this article. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Citigroup to exit retail banking in 13 key markets including India

15 Apr, 2021, 06:38PM | Livemint

Citigroup Inc. plans to exit retail banking in 13 markets across Asia and the Europe, Middle East and Africa region. The bank will instead operate its consumer-banking franchise in both regions from four wealth centers in Singapore, Hong Kong, the United Arab Emirates and London, it said Thursday in a statement. The move is part of an ongoing review of the company’s strategy by Chief Executive Officer Jane Fraser, who took over last month. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST “This positions us to capture the strong growth and attractive returns the wealth-management business offers through these important hubs," Fraser said in the statement. Citigroup will exit its consumer franchises in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The firm will continue to offer products in those markets to customers of its institutional clients group, which houses the private bank, cash-management arm and investment-banking and trading businesses. The New York-based bank has already been building out a wealth-advisory hub in Singapore. The 30,000-square-foot (2,800-square-meter) space is the largest of its kind for the bank and has room for more than 300 relationship managers and product specialists. The withdrawal came as Citigroup reported record quarterly profit, boosted by the flurry of blank-check companies it helped take public in the first three months of the year. “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete," Fraser said. “We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Assets under NPS rose to 38% YoY till March 2021: PFRDA

15 Apr, 2021, 06:31PM | Livemint

The Pension Fund Regulatory and Development Authority (PFRDA) announced on Thursday that it has reached a record 424 lakh subscribers under the National Pension System (NPS) and Atal Pension Yojana (APY) at the end of the Financial Year 2020-21. The total Assets Under Management (AUM) of NPS is ₹5,78,025.40 crores. The growth in the number of subscribers recorded a remarkable figure for the first time, this financial year. Basis the record, the total pension assets under management has shown a Y-o-Y growth of 38%. As of March 2021, more than 11 lakh corporate employees and 16.47 lakh non-government subscribers have enrolled in NPS voluntarily. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST The pandemic has not impacted the joining of subscribers in comparison to the years before Covid 19. A big reason may be the citizens have started realizing the uncertainty of life and the need for financial security and retirement planning. Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), said, “Although last year was pretty challenging because of the Covid-19 pandemic, we are glad that we could achieve 24% growth in non-government subscribers base and overall AUM too grew by 38%. The scheme returns of nearly 10% generated by Pension Funds were praiseworthy. In totality, 6 lakh new non-government subscribers and 1100 new corporates joined the NPS scheme this year, and look forward to adding another 1 million new subscribers during the current fiscal" In the financial year 2020-21, PFRDA has introduced various new policies to make the system seamless, from entry to exit in National Pension System. The policy initiatives include the subscribers’ onboarding, the exit process, the new methods of subscriber authentication such as OTP/ e-Sign based onboarding, Offline Aadhaar-based verification, and third party onboarding after KYC verification, e-nomination, e-exit for NPS Subscribers, penny drop for bank account verification etc. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Merck, partner halt covid-19 treatment trial for hospitalized patients

15 Apr, 2021, 06:30PM | Livemint

Merck & Co. and its partner Ridgeback Biotherapeutics LP said they are stopping a trial of their experimental Covid-19 drug after it failed to help hospitalized patients, delivering another setback to doctors seeking treatments to use for the disease. The companies said they would move forward with a separate study that is testing the oral antiviral drug in treating patients early in the course of the disease and who are at high risk of Covid-19 complications. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Early study results on hospitalized patients found that the treatment is unlikely to reduce hospitalization stays and deaths, the companies said Thursday. Merck said testing found that the drug, called molnupiravir, inhibits replication of the virus. But the trial of people who weren’t hospitalized was too small to show that the drug reduced clinical symptoms during their early treatment, Merck said. If the drug is proven effective in outpatients after the next, larger round of testing, Merck could file for an emergency-use authorization in the second half of this year, the company said. “Early treatment is really important," said Roy Baynes, Merck’s chief medical officer and head of global clinical development. “This could have a big impact if indeed it could reduce the burden of serious illness." Researchers didn’t observe any serious side effects related to the drug, Merck said. Merck and Ridgeback announced the findings after reviewing early data from a pair of studies testing the drug in hospitalized and nonhospitalized patients. Results haven’t yet been published in a peer-reviewed scientific journal. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Merck is still looking to play a direct role in responding to the pandemic after several setbacks. Its two experimental vaccines failed in testing, and it is helping to manufacture Johnson & Johnson’s vaccine. If approved by regulators, molnupiravir, which comes in a pill form, would immediately boost the limited toolbox of treatments for the disease. Molnupiravir would fill a key role by conveniently helping people who are sick but not yet hospitalized, potentially becoming a kind of Tamiflu for the disease. More than a year into the pandemic, there are still no easy-to-dispense treatments that can be given to newly diagnosed patients to prevent them from becoming gravely ill. While vaccines are rolling out around the world, they remain inaccessible to many people or are refused by others who could become sick. Remdesivir, from Gilead Sciences Inc., is the only antiviral authorized by the Food and Drug Administration and has shown to provide only a modest benefit for hospitalized patients. The FDA has also cleared for use three monoclonal-antibody drugs made by Eli Lilly & Co. and Regeneron Pharmaceuticals Inc. for people with mild to moderate Covid-19. Yet their use has been limited, partly because they are given by intravenous infusion, which can be laborious for hospitals to administer. In the halted Merck study of about 300 hospitalized subjects, researchers gave patients one of three doses of molnupiravir, or a placebo, twice a day for five days and monitored them for about a month. Molnupiravir reduced replication of the virus in the patients, but the results still suggested the drug is unlikely to help them, Merck said. “The hospitalized patient population typically has been symptomatic for a lot longer so they’re further along in their illness so it appears that may mitigate against favorable outcomes," Dr. Baynes said. Researchers evaluated the same doses in a study of similar-size groups of people who were sick but not yet hospitalized. They found the percentage who were hospitalized or died was lower in the more than 200 subjects who received molnupiravir compared with the 74 people given a placebo, according to Merck. Merck will test the dose found to have the most potential in a larger study of 1,850 subjects. Kenilworth, N.J.-based Merck and Miami-based Ridgeback said they would also begin another new trial this year studying whether molnupiravir could prevent infection after people are exposed to the virus. The new Merck results build upon earlier findings released in March that found that the drug significantly reduced infectious virus in subjects after five days of treatment. Merck also said Thursday that it would halt development of an experimental Covid-19 drug it acquired through a $425 million acquisition of the firm OncoImmune. The drug showed promise in an early look from a late-stage study, but regulators requested more clinical data. Even if proven successful and cleared by regulators, the drug wouldn’t be available until next year because of additional testing and manufacturing by Merck, Dr. Baynes said. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Lijjat Papad: How 7 women wrote a success story with only ?80 for seed capital

15 Apr, 2021, 06:16PM | Livemint

The fairytale success of Lijjat Papad -- a multi-million-dollar venture founded by seven women in a crowded Mumbai tenement in 1959 with seed capital of ₹80 ($1.10) -- belies its revolutionary feminist aspirations. The cooperative employs 45,000 women across India, offering them a job for life as "co-owners" of the enterprise, whose wafer-thin snacks — known locally as papads and as papadums in the West — have become a byword for good business and female empowerment in a patriarchal country. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Life at Lijjat's 82 branches begins early, with women lining up before dawn to drop off finished products, pick up freshly prepared lentil dough, and head home. That's when the work shifts into high gear, as they deftly stretch and roll out the dough — flecked with cumin seeds and black pepper — into small flat rounds that are then left to dry. The job relies on skill but doesn't require formal education, opening up opportunities for multitudes of Indian women to become financially independent. That is a huge accomplishment in a country where female workforce participation — never high to begin with — has been declining for years, plunging from 34 to 20% in the two decades to 2019, according to the International Labour Organization. As a young bride aged 24, Darshana Pundalik Parab fretted about managing household expenses with her husband's meagre salary, realising that her employment prospects as a school dropout were dire. Then she heard about Lijjat. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Not only did the cooperative have a job for her, it allowed thousands of housewives like her to work from home, no questions asked. In the 35 years that followed, Parab was able to keep earning while raising three boys. "It was difficult when the kids were small, to watch over them and do the job," said Parab, recounting the early years when she kept one eye on her sons, and the other on the papads. The extra cash was welcome, she told AFP, relaying her pride in being able to pay her children's school fees and teach them crucial life lessons. "My sons know that there is no such thing as women's work," she said, adding that her youngest, 27, still chips in to help prepare the crunchy snacks. Humble beginnings Lijjat's commitment to women's empowerment reflects its inconspicuous beginnings, when seven housewives gathered on a Mumbai rooftop one sunny morning to prepare four packets of papads. They ran the business on a shoestring budget, with annual sales in 1959 amounting to just over ₹6,000, a fraction of their current revenue. Every woman is paid according to her production capacity and role in the organisation, with Parab earning around ₹12,000 a month on average. Men are only hired as shop assistants, drivers or errand boys. "Some of our women earn more than their husbands -- and their families respect them for it," said Lijjat president Swati Ravindra Paradkar. Paradkar was just 10 years old when her father died at 37, leaving the family's finances in precarious shape. Every morning before school, she would help her mother -- who was part of the cooperative -- make papads. "I found it very hard... especially during vacations, when my friends would all be out playing and I would have to work," Paradkar, now 61, told AFP. She persevered, eventually joining the cooperative full-time and becoming its president, thanks to a policy that sets Lijjat apart from other businesses. "We believe that only someone who can roll out papads can become president," she said. Bollywood calling Although the coronavirus pandemic slashed sales by nearly a fifth according to early estimates, Paradkar said there had been no layoffs, with staff even receiving modest salary hikes. The cooperative has expanded into other categories, including chapatis and laundry detergent, but the papad remains its flagship product, sold across India and in foreign markets from Singapore to the United States. The inexpensive snack -- a 100-gram (3.5-ounce) packet costs 31 rupees -- is even making the leap to the silver screen, with Lijjat's story now the subject of a Bollywood film under production. "People will be able to learn something from it," said Usha Juvekar, who has been part of the cooperative for 15 years. "If everyone in this country cared as much about women as Lijjat does, we would make so much more progress," she told AFP. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Stock futures rise as earnings season ramps up

15 Apr, 2021, 06:00PM | Livemint

U.S. stock futures rose as blue-chip companies reported earnings and investors awaited economic data that would indicate the state of consumer spending and the labor market. Futures tied to the S&P 500 gained 0.5%. Contracts for the Dow Jones Industrial Average added 0.5%. Futures for the technology-heavy Nasdaq-100 were up 0.6%, indicating tech shares may recover some ground after the index fell 1.3% Wednesday. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Investors will be watching earnings to assess whether stocks can grind higher. Bank of America shares added 1.9% premarket after the bank reported that its profit doubled in the first three months of the year. UnitedHealth Group shares climbed 2.5% after the healthcare services company posted a larger profit and stronger revenue on the year in the first quarter. Goldman Sachs Group and JPMorgan Chaseposted record quarterly profit Wednesday. An anticipated economic recovery has led some investors to buy shares of companies sensitive to a rebound, such as energy, travel and banks, which has helped send indexes to repeated record highs this year. “We want to see that the 2021 numbers—even the 2022 numbers—are going to continue to look good," said Esty Dwek, head of global market strategy at Natixis Investment Solutions. “We want to see what guidance is going to be. For a lot of 2020, we had no guidance." In premarket trading, newly listed cryptocurrency exchange Coinbase rose 10.3%. Shares rose as high as $429.54 during the stock’s trading debut Wednesday and ended the session at $328.28. Overseas, the Stoxx Europe 600 gauge added 0.3%. Gains were led by Bud beer maker Anheuser-Busch InBev, which gained 3.9% after Barclays raised its price target on the stock. Shares in other alcoholic beverage makers were also higher, including Heineken and Johnnie Walker-maker Diageo. MORE FROM THIS SECTIONSee All Premium Premium Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels 1 min read . 09:26 AM IST Premium Premium Gold prices today fall, a day after big gains, silver rates drop 1 min read . 09:49 AM IST Premium Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Premium Markets seen rangebound amid rising covid cases; Wipro, Bajaj Auto in focus 1 min read . 08:34 AM IST The Russian ruble fell 1.2% against the dollar after The Wall Street Journal reported that the Biden administration would sanction Russia in response to its alleged election interference, widespread hacking campaign and other malign activity. Major Asian stock indexes closed after a mixed performance. The Shanghai Composite Index declined 0.5%, and Hong Kong’s Hang Seng Index edged 0.4% lower. South Korea’s Kospi added 0.4%. U.S. retail sales—a measure of purchases at stores, at restaurants and online—are out at 8:30 a.m. ET and are expected to have surged in March. Household incomes have benefited from recent fiscal stimulus measures that saw $1,400 checks hit some Americans’ bank accounts. Fresh data on the number of Americans applying for first-time unemployment benefits will also be released at 8:30 a.m. The Federal Reserve has said that employment is one of the factors it is watching to determine when it could eventually lift interest rates. In bond markets, the yield on the 10-year Treasury note ticked down to 1.616%, from 1.637% Wednesday. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Tata Steel unveils multi-million-pound plan for tube making site in UK

15 Apr, 2021, 05:55PM | Economic Times

Tata Steel on Thursday unveiled its transformation plans for a steel tube making site in the UK's East Midlands, which the Indian steel major said will give the business the best chance of a strong future. Work has started at the 150-acre site at Corby, which produces vital products for everything from sports stadiums and iconic skyscrapers such as the Shard in London , to hospital beds and renewable green energy schemes around the world. Workers at the site produce steel tube products from steel made at the company's Port Talbot works in Wales. "Steel is, and will continue to be, an essential part of the UK's plans to decarbonise for the future," said Sandip Biswas , Chairman of Tata Steel UK Ltd. "We need to ensure we are able to make and supply the products right here in the UK which will help transition to a net-zero future," he said. Under the transformation plans, manufacturing processes on the site will be brought closer together as part of a 25-million pounds scheme which is being paid for in part with the sale of land freed up by the changes as well as savings from operational improvements. The two-year investment project will see the creation of a single high-tech warehouse, the relocation and upgrading of the important rectangular hollow section (RHS) processing line and the cold mill (CFM) - where many of the most important products produced by the Corby site are made. "The programme is essential to ensuring a sustainable future for our site and generations of steel workers to come. It will enable us to reconfigure our operations and achieve the highest levels of operational efficiency," said Gary Blackman, Tata Steel Corby Works Manager. "The programme will map out a sustainable future for the Corby site and it lays the foundations for future growth," added Coenraad Spaans, Tata Steel Operational Director Tubes. The company says that sustainability is at the core of the improvements, with material from old concrete floors being recycled on site to help create the sub-base for the warehouse - work on which has now started. Meanwhile, the relocation of the RHS and CFM processes will see improved efficiency and reduced energy consumption. At the same time, Tata Steel says it will work closely with construction partners and the local authorities to ensure minimal impact on the surrounding community during the project. Nigel Chudley, who is leading the warehouse project, said: "We are creating a single site warehouse within the East Works, which will allow the closure of the South warehouse. "Significant work is ongoing to prepare the ground for the installation of a racked warehouse solution. Over the last couple of weeks the team have been working with our contractors to break ground, which is the first element of a 14-week programme to prepare the flooring which will support 18,000 tonnes of finished tube product." The new warehousing system is expected to bring significant advantages to the current system - enabling the tubes operation to rotate stock much more efficiently and reduce stock losses. Tata Steel is one of Europe's prominent steel producers, with steelmaking in the UK and the Netherlands, and manufacturing plants across Europe. It supplies high-quality steel products to diverse markets of construction and infrastructure, automotive, packaging and engineering. The Tata Steel Group , with an annual crude steel capacity of 34 million tonnes, is among the world's most geographically-diversified steel companies.

SBI clarifies on transaction charges in zero-balance accounts

15 Apr, 2021, 05:54PM | Livemint

The State Bank of India (SBI) on Thursday released a clarification on the recent media reports based on the outcome of a study by IIT Bombay. A study by IIT-Bombay has claimed that State Bank of India and several other banks in the country have been imposing excessive charges on certain services which are provided to those with zero-balance accounts or Basic Savings Bank Deposit Accounts (BSBDA), according to reports. SBI collected over ₹300 crore by levying service charges during the period 2015-20, the study claimed. In August 2012, Reserve Bank of India said that banks are free to levy charges in BSBD accounts beyond four free transactions. The availment of such additional services shall be at the option of the customers. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST "Accordingly, SBI introduced charges for debit transactions beyond four free transactions in BSBD accounts w.e.f 15.06.2016 with prior intimation to the customers," India's largest lender clarified. During August 2020, the Central Board of Direct Taxes (CBDT) advised banks to refund the charges collected, if any, on or after 01.01.2020 on transactions carried out using the digital mode and not to impose charges on future transactions carried out through such modes. Following the directives, SBI has refunded the charges recovered in respect of all the digital transactions to the BSBD customers w.e.f. 01.01.2020 to 14.09.2020, the lender mentioned. "SBI has stopped recovering charges in such accounts on all digital transactions w.e.f. 15.09.2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month," the bank said. "The objective is also to encourage BSBD account holders including PMJDY account holders to adopt digital payment through the prescribed modes vis-à-vis the cash transactions," it added. "SBI has been determinedly working towards offering a convenient banking experience to all its diverse range of customers. Bank has also waived fees levied on SMS services and on maintenance of monthly average balance to all its Savings Bank account holders while promoting financial inclusion in the country in a big way," the lender said in the statement. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Coronavirus curbs in India disrupt supply chains, stoke economy worries

15 Apr, 2021, 05:42PM | Business Standards

Restrictions imposed by Indian states to curb a rapid surge in coronavirus cases have disrupted supply chains, hit freight networks and caused labour shortages in the small companies that make up around a third of economic output, business owners said. India is recording hundreds of thousands of cases daily in its worst phase of the pandemic, forcing authorities in states such as Maharashtra, home to financial capital Mumbai, and New Delhi to take strict steps to control the spread of the virus. Maharashtra - which contributes 15% to the country's economy - shut most factories from Wednesday, while more than 10 states including Tamil Nadu, Punjab and Haryana have imposed night curfew or weekend curbs which businesses say have already hit transportation and raw material supplies. But the effects are being felt across the country as small businesses said they been hit by transportation delays as truckers hesitate to travel amid rising cases and curfews. Small businesses are also worried that as workers may return to their villages as cases rise and job prospects worsen. In Meerut, an industrial hub about 100 km from New Delhi, Anurag Agarwal, regional head of the Indian Industries Association, said the prices of raw materials for sports goods and other products had risen as supplies have been delayed. "Night shifts have been cancelled and unforeseen rise in prices of key raw materials have contributed to our woes," said Agarwal, who represents about 10,000 business units. In southern city of Chennai, K.E.Raghunathan, convenor of the Consortium of Indian Associations, said many small firms were facing an uncertain future as they were now struggling to give delivery commitments to clients as labour shortages were rising due to the curfews. The hit on small businesses has broader implications for India's economy, Asia's third-largest, and compounds other problems such as the slow pace of vaccinations. India recorded 200,739 new coronavirus infections on Thursday. The economy had started picking up from January and the government had hoped economy will grow rapidly in the fiscal year that started April 1. Such forecasts are at risk now. "The pace of GDP growth in the ongoing quarter may be tempered to 20-25% from earlier estimate of 27.5% growth," said Aditi Nayar, chief economist at ICRA, the India arm of Moody's ratings. TRUCKERS WORRY Finance Minister Nirmala Sitharaman said this week there would be no national lockdown as it could hit the economy harder. Senior officials told Reuters they are hopeful any adverse economic impact of the surge could be contained quickly. But Nomura said in a note it expects more states to impose restrictions and the preliminary data for April for freight, passenger traffic and taxes had indicated a dip in activity. Long-distance road transportation is key to supplies for small businesses across India. The trucking sector is disrupted due to fears among drivers that they may not get basic supplies like food due to strict curfews, said Abhishek Gupta of All India Transporters Welfare Association. "Drivers are hesitant (to travel) ... Truck rentals are through the roof in some states. It is likely to affect supply to those factories which are functioning," said Gupta. Manufacturing and mining operations in states such as Odisha and Chhattisgarh have also been affected due to transport issues. "In Chhattisgarh, iron ore, cement and aluminium industries have cut down production and are operating at minimum level," said Anil Kumar Tuteja, a senior state government official. (Reporting by Manoj Kumar and Aftab Ahmed in New Delhi, Jatindra Dash in Bhubaneswar, Sumit Khanna in Ahmedabad; Editing by Aditya Kalra; Editing by Alison Williams)

Active Covid-19 caseload in Maha to double in 15 days: Thackeray

15 Apr, 2021, 05:29PM | Business Standards

Maharashtra Chief Minister Uddhav Thackeray has written a letter to the Centre, saying the number of active caseload of COVID-19 in the state is expected to double in the next 15 days. Maharashtra is expecting its active caseload to reach 11.9 lakh by April 30, compared to the current active caseload of 5.64 lakh, Thackeray said on Wednesday in the letter addressed to Prime Minister Narendra Modi. He also said the medical oxygen requirement in the state is projected to reach 2,000 metric tonnes per day by April-end from the present consumption of 1,200 MT per day. Citing logistical hurdles in the transportation of liquid medical oxygen from neighbouring states, Thackeray also sought permission under the National Disaster Management Act to airlift oxygen from steel plants in eastern and southern parts of the country. Medical-grade oxygen is used for the treatment of critical COVID-19 patients and in other cases of respiratory diseases. Maharashtra has approached neighbouring states for medical oxygen supply amid the COVID-19 surge, but they have expressed their inability due to its high demand there, Health Minister Rajesh Tope said on Wednesday. Thackeray on Tuesday said there is a shortage of medical oxygen and the Centre should help supply it for coronavirus patients in the state by using Air Force planes. In his letter to Modi, the CM welcomed the Centre's decision to ban the export of Remdesivir and demanded that authorities grant compulsory license, as per the section 92 of the Indian Patents Act 1970, to facilitate approval to the exporting units to produce and sell the key anti-viral drug in the domestic market without any legal hurdle. He also asked the Centre to consider the COVID-19 pandemic as a natural calamity, so that the Maharashtra government can use the State Disaster Response Fund (SDRF) to provide financial assistance to the affected people. All State Disaster Management Acts have been formed as part of the central disaster management law; hence the state needs the Union government's permission to use the SDRF for helping the pandemic-hit people, a government official said. As of now, flood, lightning incidents, heavy rainfall where there is loss of property or livelihood fall under the category of natural calamity and monetary compensation is provided to the affected people. The chief minister wants to use the SDRF for the similar purpose as the coronavirus outbreak has affected the earnings of thousands of people in the state. We need a legal provision to do so, hence the state government has written to the Centre," the official said. Thackeray also said that notifying the pandemic as natural calamity would allow the state to pay a gratuitous relief of Rs 100 per adult per day and Rs 60 per child per day during the period of the lockdown to those registered under the Antyodaya Anna Yojana and Priority Household ration card holders. He also said the first installment of the central share of the SDRF may be released to the state to tide over the financial situation arising out of the COVID-19 pandemic. The chief minister also demanded that the Centre ask banks to postpone the repayment of loan instalments of small, medium and other business enterprises due in the first quarter of the current fiscal, without charging any interest over it. On Wednesday, Maharashtra reported 58,952 fresh coronavirus cases, taking the tally to 35,78,160, while 278 new fatalities pushed the toll to 58,804, the state health department said. In view of an alarming rise in cases, the state government has announced stricter measures for 15-days which came into force at 8 pm on Wednesday and will remain in operation till 7 am on May 1. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Covid second wave: India sees sharp jump in demand for medical oxygen

15 Apr, 2021, 05:07PM | Livemint

New Delhi: India is expected to see a steep rise in demand for medical oxygen in some states by the end of the month owing to the sharp spurt in covid-19 cases, the Centre said on Thursday. Several states are already seeing an unusually high demand for medical oxygen as the second wave of pandemic rages on, the inter-ministerial empowered group (EG2) of officers has noted. TRENDING STORIESSee All Premium UP: Schools shut till 15 May; night curfew hours extended in Noida, Lucknow, other districts. Details here 1 min read . 02:18 PM IST Premium CM Kejriwal announces weekend curfew in Delhi. Check all details 1 min read . 01:58 PM IST Premium Delhi weekend curfew: Here is what's allowed and what's not 1 min read . 02:00 PM IST Premium NPS maximum age to be hiked to 70, guaranteed return product proposed by PFRDA 2 min read . 01:07 PM IST Also Read | Restaurants are now down to the waterline The government said India has sufficient production capacity of oxygen, and as per need, surplus stock available with steel plants is also being utilized. The country has a daily production capacity of 7127 MT oxygen. Total production has hit 100% in the past two days, as directed by EG2. On 12 April, medical oxygen consumption in the country was 3842 MTs, that is 54% of the daily production capacity. The maximum consumption is from Maharashtra, Gujarat, Madhya Pradesh, Uttar Pradesh, Karnataka, Tamil Nadu, and Delhi. “With increasing cases, the medical oxygen consumption will need to keep pace with the requirements of the states," the union health ministry said in a statement. “For this, the current oxygen stocks of the country, including the industrial oxygen stocks with the manufacturing plants, is more than 50,000 MTs. Along with the ramped up production of the oxygen manufacturing units and the surplus stocks available, the present availability of oxygen is sufficient," the government said. States have been asked to make rational use of medical oxygen and ensure there is no wastage. "Besides states must set up control rooms to ensure smooth supply of oxygen to the districts as per need, review requirement of cylinders, tankers etc." MORE FROM THIS SECTIONSee All Premium Premium PFRDA logs 23% growth in subscriber base under NPS, APY schemes 1 min read . 05:23 PM IST Premium Premium West Bengal Assembly Elections: No plans to club remaining phases, says ECI 1 min read . 05:14 PM IST Premium Premium RBI looks to review its regulations, compliance process 1 min read . 05:10 PM IST Premium Premium India's 10-year yield spikes as RBI bond-purchase results disappoint 2 min read . 05:06 PM IST The government said stock availability from steel plants has increased in the last few days, with 14,000 MTs coming from stocks of state-owned steel plants alone, and this has helped ramp up total stocks of liquid medical oxygen in the country. The government panel is mapping the requirements of top states with oxygen sources, including with sources across the state borders and those available at steel plants. Maharashtra has been able to lift surplus medical oxygen on daily basis from steel plants like JSW in Dolvi (Maharashtra), SAIL in Bhilai (Chhattisgarh) and from JSW in Bellary (Karnataka). Madhya Pradesh has been able to supplement its oxygen supply from the steel plant in Bhilai (Chhattisgarh). “The challenge presently is to move oxygen from States with less necessity to States with increased necessity. Mapping of the surplus sources with States that have greater need for oxygen, such as Maharashtra, Gujarat, Madhya Pradesh, Uttar Pradesh, Delhi, Chhattisgarh, etc is being finalised, in consultation with the manufacturers, States and other stakeholders," the government said. This has been undertaken through coordinated planning between the Government of India and State Governments to map their requirements up to 30th April 2021 with the available sources and stocks of oxygen in the country. Orders are being placed for purchase of another one lakh oxygen cylinders by union health ministry. For the past one year, the EG2, under the chairmanship of Guruprasad Mohapatra, secretary, Department for Promotion of Industries and Internal Trade (DPIIT), has been monitoring and facilitating the supply of essential medical equipment including medical oxygen to the affected states. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Rare blood clotting risk more for Covid-19 than for vaccines: Oxford study

15 Apr, 2021, 04:57PM | Livemint

NEW DELHI : The risk of rare blood clotting known as cerebral venous thrombosis (CVT) following COVID-19 infection is several times higher than post-vaccination, according to a study unveiled on Thursday. The study led by researchers at the University of Oxford in the UK counted the number of CVT cases diagnosed in the two weeks following diagnosis of COVID-19, or after the first dose of a vaccine. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST They compared these to calculated incidences of CVT following influenza, and the background level in the general population. The team found that CVT is more common after COVID-19 than in any of the comparison groups, with 30% of these cases occurring in the under 30s. Compared to the current COVID-19 vaccines, this risk is between 8-10 times higher, and compared to the baseline, approximately 100 times higher, they said. "There are concerns about possible associations between vaccines, and CVT, causing governments and regulators to restrict the use of certain vaccines," said Paul Harrison, Head of the Translational Neurobiology Group at the University of Oxford. "Yet, one key question remained unknown: What is the risk of CVT following a diagnosis of COVID-19?" Harrison said. The researchers noted that COVID-19 markedly increases the risk of CVT, adding to the list of blood clotting problems this infection causes. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 The COVID-19 risk is higher than seen with the current vaccines, even for those under 30, they said. This is something that should be taken into account when considering the balances between risks and benefits for vaccination, according to the researchers. The researchers noted that it is important that this data should be interpreted cautiously. The signals that COVID-19 is linked to CVT, as well as portal vein thrombosis -- a clotting disorder of the liver -- is clear, and one we should take note of, they said. An important factor that requires further research is whether COVID-19 and vaccines lead to CVT by the same or different mechanisms, according to the researchers. There may also be under-reporting or mis-coding of CVT in medical records, and therefore uncertainty as to the precision of the results, they added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Mukesh Ambani sends oxygen from his refineries to aid Maharashtra’s fight against covid

15 Apr, 2021, 04:38PM | Livemint

Billionaire Mukesh Ambani is diverting oxygen produced at his refineries to help India battle a savage coronavirus outbreak that’s paralyzed the commercial capital as daily new infections spike by a record. Ambani’s Reliance Industries Ltd., which operates the world’s biggest refining complex in Gujarat, has started supplying oxygen from Jamnagar to Maharashtra at no cost, according to a company official, who asked not to be identified due to internal policy. Maharashtra will get 100 tons of the gas from Reliance, Eknath Shinde, urban development minister, tweeted in Marathi. TRENDING STORIESSee All Premium UP: Schools shut till 15 May; night curfew hours extended in Noida, Lucknow, other districts. Details here 1 min read . 02:18 PM IST Premium CM Kejriwal announces weekend curfew in Delhi. Check all details 1 min read . 01:58 PM IST Premium Delhi weekend curfew: Here is what's allowed and what's not 1 min read . 02:00 PM IST Premium NPS maximum age to be hiked to 70, guaranteed return product proposed by PFRDA 2 min read . 01:07 PM IST रिलायन्स च्या जामनगर प्लँट मधून महाराष्ट्रासाठी १०० मेट्रिक टन अतिरिक्त ऑक्सिजन पुरवठा होणार.विभागीय आयुक्त, रायगड व ठाणे जिल्हाधिकारी आणि एफडीए आयुक्त यांची समन्वय समिती ऑक्सिजन पुरवठ्याबाबत समन्वयाचे काम करेल.— Eknath Shinde - एकनाथ शिंदे (@mieknathshinde) April 13, 2021 India is in the grip of a second wave of Covid-19 infections that has caught the federal and state governments unprepared, with local media reporting that patients are dying due to a shortage of oxygen and hospital beds. Maharashtra state is home to the financial hub of Mumbai where the fresh outbreak is most severe, and where Ambani officially resides and Reliance has its headquarters. Reliance is diverting some oxygen streams meant for its petroleum coke gasification units after making it suitable for medical use, the official said. A company spokesman couldn’t immediately comment. Separately, state-run Bharat Petroleum Corp. has built up a stockpile of 20 tons of oxygen at its Kochi refinery in southern India that it is supplying to bottlers for medical use, a company official said. Nobody responded to an email sent to BPCL’s press office. Refineries can produce limited volumes of industrial oxygen in air-separation plants meant for nitrogen production. Medical-use oxygen can be extracted by scrubbing out other gases, such as carbon dioxide, to make it 99.9% pure. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Amazon rolls out $250 million venture fund for small biz

15 Apr, 2021, 04:30PM | Livemint

BENGALURU : Amazon.com Inc. has sharpened its focus on India’s small and medium businesses (SMBs), introducing a $250 million Smbhav Venture Fund, focusing on digitization of small businesses; agri-tech innovations to raise farmer productivity; and health tech for quality universal healthcare. Speaking on the first day of Amazon Smbhav Summit, Andrew Jassy, who takes over as chief executive officer at Amazon Inc. later this year, described SMBs as the “engine and the lifeblood of economies", including in India. “We are very passionate about trying to enable acceleration of small, medium sized businesses in fuelling innovation and the economy in India. Through the Smbhav Venture Fund, we are going to help inspire more SMEs to be able to build brand new businesses," Jassy said, in his first public comments about the Indian market as Amazon’s incoming CEO. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST “The launch of Amazon Smbhav Venture Fund aims to attract the best ideas and empower entrepreneurs in the country to partner in this vision. Additionally, our initiatives to onboard 1 million offline shops on Amazon.in and digitally empower the North-East region will accelerate the progress towards a digital and self-reliant India," said Amit Agarwal, global senior vice-president and country head of Amazon India. The Smbhav Summit is a four-day event held by the online retailer for small and medium enterprises in India. Amazon founder Jeff Bezos had attended the last summit, where he pledged to export $10 billion ‘Make in India’ goods by 2025. Amazon also plans to digitize close to 10 million small enterprises. On Thursday, Agarwal said the company will sign up 1 million offline retailers and neighbourhood stores by 2025 through its ‘Local Shops’ programme, aimed to help local stores gain an online foothold. The e-commerce company also introduced ‘Spotlight North East’, an initiative to bring technology tools and customers to local women and tribal communities in India’s North-East. The company looks to benefit 50,000 weavers, artisans from tribal communities, local small businesses, including offline neighbourhood stores across the region by 2025. Amazon said it created close to 300,000 jobs since January 2020 and one million in total. Amazon claims to have close to 70,000 sellers on its platform, exporting Indian goods to foreign markets, enabling $3 billion in global sales from the country. “I just find it remarkable that in the seven years since we’ve launched Amazon.in, we have been able to help digitize 2.5 million SMEs, enabled $3 billion in exports, while creating a million jobs. And there is so much more to do," Jassy added. As a part of its first investment through ‘Smbhav’ fund, Amazon invested in Gurugram-based M1xchange which connects SMEs with banks and financiers. In February, Jassy was appointed CEO, after founder Bezos said he will move to the position of executive chair. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Wipro Q4 results: Profit jumps 28% to ?2,972 crore; revenue rises 3.4%

15 Apr, 2021, 04:20PM | Livemint

Wipro on Thursday reported 27.78% year-on-year increase in net profit to ₹2,972.3 crore for the quarter ended in March. The Information Technology major posted ₹2,326.1 crore profit for the same period last year. On a quarterly basis, the profit increased marginally by 0.14%, compared to ₹2,968 crore reported in the December quarter of FY21. Meanwhile, its revenue from operations grew 3.4% year-on-year to ₹16,245.4 crore for the quarter under review. It reported ₹15,711 crore in the previous corresponding period. The revenue from information technology services stood at ₹15,891.7 crore in the March quarter. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST At the operating level, IT services' earnings before interest and tax (EBIT) stood at ₹3,417 crore and margin at 20.92 percent for Q4FY21. Jatin Dalal, chief financial officer said, “We delivered a 340 bps expansion YoY in operating margins for the quarter after absorbing the impact of wage hike. On a full year basis we increased margins by 220 bps with a consistent improvement in operating metrics. Led by disciplined execution, we generated strong operating cash flows at 136.7% of our net income for the full year. We successfully completed the share buyback program returning $1.3Bn to our shareholders. Commenting on the results, Thierry Delaporte, chief executive officer and managing director said, “We delivered a third consistent quarter of strong revenue growth, deal wins and operating margins. We also announced our largest ever acquisition of Capco that will bolster our global financial services sector." The IT major said that it expects revenues from IT services to grow 2-4% on a sequential basis in the June quarter. It said that the revenue from IT services business will be in the range of $2.195 billion to $2.238 billion in the June quarter. "This does not include revenue from our recently announced acquisitions of Capco and Ampion," Wipro added. On Wipro's future, CEO added, "We are excited with this wave of business momentum that we are witnessing. All key markets are now growing on YoY basis and this provides us a solid foundation to build on next year growth rates." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Wistron shakes up India structure, management after factory troubles: Report

15 Apr, 2021, 04:16PM | Livemint

NEW DELHI : Wistron Corp, the Taiwanese assembler of Apple Inc's iPhones, has restructured its internal setup and management ranks in India, two sources said, after an investigation last year into violence at one of its plants. Wistron's smooth working is key to Apple's ambitions in India as it gradually moves production to markets beyond China, navigating the trade war between Washington and Beijing and the coronavirus pandemic. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The firm has curtailed the roles of its India head and operations head, an industry source and a government official told Reuters, but declined to be identified as the matter was private. "This is Wistron signalling to investors, to clients, to India that it has moved beyond the shadow of the December incident, and is ready for new business," the industry source said. Some internal reporting structures would also change as part of the rejig the industry source added, without giving specifics. Wistron did not respond to a request for comment. Apple did not comment on the matter. The move comes after a rampage in December by thousands of Wistron's contract workers, angered over payment delays and incorrect pay deductions, who destroyed equipment and vehicles at its Narsapura plant in southern Karnataka state, causing millions of dollars of damage and forcing an extended shutdown. Apple put Wistron on probation after its audit showed the contract manufacturer had violated a supplier code of conduct. Wistron also admitted some workers had not been paid properly or on time, and removed a top executive. MORE FROM THIS SECTIONSee All Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Premium Premium Wipro Q4 net profit rises to ₹2,972 cr, revenues up 3.4% 2 min read . 02:02 AM IST The government source said that as part of the shake-up, Sudipto Gupta, the firm's former managing director in India, was moving to a business development role. Wistron is searching for a new India head, but has yet to make a final decision, the industry source said, adding that its former head of operations had also been moved to a less critical role. In February, Apple said Wistron had begun restarting operations at the violence-hit site and it was working with the Taiwan firm to ensure all necessary systems were in place. About 7,000 workers are now assembling iPhones at the plant and shipments have started, one of the sources said. Apple's other key Taiwan-headquartered suppliers, Foxconn and Pegatron, also have a presence in India. The three companies together have committed to invest a total of almost $900 million in India over five years to tap into a new production-linked incentive plan, Reuters has reported. Wistron is also looking to expand into making Internet of Things (IoT) devices and servers, a third government source said. That plan, which will help Wistron widen its India base beyond Apple, is likely to kick off over the course of the next year, the industry source said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Working on hydrogen-natural gas synergy, broader role for former: Pradhan

15 Apr, 2021, 04:11PM | Business Standards

India is taking steps to establish synergy between hydrogen and natural gas to ensure speedier adoption of the former, according to Petroleum Minister Dharmendra Pradhan. Speaking at the inaugural edition of the Hydrogen Economy: New Delhi Dialogue, Pradhan also said, that the role of hydrogen is not going to be limited to only transport sector. “The maturity of the ecosystem can be accelerated through its usage as a decarbonising agent for a range of sectors, including industry covering chemicals, iron, steel, fertiliser and refining, transport, heat (domestic & industrial) and power,” he said. “By establishing synergies with natural gas, hydrogen can be easily adopted in the energy mix without seeking major infrastructural overhauling. We are looking forward to introduce H-CNG as an intermittent technology in a big way for both automotive and domestic cooking applications,” he added. Commenting on the development for kick starting the hydrogen ecosystem development, Pradhan said, “Our refineries are planning to leverage the available surplus hydrogen capacities for meeting the initial demand in mainstreaming hydrogen. One of such projects is underway at our Gujarat refinery of IndianOil wherein the combination of hydrogen production through natural gas and its hyphenation with the carbon capture technology, will result in the production of blue hydrogen. Multiple buses powered by fuel cells will be covering various iconic routes.” Pradhan also said that efforts are underway to leverage the Compressed Natural Gas (CNG) pipeline infrastructure to reduce the transportation cost of hydrogen.

What are Covid vaccine passports? Do I need to get one?

15 Apr, 2021, 04:09PM | Livemint

WASHINGTON : “Vaccine passports," or vaccine certificates, are documents that show you were vaccinated against COVID-19 or recently tested negative for the virus. They could help you get into places such as stadiums or even countries that are looking to reopen safely. The certificates are still being developed, and how and whether they'll be used could vary widely around the world. Experts say they should be free and available on paper, not just on apps, since not everyone has a smartphone. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST In the US, federal officials say there are no plans to make them broadly mandatory. In some states, Republican governors have issued orders barring businesses or state agencies from asking people to show proof of vaccination. Objections revolve mostly around privacy and security — how people's personal information will be stored — and fairness. Critics say the passports will benefit people and countries with more access to vaccines. Supporters say they could make reopenings faster and easier. Proof of vaccination or a negative test could be a way for businesses and schools to reassure customers, students and parents that steps are being taken to limit transmission of the virus. International travel bans by countries could also be eased if people are able to show proof they're vaccinated. Some countries have long had requirements to prove vaccination against yellow fever. Still, a challenge is creating certification systems that work across vaccine providers and businesses. More than a dozen initiatives are underway to develop a credential that could be stored on a smartphone or printed on paper, using a QR code. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

India to leverage CNG pipeline grid to transport hydrogen: Dharmendra Pradhan

15 Apr, 2021, 03:27PM | Livemint

NEW DELHI: : New Delhi: India is working to leverage its compressed natural gas (CNG) pipeline grid and infrastructure to reduce the transportation cost for the new age emission free fuel—hydrogen. Also, plans are afoot to run buses across major Indian cities fuelled by hydrogen blended with CNG, said India’s minister for petroleum and natural gas and steel Dharmendra Pradhan on Thursday. TRENDING STORIESSee All Premium UP: Schools shut till 15 May; night curfew hours extended in Noida, Lucknow, other districts. Details here 1 min read . 02:18 PM IST Premium CM Kejriwal announces weekend curfew in Delhi. Check all details 1 min read . 01:58 PM IST Premium Delhi weekend curfew: Here is what's allowed and what's not 1 min read . 02:00 PM IST Premium NPS maximum age to be hiked to 70, guaranteed return product proposed by PFRDA 2 min read . 01:07 PM IST Also Read | Restaurants are now down to the waterline This comes against the backdrop of the proposed National Hydrogen Energy Mission, which may mandate fertilizer, steel and petrochemicals industries to shift to green hydrogen. The proposal is expected to be taken up by the Union cabinet for approval shortly. “Efforts are under way to leverage the vast CNG pipeline infrastructure to reduce the transportation cost of hydrogen," Pradhan said, while addressing a Hydrogen round table titled "Hydrogen Economy: New Delhi Dialogue—2021". The round table was also attended by UAE’s industry and advanced technology minister Sultan bin Ahmad Sultan Al Jaber, Australia’s minister for energy and emissions reduction Angus Taylor, Denmark’s climate, energy and utilities minister Dan Jørgensen and US’ deputy energy secretary David M. Turk. This also comes at a time when India, the world’s third-largest oil importer, is recalibrating its energy sourcing playbook keeping its strategic and economic interests in mind. The Indian government is working on diversifying the country’s energy basket with crude oil supplies from non-Organization of the Petroleum Exporting Countries (Opec) sources, after the Opec-plus grouping’s decision to retain supply curbs. “50 buses in Delhi are plying on blended hydrogen in CNG on a pilot basis. We plan to scale it up in the coming months across the major cities of India," Pradhan added. MORE FROM THIS SECTIONSee All Premium Premium PFRDA logs 23% growth in subscriber base under NPS, APY schemes 1 min read . 05:23 PM IST Premium Premium West Bengal Assembly Elections: No plans to club remaining phases, says ECI 1 min read . 05:14 PM IST Premium Premium RBI looks to review its regulations, compliance process 1 min read . 05:10 PM IST Premium Premium Covid second wave: India sees sharp jump in demand for medical oxygen 2 min read . 05:07 PM IST Indian private companies, such as Greenko, Adani Group, and Acme Solar, and state-owned firms such as NTPC Ltd and Indian Oil Corp. Ltd, have been tying up with technology providers, while Solar Energy Corp. of India Ltd is looking to invite bids to build green hydrogen plants. Given that hydrogen can be used for both fuel cell and internal combustion engines, it is also being leveraged for mobility applications. Mint earlier reported about Toyota Motor Corp., Hyundai Motor Co., Tata Motors Ltd, Ashok Leyland Ltd and KPIT Technologies Ltd evincing interest in India’s maiden initiative to run hydrogen-powered fuel cell-based electric cars and buses. Green hydrogen gas is produced by splitting water into hydrogen and oxygen using an electrolyzer that may be powered by electricity generated from renewable energy sources such as wind and solar, or ‘green’ hydrogen. While hydrogen produced from natural gas is referred to as ‘grey’ hydrogen, the emission-free fuel produced from coal or petroleum coke is ‘brown’ hydrogen. Hydrogen produced from carbon capture and storage is known as ‘blue’ hydrogen, while the one from biomass and plastics is known as ‘white’ hydrogen. “We are working on a pilot project on Blue Hydrogen, Hydrogen CNG (H-CNG) and Green Hydrogen," Pradhan said, and added, “India is looking towards various colours to kick-start the hydrogen ecosystem development." The clean fuel can be a game-changer for India, which imports 85% of its oil and 53% of gas demand. “The utility of hydrogen is not going to be limited only to the transport sector. The maturity of the ecosystem can be accelerated through its usage as a decarbonizing agent for a range of sectors, including industry covering chemicals, iron, steel, fertilizer and refining, transport, heat (domestic & industrial) and power," Pradhan said. In November, Prime Minister Narendra Modi announced plans to launch a National Hydrogen Energy Mission, buttressing the country’s green energy credentials with the carbon emission-free, next-generation fuel. India plans to build hydrogen plants that will run on electricity produced by green energy sources and help reduce dependence on fossil fuels. These plants will provide grid-scale storage solutions and provide feedstock for ammonia production. “Government of India recently announced the National Hydrogen Mission in the Union Budget 2021 for making a hydrogen roadmap for the country," Pradhan added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Flipkart to acquire online travel tech company Cleartrip

15 Apr, 2021, 03:23PM | Livemint

Indian e-commerce company, Flipkart announced that it will be acquiring Cleartrip, an online travel technology company. The e-commerce made the announcement that it will acquire 100% of Cleartrip’s shareholding, as the company further enhances its investments to strengthen its digital commerce offerings for customers. Under the terms of the agreement, Cleartrip operations will be acquired by Flipkart. However, Cleartrip will continue to operate as a separate brand, retaining all employees while working closely with Flipkart to further develop technology solutions which will be focused on making travel easier for customers. The deal closing is still subject to applicable regulatory approvals, according to Flipkart. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Kalyan Krishnamurthy, CEO, Flipkart Group, said, “The Flipkart Group is committed to transforming customer experiences through digital commerce. Cleartrip is synonymous with travel for many customers, and as we diversify and look at new areas of growth, this investment will help strengthen our wide range of offerings for customers. We welcome the Cleartrip team with their deep industry knowledge and technology capabilities to the Flipkart Group and look forward to providing deeper value and travel experiences for customers together." Stuart Crighton, CEO and co-founder of Cleartrip, said, “Cleartrip has been a pioneer in capitalising on technology to simplify the travel experience for our customers. This product-driven focus has enabled us to become the preferred travel partner of choice for consumers in a wide range of markets in the region. We are delighted to be part of the Flipkart family and are excited about the positive impact this collaboration can have for our customers and the travel industry in general." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Covid: RIL to send 100 tons of medical-use oxygen to Maharashtra at no cost

15 Apr, 2021, 03:08PM | Business Standards

Godrej Appliances to invest Rs100 crore to ramp up AC production capacity

15 Apr, 2021, 03:06PM | Livemint

NEW DELHI : New Delhi: Godrej Appliances on Thursday announced an investment of Rs100 crore across two of its manufacturing facilities—Shirwal in Maharashtra and Mohali in Punjab—to expand its production capacity for air-conditioners to 800,000 units by 2025. On Thursday, it also announced the launch of 30 new air-conditioner models with eco-friendly refrigerants; this new range of air-conditioners comes with "Nano-Coated Anti-Viral Filtration Technology". TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Also Read | Restaurants are now down to the waterline A new air-conditioner line has already been set up at its existing factory in Shirwal, Maharashtra, with an investment of Rs50 crore, the company said. The brand is targeting a market share of 10% over the next three years in the AC category. “The ongoing covid pandemic has influenced purchase behaviour across categories with consumers seeking better health, hygiene and comfort at home where they are spending a lot more time. People are warming up to more sustainable, eco-friendly offerings. The other significant shift has been greater consciousness towards supporting India-Made Products," the company said in its statement. The company, which sells refrigerators, washing machines and air conditioners, said it has been expanding local manufacturing over the last few years. Over the last seven years, the brand has invested Rs1,100 crore in capacity, research and development and technology expansion, aimed at participating in the country’s Make in India initiative. “Via backward integrations, the brand has been working steadily over the years towards upping its indigenous manufacturing capabilities, with an intention to manufacture nearly all its product categories locally," it said. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST “Both our manufacturing plants at Shirwal and Mohali are the first in India to be conferred with CII’s GreenCo Platinum Plus rating, for our sustainable and green manufacturing practices. We have been working towards improving our indigenous manufacturing capabilities through backward integrations, moving a step closer to being able to manufacture most of our product categories in-house," said Kamal Nandi, business head and executive vice president, Godrej Appliances. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Facebook announces first deal to buy renewable energy in India

15 Apr, 2021, 02:55PM | Livemint

New Delhi: Facebook on Thursday announced a deal with Mumbai-based clean energy firm CleanMax for a 32MW wind power project in Karnataka. As part of the deal -- the first of its kind for Facebook in South Asia -- CleanMax will own and operate the project, while the social media giant will buy the power off the grid using environmental attribute certificates. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Also Read | Restaurants are now down to the waterline “This partnership with CleanMax will enable new solar and wind power to be generated in the near future, contributing to the decarbonization of the Indian electrical grid," said Urvi Parekh, head of renewable energy at Facebook. About half of the project capacity has already been commissioned and is generating power. Facebook also announced that the company has reached its 100% renewable energy and net zero-emission goals for its global operations. The company has similar partnerships overseas, where it partners with clean energy companies to power its operations around the world. It had announced a virtual power purchase agreement (VPPS) with solar energy company Sunseap Group, in Singapore in October 2020, to power its data centres in Asia. VPPA’s are agreements where companies like Facebook agree to purchase renewable energy from a project at a pre-agreed price. The social media giant isn’t the only Big Tech firm to promise net zero emissions for its worldwide operations. Companies like Apple, Google and Microsoft have made the same promise as well. In fact, all of Apple’s manufacturing partners joined the company’s drive to become carbon neutral by 2030, the iPhone maker announced last month. This includes Apple’s manufacturers in India, who will be moving to 100% renewable energy for producing Apple’s products. The company’s partners have 8 gigawatts of planned clean energy, which is set to come online by 2030. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Know what you need to check while buying gold jewellery

15 Apr, 2021, 02:55PM | Livemint

NEW DELHI : Come 1 June, and jewellers will be able to sell only hallmarked gold jewellery. The government had initially made hallmarking compulsory from 15 January 2020. However the deadline was extended considering the circumstances that arose due to covid-19. Now, consumer affairs secretary Leena Nandan has said no extension of deadline has been sought and that gold hallmarking will become mandatory from 1 June. Surendra Mehta, the national secretary of India Bullion and Jewellers Association (IBJA), though, has said the association will be seeking an extension of deadline as jewellers will not be able to comply with the deadline as they are stuck with old stock they were unable to sell due to covid-19. Under the new regulations, jewellers can only sell gold jewellery with hallmarking of 14, 18 and 22 caratage. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Also Read | Restaurants are now down to the waterline It remains to be seen whether the government will extend the deadline or not. However, if you are planning to buy gold jewellery, it will anyways be advisable to buy hallmarked jewellery. Let us understand how one can verify whether a piece of jewellery is hallmarked or not: Hallmark is basically a certification of purity given by assaying and hallmarking centres (AHCs) accredited by the Bureau of Indian Standards (BIS). A jeweller selling hallmarked jewellery has to necessarily get a licence from BIS before they get their jewellery or artefact hallmarked at any BIS-recognized assaying and hallmarking centres. The purity of gold is measured in caratage. While 24-carat (K) gold is considered the purest, it can’t be used for making jewellery as it is too soft. Hallmarking of jewellery is done in three categories of caratage—14K, 18K and 22K—which are suitable for making jewellery. In percentage terms, 14K denotes 58.5% purity (hallmarked as 14K585), 18K denotes 75% purity (hallmarked as 18K750) and 22K denotes 91.6% purity (hallmarked as 22K916). You need to check three marks on hallmarked jewellery—purity of caratage, assaying, hallmarking centre’s identification mark, and the jeweller’s identification mark/number. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST The hallmarked caratage and the day’s price of gold can help determine the estimated price of the jewellery you buy. So if the price of 10gm gold of 24K is Rs30,000 and you are buying 22K jewellery of 10gm gold, its price would be 91.6% of Rs30,000, or Rs27,480. The jeweller may add making charges plus taxes to the price of gold. So, the next time you go to buy jewellery, it is better to buy a hallmarked one. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

IL&FS addresses ?43,000 cr debt resolution till date, reduces entities to 161

15 Apr, 2021, 01:59PM | Livemint

MUMBAI: Beleaguered infrastructure financier IL&FS on Thursday said it has addressed aggregate group debt of ₹43,000 crore till date through the sale of assets and through other cash receivables. As part of its quarterly update on the progress of the ongoing Group resolution process, ILFS on Thursday said it has also increased the debt recovery target to ₹61,000 crore. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Also Read | Restaurants are now down to the waterline “The Group has further enhanced its estimates of aggregate debt recovery to ₹61,000 crore—an increase of ₹5,000 crore over its earlier estimate of ₹56,000 crore. The increased estimate represents the resolution of nearly 62% of overall fund-based and non-fund-based Group debt of approx. ₹99,000 crore, as of October 2018," the company said in a statement. The aggregate debt of ₹43,000 crore addressed to date represents nearly 71% of the overall revised targeted recovery value of ₹61,000 crore and 44% of the overall debt of over ₹99,000 crore (as of October 2018). "It may be kept in mind that the recovery target is higher than the average recovery observed under IBC since its inception," the company added. Of the 347 entities that IL&FS had under IL&FS Group (as of October 2018), 186 entities stand resolved to date, while the remaining 161 entities are under various stages of resolution. IL&FS which began operations as a road construction financing company, expanded its ambit to around 347 subsidiaries, amassing a debt pile of about ₹91,000 crore in the process. In August 2018 when the company was unable to service bonds that were due to investors, it collapsed. MORE FROM THIS SECTIONSee All Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Premium Premium Wipro Q4 net profit rises to ₹2,972 cr, revenues up 3.4% 2 min read . 02:02 AM IST In October 2018, the government set up a panel under banker Uday Kotak to set the resolution process in place in the conglomerate. "The new board has been able to maximize the recoveries for all classes of creditors, through following a three-pronged strategy of resolution, restructuring, and recovery, while keeping the tenets of corporate governance and corporate finance in mind," the company said. The upgrade in potentially addressable debt by ₹5,000 crore (to ₹61,000 crore) has been largely on account of improved valuations, better operating performance, and enhanced recoveries from non-group exposures. The aggregate addressed debt of ₹43,000 crore comprises ₹26,800 crore basis completed entity monetization initiatives and accrued cash balance, ₹14,350 crore of additional net recovery expected from resolution and restructuring applications filed with and awaiting approval of the NCLT (Mumbai) and NCLAT, and ₹1,926 crore from Supreme Court verdict passed in favour Rapid Metro Gurgaon. The company has since this January, complete the sale of Chongqing Yuhe Expressway, sale of environment business; receipt of settlement claims from NHAI for three road projects (Kiratpur Ner Chowk, Fagne Songadh and Chenani Nashri Tunnel); receipt of proceeds under IBC resolution of Dighi Port; operating income received in operating road concessions and through sale of power at ITPCL. In the next few quarters, it estimates to address approx. ₹8,000 crore of additional debt by September 2021 which would include: monetization of stake in ONGC Tripura, Warora Chandrapur, and Karyavattom Stadium; phase two of InvIT including five road special special vehicles; and receipt of expected settlement claims from Road authorities for Khed Sinnar Expressway and Srinagar Sonmarg Tunnel. Thus, the overall debt addressed is expected to cross ₹51,000 crore by September 2021. Further, recovery of approximately ₹10,000 crore is likely to spill over beyond September 2021 on account of various reasons, including procedural complexities, it said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Will your rent agreement remain valid if landlord sells the property?

