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These metal stocks are among top picks by ICICI Securities

13 Sep, 2021, 10:48AM | Livemint

Chinese steel production cuts and a surprising improvement in steel demand helped reduce steel exports on a monthly basis in August, said a report by brokerage firm ICICI Securities. Steel fared better than Aluminium as Aluminium witnessed around 4.5% MoM increase in exports during the month. Though, the demand lead indicators are still weak leaving the steel price resurrection story in H2CY21 dependent on the intensity of production cuts. Chinese steel profitability has declined further on the back of increasing coking coal prices, the report said. MORE FROM THIS SECTIONSee All Premium Premium IT growth pushes share of southern cities in office lea .... Premium Premium Are low free-float stocks good investment bet? Check ou .... Premium Premium Sensex falls 150 points, Nifty below 17,350; HCL Tech & .... Premium Premium Gold price today struggles near 1-month low, silver rat .... Further, Chinese environment ministry has released the draft notice on FY22 heating season iron and steel production restrictions for consultations. Each day the correction in steel prices gets postponed, deleveraging adds to fair value for listed steel equities, as per the note. "We are more constructive on aluminium and maintain Buy on Hindalco. JSPL being a potential debt free entity in FY22E post Jindal Power divestment is our top pick in the ferrous space. We have also initiated on Jindal Stainless with a Buy," ICICI Securities said in a note. The brokerage has a Buy recommendation on Hindalco, JSPL, Jindal Stainless and sell rating on state-owned steel producer SAIL. Domestic (India) retail prices have been under continous pressure in line with demand weakness; yet, unless steel prices fall by 30-40% from here, that too in a limited timeframe, we believe deleveraging will keep accruing higher fair value for the steel stocks, the note added. Stainless steel converter spreads (scrap to steel) looks lot more normalised and ICICI Securities prefers Jindal Stainless over ferrous pack. The Nifty Metal Index has outperformed and surpassed all other sectoral indices, including IT, and logged the maximum gains in the last one year. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. MINT PREMIUM See All Premium Sensex falls 150 points, Nifty below 17,350; HCL Tech & ICICI Bank top losers Premium Bank retail loans exceed lending to industry for first time Premium How cigarette smoke is inspiring covid-19 drug research Premium The big burden of bank loans on small companies Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Stocks to watch: RIL, Zomato, Infosys, Cosmo Films, IB Housing Finance

13 Sep, 2021, 08:55AM | Business Standards

Nifty futures on SGX traded 79 point lower at 17,361 around 8.40 am, indicating a weak start for the benchmark indices on Monday. Here are the top stocks to track in today's session: Reliance Industries: The largest Indian company's telecom arm Jio has delayed the launch of its ultra low-cost smartphone it is developing with Google, to Diwali, possibly due to semiconductor shortages that the industry is facing. Zomato: The online food delivery platform has decided to stop its grocery delivery service from September 17 mainly on account of gaps in order fulfillment leading to poor customer experience, marking its exit from the segment for the second time since last year. Bharti Airtel: International rating agency S&P maintained Bharti Airtel's credit rating of "BBB-", and upgraded outlook to stable from negative, indicating the company's improved financial status and ability to pay back debt. Infosys: IT services major formally launched its 'Equinox' suite of solutions to help enterprises transform their online and in-store functions and deliver personalized omnichannel commerce experiences for B2B and B2C buyers. Vedanta: Billionaire Anil Agarwal's flagship company is seeking a premium of at least $1 over the government-mandated price for the natural gas it plans to produce from its Assam block. Punjab National Bank: The state owned lender said its board has approved raising up to Rs 6,000 crore by issuing bonds. The decision was taken at the meeting of the board of directors. Indiabulls Housing Finance: The NFBC has received the CCI approval to divest its mutual fund business to Groww for Rs 175 crore. Divestment of the mutual fund business is aimed at focussing on its retail estate asset management business, as it is not the core focus area of the company. LIC Housing Finance: The NBFC said it has allotted over 4.5 crore preference shares to promoter LIC for over Rs 2,335.5 crore. The company has allotted 4,54,00,000 equity shares on a preferential basis to Life Insurance Corporation of India (LIC), the housing finance firm said. Shakti Pumps: The pump manufacturer said it has installed and commissioned the northeastern region's first high-altitude solar pump project in Mizoram. Cosmo Films: The packaging solution provider said it has made a foray into the pet care business with the launch of its platform ZIGLY. ZIGLY is the country's first tech-enabled integrated pet care platform with an experience centre in New Delhi, Cosmo films said. Arvind SmartSpaces: The realty firm has raised around Rs 85 crore equity capital from HDFC Capital's real estate fund and its promoters by issuing preferential shares. Srei Infrastructure Finance: The Kolkata based NBFC is focusing on deleveraging its balance sheet and reducing stress on its books through recoveries and sell-down of portfolios, according to its annual report. It is in the midst of raising equity capital from foreign investors. BHEL: The company successfully implemented +800 kV, 6,000 MW Ultra High Voltage Direct Current (UHVDC) link between the western region grid (Raigarh, Chattisgarh) and the southern region grid (Pugalur, Tamil Nadu). JMC Projects (India): CARE has upgraded the rating of long term bank facilities & non-convertible debentures of the company as 'AA-'; Stable from 'A+'; Stable. Further, it has upgraded the rating of short term bank facilities of the company as 'A1+' from 'A1'. Dilip Buildcon: Subsidiary Bangalore Malur Highways has received the financial closure from the National Highways Authority of India. Shyam metalics and Energy: The company entered in to agreement for sale of shares in subsidiary/step down subsidiary and associate company with Dorite Tracon Pvt Ltd and Shyam Sel & Power Ltd. JSW Steel: Moody's Investors Service changed the outlook on JSW Steel to positive from stable. The ratings agency also affirmed the company’s Ba2 Corporate Family Rating and its Ba2 Senior Unsecured Debt Rating. Further, it has assigned Ba2 rating to the company’s proposed U.S. dollar senior unsecured notes. Similarly, Fitch Ratings has assigned ratings of BB- and Recovery Ratings of RR4 to the proposed notes. Prakash Industries: The company has been declared as successful bidder in respect of Bhaskarpara Coal Mine in the 12th tranche of auction of coal mines.