15 Apr, 2021, 01:57PM | Livemint

NEW DELHI : New Delhi: What if the flat in which you are living on rent (with an 11-month rent agreement) is sold to a new buyer by your landlord just after two months? Will your rent agreement remain valid for the next nine months or will you have to get a new rent agreement made with the new purchaser on new terms and conditions, probably also pay a higher rent? In this piece, we will try and understand the circumstances in which a tenant can protect his rights while living in a rented house. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Also Read | Restaurants are now down to the waterline Unless the rent agreement stipulates an express provision for its termination upon the transfer of tenancy by the landlord, the 11-month rent agreement assures payment of the same rent irrespective of change in the landlord, said experts at Shardul Amarchand Mangaldas & Co. However, if certain clauses are not mentioned in your rental agreement, you will probably need to execute a new rent agreement with the new purchaser of the property in which you are staying on rent. Harsh Parikh, partner at Khaitan & Co, said, "You need to keep in mind that such rent agreements should have adequate clauses to state that in case the licensor (landlord) desires to sell the flat, it would be subject to the rights of the licensee (tenant) under the rent agreement and that the new purchaser would execute a new agreement with the tenant on the same terms and conditions as the existing rental agreement." In other words, it means that the current rent agreement continues to remain valid and it depends on the new purchaser and tenant whether or not they wish to re-execute a fresh rent tenancy agreement on the same terms and conditions. "You ought to also consider that the security deposit you have paid to the licensor is transferred to the new purchaser as it would then be the obligation of the new purchaser to refund the security deposit on expiry of the rent agreement," said Parikh. It is, thus, important to read and understand the clauses mentioned in your rental agreement because if there is a provision for termination of rent agreement on the transfer of tenancy by the landlord, then you might have to face trouble wherein as per the new agreement you might have to pay higher rent all of a sudden. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Things a tenant should remember before taking a house on rent/ lease. Verification of property One should duly verify before taking a house on rent that the person offering the house is the rightful owner of the house. This can be done by checking the record of society concerning details of the owner or by contacting neighbours of the area. Utility Bills are cleared “Before signing the lease, kindly ensure that all previous utility bills such as electricity, water, maintenance charges of society are paid up to date by seeking a copy of the last paid bills from the landlord," said Neha Gupta, principal associate, Athena Legal. Availability of essentials The tenant, whether living individually or with family, should duly verify that all the essential services such as medical, bank/ ATM, market, are within the close vicinity of the house so that in case of emergency one can avail all services readily. No brokerage houses Gupta said, “One should approach houses which are offered on rent directly by the landlord so that all details about the house and other requirements such as water, electricity, gas pipeline, servant/maid etc. can be understood from the landlord itself and wrong information generally given by a broker and brokerage charges can be avoided." Security check It is of utmost important to ensure that the house is safe to stay in every manner and hence the tenant should check if the house is duly guarded and is in gated colony/society and the door has proper locks and all entrances to the house are properly sealed or has grills so that any incident of theft can be avoided in future. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Facebook signs first deal to buy renewable energy in India

15 Apr, 2021, 01:55PM | Livemint

Facebook has signed a deal to buy renewable energy in India from a local firm's wind power project, the social media giant's first such deal in the South Asian nation, the companies said on Thursday. The 32 megawatt wind power project, located in southern Karnataka state, is part of a larger portfolio of wind and solar projects that Facebook and Mumbai-based CleanMax are working together on for supplying renewable power into India's electrical grid, they said in a joint statement. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST CleanMax will own and operate the projects, while Facebook will buy the power off the grid using environmental attribute certificates, or carbon credits, the companies said. Facebook's head of renewable energy, Urvi Parekh, told Reuters the company typically doesn't own the power plants but instead signs "long-term" electricity purchasing agreements with the renewable power company. "That enables the project to seek out the financing that it would need," she said. India is Facebook's biggest market by users. In Singapore, Facebook has announced similar partnerships with energy providers Sunseap Group, Terrenus Energy and Sembcorp Industries on projects that can produce 160 MW of solar power, Parekh said. The electricity generated from these plants will power the tech giant's first Asian data centre that is set to start operations next year, she added. MORE FROM THIS SECTIONSee All Premium Premium L&T receives orders worth ₹2,500 crore across business segments 1 min read . 11:50 AM IST Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Data centres driving tech companies like Facebook use up as much as 1% of the world's total energy, the International Energy Agency said last year. Tech companies like Amazon, Alphabet Inc and Microsoft have pledged to operate carbon-free and achieve net-zero emissions, as demand for data and digital services is expected to see a sustained rise. Facebook CEO Mark Zuckerberg announced separately on Thursday that the company's global operations are now supported wholly by renewable energy and that it has reached net-zero emissions. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

SoftBank Vision Fund profit nears $30 billion on Coupang: Report

15 Apr, 2021, 01:47PM | Livemint

SoftBank Group Corp.’s Vision Fund profit may reach an unprecedented $30 billion in the March quarter, almost quadrupling the record it had just set, according to people familiar with the matter. Profit in the unit was supercharged by the successful initial public offering of Coupang Inc., the South Korean e-commerce leader which debuted in New York last month. That will account for the lion’s share of what’s expected to be between $25 billion and $30 billion in reported gains for the three months ended March 31, the people said, asking not to be named because the details are not yet public. SoftBank is scheduled to report results on May 12. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The markets are delivering their strongest validation yet for Masayoshi Son’s oft-criticized strategy of pouring massive amounts of cash into mature startups. The Vision Fund’s portfolio of over 160 investments will record its third straight quarter of record profits helped by a global IPO rush that has seen companies worldwide raise more than $200 billion in 2021. When Son takes the stage to report the latest results, he will probably have one more milestone to celebrate: group net income that’s the highest ever for a listed Japanese company in any quarter dating back to 1990, according to data compiled by Bloomberg. SoftBank already holds the top spot, setting the current high of 1.26 trillion yen ($11.5 billion) in June. Coupang’s $4.6 billion offering was the second biggest this year and marks SoftBank’s best return since Alibaba Group Holding Ltd.’s listing in 2014. The coming months will also see some of Son’s largest and most controversial bets test the market, including ride-hailing giants Grab Holdings Inc. and Didi Chuxing as well as the troubled office-sharing company WeWork. “The markets are very encouraged and supportive of what the Vision Fund has been able to do with its investments," said Justin Tang, head of Asian research at United First Partners in Singapore. “Clearly there is still a lot of money out there that needs to find a home." Coupang’s stock ended the quarter 41% higher than its mid-March IPO. The Vision Fund invested in November 2018 in a $2 billion deal that valued Coupang at $9 billion. That funding followed $1 billion from SoftBank itself in 2015, valuing the startup at about $5 billion. The Japanese conglomerate’s 33% stake was worth close to $28 billion as of March 31. SoftBank will also book a valuation gain of about $2 billion on its stake in Uber Technologies Inc., which rose about 7% in the quarter, according to the people. The fund sold $2 billion worth of stock in the ride-hailing company in January, eking out a small profit. Another $1.2 billion gain will come from its stake in Auto1 Group SE, a German wholesale platform for used cars which went public in February. MORE FROM THIS SECTIONSee All Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Premium Premium Wipro Q4 net profit rises to ₹2,972 cr, revenues up 3.4% 2 min read . 02:02 AM IST The Vision Fund will also book a gain on its stake in ByteDance Ltd., the Chinese parent of hit video app TikTok. SoftBank owns about 3% of the company, a stake it acquired mostly at a $63 billion valuation in secondary markets in addition to a direct investment at a $75 billion valuation, the people said. The company has since hit $140 billion, according to market researcher CB Insights, and traded at $250 billion in private transactions, Bloomberg News reported. Even WeWork, one of Son’s biggest missteps in recent years, will contribute to profit. After its failed IPO attempt and a bailout by SoftBank in 2019, the office-sharing company saw its worth tumble to $2.9 billion last year amid the pandemic, a far cry from its once-lofty $47 billion valuation. WeWork now plans to go public via a blank-check company in a deal that would value it at $9 billion. Some Vision Fund investments will see their value marked down, though gains will more than offset those losses, the people said. The fund will take a writedown of about $500 million on Greensill Capital, the supply-chain finance company owned by billionaire Lex Greensill that filed for insolvency last month. The valuation of Oyo Hotels will be reduced by several hundred million dollars too. “Coupang is a home run for the Vision Fund. And there is likely to be more good news around Didi, ByteDance, Grab and even WeWork," said Atul Goyal, senior analyst at Jefferies. “But profits are meaningful when they recur. These gains are neither operating nor recurring." SoftBank doesn’t have to sell equity holdings to book income, so its profits are often just on paper. It reports income when the value of companies like Coupang rise, boosting the value of its stock. Its accounting practices comply with industry standards. About half of the capital raised in the IPOs so far this year has gone to special purpose acquisition companies and SoftBank has joined the frenzy, listing several blank-check companies since the start of the year. The three SPACs created by the Vision Fund have a combined market capitalization of about $1.5 billion. At the previous earnings briefing in February, Son said SoftBank may see between 10 and 20 public listings a year. Grab said this week it will go public through the largest-ever merger with a blank-check company, valuing the Southeast Asian ride-hailing and delivery giant at about $40 billion. Its Chinese counterpart Didi has filed with the U.S. Securities and Exchange Commission for an IPO that could value the company as highly as $70 billion to $100 billion. “The wind will probably continue to be at Son’s back for some time," said United First Partners’ Tang. “But matching last fiscal year’s performance would be quite a feat." 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Empty middle seats may reduce Covid-19 exposure on flights: Study

15 Apr, 2021, 01:41PM | Livemint

New Delhi: Leaving middle seats open could provide airline passengers more protection from the novel coronavirus that causes COVID-19, a laboratory modelling study has found. The researchers, including those from U.S. Centers for Disease Control and Prevention (CDC), noted that aircraft can hold large number of people in close proximity for long periods, which are conditions that can increase the risk for transmitting infectious diseases. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Based on laboratory modelling of exposure to SARS-CoV-2 on single-aisle and twin-aisle aircraft, exposures in scenarios in which the middle seat was vacant were reduced by 23 per cent to 57 per cent, compared with full aircraft occupancy, the researchers noted. Lately, airlines have abandoned the pandemic practice of blocking seats to maintain physical distancing between the travellers "Physical distancing of airplane passengers, including through policies such as middle seat vacancy, could provide additional reductions in risk for exposure to SARS-CoV-2 on aircraft," the researchers concluded. The team of researchers from CDC and Kansas State University (KSU) in the US used a bacteriophage – a virus that infects bacteria -- as a surrogate for airborne SARS-CoV-2. They modelled the relationship between SARS-CoV-2 exposure and aircraft seating proximity, including full occupancy and vacant middle seat occupancy scenarios. "Compared with exposures in full occupancy scenarios, relative exposure in vacant middle seat scenarios was reduced by 23 per cent to 57 per cent depending upon the modelling approach," the researchers said. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Premium Premium Virus variants inciting India's 2nd surge, epidemiologists say 2 min read . 15 Apr 2021 A 23 per cent exposure reduction was observed for a single passenger who was in the same row and two seats away from the SARS-COV-2 source, rather than in an adjacent middle seat, they said. When quantifying exposure reduction to a full 120-passenger cabin rather than to a single person, the study predicted exposure reductions ranging from 35 per cent to 39.4 per cent. A 57 per cent exposure reduction was observed under the vacant middle seat condition in a scenario involving a three-row section that contained a mix of SARS-CoV-2 sources and other passengers, according to the researchers. Based on this laboratory model, a vacant middle seat reduces risk for exposure to SARS-CoV-2 from nearby passengers, they said. Last year, a Harvard study, paid for in part by the US airline industry, claimed that the ventilation on planes, together with other measures, reduces the possibility of greater exposure to COVID-19. The researchers acknowledge some limitations in the CDC study, including the fact that data were collected under higher relative humidity conditions in the laboratory than would be present during flight. Droplet evaporation into aerosol is more rapid under lower relative humidity, they said. Because aerosols travel farther than droplets, the current study might underpredict the aerosol spread in an actual cabin environment, according to the researchers. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Dabur India hits ?1 trillion in market capitalization

15 Apr, 2021, 01:30PM | Livemint

Mumbai: Dabur India Ltd on Thursday joined the elite club of ₹1 trillion market cap with its shares hitting a fresh record high. The stock touched an all-time high of ₹579.90 intraday. The scrip settled at ₹572.85 on the BSE, up 2.23%. Dabur's market capitalization stood at ₹1.01 trillion. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Also Read | Restaurants are now down to the waterline The company may declare its March quarter earnings on 7 May. It is expected to post strong earnings due to a weak base of last year. Health supplements, over-the-counter and ethicals, oral care and juices growth trends would be key to watch, said analysts. Dabur delivered a strong growth in retail offtake on the back of strong traction in foods, beverages and oral care. Analysts said higher rural salience, and any potential uptick in rural consumption could benefit Dabur disproportionately. Overseas operations (West Asia, in particular) could be challenged in the short term on account of a subdued macro. Brokerage firm JP Morgan extended its target price timeframe (PT) to March 2022 and set a new March 2022 PT of ₹600, which is based on a 48x one-year forward P/E multiple, in line with the past-three-year average multiple. "Chyawanprash witnessed a sequential decline in demand, which is generally a normal trend, while honey demand further moderated due to competitive intensity. Notably, the new mango drink has been receiving good traction. Overall, Dabur is expected to deliver 31% growth during the Q4FY21," said Antique Stock Broking in a note to its investors. MORE FROM THIS SECTIONSee All Premium Premium Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels 1 min read . 09:26 AM IST Premium Premium Gold prices today fall, a day after big gains, silver rates drop 1 min read . 09:49 AM IST Premium Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Premium Markets seen rangebound amid rising covid cases; Wipro, Bajaj Auto in focus 1 min read . 08:34 AM IST "There were no new product launches during the month. We understand that Dabur managed inventory levels very efficiently in March. Overall inventory levels with distributors came down from 7-10 days in February 2021 to about 6-8 days. The supply chain was normal with no stock out witnessed in any category," Antique Stock Broking added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Malls, retailers need to adapt to rapid digital adoption: Siddharth Yog

15 Apr, 2021, 01:13PM | Livemint

Bengaluru: The second wave of the pandemic and partial lockdowns may prove to be a setback for shopping malls and offline retailers, who were recovering from last year's impact. Just five new malls opened in the country last year, and with the spillover to 2021, 14 new malls were expected to be operational by year-end. In an interview, Siddharth Yog, founder and chairman of Virtuous Retail South Asia Pte Ltd (VRSA), the retail arm of private equity firm Xander Group, Inc. spoke about recovery, addressing new needs of customers and expansion plans. Edited excerpts: What kind of recovery have the VR shopping centres seen? What has been impact of the second waveso far? TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Sales in our shopping centres in March were about 70-75% of pre-covid levels but footfalls were less, at 50%. However, shopping in terms of money spent is the real metric. In two of our centres, sales reached 100% of pre-covid. Chennai and Bengaluru continued to grow through March whereas other centres in the north and west regions had shown marginal de-growth in both footfalls and sales primarily because of shutdowns in these locations. Also Read | Restaurants are now down to the waterline Different cities have different restrictions. In the first ten days of April, the Punjab and Amritsar centres showed marginal growth over the last week of March. The Nagpur shopping centre has not been operational since 15 March, only the hypermarket is open and online deliveries of F&B orders are serviced. Surat has been having weekend lockdowns all through March and continued in April as well. Chennai has regulations on the maximum capacity allowed in restaurants, cinemas and the centre as a whole capped at 50%, since 8 April. The centre had a 95% recovery in sales in March 2021, but as covid surges again, performance dropped marginally in the first ten days of April. This also may just be a seasonal adjustment as April usually is slower than March even in regular years. How has the rapid transition to shopping online affected malls and brick-and-mortar retailers? People are ordering online but they also want to gather. In the last six months, after the lockdown was lifted, it was quite evident that people wanted to get out, gather and visit shopping malls. Sales also came back very strongly. The weak retailers, whose operations and balance sheets were weak to absorb this disruption or really small retailers would have found it tough to sustain. Digital adoption has accelerated but it would never replace the physical experience. I believe it will displace physical shopping to some degree. One will have to find ways to create experience-led shopping for which people will still gather in these centres. MORE FROM THIS SECTIONSee All Premium Premium First parts of billionaire Sanjeev Gupta's steel empire headed for bankruptcy 1 min read . 08:40 AM IST Premium Premium Apple announces $200 mn Restore Fund to reduce carbon 1 min read . 08:31 AM IST Premium Premium Vodafone Idea makes full payment to DoT with interest after showcause notice 1 min read . 07:27 AM IST Premium Premium IL&FS board plans to settle 60% of its debt by end of FY22 1 min read . 07:00 AM IST Retailers and the master retailer or shopping centre owner will have to devise ways to make sure that the nature of the retail experience is different. Do you think malls need to address new demands of customers or be designed differently? Customers today want instant fulfillment, and they don’t want to wait for their product. While shopping online is one end of the transaction, I think hyperlocal delivery is the other end. Retailers need to service that customer, who is also willing to pay a premium for the service. If it’s tough to get warehouses in the middle of the city, shopping centres are a great place to do that. We have 24/7 operations, loading-unloading docks and stores themselves can service their customers as the last mile delivery and many retailers are already doing that. More informed, institutional landlords and mall owners are working on it and implementing it. This is how we can capture the displacement that has happened due to online orders. In the last eight months, our team produced an F&B delivery system not just for ‘Food Box’, our food court, but also for other food retailers, some of whom can’t afford to have their own delivery system. But we do it hyperlocally, for our community, up to 1-3 km through our app. However, physical retail experience will not go out of fashion because of digital acceleration, which happened faster in the last nine months, in what would have taken 4-5 years. So, malls and retailers need to adapt to that faster. What about future acquisitions? We are actively looking for new opportunities and would like to be in Kolkata, Hyderabad, Lucknow, Jaipur with different types of projects. Some time, we will acquire existing shopping centres that can be repositioned, upgraded or redeveloped just the way we did in Nagpur and Amritsar. We will also look at new acquisitions where we can plan and develop the land ourselves. What’s VR’s new pipeline of projects? We have a 1.7 million sq ft development underway in Delhi, our first project there. There is a two-acre public park in the middle of the project which we are creating and that will be operational by December. There’s also four acres of space around the two buildings in the project, which will have inside-outside space, shopping, co-working, co-living, food and beverages, events and planned public spaces. The second one is in Mumbai, which is a 20-acre project in Thane, and that is in the planning and design stage. 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PFRDA to raise max age for admission under NPS to 70

15 Apr, 2021, 01:07PM | Livemint

The National Pension System (NPS) is set to admit new subscribers as old as 70, introduce a guaranteed pension scheme, and allow full withdrawals up to ₹5 lakh on maturity, India’s pension regulator said. Around 15,000 people above 60 joined NPS since the entry age limit was raised from 60 to 65 three years ago, Pension Fund Regulatory and Development Authority (PFRDA) chairman Supratim Bandyopadhyay said at a virtual press conference on Thursday. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST PFRDA has also proposed to allow subscribers who join after 60 to continue their NPS accounts till 75. For others, the maturity age will remain 70. Besides, the regulator has proposed a minimum guaranteed pension product under NPS, Bandyopadhyay said. At present, the NPS is a defined contribution system, which means that while the contribution to NPS is fixed, the maturity amount depends on the performance of the pension funds. The authority plans to invite bids for designing such a product in 15-20 days. The PFRDA, which recently invited applications to issue fresh licences for pension fund managers, plans to open a second window of around 45 days for new applicants, Bandyopadhyay said. Based on the experience with this, the regulator would institute an ‘on tap’ licensing system. This would mean applications can be made and processed all through the year. In the latest round, PFRDA granted a licence to Axis Asset Management Co. and also renewed licenses of existing pension fund managers. However, two entities, Aditya Birla Sun Life Pension Fund and Kotak Pension Fund, are yet to meet certain regulatory requirements for the licence. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:02 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST The regulator is also considering an increase in the fees that can be charged by NPS agents, which are called points of presence, Bandyopadhyay said. PFRDA has also proposed to allow subscribers to ‘commute’ or fully withdraw their pension corpus if it is below ₹5 lakh, something that is now allowed only up to ₹2 lakh. About 40% of such withdrawals will be taxable, with the remaining 60% being tax free. The taxable amount is added to the subscriber’s total income and will attract tax at the slab rate. The regulator is eyeing an increase in subscribers in NPS by 1 million in the current financial year, up from around 600,000 in FY21. For NPS and Atal Pension Yojana (APY) combined, the PFRDA expects to add around 10 million new subscribers in FY22, up from 8.3 million in FY21. The PFRDA oversees assets of around ₹5.78 trillion under NPS and APY and has 42.4 million subscribers as of 31 March 2021. “Life expectancy in India has increased and a good social security system is lacking. There aren’t enough savings products for senior citizens. So, the move to hike the maximum age of entry into the NPS is a good one. Similarly, if a guaranteed minimum pension is created, NPS and EPF will become more fungible and employees have more choice on which system to choose," said Narayanan Sadanandan, the managing director and chief executive officer of SBI Pension Fund. neil.b@livemint.com Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

RBL Bank Mastercard partner to offer first-of its-kind payment functionality

15 Apr, 2021, 12:51PM | Livemint

Mumbai: RBL Bank and Mastercard today announced their partnership to launch a mobile based consumer-friendly payment solution – the Pay by Bank App, a first-of-its-kind payment functionality in India. RBL Bank account holders can now enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants, worldwide that accept contactless and online payments. To provide enhanced security, ‘Pay by Bank App’ ensures that Bank customer’s payment credentials are never exposed to the merchant, making the transaction completely secure. Customers will continue to receive the Mastercard consumer protection benefits that they currently enjoy on their debit cards. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Also Read | Restaurants are now down to the waterline Additionally, the solution offers personalized transaction controls that enable Bank’s customers to dictate how, where and when their payment credentials are used. The recent momentum towards digital, triggered by new norms of health protection and social distancing have highlighted the need for more choice in making digital, contactless payments. As per a recent Mastercard survey, 49% of people in India are planning to make more purchases online. At the same time, 68% consumers in India think less in-store shopping is here to stay. A large majority – 77% – also believe the shift to contactless payments is permanent. Through this solution, merchants benefit from increased approval rates as each transaction will be authenticated by the account holders. Additionally, merchants will benefit from increased volume of contactless transactions as more account holders leverage their mobile app for making payments. Surinder Chawla, Head - Branch Banking at RBL Bank, said “Our customers are looking to us to provide innovative solutions for easy digital payments that they can trust and rely on. We are happy to be the first movers in this space and launch this unique payment application with Mastercard which offers simple, speedy and secure payments, while also addressing payment challenges that merchants may face such as declines or fraud. It is aligned with our efforts in bringing contactless banking initiatives, eliminating the need for physical contact amidst these unprecedented times of COVID-19." “Underpinned by the security offered by Mastercard and the bank, ‘Pay by Bank App’ delivers a digital payment solution to meet the needs of consumers seeking online or touch-free payments and wanting to protect their credentials better" said Porush Singh, Division President, South Asia, Mastercard. MORE FROM THIS SECTIONSee All Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST “Contributing towards Government of India’s vision to fuel the growth of digital payments, it’s another example of how Mastercard’s technology is supporting customer banks by making transactions simpler, more seamless and safer." Additional capabilities supported by the payment application include bill payments and personal payments via the mobile banking application that are already widely available across South East Asian markets where it is receiving a favorable response from banks and digital players who are looking to transform their mobile apps by adding digital payment capabilities or to enable contactless acceptance for their customers. RBL Bank is one of India's fastest growing private sector banks with an expanding presence across the country. Mastercard is a global technology company in the payments industry. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Indian traders looking to cash in on Coinbase listing left disappointed

15 Apr, 2021, 12:50PM | Livemint

Coinbase Global, Inc., the largest cryptocurrency exchange in the US, which listed on the Nasdaq on Wednesday, left a bitter taste for some investors. On the first trading day, the shares opened at $381 apiece and rose as high as around $429 per share. But the momentum didn’t sustain and the stock eventually closed 14% lower than its opening price. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST According to Sitashwa Srivastava, co-founder and co-chief executive officer of Stockal, “When popular companies approach stock markets, there is a hysteria around listing. Investors expect the price to double quickly, which didn’t happen in case of Coinbase." Stockal is a fintech company, which enables global investing for Indians. View Full ImageUp, up and away Share Via Ritesh Jain, a global macro investor and former executive at BNP Paribas Asset Management India Pvt. Ltd, said: “Day traders lost a lot of money on listing day and it’s possible that a good number of them were Indian investors." At Stockal, more investors bought Coinbase at $395-400 per share, suggesting there was anticipation that the stock price will shoot up fast. “From a short-term perspective, the Coinbase listing indeed comes as a disappointment," said Srivastava. There have been two broad reasons for the interest in the Coinbase listing. There is a general euphoria about cryptocurrencies in the markets and for the investors who want to capitalize on this demand, Coinbase offers a decent opportunity in the listed shares space. MORE FROM THIS SECTIONSee All Premium Premium Wipro surges 8% after Q4 profit beat estimates 2 min read . 09:57 AM IST Premium Premium Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels 1 min read . 09:26 AM IST Premium Premium Gold prices today fall, a day after big gains, silver rates drop 1 min read . 09:49 AM IST Premium Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Also, there is uncertainty around regulations for cryptocurrencies in India and reports suggest that the government is in the process of formulating a new bill on cryptocurrencies. Given the uncertainty, Coinbase looks like a good proxy for cryptocurrencies and therefore, has generated higher-than-usual interest. Coinbase is an exchange platform, which enables users to buy and sell cryptocurrencies such as bitcoin and ethereum. Estimated March 2021 quarter results show Coinbase’s revenue at about $1.8 billion for the quarter. Recall, too, that the sharp rally in shares of GameStop Corp. earlier this year also attracted the attention of investors globally, and it triggered an increase in enquiries on buying US-listed stocks in India. GameStop’s shares had risen more than 1600% in January this year driven by a coordinated short squeeze strategy by users of a Reddit forum. Meanwhile, it’s worth noting that Coinbase opted for a direct listing wherein there is no pre-set price decided by investment bankers, and the market influences the starting price on the first trading day. The company’s valuation soared to over $100 billion during trading hours on Wednesday. In pre-market trades on Thursday, the shares were trading at $350 apiece. In other words, the losses of those who bought on the listing day are not huge; but given the higher costs and effort required in buying overseas stocks, the experience would have left many first-time users disenchanted. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

2nd wave may push theatres to spend less on streaming rights

15 Apr, 2021, 12:41PM | Livemint

NEW DELHI: The second severe covid-19 wave will lead to at least 25-30% reduction in the price of film rights for distribution in theatres, telecast on satellite TV and streaming on digital platforms, said film and media industry experts. More than 1,500 cinema halls have already shut down owing to poor business in the first covid wave last year. With fewer number of theatres available, the box office collections will be low making it difficult to recoup investments. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Also Read | Restaurants are now down to the waterline While many big-ticket films sign these deals before release, media experts said the pandemic could play spoilsport for producers with both satellite TV rights and video streaming rights also going cheap as owners of these media base their offers on lower box office revenue. Besides, streaming services are rethinking the big sums they have been shelling out to acquire Bollywood films after the underwhelming response to many recent titles. “Pre-release sale prices have already come down with OTTs having burnt their fingers last year and remaining completely cautious now," said a trade analyst who did not wish to be named. Even for a direct-to-digital release of big titles such as Sooryavanshi, producers are only being offered around ₹100 crore compared to ₹150 crore a few months ago, the person added. The film, however, is holding on for theatrical showcasing. Trade experts said it would be unreasonable to expect even the biggest of films with the age-old barometers of crossing the ₹200 crore or ₹300 crore mark at the box office with multiple screens shut for good and audience sentiment at an all-time low. In an article he wrote for trade website Film Information, trade analyst Komal Nahta said, “Whether Radhe or ‘83 or any other big film hits the screens, we must cheer for them even if they net ₹75 crore because that would be the new trade paradigm." Recently, production and distribution company Pen Studios announced a deal to acquire Baahubali director SS Rajamouli’s upcoming multi-lingual film RRR. Trade experts said such deals make little sense in the current environment. The film may not be able to meet box office expectations even though it comes from the stable that had last made India’s highest grossing film. According to trade website Box Office India, RRR, essentially a Telugu language film featuring lead stars of that region, will have to do business of ₹225 crore in the Hindi market alone to break even. MORE FROM THIS SECTIONSee All Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST “Baahubali may have been a one-off phenomenon but who can guarantee business like that in even in a normal scenario, not to forget that we’re in the middle of a pandemic," independent distributor Vishek Chauhan said pointing out that 20% of India’s cinemas are not returning to business. The second wave will create a bloodbath for the exhibition industry, he said. Yet others underline the appeal and critical role of larger-than-life spectacles such as RRR in bringing people back to theatres. "Though people have not been flocking to cinemas, these are films that nobody would want to miss on the big screen," Atul Mohan, editor of trade magazine Complete Cinema said. Plus, ancillary revenue streams such as satellite and digital can be resold every few years and add to profits in the long run, he added. “Till the covid 19 caseload comes down, the future of theatricals will remain under question. But in the long term, people will go back for large films. Master managed to do that in the south so there is no reason to not assume it won’t happen in Bollywood, though we don’t know when," said Shariq Patel, chief business officer, Zee Studios that is currently in discussion with co-producers Salman Khan Films on the release of their Eid release Radhe. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Make rational use of medical oxygen, ensure no wastage: Centre to states

15 Apr, 2021, 12:11PM | Business Standards

The Centre on Thursday asked states to make rational use of medical oxygen and ensure there is no wastage while stressing that there is sufficient stock of oxygen in the country. Medical oxygen is a critical component in the treatment of COVID-19 affected patients. An inter-ministerial Empowered Group (EG2) of officers was constituted during the COVID pandemic in March 2020 to ensure the availability of essential medical equipment including medical oxygen to the affected states, the Union health ministry said. Along with the ramped up production of the oxygen manufacturing units and the surplus stocks available, the present availability of oxygen is sufficient, the ministry said, adding that the country is producing oxygen at its full capacity everyday for the last two days. Besides, states have been asked to set up control rooms to ensure smooth supply of oxygen to the districts according to need, review requirement of cylinders, tankers etc. the ministry said in a statement. A detailed daily mapping of sources for supply of medical oxygen to the affected states is under preparation to ensure uninterrupted oxygen supply, it said. The exercise will be carried out on the basis of detailed daily deliberations between officers of the Department for Promotion of Industry and Internal Trade, health ministry, steel ministry, various critically affected states, Petroleum and Explosives Safety Organisation, along with key stakeholders including representatives from oxygen manufacturers, All India Industrial Gas Manufacturers Association according to the directions of the inter-ministerial Empowered Group (EG2), it added. "It is pertinent to note that there is sufficient production capacity of around 7127 MTs for oxygen in the country, and as per need, the surplus oxygen available with the steel plants is also being utilised, the ministry said. "The country has a daily production capacity of 7127 MT of oxygen per day. Against this, the total production has been 100 per cent since past two days, as directed by the EG2, since supply to medical oxygen has gone up rapidly," the ministry added. On April 12, the medical oxygen consumption in the country was 3842 MTs, that is 54 per cent of the daily production capacity. The maximum consumption of medical oxygen is by Maharashtra, Gujarat, Madhya Pradesh, Uttar Pradesh, Karnataka, Tamil Nadu, Delhi, followed by Chhattisgarh, Punjab, Rajasthan, the ministry stated. With increasing cases, the medical oxygen consumption will need to keep pace with the requirements of the states. For this, the current oxygen stocks of the country, including the industrial oxygen stocks with the manufacturing plants, is more than 50,000 MTs, the ministry said. The EG2 has initiated several measures to ensure supply of medical oxygen to various affected states, it said. Some of the key measures include increasing oxygen production according to production capacity of each oxygen manufacturing plant which has resulted in 100 per cent production in the oxygen manufacturing units, ramping up availability of oxygen in the country, it said. The measures also include utilising surplus stocks available with steel plants and mapping requirements of top states with oxygen sources, including with sources across the state borders and those available at steel plants, for greater clarity and assurance for the states on the oxygen sourcing, the ministry said. Thus, Maharashtra has been able to utilise surplus medical oxygen on daily basis from steel plants like JSW in Dolvi (Maharashtra), SAIL in Bhilai (Chhattisgarh) and from JSW in Bellary (Karnataka). Similarly, Madhya Pradesh is able to supplement its oxygen supply from the Steel plant in Bhilai (Chhattisgarh), the ministry said. According to the ministry, the challenge at present is to move oxygen from states with less necessity to those with increased necessity. Mapping of surplus sources with states that have greater need for oxygen is being finalised in consultation with the manufacturers, states and other stakeholders, it said. This has been undertaken through coordinated planning between the Union and state governments to map their requirements up to April 30 with the available sources and stocks of oxygen in the country, the ministry said. A subgroup has been formed under the Ministry of Road Transport and Highways with Ministry of Railways and transport departments of states to facilitate the movement of tankers for Liquid Medical Oxygen (LMO). Moving of oxygen tankers by rail is also being actively worked out, it said. Some of the key decisions taken in the context of seamless movement of oxygen tankers include orders given by PESO (Petroleum and Safety Organisation) for conversion of argon and nitrogen tankers for use as oxygen tankers; thereby the fleet available for transportation of tankers has been enhanced, and free movement of oxygen tankers inter-state has been facilitated through MoRTH without registration in the other states, it said. Further, industrial cylinders have been permitted to be used for transporting medical oxygen after due purging and placing of orders for the purchase of another one lakh oxygen cylinders by the health ministry is also being undertaken, it said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Ranveer Singh adds to his big-budget projects with remake of Tamil hit ‘Anniyan’

15 Apr, 2021, 10:40AM | Livemint

NEW DELHI: Actor Ranveer Singh has added to the list of big-ticket titles in his kitty with the Bollywood remake of Tamil hit Anniyan to be helmed by original filmmaker S. Shankar. The psychological action thriller released in 2005 is best known to Hindi-speaking audiences through its dubbed Hindi version Aparichit available on satellite television channels. The untitled project will go on floors in the middle of next year and will be produced by Jayantilal Gada of Pen Studios. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Also Read | Restaurants are now down to the waterline Singh, who is currently awaiting the release of his sports drama ’83 that has been delayed for over a year due to the coronavirus pandemic, also has a comedy drama called Jayeshbhai Jordaar produced by Yash Raj Films slated for 27 August for now and another comedy titled Cirkus to be directed by Rohit Shetty scheduled for the end of the year. He will also be seen in Karan Johar’s next directorial venture, Takht, which is yet to get a release date. Having made his Bollywood debut with the romantic comedy Band Baaja Baaraat (2010), Singh is known for young, energetic portrayals in films such as Gunday (2014), Dil Dhadakne Do (2015) and Befikre (2016), besides his trilogy with director Sanjay Leela Bhansali— Goliyon Ki Raasleela Ram-Leela (2013), Bajirao Mastani (2015) and Padmaavat (2018). Also having appeared in Shetty’s action comedy Simmba (2018), Singh was last seen in Zoya Akhtar’s musical drama Gully Boy (2019). Singh who endorses several brands, including Adidas, Head & Shoulders, Ching's, Jack & Jones, Thums Up, MakeMyTrip and Duff & Phelps, also launched a music label IncInk in 2019. He plans to expand the label into a genre-agnostic platform covering music, video, visual art and other experiences. IncInk has launched rappers and hip-hop artistes such as Kaam Bhaari, Spitfire, Devil-The Rhymer and SlowCheeta, so far. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Infosys drops 5% on lower than expected earnings

15 Apr, 2021, 09:56AM | Livemint

MUMBAI: Shares of Infosys Ltd fell as much as 5.5% on Thursday as many analysts cut the stock's target price after the company reported lower than expected earnings. At 9.35 am, Infosys was trading at ₹1,351 on the BSE, down 3.4% from its previous close. In intraday, it touched a low of ₹1,320.35 and declined as much as 5.5%. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Also Read | Restaurants are now down to the waterline Brokerage firm Credit Suisse has maintained its outperform rating but cut its price target to ₹1,725 from ₹1,810 a share, Jefferies India has maintained buy rating and cut its price target to ₹1,600 from ₹1,620 a share, Antique Stock Broking has maintained buy rating and cut-price target to ₹2,000 from ₹2,020 apiece. The company reported 1.5% rise in its revenue to ₹26,311 crore while its revenue in terms of US dollar gained 2.8%. Net profit and EBIT dropped more than 2% each sequentially, while margins contracted 90 basis points to 24.5%. EBIT stands for earnings before interest and taxes. Voluntary attrition spiked to 15.2% compared with 10.0% in Q3, which, analysts expect, could be an area of concern for the company. In the fourth quarter, Infosys has secured 23 large deals with a total contract value (TCV) of $2.1 billion of which 52% is net new TCV. The company has also announced another round of wage hikes in July 2021 after a first round at the start of the year. This, along with the return of travel costs, is likely to keep margins under pressure from second half of FY23. According to Edelweiss Securities, cost optimization measures are likely to aid margins. MORE FROM THIS SECTIONSee All Premium Premium Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels 1 min read . 09:26 AM IST Premium Premium Gold prices today fall, a day after big gains, silver rates drop 1 min read . 09:49 AM IST Premium Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Premium Markets seen rangebound amid rising covid cases; Wipro, Bajaj Auto in focus 1 min read . 08:34 AM IST "With Infosys Q4 earnings being below expectations and the lack of positive surprise to earnings by large players like TCS and Infosys, we believe the earnings cycle has peaked for now (we see cuts likely to consensus earnings), which could prompt a negative reaction." said brokerage firm UBS in a note to its investors. The company gave a guidance that its fiscal year 2022 revenue is set to grow between 12-14% in constant currency terms, while operating margins were guided to be in the range of 22-24%, lower than the 24.5% upper end of FY2021. Brokerage firm Elara Capital says that although, FY22E revenue and EBITM (earnings before interest taxes and management) guidance was in-line with expectations, Consensus was aggressive and may have to trim. Both TCS and Infosys’s Q4 suggests they are weighed down by expectations, which, in-turn, caps FY22 earning upgrades in the near term. "We remain constructive on Infosys in the medium to long term with its ability to engage with large clients for their large transformation programs; we expect Infosys' medium to long term growth to be similar to TCS' and expect pay-out ratio to improve gradually, reaching similar pay-out ratio of TCS in 3-5 years", said Antique Stock Broking in a note to its investors. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Stocks to watch: Infosys, Wipro, Aditya Birla Capital, HDFC Bank, 5paisa

15 Apr, 2021, 08:40AM | Business Standards

Nifty futures on the Singapore Exchange traded 124 points higher at 14,665 vs Tuesday's close of 14,541, indicating a firm start for the Indian markets on Thursday. Here are the top stocks to track in today's session: Earnings Today: Wipro, Blue Blends (India), Hathway Bhawani Cabletel & Datacom and Tinplate Company of India are scheduled to announce their quarterly numbers on Thursday. Most brokerages expect Wipro's net profit to rise between 23-30 per cent year-on-year (YoY) but the figure could contract on a quarter-on-quarter (QoQ) basis. READ MORE Infosys: The company posted a 17.5 per cent jump in net profit for the March quarter on YoY basis, even though it was down 2.3 per cent sequentially. Infosys’s board also approved a share buyback of up to Rs 9,200 crore. The buyback will be done from the open market and the price per share will not exceed Rs 1,750. READ HERE Aditya Bitla Capital: The board of Aditya Birla Capital has approved an initial public offer of its asset management business, Aditya Birla Sun Life AMC, according to a filing with stock exchanges. HDFC Bank: The private sector lender said it is planning to raise up to Rs 50,000 crore during the next 12 months through issuing bonds. Tata Motors: The company on Wednesday said its group's global wholesales, including Jaguar Land Rover, increased 43 per cent YoY to 3,30,125 units in the fourth quarter of 2020-21 fiscal. Tata Metaliks: The company on Wednesday posted Rs 74.99 crore net profit for the quarter ended March 31, 2021, a fall of 2.66 per cent YoY from Rs 77.04 crore posted in the same period last year. GE Power: GE Power India's board approved the acquisition of 50 per cent stake in NTPC GE Power Services Pvt Ltd for Rs 7.2 crore. It also stated that the cost of acquisition or the price at which the shares are acquired is a cash consideration of Rs 7,20,00,000. NHPC: State-owned hydropower giant NHPC will form a joint venture with JKSPDCL, 'Ratle Hydroelectric Power Corporation Ltd', to implement a 850-megawatt (MW) hydroelectric project in Chenab river basin. DRL: Dr Reddy's Laboratories (DRL) is in the process of generating additional stability data for Russia's COVID-19 vaccine Sputnik V, which has a storage condition of -18 C, on 2 to 8 C, a senior official said. Bharti Airtel: The telecom major announced a new corporate structure under which group firm Airtel Digital will merge into the listed entity Bharti Airtel. While tapping digital opportunities, the telecom major is attempting to unlock value in line with other big players such as Reliance Jio, which had raised more than Rs 1.5 trillion from a clutch of investors including Google and Facebook. Religare, Axis Bank: Religare Enterprises on Wednesday said its arm Religare Finvest Limited will default on Rs 100 crore NCD payment obligation later this month to subscriber Axis Bank due to financial distress caused by misappropriation of funds by former promoters and officials. NFL, RFL: The government will sell up to 20 per cent stake in National Fertilizers Ltd (NFL) and 10 per cent in Rashtriya Chemicals and Fertilizers (RCF) through an offer for sale in the current fiscal. The Department of Investment and Public Asset Management (DIPAM) has invited bids from merchant bankers by May 5 for managing the proposed share sales. Future Retail: The company said Amazon has approached Supreme Court against a Delhi High Court order which stayed a single judge's order restraining Future Retail Ltd from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business. Future Enterprises: The company has defaulted on payment of interest on non-convertible debentures (NCDs). The company is unable to service its obligations in respect of the interest on NCDs due on April 12, 2021, Future Enterprises said in a regulatory filing late on Tuesday night. 5Paisa: 5paisa.com said it is raising Rs 250 crore through a preferential issue of shares to investors and warrants to promoters. The investment will be made by Ward Ferry, Fairfax and RIMCO, along with the promoter group, which includes IIFL's Nirmal Jain, Madhu Jain and R Venkataraman. Route Mobile: Hackers have allegedly compromised servers of enterprise communications firm Route Mobile, even as the company claimed that data of its customers is safe and its cyber security team is investigating the matter. Adani Ports: The Competition Commission of India (CCI) on Tuesday approved the acquisition of 89.6 per cent stake in Gangavaram Port Ltd by Adani Ports and Special Economic Zones Ltd. Motherson Sumi Systems: Moody’s Investors Service revised the company's rating outlook to 'stable' from 'negative' while affirming the Ba1 corporate family rating to Motherson Sumi Systems. The improved outlook with the affirmed rating reflects the sustainability of earnings and de-leveraging witnessed in the last two quarters despite growth challenges due to the global pandemic. UPL: The Supreme Court of Queensland in Australia has dismissed a class action litigation against Advanta Seeds Pty Ltd, UPL's subsidiary in Australia. "This class action, funded by a UK-based litigation funder, alleged that seeds sold by Advanta in 2010/2011 to certain growers in Queensland and News South Wales region of Australia, were contaminated," the company said in its BSE filing. Happiest Minds Technologies: The company Has entered into a strategic partnership with BeatRoute to solve typical revenue realisation problems faced by the Consumer Packaged Goods (CPG) industry. JSW Steel: The company has completed the acquisition of a 30.73 per cent stake in GSI Lucchini for a cash consideration of 1 million euros.

Instagram users can soon choose to hide 'likes' count

15 Apr, 2021, 08:20AM | Livemint

Instagram is launching a small global test on Wednesday where users can choose whether to hide like counts on their own posts or other people's posts, a Facebook spokeswoman said. The photo-sharing site, which is owned by Facebook Inc, said this latest test came after seeing mixed responses to its experiments in which it removed likes, commonly used as a measure of popularity. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST "In 2019, we started hiding like counts for a small group of people to understand if it lessens some pressure when posting to Instagram," the spokeswoman said in a statement. "Some people found this beneficial but some still wanted to see like counts so they could track what's popular." Facebook is also exploring a similar experience which will roll out in the coming weeks, she said, in response to users calling for more controls over how they interact with content on the platform. Facebook has previously tested hiding likes on others' posts in Australia. Last month, Instagram accidentally hid likes for a large number of users in what was meant to be a small test, garnering strong reactions. Some users viewed it as an important step for users' mental health, while others saw it as catastrophic for creators partnering with brands. Likes are expressed through pressing a heart-shaped icon on a user's post. Users in the Instagram test will still be able to privately see their own like count. The test will involve a small percentage of global users, but the company declined to say how many. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

7th Pay Commission salary calculator: How DA restoration will change 7th CPC pay matrix of CGS

15 Apr, 2021, 07:45AM | Livemint

7th Pay Commission salary calculator: After the announcement of Dearness Allowance (DA) restoration for around 52 lakh central government employees, central government servants (CGS) are busy calculating how it will change their 7th pay commission matrix. The reason for CGS' 7th CPC salary calculation is due to the changes taking place in their 7th CPC pay matrix. As per the Narendra Modi Government's announcement, center is going to restore DA benefit of central government employees from 1st July 2021. The Ministry of Finance (MoS) Anurag Thakur made an announcement last month in this regard in the Rajya Sabha in a written reply to a question. DA hike impact on 7th Pay Commission Matrix TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST As the center has declared to subsume all three pending DA installments from 1st July 2021, a central government employee's DA is expected to jump from existing 17 per cent to 28 per cent. This includes 3 per cent DA hike effective from 1st January 2020, 4 per cent DA hike effective from 1st July 2020 and expected 4 per cent DA hike due from 1st January 2021. 7th Pay Commission fitment factor As per the Seventh Pay Commission rules, a central government employee's salary is divided in three parts — basic salary, allowances and deductibles. Net CTC is a central government employee is summation of basic salary multiplied by the 7th CPC fitment factor plus all allowances. However, net salary is difference of Net CTC and deductibles like PF contribution, Gratuity, etc. Since, 7th pay commission fitment factor is 2.57. A central government employee's CTC other than allowance is a multiple of basic salary with 2.57. Suppose, a central government employees basic monthly salary is ₹20,000. In that case, that central government employee's monthly CTC other than allowance will be ₹51,400 ( ₹20,000 x 2.57). Now comes other part of CTC means allowance. This allowance includes Dearness Allowance (DA), Travel Allowance (TA), House Rent Allowance (TA), medical reimbursement, etc. Since, DA may rise from 17 per cent to 28 per cent from 1st July 2021, a central government will be eligible for 28 per cent DA, which is calculated on the basis of one's basic salary. Similarly, one's Travel Allowance (TA) will rise in sync with the DA. so, one's TA will also rise. So, after the rise in DA, a central government employee's allowance is also going to increase. So, this expected rise in DA of a central government employee is going to result in big leap in one's monthly salary. apart from that, three installments of DA arrears are also going to do icing on the cake for CGS. The possible DA hike will impact a central government employee's monthly PF, Gratuity contribution too because CGS' PF and gratuity contribution is calculated on the basis of basic salary plus DA. As DA is going to rise from 1st July 2021, an employee's monthly Pf and gratuity contribution will also go northward. that means more money accumulation in the retirement-oriented funds like PF and Gratuity. MORE FROM THIS SECTIONSee All Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Premium Premium Choose an insurer with a claim settlement ratio of at least 95% 2 min read . 05:25 AM IST So, DA restoration is going to change 7th CPC pay matrix of a central government employee and the change is positive for them. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

PPF account for spouse: How can you save income tax on interest income

15 Apr, 2021, 07:43AM | Livemint

PPF Calculator: Public Provident Fund (PPF) is one of the most preferred long-term investment instruments among the investors who have zero risk appetite. In this investment, the investor not only manages an assured return but it also gets income tax exemption on one's investment up to ₹1.5 lakh in a particular financial year. But, what about those investors, who have exhausted their ₹1.5 lakh PPF investment limit and they still have surplus amount for investing. As per tax and investment experts, if the investor is married, then opening a PPF account in the name of one's spouse can be a good option. Experts said that by opening PPF account in the name of spouse, the investor manages to double one's PPF investment limit, though the income tax exemption limit will continue to remain at ₹1.5 lakh. Speaking on how PPF account in the name of spouse helps an investor double one's PPF interest income; Harsh Roongta, Head at Fee Only Investment Advisers said, "If an investor has zero risk appetite and it has exhausted its PPF investment limit of ₹1.5 lakh per annum. Opening a PPF account in the name of spouse is a better option. By doing this, the earning individual will not be able to claim income tax exemption beyond ₹1.5 lakh as source of investment in both accounts is the investor himself. But, PPF has some other features like income tax exemption on PPF interest earned and PPF maturity amount. By, opening PPF account in the name of spouse, the investor will be able to double one's investment limit from ₹1.5 lakh to ₹3 lakh and will enjoy income tax exemption on PPF interest earned and PPF maturity amount in both PPF account." TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST On how income tax rules work in favour of the investor opening PPF accounts both in one's name and in one's spouse name; Manikaran Singhal, Founder at goodmoneying.com said, "After investing in spouse's PPF account, then source of income still continues with the husband and hence its income is added with the husband's income. But, PPF interest earned is income tax exempted and hence PPF interest earned in one's spouse PPF account doesn't get added in the husband's net income. Similarly, the husband goes on to enjoy the income tax benefit on PPF maturity amount getting accrued in the spouse's PPF account." Singhal said that under Section 80C of the Income Tax Act, PPF investment in one financial year is capped at ₹1.5 lakh and hence the husband will have to lose the income tax benefit on investment in PPF account if he has exhausted his ₹1.5 lakh limit. Otherwise, the husband will get all other benefits in one's wife's PPF account that he will be getting in his own PPF account. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Stocks to Watch: Infosys, HDFC Bank, Bharti Airtel, Wipro, Tata Motors

15 Apr, 2021, 07:18AM | Livemint

NEW DELHI: Here is the list of top 10 stocks that could be in focus on Thursday. Infosys: Expects annual revenue to grow 12-14% in constant-currency terms in FY22. The company has announced a ₹9,200 crore share buyback at a maximum price of ₹1,750 apiece. Infosys’s net profit for the March quarter rose 17.1% from a year ago to ₹5,078 crore, missing the consensus estimate of ₹5,210 crore in a Bloomberg survey. Revenue rose 13.1% to ₹26,311 crore. TRENDING STORIESSee All Premium This IIT graduate is worth ₹5,000 crore, just 15 months after joining Coinbase 1 min read . 08:56 AM IST Premium PPF account for spouse: How can you save income tax on interest income 2 min read . 07:43 AM IST Premium Covid 2.0 lifts lid off India’s health infrastructure system 3 min read . 06:57 AM IST Premium Maharashtra: No e-pass needed for movement of essential items amid partial lockdown, says DGP 3 min read . 14 Apr 2021 HDFC Bank: Private sector lender HDFC Bank on Wednesday said it plans to raise up to ₹50,000 crore through private placement of debt instruments over the next 12 months. The bank’s board will consider the proposal on 17 April. Bharti Airtel: Announced a new corporate structure that will allow the telco to sharpen its focus on digital assets and unlock value from India’s digital opportunity. It has formed a new subsidiary, Airtel Ltd, which will house all its telecom business. Dr Reddy's Laboratories: The production of Sputnik V vaccine in India will be ramped up only from the next quarter and till then Dr Reddy’s, the marketing partner for the vaccine in the country, will primarily import the shots from Russia. Tata Motors: The company said its group's global wholesales, including those of Jaguar Land Rover, increased 43% year-on-year to 3,30,125 units in the fourth quarter of 2020-21 fiscal. The company reported a 39% rise in its global passenger vehicle sales at 2,20,697 units. Motherson Sumi Systems: Moody’s Investors Service has revised the company's rating outlook to 'stable' from 'negative' while affirming the Ba1 corporate family rating. The improved outlook with the affirmed rating reflects the sustainability of earnings and de-leveraging witnessed in the last two quarters despite growth challenges due to the global pandemic. JSW Steel: The company's subsidiary JSW Steel Italy S.r.l has completed the acquisition of 30.73% stake GSI Lucchini S.p.A. In December 2020, a share purchase agreement had been executed between subsidiary JSW Steel Italy S.r.l. and Industrial Development Corporation, South Africa, for acquiring 30.73 percent share capital of GSI for 1 million euro. MORE FROM THIS SECTIONSee All Premium Premium Markets falls 0.7% as daily covid cases top 2 lakh for first time 1 min read . 10:56 AM IST Premium Premium Bitcoin is a bubble, not equities: BofA Securities fund manager survey 1 min read . 10:49 AM IST Premium Premium 5paisa Capital share price surges on plans to raise ₹250 cr via equity issue 1 min read . 10:27 AM IST Premium Premium Infosys drops 5% on lower than expected earnings 2 min read . 09:56 AM IST Aditya Birla Capital: The board of the company has an initial public offering of subsidiary Aditya Birla Sun Life AMC. It has approved an offer for sale of up to 28.5 lakh shares of face value of ₹5 held by the company in the AMC, the company said in a filing to the stock exchanges on Wednesday. Airline stocks: Domestic passenger traffic is likely to witness a monthly degrowth of 15%-17% in April because of a spike in covid-19 infections and fresh restrictions on travel, rating agency ICRA said in a report released on Wednesday. Auto stocks: An anticipated revival in demand for passenger vehicles and two-wheelers this fiscal could be hit by pandemic-induced restrictions in Maharashtra and other supply-chain issues. Another exodus of migrant labour, caused by lockdown measures in different parts of the state, could hit production and pull down sales. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Biocon’s prospects look good, but Street eyes better execution

15 Apr, 2021, 05:35AM | Livemint

Biocon Ltd’s shares have fallen around 12% this year, underperforming the Nifty Pharma Index, which is up 3.7%. Of course, this comes on the back of massive outperformance in the past five years, with the stock rising 340% in a period when the pharma index was more or less flat. The prospects of the company have been improving with the unveiling of its biosimilars pipeline in collaboration with its global partner Mylan. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST With investor expectations running high, and after a soft Q3 performance, sentiment on the Street was bound to take a beating. The ramp-up in the biosimilar portfolio was lower than expected, said analysts after the Q3 results announcement. View Full ImagePicking up Share Via The company also pushed its $1 billion revenue guidance for the biologics business from FY22 to a later, unspecified date. This, coupled with some management changes, has made the Street watchful of the pick-up in the company’s growth trajectory. “When looked together with the management change, some of the commercial initiatives undertaken by Biocon in the last few years may have a longer gestation to revenues," analysts at Jefferies India Pvt. Ltd said. The reset button had been pressed largely on the back of rising commercialization costs during the FY18-21 period, say analysts. The positive is that Biocon has seen good growth during the last few months. In the domestic market, growth has been more than 20% during the month of March, point out analysts at Motilal Oswal Financial Services. MORE FROM THIS SECTIONSee All Premium Premium Wipro surges 8% after Q4 profit beat estimates 2 min read . 09:57 AM IST Premium Premium Stock market today: Experts predict range-bound trend as Nifty faces hurdle at 14800 levels 1 min read . 09:26 AM IST Premium Premium Gold prices today fall, a day after big gains, silver rates drop 1 min read . 09:49 AM IST Premium Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Of course, it’s also important to see if there has been a pick-up in performance in markets such as the US. “US market is seeing better adoption of biosimilars, thus re-validating growth opportunities for players like Biocon," said analysts at HSBC Securities and Capital Markets (India) Pvt. Ltd. This is good news for growth in the biosimilar product range already launched by the company in the US. The multinational broker adds, “We remain positive on Biocon’s long-term prospects for biosimilars and believe that improved execution of launches in the US and a renewed focus for most of the world markets should help it to better pick up biosimilars sales." ‘Most of the world’ refers to world markets outside developed economies. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Covid surge may upend drop in auto-debit payment failure

15 Apr, 2021, 05:15AM | Livemint

The sharp surge in covid-19 cases and resulting local restrictions being implemented across states is likely to lead to a pickup in auto-debit payment bounces, which had been declining over the last few months. As covid-19 wreaked havoc on the economy last fiscal, a larger number of small borrowers were unable to repay loans, resulting in a near-9 percentage point increase in auto-debit bounces in FY21, showed data from the National Payments Corp. of India (NPCI). TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST While there has been some recovery in the four months to March 2021, the fresh wave of covid-19 threatens to mar it. In FY21, 38.9% of auto-debit transactions conducted through the National Automated Clearing House (NACH) failed, primarily because of insufficient funds. The volume of failures was at 30.3% in FY20 and lower at 23.3% in FY19, the data showed. View Full ImageGraphic Mint Share Via This data does not reflect intra-bank standing instructions and is only for interbank mandates and those between a bank and a non-bank lender. These are recurring payments where borrowers have agreed to auto-debit mandates and funds are drawn on a monthly basis from their bank accounts. In value terms, 31.2% of transactions were unsuccessful between April 2020 to March 2021, against 24.2% in the same period of the previous financial year. However, between December and March, there has been a steady decline in failure rates, down 5.3 percentage points by volume to 32.8%. Industry experts think that the return of covid-19 could lead to a few percentage point increase in bounce rates from April. Whatever improvement was being recently observed may be lost, because of the second wave of covid-19, said Parijat Garg, a digital lending expert. The first to get affected by will be payments from borrowers in the self-employed category as their incomes will be affected by these mini lockdowns, according to Garg. MORE FROM THIS SECTIONSee All Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST “For the salaried class, there is no immediate risk, unless the restrictions extend till about June and beyond. The bounce rate, which declined to 32.8%, could inch up to 35-37% if business activity is repeatedly disrupted," he said. Trying to contain the unabated rise in coronavirus infections in Maharashtra, chief minister Uddhav Thackeray on 13 April announced further restrictions on movement till 1 May. States such as Madhya Pradesh, Haryana, Karnataka and Delhi have also imposed curbs on movement. Such lockdowns, however short-lived, will dampen economic recovery, experts said. These repayment failures display the vulnerability of the retail loan segment for banks and non-bank financiers. Bankers stress that these failures are primarily from non-banking financial company customers, many of whom have relatively low credit scores and are more susceptible to cash flow disruptions. That said, individual loans are clearly the bastion of most banks and non-banks, with even those with large legacy infrastructure bad loans now focusing largely on retail. Bank loans to individual borrowers stood at ₹27.7 trillion as on 26 February, showed data from the Reserve Bank of India. Moreover, it is to be seen how banks with greater exposure to unsecured credit fare under the current circumstances. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

'I retained a diversified portfolio during covid'

15 Apr, 2021, 05:13AM | Livemint

In April 2020, when covid hit India and the country went into lockdown, Mint spoke to industry leaders in the financial services space to understand the impact of the pandemic on their personal investment portfolios. With the passage of a year, we are going back to our respondents to see how things have panned out and whether there are any lessons for investors. In the fourth part of the series, we talk to Kalpen Parekh, president, DSP Investment Managers Pvt. Ltd. Parekh had a balanced portfolio when the pandemic hit in April 2020. It was 44% in equities (12% in international equities), 41% in debt, 9% in gold and the rest in real estate and alternative asset classes. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST The current portfolio has 51% in equities (10% in international equities), 42% in debt and 7% in gold. View Full ImagePortfolio Allocation Share Via The higher share of equities stems from a rally in the stock markets over the past year, but Parekh recently booked some profits and moved a small amount into debt. His international equity allocation is through DSP feeder funds investing in gold mining stocks, natural resources stocks and value companies. Parekh says he started investing in gold for the first time in 2018 and now has 7% of his portfolio exposed to the precious metal directly and indirectly—5% is through mutual funds and 2% via sovereign gold bonds. Parekh invests in gold tactically; he cut his exposure in September 2020 and is looking to get back in. “The DSP World Gold Fund acts as an aggressive proxy to gold. I had reduced weights here in the middle of last year when gold was rising. I shifted to our funds that invest in energy and metal stocks to increase weights to the very beaten down commodity space as companies were at a decade-low valuations and prices and so were the underlying commodities," he said. “I may add more gold now as prices have corrected a lot in the last six months." Parekh has 42% of his portfolio in debt. “My approach to choosing debt funds is active bond funds when rates are high (8-9%) and the DSP Short-Term Fund when rates are lower than 8%," he said. MORE FROM THIS SECTIONSee All Premium Premium PPF account maturity period should be lowered, SBI report suggests 2 min read . 11:26 AM IST Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST According to Parekh, there is no perfect asset allocation. “Each individual’s asset allocation is unique to his near-term cash flow needs (buying a home, in my case) and investment ideology (increase risk when asset classes are lower; almost everything is peaking today)," he said. “All my investments are in mutual funds. I don’t invest in stocks as I firmly believe this is the most efficient investment vehicle that combines long-term compounding, liquidity and effective taxation in one single instrument," he said. All his investments were made in DSP funds since the time he joined the fund house. “This is almost 75% of my entire investments now," he said. “My broad belief for asset allocation is 75% in equities (India and international combined), 15% in debt and 10% in gold. However, equities are currently at 51% due to expensive valuations and my likely need for a home purchase (if I get lucky)," added Parekh. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Technology cos have a key role to play in cybersecurity: Smith

15 Apr, 2021, 02:05AM | Livemint

The global challenge around cybersecurity needs a multi-faceted solution with tech companies playing a bigger role, while bringing in a larger pool of security professionals and applying best practices are crucial, Microsoft president Brad Smith said on Tuesday night at the Raisina Dialogue, India’s premier conference on geopolitics and geoeconomics. He noted that recent incidents like the Facebook-Cambridge Analytica event were “tipping points" that impacted how people think about technology more broadly. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST “It (cybersecurity) is an extraordinarily important issue. I think the recent spate of cybersecurity attacks underscored that even more clearly. I think the solution has to be multi-faceted. (As a tech company), we have to ask ourselves how can we change our practices, how can we make our software and our services more secure and what more can we do to help customers around the world," he said. Running solutions on the cloud are more secure than when it runs through on-premise servers as it is easier to keep a watch on the data and the attacks, and the upgrades can be done, he said. Smith said that national deliberations are going on with people asking about the obligations that tech companies running social media sites should have around the removal of unlawful content. He also noted that the “changing relationship" betw-een China and the US, and China and other countries is one of the most significant geopolitical developments of this decade. “We are definitely seeing an impact on hardware supply chains, in terms of many companies... moving hardware manufacturing out of China. That has been underway for the last 18 months, even though it’s not always discussed by companies publicly," he said. Smith said hardware manufacturing capacity is shifting to Vietnam, South Korea or other parts of South Asia. “From a long-term perspective, this creates potential new opportunities for, say India as well as others, to make themselves more of a location for hardware manufacturing," he said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Van Heusen to expand casual offerings as WFH gains steam

14 Apr, 2021, 11:41PM | Livemint

Formal wear brand Van Heusen—part of Aditya Birla Fashion & Retail Ltd (ABFRL)—is set to expand into the casualwear market with launch of a new sub-brand a year after the pandemic has driven demand for work-from-home (WFH) and comfort clothing. The pandemic has tested the country’s top apparel retailers that had to deal with a prolonged lockdown, and then extended work-from-home orders that led to a dip in demand for formal trousers, pricey shirts and jackets. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Meanwhile, the last 12 months have also meant that wardrobes are turning more casual, with categories like athleisure taking precedence. Van Heusen stores will now sell more T-shirts, denim shirts, jeans, casual jackets and casual shirts under the Denim Labs sub-brand designed for both for men and women. The retailer will give the collection 300 to 350 sq. ft display in a store that’s typically sized between 1,500 to 1,800 sq. ft. It will be endorsed by Bollywood actress Jacqueline Fernandez. The collection will be sold at over 200 of the brand’s outlets, multi-brand retail stores and the retailer’s own website, apart from Myntra. New-age industries such as startups as well as established ones that draw a younger workforce have prompted the brand to draw up a separate casual collection. “The way you dress to work itself has evolved, especially with the advent of the startup ecosystem, and the IT industry, where the dress code has been evolving. Driven by these factors, there is a large consumption of casual and denim wear which is going up fundamentally as a substitute to sharp formal wear," said Abhay Bahugune, chief operating officer, Van Heusen. MORE FROM THIS SECTIONSee All Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST Previously, denims had negligible presence at the brand’s stores. Van Heusen also sells inner-wear and athleisure. Bahugune expects the collection to draw 10% of the brand’s business in the next 12 months. Covid is also pushing brands to reset their offerings. Due to extended work from home, there is a “category rebalancing" that has happened in the minds of consumers as they move from formal work wear to work-from-home wear, said Pakhi Saxena, practice head, retail and consumer packaged goods, Wazir Advisors. “Even though cost of opportunity is high, brands are trying to respond faster," Saxena said. “For the brand, it is very important to diversify given the new work from home settings," said Abneesh Roy, analyst at Edelweiss Securities. The shift into other categories is also seen in the recent partnerships announced by parent ABFRL that retails western lifestyle brands such as Allen Solly, Peter England and Louis Philippe. In January, ABFRL signed a definitive agreement to acquire a 51% stake in luxury designer label Sabyasachi to expand in the ethnic wear market. Meanwhile, Flipkart’s minority investment in ABFRL will see it expand its range on the marketplace as well as its fashion platform Myntra. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Foreign vaccines on the fast track for Indian?masses

14 Apr, 2021, 11:19PM | Livemint

The government on Tuesday revised regulations for foreign vaccines that have received emergency use authorization (EUA) from top regulators, including the World Health Organization. Mint looks at what it means for India’s vaccination drive. What has the Indian government done? TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Under the clinical trial rules, a foreign company has to conduct a bridging study before it seeks an authorization that determines if the vaccine is equally safe and effective among the Indian population as it is in the country where extensive human trials have been conducted. However, there are certain clauses, which, in case of an emergency, allow the regulator to authorize a foreign vaccine if it has been approved by another national regulator. The Indian government has basically invoked this provision of the clinical trial rules to allow foreign companies to export their vaccines. What are the likely implications? Foreign companies can now seek an authorization from the DCGI V.G. Somani for their vaccines without conducting a bridging study before submitting their applications, if they have received an authorization from the USFDA, UK Medicines and Healthcare products Regulatory Agency, European Medicines Agency, Japan’s Pharmaceuticals and Medical Devices Agency or WHO. However, they will have to conduct a bridging study in India parallel to the rollout after getting authorization. Also, the first 100 beneficiaries of such vaccines shall be assessed for seven days for safety outcomes before it is rolled out further. View Full ImageIn the pipeline Share Via Which companies stand to benefit from govt’s move? Pfizer’s and Moderna’s mRNA vaccines and J&J’s single-shot jab can immediately apply for an emergency import licence, as they have authorisations from at least two of the five regulators. Serum Institute of India could also benefit from the revised rules if Novavax secures an EUA from the USFDA, as it is contract manufacturing the vaccine under its brand Covovax. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Are there any concerns? A bridging study helps determine whether a vaccine is equally safe and effective in the local population. While theoretically, safety and immune response of the jabs may differ in populations, experts don’t foresee a significant change as bridging studies for covid-19 jabs are usually conducted in 1,600 participants, which may not be a large sample size to find out population-specific safety issues. Also, in terms of immune response, while there may be some variation, it may not be significant enough to lower the efficacy. What is the way forward? While the move will help hasten the approval process, it may not be enough to immediately improve vaccine supply. Say, if J&J gets an emergency authorization, it may be unlikely that supply to India will be immediately ramped up, especially because J&J has prior commitments to the US and European Union. Even Biological E, with which J&J has a manufa-cturing pact, has not yet started making the vaccines. At least for April, as cases peak and some areas seem to face vaccine shortage, the situation may continue. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics Primer

GIP’ Vector Green Energy plans to raise Rs1237 crore through a green bond

14 Apr, 2021, 10:52PM | Livemint

NEW DELHI : US-based Global Infrastructure Partners’ (GIP) Indian green energy platform, Vector Green Energy plans to raise Rs1237 crore through a green bond in the Indian capital market. “CRISIL Ratings has assigned its ‘Provisional CRISIL AAA/Stable’ ratings to the ₹581 crore non-convertible debentures (NCDs) of Yarrow Infrastructure Pvt Ltd (YIPL) which is part of Vector Green Restricted Group (VGRG) of six special purpose vehicles (SPVs)," the rating agency said in a statement on Wednesday. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST “The total aggregate amount of these NCDs of VGRG is ₹1,237 crore," the statement added. GIP is an infrastructure-focused global private equity player and manages $70 billion of assets including 15GW of renewable projects. Of Vector Green’ 652 MW wind and solar power project portfolio in India across a dozen states, a substantive part of it was acquired from IDFC Alternatives in 2018. Vector Green had also acquired 306MW solar projects from RattanIndia Group in September last year. Aditya Aggarwal, GIP India partner could not be immediately reached for comments. “The rating reflects strong revenue visibility and counter party profile, co-obligor structure of SPVs providing diversity benefit and healthy financial risk profile. These strengths are partially offset by exposure to risks inherent in operating solar energy assets and refinancing risk," the Crisil statement said. There is a growing interest for Indian green energy firms' bonds. The latest case in point Greenko Energy Holdings raising $940 million for refinancing through its bond issue. Mint earlier reported about GIP exploring an infrastructure investment trust (InvIT) for Vector Green Energy, to raise around $100 million in equity. MORE FROM THIS SECTIONSee All Premium Premium Allow post-production, open up vaccination: M&E industry bodies request Maha CM 1 min read . 11:13 AM IST Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 GIP has been present in the Indian clean energy space and led a group of investors to acquire Equis Energy for $5 billion in October 2017. The sale included liabilities of $1.3 billion and the Indian portfolio of the Singapore-based renewable energy developer, comprising green energy platforms Energon and Energon Soleq. This comes at a time when India’s solar power tariffs have touched a record low of ₹1.99 per unit. Also, this low tariff resulted in tariff-shopping with Gujarat Urja Vikas Nigam Ltd cancelling the Letters of Award for 700MW of solar power generation given to firms including GIP’s Vena Energy. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Tech Mahindra to start COVID-19 vaccination drive for employees, their families

14 Apr, 2021, 10:38PM | Livemint

NEW DELHI : IT company Tech Mahindra on Wednesday announced that it will start an exclusive Covid-19 vaccination drive for its employees and dependent family members from April 15 in the national capital. Tech Mahindra has partnered with Fortis Healthcare to initiate the first phase of the drive. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST "At Tech Mahindra, well-being of our associates is a foremost priority for us, and this vaccination drive further reiterates our belief in 'Wellness before Business'. In addition to implementing all safety protocols, the vaccination drive in partnership with Fortis Healthcare will thereby enable us to keep our associates and their loved ones safe," Harshvendra Soin, global chief people officer and head – marketing, Tech Mahindra, said in a statement. Tech Mahindra will cover the cost of vaccination for all its associates and further plan to extend the benefit to its third-party employees as well, the statement said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Russia says Sputnik V COVID-19 vaccine does not cause blood clots

14 Apr, 2021, 10:24PM | Livemint

The developer of Russia's Sputnik V coronavirus vaccine said Wednesday its jab did not cause blood clots, a potential side effect that has disrupted rollouts in several Western countries. The United States has recommended pausing its rollout of the Johnson & Johnson vaccine after one person out of nearly seven million Americans died from a rare type of clot in the brain following inoculation . TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Denmark on Wednesday became the first country in Europe to suspend use of the AstraZeneca jab after reports of rare but serious cases of blood clots among those that had received the vaccine. Like the Johnson & Johnson and AstraZeneca vaccines, Russia's Sputnik V jab uses adapted strains of the adenovirus that causes the common cold. On Wednesday, the state-run Gamaleya research institute, which developed Sputnik V vaccine, said there was no risk of blot clots from its jab. "A comprehensive analysis of adverse events during clinical trials and over the course of mass vaccinations with the Sputnik V vaccine showed that there were no cases of cerebral venous sinus thrombosis," it said in a statement. Russia's registration of Sputnik in August last year triggered criticism both at home and abroad over the fast-track procedure, but a leading medical journal said this year it was safe and highly effective. The vaccine has been registered for use in dozens of countries. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 The Gamaleya institute said it was "ready to share its purification technology with other vaccine producers in order to help them minimise the risk of adverse effects during vaccination." President Vladimir Putin said Wednesday he had received the second dose of a vaccine against the coronavirus and encouraged Russians to follow his example. He has not said which of Russia's three vaccines -- EpicVacCorona and CoviVac in addition to Sputnik V -- he received. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

The third tier of government can bolster urban health

14 Apr, 2021, 10:10PM | Livemint

The covid pandemic put a spotlight on an often-neglected component of India’s health system: urban public health and healthcare. The crowding in our cities makes them natural targets, but our urban health problem runs deeper. In the past, governments have focused on rural health, and rightly so. Expenditures under the National Health Mission (NHM), India’s primary public health and healthcare delivery vehicle, make this apparent. Union government expenditure on urban areas was ₹850 crore in 2019-20, compared to nearly ₹30,000 crore for rural. However, with rapid urban population growth, a lack of government primary and preventive health infrastructure in urban India poses a challenge. Against a norm-based target of 9,072 urban primary health centres (UPHCs), only 5,190 are operational. Further, most states do not have urban sub-centres (SCs), people’s first point of access for healthcare services. There are only 3,000 urban SCs compared to over 150,000 in rural areas. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST As a result, three-fourths of the population accesses basic healthcare at private facilities in urban areas, compared to two-thirds in rural. Urban areas also suffer from ‘over-hospitalization’ of basic care, ideally done in clinics. Further, the UPHCs, modelled on their rural counterparts, are not appropriate for urban high-density settings and their distinct epidemiological challenges. Covid has highlighted the need to focus on urban preventive and promotive health. The government has shown a political and financial will to address this issue. The 2021-22 budget provides ₹5,000 crore for urban primary health through urban local bodies (ULBs), a large addition over the ₹1,000 crore NUHM budget. These allocations come from the 15th Finance Commission (FC) grants for primary health to our third tier of government. Nearly 40% of 15th FC’s earmarked health grants—worth ₹70,000 crore over a five-year period (2021-22 to 2025-26)—are for urban areas. Much of this money will be used to build urban health and wellness centres (HWCs). But, why ULBs? Why not continue with the state government-led model? There are two reasons. First, municipalities are best placed to understand the needs of the population in their wards. They are closer to the communities they serve. Second, they are more responsive to the demands of citizens, given their greater direct accountability and accessibility. Experiences from Argentina and Brazil, and closer home in Kerala, show that the decentralization of healthcare to ULBs is beneficial. For example, Argentina’s Plan Nacer—where city governments receive funds from the national health ministry based on population coverage—has had a positive effect. The probability of low birth weight, a key health outcome, fell by 23% in Argentina. FC grants to ULBs provide an opportunity to reshape urban health. However, two aspects require attention. First, most municipal bodies lack the technical and managerial capacity to utilize the grants. Building and running a health system requires capacities in governance, contracting, procurement, monitoring, and evaluation. These are complex functions that require sustained support. One component of a solution to that capacity challenge is to establish a state-level project management units (PMUs) to assist ULBs on technical and managerial matters. The PMU will be responsible for facilitating design elements, developing and executing contracts, and establishing a monitoring framework. Second, the legislation and governance framework on devolution of health to ULBs from state governments is unclear. The 74th amendment increased autonomy of municipal governments. Eighteen categories of functions—listed in 12th Schedule of Article 243W—could be devolved to municipalities at the state’s discretion. One of those is public health. Municipalities can thus implement public health schemes if state governments agree. However, almost three decades since that amendment, most ULBs have a limited role in health. The predominant reason is a lack of devolution of that function by state governments, compounded by inadequate role clarity among various health-related agencies, the poor financial condition of most ULBs, and low priority accorded to health. Further, healthcare is not explicitly mentioned in the 12th Schedule; only public health is. Given the relatively large expected fund inflow from FC grants, state governments can devolve greater authority to ULBs for health. This should be accompanied by a broader conception of public health, in line with the comprehensive primary healthcare vision of HWCs. Else, the money risks sitting idle with ULBs due to a lack of legislative clarity and administrative capacity to deploy it. MORE FROM THIS SECTIONSee All Premium Premium Soaring wholesale inflation tells us there’s no free lunch 3 min read . 10:09 AM IST Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Kerala’s experience can provide lessons. In 1996, Kerala granted autonomy to local governments to develop and implement expenditure plans based on local needs. This was accompanied by training and the transfer of 35-40% of the state government’s development budget to local governments. As urban India’s population swells to over half the total by 2050, a robust health system is necessary to ensure people’s well-being, resilience and productivity. The Union government has shown the will to improve urban health through India’s third tier of government. The key now is to build ULB capacity, and address the nuts and bolts of governance, financing and service-delivery. These are the authors’ personal views. Nina Badgaiyan and Anurag Kumar are, respectively, a senior consultant in the field of health and nutrition, and a health economics professional, at Niti Aayog. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Cross-border neobank moneyHOP launches instant global remittance service. Know details

14 Apr, 2021, 09:57PM | Livemint

moneyHOP, a cross-border neobank on Wednesday launched ‘HOPRemit’."It's an instant, cost-effective and contactless international remittance service, custom made for Indian millennials," the company said. The service provider joined hands with SBM Bank India to introduce the facility. The users can remit in four easy steps — 1) Select the destination, currency, and the amount, 2) You have to complete a digital KYC, 3) Then, you need to add recipient’s details, 4) Then you pay online. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST "After receiving the funds, transfer instructions get processed immediately and money gets credited to the recipient’s account within 24 hours," the company said. There were no hidden charges, moneyHOP said. On the launch of HOPRemit, Mayank Goyal, CEO, moneyHOP, said, “Even though domestic mobile payments rose by 163% to $287 billion in 2019 in India, international money transfer is still an extensively paper-driven and expensive procedure. One of the UN’s sustainable development goals is to reduce the global cross-border remittance fee to under 3% by 2030 and from 7% where it currently stands. Therefore, moneyHOP has come up with a digital and affordable model for international money transfers." "As the current health crisis continues to pose challenges towards branch-based and paper-driven banking services, a remittance platform that enables its users to send money abroad from their homes is the need of the hour," he said. moneyHOP is also building One Global Card, One Global Account — a multi-currency mobile banking platform to augment its cross-border offering. The HOP app is in its final test stage and will be ready for launch soon, the company said. It is a mobile app-based digital banking solution offering a multi-currency bank account and a card. One can apply for an account through the app, and the user gets onboarded using digital KYC. The user is instantly issued with a multi-currency account and a card. The app enables the user to deploy banking activities such as save, invest, borrow and spend. The on-demand 0% mark-up currency exchange is available. "The user can use either the virtual card on the app to transact using NFC or a contactless physical card to pay at POS, withdraw money or use for online transactions," moneyHOP said. MORE FROM THIS SECTIONSee All Premium Premium PPF account maturity period should be lowered, SBI report suggests 2 min read . 11:26 AM IST Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Joe Biden needs to fix the future of the United States, not the past

14 Apr, 2021, 09:36PM | Livemint

American President Joe Biden’s $2 trillion infrastructure plan is likely to be a watershed moment for the American economy, signalling that the neoliberal era, with its belief that markets work best and are best left alone, is behind us. But while neoliberalism may be dead, it is less clear what will replace it. The challenges that the United States and other advanced economies face today are fundamentally different from those they faced in the early decades of the 20th century. Those earlier challenges gave rise to the New Deal and the welfare state. Today’s problems—climate change, the disruption of labour markets due to new technologies, and hyper-globalization—require new solutions. We need a new economic vision, not nostalgia for a mythicized age of widely shared prosperity at home and global supremacy abroad. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST On climate change, Biden’s plan falls short of the Green New Deal advocated by progressive Democrats such as Representative Alexandria Ocasio-Cortez. But it contains significant investments in a green economy, such as supporting markets for electric vehicles and other programmes to cut carbon dioxide emissions, making it the largest federal effort ever to curb greenhouse-gases. On jobs, the plan aims to expand employment offering good pay and benefits, focusing, in addition to infrastructure, on manufacturing and the growing and essential care economy. New ways of thinking about the role of government are as important as new priorities. Many commentators have framed Biden’s infrastructure plan as a return to big government. But the package is spread over eight years, will raise public spending by only one percentage point of gross domestic product, and is projected to pay for itself eventually. A boost in public investment in infrastructure, the green transition and job creation is long overdue. Even if the plan were nothing more than a big public investment push financed by taxes on large corporations, it would do a lot of good for the US economy. But Biden’s plan can be much more. It could fundamentally reshape the government’s role in the economy and how that role is perceived. Traditional scepticism about government’s economic role is rooted in the belief that private markets, driven by the profit motive, are efficient, while governments are wasteful. But the excesses of private markets in recent decades—the rise of monopolies, the follies of private finance, extreme concentration of income, and rising economic insecurity—have taken the shine off the private sector. At the same time, it is better understood today that in a complex economy characterized by so much uncertainty, top-down regulation is unlikely to work. Regardless of the specific domain—be it promoting green technologies, developing new institutional arrangements for home-care workers, deepening domestic supply chains for high-tech manufacturing, or building on successful workforce development programmes—government collaboration with non-governmental actors will be essential. In all these areas, the government will have to work with markets and private businesses, as well as other stakeholders such as unions and community groups. New models of governance will be required to ensure public objectives are pursued with the full participation of those actors who have the knowledge and capacity to achieve them. The government will have to become a trusted partner; and it will have to trust other social actors in turn. In the past, each excessive swing in the state-market balance has eventually prompted an excessive swing in the opposite direction. The Biden plan can break this cycle. If it succeeds, the example it sets of markets and governments acting as complements, not substitutes—demonstrating that each works better when the other pulls its weight—could be its most important and enduring legacy. MORE FROM THIS SECTIONSee All Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Premium Premium America ought to brace itself for a fourth wave of infections 3 min read . 15 Apr 2021 In this regard, it is unhelpful to view the Biden plan as a way to restore America’s competitive position in the world, especially vis-à-vis China. Unfortunately, Biden himself is guilty of this framing. The package will “put us in a position to win the global competition with China in the upcoming years," he recently argued. It may be politically tempting to market the infrastructure plan in this fashion. In an earlier era, the prevailing fear that the US was losing its edge to the Soviet Union in ballistic missiles and in the space race helped catalyse a national technological mobilization. But there is much less reason for that sort of fear-mongering today. It is unlikely to buy much Republican support for the plan, given the current intensity of partisan polarization. And it diverts attention from the real action: if the plan increases incomes and opportunities for ordinary Americans, as it should, it will have been worth doing, regardless of its effects on America’s geopolitical status. Moreover, economics is different from an arms race. A strong US economy should not be a threat to China, just as Chinese economic growth need not threaten America. Biden’s framing is damaging insofar as it turns good economics at home into an instrument of aggressive, zero-sum policies abroad. Can we blame China if it tightens restrictions on US corporations as a defensive measure against the Biden plan? The plan could transform the US and set an important example for other developed countries to follow. But to achieve its potential, it must avoid misleading state-versus-market dichotomies and outdated Cold War tropes. Only by leaving behind the models of the past can it chart a new vision for the future. ©2021/Project Syndicate Dani Rodrik is professor of international political economy at Harvard University’s John F. Kennedy School of Government. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

The need for empathetic leadership in the workplace

14 Apr, 2021, 09:32PM | Livemint

Recently, one of our team members missed a critical deadline on an important project. Unsurprisingly, he got an earful from his manager. It wasn’t until much later that we came to know that his wife and daughter both had covid, and he was preoccupied, caring for them at home. Such examples of lack of empathy abound in today’s workplace. A stressful work environment, terse communication and declining employee tenures often result in a transactional attitude towards co-workers. And yet, particularly in these pandemic times, with people having gone through grief, loss and lockdown, and most living in fear, empathy is a critical leadership skill. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Empathetic leadership is the ability to lead while understanding the contexts, experiences and needs of others, and being aware of their thoughts and feelings. It is the ability to live and experience the story of another as if it were our own. The story in our minds is often different from the one playing in the minds of others. Empathetic leaders understand this. In the above example, an empathetic manager would have not just felt sympathy for the team member. She would have taken pains to remember how she felt in a similar instance, and what impact it had had on her work performance. This is often easier said than done. We readily expect others to put themselves in our shoes, but struggle to do so ourselves. The 13th-century Sufi philosopher Nasreddin Hodja illustrates this well with the following story. A farmer angrily stomps into his neighbour’s farm, seeking compensation for the damage to his crop resulting from the neighbour’s bull running loose. The neighbour vehemently declines any such compensation, saying the farmer should have taken better care of his crop and fenced his farm adequately. Surprisingly, the farmer readily accepts this argument, but to the neighbour’s dismay, goes on to say that what had actually happened was the reverse—it was the farmer’s bull that had trod on the neighbour’s crop! Difficult as it may be to practise, the benefits of empathetic leadership are undeniable, especially so under current circumstances. Research, as well as anecdotal evidence, points to the substantial positive impact of a culture of empathy on employee morale, productivity, tenure and loyalty; and on the mental health of employees too. It has also proven to be useful in resolving gridlocks and stalemates, unlocking considerable shareholder value. We often see the world for how we are, and not for how it is. Taking a perspective that has no empathy can make us think that the world is a cruel and lonely place. If recent times have shown us anything, we know that this is not true. Opening your heart and mind to the stories of others can make you feel less alone, and increase your motivation to build genuine connections. People often say that they don’t leave bad jobs but bad managers and co-workers; perhaps those who stay do so for outstanding leaders. So, how can one become an empathetic leader? Fortunately, empathy is a learnable skill, although it takes effort and patience to build. The capacity to empathize can be developed by listening, being vulnerable to ourselves, accounting for our needs and being open to expanding our own frame of reference. Listening differs from hearing. When we listen, we hear and also simultaneously observe what sensations, feelings and thoughts we are experiencing when we hear. Here’s a simple example to distinguish hearing from listening: When someone walks into your office room and seems perturbed, you enquire if all is well and s/he responds saying that it is; however, you don’t seem convinced with this response, as it seems somewhat incongruent with your own observation. This capacity to observe is a critical component that differentiates hearing from listening. During the all-India lockdown last year, several hospitals faced a crisis as their footfalls had dropped to less than 3% of their usual levels. For many, the overheads required to keep the organization running became prohibitively high. In addition, doctors themselves were fearful of covid. In one specific case that we are aware of, the founder of the hospital and her leadership team listened and empathized with doctors on their concerns and fears. She assured them and their families of the hospital’s support, and also encouraged the doctors to turn to counselling for support by sharing her own vulnerabilities. She also spoke about how she as a leader was taking therapeutic support for mental health, too, to get past that difficult phase. Empathy is undoubtedly an essential leadership competence that needs to be included in performance reviews. Doing a qualitative analysis of the ability of leaders to encourage, motivate and upskill their teams is an option that could be pursued. Encouragement, motivation and team competence are the scaffolding of management processes aimed at increasing productivity. The same example of the hospital can be referenced here. Despite turbulent times, the hospital continues to thrive. During the last year, its staff worked as a team, created additional initiatives to increase revenues, managed to keep attrition levels very low, and closed the year with a healthy balance sheet. A focus on empathy has been a win-win for all stakeholders. MORE FROM THIS SECTIONSee All Premium Premium Soaring wholesale inflation tells us there’s no free lunch 3 min read . 10:09 AM IST Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Organizationally, empathy needs to become a mainstream narrative, not just as a measurable attribute of leadership, but also a key element of organizational culture. The difference it makes is significant. Kapil Viswanathan and Anna Chandy are, respectively, chairman of the executive committee of Krea University, and a social psychologist Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

The UK’s Sewell report reveals a failure to see racism for what it is

14 Apr, 2021, 09:27PM | Livemint

British foreign policy has often been described as ‘perfidious Albion’, another name for duplicitous conduct in pursuit of self-interest. Tell some things to some, something else to others, keep cards close to your chest, and bend the rules to get what the British elite desire. It goes back at least to the 17th century Treaty of Limerick, which gave Irish Catholics a few rights, but these were soon revoked to reassert the pre-existing order. Elegant phrases gloss over crass inhumanity, making injustice seem inconsequential and replacing brazenness with insidiousness. For example, Britain claims credit for abolishing the slave trade, after which it created indentured labour. Pursuing self-interest overseas is one thing. But at home? Whose interest is it, anyway? The question matters, as the British government stands accused of trying to manipulate the conclusions of a controversial report on racism. A week ago, a nominally independent commission released its much-awaited report on racial disparities in Britain. Headed by Tony Sewell, who runs an educational charity, the panel had included academics, journalists, charity professionals, researchers, and activists. They represented various ethnicities, religions, and places of origin. Pertinently, some were at least sceptical that Britain has a problem of racism. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST And that’s the problem. The report dismayed many activists who have spent years combating racism. Its main conclusion was that while Britain has not eliminated racism (who has?), its racism is neither structured nor institutional. The intent is not racist; class divide matters; not all minorities are the same, and a nuanced understanding is necessary. First, intent is not so relevant when outcomes need fixing. Class has always mattered. And nuanced analysis should not paralyse the state into inaction while addressing multiple layers of discrimination revealed through intersectional analysis. Yes, there are poor among Caucasians, but are they poor because they are Caucasian? As the protests showed, “black lives matter" because historically they haven’t mattered; it does not mean other lives don’t matter, as the Cambridge academic Priyamvada Gopal succinctly pointed out. More troublingly, some commission members have complained that they hadn’t seen the full report, its recommendations, or Sewell’s foreword before it was published. The British think the glass is nearly full. They will point out how a city council today would not advertise in a foreign newspaper (as Leicester did in the Argus) discouraging Asians being expelled from Uganda from coming to their stretched city, or that no politician would warn, as Enoch Powell did, that there would be “rivers of blood" if immigration continued. But when Theresa May was home minister, British cities saw billboards warning people that they’d be sent home if they couldn’t prove that they were in the UK legally, and in the run-up to the Brexit referendum, a billboard showed hundreds of potential refugees threatening to ‘flood’ the UK. For decades, British tabloids have vilified asylum-seekers in such revolting language that in one instance the UN High Commissioner for Human Rights condemned it. Immigrants in Britain are given a privilege (which can be withdrawn) called ‘indefinite leave to remain’. It is not a right. As journalists like Amelia Gentleman showed, many Caribbean immigrants who helped build Britain after World War II were sent back decades later to where they came from, without due process, often in error. Even rights aren’t absolute, as in the case of Shamima Begum, who was a child when she left the UK to join the Islamic State, but who was barred from returning. In each case, the victims were not Caucasian. MORE FROM THIS SECTIONSee All Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Premium Premium America ought to brace itself for a fourth wave of infections 3 min read . 15 Apr 2021 The Sewell report coincided with the passing of Philip of Windsor, the man who could not be king even though he married the queen. Eulogies and encomia followed for the man who was known as much for being worshipped as a living deity on a South Pacific island as for his remarks that royalists politely explained away as ‘gaffes’, but which demeaned those who did not look or talk like him. Unsurprisingly, the Daily Mail, the tabloid frequently accused of stoking racism, published a 144-page tribute to Philip, and broadcasters provided wall-to-wall coverage, provoking many complaints to regulators. The Mail targeted Gopal, who made the perfectly reasonable point that the British monarchy had benefited from slavery, and that it was a “white" institution. Ask Meghan Markle. (Late last year, the Mail paid libel damages to Gopal for making false insinuations about her). The insults and intimidation that she and others face reveal the ugliness that the Sewell report curiously enough can’t find. Britain today is more aware of its inadequacies, but it bristles when the warts are shown. Many believe Cecil Rhodes who said that being an Englishman is like drawing the greatest prize in the lottery of life. And you can only be born one, cannot become one, as the poet T.S. Eliot was supposedly reminded when he became a naturalized subject (not citizen). Such attitudes lead to hubris. Their roots run deep. The Sewell report hasn’t figured out the depth and is incapable of disturbing it. Mind the gap, it says, but it is yet to find how wide it is. Salil Tripathi is a writer based in New York. Read Salil’s previous Mint columns at www.livemint.com/saliltripathi Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

The kerfuffle over stock options for IndiGo’s boss

14 Apr, 2021, 09:21PM | Livemint

Rahul Bhatia and Rakesh Gangwal, joint promoters of the company that runs India’s top airline IndiGo, have been at odds in recent years over various points of business practice. But one thing they evidently agree upon is InterGlobe Aviation Ltd’s compensation package for its chief executive officer (CEO) Ronojoy Dutta, who took charge in January 2019 and led the carrier through a severe bout of post-covid turbulence. Last year’s big disruption left the company with a net loss of over ₹4,659 crore in the first nine months of 2020-21, as reported, far worse than its ₹247 crore loss on revenues of about ₹35,756 crore in 2019-20. In those three quarters, Dutta was paid ₹8.2 crore, including a committed bonus of ₹3.75 crore. This payout, a clear drop from his previous year’s total of ₹17 crore, was widely taken as par for the course, apparently, but what provoked a rebellion among minority shareholders was an award of stock options that would let him buy 185,000 shares—25% next January, 35% a year after that, and the rest near the end of 2023—at an ‘exercise price’ of ₹765 each. In a company vote that ended on 10 April, most of its minority shareholders voted against this grant. It is another matter that Bhatia and Gangwal, who together own some three-quarters of its equity, had no trouble pushing it through. Shareholder activism has been on the ascent. In general, this is a welcome trend, though with one big caveat. Minority owners must never hurt their own interests. This could happen if they let an envy of pay packages cloud their view of business realities. Stock options are one such reality. They are a useful way to align an executive’s interests with those of shareholders. The size of the bonanza given is typically determined by how crucial the awardee’s role in enhancing shareholder value is. As these shares can only be claimed later, they not only act as a retention tool, but also elongate the strategic horizon of CEOs, who may otherwise focus only on short-term results. Yet, in InterGlobe’s case, might its naysayers have had a point? Share dilution would not have been a worry, as Dutta’s allotment was too small for a firm with nearly 385 million shares. What must have raised eyebrows, however, was an offer price so low that it seemed too weak an incentive for Dutta to enlarge the company’s market capitalization—which is a vital part of any CEO’s job. On Tuesday, its stock closed at just above ₹1,600. Even if InterGlobe loses half its value over the next few years, or scrapes the depths of last year’s covid crash, Dutta would still gain. So, shouldn’t his claim price have been set higher? TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Well, to the extent that any stock buoyancy works in Dutta’s favour, he would be driven to perform better anyway. But whether a higher bar was warranted depends on where InterGlobe’s scrip will go. This is hard to foretell. As of now, IndiGo has over half of India’s aviation market. Cash-rich, it looks well placed to ride a post-pandemic boom in air travel caused by a release of pent-up demand. Some analysts forecast earnings in 2022-23 that would easily justify a stock price that’s double of ₹765. Yet, with covid raging, no one can be sure of what to expect. What if the pandemic stretches its finances thin? What if a Tata-owned Air India, say, were to go full-throttle with Vistara in taking it on? With IndiGo’s flight path riddled with potential air pockets, it needs a steady hand to sustain success. And that costs money. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

IFC to invest $100 mn in JC Flowers India fund to help resolve NPAs

14 Apr, 2021, 08:37PM | Livemint

MUMBAI : The World Bank Group entity International Finance Corporation (IFC) is partnering with JC Flowers to help domestic lenders resolve their distressed assets and free up capital for new lending apart from allowing mid-sized firms to preserve jobs and avoid insolvency amid the raging pandemic. Under the project, which is an expansion of IFC's distressed asset recovery programme in India, the lender will invest up to $100 million in the JC Flowers India opportunities fund on meeting certain conditions, with an initial commitment of $40 million, IFC said on Wednesday. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST This partnership will create the first dedicated platform in India for mid-sized distressed assets, which account for USD 27 billion — more than a third — of corporate stressed assets. However, despite increasing demand for corporate resolution, mid-sized segment is underserved due to a lack of large transactions and challenges investors face in identifying attractive opportunities. JC Flowers India opportunities fund is a partnership with Eight Capital Management, an Indian distressed assets investment firm. The Reserve Bank of India's (RBI) estimates that a second wave of the pandemic could potentially cause non-performing loans to reach $200 billion, which nearly 15% of gross loans by September 2021. This partnership aims to support an inclusive economic recovery and revitalisation of the economy, promote credit growth, and ensure the continuity of hardest-hit businesses and livelihoods. Across the globe, the pandemic has dealt a blow to companies' ability to repay their debts, and increased already soaring pre-crisis corporate debt levels, said Alfonso Garcia Mora, vice-president (Asia and Pacific) of IFC. MORE FROM THIS SECTIONSee All Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST "By helping create a functioning market for distressed assets, this initiative will let viable Indian companies return more quickly to productivity, limit bankruptcy, and allow banks to return to their core lending business in support of medium and small enterprises. "Together with our partners, we remain committed to supporting India's efforts to restore economic growth and stabilise the financial system," he added. In addition to its investment, IFC will also support JC Flowers and Eight Capital to adopt environmental and social standards in line with the IFC performance standards. The distressed asset recovery programme focuses on acquiring and resolving distressed assets, the refinancing and roll-over risks of viable entities, and restructuring of small enterprises. Since its launch in 2007, the distressed asset recovery programme has committed $7.7 billion globally, including $5 billion mobilised from outside. It has also enabled banks to offload over $33 billion of non-performing assets (NPAs) and help over 18 million debtors resolve their obligations. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Brands ?take? a? relook? at? digital? ad? strategy? as?users? guard? privacy

14 Apr, 2021, 08:26PM | Livemint

NEW DELHI : Big digital platforms are looking at removing like and dislike counts and restricting comments amid mounting consumer demand for measures to protect online privacy, prompting brands to mull changes too. These steps could also act to promote users’ mental well-being and do away with practices to store copious amounts of user data often used to unleash sneaky pop-up ads. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Examples include Google’s decision to drop third-party cookies (but without withdrawing interest-based user tracking); Apple launching its iOS 14.5 update that will give users the option to permit or deny an app to track their activity; and Facebook gradually moving away from providing granular user data to advertisers. Digital experts believe big manufacturers like Maruti Suzuki and P&G will manage to tide over these changes by investing in building first-party data pools (includes individuals’ site-wide, app-wide, and on-page behaviour). But smaller firms or online-first brands may struggle. In addition, “advertisers are uneasy because some of them don’t have the know-how of how to build first-party data or don’t have access to an agency that could help them navigate these changes," said Abhinay Bhasin, vice-president (Asia-Pacific), data sciences, Dentsu. Most companies also perceived maintaining first-party data as a cost and not an investment, which is a faulty approach to marketing, experts said. First-party data is information—both online and offline —that a firm collects about individuals who interact with their brand. Third party data is often aggregated from different sources and sold to brands. Shrenik Gandhi, chief executive and co-founder at digital agency White Rivers Media, said that given the increasingly aware users, companies must now adopt a transparent ‘zero party data’ (ZPD) approach under which a customer intentionally and proactively shares personal data with a brand. MORE FROM THIS SECTIONSee All Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST “Currently, a majority of customers do not know how and why their data is being used by companies, creating ambiguity and mistrust, which needs to be addressed. Obviously, ZPD requires active effort and investment from advertisers, but it also results in much more effective campaigns," he added. The problem is not advertisement per se but whether they are relevant and being a nuisance, said Shradha Agarwal, strategy head and chief operating officer, Grapes Digital, a digital-first agency. “We need to educate customers about their own data and take their consent on whether they are comfortable being served relevant ads. To make the experience better, perhaps the number of times ads are shown can be limited, or if someone has already made a purchase, then they should not be targeted again. It has to become a two-way process," she added. With Instagram and YouTube also testing ways to hide the number of likes and restrict comments to check online bullying, some brands have raised concerns about social media platforms doing away with public metrics, which are often seen as one of the benchmarks to assess the popularity and engagement of a digital campaign. “I call such benchmarks ‘vanity metrics’, which are simple and take less effort. It could be a beginning of a relationship of a brand with its potential customer, but the real success of any campaign is whether it has led to real conversion in terms of ‘products added to cart’ or an actual sale of a product," said Gandhi. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Healthcare, e-commerce, IT to drive job creation in Q1: TeamLease

14 Apr, 2021, 07:36PM | Livemint

NEW DELHI : Sectors like healthcare and pharmaceuticals, ecommerce, and technology will drive the job creation in the first quarter of the FY 22, but sectors like financials, and power are not showing a strong hiring intent, the quarterly employment outlook survey of TeamLease Services showed Wednesday. According to the survey if the lockdowns are not imposed further, the hiring may increase by 7% but a surging pandemic and further curbs could wipe out the positive forecast. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST “Healthcare and pharmaceuticals, educational services, ecommerce and technology Start-ups and IT are the key sectors who are likely to ramp up their talent pool. In fact, more than 58% of the corporates in healthcare and pharma (nearly 11 percentage points higher than the previous quarter ended 31 March) are keen on hiring talent," TeamLease said. Similarly, 55% of the educational services firms, 51% of ecommerce, 50% of technology start-ups and IT firms have indicated a strong hiring intent for the April-June period. This is a 10 to 12 percentage point growth when compared with last quarter. While there is an overall positivity, sectors like power and energy, BPO / ITeS, media and entertainment consulting, marketing and advertising, travel and hospitality may take more time to improve their hiring intent. For example, only 32% of financial firms showed an intent to hire and in case of power and energy sector the percentage if 31%. The survey also showed that employers in Delhi NCR and Bangalore are showing a good intent to hire but cities like Pune, Chennai and Kolkata are showing a lukewarm response. Fie example, while 52% of employers in Bangalore have a strong hiring intent for Q1 of FY22, it was 25% in Kolkata and 27% each in Pune and Chennai. With regard to functional areas similar to the previous quarter, sales and marketing continues to be the sought-after functional roles. “However, when it comes to hierarchy, the preferences seem to have changed substantially – the intent to hire senior level talent has dropped by four percentage points over Jan-March 2021". “Indian economy has been regaining the lost ground and the same was reflecting in hiring as well. Be it the IMF, OECD or Fitch all have been positive, and this was bolstering the business sentiment and the intent to hire. However, if we resort to lockdowns, it will derail and further delay the recovery. In fact, it will impact the scope of growth in employment negatively," said Rituparna Chakraborty, co-founder and executive vice president of TeamLease. MORE FROM THIS SECTIONSee All Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST To be sure, Covid-19 cases are spiking almost every day and in past 15 days the number of new cases per day has surged by over 160%. For example, while around 70,000 new cases were reported in one day on 31 March, the numbers were 185,000 in just one day on 13 April. The situation in states like Maharshtra is bad and the state has already put curbs on non-essential services for 15 days. The Allahabad High Court on Tuesday also asked the UP government to “look into the viability" of a lockdown certain districts where the coronavirus cases have risen significantly in past two to three weeks. Similarly, case load in states like Delhi, Chhattisgarh, Karnataka, Madhya Pradesh and Gujarat is quite high leading to partial curbs on activities. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Johnson & Johnson COVID-19 vaccine: France will continue using it for people aged above 55 yrs

14 Apr, 2021, 07:02PM | Livemint

France on Wednesday said that it is is sticking to its plan to give over-55s the Johnson & Johnson coronavirus vaccine, news agency Reuters reported. Amid concern over rare blood clot issues, the United States and South Africa suspended Johnson & Johnson single-dose COVID-19 vaccine. France has already been using the AstraZeneca jab among over-55s and had been planning to boost its campaign with the Johnson & Johnson vaccine. The government had received a first delivery of 200,000 doses, which "arrived on our territory at the start of the week and are being delivered to GPs and pharmacies". TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The French administration reaffirmed their confidence in the Oxford-AstraZeneca jab as an "essential tool" in the fight against COVID-19. Denmark on Wednesday became the first EU country to abandon the AstraZeneca vaccine. Reacting to the Danish move, Attal said: "We have confidence in the AstraZeneca vaccine as an essential tool in the fight against the COVID-19 epidemic." He further mentioned, "It is important that this vaccine continue to be deployed. It is a vaccine that is safe and works." Europe's medicines regulator said Wednesday it will make a recommendation on the safety of Johnson & Johnson's coronavirus jab next week, news agency AFP reported. The "EMA is expediting this evaluation and currently expects to issue a recommendation next week," it said in a statement, after announcing last week a probe had been launched. The United States regulator on Tuesday recommended a "pause" in administration of the single-dose Johnson & Johnson COVID-19 vaccine amid reports of blood clots. A type of brain blood clot called cerebral venous sinus thrombosis was seen in combination with low levels of blood platelets in six women between the ages of 18 and 48, the Centers for Disease Control and Prevention and the Food and Drug Administration said in a statement. As of 12 April, more than 6.8 million doses of the J&J vaccine have been administered in the US. "Right now, these adverse events appear to be extremely rare," the statement added. "Centers for Disease Control will convene a meeting of the Advisory Committee on Immunization Practices (ACIP) on Wednesday to further review these cases and assess their potential significance. The Food and Drug Administration will review that analysis as it also investigates these cases," the statement added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Energy firm outlines plans for major hydrogen project that will use UK's largest electrolyzer

14 Apr, 2021, 07:02PM | CNBC

In this articleIBE-ES The proposed hydrogen project will be located near Whitelee Windfarm, a major facility near Glasgow, Scotland.Billy Currie Photography | Moment | Getty Images ScottishPower has submitted plans to develop a major "green" hydrogen facility that it says will use the U.K.'s largest electrolyzer.In a statement earlier this week the energy company, a subsidiary of Spanish utility Iberdrola, said the project would be located near Glasgow, Scotland.It's envisaged that the development will use a 20 megawatt (MW) electrolyzer and be powered by a 40 MW solar farm and a battery storage scheme of 50 MW.On Monday, ScottishPower said the project would also use wind power and be able to produce as much as 8 metric tons of green hydrogen every day.Â If authorities approve the plans, the facility could start supplying the commercial market before the year 2023.Described by the International Energy Agency as a "versatile energy carrier," hydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport.It can be produced in a number of ways. One method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen. If the electricity used in the process comes from a renewable source such as wind or solar then some call it "green" or "renewable" hydrogen.The project planned for Scotland will be situated near the U.K.'s largest onshore wind farm, the 539 MW, 215 turbine Whitelee facility.ITM Power will deliver the electrolyzer while ScottishPower Renewables will provide the wind and solar power. Industrial gas company BOC will handle the development's engineering and operations.While the vast majority of today's hydrogen generation is based on fossil fuels, the last few years have seen a number of companies develop projects centered around green hydrogen production.In March, for example, it was announced that a major green hydrogen facility in Germany had started operations. The "WindH2" project, as it's known, involves German steel giant Salzgitter, E.ON subsidiary Avacon and Linde, a firm specializing in engineering and industrial gases.The same month also saw Danish energy company Orsted outline proposals to construct a large-scale offshore wind farm in the North Sea and link it to renewable hydrogen production on the European mainland.Under the plans, Orsted would develop a 2 gigawatt (GW) offshore wind facility and 1 GW of electrolyzer capacity.The company claims this would result in "one of the world's largest renewable hydrogen plants to be linked to industrial demand."

Bharti Airtel forms new telecom entity for big digital push

14 Apr, 2021, 06:42PM | Livemint

Bharti Airtel Ltd on Wednesday announced a new corporate structure that will allow the telco to sharpen its focus on digital assets and unlock value from India’s digital opportunity. The telco has formed a new subsidiary, Airtel Ltd, which will house all its telecom business. The digital assets, including Wynk Music, Airtel Xstream, Airtel Thanks, Mitra Payments, Airtel Ads, Airtel IQ, Airtel Secure and Airtel Cloud, which were earlier under the Airtel Digital Ltd subsidiary, have been merged with the parent company, it said in an exchange filing. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Bharti Telemedia Ltd, a wholly-owned direct-to-home (DTH) subsidiary of the telco, will continue to operate as a separate entity for now but will eventually be merged with Airtel Ltd, the company said. “Bharti Telemedia, the 100% arm operating DTH services, will sit alongside Airtel Ltd for now. It is intended to eventually fold the DTH business into Airtel Ltd to move towards the National Digital Communications Policy, 2018, vision of converged services to customers," the firm said. The company has sought clarity from the government on licensing policy of telecom and DTH services as they are being regulated and managed under two separate ministries of communications and information and broadcasting, respectively, Airtel said. Airtel Payments Bank is a digital asset, but will remain a separate entity under the telco and will continue to work closely with the growing customer base. This will help the telco realize the value provided by payments and financial services sector, it said. “The new structure sets the exciting future course for Bharti Airtel and puts focus on four distinct businesses—digital, India, international and infra, each in a razor-sharp way," said Sunil Mittal, chairperson, Bharti Airtel. The new structure will serve the company in the coming years and is a “win-win" for all stakeholders, Mittal said. MORE FROM THIS SECTIONSee All Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Bharti Airtel’s infrastructure business such as Nxtra Data Ltd and Indus Towers Ltd will function as separate entities in their current form. International subsidiaries and affiliates, including Airtel Africa Plc and Bharti Airtel Lanka (Pvt) Ltd, will continue to operate as separate firms. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Coal India fuel allocation under spot e-auction rises 36% in Apr-Feb 2020-21

14 Apr, 2021, 06:40PM | Livemint

New Delhi: State-owned CIL allocated 37.21 million tonnes of coal during the April-February period of FY20-21 under spot e-auction scheme, registering a year-on-year increase of 36.3 per cent. Coal India Ltd (CIL) had allocated 27.30 MT of coal in the April-February period of FY 2019-20, according to government data. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Fuel allocation by CIL under the scheme also increased to 4.41 MT in February, from over 3.31 MT in the corresponding month of 2019-20, it said. Coal distribution through e-auction was introduced with a view to provide access to coal for such buyers who are not able to source the dry fuel through the available institutional mechanism, according to CIL website. The purpose of e-auction is to provide equal opportunity to all intending buyers for purchasing coal through single window service. Coal India accounts for over 80 per cent of domestic coal output. The company is eyeing one billion tonnes of coal output by 2023-24. State-owned CIL will pump in over ₹1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonnes of fuel output target, Coal Minister Pralhad Joshi had earlier said. MORE FROM THIS SECTIONSee All Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST Out of the proposed spend of over 1.22 lakh crore, CIL has planned to invest ₹32,696 crore on coal evacuation, ₹25,117 crore on mine infrastructure and ₹29,461 crore on project development by 2023-24, the minister had said. He had added that the state-owned company will also invest ₹32,199 crore on diversification and clean coal technologies, ₹1,495 crore on social infrastructure and ₹1,893 crore on exploration works. PTI SID MKJ This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

I got the Johnson & Johnson Covid-19 vaccine. Now what?

14 Apr, 2021, 06:40PM | Livemint

Don't panic. US health officials on Tuesday recommended pausing vaccinations with J&J's shot as they look into reports of six clots out of nearly 7 million doses given in the country. Health officials say to be vigilant, but to remember that reports of blood clots that may be associated with J&J’s single-dose vaccine are exceedingly rare. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST “It’s less than one in a million," said Dr. Anthony Fauci, the top US. infectious disease specialist. Common side effects after getting a COVID-19 vaccine can include arm pain and normal flu-like symptoms for a couple days afterward. Those aren't pleasant, but they aren't what officials are concerned about. Instead, be on the lookout for different, more severe symptoms associated with the clots, particularly between one and three weeks after the shot. Those include severe headache, backache, abdominal pain, shortness of breath, leg swelling, tiny red spots on the skin or bruising. If those symptoms show up, seek medical treatment right away. The Centers for Disease Control and Prevention has issued advice to help doctors spot these rare clots and safely treat them. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Chinese Tesla rival Xpeng Motors launches sedan with new driverless features as EV race heats up

14 Apr, 2021, 06:32PM | CNBC

In this articleTSLAXPEV Xpeng Motors launches the P5 sedan at an event in Guangzhou, China on April 14, 2021. The P5 is Xpeng's third production model and features so-called Lidar technology.Arjun Kharpal | CNBC GUANGZHOU, China â Chinese electric vehicle maker Xpeng Motors launched the P5 on Wednesday, a sedan with new self-driving features, as it looks to race ahead in China's ultra-competitive auto market.The P5, Xpeng's third production model and second sedan after the P7, adds another competitor to Tesla's Model 3 in China's increasingly crowded field of electric car-makers.The Chinese firm, a rival to domestic players Nio and Li Auto, said it will release its pricing at the Shanghai Auto Show on Apr. 19.But in an interview with CNBC on Wednesday, Xinzhou Wu, vice president in charge of autonomous driving at Xpeng, said the P5 will be priced lower than the P7."At this price range with the features we put in the car, I think it will be quite compelling for our customers," he said.The P7 starts from 229,900 yuan ($35,192) after subsidies. In comparison, Tesla's Model 3 in China starts at 249,900 yuan.Wu said the P5 would roll out to customers in China in the third or fourth quarter of this year. Xpeng has also expanded into Norway, its first international market. Wu said that the company will expand its footprint in northern Europe and the P5 would eventually be launched there. He gave no timelines on when this might happen. Driverless tech Xpeng has tried to push the advancement of its self-driving features to differentiate from its competitors.The P5 is equipped with so-called Lidar, or Light Detection and Ranging technology. Lidar systems send out lasers that bounce back and can measure distance. Those returning beams are processed by an algorithm to create a three dimensional representation of surrounding objects â a key technology for autonomous vehicles to understand their environment.Xpeng claims that Lidar can help the P5 distinguish pedestrians, cyclists and scooters as well as road works â even at night and under low-light conditions.On Wednesday, the Chinese vehicle maker also released a new version of XPILOT, its so-called advanced driver-assistanceÂ system (ADAS). This refers to a system with some autonomous features but where a driver is still required.XPILOT 3.5 will have an updated version of a feature called Navigation Guided Pilot or NGP, which allows users to autonomously do tasks such as changing lanes or overtaking cars. Some of these features will work on city roads for the first time. Previously, NGP was just designed for highways.Xpeng's XPILOT is an attempt to compete with Tesla's own ADAS system called Autopilot as well as other rivals like Nio with its Nio Pilot."In P7 we launched NGP â¦ only on highways. But highway driving only occupies like 10% of peoples' driving time. Being able to bring the technology and the capability to cities is very important to make the feature more usable and more compelling to Chinese customers," Wu said.In the city, Wu said the situation was becoming "exponentially" more difficult, citing challenges in ensuring the car can recognize objects in its path accurately and reliably. "We believe with Lidar â¦ it will help us achieve our goal much faster and gives us an edge against our competitors." Competition heating up China's electric car market is expected to pick up this year with 1.9 million units expected to be sold, growing 51% year-on-year, according research firm Canalys.Various incentives from the government, such as subsidies, have helped China become the biggest electric car market in the world. With that, a number of start-ups have grown rapidly such as Xpeng, Nio and Li Auto.But these players are competing against traditional automakers who are boosting their electric vehicle capabilities as well as other technology firms entering into the fray.Chinese search giant Baidu teamed up with Geely to create a standalone electric car company, while smartphone giant Xiaomi announced plans to launch an electric car business.Last year, Xpeng delivered 27,041 vehicles, more than doubling from 2019. In comparison, Tesla's Model 3 alone sold more than 137,000 units in 2020 in China.Wu said Xpeng has developed a lot of technology which he believes gives the company an edge."We are definitely a step, a few steps ahead, you know as compared to most of our competitors. So we are pretty confident that we can win this race even with more newcomers into this space," Wu told CNBC."We believe that with this kind of focus on the Chinese market, Chinese customers, Chinese road conditions and also the different technologies we bring together to make the tech better fitted to China market, I think we do have an edge as compared to Tesla in the China market."

Know what financial advice experts are giving investors amid second covid wave

14 Apr, 2021, 05:04PM | Livemint

NEW DELHI : As India is hit hard by the second wave of covid-19, its equity markets have turned jittery. The S&P BSE Sensex has corrected around 7% from its peak in February. However, the correction is not as bad as was witnessed during the first wave when the markets crashed around 30% in one month. Also Read | Ripple effects of the warehousing boom TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST However, are you prepared for such a correction in equities? Gold prices have also corrected around 20% from their peak, while debt funds may not deliver the kind of performance they have delivered in the past, as interest rates have bottomed out. We asked experts what they would advise their clients to do to ride through these tough times. Vishal Dhawan is a certified financial planner and founder of Plan Ahead Wealth Advisors, a Sebi-registered investment advisory firm. He said: We are asking clients to take following steps Relook at investment goals such as education, and if they are coming up in the next two to three years, move those monies to more conservative assets.2. Rebalance portfolios that would have become overweight on equities and move towards bonds and gold as a part of aligning portfolios with strategic asset allocation. 3. Have incremental exposure to international assets to address geographical concentration risks, as different geographies are in different phases of vaccination and lockdowns. Prathiba Girish is a certified financial planner, founder, Finwise Personal Finance Solutions, a mutual fund distribution firm. She said: MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:02 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Premium Premium Choose an insurer with a claim settlement ratio of at least 95% 2 min read . 05:25 AM IST Where portfolios are mapped to long-term goals, we have not made any changes, except the regular rebalancing. We have communicated that the returns will taper in future in line with our long-term expectations of 10% and is not going to show the fabulous returns seen last year. In the last few months, all lump sum inflows for long-term goals have been parked in debt to be moved to equity at an appropriate time. Given the slight correction in equity markets, we have moved a large part of this portfolio to balanced advantage funds and plan to move to pure equity when there is a meaningful correction. Irrespective of current valuations and wave 2, the medium to long term outlook for India seems positive. On the debt front, given the current interest rates and our expectation of an increase in the future we are asking customers not to lock their money in long-tenor FDs at the current rates. Harshad Chetanwala is a Sebi-registered investment adviser and co-founder of MyWealthGrowth. He said: Our view on investment strategy continues to be the same and has not changed due to the second wave of covid-19. We were advising our clients to invest gradually in equities for the last few months and continue to hold the same view at present as well. On the existing investment across different asset classes, we are suggesting holding on with the present allocation and do not make any changes. Equity investors should continue to remain invested and those who have surplus can use the dips in the stock market to add during every reasonable fall. Those investors who would have invested during last year’s market correction, we recommend them to hold on with their investments as well and not to look at booking profits and exiting. One of the major differences between last year and this second wave is that there are many learnings from previous lockdowns. Companies are better equipped to handle the situation operationally and they have been able to control cost as well. Melvin Joseph is a Sebi-registered investment adviser and founder of Finvin Financial Planners. He said: 2020 was a wake-up call for all of us to be reminded about the need for sufficient emergency fund. Many have realized it the hard way. Now everyone understands the need for it. Emergency fund should be the top priority before starting any investment. Once you have this, there is nothing to worry about equity market volatility. Continue investing in equity funds to benefit from the market volatility. If you are investing according to your asset allocation, nothing to worry about temporary market volatility or market level. Gold price and equity performance have a negative correlation. Don't take emotional decisions based on temporary price changes. Don't spend more than 10% of your portfolio in gold. It is more volatile than equity. It will correct after normalcy is established after the vaccine. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

India’s small merchants take on Amazon with protest meeting

14 Apr, 2021, 04:50PM | Livemint

Hundreds of thousands of small Indian businesses are planning to protest against large foreign retailers like Amazon.com Inc. in an event on Thursday that coincides with the US e-commerce giant’s annual seller jamboree in the South Asian nation, a sign of escalating tensions in the retail market of 1.3 billion people. The summit is the latest protest by local traders, which have long accused global retailers Amazon and rival Walmart Inc.-owned Flipkart of masquerading as platforms and employing unfair practices that hit at the livelihoods of small online and offline sellers. The trader groups’ event is named Asmbhav, or “impossible" in Hindi, and takes place on the first day of Amazon’s annual seller extravaganza, called Smbhav, or “possible." TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST “Over half-a-million sellers and leading small trader groups are participating in the Asmbhav event which will focus on ruined livelihoods because of the bullying and partisanship by e-commerce marketplaces," said Abhay Raj Mishra of the non-profit Public Response Against Helplessness and Action for Redressal (PRAHAR), one of the organizers of the event spearheaded by a collective of Indian sellers. India’s small traders, distributors and merchants have petitioned the country’s courts and antitrust regulator to curb the foreign retailing giants ahead of a potential revision of foreign investment rules. The government is expected to tighten regulations that already bar e-commerce platforms from owning or controlling companies that sell on their platform, forging exclusive deals with makers of products such as smartphones, and discounting goods sold on their platforms. Amazon’s seller event -- which made its debut last year with founder Jeff Bezos in attendance -- will span four days this year and be held virtually. Key business figures including former Pepsico Inc. Chief Executive Officer Indra Nooyi, telecom operator Bharti Airtel Ltd.’s Chairman Sunil Mittal, India’s chief economic adviser Krishnamurthy Subramanian and Infosys Ltd. co-founder and Chairman Nandan Nilekani will be among panel speakers. Participants will include small businesses, startups, developers and retailers. To counter Amazon’s Smbhav awards to select sellers, organizers of the protest event will hand out tongue-in-cheek “Asmbhav awards" to Bezos, country chief Amit Agarwal and its India business partner, Narayana Murthy, the billionaire co-founder of Infosys. The event is backed by trade groups like the All India Online Vendors Association and the All-India Mobile Retailers Association. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

How to fill in your financial blind spots

14 Apr, 2021, 04:41PM | Livemint

Knowing enough about money to cover your bills is a start, but it’s not enough financial literacy to provide long-term security. Most of us eventually wonder what else we should be doing — and whether what we don’t know could hurt us. “When you have a blind spot, you don’t realize until something blindsides you," says Mark DiGiovanni, a certified financial planner in Grayson, Georgia . TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Identifying the gaps Self-assessments, like this quiz adapted from the Financial Health Network, as well as personal finance books and websites can help shine a light on what you don’t know. Accredited financial counselor Bret Anderson of Morrison, Colorado, has spent much of his career helping incarcerated veterans get back on their feet and has also advised high-wealth clients. He says five things frequently predict who will manage money successfully. Two habits — saving and investing — are crucial, he says. Good money managers also: ■ Know how credit works. ■ Have a plan to build wealth and pay off debt. MORE FROM THIS SECTIONSee All Premium Premium PPF account maturity period should be lowered, SBI report suggests 2 min read . 11:26 AM IST Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST ■ Know what passive income is and how to create it. If anything on that list is unfamiliar to you, that suggests a starting point for research. “There are plenty of resources just a Google search away," says Heather Winston, assistant director of advice and financial planning at Principal Financial Group. Nail the basics, then keep learning Before you add complexities, be sure you are: ■ Saving. It’s an essential habit. ■ Budgeting. If you don’t have a formal budget, check online for help creating one . ■ Planning for emergencies. You can’t prevent unexpected expenses. But an emergency fund, excellent credit, insurance — or all of those — can keep them from devastating your finances. Next, protect your money and access to credit. Here’s how: Check your credit scores and reports, Anderson suggests. Lenders and potential landlords or employers may see those, so it’s smart to know what’s there. In addition, a big swing in your score or an account on your credit reports you don’t recognize could suggest identity theft. You can check your credit reports for free at AnnualCreditReport.com. Many personal finance sites and credit card issuers provide access to free credit scores. Keep your identifying information safe and practice good cyber hygiene. That means avoiding public Wi-Fi, being careful about what you post on social media, not opening email attachments or links you weren’t expecting, and using strong passwords. Consider freezing your credit — and that of your child — to reduce the likelihood that you’ll be victims of identity theft . Setting alerts on your credit card accounts can also let you know when they’re used. Learn to recognize scams. Scammers try to create a sense of urgency so that you pay first and think later. They know how to make phone, email or text communications seem real. Pause before acting, independently confirm the contact information and initiate communication yourself. And remember that no one legit asks for payment by gift card or prepaid debit card. Set goals for yourself and remember that those are individual. “One of the most critical lessons to learn is to stay focused on your needs, not on what someone who doesn’t know you, your goals or your life is saying," Winston says. Consider working with a fee-only, fiduciary financial planner or a financial coach for help with identifying your own goals and path. Avoid overconfidence. If you’ve had some success investing in a bull market, for example, you might not be an investing genius. Feedback from a professional may help you decide whether you were smart or just lucky, DiGiovanni says. Help your children become financially literate. And put guidance in language they understand, Anderson says. He recalls his mother putting money aside in a “rainy-day fund," which made no sense to him because where they lived, it seldom rained. Help children see how money is relevant, he suggests. Let them see how you make financial decisions, then let them make a few of their own. Learn as needed You don’t need to become a walking financial encyclopedia. There are things you may never need to know or that you can learn when they become relevant. Examples include: ■ Financial consequences of big life changes, such as marriage, divorce, parenthood or retirement. ■ Refinancing a mortgage. ■ Rent vs. buy decisions. ■ Saving for college. ■ Mandatory retirement withdrawals. ■ Income tax implications of side jobs. Don’t wait While no one wants to make a mistake, the costliest one may be waiting until you have “extra money" or feel more confident about financial decisions. The sooner you start saving and investing, the more compound interest can grow your wealth. “People don’t understand the time value of money," DiGiovanni says. “Every day you postpone is another day you will have to work." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

UAE to send rover 'Rashid' to the Moon in 2022

14 Apr, 2021, 04:25PM | Livemint

Lunar exploration firm iSpace said Wednesday it will transport a United Arab Emirates unmanned rover to the Moon next year, as the Gulf state seeks to expand its space sector. The UAE — made up of seven emirates including the capital Abu Dhabi and freewheeling Dubai — announced in September 2020 that it planned to launch the "Rashid" rover by 2024. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The rover "will be transported to the Moon on iSpace's lunar lander" during a mission in 2022, the Japanese company said in a statement. iSpace "will deliver the Emirates lunar mission's 'Rashid' rover to the Moon, provide wired communication and power during the cruise phase, and engage in wireless communication on the lunar surface". The UAE is a newcomer to the world of space exploration but is quickly making its mark. In September 2019, the oil-rich country sent the first Emirati into space as part of a three-member crew that blasted off on a Soyuz rocket from Kazakhstan for an eight-day mission. Then in February, its "Hope" probe successfully entered Mars' orbit on a journey to reveal the secrets of Martian weather, making history as the Arab world's first interplanetary mission. iSpace, which was founded in 2010, will use Elon Musk's SpaceX (Falcon 9) rocket for its first mission to launch a lander next year -- set to blast off from Florida in the United States. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Dubai's ruler Sheikh Mohammed bin Rashid Al-Maktoum has said that the Emirati-made rover will cover "areas not yet reached in previous exploration missions". It is part of the country's strategy to build new knowledge-based and scientific capabilities, he added. The project marks another first for the UAE, making it the first trip to the Moon by an Arab country. The Dubai Media Office has said that the 10-kilogramme (22-pound) rover will be an integral part of efforts to build the first settlement on Mars in 2117 -- one of the UAE's most ambitious plans. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

COVID-19 vaccine: EU Commission will not renew AstraZeneca and J&J's contact

14 Apr, 2021, 04:12PM | Livemint

The European Union Commission has decided not to renew COVID-19 vaccine contracts next year with AstraZeneca and Johnson & Johnson (J&J), Italian daily La Stampa reported on Wednesday, according to Reuters. "The European Commission, in agreement with the leaders of many (EU) countries, has decided that the contracts with the companies that produce (viral vector) vaccines that are valid for the current year will not be renewed at their expiry," the newspaper reported, citing a source from Italian health ministry. Brussels would rather focus on COVID-19 vaccines using messenger RNA (mRNA) technology, such as Pfizer's and Moderna's, it further added. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST A spokesman for the EU Commission said it was keeping all options open to be prepared for the next stages of the pandemic, for 2022 and beyond. "We cannot, however, comment on contractual issues," the spokesman added, Reuters mentioned. The European Commission is seeking clarification from J&J about the company's "completely unexpected" announcement of delays in COVID-19 vaccine deliveries to the EU, an EU official told Reuters on Tuesday. Johnson & Johnson on Tuesday said it is delaying the rollout of its coronavirus vaccine in Europe amid a US probe into rare blood clots. The decision came after regulators in the United States said they were recommending a “pause" in administration of the single-dose shot to investigate reports of potentially dangerous blood clots. " The safety and well-being of the people who use our products is our number one priority. We are aware of an extremely rare disorder involving people with blood clots in combination with low platelets in a small number of individuals who have received our COVID-19 vaccine," the pharma major said in a statement. "The United States Centers for Disease Control (CDC) and Food and Drug Administration (FDA) are reviewing data involving six reported US cases out of more than 6.8 million doses administered. Out of an abundance of caution, the CDC and FDA have recommended a pause in the use of our vaccine," it further added. (With inputs from agencies) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Maruti Suzuki S-CNG vehicles set record in FY20, 1.57 lakh units sold

14 Apr, 2021, 03:56PM | Times Of India

NEW DELHI: Maruti Suzuki India Limited sold over 1.57 lakh factory-fitted S-CNG vehicles in FY2020-21, the company announced on Wednesday. Maruti Suzuki offers factory-fitted CNG cars including Alto, Celerio, Wagon-R, S-Presso, Eeco, Ertiga, Tour S, and Super Carry. Maruti Suzuki S-CNG vehicles are equipped with dual interdependent ECUs with intelligent injection systems. The ECUs communicate with each other to provide an optimum air-fuel ratio during combustion, thereby ensuring optimal and consistent performance along with high fuel efficiency. The chassis, suspension setup and braking system are designed and tuned in the factory to deliver optimum performance across all kinds of terrains, the company claims. Maruti Suzuki S-CNG vehicles are evaluated and tested for crash-worthiness and durability with the entire CNG System in place. Stainless steel pipes with ferrule joints provide corrosion resistance and a leak-proof design to the entire CNG system. The wiring harness inside the vehicle is an integrated system, which eliminates any chance of short circuits. All vehicles are equipped with a microswitch which assures that vehicle goes off and does not start during the CNG fuel filling process. The change-over switch with auto-mode helps you to easily and instantly switch between CNG and petrol modes. Maruti Suzuki S-CNG vehicles come equipped with a precision fuel level indicator that lets you track your vehicle’s fuel level. NGV receptacle is a special nozzle that assists in faster and safer CNG refueling. Enjoy complete peace of mind with hassle-free registration and insurance with your Maruti Suzuki S-CNG Vehicle. Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India Limited, said “We see CNG as a technology that has set a new benchmark in green fuel mobility. Maruti Suzuki offers its customers the widest options of factory-fitted CNG-powered cars. At the same time, CNG is becoming one of the most preferred alternative fuels due to its economic cost of running (as compared with the high prices of petrol and diesel) and improved CNG filling infrastructure. With the Government’s clear focus on expansion of CNG outlets in the country, we are confident of greater acceptance of factory-fitted CNG vehicles, even in challenging times.”

Apple 'Spring Loaded' event: From iOS 14.5 update to new iPad Pro line-up, what to expect

14 Apr, 2021, 03:05PM | Livemint

Apple has confirmed that they will be conducting an event on 20 April. The event will be the first for this year. Apple usually conducts its hardware launch event in the month of March. Earlier, Apple's virtual assistant Siri leaked the date for the event when asked by iOS users. Apple has named the event "Spring Loaded" in the media invitation. While the company has been tight-lipped about the possible launches on the event, there are a few leaks here and there that give us a hint about what the Cupertino tech giant is planning to launch. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Loan moratorium to GST return filing extension: Maharashtra CM seeks relief measures from PM Modi 2 min read . 08:59 AM IST Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST The new Apple Event is expected to launch the iPad Pro line-up, according to a report by Bloomberg. Other than the iPad Pro, the company is also expected to finally unveil the tracking device called AirTags, which was initially expected to launch during the iPhone event last year. Apple is also expected to launch new iMac desktops which may be powered by the company's new ARM-based chipsets. The report suggests that the new iPad Pro will come with an 11-inch and 12.9 inch screen sizes, similar to the current models. The iPad Pro will reportedly come with processors on par with the latest Mac y chips. One or more iPads may also get a new MiniLED screen. The larger 12.9-inch model is more likely to feature the new screen. The iPad Pro might also get updated cameras, and potentially an upgraded connector for faster syncing of data and compatibility with additional external monitors and storage drives. The downside of the new MiniLED screen is that the company might face production issues. The report suggests that hardware with the new technology may initially be in short supply. Apple is also expected to announce the release date of iOS 14.5 software update. The new software update will introduce new privacy protections for ad tracking across apps and websites. Companies like Facebook have claimed that the new changes could hurt its advertising business. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Cement spreads highest since June 2020, courtesy price hikes: Motilal Oswal

14 Apr, 2021, 01:46PM | Livemint

Impacted by rising input costs, cement manufacturers have taken yet another price hike in April, shows the latest dealers channel check by Motilal Oswal Financial Services Ltd. According to the brokerage house, prices have been raised by around 3% on a month-on-month basis in April and now stand at an average of ₹371/bag at an all-India level. One cement bag weighs 50 kilograms. With that, cement spreads have increased to their highest level since June last year. A spread is the difference between cement prices and energy costs on a per tonne basis for cement companies. Prices of key input materials required to manufacture cement such as petroleum coke, coal and diesel have sharply risen on a year-on-year (y-o-y) basis. Analysts say the recent hikes should allay investors' concerns on the impact of rising commodity inflation on margins, to a certain extent. It should be noted that cement companies saw stellar margin growth in the December quarter aided by cost rationalisation measures and stock of inventory procured at a lower price. TRENDING STORIESSee All Premium Maharashtra: CM Thackeray announces 'lockdown-like' stricter curbs from today. See what's open, what's closed 5 min read . 05:59 AM IST Premium How new Maharashtra restrictions may impact Sensex, Nifty 2 min read . 02:41 PM IST Premium Maharashtra restrictions: Can house helps go to work during janta curfew? BMC replies 1 min read . 07:58 AM IST Premium PPF vs NPS calculator: Key things to know if you want to invest ₹8,000 per month 2 min read . 12:31 PM IST Also Read | Ripple effects of the warehousing boom "With the April 2021 price hikes, we estimate that the industry has fully passed on the cost inflation to customers. We estimate Cement spreads (price-to-power and fuel cost, and price-to-freight cost) for trade sales to be the highest since June 2020 at Rs3,591/tonne (flat y-o-y)," it said in a report on 11 April. However, these price hikes would take some time to reflect in the earnings of cement companies. In the March quarter earnings, margins of some cement manufacturers could see some compression due to elevated input costs. Meanwhile, cement demand is likely to remain robust in the March quarter aided by the ongoing recovery in urban real estate and infrastructure activities. Channel checks show that demand has been strong across regions, except for South India. "As per our channel checks, volumes in March 21 have been at record levels across all regions (except South India). We expect volumes to grow by 22% y-o-y/10% q-o-q for our coverage universe in 4QFY21E," added the report. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

These Nifty 50 stocks see highest net buying by mutual funds

14 Apr, 2021, 01:27PM | Livemint

Total asset under management (AUM) of the Mutual Fund industry rose 41% year-on-year, scaling new highs to reach ₹31.4 trillion in FY21. This was primarily led by an increase in AUM of Equity funds, Income funds and other ETFs, said the Fund Folio report from Motilal Oswal Financial Services. Motilal Oswal Financial Services’ Fund Folio is a handbook on the holdings of the top-20 domestic mutual funds in India. The monthly report provides details on trend in AUMs and flows, sector allocation by funds, stock-wise holding change, top schemes and NAV change and fund-wise snapshot on top holdings. TRENDING STORIESSee All Premium PM Modi's meeting today amid demands to cancel CBSE Board Exams 2021 1 min read . 01:03 PM IST Premium Mumbai local trains: Only people from 'essential categories' allowed to travel. Know rules 2 min read . 13 Apr 2021 Premium Fortis Health's prospects healthy on improved hospitals, diagnostics biz outlook 1 min read . 11:58 AM IST Premium Delhi: Banquets, hotels to be included soon as covid centres - Health minister 1 min read . 11:59 AM IST Total equity value of the top 20 asset management companies (AMCs) increased 1.3% on a monthly basis in March 2021 as a rise of 1.1% MoM in the Nifty. Among the top 10 funds, the highest MoM increase was seen in Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, DSP Mutual Fund, Axis Mutual Fund, and ICICI Prudential Mutual Fund (2.1%). Mutual funds were net buyers in 50% of Nifty stocks. The highest month-on-month (MoM) net buying in March 21 was seen in BPCL, SBI Life Insurance, Tata Steel, Bajaj Auto, and UPL. As for allocation of funds - Capital Goods, Chemicals, Healthcare, Cement, and PSU Banks are the top sectors where ownership of mutual funds vis-à-vis BSE-200 is at least 1% higher. Top sectors where ownership of mutual funds vis-à-vis BSE-200 is at least 1% lower are Oil and Gas, NBFCs, Consumer, Technology, and Private Banks. As per the report, 44% of top 25 schemes outperformed the market. Among the top 25 schemes by AUM, Nippon India Small Cap Fund, UTI-Flexi Cap Fund, Axis Midcap Fund, Kotak Emerging Equity Fund, and DSP Midcap Fund reported the highest increase. In March 2021, three of the top five stocks that saw the maximum increase in value were from Technology. Infosys, TCS, BPCL, Tata Steel, HCL Technologies, HUL, ITC, SBI Life Insurance, Tata Communications, and Bank of Baroda increased the most in terms of value. Stocks that saw a maximum decline in value MoM were Reliance Industries, SBI, ICICI Bank, HDFC Bank, Axis Bank, Bharti Airtel, Coal India, HDFC, Vedanta, and Info Edge, the report added. The year FY21 saw a notable change in the sector and stock allocation of funds. The weightage of domestic cyclicals increased by 160 basis points (bps) to 58%, led by an increase in the weightage of Automobiles, NBFCs, Cement, Real Estate, Chemicals, and Infrastructure, the report added. Technology saw a massive rise in weightage in FY21 to 11.9%. The sector is now the second in terms of sectoral allocation by MFs. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Pune: Private hospitals turn away patients amid shortages of oxygen, beds

14 Apr, 2021, 01:19PM | Livemint

COVID-19 cases are increasing in Pune every passing day, but Private hospitals are facing problems in treating patients due to shortage of oxygen supply and Remdesivir injections. Currently, there are hardly any ventilator beds available in the city hospitals as the flow of patients has been increasing. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Speaking to ANI, Dr Mukund Penurkar, Director of Sanjeevan Hospital said that he has to either refuse admission to patients in need of oxygen supply or send them to other hospitals where it is available. "There has been a shortage of oxygen supply for last 2-3 days due to which we had to either deny admission to patients in need of oxygen supply or send them to other hospitals where oxygen is available. With the limited oxygen supply we have to look after patients admitted here already because their supply also has to be maintained," Dr Penurkar said. He further said that the shortage of ventilator beds is also a problem. "Ventilator beds are a major problem as there is already a shortage of ventilator beds across the city. Not only that even the Remdesivir injection which is one of the medicine we are using to cure the patient was also not available at many places. These things have to be streamlined as every hospital including ours have increased bed capacity for COVID patient treatment and we are all prepared to treat them well if provided these things on time" he added. Meanwhile, after the second wave of the virus in the country, the demand for oxygen has increased in the city. The suppliers are facing difficulties in procuring it from the manufacturers. "This second wave has increased the demand of oxygen here. Normally during the non- covid times, we used to provide 5-6 tons of liquid oxygen to the hospitals but now it has been increased up to 18 tons. We are facing difficulties in supplying it due to the increased cases across Maharashtra," Atul Nalawade, owner of United Gas told ANI. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Maharashtra government on Tuesday announced the imposition of Section 144 in the state from Wednesday (today) in view of rising COVID-19 cases. Maharashtra reported 60,212 new COVID-19 cases in the last 24 hours yesterday. (ANI) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

New study finds link between lifestyle and more severe covid infection, deaths

14 Apr, 2021, 01:12PM | Livemint

A sedentary lifestyle is associated with more severe COVID-19 infection and an increased risk of dying from the viral disease, according to a large-scale study. Researchers, including those from the University of California San Diego, found that COVID-19 patients in the US who were consistently inactive during the two years preceding the pandemic were more likely to be admitted to hospital. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Inactive patients were also more likely to require intensive care, and die compared to those who had consistently met physical activity guidelines, they said. The study, published in the British Journal of Sports Medicine, showed that physical inactivity was surpassed only by advanced age and a history of organ transplant as a risk factor for severe disease. "It is notable that being consistently inactive was a stronger risk factor for severe COVID-19 outcomes than any of the underlying medical conditions and risk factors identified by (The Centers for Disease Control) except for age and a history of organ transplant," the researchers said. "In fact, physical inactivity was the strongest risk factor across all outcomes, compared with the commonly cited modifiable risk factors, including smoking, obesity, diabetes, hypertension (high blood pressure), cardiovascular disease and cancer," they said. Several risk factors for severe COVID-19 infection have been identified, including advanced age, male sex, and certain underlying medical conditions, such as diabetes, obesity, and cardiovascular disease, the researchers said. However, physical inactivity is not one of them, even though it is a well-known contributory risk factor for several long term conditions, including those associated with severe COVID-19, they said. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 To explore its potential impact on the severity of the infection, including hospital admission rates, need for intensive care, and death, the team compared these outcomes in 48,440 adults with confirmed COVID-19 infection between January and October 2020. The patients' average age was 47, with nearly two thirds of them being women (62 per cent). Their average weight (BMI) was 31, which is classified as obese. Around half had no underlying conditions, including diabetes, COPD, cardiovascular disease, kidney disease, and cancer, nearly 1 in 5 (18 per cent) had only one, and almost a third (32 per cent) had two or more conditions. The researchers took account of potentially influential factors, such as race, age, and underlying medical conditions. They found that patients with COVID-19 who were consistently physically inactive were more than twice as likely to be admitted to hospital as those who clocked up over 150 minutes of physical activity every week. Such patients were also 73 per cent more likely to require intensive care, and 2.5 times more likely to die of the infection, according to the study. Patients who were consistently inactive were also 20 per cent more likely to be admitted to hospital, 10 per cent more likely to require intensive care, and 32 per cent more likely to die of their infection than those doing some physical activity regularly. The researchers, including those from Kaiser Permanente Medical Center in the US, noted that this is an observational study, and as such, can't establish cause. The study also relied on patients' own assessments of their physical activity, they said. "We recommend that public health authorities inform all populations that short of vaccination and following public health safety guidelines such as social distancing and mask use, engaging in regular (physical activity) may be the single most important action individuals can take to prevent severe COVID-19 and its complications, including death," the researchers added. PTI SAR SAR Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Base effect to prop up credit growth in FY22

14 Apr, 2021, 12:39PM | Livemint

Mumbai: Bank credit is likely to see stronger growth in FY22 compared to the last financial year, given the low base effect and nascent economic recovery. Care Ratings said in a report that downside risks to the credit growth include lockdowns in key states impacting the industrial as well as the service segments. Another risk includes the ending of the Emergency Credit Line Guarantee Scheme (ECLGS) scheme, which had propped loans to small businesses, it said. However, the extension of the targeted long-term repo operation (TLTRO) scheme and onward lending norms could support growth. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Also Read | Ripple effects of the warehousing boom “The bank credit growth declined (as on 26 March 2021) compared to the last fortnight, however in absolute terms it increased by ₹5.8 trillion as compared with fortnight ended 27 March 2020 and by ₹1.5 trillion as compared with previous fortnight. However, the growth rate has been higher than the expected low single-digit growth anticipated earlier in the year," the report said. According to the rating agency, bank credit growth stood at 5.6% and 6.5% during the last two fortnights. “Though the interest rates for monthly fresh loans of scheduled commercial banks have reduced 107 bps from February 2020 to February 2021, the overall credit growth continued to moderate due to risk aversion and continued parking of excess liquidity with RBI," it said. In addition, contraction in loans to large industries and slower growth in housing and non-bank financier segment restricted the overall bank credit growth, it added. On the other hand, banks in India have crossed the milestone of ₹150 trillion in deposits, as inflows continue at a staggering pace. Deposits had touched the ₹100-trillion mark in September 2016 and had crossed ₹50 trillion in February 2011. Outstanding bank deposits stood at ₹151.13 trillion as on 26 March, the last fortnight of the financial year, showed data released by the Reserve Bank of India (RBI). This translates into a growth of 11.3% from the same period last year. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Missed home loan EMI? Know the consequences

14 Apr, 2021, 12:36PM | Livemint

MUMBAI : People usually take a home loan to finance their dream purchase. As home loans are taken for the long term, there may come a time when you may not be able to pay one of your equated monthly instalments (EMIs) because of unforeseen circumstances. If you miss an EMI payment, you may have to face some consequences in the following month while paying the missed portion along with the EMI of the next month. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST The consequences will be two-fold: financial as well as reputational. “From a financial perspective, you will be charged late fees, penalties and even a penal interest in some cases. The penalty charge is usually around 1-2% of the EMI. However, depending on the situation, in some cases, you may have to pay penal interest on the entire overdue amount for the period of default instead. This would be in addition to the late fees charged by the lender. In all, it could be a significant amount," said Adhil Shetty, chief executive officer, BankBazaar.com. The reputational damage can be even worse. Missing even a single EMI payment gets recorded in your credit history and harms your credit score. A single default on your home loan can bring down your score by 50-70 points. Such a situation may make you ineligible for further credit. However, if you have missed an EMI and it is within 90 days of the last payment, it will be classified as a minor default, and you can recover from its impact if you take prompt corrective action. Pay off the missed EMI on the next due date and ensure that you do not miss any further EMIs. “In case you have genuine financial difficulties brought on by a job loss or medical conditions, reach out to the lender and find a solution," said Shetty. “You have 90 days to pay your dues before your loan gets classified as a non-performing asset (NPA). Work with the lender to find a solution before that. Remember, if you are still unable to repay your dues after 90 days, the lender reserves the right to initiate the process of auctioning off your property to recover its dues as allowed by the legal framework of the SARFAESI Act, 2002. So, take steps early on to avoid such situations." Hence, to avoid a home loan default, you can request a lower EMI with your lender and finance it more efficiently. In cases where there is a break in the flow of income, you can approach the lender and request for an EMI-free period. Banks may give you a three- to six-month waiver on EMI payments in case you have lost your job or temporarily stopped your business operations, etc. However, the lender can charge interest on the outstanding loan amount for this period later on. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:02 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Premium Premium Choose an insurer with a claim settlement ratio of at least 95% 2 min read . 05:25 AM IST Another option is to make partial payments to lower the EMI burden. This can be done using a home loan overdraft facility. Thus, whenever you have surplus funds available and an active home loan, making a part payment to the overdraft account can ease your financial burden. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Does deposit insurance pay you directly for bank failure?

14 Apr, 2021, 12:01PM | Livemint

MUMBAI: Today, all commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Moreover, if you have deposits with more than one bank, the deposit insurance coverage limit is applied separately to the deposits in each bank. However, in the case of liquidation, does deposit insurance directly deal with the depositors of failed banks? In this piece, we take a look at when is deposit insurance liable to pay the claim amount and to whom. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Also Read | Ripple effects of the warehousing boom Normally, the deposit insurance while registering the banks as insured banks provide them with printed leaflets for display giving information relating to the protection afforded by the Corporation to the depositors of the insured banks. In case of doubt, you can make a specific enquiry of the branch official whether your bank is insured by the DICGC. You must also know that the deposit insurance scheme is compulsory and no bank can withdraw from it. However, the DICGC may cancel the registration of an insured bank if it fails to pay the premium for three consecutive periods. As per the deposit insurance scheme, each depositor in a bank is insured up to a maximum of ₹5 lakh for both principal and interest amount held by him/her in the same right and same capacity as on the date of liquidation or the cancellation of bank's licence or the date on which the banks get amalgamated or merged with another bank. So, if a bank goes into liquidation, the deposit insurance is liable to pay to the liquidator or appointed officer the claim amount of each depositor up to ₹5 lakh within two months from the date of receipt of the claim list from the appointed officer. The appointed officer prepares a depositor wise claim list and sends it to the DICGC for scrutiny and payment. Once, the list gets scrutinized, the officer disburses the claim amount to each insured depositor corresponding to their claim amount. The official liquidators are generally appointed by the Central Government. MORE FROM THIS SECTIONSee All Premium Premium PPF account maturity period should be lowered, SBI report suggests 2 min read . 11:26 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST However, if a bank is reconstructed, amalgamated or merged with another bank then the deposit insurance pays the bank concerned, the difference between the full amount of deposit or the limit of insurance cover in force at the time, whichever is less and the amount received by the concerned bank under the reconstruction, amalgamation or merger scheme within two months from the date of receipt of claim list from the transferee bank or, Chief Executive Officer of the insured bank. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Private Banks Q4 preview: Rise in bond yields may dent income; NPA nos eyed

14 Apr, 2021, 11:49AM | Business Standards

A seasonally strong quarter in terms of credit disbursal, along with a pick-up in economic activity is set to aid private banks’ earnings in the March quarter of financial year 2020-21 (Q4FY21). However, while the year-on-year (YoY) report card may show a stellar improvement, courtesy low base effect, sequential performance may be largely flat as the sector grapples with a second wave of Covid-19. Analysts believe that the truer impact of Covid-19 as regards non-performing assets (NPAs) could be visible in the quarter even as banks may be tempted to remain prudent while creating provisions due to the second virus wave. “As the Supreme Court’s stay on NPA recognition stands withdrawn, lenders would recognize actual NPAs, which would keep slippages/asset quality elevated, though the pace of formation is likely to moderate,” notedbrokerage house Motilal Oswal Financial Services in its earnings preview report. Although overall trends in asset quality have fared better than expectations, the recent surge in Covid-19 cases and the fear of a lockdown in key districts would keep us watchful on asset quality, it added. Concurring with the view, Kotak Institutional Equities observed that lenders would take a call on creation/utilization of new provisions based on health of individual portfolios as well a view on near-term recovery prospects. “NPA trends for Q4FY21 will reflect combined effect of large corporate resolutions in recent weeks, especially in steel and infra sector, and lifting of SC-standstill on NPA recognition. As a result, loan loss provisions would be rather difficult to predict as Q3FY21 pro-forma slippages would see some recoveries which will be offset by fresh slippages in Q4 and write-offs of older bucket NPA,” it said. To quantify, analysts at ICICI Securities expect a deviation (on the upside) of up to 1.5 percentage points from pro-forma NPAs recognised during the December quarter (Q3FY21). “We anticipate incremental non-annualized slippages of 1.0-2.5 per cent (over 9MFY21 pro-forma) primarily flowing in unsecure retail, CV segments etc thereby, driving NPAs sequentially up. Corporate stress recognition, that was almost non-existential in 9MFY21, might also resurface in Q4,” it said. Low treasury income to dent profits The yield on the 1-year G-Sec, which was on a downtrend since Q4FY20, jumped around 40 bps in Q4FY21. This, analysts at Kotak Institutional Equities (KIE) fear, may dent treasury income for most banks in the quarter under study. That said, growth in fee income is likely to be higher on a sequential basis as optimism on economic recovery supports higher disbursements. Besides, non-interest income could also be supported by higher recoveries from write-offs. Overall, the brokerage expects the aggregate net profit of private banks under its coverage (which includes nearly all the banks)to soar 55 per cent YoY to Rs 16,970 crore, but dip 4 per cent QoQ. Those at Prabhudas Lilladher, meanwhile, project a 119 per cent YoY growth in PAT for the eight private banks under its coverage. Sequentially, it expects PAT to increase by 4.3 per cent led by Axis Bank (75.5 per cent QoQ growth) and IndusInd Bank (12.5 per cent QoQ growth). Credit growth and NII Loan growth is likely to pick up, led by rising consumer demand, particularly in the retail segment. Growth in the corporate segment, meanwhile, is recovering with the focus on lending to highly-rated corporate. Against this backdrop, analysts at MOFSL expect loans of private banks to grow by 11 per cent/17 per cent over FY21E/FY22E, and estimate Axis Bank and ICICI Bank to deliver 7.1 per cent and 13.5 per cent YoY loan growth, respectively over Q4FY21. Nirmal Bang Institutional Equities expects the loan growth of individual banks to remain in the range of 16 per cent YoY (Bandhan Bank) to 1 per cent (DCB Bank). It pegs Axis, HDFC, and ICICI Bank’s loan growth between 8 per cent and 14 per cent YoY. Penciling-in a 12 per cent deposit growth rate (aggregate), analysts at Prabhudas Lilladher and MOFSL forecast a 15 per cent YoY growth in net interest income as cost of funds have been moving on lower side helping NII growth be better than loan growth. “Robust current account-savings account (CASA) accretion, benefit of deposit cost, shift in portfolio mix towards retail and release of liquidity buffer would offset adverse impact of interest income reversal, credit to deposit (CD) ratio moderation. Consequently, net interest margin (NIMs) are expected to remain stable,” noted ICICI Securities. Antique Stock Broking, however, expects some moderation in NIMs as banks reverse interest income of 3-9 months post SC’s verdict.

JSW Steel completes acquisition of 31 per cent stake in Italy's GSI Lucchini

14 Apr, 2021, 11:45AM | Economic Times

JSW Steel's Italian subsidiary has completed the acquisition of the remaining 30.73 per cent stake in GSI Lucchini SpA of Italy for one million euros. "Pursuant to fulfilment of conditions precedent mentioned in the share purchase agreement, our subsidiary JSW Steel Italy Srl has on April 13 completed the acquisition of 30.73 per cent equity share capital of GSI," the steelmaker informed stock exchange in regulatory filings. The agreement to acquire GSI's remaining stake was signed in December last year. The balance share capital of GSI is already held by JSW Steel Italy Srl. The manufacturing unit of GSI is located at the port city of Piombino in Tuscany region, providing easy access to export markets . This also allows specific advantages in terms of lead time, service level and logistics cost in its target markets, JSW Steel said in a statement. "The port-based facility also gives GSI the flexibility and access to import raw material's bars/blooms and billets to supplement supplies as when required." GSI is a producer of forged steel balls used in grinding mills with predominant application in mining processing. The brand is widely recognised in Europe and Africa, and is among the prominent supplier in African mines. The transaction provides a unique opportunity for JSW to consolidate its stake in GSI. JSW Steel, a member of the JSW Group , is an integrated manufacturer of a diverse range of steel products with an export presence in over 100 countries. It has a total steel-making capacity of 18 million tonnes per annum, and is among the leading producers and exporters of coated flat steel products in India.

JSW Steel completes acquisition of 31% stake in Italy's GSI Lucchini SpA

14 Apr, 2021, 11:43AM | Business Standards

JSW Steel's Italian subsidiary has completed the acquisition of remaining 30.73 per cent stake in GSI Lucchini SpA of Italy for one million euros. "Pursuant to fulfilment of conditions precedent mentioned in the share purchase agreement, our subsidiary JSW Steel Italy Srl has on April 13 completed the acquisition of 30.73 per cent equity share capital of GSI," the steelmaker informed stock exchange in regulatory filings. The agreement to acquire GSI's remaining stake was signed in December last year. The balance share capital of GSI is already held by JSW Steel Italy Srl. The manufacturing unit of GSI is located at the port city of Piombino in Tuscany region, providing easy access to export markets. This also allows specific advantages in terms of lead time, service level and logistics cost in its target markets, JSW Steel said in a statement. "The port-based facility also gives GSI the flexibility and access to import raw material's bars/blooms and billets to supplement supplies as when required." GSI is a producer of forged steel balls used in grinding mills with predominant application in mining processing. The brand is widely recognised in Europe and Africa, and is among the prominent supplier in African mines. The transaction provides a unique opportunity for JSW to consolidate its stake in GSI. JSW Steel, a member of the JSW Group, is an integrated manufacturer of a diverse range of steel products with an export presence in over 100 countries. It has a total steel-making capacity of 18 million tonnes per annum, and is among the leading producers and exporters of coated flat steel products in India. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Tech billionaires are obsessed with climate change — but some question if they’re focusing on the right areas

14 Apr, 2021, 10:27AM | CNBC

Combination: Jeff Bezos (L), Elon Musk (C) and Bill Gates (R).Reuters Climate change appears to be high on the agenda for tech billionaires like Elon Musk, Jeff Bezos and Bill Gates but some are questioning whether they're focusing their efforts on the right areas.Broadly speaking, the three richest tech billionaires â who rank in the top five richest people on the planet â are all trying to develop new technologies that can reduce the world's carbon dioxide emissions.Musk is largely focused on funding carbon capture technologies, Gates is particularly bullish on nuclear energy, and Bezos has created a dedicated "Bezos Earth fund." All of them believe that technology has a major role to play in tackling climate change and they're doing their utmost to ensure they're pushing the boundaries when it comes to climate tech."They basically think in the 'Iron Man way,' which is that we can build the technology to innovate ourselves out of it," Christian Kroll, the founder and CEO of search engine Ecosia, told CNBC on a video call, adding that they should be focusing more on planting trees."No technology will ever get there," he said in reference to trees. "And on top of that, you're getting so many things for free. You're getting fertile soil, you're doing something against the biodiversity crisis, and you're helping the water cycle so you have less droughts and less floods."Global carbon dioxide emissions have soared over the last 100 years, leading to unprecedented global warming and climate change.It's widely known that trees are among the most efficient carbon-capture machines on earth. They remove carbon dioxide from the atmosphere through a chemical reaction known as photosynthesis where they turn the gas into energy that they use to grow. Empress trees, for example, can absorb about 103 tons of carbon a year per acre.Twelve of the top 20 climate solutions relate to either agriculture or forests, according to climate non-profit Project Drawdown, which is based in San Francisco.Last week, Britain's Prince William underscored the importance of investing in nature to tackle climate change and protect our planet."We must invest in nature through reforestation, sustainable agriculture, and supporting healthy oceans, because doing so is one of the most cost effective and impactful ways of tackling climate change," he said."It removes carbon from the atmosphere, helps build more resilient communities, tackles biodiversity loss, and protects people's livelihoods. This is crucial if our children and grandchildren are to live sustainably on our precious planet."Jack Kelly, the founder of Open Climate Fix and a former researcher at Alphabet-owned AI lab DeepMind, told CNBC that a mix of approaches is required. "I think we need a wide range of interventions, both tech and reforestation," he said.Trees and reforestation, however, are relatively low down on the tech billionaire agenda list, according to Kroll.While the tech billionaires wouldn't necessarily be able to "solve" climate change by planting more trees, they could have a "massive impact" if they dedicated more of their capital to the matter, he said.According to the Bloomberg Billionaire Index, Amazon founder Bezos is worth $197 billion, Tesla founder Musk is worth $181 billion, and Microsoft founder Gates is worth $145 billion.Representatives for Musk and Gates did not immediately respond to CNBC's request for comment, while a representative for Bezos declined to comment. Forests or fusion? There's no denying that tech billionaires are becoming increasingly interested in climate change.In January, Tesla CEO Musk pledged to invest $100 million in new carbon capture technologies. Carbon capture is the process of trapping waste carbon dioxide either directly from the air, or just before it gets emitted from factories and power plants.His investment in new carbon capture technologies dwarfs the $1 million he spent on trees in 2019 when he gave YouTuber Jimmy "MrBeast" Donaldson a donation to help him reach a $20 million tree planting target. Â Musk's stance on climate change is complicated, however. While he runs a relatively green electric vehicle company, he has also been criticized for his love of bitcoin, which is now one of the world's biggest CO2 emitters.Â Meanwhile, Gates thinks nuclear energy is the future and his TerraPower company, which he founded in 2008, is aiming to build a fully functional advanced nuclear reactor.In his new book "How to avoid a climate disaster," Gates doesn't seem to be convinced that trees are worth investing in."It has obvious appeal for those of us who love trees, but it opens up a very complicated subject ... its effect on climate change appears to be overblown," he writes.Gates argues that the most effective reforestation strategy is to stop cutting down so many of the trees we already have and says that "you'd need somewhere around 50 acres' worth of trees planted in tropical areas to absorb the emissions produced by an average American in their lifetime."The Microsoft mogul clarified his stance on trees in a podcast interview with New York Times journalist Kara Swisher in February."If you're going to fund for 10,000 years constantly replanting it, then that's a legitimate offset," said Gates. "If you're just planting one generation of trees, it doesn't get you much. You know, I'm not saying it's a mistake or anything. But that will not make a significant dent in this problem."Gates, who is now the largest owner of farmland in the U.S., added: "The idea that there's a place to plant a trillion trees, that's just wrong."Elsewhere, Bezos created the $10 billion Bezos Earth Fund last February to provide financial support to scientists, non-governmental organizations, activists and the private sector.So far, the Bezos Earth Fund has issued grants to several organizations that focus on reforestation including Eden Reforestation Projects, The Nature Conservancy, and The Natural Resources Defense Council.Amazon, however, has been criticized for increasing pollution with its planes and vans, and for using excessive amounts of cardboard when packaging its products.Â Amazon says that its packaging is 100% renewableÂ and that it doesn't use plastic clamshells and wire ties.Amazon Web Services, the company's cloud computing behemoth, and Microsoft also operate energy intensive data centers around the world. Turning profits in plants But Kroll thinks the tech billionaires are still relatively "obsessed" with dreaming up new technologies to take on the problem.Â His company, Ecosia, has made tree planting a major part of its identity.Headquartered in Berlin, Ecosia donates 80% of its profits to charities that focus on reforestation. Essentially, if a person goes on the Ecosia search engine and performs a search, almost all of the money that the company makes from digital ads will be used to plant trees.The company has partnered with over 60 tree planting organizations who have planted over 123 million trees, Kroll said, adding that they're mostly in developing countries in the tropics."Through our tree planting, each search is removing around 1kg of CO2 from the atmosphere," said Kroll. "I'm doing dozens of searches every day so thousands of searches every year. That's a few tons of CO2 removed from the atmosphere just by searching."Kroll suggested that people should only be classed as billionaires when they remove a billion tons of CO2 from the atmosphere."All the others are just dollar billionaires," he said. "That's boring. We don't need that in a 21st century anymore."

Are Chinese covid vaccines less effective?

14 Apr, 2021, 08:34AM | Livemint

The lower protection rates of China’s Covid-19 vaccines have raised concerns about shots that are key to inoculation rollouts from Brazil to Indonesia, especially after their efficacy was questioned by one of the most senior Chinese health officials. Bloomberg spoke to two experts about the vaccines, zeroing in on the Sinovac Biotech Ltd. shot, which has been the focus of a crisis in confidence after it posted efficacy levels of just above 50% in a final stage trial in Brazil -- the minimum level required by leading global drug regulators. Other Chinese immunizations have delivered rates from 66% to 79%, still far behind the shots developed by Pfizer Inc., Moderna Inc. and even Russia’s Sputnik vaccine that have logged protection rates of more than 90%. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST More than 30 countries have rolled out the Sinovac shot, most of them in the developing world, but also Hong Kong. The vaccine is key to China’s own mammoth push to inoculate 560 million people -- 40% of its population -- by the end of June. The good news is the vaccines work extremely well in combating severe Covid infections, according to Fiona Russell from the Murdoch Children’s Research Institute in Melbourne and Paul Griffin, a professor from the University of Queensland in Brisbane. We asked them key questions about the merits of the Sinovac shot. Their comments have been edited and condensed for brevity. How effective is the Sinovac vaccine really? Russell: The Sinovac study was to look at how the vaccine works against the entire range of clinical symptoms, from mild infections to severe ones, including death. The efficacy data of about 50% is for very mild disease, requiring no treatment. For infections requiring some medical intervention, it’s about 84% and for moderate-to-severe Covid cases, it’s 100%. That’s what you expect from Covid vaccines -- higher efficacy against more severe infections and lower against milder ones. From what I can see, it looks like a very worthwhile vaccine. The problem with the data is it didn’t include many old people or many people with co-morbidities. Griffin: My impression is the efficacy seems likely to be above the minimum threshold set by the World Health Organization but less efficacious than a number of other leading vaccine candidates. While it may be less effective against symptomatic Covid (mild infections), the efficacy in severe cases is very high, which is an incredibly valuable property of any vaccine, including this one. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Why does it have varying efficacy rates in different studies? Russell: This has caused a bit of confusion. The trials were done in Brazil, Indonesia and Turkey. Each of the studies have come with different results. In Brazil, you’ve got the P.1 variant circulating and so potentially the vaccine efficacy may be different due to that. I’m not familiar with what was circulating in Turkey or in Indonesia at the time of the study but that could obviously change the results. Also, it’s very hard to directly compare results from different trials because they have to be interpreted in the context of the study design. The case definitions -- the way a Covid-19 case is identified in a clinical trial -- they used were different, so were the endpoints of the studies. Griffin: This shows how variables in clinical trials can impact the results. Different strains circulating in a nation are a big variable that can alter the efficacy readout. Virus strains are vitally important in determining vaccine efficacy. What can be done to improve the vaccine? Russell: The recommended schedule for two doses of the Sinovac shot in the trial was two weeks, though some people spread it longer than that, even one month apart. Theoretically, tweaking the schedule is definitely an option. Mixing vaccines -- starting with one type and then boosting it with a different one -- is another option but there’s a lot more we need to know about those variations. Griffin: It’s very likely that the dosing interval is critically important and certainly sounds like it was a variable in Sinovac’s clinical trials as well. We need another clinical trial to ascertain whether adding another booster increases efficacy. In terms of heterologous boosting -- using a mix of different vaccines -- the research is underway. A lot of people are optimistic but until we have the data, it’s hard to know. Is it possible to reach herd immunity with Sinovac? Russell: That depends on a number of things -- the circulating variant, the coverage required and the degree to which the vaccine prevents virus transmission. But we don’t have a lot of data yet on transmission. Griffin: If we have a less effective vaccine, we are going to need to inoculate more people to achieve that. Its potential to reduce virus transmission is likely to be less too but again, without good data its hard to be sure. With very high coverage, even a moderately-effective vaccine is perhaps better than a highly-effective vaccine with poor coverage. So, it depends on the uptake among other factors. Should people take the Sinovac vaccine? Russell: I would have no hesitation, provided it secures regulatory authority approval. For protecting people from ending up in hospitals, Sinovac’s shot looks terrific as the efficacy data for preventing hospitalization and death is 100%. Griffin: Yes. While it may mean that we don’t reduce the cases overall or achieve herd immunity, we will still be successful in reducing severe Covid infections and therefore, the burden on the health care system. If the vaccine is approved by the relevant regulators, then I think we need to have faith that it’s safe and effective in that population. If there are multiple vaccines available, then people could potentially opt for one that has demonstrated superiority in clinical trials. But if that’s not possible, then having this vaccine is better than not being vaccinated at all. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics Coronavirus Vaccine Tracker

Special FD scheme for senior citizens extended till June-end. Check details here

14 Apr, 2021, 08:22AM | Livemint

Special fixed deposit (FD) schemes for senior citizens have been extended till 30 June 2021. In May 2020, amid the Covid-19 pandemic and falling interest rates, some banks like State Bank of India (SBI), HDFC, ICICI and Bank of Baroda (BoB) had introduced special FD schemes for senior citizens for the tenure of 5 years and more. A senior citizen looking to invest for the long term in a bank FD can now do so till 30 June 2021 as all these banks have extended it. The regular FD schemes offer an additional 50 basis points (bps) to senior citizens, the special FD scheme provide an additional rate of interest on top of that and is applicable on both- fresh deposits as well as deposits renewed. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Also Read | Ripple effects of the warehousing boom State Bank of India (SBI) SBI ‘Wecare Deposit’ special FD scheme for senior citizens will fetch 80 basis points (bps) interest rate above the rate applicable to the general public. At present, SBI gives 5.4% interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then interest rate applicable to the FD will be 6.20%. HDFC Bank Senior Citizen Care FD special FD scheme offered by HDFC Bank gives 75 bps higher interest rate on these deposits. If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then interest rate applicable to the FD will be 6.25%. ICICI Bank MORE FROM THIS SECTIONSee All Premium Premium PPF account maturity period should be lowered, SBI report suggests 2 min read . 11:26 AM IST Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST ICICI Bank offers 80 bps higher interest rate on these deposits. ICICI Bank Golden Years FD scheme offers senior citizens an interest rate of 6.30% per annum. Bank of Baroda Bank of Baroda (BoB) offers 100 bps higher on these deposits to senior citizens. Under the special FD scheme (above 5 years to up to 10 years), if a senior citizen puts a fixed deposit, then the interest rate applicable to the FD will be 6.25 per cent. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

How will gold price impact borrowers?

14 Apr, 2021, 05:41AM | Livemint

As the coronavirus pandemic continues to spread across the world, a large number of people have been hit hard by financial setbacks. Many have lost their jobs or their businesses have been shut down. In India, a large number of people have opted for gold loans to fulfil their urgent fund requirements as it is convenient to get a gold loan due to less paperwork. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Generally, these are short-term loans with a tenure extending up to one year. However, the price of gold has corrected by more than 20% from its peak and is currently hovering around ₹46,000 per 10 gm. So, let’s understand what this correction in the price of the precious commodity means for new and existing gold loan borrowers. New borrowersA correction in gold price means that the borrower will get a lesser loan amount. Currently, banks and non-banking finance companies (NBFCs) can give gold loans. The loan-to-value (LTV) ratio is capped at 75% by the Reserve Bank of India (RBI). The LTV ratio was increased for banks to 90% till 31 March 2021. So, LTV basically means that for a collateral worth ₹100, the bank or NBFC could only lend ₹75. So, as gold price falls, one may have to provide higher collateral, i.e., more gold for the same loan amount. Gold of minimum 18 carat purity is considered for such loans and stones and other impurities are removed while valuing the gold. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Existing borrowersIf you have already availed of a gold loan, your lender may ask you to pay in advance in case the LTV exceeds the limit specified by the RBI. “If a steep correction in gold price leads the LTV ratio of existing gold loans to exceed their regulatory caps, then the lender can ask their gold loan borrowers to pay the exceeded LTV component by either depositing the exceeded amount in cash or cheque or by pledging more gold as collateral with the lender," said Gaurav Aggarwal, director PaisaBazaar.com. “If existing gold loan borrowers fail to deposit the difference in amount within a stipulated period, then the lender can sell the gold already pledged as collateral," he added. If you have availed of a gold loan and the value of collateral has fallen due to a correction in prices, make good the difference in margin amount within the stipulated period. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

‘There can be further erosion of savings amid a fresh covid wave’

14 Apr, 2021, 05:28AM | Livemint

In April 2020, when covid hit India and the country went into lockdown, Mint spoke to industry leaders in the financial services space to understand the impact of the pandemic on their personal investment portfolios. With the passage of a year, we are going back to our respondents to see how things have panned out and whether there are any lessons for investors. In the third part of the series, we talk to R.M. Vishakha, managing director and chief executive, IndiaFirst Life Insurance Co. Ltd. Vishakha does not fit the traditional mould of those who invest heavily in markets. Instead, real estate at 70% occupies the largest share of her portfolio. The share of equity in her portfolio has dipped marginally from 15% to 12%, while real estate has gone up from 65% to 70%. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Vishakha told Mint that she intends to keep booking profits in mutual funds. She is not keen on increasing her allocation to gold and does not invest in international funds. View Full ImageParas Jain/Mint Share Via “There can be further erosion of savings and increase in borrowings amid the second wave," she said. Much of her equity allocation is through unit-linked insurance plans. Her exposure to small-cap funds is through portfolio management services. She has also accumulated savings in the Employees Provident Fund and National Pension System. Besides, her total term insurance cover is around ₹10 crore. She has calculated her insurable value the way it should be, i.e., based on the potential earning capability that includes her current income, expected income and years of income generation. She has a health insurance coverage of ₹25 lakh via an individual health policy. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:02 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST DIVERSE APPROACHVishakha’s portfolio illustrates the diversity of approaches that an investor can take. While real estate may not be an easily investable asset for a retail investor, this can change for those who have accumulated large savings and understand the asset class well. Vishakha’s portfolio also underscores the importance of insurance in one’s financial life—term insurance to protect one’s financial dependents and health insurance for protection against illness. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Examining the gift deed is key prior to any legal challenge

14 Apr, 2021, 05:26AM | Livemint

I am 76 and in the process of writing my will. At present, I have a residential apartment in my name, along with my wife and elder daughter. As per my will, can I assign this property to my wife and younger daughter (and not my elder daughter)? —Name withheld on request TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST We have assumed that you are Hindu by faith and the residential property is “self-acquired" (i.e. not Hindu Undivided Family/ancestral property). On the basis of these facts, we note that the property is jointly owned by you, your wife and your eldest daughter. Accordingly, your ownership interest in the property is limited to one-third of the total interest. Accordingly, your right to bequeath an interest in the property is limited to only your limited share. Under your will, you can bequeath your share to a legatee of your choosing, to the exclusion of others. However, please note that your wife and your eldest daughter will continue to own their respective shares, irrespective of how you choose to bequeath your interest. Should you bequeath your one-third interest in the property under your will to your wife and youngest daughter (to the exclusion of your eldest daughter), the ownership will ultimately reflect as your wife owning one half of the property; your eldest daughter continuing to own one-third; and your youngest daughter owning one-sixth of the property. We are four brothers and two sisters. Our father passed away four years ago and mother died six years ago. Now, all of us have decided to partition the property that our father had created. It includes a plot of land, which also had a shop. One of my brothers stayed with our parents. All other siblings are in different cities or countries. When we discussed the division, my brother who stayed with our parents revealed that father had given him the shop via gift deed. We were all surprised by this. All of us want an equitable distribution. Can we challenge the gift deed and ask the court to revoke it, as this was made when father was 90 and bedridden. What are the other options that we have? —Name withheld on request The solution would lie in the identity of the property in the hands of your father at the time of his death. Based on the facts provided, it appears that as your father had “created" a property on the land, the shop was therefore “self-acquired". MORE FROM THIS SECTIONSee All Premium Premium PPF account maturity period should be lowered, SBI report suggests 2 min read . 11:26 AM IST Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST For the purpose of our response, we have assumed that you and your family are Hindu by faith. Under Hindu law, a person has the absolute right to gift any part of their self-acquired property. Any challenge to such a gift will have to be done on the merits of the matter itself, including factual arguments on the capacity of your father to enter into the gift deed, considering his health at the time. A further challenge may lay on the merits of the gift deed, i.e., if it was entered into by your father under duress, or by exercise of fraud, misrepresentation, etc., or if the gift deed was insufficiently stamped. That said, this would require consultation with a counsel, since an examination into the particulars of the deed are crucial prior to maintaining such a challenge. In the event that the gift is held to be valid, the balance property would devolve on your siblings and yourself, with each acquiring one-sixth share (minus the shop). However, if the property was acquired by your father, but thereafter added to any HUF, then a gift in favour of your brother would be void. The assessment of the identity of the property and the gift deed would be imperative. Rishabh Shroff is partner, Cyril Amarchand Mangaldas. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Decoding GST levied on gold purchases

14 Apr, 2021, 05:26AM | Livemint

As the price of the yellow metal has corrected, physical gold buying activity has picked up. As per a report from Bloomberg, gold imports in March touched the highest monthly total in almost two years. If you are planning to buy gold, apart from the making charges, you should keep the taxes in mind. In case you are buying physical gold, you also need to pay goods and services tax (GST). TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST On gold jewellery, a GST of 3% is levied. The GST is charged on the total value of gold purchased as well as the making charges. For example, if you are buying a gold ornament at the price of ₹45,000 per 10 gm and the making charges are at the rate of 10%, then the total cost after making charges will be ₹45,000 plus 10% of ₹45,000 = ₹49,500. GST at the rate of 3% on the ₹49,500 will be levied, taking the total cost of purchase to ₹50,985. In case you are getting an old gold ornament redesigned, GST at the rate of 18% will be levied on the making charges as here you are providing your own gold. GST is not only levied in case of buying physical gold, but also in the case of digital gold. So, in case you are buying digital gold, apart from the other charges, you also need to pay GST at the rate of 3% as the digital gold provider buys physical gold in your name equivalent to the amount invested. The same is the case with gold exchange-traded funds (ETFs) offered by mutual funds. They also back the investments with physical gold. However, in case of gold ETFs, the GST is paid back to investors as the fund house takes input credit for the same. Meanwhile, in case of sovereign gold bonds, as there is no physical gold buying involved, no GST is levied. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

After the recent market crash, what should you do with your portfolio?

14 Apr, 2021, 05:24AM | Livemint

Is this a turning point in the stock market? Over the past year, to the surprise of many, the pandemic led to a boom in the markets with people pouring in money to invest in financial assets. There has been a rush to take advantage of this bull run with many more companies going public in the first three months of 2021 than all of 2020 combined. But this trend has started to reverse recently, with the correction in equities on 12 April being extremely sharp. The Sensex and Nifty both fell by approximately 3.5%, the BSE mid-cap and small-cap indices also fell 4-5% and all sectoral indices ended in the red. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST View Full ImageParas Jain/Mint Share Via The correction appears to be due to local factors because other Asian equity markets like the Hang Seng and the Nikkei fell, but by a smaller amount of around 1%. The fear of renewed restrictions and lockdowns amid a rising number of covid cases appears to be top of the mind for many market participants. Indian equity markets are now expensive by any stretch of the imagination. At the beginning of April, the Nifty 50 trailing PE ratio was roughly at 34 times, while the Nifty Next 50 had a trailing PE ratio of around 43. A few years ago, many people in the industry talked about the Nifty being in an average range of 18-22 and there were even charts from fund companies with red and green bands that said that if the Nifty goes out of the range, you should reduce your allocations or even exit the market. Today, with valuations well outside these ranges, you do not hear much from the industry about those same charts—but such is the nature and incentives of the mutual fund industry. Valuations in the broader market are also similarly well outside typical ranges with the Nifty Midcap 150 having a PE ratio of around 41 at the beginning of April. When you couple this with the returns that the indices have given over the past year, that gives cause for concern. At the beginning of April, the one-year return for the Sensex and Nifty were roughly 80%! Mid-caps and small-caps were even higher with the Nifty Midcap 150 giving returns of over 100% and the Nifty Smallcap 250 giving returns of around 120%. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST One cannot predict the future, but these kinds of returns are not sustainable over the long run and so it is not surprising that we have started seeing some correction and reversion back to the mean. So, what is an investor to do? The first thing an investor should do is review his/her asset allocation. If equities have rallied sharply over the past year, then it is likely that the percentage allocation to equities in the overall pie has also gone up. Reviewing this mix regularly and rebalancing it back to the target is a prudent and healthy way of keeping the portfolio in shape over time. Second, we hear a lot about not trying to time the market and staying invested for the long term. However, the ‘long term’ is different for each person. When keeping a specific financial goal in mind, it is important to have an idea of both the money value and the time horizon of the goal. If an investor has a financial goal that is due in the next few years, then it would be important to look at how much closer the high returns of the past year have brought them to his/her targeted corpus. Markets can go up or down. If the markets go up, then the investor could have an even higher portfolio value. However, if the markets go down, the investor will have missed out on a chance to realize some of the gains that have brought him/her closer to their financial goal. If the time of the financial goal is coming up soon, the investor should carefully consider whether the risk of volatility of the market is worth the risk of not meeting his/her financial goal. In short, trying to predict and time market movements is a strategy based on hope and fear and things that are out of the investor’s control. Whereas asset allocation and linking investments to financial goals are far more quantitative metrics that are in the investor’s control. This is key when thinking about making changes to the portfolio. Rishad Manekia is founder and MD, Kairos Capital. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Alfanar eyes sale of majority stake in India assets

14 Apr, 2021, 05:20AM | Livemint

Saudi Arabia’s Alfanar Group is looking to sell a controlling stake in its 600-megawatt (MW) wind power assets portfolio in India for around $300 million, said two people aware of the development, requesting anonymity. Alfanar Group has a clean energy portfolio of 1.4 gigawatts (GW) across West Asia, Africa, Europe and Asia, and is also seeking capital commitment for future greenfield projects. The Riyadh-based group had won two wind power projects auctioned by the state-run Solar Energy Corp. of India (SECI). In February 2018, it placed a winning bid of ₹2.45 per kilowatt-hour (kWh) and followed it up by picking up another project with a bid of ₹2.77 per kWh in October 2018, for developing 300MW wind projects each. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Mint had earlier reported that Alfanar Group was looking to sell half of its 600 MW wind power projects in India and had appointed JM Financial to find a buyer. When contacted, an Alfanar group spokesperson in an emailed response said: “As per our company policy we do not engage in responding to speculations." Queries emailed to a JM Financial spokesperson on 10 April remained unanswered till press time. India is running the world’s largest clean energy programme and seeks to have an installed capacity of 175 GW by 2022. It has an installed wind power capacity of 38.78 GW, with plans to reach 60 GW by March 2022, as part of the country’s climate change commitments. Some of the largest wind power projects in India are owned by Goldman Sachs-backed ReNew Power Ventures Pvt. Ltd, GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority (ADIA)-backed Greenko Energy Holdings, Tata Power Renewable Energy Ltd (TPREL), Rahul Munjal-led Hero Future Energies Pvt. Ltd. Mytrah Energy India Pvt. Ltd and CLP India Pvt. Ltd, one of the largest foreign investors in the Indian power sector. Despite the pandemic, deal making in India’s green energy space continues unabated. The most recent deal involves Canada Pension Plan Investment Board closing on to take a controlling stake in SB Energy Holdings, which has a 7.7GW solar power portfolio, for an estimated $525 million from SoftBank. MORE FROM THIS SECTIONSee All Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST Private equity firm Actis Llp also plans to invest $850 million in India to build two green energy platforms, as reported by Mint earlier. The first platform will focus on setting up grid-connected solar and wind power parks, while the second will cater to the expanding commercial and industrial sector. Growing investor interest follows India’s commitment to set up 450GW renewable energy capacity by 2030. So far, it has an installed capacity of 89.63 GW, with another 49.59 GW under execution. Over the past six years, ₹4.7 trillion has been invested in India’s green energy space. It expects an annual investment of ₹1 trillion till 2030. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Facebook’s Oversight Board now has the power to remove content from Instagram and Facebook

13 Apr, 2021, 11:56PM | Livemint

The Oversight Board for Facebook, today, announced that it's expanding its purview over content moderation on Facebook and Instagram. While the Board was so far taking requests about posts that Facebook removes from its platforms, users will also be able to appeal for posts that Facebook’s moderation teams do not remove after users have complained about them. The Oversight Board was announced early last year and became operational from October 2020. It is currently looking into Facebook’s decision to ban former US President Donald Trump from its platforms, a decision on which is expected soon. Facebook chief executive Mark Zuckerberg had said that the Board is meant to be a “Supreme Court" for Facebook and Instagram, and the company has pledged to abide by the Board’s decision on subjects of moderation. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST “Enabling users to appeal content they want to see removed from Facebook is a significant expansion of the Oversight Board’s capabilities," said Thomas Hughes, Director of the Oversight Board Administration. “The Board was created to ensure that fewer decisions about highly significant content issues be taken by Facebook alone, and that better decisions can be delivered through an independent and transparent process that works to safeguard human rights and freedom of expression. Today’s announcement is another step towards realizing this." With today’s announcement, Facebook and Instagram users will be allowed to reach the Board for content takedown requests once they have exhausted all other processes that Facebook offers. “Starting today with an expanding roll out over the coming weeks, after an individual has exhausted Facebook’s appeals process, they will receive an Oversight Board Reference ID and can formally appeal for independent review," the Board said. Content eligible for review includes posts, status updates, photos, videos, comments and shares. In case the same piece of content is reported by multiple users, the Board will put all of them within a “single case file" in order to gain more context on the content in question. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Nvidia plans new chip to compete with intel in data-center market

13 Apr, 2021, 11:51PM | Livemint

Graphics-chip giant Nvidia Corp. is increasing the competitive pressure on Intel Corp. with plans to start selling central-processing units to serve the booming data-center market. Nvidia said Monday its first processor for data centers would operate 10 times faster than existing chips. Dubbed Grace, after the famed computer scientist Grace Hopper, the chip is based on technology developed by Arm Ltd., a U.K. chip designer that Nvidia is in the process of buying for around $40 billion. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST The new chip puts Santa Clara, Calif.-based Nvidia, known for its speedy processors that power videogaming hardware, squarely in competition with Intel, which dominates the global market in supplying chips to data centers, according to Mercury Research. Advanced Micro Devices Inc. is a distant second in chips for data centers. Nvidia last year overtook Intel as the largest chip maker by market value. Its stock has soared in part because of Chief Executive Jensen Huang’s bet on some of the hottest fields in tech, videogaming and artificial intelligence. The company said that the Grace chip aims to be able to handle a targeted segment of computing where processors need to analyze vast sets of data quickly, a process that requires fast computing performance and massive memory. It can be used for such tasks as language processing and artificial intelligence. Intel last week launched its latest generation data-center chip that the company said provides faster processing and provides improved features for AI calculations. “Leading-edge AI and data science are pushing today’s computer architecture beyond its limits—processing unthinkable amounts of data," Mr. Huang said in a statement. Nvidia and AMD in recent years have been chipping away at Intel’s dominance and building up through major acquisitions, which can help with rising development costs and desires by customers for a more diverse set of chips. Intel’s new CEO Pat Gelsinger last month unveiled a far-reaching plan to revive the company’s fortunes, including $20 billion in chip-plant investments and a move into becoming a bigger contract chip maker serving others. MORE FROM THIS SECTIONSee All Premium Premium Google introduces Timelapse feature in Google Earth 1 min read . 11:27 AM IST Premium Premium Dell plans spinoff of $52 billion stake in VMware 3 min read . 15 Apr 2021 Premium Premium Facebook, Apple announce fresh green energy deals 1 min read . 15 Apr 2021 Premium Premium Apple announces $200 million Restore Fund to invest in forestry projects 1 min read . 15 Apr 2021 AMD is in the process of buying San Diego, Calif.-based chip maker Xilinx Inc. for $35 billion. Meanwhile, Nvidia is working to get regulators to sign off on the deal reached to acquire Arm from SoftBank Group Corp. The company has said it has engaged regulators in the U.S., U.K. European Union and China among other jurisdictions, and that it expects the deal to close in the first quarter of 2022. Mr. Huang said Monday that Nvidia was also looking to bring Arm-based products into new markets such as cloud-computing and autonomous systems. Grace, which Nvidia said would be available in early 2023, was among a series of announcements made as part of a company event. It also said that Grace would power supercomputers that the Swiss National Supercomputing Centre and U.S. Department of Energy’s Los Alamos National Laboratory have committed to build. Nvidia stock rose $32.36, or 5.6% to $608.36 in Monday trading, as the company also said that first-quarter revenue was tracking above its prior guidance of $5.3 billion. Meanwhile Intel shares fell $2.86, or 4.2% to $65.41 and AMD retreated $4,18, or 5.1%, to $78.58. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Maharashtra government halts all film, TV shoots

13 Apr, 2021, 11:48PM | Livemint

NEW DELHI : The Maharashtra government has ordered all film, television and web show shoots to be halted in light of the increasing covid-19 cases in the state. Chief minister Uddhav Thackeray announced a prohibitory order under Section 144 on Wednesday evening for 15 days, while refusing to term it as a lockdown, according to a report by Hindustan Times. In an attempt to carry shoots on safely, the Indian Films and TV Producers Council had said in a statement earlier this week that all the producers of ongoing projects have been asked to conduct RT-PCR or Antigen tests for the crews they’re currently working with. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST JD Majethia, chairman of the TV and web wing had said that while television broadcasters have borne the cost of tests, all the guidelines are being followed scrupulously and producers have been urged to create a bio-bubble on the sets and for post-production facilities for total safety. In view of the stringent measures adopted by the entertainment industry, producers and companies were hoping the government would not impose any lockdown on shoots being carried out in Maharashtra. To be sure, the move brings the Indian entertainment industry that has already borne massive losses for the past one year, to a grinding halt. While the television industry declined by 13% over 2020, filmed entertainment fell by 62% according to a Ficci EY report. Karan Taurani, research analyst at Elara Capital Ltd said TV shows will be most impacted by this move, specifically Marathi and Hindi-based fiction and non fiction shows. “TV broadcasters generally have a buffer of 10-15 days before a fresh episode is a shown, hence the impact willl be minimal if this restriction stays for 15 days, however in case of any extension , it will have a negative impact for broadcasters," he added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Monsoon relief

13 Apr, 2021, 11:11PM | Livemint

At a time when our farm sector is going through turmoil, we have a spot of good news on the monsoon front. Skymet, a private meteorological agency, on Tuesday forecast a reassuring likelihood of India receiving normal levels of rainfall this year. If so, 2021 would be the third consecutive year of good rains for the country. This bodes well for food production and should help keep a lid on some of our inflationary pressures. On Monday, data released by the government showed retail inflation at 5.52% in March, nearly half a percentage point higher than February’s reading, driven up partly by food prices. Although it’s still short of the Reserve Bank of India’s upper bound of 6%, any sharp rise raises anxiety over a possible overshoot. Monetary policy has been extra-loose for over a year now, and banks are inundated with liquidity. The central bank’s policy guidance made a subtle shift last week, suggesting a closer vigil on price movements and a need to keep its options open. After all, its inflation-targeting mandate had only just been extended for another five years. Favourable rainfall this year will reduce the risk of rising food bills clouding up its easy-money policy. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Spectrum under IBC can’t be used if govt dues are not paid: NCLAT

13 Apr, 2021, 10:59PM | Livemint

Spectrum held by telecom operators cannot be transferred to new buyers under insolvency proceedings if government dues are not cleared, the National Company Law Appellate Tribunal (NCLAT) ruled on Tuesday, dealing a blow to lenders to bankrupt telcos Reliance Communications Ltd (RCom), Aircel Group and Videocon Telecommunications Ltd. The appellate tribunal clarified that spectrum, which is an intangible asset of a telecom company, can be subjected to insolvency proceedings or liquidation. However, telcos cannot use or transfer the airwaves under the Insolvency and Bankruptcy Code (IBC) without settling government dues. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST It added that dues of the government, including deferred spectrum payments, cannot be wiped off under bankruptcy proceedings. “Triggering of corporate insolvency resolution proceedings (CIRP) under IBC by the corporate debtor with the object of wiping-off of such dues, not being for insolvency resolution, but with malicious or fraudulent intention, would be impermissible," the appeals court said. The NCLAT’s judgement relates to the Supreme Court order of 1 September 2020, where the apex court directed the National Company Law Tribunal (NCLT) to consider all issues related to the sale of spectrum usage rights and adjusted gross revenue (AGR) dues of bankrupt telcos—RCom, Aircel and Videocon. Though the top court had authorized NCLT to look into the matter, an application filed by Aircel on 9 September requested the Supreme Court to allow NCLAT to take decisions related to its spectrum sale as nothing was pending before NCLT. The apex court then authorized NCLAT. However, a two-judge bench, headed by Justice S. Abdul Nazeer, said the decision was only for Aircel as NCLT had approved UV Asset Reconstruction Co. Ltd’s (UV ARC) resolution bid for the bankrupt telco. “The judgement removes regulatory uncertainties on the issue of status and trading of spectrum during insolvency proceedings. Rightly, it rejected the argument of DoT that spectrum is not an intangible asset and not subject to insolvency proceedings," said Asim Abbas, partner, L&L Partners. MORE FROM THIS SECTIONSee All Premium Premium Allow post-production, open up vaccination: M&E industry bodies request Maha CM 1 min read . 11:13 AM IST Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 NCLAT also said spectrum cannot be treated as a security interest by lenders. The tribunal said the government is an operational creditor. This means the Centre has little or no chance recovering AGR dues as financial lenders get preference over the operational ones under IBC. On 1 September, the Supreme Court allowed Vodafone Idea Ltd, Bharti Airtel Ltd and Tata Teleservices Ltd to pay AGR dues over 10 years. However, it did not decide on whether spectrum could be sold under the insolvency process. Prior to the judgement, while lenders argued spectrum was an asset and an important part of the resolution process to recover dues, DoT claimed it could not be sold as it was national property. In June, the Mumbai bench of NCLT approved a ₹6,630 crore bid for Aircel by UV ARC that included transfer of spectrum, subject to the government’s approval. Aircel owes ₹12,389 crore to DoT in AGR dues. RCom has to pay ₹25,199 crore in AGR dues, and Videocon owes the government ₹1,376 crore. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

C-DAC announces new cyber security centre, software solutions to aid development for supercomputing

13 Apr, 2021, 10:55PM | Livemint

The Centre for Development of Advanced Computing (C-DAC), today, announced three new technology solutions that are meant to tackle cybersecurity and supercomputing needs in India. The three technologies include a new cyber security facility that will be offered as a service to other organizations, and two software solutions that will help developers adapt code for newer hardware. The announcements were made as part of C-DAC’s 34th foundation day today. The cyber security centre — Cyber Security Operation Centre (CSoC) — is a 6000 square feet centre in Thiruvananthapuram, that the government claims will offer “end-to-end security solutions" and managed security services. It will include a centralized security monitoring system that will aim to respond to all cybersecurity incidents and provide advanced threat detection for organizations that use its services. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST The other two solutions are meant to simplify software development for High Performance Computing (HPC) in the country. This includes the Parallel Development Environment (ParaDE) and the Automatic Parallelizing Compiler (CAPC), which make it easier to write programs for supercomputing. ParaDE is an Integrated Development Environment (IDE), which helps create parallel applications for supercomputing. Parallel applications are meant specifically for supercomputing systems, which are composed of several computer processors that can function at the same time. These applications are written so that they can perform the same calculations but with different data sets, on different processors. CPAC, on the other hand, is a way to convert applications with sequential programming code (written in the C programming language) into parallel programming applications. This effectively enhances the effectiveness of such software and is likely meant for the development of system and assembly level programs. Lastly, C-DAC also earmarked funds for the development of an app-based system called Mental Health and Normalcy Augmentation System (MANAS), which will be a “comprehensive, scalable" national wellbeing platform to “augment mental wellbeing" of Indian citizens. The government says the platform is meant to “reach the unreached" through digital initiatives, though it’s unclear right now, as to what kind of services this solution will provide. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Google Photos' improved video editor arrives on Android

13 Apr, 2021, 10:28PM | Livemint

Washington [US]: Android's Google Photos application is being upgraded with the improved video editing tools that were previously only available to iOS users. As per The Verge, Android Police spotted the rollout and reported that it appears to be available for both Google Pixel devices and other Android phones. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST The tools appear to have arrived with a server-side update, though you can try updating to the latest version of Google Photos if they are not yet live in your app. As Google explained back in February, the new video editing tools include over 30 controls, covering everything from cropping, filters, and color grading options like adjusting contrast, saturation, and brightness. The new editing tools are arriving on Android as Google's Photos service is going through some big changes. As part of its February announcement, the tech giant said it would be bringing some machine-learning powered editing tools previously exclusive to Pixel devices to other Android phones, but only for Google One subscribers. Next, in June, Google Photos will end its unlimited free photo storage, and will ask users to pay for storage beyond 15GB. The app is getting more powerful, but increasingly you're having to pay for more advanced features. As well as announcing that the iOS video editing tools would be coming to Android, in February Google also said Android's new photo editing tools would be making their way to iOS. Google announced they'd be arriving "in the coming months." This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

The role of public trust in people’s subjective well-being

13 Apr, 2021, 10:08PM | Livemint

Kenneth Arrow, perhaps the most influential economist after John Maynard Keynes in the 20th century, viewed trust as a lubricant that fosters cooperative behaviour and thus facilitates mutually advantageous economic exchanges in the presence of incomplete contracts and imperfect information. Recent research has confirmed the beneficial effects of trust in government on economic performance. The obverse, that an erosion of trust in public institutions (state, judiciary and police) has deleterious effects on economic performance, is equally true. Various recent accounts do not just corroborate an erosion of trust in governance, but also point to the imperative of strengthening it to break out of the deep recession that India’s economy is in. The fiscal stimulus has been too little, too late. Our objective is not to pursue this line of investigation—this serves as the backdrop—but to argue that erosion of trust in public institutions, especially state governments, has serious consequences. It results in a loss of subjective well-being. We do so in two stages. First, we examine the relationship between subjective well-being and trust. Next, we focus on whether there was an erosion of trust in public institutions and its implications for well-being. Constrained by lack of recent data, we rely on two rounds of all-India panel-survey reported in India Human Development Survey 2015 (IHDS). The first round covers 2005 and the second 2012 . Apart from being an all-India panel survey, its unique feature is that it asked questions on changes in subjective economic well-being (SWB). Compared to seven years ago (2005), it asked, would you say your household is economically doing the same, better or worse today (2012)? So, the focus of this SWB is narrow. Yet, as it is based on self-reports, it captures a broader view, one that is also influenced by factors other than income, assets and employment, such as caste, health, and affiliation to social networks. Another unique feature is its focus on trust in public institutions. Trust is measured through three grades of confidence: hardly any confidence, only some confidence and a great deal of confidence. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST At the all-India level, there was considerable lack of trust in state governments on looking after people in 2005, with just under 30% of households reporting a great deal of confidence. Among them, while the majority felt just the same, a high proportion felt better-off in 2012. Among those with hardly any confidence, a much larger majority felt just the same, and a considerably lower proportion was better-off. Even though the contrast is not so striking, the association between SWB and the level of confidence in state governments is moderate. Although the judiciary is autonomous, its role in delivering justice fairly and promptly has become more controversial in recent years. A majority of households displayed a great deal of confidence in the judiciary, while a small proportion expressed hardly any confidence. Among those with a great deal of confidence, the majority remained just the same, but a high proportion felt better-off. In contrast, among those with hardly any confidence, a much higher majority felt just the same while a markedly lower proportion felt better-off. These comparisons suggest that the association between SWB and confidence in the judiciary is moderately high. Justice delivery and the police are interlinked, as the latter are responsible for law enforcement. To the extent that criminalization of politics manifests itself in corruption observed in both, trust in these institutions is likely to be systemic. A striking contrast with perceptions of the judiciary, a very small proportion of households (barely 16%) displayed a great deal of confidence in police, with a vast majority lacking confidence in its ability to maintain law and order. Among those with a great deal of confidence, the majority felt just the same, and a high proportion felt better-off. Among those with hardly any confidence, a slightly higher majority felt just the same, and a lower proportion felt better-off. Thus, the association between SWB and trust in the police is less than moderate. What is, however, necessary to emphasize is that our statistical analysis, which controls for confounding factors (such as income, caste, religion, social networks), confirms that these associations vary in strength but are significant. Trust matters for well-being. Trust in state governments rose between 2005 and 2012. The proportion of those with a great deal of confidence rose, while that of those with hardly any confidence fell. Confidence in the judiciary rose too; the proportion of those with a great deal of confidence rose somewhat sharply, while those with hardly any confidence nearly halved. Confidence in the police’s ability to enforce law rose, while the proportion of those with a great deal of confidence rose slightly; those with only some confidence rose markedly; and those with hardly any confidence dropped considerably. So, if our analysis has any validity, and trust in public institutions rose, SWB is likely to rise. But several recent accounts of erosion of trust in governance are worrying for precisely this reason. MORE FROM THIS SECTIONSee All Premium Premium Soaring wholesale inflation tells us there’s no free lunch 3 min read . 10:09 AM IST Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Although prospects may seem grim, much can be done. A renewed focus on trust in government can bring a new perspective to public governance, enhancing the role of citizens. However, the government needs to be more inclusive, transparent, receptive and efficient. This is easier said than done. But growing awareness among citizens offers a ray of hope. Vani S. Kulkarni and Raghav Gaiha are, respectively, lecturer in sociology, and research affiliate, Population Aging Research Centre, University of Pennsylvania Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Amazon ‘Grand Gaming Days’ sale: Offers on laptops, desktops, accessories

13 Apr, 2021, 09:58PM | Livemint

Amazon recently announced ‘Grand Gaming Days’ sale. The e-commerce platform has curated offers and deals on gaming gadgets which includes laptops, desktops & monitors, advanced headphones, gaming consoles, graphic cards, TVs from popular brands like Lenovo, Acer, ASUS, LG, HP, Sony, Dell, Corsair, Cosmic byte, JBL and more. The sale will be live until 14 April. Gaming Laptops TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST HP Pavilion Gaming Laptop, Ryzen 5: The gaming laptop is available for ₹67,490. ASUS ROG Zephyrus G14 Ryzen 5 gaming laptop: The ROG Zephyrus G14 is a 14-inch Windows 10 Home gaming laptop which is powered by a 6-core AMD Ryzen 5 4600HS CPU and GeForce GTX 1650 Ti GDDR6 4GB VRAM GPU. It comes with a 120Hz display panel, and is selling at ₹84,990. MSI Bravo 15 FHD Gaming Laptop: The laptop with AMD Ryzen 7 4800H Mobile Processors is built on 7nm technology and comes in a 16GB RAM and 512GB SSD variant which is priced at ₹82,990. Lenovo Legion Y540 Intel Core i5 9th Gen Gaming Laptop: The 15.6-inch laptop will be selling at a price of ₹58,990. Gaming Monitors LG 34" Ultrawide WGHD IPS gaming monitor with inbuilt speakers and Radeon FreeSync technology will be available for ₹25,999. MORE FROM THIS SECTIONSee All Premium Premium Dell plans spinoff of $52 billion stake in VMware 3 min read . 15 Apr 2021 Premium Premium Facebook, Apple announce fresh green energy deals 1 min read . 15 Apr 2021 Premium Premium Apple announces $200 million Restore Fund to invest in forestry projects 1 min read . 15 Apr 2021 Premium Premium NIXI announces 3 new initiatives to make India’s Internet future ready 2 min read . 15 Apr 2021 Acer 23.6 inch FHD 165Hz Gaming Monitor: The monitor gets fast 0.5 MS Response Time 165Hz Refresh Rate and ZeroFrame architecture. The full HD resolution monitor will be available for ₹11,499. Gaming desktops Lenovo Gaming Desktop - Ryzen 7/RTX 2060: Powered by AMD Ryzen 3000 Series Desktop Processors and up to NVIDIA RTXTM 2060 discrete graphics GPU, and DDR4 memory. The desktop will start at a price of ₹81,990. ASUS ROG Gaming Desktop - Ryzen 5/GTX 1650: ROG Strix GL10DH is a Windows 10 gaming desktop which is powered by an AMD Ryzen 3000-Series Processor and NVIDIA GeForce GTX graphics. It is available for ₹64,990. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Wanted: A charter on the public purpose of private enterprise

13 Apr, 2021, 09:55PM | Livemint

The Indian state has an enormous task ahead of it, to ‘build back better’ an economy that was not growing well before the covid pandemic. Neither was it producing enough jobs and incomes for workers and farmers. Nor was it delivering good public health and education to its citizens. The government has a financial problem: It must find money for providing public goods. Therefore, it is stepping on the accelerator to ‘privatize’ public sector enterprises (PSEs) for funds, and to also get private companies to run these businesses more efficiently. Last month, the US’s Securities and Exchange Commission (SEC) said it will require listed companies to report their all-round performance against ESG indicators, i.e. the impacts their businesses have on the environment and conditions of society. They can no longer get away with reporting only their financial performance—the growth of their revenues, profits and shareholder value—that financial investors are most concerned about. All enterprises must become more transparent about what value they are creating for society. The US Business Roundtable, the chief executive officer (CEO) of private-equity firm BlackRock, and other business leaders have already mooted the urgent need for private enterprises to serve broader public purposes. The SEC knows the time has come for official reinforcement. ‘Total shareholder returns’ is no longer a good measure of a company’s health and gross domestic product (GDP) is no longer a good measure of an economy. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST If the pandemic has taught global problem- solvers a lesson, it is this: Beware of the side-effects of strong solutions, such as lockdowns and vaccines, that may cause more harm to the health of the system than the problem being solved. Therefore, the Indian government must be cautious in prescribing a medicine for the economy whose toxic side-effects are already known. While privatization can provide much-needed financial resources for the government, doing it without first fixing the formulation and dosage of the medicine will harm the economy and society in other ways. Privatization was a strong medicine that Margaret Thatcher applied to the UK economy, though its National Health Service was spared. Private health services are the medicine the US has been addicted to, though its inefficacy has been known for long and became even more visible during the covid pandemic. Private health care does not serve the public well. In India, the performance of many PSEs must be improved. And the public accountability of private enterprises must be improved too. A better design is required—of an enterprise that manages all resources efficiently and also delivers well against a scorecard of public needs. The contours of a new design are emerging. Responsible business leaders had designed ‘national voluntary guidelines’ for Indian businesses 10 years ago. These are evolving further. Around the same time, the second Administrative Reforms Commission had recommended ‘agencification’ as an institutional solution for the governance of PSEs, which can be run as professionally as the best private enterprises while also creating public value. New concepts of ‘social enterprises’ are emerging from the financial and social sectors too. We need to formulate new enterprises with these ideas before handing over PSEs to the private sector. In fact, these new solutions must be applied to the private sector too. A professionally-managed enterprise that fulfils public purposes must be founded on three pillars. One is a clear statement of its purpose. Whether an enterprise is public or private, its purpose cannot be restricted any longer to the production of profits and financial wealth for investors. Goals and measurements must be defined and aligned with that purpose for the public to judge the performance of the enterprise and its managers. Second, the enterprise’s managers must have the freedom to find the best ways to achieve its objectives, unencumbered by any bureaucratic meddling that does not add to the creation of public value. The managers must be supervised by an independent board that is accountable for the fulfilment of the enterprise’s purpose. The third requirement is that broad constraints that conform with social values must be laid down within which the board can exercise its freedom. Guidelines are necessary for financial decisions and also for human resource management. The need for prudence in financial decisions is well understood in private-sector organizations. However, constraints on executive compensation have been thrown aside to a large extent with economic liberalization. This has contributed to the more than tenfold increase in the gap between the compensation packages of CEOs (and other top executives) and workers in private-sector organizations around the world in the last 30 years. No doubt, people at the top have greater responsibility and can contribute more to the overall performance of an enterprise. But it is not understood how they began to add ten times more real value in the last three decades. MORE FROM THIS SECTIONSee All Premium Premium Soaring wholesale inflation tells us there’s no free lunch 3 min read . 10:09 AM IST Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Companies run by financial controllers will not survive long, though they may make short-term profits. The economies of countries these days are being run principally by central banks and finance ministries, with economic theories on the management of money and finance. While sound financial management is necessary, this is only a means and cannot be the final goal for the management of companies and countries. All private companies use public resources to produce profits, though they may not account for them. For example, India’s information technology companies’ remarkable financial performance was enabled by publicly-funded educational institutions that provided them high-quality resources at low cost. Ethical questions need answers for us to design an enterprise fit for the 21st century. For whom do our so-called ‘wealth-creators’, i.e. businesses, create wealth? What resources do they use to produce that wealth? And how much of the wealth do they return to society (and when), and how much do they, as cashiers in our economic system, retain for themselves? Arun Maira is a former member of the Planning Commission and the author of ‘A Billion Fireflies: Critical Conversations to Shape a New Post-pandemic World’ Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. 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Tech can help unclog our judicial cholesterol

13 Apr, 2021, 09:51PM | Livemint

Last week, the eCourts Committee released its Digital Courts Vision and Roadmap, charting the path for digital reform of India’s judicial sector. I read the 86-page report with interest, given the extent to which it would likely impact my profession. But as much as I appreciate the vision, I believe it could have gone further. It is important to recognize that the work of this committee is actually the third phase of judicial system reform in India—and as such, it was constrained by what had already been done before. The focus in Phase I was on taking the judiciary digital—as a result, no effort was made to provide digital services to citizens. Phase II focused on litigants, creating case information systems through which court filings could be accessed and systems for electronic filing of cases and payment of fees to improve the ease of service delivery. Now, in Phase III, the committee has to build upon that previous work and carry forward the reform agenda in a manner consistent with modern times. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST For the most part, the report has a clear and forward-thinking vision. It places emphasis on building digital infrastructure, and is to that extent aligned with digital reforms across a range of sectors where the use of platform architecture has resulted in deep sectoral transformations. Too often, projects like this end up creating a suite of applications that neither deliver what they promise, nor serve the user’s needs. I am glad that the committee decided against going down that path. I also appreciate the way the report underscores the importance of not just digitizing paper processes, but instead looking to fundamentally transform existing workflows to make them relevant to the digital environment. That said, there are elements that will be challenging to implement. For instance, privacy and security by design has been listed as one of the design principles for Phase III. While it’s a laudable principle, no doubt, I can see it conflicting with the design principle that calls for openness and interoperability. Perhaps more significantly, imposing an obligation of privacy could wreak havoc with the system of precedent on which our legal system depends. Judgements report full details of litigants and the circumstances that led to their dispute. Litigants are afforded privacy only in a very limited set of circumstances—if they are victims of rape or other stigmatic events. If the committee’s recommendation on privacy is to be fully implemented, judgements may need to be carefully redacted before being reported. This would fundamentally alter our approach to precedent in the digital age. While the committee has painstakingly laid out its vision for the broad contours of judicial sector reform, I was disappointed that it did not do more to describe what exactly needed to be done. I would have expected the report to at least carry an outline of the elements that would go into the platform architecture that the committee was proposing. I have long believed that the necessary first step to any digital reform is the radical unbundling of analogue processes. It is far more efficient to rethink digital workflows from the perspective of the outcomes sought to be achieved than merely digitize existing paper-based solutions. In the context of judicial reform, this will require us to abstract out the core functions of the judicial system and build platform solutions to achieve the required outcomes. If you keep that at the back of your mind as you read the eCourts Committee’s report, it will soon become apparent that much of what it is calling for can be achieved by improving the efficiency of data transfer processes—whether it be in relation to the service of summons, asynchronous hearings, or even judicial research. If we think of the judicial system as a series of data silos that at present have no way of communicating with one another, then presenting the proposed digital reform as a means to connect these silos so that data can be made to move freely among them as required, will, I believe, give us a sense of what the third stage of judicial reform needs to look like. MORE FROM THIS SECTIONSee All Premium Premium Soaring wholesale inflation tells us there’s no free lunch 3 min read . 10:09 AM IST Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 The good news is that this is something we have implemented before—with considerable success. Therefore, it will not take much for the country to replicate that success. The data empowerment and protection architecture (DEPA) is a data transfer protocol that has been applied with some success in the financial sector, and is in the process of being applied to the healthcare and telecom sectors as well. While different in many ways, there are principles within its architecture that could easily be adapted for the judicial sector, allowing for auditable digital data flows between various actors in the judicial system. What this will require as a first step is for various actors in the judicial ecosystem—not just judges, lawyer and litigants, but also court registries, notaries, enforcement agencies and the like—to be identified and categorized. Each category needs to be thought of as a silo, and the manner in which the data they possess should be allowed to flow to persons who are entitled to receive it should be well thought through. If we think about the design of all the elements that go into making these data flows, it should be possible to enable the creation of workflows for every occasion. This will allow judicial data to finally flow freely through the ecosystem removing much of the cholesterol that has long clogged the arteries of justice. Rahul Matthan is a partner at Trilegal and also has a podcast by the name Ex Machina. His Twitter handle is @matthan Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Financial regulators need to keep up with the evolution of fintech

13 Apr, 2021, 09:46PM | Livemint

In 2009, in the midst of the global financial crisis, Paul Volcker, the former Federal Reserve chair, famously observed that the only socially productive financial innovation of the preceding 20 years was the automated teller machine (ATM). One wonders what Volcker would make of the tsunami of digitally enabled financial innovations today, from mobile payment platforms to internet banking and peer-to-peer lending. Volcker might be reassured thus: Like the humble ATM, many of these innovations have tangible benefits in terms of lowering transactions costs. But as a critic of big financial firms, Volcker presumably also would worry about the entry of some very large technology companies into the sector. Their names are as familiar as their services are ubiquitous: e-commerce behemoth Amazon in the US, messaging company Kakao in Korea, online auction platform Mercado Libre in Latin America, and the Chinese technology giants Alibaba and Tencent. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST These now do virtually everything related to finance. Amazon extends loans to small and medium-size businesses. Kakao offers the full range of banking services. Alibaba’s Ant Financial and Tencent’s WeChat provide a cornucopia of financial products, having expanded so rapidly that they became targets of a Chinese government crackdown. The challenges for regulators are obvious. Where a single company channels payments for the majority of a country’s population, as does M-Pesa in Kenya, for example, its failure could crash the entire economy. Regulators must therefore pay close attention to operational risks. They must worry about the protection of customer data—not just financial data but also other personal data to which Big Tech companies are privy. Moreover, Big Tech firms, because of their ability to harvest and analyse data on consumer preferences, have an enhanced ability to target the behavioural biases of their customers. If those biases cause some borrowers to take on excessive risk, Big Tech will have little reason to care if it is merely providing technology and expertise to a partner bank. This moral hazard is why Chinese regulators now require the country’s Big Techs to use their own balance sheets to fund 30% of any loan extended via co-lending partnerships. Governments also have laws and regulations to prevent providers of financial products from discriminating on the basis of race, gender, ethnicity and religion. The challenge is to distinguish between price discrimination based on group characteristics and price discrimination based on risk. Traditionally, regulators require credit providers to list the variables that form the basis for lending decisions so that they can determine whether the variables include prohibited group characteristics. And they require lenders to specify the weights attached to the variables so that they can establish whether lending decisions are uncorrelated with ethnic or racial characteristics once conditioned on those other measures. But as Big Tech companies’ artificial intelligence-based algorithms replace loan officers, the variables and weights will be changing continuously with the arrival of new data points. It’s not obvious that regulators can keep up. In algorithmic processes, moreover, the source of bias can vary. The data used to train the algorithm may be biased. The training itself may be biased, with the AI algorithm ‘learning’ to use the data in biased ways. Given the black-box nature of algorithmic processes, the location of the problem is rarely clear. MORE FROM THIS SECTIONSee All Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Premium Premium America ought to brace itself for a fourth wave of infections 3 min read . 15 Apr 2021 Finally, there are risks to competition. Banks and fintech firms rely on cloud computing services operated by Big Tech firms, rendering them dependent on their most formidable competitors. Big Techs can also cross-subsidize their financial businesses, which are only a small part of what they do. By providing a range of interlocking services, they can prevent their customers from switching providers. Regulators have responded with open banking rules that require financial firms to share their customer data with third parties once customers consent. They have authorized the use of application programming interfaces that allow third-party providers to plug directly into financial websites to obtain customer data. It is not clear that this is enough. Big Techs can use their platforms to generate large amounts of customer data, employ it in training their AI algorithms, and identify high-quality loans more efficiently than competitors lacking the same information. Customers may be able to move their financial data to another bank or fintech firm, but what about their non-financial data? What about the algorithm that has been trained up using one’s data and that of other customers? Without this, digital banks and fintech players won’t be able to price and target their services as efficiently as Big Techs. Problems of consumer lock-in and market dominance won’t be overcome. In an old parable about banks and regulators, banks are greyhounds who run fast. Regulators are bloodhounds, slow afoot but faithfully on the trail. In the age of the platform economy, the bloodhounds are going to have to pick up the pace. But only three central banks report having dedicated fintech departments, so there’s reason to worry that they’ll lose the scent. ©2021/Project Syndicate Barry Eichengreen is professor of economics at the University of California, Berkeley Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Go all syringes blazing against this covid wave

13 Apr, 2021, 09:42PM | Livemint

This is a big decision that could tilt the scales in India’s favour in our battle against the deadly corona- virus, whose resurgence has revived painful memories of last year’s migrant crisis and raised the spectre of another suffocating lockdown. On Tuesday, the government fast-tracked approvals of all covid vaccines that have received okays for emergency use from credible foreign regulators—such as those of the US, UK, EU and Japan—and also all jabs that feature on the World Health Organization’s emergency-use list. These vaccines need not be put through local clinical trials for efficacy and safety, having passed tests abroad, but will still be required to undergo post-approval ‘bridging trials’ designed to assess their effect on Indians. Moreover, the first 100 beneficiaries of each fast-track entrant shall be monitored for a week to gauge safety outcomes before it can be widely deployed. This shift in stance, made just a day after Russia’s Sputnik-V jab got an Indian go-ahead, should serve to widen our arsenal against covid infections. So far, we have relied on Serum Institute of India’s (SII’s) Covishield and Bharat Biotech’s indigenous Covaxin for our inoculation drive. This effort can now be joined by Johnson & Johnson’s single-dose vaccine (though, like SII’s, it is under watch for a tiny risk of blood-clots) and a couple of mRNA jabs that represent a recent leap of technology: Moderna’s and BioNTech-Pfizer’s. While Tuesday’s decision has sent out ripples of relief, rearguard action always lacks the punch that an anticipatory thrust packs. Surely, we should not have waited for our daily count of infections to surpass the peak it hit during last year’s first wave to open the sluice gates. As new jabs would take time to arrive, we may have to content ourselves with only a trickle for now. Signs of a second wave, however, were evident several weeks ago. Experts had warned of higher infectivity this time around. That our progress on vaccination was too slow had also been pointed out. Today, far too many people are contracting the virus, even as the country’s death toll rises alarmingly. The speed of the contagion’s spread suggests far worse to come. With the pandemic raging in various other parts of the world, a global vaccine shortage was easy to foresee. But, sadly, we appear to have made two errors of judgement, the second flowing from the first. One, we were so relieved to see last year’s wave subside, even without protective jabs, that the country was lulled into a false sense of security. Complacency got the better of us. Two, we took our status as the ‘world’s vaccine-maker’ too seriously for our own good. We saw it as an endorsement of our productive power, perhaps even of our new dedication to self-reliance, and failed to pull all forces together to the task of large-scale vaccine production. Take the case of SII, a private firm. It got no state support, could not rely on earnings off a vaccine market to subsidize cheap supplies to the Centre, found its export avenues blocked, and ran short of funds for capacity expansion. This offers a stark study in contrast with the West, where public money was used to aid vaccine makers. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST The sclerotic approach visible in India can be attributed partly to our bureaucracy, which has a poor record of working smoothly with private partners. Blame this on an old suspicion of profit as a motive, something that has long held India back. Yet, it’s for our political leadership to jolt our governance systems out of inertia. There’s no further time to lose. Let’s now go all syringes blazing to snuff out this pandemic. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Ripple effects of the warehousing boom

13 Apr, 2021, 09:34PM | Livemint

BENGALURU/NEW DELHI : Every day, Shiv Kumar sets out to work on his new Hero Splendor from Patherheri village in Haryana’s Gurugram district toward Tauru Road—a long stretch just off the National Highway 48. Over the last few years, the road—surrounded by fields of wheat, jowar, bajra and mustard—has slowly metamorphosed into a warehousing hub, thanks to the e-tailing boom. Kumar saved up over the last three years to buy the bike. Savings entered his vocabulary after he started working with Mahindra Logistics Ltd, a third-party logistics (3PL) provider. He is a “picker". He picks brown boxes from pallets stored inside the warehouse and loads them onto trucks for shipment. The job isn’t fancy, but it is a key position in the serpentine e-tail logistics chain. And it has changed Kumar’s life many times over. TRENDING STORIESSee All Premium COVID-19 lockdown in Maharashtra? CM Thackeray to address state at 8.30 pm 1 min read . 05:56 PM IST Premium Maharashtra announces 'stricter' COVID-19 restrictions from tomorrow. Section 144, new rules 3 min read . 08:58 PM IST Premium Maharashtra lockdown? Minister says fresh COVID-19 curbs to be announced today 2 min read . 03:44 PM IST Premium 7th Pay Commission Matrix: What center says on pending installments of DA 2 min read . 10:41 AM IST Kumar’s previous job was at a kirana store, where he worked as a daily wager. Now, he has transitioned to a formal job. Besides minimum pay, he gets social security benefits. “I can send my kids to a good school," Kumar said, sitting masked at the warehouse. His village has changed too, mimicking the mushrooming of warehouses on Tauru Road. “A new school opened in our village. There used to be no proper roads," Kumar said. “But over the last three years, better roads have been built. And with streetlights," he added. View Full ImageEmerging warehousing hubs Share Via About 7,000 live in Patherheri; nearly 400 of them work in the logistics sector, Kumar estimates. Like Kumar, many of them transitioned from odd jobs or farm work. In the warehousing sector , bottom-of- the-pyramid workers today earn between ₹10,000 and ₹15,000 a month. Not everyone is a permanent employee—the industry employs thousands of gig workers during peak seasons. Nevertheless, the warehousing boom has driven up collective incomes, and along with it, the local economy. Surging demand from 3PL providers such as Mahindra Logistics, Ecom Express and other e-commerce operators has somewhat accelerated the decade-long transformation of warehouses from ‘godowns’ into organized, tech-savvy storage spaces in the past year. The emerging new centres of consumption in tier-3 and tier-4 towns, along with an omni-channel push by existing brick-and-mortar retailers, has led to this boom in the large storage space business, even in small towns. Shift has only begun With people in metros as well as beyond shifting in large numbers to online modes of purchase, the supply of good storage facilities is already playing catch-up with a sharp rise in demand. MORE FROM THIS SECTIONSee All Premium Premium Give relief, ramp up health infra: Fadnavis on Maharashtra curfew 1 min read . 11:09 PM IST Premium Premium No lockdown in Maharashtra, section 144 imposed from Wednesday evening 2 min read . 11:02 PM IST Premium Premium Odisha govt issues guidelines for COVID-19 preparations to hospitals 1 min read . 11:01 PM IST Premium Premium Uttarakhand CM appeals to people to follow COVID guidelines during Shahi Snan 1 min read . 10:58 PM IST India’s organized warehousing sector is still at a nascent stage. Warehousing space in and around the top eight cities—Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Kolkata, Hyderabad and Ahmedabad—added 28 million sq. ft to reach a total storage space capacity of 238 million sq. ft in 2020, according to data by property advisory JLL India. This year, JLL estimates India will add another 35 million sq. ft of fresh supply, some of which is a spillover from 2020 when construction got disrupted due to pandemic restrictions. As e-commerce marketplaces such as Flipkart and Amazon chase every serviceable pin code in the country, warehouse developers are also compelled to look beyond the outskirts of major metros. In established hubs, land costs would range between ₹2-2.5 crore an acre. Finding clean-titled land is also hard. “Last year, the big focus was on 3PL and e-commerce, but we are now also seeing demand for space for cold storage and pharmaceuticals," said Abhijit Malkani, country head, ESR India, a Warburg Pincus backed logistics real estate firm. “We are just starting with cold storage facilities. We are buying land and setting up parks in established locations as well as along emerging corridors like Nagpur and Rajpura (in Punjab)." In 2018, ESR had acquired 90 acres in Uluberia, about 50km from Kolkata, from Mahabharat Motors to build a warehousing facility. The land in question had originally been set aside for a two-wheeler plant. Two attempts were made, but it never took off. Since the start of the new warehousing project, with 3,000-4,000 people working at the site, the area has gone through a huge socio-economic change already, Malkani said. For a long time, companies used to focus on land just outside the top few cities in order to store inventory and transport them easily to key consumption centres. That is changing.“Warehousing is no longer a ‘50km away from the city’ phenomenon. With growing consumption in tier-2 and 3 cities and the launch of online-only brands, the demand across India has gone up significantly," said Anshul Singhal, MD, Welspun One Logistics Parks Ltd. “As soon as a seller moves online, it pushes up the need for warehousing space." This has a ripple effect on the workforce too. Pravin Agarwala, CEO of Betterplace, a company that helps large e-commerce firms hire and manage employees, said that the shift to the formal economy has helped warehousing workers—and India’s consumption economy—in multiple ways. In the informal sector, people often work seven days a week with the same pay, but the formal sector rewards the extra-time and effort. “Because there are more benefits, if one works more, there is the possibility of building up disposable income. They have started spending on white goods," Agarwala said. The logistics sector is also working out from a social and career mobility perspective, he added. “People are often more respected if they have a formal job. And large companies do offer the opportunity to learn and grow even though only a tiny fraction moves up the ladder, say, from being a picker to being a warehouse manager," Agarwala added. Betterplace hires between 42,000-45,000 logistics workers a month. The e-commerce factor Located 40km from the heart of Bengaluru, Malur, in Kolar district, is a slightly offbeat location for a warehousing hub. Analysts call it an “emerging" location—where land prices are lower, but demand is on the rise due to well-connected roads and public transport. The quiet town, with about 28,000 people, shares its border with Hosur, Tamil Nadu (a prominent warehousing location) and is also close to the Andhra Pradesh border. For half of the roughly 5,000 locals who work at Flipkart’s 500,000 sq. ft fulfilment facility (FC) in Malur, which opened last September in the midst of a raging pandemic, it is their first job. About 30km away, in Soukya Road, Whitefield, the e-commerce major also has a smaller 150,000 sq. ft FC that employs 1,600 people. Bengaluru alone has five major logistics corridors that stretch out like spider webs around the city—Tumkur Road, Mysore Road. Bellary Road, Old Madras Road/Hoskote and Hosur Road. Flipkart’s Malur FC is right in front of rival Amazon India’s FC, which opened in October at the AllCargo Logistics and Industrial Parks Pvt. Ltd’s park on a 100-acre land parcel. French sports goods retailer Decathlon SA has also signed up for a million sq. ft of space in the area. At Malur, which houses both Flipkart’s mother hub and FC, multiple security and covid protocol checks finally leads one onto a massive floor with a line of staging stations, where trucks come in and offload stock. Once an order is placed online, the product reaches a packing table and then moves to one of the six quality check desks. Like other FCs, the Malur centre also holds a large amount of inventory in preparation for orders to stream in. B Sarvanna, a small-time landowner and real estate broker in Malur, is in the middle of planning two ‘layout’ or plotted projects about 7-8km away from the AllCargo park. “Land prices are inching up since last year and it’s a good time to monetize the land I have. Now, there is also talk of a couple of apartment projects comping up (in town), which is quite uncommon for the area," Sarvanna said. If Amazon, Flipkart and 3PL firms like DHL are among the top occupiers of new space, business-to-business (B2B) e-commerce firms like Udaan have aggressive expansion plans. The Bengaluru-based unicorn recently said it plans to increase warehouse capacity by five-fold to 50 million sq. ft across multiple states over the next 7-8 years. 3PL companies emerged as the largest occupiers of warehouse space in 2020, followed by e-commerce. Together, they contributed to almost 60% of the total absorption in 2020. This year, specialised cold storage for pharmaceuticals, including vaccines, and food and grocery are expected to scale up. Anoop Chauhan, chief operating officer-supply chain, Avashya CCI Logistics, a subsidiary of AllCargo Logistics Ltd, said: “E-commerce is one of the market drivers right now, which has further enhanced after pandemic. As e-commerce players enter smaller cities, they may not have warehouses everywhere, which means facilities in tier 2 cities will have to cater to tier 3 and 4 towns. Smaller towns are getting developers and covid has only increased the pace." AllCargo has projects in the planning stage for 3 million sq. ft. Welspun’s Singhal said it is looking at opportunities in Guwahati, Surat, Patna and Lucknow, where people are tech savvy and have disposable income. However, Singhal said finding the right piece of land to develop a Grade A facility continues to be the top challenge. Neighbourhood warehouses The online shopping frenzy has also led to significant behavioural change—nobody wants to wait for a product for too long. The pressure to deliver just-in-time has never been higher. With hyperlocal and 2-hour express deliveries picking up, small-format warehouses inside large cities are also fast emerging as the next big thing. Imagine walking into a busy residential neighbourhood in Delhi or a high street in Mumbai and finding a swanky multi-storey warehouse. That might turn into reality soon because there is surging demand for converting existing properties into multi-storey delivery hubs or micro-fulfilment centres, and even sortation centres that stock inventory for companies. “Urban logistics as we call it is expected to grow significantly. E-commerce and FMCG firms are increasingly asking for such spaces to reach the maximum number of pin codes in the shortest possible time. Globally, in-city logistics is also a rediscovery of real estate space. These centres can be as small as 5,000-15,000 sq ft," said Chandranath Dey, senior director, head–industrial operations, JLL India. ESR, for instance, has just entered the in-city segment, starting with ground+3 or 4 structures. “The requirement is huge," ESR’s Malkani said. “We will look to buy land for this format, which would be 3-7 acres per centre. Globally, ESR builds in-city facilities where trucks can go up to the top level. With the kind of capital we have, it’s a long-term plan for us." All of this is good news for those seeking employment, particularly at a time when many other industries aren’t hiring. Smaller logistics centers are also easier to build and then subsequently scale up. But it is in small towns, where other opportunities aren’t easy to come by, where the impact on the labour market might be the most significant. On Haryana’s Tauru Road, just across the Mahindra Logistics’ warehouse is another huge steel structure—the fulfilment centre of logistics company Ecom Express. Hujefa, a supervisor who works at the Ecom warehouse, lives in Tauru village in Haryana’s Nuh district, once considered to be among India’s most backward districts. “Earlier, people from the village used to be in driving jobs, which was more stressful," Hujefa said. The village has transformed in just a few short years and nearly resembles a town today. “Tauru has furniture and shoe showrooms. There are gyms and beauty parlours," he said. More women are also managing to find work. Ecom Express has 114 women workers at the Tauru Road warehouse. Some of them fund their families’ education; others use the money to pay rent—all of it the result of shifting parcels around in India’s vast, newly emerging logistics chain. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics long-reads Long Story

Insolvency and Bankruptcy Board of India sets up online platforms amid Covid curbs

13 Apr, 2021, 09:30PM | Economic Times

The Insolvency and Bankruptcy Board of India ( IBBI ) is setting up two online platforms for selling distressed assets under Insolvency and Bankruptcy Code, opening up markets for soured debt involving resolution plans, interim finance and liquidation assets. The move will likely unlock big opportunities amid lockdown restrictions. This will likely make life easy for both investors and lenders dealing in thousands of crores of rupees. The insolvency regulator has empanelled two agencies including National e-Governance Services Ltd and Mjunction Services Ltd, a joint venture between Tata Steel and SAIL, to provide platforms for distressed assets. “The endeavour is to populate this market with many participants and empower them with complete information to enable them to offer best value in the interest of maximisation of value for stakeholders,” said M S Sahoo , chairperson at IBBI. "This will make the market more transparent, and price discovery more efficient,” he told ET. An insolvency professional can place requests for resolution plans and interim finance, or invite bids for liquidation assets, along with the required information. Similarly, interested resolution applicants (bidders), finance providers or buyers of assets can submit their offers on this platform. While NeSL has just launched it, Mjunction is expected to go live in the next two weeks. IBBI chose to launch both the platforms as it helps break the monopoly. Although it is not mandatory for every insolvency case, it paves the way for faster resolution with two available options. IBBI is now focusing more on pre-pack resolutions for millions of small businesses after the government amended the IBC through an Ordinance, enabling pre-packaged resolution schemes for micro, small, and medium enterprises (MSMEs) and allowing corporate debtors to propose a resolution plan for the stressed company. “The market for resolution plans for an MSME firm is local, while the entire globe is the market for a bigger firm,” Sahoo said. The resolution of stress of MSMEs, according to the chairperson, is unique in many ways such as the value of an MSME firm often lies in informal arrangements, making it difficult for a third party to harness value through a resolution plan. “I would consider prepack for MSME, to start with, an experiment,” he said. “In a sense, pre-pack is a liquidation-remote resolution mechanism.” An outbreak of novel coronavirus is believed to have cut the pace of insolvency resolution processes amid administrative restrictions. But, IBBI chief seems to have seen a brighter side. “The COVID-19 has increased the intensity and speed of churning, creating new sunrise and sunset businesses,” Sahoo said. Even though National Company Law Tribunals operated digitally clearing cases, the regulator did not see any case for interruption. While some businesses would shrink or close, some would expand. New ones will open, and jobs and resources would move across firms and sectors. “All this would necessitate the use of the Code, which is now fully available to resolve stress,” he said.

Dr Reddy’s to start supply of imported Sputnik V in May, made in India products later

13 Apr, 2021, 09:24PM | Livemint

Dr Reddy’s Laboratories will start supplying Sputnik V vaccines imported from Russia in May and tap locally sourced jabs as their production ramps up in India, two people aware of the development said. However, pricing of the vaccine as well as how many doses will be supplied initially have not yet been decided. Negotiations between the government and the Hyderabad-based drugmaker, which is the sole licensing partner for the vaccine in India, are on. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST “The supply will start from May via the imported route, and ramp-up of made-in-India product will happen over time," one of the people cited above said. Dr Reddy’s is in a pact with Russian Direct Investment Fund (RDIF), the global commercializing partner for the vaccine, to conduct phase 2 and 3 trials and supply up to 250 million doses in the country. RDIF is also in partnership with five other Indian companies—Hetero Biopharma, Gland Pharma, Virchow Biotech, Stelis Biopharma and Panacea Biotec—for manufacturing a total of more than 850 million doses for India as well as exports. RDIF chief executive officer Kirill Dmitriev on Tuesday said some of these companies have already started producing the jabs and have passed quality checks for supply to Russia. But he did not answer a question on whether these will also be used in supplies to India. “Some of them are already producing Sputnik right now, but ramping up to the highest capacity, I think, will take two to three months," Dmitriev said, adding Indian firms will start producing around 50 million doses per month from “summer". The Russian sovereign fund will soon sign pacts with more companies in India for fill-finish of the vaccine, he said. “We will announce some partnerships in that regard in the next two weeks," Dmitriev said. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Premium Premium Virus variants inciting India's 2nd surge, epidemiologists say 2 min read . 15 Apr 2021 Drugs Controller General of India V.G. Somani on Tuesday gave emergency authorization to the vaccine, based on results of clinical trials in Russia, the interim analysis of which showed an efficacy of 91.6%. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics Coronavirus Vaccine Tracker

Pfizer to pursue bringing Covid vaccine to India after import relaxation

13 Apr, 2021, 08:52PM | Livemint

NEW DELHI : Pfizer Inc said on Tuesday it would work towards bringing the COVID-19 vaccine it developed with Germany's BioNTech to India after the government eased import rules, after withdrawing its application in February. "We have noted the recent announcement with regard to the regulatory pathway for global vaccines," a Pfizer spokesperson told Reuters in an email. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST "We remain committed to continuing our engagement with the government towards making the Pfizer and BioNTech vaccine available for use in the government’s immunisation program." Earlier today, the Indian government said it would allow the granting of emergency licensure for vaccines that have received authorization in the US, UK, Europe, Japan or from the World Health Organization (WHO). The move comes at a time when India is facing a vaccine shortage as both Serum Institute of India and Bharat Biotech International struggle to scale up capacity of Covishield and Covaxin, respectively, to meet domestic demand even as the new wave of covid-19 takes daily new additions to record levels. On Monday, India added more than 160,000 new cases, taking its total active cases to 1.25 million. This is in sharp contrast with the situation in January when case addition was under 20,000 a day on a regular basis. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics Coronavirus Vaccine Tracker

Explainer: How worried should we be about blood clots linked to AstraZeneca, Johnson & Johnson shots

13 Apr, 2021, 08:39PM | Livemint

ZURICH : US regulators have recommended pausing the use of Johnson & Johnson's COVID-19 vaccine, as they investigate rare blood clotting in six women. J&J also said it was stopping the rollout of its vaccine in Europe. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The move comes after Europe's drug regulator earlier this month said it had found a possible link between AstraZeneca's COVID-19 vaccine and very rare blood clots in some adults who had received the shot. Britain's health regulator, meanwhile, has recommended people under the age of 30 get an alternative COVID-19 vaccine, if possible, rather than the AstraZeneca shot. Here's what we know so far: What has happened? With both the AstraZeneca and Johnson & Johnson (J&J) vaccines, the reports involve extremely rare clotting, including a type of blood clot called cerebral venous sinus thrombosis (CVST), that were seen in combination with low levels of blood platelets, called thrombocytopenia. A US Centers for Disease Control and Prevention (CDC) committee plans to review the cases linked to the J&J vaccine, and the US Food and Drug Administration (FDA) will review its analysis. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 The agencies, like their European counterparts, described the clotting as extremely rare. The European Medicines Agency (EMA) has said its vaccine side effects monitoring system, as of April 4, had received 169 reports of cases of CVST, or clots in blood vessels exiting the brain, and 53 cases of splanchnic vein thrombosis (SVT), or clotting in veins in the abdomen. That's out of 34 million AstraZeneca vaccine doses administered in Britain and the European Economic Area over the past three months. The EMA's safety committee carried out a review of 62 cases of CVST and 24 cases of SVT, of which 18 were fatal. Most cases occurred within two weeks of the person receiving their first dose. German vaccination officials, who recorded 29 cases of CVST in women aged 20 to 59 who received the AstraZeneca vaccine, said the occurrence rate in that group was 20 times higher within 16 days of vaccination than what would have typically been expected. Germany's health ministry has said 1 to 1.4 cases of CVST would have been expected during that time. Who experienced the rare side effects? In J&J's case, all six recipients were women between the ages of 18 and 48, and the symptoms occurred six to 13 days after vaccination. In total, more than 6.8 million doses of the Johnson & Johnson vaccine have been given in the United States through April 12. Similarly, most of the cases reported in Europe have occurred in women under 60, though that could be misleading, since Germany and Britain say more women got AstraZeneca's shot than men. Most cases occurred within two weeks of people getting the first AstraZeneca dose. What have the companies said? J&J said it was working closely with regulators and noted no clear causal relationship had been established between the events and its shot. AstraZeneca said it was "working to understand individual cases and "possible mechanisms that could explain these extremely rare events". What have regulators said? The CDC is recommending pausing using J&J's single-dose vaccine "out of an abundance of caution" to ensure that the health care providers are aware of potential side effects and can plan for "proper recognition and management." Britain's Medicines and Healthcare products Regulatory Agency, meanwhile, made its recommendation for an alternative vaccine to AstraZeneca's to be used for people under 30 after reviewing 79 cases of rare clotting coupled with low platelets, with 19 fatalities - 13 women and six men. Eleven of the deaths were of people under the age of 50 and three were under the age of 30. How do treatment recommendations differ? In the United States, health officials said treatment of the blood clots with possible ties to the J&J vaccine differs from what might be considered standard in such situations. "Usually, an anticoagulant drug called heparin is used to treat blood clots," they said. "In this setting, administration of heparin may be dangerous, and alternative treatments need to be given." By contrast, German doctors and scientists investigating clotting associated with AstraZeneca shots have recommended that doctors give high concentrations of heparin, Fc receptor-blocking monoclonal antibody and intravenous immunoglobulin. How did regulators come to their decisions? In its findings, the EMA said on March 18 that, on average, just 1.35 cases of CVST might normally have been expected among people under 50 within 14 days of receiving AstraZeneca's vaccine, whereas by the same cut-off date 12 cases had been recorded. By comparison, four women out of 10,000 would get a blood clot from taking oral contraception. British officials drew on statistics from the University of Cambridge's Winton Centre for Risk and Evidence Communication to explain their recommendations that young people get an alternative shot while older people can continue to get AstraZeneca's. According to the Centre, the risk of serious harm due to vaccination falls the older people get and the number of admissions to intensive care units falls sharply thanks to vaccinations, boosting the AstraZeneca shot's benefit-to-risk ratio. The Centre concluded that only 0.4 people for every 100,000 in the 50-59 age group would suffer vaccine-linked harm, while 95.6 ICU admissions per 100,000 people would be prevented. What's the EU doing now? The EMA, which said the benefits of using AstraZeneca's vaccine continue to outweigh any risks, said that unusual blood clots with low blood platelets should be listed as very rare side effects and countries should decide on how to proceed. These may vary from nation to nation, the EMA said, depending on factors like infection rates and whether there are vaccine alternatives. Any theories on cause of the clots? Among possible causes being investigated are that the vaccine triggers an unusual antibody in rare cases. So far, risk factors like age or gender have not been singled out. German scientists at Greifswald University concluded in a paper published last week in the New England Journal of Medicine that the extremely rare cases of clotting with low platelets - something they are calling "vaccine-induced immune thrombotic thrombocytopenia" - are triggered by antibodies found in the affected patients following vaccination with AstraZeneca's shot. A separate group of Norwegian scientists have made similar conclusions - that AstraZeneca's vaccine triggered an immune response that may have led to clotting in a small number of people - in their own article, also published in the New England Journal of Medicine. Andreas Greinacher, an Greifswald expert on drug-induced immune responses, is, like the EMA, seeking clues about why in rare cases people developed clots and low platelets after getting the vaccine, while the vast majority did not. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics Coronavirus Vaccine Tracker

Banks, after bracing for disaster, are now ready for a boom

13 Apr, 2021, 06:30PM | Livemint

The accelerating economic recovery is likely to boost bank profits. Encouraged by government efforts to pump money into the economy and signs that Americans are spending more, the largest financial institutions are expected to release some of the rainy-day money they set aside after the coronavirus pandemic hit. That will offer a jolt to their income in the first three months of the year. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST JPMorgan Chase & Co., Wells Fargo & Co. and Goldman Sachs Group Inc. will disclose financial results on Wednesday. Bank of America Corp. and Citigroup Inc. report Thursday and Morgan Stanley follows on Friday. Analysts forecast that all of them will post first-quarter profits that are far above year-earlier levels. Already, investor expectations are high. The KBW Nasdaq Bank Index, which tracks shares of the largest lenders, is up 27% so far this year, nearly triple the gains of the S&P 500. Banks are seen as proxies for the health of the U.S. economy. Their shares were in the doldrums around this time last year, when global commerce ground to a halt. But over the past few months, the stocks have bounced back. The index returned to a record in March, topping its prior high from 2007. “The U.S. economy will likely boom," JPMorgan Chase Chief Executive Jamie Dimon wrote in his annual letter last week. “This boom could easily run into 2023 because all the spending could extend well into 2023." Banks had set aside tens of billions of dollars in reserves to prepare for a wave of loan losses. Those reserves were booked against profits, depressing income for the first half of last year. With banks gaining confidence in the rebound, analysts expect them to release those reserves, which will in turn juice their bottom lines. MORE FROM THIS SECTIONSee All Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Restaurants, malls stare at loss of business as capital announces fresh curbs 2 min read . 01:23 AM IST Premium Premium Eight entities apply for on-tap banking permits 1 min read . 12:19 AM IST Banks still have some challenges to confront as business returns to normal. Low interest rates have weighed on the spread between what banks pay to borrow and what they earn from lending, depressing the profitability of their bread-and-butter businesses. Moreover, the largest lenders would like to increase the amount of credit they extend to businesses and individuals, but loan demand has been soft. Executives say they hope that demand will pick up later this year. Some of the business lines that shined during the pandemic are now cooling off. Low rates drove mortgage lending to record levels. As rates have risen, originations have declined. While they remain at high levels, the drop may eat into the fees banks earn from making home loans. Trading and investment banking have been bright spots throughout the pandemic. In the first three months of the year, that likely continued because of hot demand for special-purpose acquisition companies. These shell companies raise money through initial public offerings, then merge with businesses to take them public without the typical red tape of an IPO. In the first three months of the year, more SPACs went public than in all of 2020. Banks typically earn money by underwriting the IPOs and advising on the mergers. The improving economic outlook also means regulators have once again allowed banks to buy back their own stock in the first quarter. However, the amount of buybacks and dividend distributions they undertake can’t exceed the average quarterly profit from the four most recent quarters. Those restrictions are due to lift after the end of June. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

China's March exports rise 30.6% as global consumer demand revives

13 Apr, 2021, 06:13PM | Business Standards

China's exports rose 30.6% over a year ago in March as global consumer demand strengthened and traders watched for signs of what President Joe Biden might do about reviving tariff war talks with Beijing. Exports rose to $241.1 billion, decelerating from the dramatic 60.6% rebound in the first two months of 2021, customs data showed Tuesday. Imports rose 38.1% over a year ago to $227.3 billion in a sign of reviving Chinese activity. That is a positive signal that global economic and trade activities are recovering and market confidence increasing, a spokesman for the customs bureau, Li Kuiwen, said at a news conference. Li warned, however, that the world economic situation still is complicated and severe. China's exporters have benefited from the relatively early reopening of its economy while some other governments are re-imposing anti-virus curbs that limit business and trade. We expect export momentum to remain robust in the rest of 2021, Tommy Wu of Oxford Economics said in a report. While global shipping delays pose a near-term challenge, the strong global economic recovery that we expect this year should support China's export outlook. Exports to the United States jumped 53.6% in March to $38.7 billion despite tariff hikes still in place on Chinese goods in a trade war launched by former President Donald Trump over Beijing's technology ambitions. Imports of US goods, also still under Chinese retaliatory duties, soared 74.7% to $17.3 billion. Biden, who took office in January, says he wants better relations with Beijing but has given no indication he might roll back Trump's tariff hikes, which set off history's biggest global trade conflict. The two sides have yet to say when their top trade envoys might meet again. Lower-level US and Chinese officials hold monthly meetings by phone on the status of the Phase 1 agreement in January 2020. Beijing promised to buy more American soybeans, natural gas and other exports while the two sides postponed more tariff hikes. Most penalties on each other's goods stayed in place. China fell behind on meeting its purchase commitments but started to catch up as demand rebounded. China's global trade surplus narrowed by 30.6% in March from a year earlier to $13.8 billion. The politically volatile surplus with the United States rose 39% to $21.4 billion. Chinese trade figures look especially dramatic compared with early 2020, when the ruling Communist Party shut factories to fight the virus and trade plunged. For the first three months of 2021, exports jumped 49% over a year earlier to $710 billion. Imports rose 28% to $593.6 billion. The ruling party set an economic growth target of over 6% this year, which should help propel demand for foreign oil, iron ore, food, consumer goods and other imports. Exports to the 27-nation European union were $36.6 billion while imports of European goods were $27.5 billion. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

In battle with US for global sway, China showers money on Europe’s neglected areas

13 Apr, 2021, 05:30PM | Livemint

The struggle between the U.S. and China for global influence has come to Europe’s gritty industrial backwaters, where China is steadily co-opting local economies starting with their railroads. China overtook the U.S. as the European Union’s biggest trading partner for goods last year, a historic turning point driven in part by Europeans’ hunger for Chinese medical equipment and electronics during the Covid-19 pandemic. TRENDING STORIESSee All Premium Maharashtra lockdown? Minister says fresh COVID-19 curbs to be announced today 2 min read . 03:44 PM IST Premium 7th Pay Commission Matrix: What center says on pending installments of DA 2 min read . 10:41 AM IST Premium Telugu film ‘Vakeel Saab’ continues box office run 1 min read . 11:50 AM IST Premium When TCS sneezes, all IT stocks catch a cold 2 min read . 01:56 PM IST Increasingly, those goods are arriving in Europe through a new trade corridor consisting of railroads, airport hubs and ports built with Chinese support, often as part of China’s Belt and Road Initiative, the giant global infrastructure effort aimed at binding China more closely to the rest of the world. By greasing the wheels of China-Europe trade, those investments have lifted long-neglected, rust-belt cities in places like Duisburg, Germany, and Liege, Belgium. Western officials, including in the U.S., have accused China of using the Belt and Road to trap poor countries in debt. The Chinese government has denied those accusations. While the pandemic has clouded the outlook for Belt and Road, Beijing isn’t likely to abandon it now that the Chinese economy is recovering. In Europe, China has adapted its approach, sometimes operating below the radar with local authorities and companies. China subsidizes the trains and tracks while big companies such as Alibaba Group Holding Ltd. provide direction and demand. That might help Beijing tie rich countries even more closely to China. Europe’s trade links with China have already made it reluctant to accede to Washington’s attempts to turn it against the Asian giant. MORE FROM THIS SECTIONSee All Premium Premium Karnataka govt issues fresh COVID-19 guidelines for Ramzan. Check latest curbs 1 min read . 05:23 PM IST Premium Premium IATO urges govt for a timeline on resuming tourist visas, international flights 1 min read . 05:10 PM IST Premium Premium Covid-19: Bodies pile up at India crematoriums overwhelmed by virus surge 3 min read . 04:44 PM IST Premium Premium Gennova starts enrolment for Phase I/II human trials for its mRNA vaccine 2 min read . 04:39 PM IST The number of freight trains running between China and Europe topped 12,400 last year, 50% higher than in 2019 and seven times that of 2016, according to Chinese authorities. Demand for trains has been so high that freight companies have introduced a lottery system to allocate space, according to Chinese state media. The World Bank estimates that Belt and Road transport infrastructure can boost trade by up to 10% for countries along the route. Liege and Duisburg are both part of the Belt and Road initiative, although Germany and Belgium haven’t formally signed up to it, according to Chinese state media and local port officials. “In gray, unglamorous areas like infrastructure and supply chains, there’s a lot less media and political attention, and more understanding that economic integration is necessary," said Bruno Maçães, a former Portuguese minister who wrote a book on the Belt and Road project. Europe’s political relationship with China has soured in recent months, notwithstanding a sweeping investment deal they loosely agreed to in December. While many European manufacturers rely heavily on Chinese appetite for autos, luxury products and other goods, they are increasingly alarmed to see China take market share in areas such as advanced manufacturing and engineering. In infrastructure, however, Europe is much more welcoming of China’s presence and know-how, Mr. Maçães said. Chinese shipping groups own terminals or share ownership in around a dozen European ports including Antwerp, Rotterdam, Valencia and Marseille. U.S. officials have warned their European counterparts against excessive dependence on China. The U.S. launched a more limited global infrastructure project in 2019 alongside Japan and Australia. In Duisburg, a west German steel town that handles more than a third of Europe-China rail freight traffic, trade with China rose 70% last year. A new rail terminal there part-built by China’s Cosco Shipping Holdings Co. will help expand China trade a further 40% to 100 trains a week, according to local officials. “For Duisburg, it’s manna from heaven," said Markus Taube, professor of East Asian economics at the University of Duisburg-Essen. The rail line’s speed compared with the sea route offers a valuable alternative for producers of perishable or time-sensitive, high-value goods like electronics. Chinese internet giant JD.com Inc. is working with the port to export European industrial and consumer goods to China, according to the port’s chief executive, Erich Staake. “We are currently transporting as much as possible—as much as our tracks allow," said a spokesman for German rail company Deutsche Bahn AG, which operates trains between 17 European countries and China via Poland, Belarus and Kazakhstan. Some studies suggest that several hundred thousand trains a year could be plying the Europe-China rail route by the 2030s, he said. The rail route was recently boosted further by the blockage of the Suez Canal. Chinese investments support 23,000 jobs in the German state of North Rhine Westphalia, home to Duisburg and the Ruhr industrial heartland, while more than 1,000 local companies have invested in China, according to Andreas Pinkwart, the state’s economy minister. In Liege, a Belgian city that has suffered the downturn in steel partly due to low-cost competitors in China, airfreight volumes are up 50% in the two years since Chinese e-commerce giant Alibaba picked the city as its European hub, said Steven Verhasselt, who runs the airport’s commercial department. “Every month in 2020 was a record and now in 2021 we are growing 20% year on year," he said. With support from Belgian officials, the airport has combined with a sleepy rail station to create a single customs zone. Six trains a week now travel between Liege and China, making it the first dedicated service for e-commerce between the Yangtze River Delta region of China, Central Asia and Europe. That is all before Alibaba has even completed construction on the new hub. With other Chinese companies also looking at using it, Mr. Verhasselt expects freight volumes to double over the next four years to two million metric tons annually, potentially putting the airport on par with Paris Charles de Gaulle and Frankfurt International. The airport’s expansion has created around 1,000 jobs over the past two years in a region with high unemployment. Belgium’s postal service and other non-Chinese businesses have become heavy users of the new rail line. And aircraft and trains back to China are filling up with European goods, including milk powder, leather products, salmon and cheeses. Planes that used to return empty are now 80% full. The rail link to China was one of the requirements that Alibaba had when selecting its European hub, said Mr. Verhasselt. “The Belt and Road is a success story in Liege because of Alibaba," he said. An Alibaba spokesperson said the company is investing 100 million euros, equivalent to $119 million, to build a logistics hub at Liege Airport that should be operational this year, as part of an agreement with the Belgian region of Wallonia. The fast rail link has provided a critical edge for Chinese manufacturers competing in Europe, said Alexander Alban, managing partner at German mechanical parts manufacturer Walter Schimmel GmbH. Italian business executives say they are being squeezed out of Germany’s industrial supply chain by the Chinese, who can now transport heavy industrial goods quickly and cheaply into the heart of Europe. Chinese exports to the EU jumped 63% in January and February year-over-year, while imports from Europe rose 33%. However, tensions exist. U.S. officials recently cautioned German officials about China’s plans to expand its activities in Duisburg, according to a person familiar with the matter. In Portugal, where Chinese companies are considering building a container port terminal, the U.S. ambassador warned recently that Portugal must choose between America and China. Chinese investment in Piraeus, near Athens, has helped transform Greece’s primary port over the past decade from an economic backwater into Europe’s fourth-busiest. Cosco, which controls the port, has proposed building a fourth container terminal that could allow trade volumes to double again, potentially putting Piraeus on a par with giant European ports such as Hamburg. Ten trains a week ply a new rail route that connects Piraeus’s port with Eastern European markets including the Czech Republic, transporting around 100,000 containers a year, said Nektarios Demenopoulos, a spokesman for the Piraeus Port Authority. Greece hasn’t yet approved Cosco’s expansion plans. Greek officials have complained the Chinese company has received most of the benefits. But after Cosco said last month that it would build a children’s playground for local residents, the mayor of Piraeus, Ioannis Moralis, expressed confidence the port would soon be better integrated with the city. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Market Wrap, April 13: Here's all that happened in the markets today

13 Apr, 2021, 05:24PM | Business Standards

Breaking away from a range-bound trade, the benchmark indices zoomed over 1 per cent in the last-hour of trade on Tuesday amid broad-based buying after the union government said that it is speeding up emergency approvals for foreign-made vaccines that have been granted emergency use authorisation in other countries amid alarming spike of coronavirus infections across India. This comes after the Centre approved a third vaccine -- Russia's Sputnik V -- for emergency use authorisation. Barring the Nifty IT and Pharma indices, which ended over 3 per cent and 1 per cent lower, respectively on the back of profit-booking, all other sectoral indices ended the day in the green. While the Nifty PSU Bank index surged 4 per cent after nursing a 9 per cent cut on Monday, the Nifty Bank, Private Bank, Financial Services, Metal, Auto, and Realty indices gained between 3 per cent and 4 per cent. The Nifty FMCG index, meanwhile, ended 0.6 per cent higher. Among the frontline indices, the BSE barometer Sensex jumped 661 points, or 1.4 per cent, to settle the day at 48,544 levels. In the intra-day deals, the index had hit a high and low of 48,627 and 47,775, respectively. On the NSE, the Nifty50 index closed the day at 14,505 levels, adding 194 points or 1.36 per cent. The index's high and low of the day were 14,529 and 14,275, respectively. M&M, Bajaj Finserv, Tata Motors, Bajaj Finance, Maruti Suzuki, HDFC, and JSW Steel were the top gainers on the Nifty, up in the range of 4 per cent to 8 per cent, while Dr Reddy's Labs, TCS, Tech M, Wipro, HCL Tech, Britannia, and Divis Labs were the top drags, down up to 4 per cent. Mood in the broader market too remained upbeat. The S&P BSE MidCap index gained 1.46 per cent with IDBI Bank, Bank of India, Federal Bank, L&T Finance Holdings, IDFC First Bank, SAIL, and Shriram Transport Finance soaring between 5 per cent and 9.5 per cent. The S&P BSE SmallCap index, on the other hand, ended 1.2 per cent higher. Buzzing Stocks Shares of information technology major Tata Consultancy Services tumbled 5.1 per cent to Rs 3,074.55 apiece on the BSE in the intra-day deals as investors booked profit in the counter. Even as TCS reported its highest-ever order book in a quarter, at $9.2 billion, and a 15 per cent rise in net profit at Rs 9,246 crore, analysts feel the stock is trading at premium valuations and has factored-in most of the positives. The stock ended 4.2 per cent lower on the BSE today. Shares of public sector lender Bank of Maharashtra, meanwhile, surged 20 per cent to hit an intra-day high of Rs 27.3 apiece on the BSE on Tuesday after over 3 million shares changed hands on the counter in multiple block deals. By close, the stock 18 per cent higher at Rs 27 per cent as against a 1.4 per cent gain in the benchmark Sensex index. About 3.2 million shares changed hands on the counter on the BSE till 3:30 pm in multiple block deals. Shares of IDBI Bank also jumped 10.6 per cent to hit an intra-day high of Rs 37.40 on the BSE after a Business Standard report stated that the Cabinet will soon consider the proposal to sell the government’s 45.5 per cent stake in the company, paving the way for strategic divestment in the lender. Shares of Adani Ports fell 6 per cent to Rs 702 on the BSE after S&P Dow Jones Indices said it has removed the company from its sustainability index due to the firm’s business ties with Myanmar’s military which is accused of human rights abuses after a coup this year. Global markets Global stocks ticked up on Tuesday as China's exports in dollar terms rose 30 per cent YoY and imports rose 31 per cent, boosting confidence for a rebound in its domestic demand. Besides, market players awaited US data which expected to show a pick-up in inflation. The broad Euro STOXX 600 gained 0.3 per cent to near record highs, with export-heavy German shares up 0.2 per cent. Indexes in Paris and London shares fell 0.1 per cent. In Asia, Japan's Nikkei added 0.7 per cent, South Korea's Kospi gained 1 per cent, but China's CSI300 index fell 0.16 per cent. Note: Domestic equity markets shall remain closed on Wednesday, April 14, on account of Baba Saheb Ambedkar Jayanti holiday

Yamaha develops high-output electric engine for hyper EVs

13 Apr, 2021, 05:18PM | Times Of India

IWATA: Japanese motorcycle maker Yamaha has announced that the development of a brand-new electric motor with the highest class in output density. The company informed that the motor will be used in hyper EV ’s and will be made available for prototype development later this year. The company, which has been accepting commissions for developing prototype electric motors in the range of 35–200 kW since 2020, states that the newly developed unit has a maximum output in the 350-kW class and an operating voltage of 800V. The main feature of this motor is its compact construction. It treats the mechanical and electrical components as one and integrates the gear and inverter into one unit. As for the commissioning of its development, Yamaha will leverage the basic know-how of the motor to allow takers to have better flexibility to work with the motor and tailor it according to needs. The motor will be exhibited at the Automotive Engineering Exposition 2021 Yokohama scheduled for May 26 to May 28, 2021.

US calls for pause on Johnson & Johnson COVID vaccine amid on clotting concern

13 Apr, 2021, 05:07PM | Livemint

The United States regulator on Tuesday recommended a "pause" in administration of the single-dose Johnson & Johnson COVID-19 vaccine amid reports of blood clots. A type of brain blood clot called cerebral venous sinus thrombosis was seen in combination with low levels of blood platelets in six women between the ages of 18 and 48, the Centers for Disease Control and Prevention and the Food and Drug Administration said in a statement. As of 12 April, more than 6.8 million doses of the J&J vaccine have been administered in the US. "Right now, these adverse events appear to be extremely rare," the statement added. US federal distribution channels, including mass vaccination sites, will pause the use of the J&J shot, and states and other providers are expected to follow. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST "Centers for Disease Control will convene a meeting of the Advisory Committee on Immunization Practices (ACIP) on Wednesday to further review these cases and assess their potential significance. The Food and Drug Administration will review that analysis as it also investigates these cases," the statement added. "Until that process is complete, we are recommending this pause," it said. "This is important to ensure that the health care provider community is aware of the potential for these adverse events and can plan due to the unique treatment required with this type of blood clot," it said. The move from the US regulators comes less than a week after Europe's drugs regulator said it was reviewing rare blood clots in four people in the United States who received the shot. The COVID-19 vaccine developed US healthcare giant, has already been approved in United States, the European Union and other nations including Thailand and South Africa. Last week, Johnson & Johnson said that it is in touch with the central government to start clinical trial of its much awaited single-dose COVID-19 vaccine in India, according to news agency Reuters. "We are in discussions with the (government) with the objective of starting a bridging clinical study of our Janssen COVID-19 vaccine candidate in India, subject to local regulatory approvals," a local J&J representative said, Reuters reported. Johnson & Johnson's one-shot vaccine is 'safe and effective' against COVID-19 infection, US regulator earlier said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Coal-fired power plant development to remain growth driver in India: Fitch

13 Apr, 2021, 04:52PM | Livemint

SINGAPORE : Coal-fired power plants will be the primary driver of infrastructure investment in India's power sector over the next decade, Fitch Solutions said on Tuesday. The country hosts 40 coal-fired power plant projects currently under construction involving a combined investment of 40.2 billion dollars and accounting for 61 GW of capacity. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Additionally, the country is home to 73 coal-fired power plant projects currently in planning involving over 80 billion dollars in investment and adding up to 124 GW of capacity. Coal-fired power development in India will also benefit from a supportive policy environment with the government having advanced a number of policies in recent years to support the continued development of thermal capacity and coal-fired power plants in particular in the market. Among these moves, Fitch highlighted Prime Minister Narendra Modi's 2020 proposal to waive carbon taxes on coal in a bid to alleviate debt levels in the coal sector. Fitch forecasts electricity generation from coal-fired power plants in India to increase from 1,032 Terawatt-hour (TWh) in 2020 to 1,691 TWh in 2030, the largest expansion of coal-fired power generation to be seen by any market globally over the period. Over the same period, thermal power capacity will see net growth of 116.7 GW, increasing from 234.2 GW in2020 to 350.9 GW in 2030, the second largest increase of thermal power capacity to be seen over the period by any market globally after China. "This growth in thermal capacity will be largely driven by expansion of coal-fired power capacity in the country." MORE FROM THIS SECTIONSee All Premium Premium Allow post-production, open up vaccination: M&E industry bodies request Maha CM 1 min read . 11:13 AM IST Premium Premium Airtel takes a leaf out of Jio’s playbook 2 min read . 05:10 AM IST Premium Premium Behind Cred’s viral wacky advertisements, digital-savvy writers 3 min read . 09:18 AM IST Premium Premium Telecom market now down to nearly 2.5 players: Sunil Mittal 3 min read . 15 Apr 2021 Among projects currently in development or under construction in the market, Fitch highlighted the 3.6 billion KSK Mahanadi Power Project in Chhattisgarh and the 3.1 billion Yadadri Thermal Power Project in Telangana. Fitch said hydropower infrastructure development will also contribute to energy and utilities construction growth over the coming years, though there are significant challenges facing the realisation of India's sizeable hydropower project pipeline. Similarly, solar infrastructure is expected to be an area of significant growth, although supply-chain issues may present challenges in the near term to construction. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Covid: Frames of crematorium furnaces in Surat melt due to rush of bodies

13 Apr, 2021, 04:27PM | Business Standards

Metal structures of furnaces at some crematoriums in Surat have started melting or breaking as they are being used round-the-clock due to the rush of bodies amid the COVID-19 pandemic, officials said on Tuesday. Since the past one week, around 16 gas-based furnaces at the Kurukshetra Crematorium and Ashvini Kumar Crematorium here in Gujarat are operating 24X7 to cremate bodies, hence maintenance issues are cropping up, they said. The metal frames of gas furnaces, on which the bodies are kept, and chimneys are melting or breaking because of overheating and excessive use, the official said. In the last couple of days, Surat city reported 18 to 19 deaths due to COVID-19 every day. "Before the coronavirus outbreak last year, around 20 bodies were cremated at the Kurukhsetra Crematorium every day. Now, there is a sudden rush of bodies. At present, we are handling about 100 bodies per day," Kamlesh Sailor, president of a trust which manages the crematorium, told PTI. Sailor said six gas furnaces at their facility are now being operated 24 hours and hence, the temperature there reaches up to 600 degrees Celsius. As a result, the iron frames and chimneys have started melting and breaking due to the heat, he said, adding that mechanics are being called to replace those parts. The Ashvini Kumar Crematorium, the oldest such facility in Surat, is also facing similar issues and its management has decided to increase the number of traditional wood pyres to manage the rush of bodies in case of maintenance issues in the gas furnaces. "We operate 10 gas furnaces and three wood pyres. Earlier, we used to cremate about 30 bodies every day. Now, the number has gone up to 90-95," the crematorium's manager, Prashant Kabrawala, said. Since the furnaces are being operated round-the-clock, some of their iron frames have melted due to overheating. Some pipes and chimney joints have also broken because of the excessive heat generated in the facility, he said. "We recently installed heat-resistant bricks in two of our furnaces, which were shut for some time. Our maintenance engineers are visiting the crematorium almost daily as we are facing these issues every day," he said. Kabrawala said they have decided to add two more wood pyres in the wake of these frequent maintenance issues. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

WhatsApp account: You can get locked out due to a flaw. How to prevent it

13 Apr, 2021, 03:36PM | Livemint

WhatsApp has often advertised the robustness of their end-to-end encryption that keeps the content within chats safe from a third party to access it. But what happens if the user is not able to access the app itself to read these messages? A recent vulnerability has been discovered in WhatsApp security that could let a third person block a WhatsApp user’s access from their own account for a considerable amount of time. One of the biggest issue with this new vulnerability is that it doesn’t need the third person to be a trained hacker or even have a lot of experience with hacking. This new flaw was discovered by security researchers Luis Márquez Carpintero and Ernesto Canales Pereña, according to a report by Forbes. The researchers claim that any malicious actor who has access to your WhatsApp phone number can take advantage of this vulnerability and lock you out from your own account for extended periods of time. Gaining back access can also be a tricky affair for many. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The malicious party just needs a phone number they want to target and any smartphone that can run WhatsApp. Once they’ve downloaded the application, they will go through the verification process. They can use their target’s WhatsApp phone number to request verification OTP. While there is no way they can successfully guess the OTP, they will continue to enter wrong passwords and will eventually be locked out of further attempts. Until this point, the primary user or the target of the attack will still be able to access their WhatsApp account on their pre-existing smartphones. However, multiple requests for OTP can clearly signal that someone is trying to access their account. A WhatsApp spokesperson told Mint, “Providing an email address with your two-step verification helps our customer service team assist people should they ever encounter this unlikely problem. The circumstances identified by this researcher would violate our terms of service and we encourage anyone who needs help to email our support team so we can investigate." In order to stop the primary user from accessing their account, the hacker will then send an email to WhatsApp asking for the deactivation of the victim’s account. The user will then not be able to access their account. Since the hacker entered the wrong OTP multiple times, the user will not be able to re-activate the account for an extended period of time. Even two-factor authentication will not be able to deflect such attacks. According to WhatsApp, for now, the only way to be sure that this vulnerability is not used against your account is to provide the instant messaging application with your email address along with six-digit two-factor authentication. The messaging application has also clarified that use of WhatsApp in this manner violates their terms of service and they will investigate any matter related to this. While this may not stop a hacker from directly using the vulnerability but it discourages malicious actors from taking the offence lightly. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Debt vs equity fund and inflation impact on your returns

13 Apr, 2021, 03:31PM | Livemint

Debt vs Equity Fund: While investing for long-term investment goals, it has been found that people look at the return they will be getting at the time of maturity. According to tax and investment experts, an investor must look at the rate of inflation taking place during the investment period while calculating one's investment goal. They said that one should look at the net maturity amount instead of maturity amount while investing to meet one's long-term investment goals. Experts were of the opinion that inflation rises to the tune of 6-7 per cent per annum. Hence, return on investment should be more than 6-7 per cent if they want to beat inflation during the investment period. Speaking on how inflation hits an investor's investment goal Pankaj Mathpal, Managing Director at Optima Money Managers said, "While investing for long-term investment goals, one needs to keep average rate of inflation at 6-7 per cent in mind. While calculating one's long-term investment goal, if the return on investment is less than this inflation rate assumed, then it won't be able to beat the inflation at the time of maturity. So, one must choose one's investment tool wisely while investing for long-term." TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Mathpal said that while investing for long-term, one is well aware about one's investment goal. If the investment is to meet educational or health goal, then the inflation would be around 10 per cent. He went on to add that one needs to keep food inflation to the tune of around 9-10 per cent while investing for long-term. On the prospective investment tools that may help an investor to beat the inflation while investing for long-term Manikaran Singhal, Founder at goodmoneying.com said, "While investing for long-term, one needs to do proper asset allocation and then decide the investment tool. In current market scenario, neither bank Fixed deposit nor government-backed small saving schemes are able to yield more than 7 per cent return. In that case, investors have limited choice like equity, gold and real estate." However, Singhal said that one should look at the process of liquidity too, while deciding the long-term investment tool. Standing in sync with Manikaran Singhal's views; Kartik Jhaveri, Director — Wealth Management at Transcend Consultants said, "Equity investment gives you easiest process of liquidation. However, in real estate, it won't be as easy to liquidate one's investment. In gold, one can invest online these days and it also offers easiest format of buy and sell." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

WHO urges ban on sale of live wild mammals in food markets

13 Apr, 2021, 02:22PM | Livemint

The World Health Organization has called for a halt to the sale of live wild mammals in food markets to prevent the emergence of new diseases. The WHO said that while traditional markets play a central role in providing food and livelihoods for large populations, banning the sale of live wild mammals could protect the health of market workers and shoppers alike. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST It said some of the earliest known cases of Covid-19 had a link to a wholesale traditional food market in Wuhan in China, with many of the initial patients stall owners, market employees or regular visitors to the market. The interim guidance was drawn up alongside the World Organisation for Animal Health (OIE) and the United Nations Environment Programme (UNEP). "The guidance calls on countries to suspend the sale of captured live wild mammals in food markets as an emergency measure," the WHO said. "Animals, particularly wild animals, are the source of more than 70 percent of all emerging infectious diseases in humans, many of which are caused by novel viruses. Wild mammals, in particular, pose a risk for the emergence of new diseases," it said. "Traditional markets, where live animals are held, slaughtered and dressed, pose a particular risk for pathogen transmission to workers and customers alike," said the guidance. It also called on governments to close sections of food markets selling live wild mammals unless adequate risk assessments were in place. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Covid-19 pushed steel exports to record high in FY21: SteelMint data

13 Apr, 2021, 02:10PM | Business Standards

Steel exports touched a record high in FY21, saving the day for companies, as domestic consumption dragged due to Covid-related disruptions in the first half of the year. Data compiled by Joint Plant Committee (JPC) shows that finished steel exports between April-March 2020-2021 (provisional) stood at 10.785 million tonnes, an increase of 29.1 per cent; exports of semi-finished steel during the period were at 6.6 million tonnes, an increase of 133 per cent. JPC officials said that the data showed that this was an all-time high. The previous high was in 2017-18 at 11.614 million tonnes. SteelMint data pegged finished steel exports in FY21 at 11.65 million tonnes and semi-finished at 7.25 million tonnes, an increase of 31 per cent and 153 per cent over the previous year. SteelMint said that exports in FY21 was an all-time high. Industry sources said that the previous high was in 2017-18 at 11.614 million tonnes. Jayant Acharya, director – commercial & marketing, JSW Steel, said, exports of 17-plus million tonne in FY21 is the highest. “Of this, about 11 million tonne was in the first half. China was importing large quantities during this period,” he explained. Sushim Banerjee, former director general, Institute for Steel Development & Growth (INSDAG), too, said that this was a record for exports. In the first half of the year, when India imposed a nationwide lockdown to contain Covid-19, companies resorted to exports. Jindal Steel & Power (JSPL) managing director, V R Sharma, said that the company had recorded its highest exports. Exports accounted for 35 per cent of sales in FY21 for the company compared to 13 per cent in the prior year. However, it now stands at 25 per cent of sales, pointed out Sharma. Explaining the backdrop, Acharya, said, “In H1, domestic consumption was down by 28 per cent due to strict Covid related restrictions and lockdown. Exports was the main outlet in H1. With gradual opening up, domestic business started picking up from July/August ‘20 and consumption improved in Q3 ‘21 and Q4 ‘21. In H2, consumption was up by 15-16 per cent,” he added. Overall, the year ended with a drop in consumption of 6.7 per cent and production to the tune of 7.8 per cent. However, it was still better than the projections made in April last year for FY21 as demand picked up over Q3 and Q4. “The intensity with which the recovery happened surprised everyone. Demand was led by automotive, appliances, and followed by renewable energy. Infrastructure and construction, Roads and highways, yellow goods, followed next,” said Acharya. However, even as domestic demand has picked up, exports are expected to be robust on the back of higher realisations. “Export realisations are now higher than domestic as prices in China, Europe and US have surged,” said Acharya. A Crisil report said that while exports of finished steel in the first quarter of fiscal 2021 were driven by lackluster domestic demand, the surge in the last quarter was led by higher export realisation. Crisil expects the momentum to continue and push finished steel exports another 12-16 per cent higher this fiscal. However, the dampener for the industry could be rising Covid cases. Acharya said, “As of now, production was not impacted, but we are watching the situation.” He added, stricter implementation of Covid appropriate norms and localised restrictions to contain the spread of the infection was required rather than a lockdown.

Senior citizens investment options with guaranteed regular income. Check details

13 Apr, 2021, 12:09PM | Livemint

Amid the Covid-19 pandemic, the banks had reduced the interest rates. Senior citizens looking for fixed regular income were hit the most in this falling interest rate scenario. Top banks, including State Bank of India (SBI) offer maximum 6.2% to senior citizens on their fixed deposits with a tenure between 5-10 years, post office small savings schemes provide relatively higher rate. So let's take a look at some of the investment options where senior citizens can park their hard-earned money to get a guaranteed regular income. Senior Citizen Saving Scheme (SCSS) TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Senior Citizens Savings Scheme (SCSS) is a government-run small savings product which currently offers 7.40% per annum. SCSS has a tenor of five years, which can be extended by another three years. However, the upper limit for investing in SCSS is ₹15 lakh. SCSS suits senior citizens looking for a high fixed rate of return and a regular income on a quarterly basis. Investment in SCSS is also eligible for tax deduction up to ₹1.5 lakh per annum under Section 80C of the Income-tax Act, 1961. Interest rate: 7.4 per cent Payable: Quarterly Tenure: 5 years Also Read | Why Bangladesh is flying high at 50 Special fixed deposit (FD) scheme for senior citizens MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Bank fixed deposits have always been a popular choice for most senior citizens. Bank FDs offer monthly, quarterly, half-yearly or annual interest rate payouts. Some banks like SBI, ICICI Bank and HDFC Bank offer special deposits to senior citizens on deposits of 5-years and above. These special FDs are effective till 30 June 2021. Most Small Finance Banks are offering an interest rate of above 7 per cent on some of their tenure to senior citizens. Interest rate: More than 6% and above 7% in some Small Finance Banks Payable: Monthly, quarterly, half-yearly or annual interest Tenure: 5 years to 10 years Pradhan Mantri Vaya Vandana Yojana (PMVVY) PMVVY (Pradhan Mantri Vaya Vandana Yojana) is a retirement cum pension scheme for senior citizens. The scheme is operated and managed by Life Insurance Corporation (LIC). PMVVY scheme has been extended up to 31 March 2023. At present, the scheme is providing guaranteed pension at 7.40% per annum payable monthly. Interest rate: 7.4 per cent Payable: Monthly Tenure: 10 years Post Office Monthly Income Scheme (POMIS) The Post Office Monthly Income Scheme (POMIS) has a tenure of 5 years and once invested the interest rate continues to remain the same till maturity. Currently, for the quarter ending June 2021, the interest rate is 6.6 per cent per annum. Interest rate: 6.6 per cent Payable: Monthly Tenure: 5 years Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Realme C20 to go on first sale today at a price of ?6,799: Details here

13 Apr, 2021, 10:54AM | Livemint

Realme India will be conducting the first sale of its latest entry-level smartphone Realme C20 today from 12PM onwards. The phone will be available on Realme website, Flipkart site as well as mainline channels. Realme C20 is the latest addition to Realme C-series along with Realme C21 and Realme C25. The three variants were launched last week. Realme C20 will be available in two colours - Cool Grey and Cool Blue. The phone is priced at ₹6,799 for the variant with 2GB RAM and 32GB of internal storage. The price will be applicable only for the first 1 million customers. Post that time period Realme C20 will be priced at ₹6,999. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Realme C20 is powered by the MediaTek Helio G35 chipset. The phone is equipped with a 6.5-inch display. The smartphone screen also features a water drop notch to house the front camera. Realme C20 comes with a 5000 mAh battery, which the company claims could last 43 days in standby mode and also supports reverse charging. In terms of optics, the phone gets an 8MP AI camera with an f/2.0 aperture. The back cover is processed with a texture produced by a German five-axis radium engraving machine. Realme’s ‘youth flagship’ Realme 8 will also go on sale today. The company will be selling the new device via Flipkart and the company’s official website from 12 PM. The 6GB+128GB variant will be selling at a price of ₹15,999. The phone is powered by MediaTek Helio G95 chipset. The phone comes with a 6.4-inch Super AMOLED screen with an in-display fingerprint scanner. It comes with a 5000mAh battery which supports 30W Dart charge The phone gets a 64MP AI quad camera, and a 16MP selfie camera. The Realme 8 (6GB+128GB) comes in two colours, Cyber Silver and Cyber Black. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Spanking may impact brain development of a child: Study

13 Apr, 2021, 10:51AM | Livemint

A recent study by Harvard researchers stated that spanking may affect a child's brain development in similar ways to more severe forms of violence. The research, published recently in the journal Child Development, builds on existing studies that show heightened activity in certain regions of the brains of children who experience abuse in response to threat cues. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The group found that children who had been spanked had a greater neural response in multiple regions of the prefrontal cortex (PFC), including in regions that are part of the salience network. These areas of the brain respond to cues in the environment that tend to be consequential, such as a threat, and may affect decision-making and processing of situations. "We know that children whose families use corporal punishment are more likely to develop anxiety, depression, behaviour problems, and other mental health problems, but many people don't think about spanking as a form of violence," said Katie A. McLaughlin, John L. Loeb Associate Professor of the Social Sciences, director of the Stress & Development Lab in the Department of Psychology, and the senior researcher on the study. "In this study, we wanted to examine whether there was an impact of spanking at a neurobiological level, in terms of how the brain is developing." According to the study's authors, corporal punishment has been linked to the development of mental health issues, anxiety, depression, behavioural problems, and substance use disorders. And recent studies show that approximately half of the parents in the U.S. studies reported spanking their children in the past year and one-third in the past week. However, the relationship between spanking and brain activity has not previously been studied. McLaughlin and her colleagues -- including Jorge Cuartas, first author of the study and a doctoral candidate in the Harvard Graduate School of Education, and David Weissman, a post-doctoral fellow in the Department of Psychology's Stress & Development Lab -- analyzed data from a large study of children between the ages of three and 11. They focused on 147 children around ages 10 and 11 who had been spanked, excluding children who had also experienced more severe forms of violence. Each child lay in an MRI machine and watched a computer screen on which were displayed different images of actors making "fearful" and "neutral" faces. A scanner captured the child's brain activity in response to each kind of face, and those images were analyzed to determine whether the faces sparked different patterns of brain activity in children who were spanked compared to those who were not. "On average, across the entire sample, fearful faces elicited greater activation than neutral faces in many regions throughout the brain... and children who were spanked demonstrated greater activation in multiple regions of PFC to fearful relative to neutral faces than children who were never spanked," researchers wrote. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 By contrast, "(t)here were no regions of the brain where activation to fearful relative to neutral faces differed between children who were abused and children who were spanked." The findings are in line with similar research conducted on children who had experienced severe violence, suggesting that "while we might not conceptualize corporal punishment to be a form of violence, in terms of how a child's brain responds, it's not all that different than abuse," said McLaughlin. "It's more a difference of degree than of type." Researchers said the study is the first step towards further interdisciplinary analysis of spanking's potential effects on children's brain development and lived experiences. "These findings aligned with the predictions from other perspectives on the potential consequences of corporal punishment," studied in fields such as developmental psychology and social work, said Cuartas. "By identifying certain neural pathways that explain the consequences of corporal punishment in the brain, we can further suggest that this kind of punishment might be detrimental to children and we have more avenues to explore it." However, they noted that their findings are not applicable to the individual life of each child. "It's important to consider that corporal punishment does not impact every child the same way, and children can be resilient if exposed to potential adversities," said Cuartas. "But the important message is that corporal punishment is a risk that can increase potential problems for children's development, and following a precautionary principle, parents and policymakers should work toward trying to reduce its prevalence." Ultimately, added McLaughlin, "we're hopeful that this finding may encourage families not to use this strategy, and that it may open people's eyes to the potential negative consequences of corporal punishment in ways they haven't thought of before." (ANI) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

7th Pay Commission Matrix: What center says on pending installments of DA

13 Apr, 2021, 10:41AM | Livemint

7th Pay Commission Matrix: Around 52 lakh central government employees had a piece of good news last month when the Narendra Modi Government made it clear that central government servants (CGS) will be soon given full Dearness Allowance (DA) benefit. The Minister of State (MoS) for Finance Anurag Thakur made the announcement in this regard in a written reply in the Rajya Sabha. The MoS Finance said that central government employees will be given full DA benefit from 1st July 2021. In his written reply in the Upper House of parliament, Anurag Thakur said that three pending DA installments of the Central Government Servants will be 'subsumed' and the revised DA rates will become effective from 1st July 2021. Center has freezed DA benefit of the central government employees till June 2021 and the announcement made by Anurag Thakus has come as a big relief to around 52 lakh central government employees. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST "As and when the decision to release the future installments of Dearness Allowance due from 01.07.2021 is taken, the rates of DA as effective from 01.01.2020, 01.07.2020 and 01.01. 2021 will be restored prospectively and will be subsumed in the cumulative revised rates effective from 01.07.2021," MoS Finance Anurag Thakur told in the Upper House. 7th Pay Commission salary calculator As announced by Anurag Thakur, from 1st July 2021, the effective DA for the central government employees may jump from existing 17 per cent to 28 per cent. This 11 per cent rise in the DA includes 3 per cent DA hike announced for January to June 2020, 4 per cent DA hike announced for July to December 202 and expected 4 per cent DA hike due from January to June 2021 period. So, the DA hike from 17 per cent to 28 per cent will lead to huge rise in one's 7th CPC salary. Benefit for pensioners Once the DA gets restored, it will bring cheer on the faces of around 60 lakh retired central government pensioners too. While announcing to freeze DA, center had freezed DR (Dearness Relief) benefit to pensioners too. So, once the DA gets restored, DR benefit for pensioners will also get restored and hence retried central government employees' pension is also expected to leapfrog from 1st July 2021. The three installments of DA and DR benefit meant for central government employees and pensioners due from 1.1.2020, 1.7.2020 and 1.1.2021 was frozen in view of the Coronavirus pandemic. With this move center had announced to save ₹37,430.08 crore, which it announced to use for dealing with the COVID-19 pandemic. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

China's March exports rise 30.6% as global demand revives

13 Apr, 2021, 10:39AM | Economic Times

China's exports rose 30.6% over a year ago in March as global consumer demand strengthened and traders watched for signs of what President Joe Biden might do about reviving tariff war talks with Beijing. Exports rose to $241.1 billion, decelerating from the dramatic 60.6% rebound in the first two months of 2021, customs data showed Tuesday. Imports rose 38.1% over a year ago to $227.3 billion in a sign of reviving Chinese activity. That is a "positive signal that global economic and trade activities are recovering and market confidence increasing," a spokesman for the customs bureau, Li Kuiwen, said at a news conference. Li warned, however, that "the world economic situation still is complicated and severe." China 's exporters have benefited from the relatively early reopening of its economy while some other governments are re-imposing anti-virus curbs that limit business and trade. Exports to the United States jumped 53.6% in March to $38.7 billion despite tariff hikes still in place on Chinese goods in a trade war launched by former President Donald Trump over Beijing's technology ambitions. Imports of U.S. goods, also still under Chinese retaliatory duties, soared 74.7% to $17.3 billion. Biden, who took office in January, says he wants better relations with Beijing but has given no indication he might roll back Trump's tariff hikes, which set off history's biggest global trade conflict. The two sides have yet to say when their top trade envoys might meet again. Lower-level U.S. and Chinese officials hold monthly meetings by phone on the status of the "Phase 1" agreement in January 2020. Beijing promised to buy more American soybeans, natural gas and other exports while the two sides postponed more tariff hikes. Most penalties on each other's goods stayed in place. China fell behind on meeting its purchase commitments but started to catch up as demand rebounded. China's global trade surplus narrowed by 30.6% in March from a year earlier to $13.8 billion. The politically volatile surplus with the United States rose 39% to $21.4 billion. Chinese trade figures look especially dramatic compared with early 2020, when the ruling Communist Party shut factories to fight the virus and trade plunged. For the first three months of 2021, exports jumped 49% over a year earlier to $710 billion. Imports rose 28% to $593.6 billion The ruling party set an economic growth target of "over 6%" this year, which should help propel demand for foreign oil, iron ore, food, consumer goods and other imports. Exports to the 27-nation European union were $36.6 billion while imports of European goods were $27.5 billion.

NASA releases images of electric blue dunes on Mars to mark 20 years of Odyssey

13 Apr, 2021, 09:57AM | Livemint

The National Aeronautics and Space Administration (NASA) recently shared an image of Mars in which the surface of the Red Planet is visible. Titled 'Blue Dunes of Red Planet', the picture combines shots captured between December 2002 and November 2004. These shots were captured by the Thermal Emission Imaging System instrument on the Odyssey orbiter which has sent back more than 1 million images since it began circling Mars. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST "A sea of dark dunes, sculpted by the wind into long lines, surrounds Mars' northern polar cap and covers an area as big as Texas. Thus, the dark, sun-warmed dunes glow with a golden color. "In this false-color image, areas with cooler temperatures are recorded in bluer tints, while warmer features are depicted in yellows and oranges. Thus, the dark, sun-warmed dunes glow with a golden color. This image covers an area 19 miles (30 kilometers) wide," NASA said. Launched on April 7, 2001, NASA's Mars Odyssey was sent to the Red Planet to map its composition. The set of images, clicked on the Red Planet at 80.3 degrees north latitude, 172.1 degrees east longitude, were released to mark the 20th anniversary of Odyssey, the longest-working Mars spacecraft in history. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Immune-boosting drug may help before lung cancer surgery

13 Apr, 2021, 07:36AM | Livemint

Chief Medical Writer A drug that helps the immune system fight cancer gave dramatic results when used with chemotherapy before surgery in patients with operable lung tumors, doctors report. One out of 4 patients given chemo and the Bristol Myers Squibb drug Opdivo had no signs of cancer remaining once they ultimately had surgery, a study of about 350 such people found. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST “They open the person up and the tumor's just melted away. It's incredible," said Dr. Roy Herbst, a lung specialist at the Yale Cancer Center. He had no role in the study, whose results were reported Saturday at an American Association for Cancer Research conference, but has consulted for the maker of Opdivo and other cancer drugs. Lung cancer kills more than 1.7 million people globally each year. Only about one-third of cases are caught early enough for surgery to help, but that's still about 70,000 patients each year in the United States and the number is growing as screening former or current heavy smokers expands, Herbst said. Opdivo and similar drugs called checkpoint inhibitors work by removing a cloak that some cancer cells have that hides them from the immune system. They're often used now for various cancers after surgery, and many studies are testing them before surgery as well. Dr. Patrick Forde at Johns Hopkins University led one such study of about 350 patients with lung cancers that had not spread widely. The cancers were not the type that can be treated with drugs that target certain gene mutations. Patients were given three rounds of chemo and Opdivo several weeks apart or chemo alone. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Covaxin may take at least 2 months to scale up 2 min read . 15 Apr 2021 Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 When they had surgery, no cancer remained in 24% of those given the combo versus 2.2% of those who received just chemo. Whether the combo treatment improves survival remains to be seen; the study is continuing. “This is a great next step" for furthering the immune system's ability to attack lung cancer, said Dr. Antoni Ribas, a cancer specialist at the University of California, Los Angeles, and president of the group sponsoring the conference. Seeing no evidence of disease at surgery in 1 in 4 patients means they “had an immune system that was really ready to go" with proper prodding, he said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

DCGI authorises Sputnik V vaccine

13 Apr, 2021, 07:01AM | Livemint

NEW DELHI: The Drugs Controller General of India V.G. Somani late on Monday gave emergency use license to Covid-19 vaccine Sputnik V, the Russian Direct Investment Fund said in a statement early Tuesday. The decision came hours after an expert panel recommended emergency licensure to the vaccine. Sputnik V is now the third vaccine to get an emergency authorisation in India after Serum Institute of India’s Covishield and Bharat Biotech’s Covaxin. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Also Read | Why Bangladesh is flying high at 50 The vaccine has been registered in India under the emergency use authorisation procedure based on results of clinical trials in Russia, interim analysis of which an efficacy of 91.6%, as well as data from RDIF's Indian partner Dr Reddy's additional phase 2 and 3 clinical trials in India. “We appreciate the decision of India’s regulatory bodies to grant authorization for Sputnik V. Approval of the vaccine is a major milestone as Russia and India have been developing an extensive cooperation on clinical trials of Sputnik V in India and its local production," said RDIF CEO Kirill Dmitriev. For RDIF, the global commercialising partner for the Sputnik V, India is the 60th country to give emergency authorisation to the vaccine. Securing regulatory authorisation in India is also significant because it is the biggest manufacturing hub for the vaccine. While Dr Reddy’s Laboratories is expected to distribute up to 250 million doses of the vaccine in India, RDIF also has manufacturing agreements with Gland Pharma, Hetero Biopharma, Stelis Biopharma, Virchow Biotech and Panacea Biotec to produce more than 850 million doses of Sputnik V in the country for the world. However, production is likely to be delayed as Hetero Biopharma, which was expected to start production at the beginning of 2021 is yet to do so, while Panacea Biotec is likely to start manufacturing only as early as next month. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Premium Premium Virus variants inciting India's 2nd surge, epidemiologists say 2 min read . 15 Apr 2021 The remaining manufacturing partners are likely to start production anytime by September. Dr Reddy's will be importing vaccines initially to meet India's demand. Also prices of the vaccine are being negotiated between the Indian government and companies, with RDIF earlier announcing that Sputnik V will be prices at lower than $10 ( ₹750) per dose. The development comes at a time when some states are facing shortages of Covishield and Covaxin and Covid-19 cases are surging amid a second wave. Both Serum Institute and Bharat Biotech, however, are struggling to expand capacity and have sought government aid for it. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

This bank is offering higher interest on fixed deposit (FD) for getting vaccinated

13 Apr, 2021, 06:54AM | Livemint

In order to encourage people to get Covid-19 jabs, the Central Bank of India has launched a special deposit scheme - Immune India Deposit Scheme - offering an additional interest rate of 25 basis points (bps) above the applicable card rate for those who get vaccinated. Immune India Deposit Scheme has a maturity of 1,111 days, and is for a limited period. Senior citizens are eligible for extra interest as applicable. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Maharashtra CM to hold meeting to review Covid-19 situation in Mumbai 2 min read . 11:26 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST "To encourage Vaccination under COVID 19, Central Bank of India launches Special Deposit Product “Immune India Deposit Scheme" for 1111 days at an attractive extra Interest rate of 25 basis points above the applicable card rate for Citizens who got Vaccinated," the bank said in a tweet. To encourage Vaccination under COVID 19, Central Bank of India launches Special Deposit Product “Immune India Deposit Scheme for 1111 days at an attractive extra Interest rate of 25 basis points above the applicable card rate for Citizens who got Vaccinated.#Unite2FightCorona pic.twitter.com/MKEJaHgMpE— Central Bank of India (@centralbank_in) April 12, 2021 Immune India deposit scheme Period: 1111 days Eligibility: Covid-19 vaccinated only Limited period offer MORE FROM THIS SECTIONSee All Premium Premium PPF account maturity period should be lowered, SBI report suggests 2 min read . 11:26 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST Get 25bps extra on fixed deposit 50 bps extra for senior citizens Also Read | Why Bangladesh is flying high at 50 Central Bank of India latest FD interest rates effective 8 January 2021 On FDs maturing in 7 days to 10 years, Central Bank of India gives interest rtae ranging from 2.75% to 5.1%. These rates are effective from 8 January 2021. 7 -14 days 2.75% 15 - 30 days 2.90% 31 - 45 days 2.90% 46 - 59 days 3.25% 60 - 90 days 3.25% 91 - 179 days 3.90% 180 - 270 days 4.25% 271 - 364 days 4.25% 1 yr to less than 2 yrs 4.90% 2 yr to less than 3 years 5.00% 3 yr to less than 5 years 5.10% 5 years & above up to 10 years 5.10% Covid-19 India tally India reported over 1.61 lakh new COVID-19 cases in the last 24 hours, according to the Union Health Ministry. The total number of cases have gone up to 1,36,89,453. The active number of cases stands at 12,64,698. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Refer to DTAA to avoid paying tax on same income twice

13 Apr, 2021, 05:46AM | Livemint

I have been an Australian citizen for more than 25 years and I also hold an OCI (Overseas Citizen of India) card. I’m considered an Australian resident for income tax purposes in Australia. However, I travel to India regularly to visit family and also carry out charity work in my ancestral village such as renovating the school, hospital, etc. I’m getting close to retirement and will be eligible to draw a tax-free income from my pension fund here in Australia when I retire. When I retire, I also want to spend more time (three to four months a year) in India with my charity work (while continuing to be an Australian resident). I will do this from my personal funds and do not wish to claim any tax deductions. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST However, I have been warned by my friends in India that if I keep visiting the country, I will become an Indian resident (for income tax purposes) and will be liable to pay tax on my Australian income too. Is that correct? I have Indian bank accounts (non-resident ordinary accounts) and small investments in Indian shares and mutual funds. I have a PAN card and file income tax returns and pay income tax in India in the years I am liable to pay tax. It is not every year as my Indian taxable income is generally low. Will I become an Indian resident for tax purposes if I continue to visit India for three to four months a year (or even longer)? I have read the definition of resident and ordinarily resident (ROR), resident but not ordinarily resident and non-resident on various websites and on the face of it, looks like I might become a ROR if I continue my visits. So, I have stopped visiting India temporarily until I get some clarity on my tax status. —Name withheld on request Firstly, note that your residential status has to be determined for each financial year (FY). You can test your residential status in the following manner. You must meet any of the following conditions and both the additional conditions. MORE FROM THIS SECTIONSee All Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Premium Premium FY21 had plenty of lessons for equity MF investors 2 min read . 05:26 AM IST a) You are in India for 182 days or more in the FY; or b) you are in India for 60 days or more in the FY and 365 days or more in the four FYs immediately preceding the relevant FY. In the above condition, the period of 60 days is substituted by 182 days for a citizen of India or a person of Indian origin who lives outside India and comes to visit India in the said FY. The same applies for a citizen of India who leaves India in the said FY for the purpose of employment outside India or as a member of a crew of an Indian ship. Additional conditions: You are a resident in India in two of the 10 FYs immediately preceding the relevant FY; and you are in India in the seven years immediately preceding the relevant FY for 729 days or more. If you meet any of the first set of conditions and both the additional conditions, you shall be considered a resident in India. If you meet any of the first conditions but do not meet the additional ones, you shall be considered a resident but not ordinarily resident in India. If you do not meet any of the first conditions, you shall be a non-resident in India. Based on the above, you can determine your residential status. Should you become a resident by virtue of the above, you can avoid paying tax on the same income twice by referring to the Double Tax Avoidance Agreement (DTAA) between the two countries. Archit Gupta is founder and CEO, ClearTax. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics nri-investment-queries

‘Doing nothing worked really well for my equity portfolios’

13 Apr, 2021, 05:21AM | Livemint

In April 2020, when covid hit India and the country went into lockdown, Mint spoke to industry leaders in the financial services space to understand the impact of the pandemic on their personal investment portfolios. With the passage of a year, we are going back to our respondents to see how things have panned out—and whether there are any lessons for investors. In the second part of the series, we talk to Aashish Sommaiyaa, chief executive officer, White Oak Capital Management. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Wipro shares: Some analysts see potential upside in stock price 1 min read . 08:54 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Sommaiyaa was previously the CEO of Motilal Oswal Asset Management Company, which he left in July 2020. View Full ImageParas Jain/Mint Share Via In an interaction in April 2020, Sommaiyaa had said that he was 97% invested in equities. This proportion has now come down to 50%, with the balance going into real estate. “I have been incrementally investing in commercial real estate. The early signs are encouraging; it’s a good play on yield as well as potential growth," he said. “No one should have the kind of portfolio I have as I said last year. I acted on my own advice and bought yielding assets—commercial real estate." His equity portfolio delivered a 60-70% return in the past year, roughly in line with the market; his realty investments yielded a 10% return. MORE FROM THIS SECTIONSee All Premium Premium PPF account maturity period should be lowered, SBI report suggests 2 min read . 11:26 AM IST Premium Premium SBI zero balance savings account: Interest rate, free transactions and other details 1 min read . 10:24 AM IST Premium Premium Quality investing offers the best pathway for long-term wealth creation 3 min read . 08:19 AM IST Premium Premium ‘My emergency corpus can cover expenses for 5 years’ 1 min read . 05:26 AM IST Despite his long experience with financial markets (including seven years at Motilal Oswal MF), Sommaiyaa steered clear of market timing and booking profits. Nor was he fazed by the market correction, which lowered his portfolio value by 25% last April. “In March and April 2020, the biggest learning was why not bet on macros and why not take cash calls? If you had perfect knowledge of covid and you took cash on the way down, you would have been left high and dry with your call in the next month or two. A lot of people I have met say that ‘if’ I had removed in February and ‘if’ I had re-entered in April, I’d have done well. I’d just say that when there are two ‘ifs’, the probability of successful execution goes down to 25%. Best not to entertain such ‘ifs’ in hindsight," he said. He also plans to invest in international stocks to capture growth opportunities not available in India. Gold, however, is a no-no. “It’s an asset where I can decide to invest only on the basis of some relative macro trends, which I don’t think I am good at," he said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Sputnik vaccine gets emergency approval

13 Apr, 2021, 12:10AM | Livemint

India on Monday authorized the emergency use of Russia’s Sputnik V vaccine, adding a third shot to its arsenal amid an acute shortage of vaccines in some parts of the country and a record surge in covid cases. The subject expert committee’s (SEC’s) go-ahead to the Sputnik shot—a formal approval will follow from Drugs Controller General of India (DCGI) V.G. Somani—comes at a critical moment and gives authorities more ammunition to stem the second wave of the pandemic, the ferocity of which has taken experts by surprise. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST To make matters worse, a shortage of vaccines may soon slow down the pace of vaccination. View Full ImageThe big picture Share Via “The SEC recommended EUA (emergency use authorization) for Sputnik V. Now the DCGI will take a look at Dr Reddy’s application, and once he gives the EUA, it will be final," a person aware of the development said, requesting anonymity. The Russian Direct Investment Fund (RDIF), the global commercialization partner for the vaccine, confirmed in a statement that it was awaiting formal communication for the recommendation. The SEC’s recommendation of the Sputnik vaccine is based on phase 2 and 3 bridging study of 1,600 participants by Dr Reddy’s Laboratories in India. The study was aimed at establishing the safety of the vaccine in the Indian population, as it did in a Russian trial. MORE FROM THIS SECTIONSee All Premium Premium Risk of rare blood clots higher after Covid infection than after vaccination: Study 5 min read . 10:15 AM IST Premium Premium 10 reasons why the coronavirus is airborne: Study 3 min read . 09:58 AM IST Premium Premium Gaganyaan mission: India, France sign agreement for cooperation 2 min read . 15 Apr 2021 Premium Premium Virus variants inciting India's 2nd surge, epidemiologists say 2 min read . 15 Apr 2021 While Somani’s authorization will mean that India could soon have its third covid-19 vaccine, supply is likely to be tight in the short term as Dr Reddy’s Laboratories, the only company licensed to sell the vaccine in India, is likely to initially import it from Russia despite manufacturing tie-ups with five Indian contract manufacturers. While the five vaccine manufacturers that have signed pacts with RDIF—Hetero Biopharma, Gland Pharma, Virchow Biotech, Stelis Biopharma and Panacea Biotec—plan to produce around 850 million doses per year, production isn’t likely to start soon. Hetero Biopharma, which signed a manufacturing pact with RDIF in November, is running behind schedule, a second person said, adding that the company has not started production. In November, when the manufacturing agreement for 100 million doses was announced, the two parties said that they planned to start the production of Sputnik V in early 2021. Emailed queries sent to spokespeople for Hetero and RDIF on the production schedule were unanswered at the time of publishing. Gland Pharma, Virchow Biotech and Stelis Biopharma, which signed the pacts last month, have all given a timeline between April and September for starting production of the two-dose vaccine. Panacea Biotec, the only experienced Indian vaccine maker that has a pact with RDIF, may start production as early as next month, the second person said. The company’s managing director, Rajesh Jain, declined to comment on the matter. “There are complications with manufacturing Sputnik V vaccine. The vaccine involves giving two doses with separate viral vectors at an interval of three weeks. This means that manufacturers require two separate lines to manufacture the doses," the second person said. Despite the current manufacturing bottlenecks, the vaccine could be key in India’s fight against the covid-19 pandemic as it has the highest efficacy among those that are available. A Lancet study published in February showed that the vaccine had a 91.6% efficacy. The vaccine comes in two forms, a liquid that needs to be stored at -18 degrees Celsius and a Lyophilized, or freeze dried, version that can be stored at 2-8 degrees Celsius. It is not yet clear which of the two variants will be available in India. Discussions over the pricing of the vaccine are going on between the Indian government and Dr Reddy’s Laboratories. RDIF has said it will price the vaccine at less than $10 ( ₹750) per dose for the Indian market. Serum Institute of India’s Covishield and Bharat Biotech International’s Covaxin are currently being used in India’s inoculation drive. Another company that could soon release its phase 3 efficacy data is Zydus Cadila for its ZyCoV-D, following which it will seek an emergency use licence. Biological E and Gennova Biopharmaceuticals are currently conducting phase 1 and 2 trials of their vaccines, while Serum Institute of India has started its phase 2 and 3 bridging study for Covovax, a version of the protein subunit vaccine developed by US-based Novovax. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news. Topics Coronavirus Vaccine Tracker

Sputnik’s lift-off

12 Apr, 2021, 11:48PM | Livemint

Russia’s Sputnik-V viral-vector covid vaccine may not be a trail-blazer, unlike the eponymous rockets that spearheaded its space programme in the 1950s and held much of the world in awe, but in these utilitarian times, all we need are immunity jabs that work. On Monday, this Russian vaccine got a key stamp of regulatory approval for emergency use in India. With this, we can hope to see it join Covishield and Covaxin in our arsenal against the covid pandemic. If all goes well, Hetero Biopharma and other local contract manufacturers should be able to churn out large volumes of it. The sooner we enlarge our vaccination programme, the better. India’s second wave of covid infections is proving worse than the first, and manufacturers of Covishield and Covaxin are struggling to make enough to meet our requirements. So short of jab supplies have we found ourselves that exports have had to be held back, hurting our reputation as the world’s supplier of vaccines. Of course, we do have a big health crisis at home. To speed up inoculations now, we should allow other jabs in, too, perhaps even open a market up for them. With regulators keeping watch, we needn’t fear price-gouging. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Covid-19 update: Delhi surpasses Mumbai to become worst-hit city in India 1 min read . 08:44 AM IST Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Microsoft to buy Nuance Communications for $16 billion

12 Apr, 2021, 11:47PM | Livemint

Microsoft Corp. has agreed to acquire speech-recognition firm Nuance Communications Inc. for $16 billion, pushing further into health technology and adding to a series of deals that have widened the range of software tools it offers customers. The all-cash deal pays $56 per Nuance share, a 23% premium over Friday’s closing price. The companies put its value including debt at $19.7 billion. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The acquisition is Microsoft’s second largest under Chief Executive Satya Nadella. The company spent about $26 billion for professional network LinkedIn Corp. in 2016. Nuance, based in Burlington, Mass., was a pioneer in speech recognition and artificial intelligence technology. Its software formed the basis of Apple Inc.’s Siri voice assistant before an in-house version was introduced. Nuance was exploring a possible sale as far back as 2014, when Samsung Electronics Co. and private-equity firms were seen as the most likely buyers. Voice assistants have taken hold as consumers have embraced smart devices around their home. Amazon.com Inc. helped popularize its Alexa voice assistant through its Echo smart speaker, and Alphabet Inc.’s Google offered equipment with its version of a virtual helper, called Google Assistant. Microsoft has been investing in speech systems for years, though with less success. Last year, the company said it would shift its consumer voice assistant offering, called Cortana, away from trying to compete with Amazon and Google in the consumer market to focus more on supporting the company’s business-focused software tools. Mr. Nadella said the deal reflects a growing demand for tech applications in healthcare, in particular the use of artificial intelligence “This is projected to be one of the fastest-growing infrastructure software revenue streams in history," Mr. Nadella said about Nuance’s expertise in clinical documentation. Nuance has spent years building up its language-processing engine to understand medical terminology, said Gregg Pessin, a senior research director at Gartner Inc. MORE FROM THIS SECTIONSee All Premium Premium Dell plans spinoff of $52 billion stake in VMware 3 min read . 15 Apr 2021 Premium Premium Facebook, Apple announce fresh green energy deals 1 min read . 15 Apr 2021 Premium Premium Apple announces $200 million Restore Fund to invest in forestry projects 1 min read . 15 Apr 2021 Premium Premium NIXI announces 3 new initiatives to make India’s Internet future ready 2 min read . 15 Apr 2021 Mr. Nadella has a record of deal making at Microsoft since taking the helm in 2014. He moved to acquire the owner of the Minecraft videogame Mojang AB within months of becoming chief executive. He followed the LinkedIn acquisition in 2016 with the purchase of code-collaboration site GitHub for $7.5 billion two years later. Last year, he attempted to acquire parts of popular short-video app TikTok, before talks fell apart. Soon after, Microsoft struck a $7.5 billion deal for videogame maker ZeniMax, the maker of the popular Doom franchise. The company this year has held talks to acquire messaging platform Discord Inc., The Wall Street Journal reported last month. “Over the past seven years, we’ve taken a consistent approach to mergers and acquisitions of all sizes," Microsoft finance chief Amy Hood said Monday on a call presenting the Nuance deal. Nuance has customers in healthcare, finance and other industries, sectors where many companies use Microsoft products. The two companies in 2019 said they would partner around the use of artificial-intelligent assistants for doctor visits. The healthcare product would be built on top of Microsoft’s Azure cloud service, they said at the time. During the pandemic, as demand for remote healthcare surged, the two companies deepened their ties through the integration of Nuance technology into Microsoft’s Teams workplace-collaboration software suite, Nuance Chief Executive Mark Benjamin said during the investor call. He said Microsoft’s cloud technology will facilitate reaching healthcare customers. The companies said they expect to the deal to win approval from Nuance shareholders and regulators before year-end. Microsoft has struck other deals around artificial-intelligence assistants in recent years. In 2018, it acquired Semantic Machines, a startup building conversational AI products. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Microsoft’s $20 billion AI deal will shake up how we work

12 Apr, 2021, 10:34PM | Livemint

Imagine the workplace of the future, where computers powered by artificial intelligence take care of the most tedious administrative tasks, making employees happier and more productive. Microsoft Corp. wants to be at the forefront of that future — and its deal for voice-recognition and AI specialist Nuance Communications Inc. shows it’s willing to spend a lot of money to do it. Microsoft said on Monday that had agreed to buy Nuance Communications Inc. for about $56 a share, or almost $20 billion including debt. At first glance, it may seem like a strange candidate for what would become Microsoft’s second-largest acquisition after its $26 billion deal for LinkedIn Corp. For much of the last decade, Nuance’s sales have stagnated as the early pioneer of speech-recognition products wasn’t able to innovate fast enough. But that has changed. Given the impressive technology and potential inside its latest AI solution for health care, a purchase of Nuance makes sense. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST The game-changing product is the Nuance Dragon Ambient eXperience, or DAX, which was released in February 2020. While prior offerings forced doctors to use devices to transcribe notes and then spend hours at the end of the day to file paperwork, DAX takes the administrative burden off their plate. During each visit, the system records voice conversations between doctors and patients, then leverages AI to find the proper context for the discussions and automatically creates detailed clinical documentation for review. All the doctor has to do is sign off. At least for physicians, it seems as if the AI-powered panacea is now here. Hospitals love it. They get happier doctors, who can see more patients, and there’s a reduced risk of clinical mistakes. Citing a survey, Nuance notes the percentage of doctors feeling burnout and fatigue dropped to 17% from 72% with the use of DAX. Physicians say it also enables higher quality care because they can focus on treating patients instead of doing data entry. The excitement has reached investors. During Nuance’s most recent earnings call, nearly every question from Wall Street touched upon DAX’s prospects. While the use of DAX is still in the early stages, the financial future looks bright. Earlier this year, Nuance said revenue from DAX could rise to as much as $250 million by 2023 from an estimated $15 million or so this year, and it was seeing rising interest from current and new customers. A Microsoft-Nuance combination increases the opportunity for growth, with Microsoft’s heft allowing for a larger rollout. There are other synergies. DAX, which already uses Microsoft’s cloud-computing service Azure and benefits from its AI technologies under a strategic partnership signed in 2019, can be further integrated into the technology giant's services to create an even more powerful offering. Most critically, Microsoft will learn all the intimate details on how to best develop advanced AI solutions for the workplace that it can apply to other industries. On one front, however, Microsoft should tread carefully. No other technology company has been as active shopping for large companies. In late March, Bloomberg reported Microsoft was in talks to buy gaming chat community Discord Inc. for more than $10 billion. This, after the company completed its $7.5 billion acquisition of video-game publisher ZeniMax and reportedly considered Pinterest Inc. in recent months. And of course, Microsoft made an attempt to buy the U.S. operations of TikTok last year. Too many big deals may draw the attention of regulators, who may eventually wonder if the same antitrust scrutiny now given to giants such as Facebook Inc. and Alphabet Inc. should pertain to Microsoft as well. In the meantime, if Microsoft can get a Nuance deal done without causing too much trouble for itself, it will add the essential expertise it needs to lead the next big disruptive wave of innovation. It’s a worthy pursuit. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Metal packaging industry may face an acute shortage of raw material: MCMA

12 Apr, 2021, 10:19PM | Economic Times

The metal packaging industry in India is facing hurdles in securing its raw material, tinplate and tin-free steel due to the imposition of BIS Standards at a time when countries are witnessing travel restrictions due to the viral pandemic. “There is going to be an acute shortage of raw material as the global players have refused to accept their orders to provide tinplate/tin-free steel while the domestic market is not so equipped to fulfil the demand,” said the Metal Containers Manufacturers Association of India (MCMA) in a statement on Monday. The industry which is largely dependent upon the import of tinplate/ tin-free steel from various countries is under tremendous pressure as there is a shortage of raw material and the prices have escalated by more than 15% in the last six months. The Ministry of Steel issued the steel and steel products quality control order (QCO) on the 17th of July 2020. This order mandates BIS Certification on the major input required by the industry like tinplate and tin-free steel. It imposes restrictions on steel products like easy-open ends, peel off ends, which the industry imports from several foreign countries. The MCMA in its statement said that the QCO has been notified at a time when the industry is already reeling under the pressure and trying to reset the business during the pandemic. “The industry feels that it is difficult to force the international suppliers to go for BIS certifications as the procedure of BIS registration is unmanageable during these times,” it said. The tin containers and closures are mostly used for packing edible and non-edible items. The tin-free steel is majorly used to manufacture closures, crowns, and components used to seal bottles for soft drinks, beer, juices and flavoured milk. The Metal Container Manufacturers’ Association (MCMA) is requesting the government to put on hold the implementation of the Steel and Steel Products Quality Control Order dated 17th July 2020. “We want the Ministry of Steel to postpone the implementation of the QCO till sufficient quantity of tinplate/ tin-free steel is produced locally to meet the industries demand of 700,000 tonnes per annum,” the statement said. The industry is already reeling under the pressure due to the pandemic enforced lockdown across the country and further virus threat looming large at several countries including India, the statement added. MCMA has also requested the Ministry to allow the use of materials that are aligned to ISO. The same has been included in the FSSAI order and also recommended by the Ministry of micro, small & medium enterprises ( MSME). As per MCMA, similar kinds of Quality Control orders had been issued by the ministry in the year 2008,2015 and 2017 but keeping in mind the demand-supply gap, practical difficulties in implementation and requirement of the MSME sector particularly in the metal packaging it has been revoked. “The situation has not changed since then. There is still a demand-supply gap of 250000 tonnes per annum and the industry mainly continues to be in the MSME sector, therefore, MCMA once again suggested that the QCO dated 17th July 2020 on tinplate/tin-free steel and the products should be withdrawn completely,” the association has said adding that the order will seriously affect the trade and industry engaged in the metal packaging sector and will result in loss of employment and non-availability of metal packaging to essential sectors like food and pharma.

Metal packaging industry may face an acute shortage of raw material: MCMA

12 Apr, 2021, 10:19PM | Economic Times

Production-linked incentives: A well-designed scheme

12 Apr, 2021, 10:06PM | Livemint

One little-noticed scheme is bringing large manufacturing capacity to India. Lost in the news shuffle caused by the pandemic, the government’s production-linked incentive scheme (PLI), instituted in April 2020 for large-scale electronics manufacturing in India, has gained significant traction over the past year. It offers a simple and direct incentive based on incremental sales, designed to boost domestic manufacturing and attract large investments in mobile phone and specified electronic component manufacturing units. In November 2020, the PLI scheme was extended to ten more sectors, including food processing, battery storage, automobile components and specialty steel. The PLI scheme is designed with four objectives: 1) Target specific product areas; 2) Introduce non-tariff measures in order to compete more effectively with cheap imports; 3) Blend domestic and export sales to make manufacturing competitive and sustainable; and 4) Promote manufacturing at home while encouraging investment from within and outside India. The reason it has caught on is that the application process is not complicated, and the incentive offered is very simple and tied to conditions that are specific and easy to calculate. The incentive is 4-6% of incremental sales with a defined base year. TRENDING STORIESSee All Premium Why Sensex fell by more than 1,700 points today 2 min read . 05:43 PM IST Premium Banks to remain closed for 4 days from tomorrow in these cities. Details here 1 min read . 12:09 PM IST Premium Maharashtra postpones class 10, 12 state board exams amid Covid. Know tentative schedule 2 min read . 03:33 PM IST Premium Mahindra Thar 2020: Company to enhance production capacity to reduce waiting period 1 min read . 05:17 PM IST Incentives for electronics have been availed by several firms, including Samsung, Foxconn, Hon Hai, Rising Star, Wistron and Pegatron. Of these, Foxconn, Hon Hai, Wistron and Pegatron are contract manufacturers for Apple iPhones. Among Indian mobile phone companies, Lava, Micromax, Padget and Optiemus have been approved as beneficiaries. In the pharma sector, 130 companies have submitted expressions of interest, particularly as the incentives relate to active pharmaceutical ingredients (APIs) and medical devices. In the electronic components sector, companies like Ascent Circuits, Visicon, Neolync and Vitesco have applied. If all these companies deliver on their projections, the incentive payments would total about ₹2 trillion. The biggest chunk of that is for automobile and auto component companies ( ₹57,000 crore), electronics and components ( ₹51,000 crore) and pharmaceuticals and APIs ( ₹15,000 crore). Of the companies that have been in the programme the longest, only Samsung has been able to meet its investment and production criteria. Other companies are now petitioning the government to move the benchmark year forward by declaring the pandemic as a ‘force majeure’ event. Globally, the incentivization of manufacturing mostly takes a handful of different forms: 1) Special Economic Zones: by creating special jurisdictions, tailored logistics and specific incentives, many countries have boosted manufacturing, most notably China in its Pearl River Delta; 2) Tax-based and credit-based approaches: Many countries, particularly those with federal structures, offer credit and/or tax incentives in their provinces to attract investment and employment; and 3) Productivity and research and development-based approaches: Countries have chosen to incentivize technology clusters (advanced batteries in China, for instance, and nano-technology in the US) and research in specific areas like plant biology or the human genome. India’s PLI scheme resembles the ‘piece rate’ method, which has actually been in decline worldwide. In this concept, which dates back to an era when it was common for producers to make only one product off an assembly line, teams and companies were incentivized to raise output. As manufacturing grew more complex, incentives grew in complexity as well, and generally today focus on productivity and quality rather than quantity. India’s quantity-based PLI scheme appears to be one-of-a-kind. Its elegance is that it has been fully thought through, and is extremely simple in its incentive construct. Think of it as a ‘subsidy’ for sales; i.e., a straight boost to the top-line. Tax incentives matter only when companies become profitable. Credit incentives often turn into non-performing assets. Revenue incentives kick in immediately and encourage companies to get off the investment fence. If companies invest, then employment and development in that region follow, and with incentive payments, a virtuous cycle sets in. The scheme has been carefully constructed to adhere to World Trade Organization (WTO) rules. By its very construct, the PLI scheme does not link the eligibility or quantum of its subsidy to exports and local value addition, thus making it WTO-compliant. Its details (for instance, offering the subsidy to phones with price tags of over ₹15,000) influence companies to commit themselves to exports and local value-addition targets, but indirectly. After a string of botched implementations (demonetization, goods and services tax), the government has got a major scheme right. It should go all out to enable all companies to meet their targets. Given the way the scheme is structured, the selected companies are large and fully capable of taking care of their own needs. The government can ease their way by further improving logistics, ensuring water and electricity, and generally enabling companies to produce and get their products to market. This will not only work in favour of employment and production, but also kick-start private investments that have remained anaemic for over four years now. P.S: “Nature is pleased with simplicity. and nature is no dummy," said Isaac Newton. MORE FROM THIS SECTIONSee All Premium Premium Envy of Elon Musk is growing in the country of Yuri Gagarin 3 min read . 10:02 PM IST Premium Premium Empower street vendors to get India’s urban economy moving 4 min read . 09:56 PM IST Premium Premium RBI is in uncharted territory with quantitative easing 4 min read . 09:51 PM IST Premium Premium Let us not succumb to a second wave of covid scare-mongering 4 min read . 09:47 PM IST Narayan Ramachandran is chairman, InKlude Labs. Read Narayan’s Mint columns at www.livemint.com/avisiblehand Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. 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Envy of Elon Musk is growing in the country of Yuri Gagarin

12 Apr, 2021, 10:02PM | Livemint

The past should be remembered. You can, and should, be proud of it," cosmonaut Fyodor Yurchikhin told an interviewer last year. “But you cannot live on it." Russia’s once-pioneering space industry should take note. Sixty years ago this month, with a rallying cry of “Poekhali!" (roughly, “Let’s go!") and a 108-minute flight, Yuri Gagarin became the first human in orbit, providing a grinning snap for newspapers and an unparalleled public relations win for the Soviet Union. Space lore remains powerful and Gagarin a national hero. Most Russians still believe their country is a leader at the final frontier. Moscow even christened its first approved covid vaccine after Sputnik, the satellite whose launch in 1957 terrified the West. And while President Vladimir Putin is not an interplanetary travel enthusiast, he is keenly aware of the military and geopolitical implications of a space programme. But Russia is not the force it was. It has been hurt by Western sanctions. Worse, a combination of bureaucracy, military secrecy and a state-dominated economy have failed to foster private space enterprises of the kind driving innovation in the US. In the East, Beijing, which launched its first satellite in 1970, is making an audacious bid to orbit, land and release a rover on Mars, in time for its Communist Party’s 100th anniversary. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST Russia is still a heavyweight. For much of the past decade, US astronauts have relied on Russian Soyuz craft to get to the International Space Station (ISS). But that is coming to an end. A new generation of rockets and craft has seen endless delays. There’s been too little creativity, too much wasteful spending, and some big malfunctions. The 2011 Phobos-Grunt mission meant to mark Russia’s return to interplanetary exploration never made it. That same year, NASA launched its Mars Curiosity Rover. The boss of state space agency Roscosmos, Dmitry Rogozin, has responded to private success abroad by denigrating efforts like those of Elon Musk’s Space Exploration Technologies Corp. In 2014, he tweeted that the US might need a trampoline to get its astronauts to the ISS after Washington placed sanctions on Russian officials, including him (he was deputy prime minister then). Rogozin has since accused Musk of predatory pricing. Money is part of the issue for Russia. Federal spending has increased in rubles, but fallen in dollar terms. Independent analyst Pavel Luzin put 2020 spending on its space programme, launch sites and Glonass satellite navigation system at a combined $2.4 billion, less than half the dollar level in 2013. US purchases of RD-180 rocket engines, a helpful source of cash, have dried up. Vital support had also come from US payments for Soyuz trips to the ISS, so it was a wake-up call when Musk’s venture SpaceX sent astronauts into orbit last year. “The trampoline worked," Musk quipped. Roscosmos has sought to make changes, but its centrepiece initiatives haven’t gone to plan. The Vostochny launch site in the Far East is intended to secure Russia’s autonomy and reduce dependence on Baikonur in Kazakhstan. But specialists say the difficult Siberian terrain and ocean conditions could make emergency landings dangerous. It has garnered unwanted attention—and Putin’s ire—for delays, cost overruns and corruption allegations. Russia’s Angara family of rockets, which has been in the works for a quarter century, is looking cripplingly expensive. A new manned craft has sputtered. Without it, Russia will have trouble reaching the moon. Against that track record, plans to produce a reusable cargo craft to be launched swiftly at cut price rates look unlikely. MORE FROM THIS SECTIONSee All Premium Premium Soaring wholesale inflation tells us there’s no free lunch 3 min read . 10:09 AM IST Premium Premium The WPI scare 1 min read . 15 Apr 2021 Premium Premium Oh how the curve has steepened! 6 min read . 15 Apr 2021 Premium Premium India’s wave of sports is one that’s not going to flatten 4 min read . 15 Apr 2021 Moscow insists on centralized control and secrecy, failing to grasp the importance of a thriving commercial sector that could incubate Russia’s own SpaceX. It has left private companies trapped in what insiders describe as a regulatory and bureaucratic no-man’s-land, something officials are only beginning to tackle. Even tentative venture capital efforts and a high-profile attempt to incubate space startups in a Silicon Valley-style cluster had few successes and more notable failures. With the future of US-Russian cooperation in space unclear, there has been a push toward links with China, with plans for a joint lunar research station. But China has its own ambitions, plus a drive for self-reliance. In Liftoff, his account of SpaceX’s early days, space journalist Eric Berger cites a scientist studying the company’s feverish efforts and its ability to attract bright young engineers: “In the long run, talent wins over experience and an entrepreneurial culture over heritage." Without reforming the political and economic structures that hold Russia back, that’s bad news for Yuri Gagarin’s country. Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Empower street vendors to get India’s urban economy moving

12 Apr, 2021, 09:56PM | Livemint

In 1958, Mao Zedong argued that sparrows consume a lot of grains and ordered their extermination to make more grains available for the Chinese people. With sparrows exterminated, swarms of locusts infested Chinese fields, leading to the starvation death of 30–45 million Chinese citizens. Sparrows are to agricultural produce what street vendors are to urban economies. Most urban planners see street vendors as a nuisance, and they adopt a ‘tolerate, regulate and evict’ approach in dealing with them. Trying to eliminate street vendors, however, is a ‘Maopic’ approach to urban policymaking. The urban sociological landscape comprises people across the economic spectrum. Mumbai, for example, is home to both Dharavi and Antilia. Between these two extremes lie the middle and lower-middle classes, who are engaged in the bulk of economic activities that drive cities. Given the low hourly wages and budget constraints of those belonging to these strata, and the labour supply and wage curves being backward-bending, members of these strata seek to make the rational choice of reducing their non-work hours to the extent possible so as to increase their work hours. By making goods and services available at doorsteps, or at places that are conveniently accessible, street vendors not only reduce the transaction costs of everyday purchases, but also play a significant role in increasing the labour hours of these strata. Therefore, street vendors have a major role in reducing the cost of living in urban cities. The street-vending economy also ensures equitable distribution of economic gains across its production and distribution value chains. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST With urban planners focusing on building cityscapes that are attractive for investments, street vendors experience systemic and institutionalized contempt. This contempt is powered by a social group that does not directly depend on street vendors, but on an economic group of professionals such as drivers, maids and cooks, who in turn rely heavily on street vendors. But this dependent economic group does not have a voice that counts. The pandemic exacerbated the condition of street vendors, most of whom had to exhaust their savings to survive, with many forced to enter a steep debt cycle. The PM SVANidhi scheme of the Union government, under which street vendors are provided a micro-credit facility, is designed to enable them to jump-start their commercial activity. So far, 2 million vendors have availed of this credit facility, with 40% of the beneficiaries being women. But traditionally, street vendors have remained a neglected lot, and have been subject to harassment by police and local governments. India’s first legal recognition of street vending as a profession was accorded under the Street Vendors Act, 2014. However, ground level implementation of this law has remained patchy. As a result, there is very little institutionalized support that street vendors could get, resulting in a market failure that needed to be addressed through government intervention. Through a credit guarantee measure linked to the PM SVANidhi scheme, the government is covering the risk of loan defaults faced by lending institutions. This has resulted in banks coming forward to lend money to street vendors, who’ve traditionally borrowed from the unorganized sector at exorbitant rates of interest. But addressing that market failure on credit availability is just the first step in empowering India’s urban street vendors. The idea of street vending extends beyond its traditional definition, however. Seen from a wider perspective, it opens up new vistas of economic activity; it’s a form of micro-entrepreneurship that can address the unemployment challenge confronting India. Therefore, their role, needs and strengths must be factored into every aspect of urban development planning. The biggest thrust in favour of street vendors, though, would come not from the government, but from strong and conscious public patronage. In the 1970s, food trucks in the US, largely run by poor Americans, started receiving strong public patronage. As a result, these trucks managed to compete well with regular dine-in restaurants and created a niche for themselves. Today, food trucks dominate the US below-$10 breakfast and lunch market segment. According to the US government census, sales from food trucks increased 79% between 2012 and 2017. In 2018, mobile food service businesses reported an average annual payroll of $20,872 per employee, compared to $19,777 for all legal forms of organization. None of this would have been possible without the kind of patronage that pushes truck owners to innovate constantly and offer better value to their customers. Indian street vendors also need robust public patronage for them to achieve their full potential. Such patronage would build a strong business case for their growth and help eliminate the market failures that mark the country’s street-vending landscape. In order to tighten its control of China’s urban life, the Chinese Communist Party had been clamping down on street vendors. But the covid outbreak and subsequent unemployment levels caused a policy reversal in China, with Premier Li Keqiang leading from the front. This policy shift is backed by a successful experiment in Chengdu, where pro-street vendor policies created 100,000 jobs and increased interest in micro-entrepreneurship. It is estimated that 50 million jobs could be created by the promotion of China’s street vending economy. Likewise, with the right government policies and public patronage, Indian street vendors can become key enablers of economic growth and employment across urban landscapes. Prasanna Karthik is a governance strategy and public policy professional. These are the author's personal view. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. 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RBI is in uncharted territory with quantitative easing

12 Apr, 2021, 09:51PM | Livemint

Without saying so, the Reserve Bank of India (RBI) has embarked on quantitative easing (QE). It has given it a fancy new name: Government Securities Acquisition Programme (GSAP), which has a promise of becoming meme-worthy if pronounced as G-zap. What exactly is RBI hoping to zap or obliterate? Well, it wants you to perish the thought of the yield on government securities going above, say, 6.25%. It wants to put a ceiling on market participants’ expectations. This might be harder than imagined. You can’t put a bound on thinkable thought, nor can you tame market sentiment, even if you are RBI. It’s like the case of a class teacher telling students, “Don’t think of a pink elephant." Bond market players will be determined to test this ceiling, and RBI will need to keep coming back to zap their greedy intentions. For now, RBI says that the GSAP promise is to buy ₹1 trillion worth of government securities in the secondary market in the first quarter of this fiscal year. But the market has already read that as a guaranteed purchase of ₹4 trillion in four quarters. So that would mean funding one third of the annual budget deficit of ₹12 trillion via GSAP. Even though this is not outright monetization of the deficit, it amounts to that. The GSAP is also intended to reduce the gap in yields that have arisen between short- and long-tenor securities, also known as the term premium. In guaranteeing to be the purchaser of last resort of government bonds, RBI has crossed a mental ‘Lakshman Rekha’, a line that was thought uncrossable in normal times. But these are anything but normal times. The deficit is huge and the second wave of covid threatens to stall an economic recovery. RBI is now merely following a precedent set by the US Federal Reserve, followed by the European Central Bank (ECB) and Bank of Japan. Over the past 12 years, we have seen several versions of QE in the Western world, the result of which has been interest rates close to zero. The Fed and ECB went even further, buying up blue-chip corporate bonds and later junk bonds, exemplified by Mario Draghi’s slogan of “doing whatever it takes" to keep rates low and revive growth. Last year, RBI did quite a few unorthodox things to tackle the impact of the pandemic. It allowed a moratorium on loan repayment. It also announced a massive long-term repo operation, essentially giving away low cost overnight loans for a period of three long years. This was on top of a rate-cutting spree that has been underway for almost three years. Yet, this has not revived credit growth, which, after all, is the main objective of this exercise. Currently, credit growth is barely 6% overall, of which the industrial credit component is much lower. To sustain high gross domestic product (GDP) growth, we need credit growth to be closer to 20% per annum. India’s own experience since the 1990s is that high interest rates have not deterred animal spirits and robust investment growth. Conversely, it is not low rates that spur industries to plan large capital expenditure or expand their factory capacities. Thus, if GSAP aims to keep the cost of capital low for corporates, including the small and medium businesses, anticipating higher credit offtake, that won’t be enough. Worse, some high-rated large companies may simply refinance their loans and pocket handsome gains with no fresh investment in the offing. Spurring new investment needs policy stability, a revival of consumer and business confidence, success with India’s universal vaccination drive, and a reduction in regulatory and tax burdens. What low rates can do is inflate asset markets, especially stocks and housing. That would be another headache as and when it starts threatening financial stability. For now, it seems that the only real beneficiary of GSAP is the central government, which is the biggest borrower in the economy. The impact of a slightly higher cost of borrowing is huge on the exchequer, especially when the government’s debt mountain alone is a whopping ₹100 trillion. Hence, even a 1% increase in the average cost of borrowing this year can increase its interest burden by ₹1 trillion, which is 0.5% of GDP. Not to forget the additional burden of servicing state government debt. TRENDING STORIESSee All Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Former CBI Director Ranjit Sinha dead 1 min read . 09:24 AM IST Was there a different way of lowering the sovereign cost of borrowing? Yes. As this column has suggested more than once, why not opt for a bilateral loan against a share swap between RBI and the Union government, bypassing the bond market altogether? This could be coupled with dribbled sales of the pledged shares of public sector undertakings. Is there a downside to QE’s debut in India? Yes. For one, a central bank cannot control both bond yields and the external value of its currency. The slippage of the rupee after RBI’s announcement is evidence of this maxim. Be prepared for a currency slide. Secondly, this is like entering a ‘chakravyuh’ from which an exit path is unknown. It has implications for financial stability, as it might lead to a stock market and housing bubble. Thirdly, it could also lead to inflation (after all, that’s what too much money in circulation does). It will further erode real returns for bank depositors and other savers. That, in turn, will put pressure on RBI’s Monetary Policy Committee to raise short-term rates. Fourthly, how will a GSAP-imposed ceiling on rates be reconciled with excess demand for loans? Even if deposit growth is an optimistic ₹15 trillion this year, central and state deficit requirements will gobble up all loanable funds. Unless interest rates rise, how can this circle be squared? Ajit Ranade is chief economist at Aditya Birla Group. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

A sharper fiscal target would serve us better

12 Apr, 2021, 09:43PM | Livemint

That our Fiscal Responsibility and Budget Management (FRBM) Act is in need of rework has been rather obvious over the past year. Ever since the law’s enactment in 2003, successive governments have moved one step forth and two steps back on the fiscal deficit goal of 3% of gross domestic product (GDP) specified by it. Till this year’s budget, ‘off-balance sheet’ expenses were the standard workaround. Even so, that target was seldom achieved. In this year’s budget speech, the finance minister said that the Act would be amended. This is a good time, though, for us to review the law. Its premise is fine. A sovereign state does need to be kept from spending too much beyond its means. Else, public debt could spin out of control and the repayment burden could exhaust its resources. In India’s case, the covid crisis has raised our consolidated debt—of both the Centre and states—to almost 90% of GDP, our highest ever. While benign rates of interest allow this to be serviced comfortably, should rates start rising at some point, the pile-up will get difficult to bear. To pre-empt this, we need both the economy to expand robustly and add-on debt to reduce gradually over the years. What the Centre should aim to contain, specifically, is its primary deficit. This refers to the annual gap between its inflows and outflows shorn of interest payments. By conventional wisdom, public debt is sustainable so long as nominal GDP grows at a faster clip than the rate of interest paid on it, as this usually implies state coffers filling up faster than the claims of creditors on it. Rapid growth also spells a decline in debt as a proportion of GDP even if the absolute burden stays constant. Our pace of GDP expansion, however, need not stay above interest rates in perpetuity. Post-pandemic prudence, therefore, would require the Centre to start closing its fiscal gap. But, if the focus of this exercise remains the overall deficit, as has been the case all these years, then we would be vulnerable to the deceptive comfort of relatively light interest expenditure. Globally, the cost of capital is peculiarly low, thanks to ultra-loose monetary and fiscal policies around the world. This covid splurge has been experimental, mostly, which means that interest rates could suddenly turn volatile if and when its adverse effects kick in. So, in order to track our progress on debt sustainability, the number we should watch most closely is the extent to which expenditure exceeds revenues without interest taken into account. With our primary deficit shrinking, we would be better assured of safety. TRENDING STORIESSee All Premium Karnataka CM Yediyurappa calls an emergency meet on Covid-19 situation 1 min read . 08:56 AM IST Premium Stocks to Watch: Wipro, Tata Steel, Vodafone Idea, Mindtree 2 min read . 07:57 AM IST Premium Coronavirus update: Deaths surge over 1100 as India reports over 2.17 lakh cases in a day 1 min read . 10:14 AM IST Premium Gold price scales ₹47,000. More gains seen in the precious metal 1 min read . 07:24 AM IST As of now, the government’s fiscal deficit for 2021-22 is pegged at 6.8% of GDP and its primary deficit at 3.1%. Both are too high. Yet, this does not mean we need deficit-reduction targets specified by our fiscal law. Economic circumstances can change quickly, as we saw last year, and we need policy flexibility to adapt. Every administration, though, must make it a point to achieve the compression needed. While tax increases are one way to do it, asset sales and spending cuts would need to play larger roles. A worst-case scenario would emerge if inflation is allowed to trend higher in an attempt to raise nominal GDP growth and lower the real burden of debt. Such a game of financial repression (via ‘the money illusion’) won’t escape the notice of bond investors, and the cost of money would then be even harder to push down. It’s always best to focus squarely on the basics of economic stability. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Vedanta signs MoU with research institutes to explore ways to utilize Bauxite residue

12 Apr, 2021, 07:15PM | Economic Times

Anil Agarwal-led Vedanta Ltd has signed a memorandum of understanding (MoU) with research institutes in India for exploring ways to create value from bauxite residue for further usage in the company’s downstream segment. “We are focussing on implementing new-age solutions for efficient waste management and creation of circular economy,” said Rahul Sharma, deputy CEO, Aluminium, Vedanta Ltd. In addition to the initiatives already being taken towards ensuring a healthy environment through sustainable ways of working…this MoU, aims to maximize value extraction from bauxite residue for further usage downstream, Sharma added. Vedanta has entered into the partnership with three research institutes namely CSIR-National Metallurgical Laboratory (NML), Jamshedpur , Institute of Minerals and Materials Technology (IMMT), Bhubaneswar , and Jawaharlal Nehru Aluminium Research, Development & Design Centre (JNARDDC), Nagpur . As part of this tie-up, all three research will be working together to develop technologies for bauxite residue utilization, like red mud beneficiation for Rare Earth Element enrichment, recovery of alumina values, recovery of iron values and process for extraction and separation of Titanium and more. “Once established, the processes will be validated through an integrated facility,” the company said in a statement. Bauxite is a significant raw material in making aluminium and the residue, red mud is a by-product generated during processing of bauxite getting converted into alumina using the Bayer process. Bauxite residue has many metal values like Iron, Alumina, Rare Earth Elements (REE) and Titanium Dioxide. Creating indigenous capabilities for extraction of REEs from bauxite residue has been the brainchild of NITI Aayog, given the importance of Scandium for d