Stocks to Watch: Arvind Smartspaces, Dilip Buildcon, CIL, Vedanta, JSW Steel

13 Sep, 2021, 08:26AM | Livemint

NEW DELHI: Here are top 10 stocks that may be in the news today. Arvind SmartSpaces: The real estate firm has raised ₹85 crore from HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1). The board of directors of ASL on Friday approved the allotment of 68.5 lakh equity share aggregating to about ₹85 crore to H-CARE 1 and promoters of ASL at the price of ₹124 per share as per SEBI ICDR Regulations 2018. MORE FROM THIS SECTIONSee All Premium Premium These metal stocks are among top picks by ICICI Securities Premium Premium IT growth pushes share of southern cities in office lea .... Premium Premium Are low free-float stocks good investment bet? Check ou .... Premium Premium Sensex falls 150 points, Nifty below 17,350; HCL Tech & .... Automobile stocks: Auto sector wholesale figures declined 11% on annual basis as global semiconductor shortage weighed down production, said the Society of Indian Automobile Manufacturers (SIAM). Total wholesales across categories, excluding commercial vehicles, declined to 15,86,873 units last month, from 17,90,115 units a year ago. Coal India: The mining major might raise prices of the dry fuel by at least 10-11% to mitigate the impact of increased costs and an impending wage revision, sources close to the development said. The Kolkata-headquartered company had last hiked coal prices in 2018. Its current average regulated price realisation is ₹1,394 per tonne. Dilip Buildcon: The company's unit Annur Bikarnakette Highways Pte. Ltd has executed the concession agreement with the National Highways Authority of India of ₹1,137 crore highway project. Indiabulls Housing: Indiabulls Housing Finance (IBHFL) has received the CCI approval to divest its mutual fund business to Groww for ₹175 crore. The company's wholly-owned subsidiaries Indiabulls Asset Management Company Ltd (IMACL) and Indiabulls Trustee Company Ltd (ITCL) had entered into a definitive transaction agreement in May this year with Nextbillion Technology (Groww) for divestment of mutual fund business carried out by these two entities. JSW Steel: Fitch Ratings has assigned ratings of 'BB-' and recovery ratings of 'RR4' to JSW Steel's proposed US dollar senior unsecured notes. Meanwhile, Moody’s Investors Service has reaffirmed the company’s rating at Ba2 with outlook revised to positive. The rating agency has also assigned a Ba2 rating on the proposed notes to be issued by JSW in two tranches. InterGlobe Aviation: Indian airline company IndiGo is aiming to run at full capacity domestically, its chief executive Ronojoy Dutta told Bloomberg in an interview on Friday, adding that the budget carrier's current load factor is around 70% and yields are likely to rise in the coming months. MINT PREMIUM See All Premium Global tax deal will get tech firms to pay up more—but here’s India’s challenge Premium Sensex falls 150 points, Nifty below 17,350; HCL Tech & ICICI Bank top losers Premium Bank retail loans exceed lending to industry for first time Premium How cigarette smoke is inspiring covid-19 drug research Suryoday SFB: Digital lender Clix Capital Services is in advanced merger talks with the small finance bank, according to a news report. Vedanta: The National Company Law Appellate Tribunal (NCLAT) has admitted the petition by former Videocon group chairman and managing director Venugopal Dhoot, challenging the approval to takeover bid by Anil Agarwal's Twin Star Technologies for its 13 group companies. Zomato: The food delivery giant has abandoned plans to diversify into delivering groceries for the second time in two years, citing infrastructure gaps in a highly competitive online grocery market. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Japan's wholesale inflation hovers near 13-yr high as material costs rise

13 Sep, 2021, 07:35AM | Business Standards

By Leika Kihara TOKYO (Reuters) - Japan's wholesale inflation hovered near a 13-year high in August as raw material imports continued to rise on solid global demand, data showed on Monday, putting pressure on companies to pass on higher costs to households. Many analysts, however, expect companies to keep any price hike moderate as state of emergency curbs to combat the coronavirus pandemic weigh on domestic demand. "It's difficult to pass over the (wholesale) price increase to consumer goods given the weak consumption," said Takumi Tsunoda, senior economist at Shinkin Central Bank Research. "The BOJ might be forced to continue its massive easing even when central banks around the world seek normalisation." The corporate goods price index (CGPI), which measures the price companies charge each other for their goods and services, rose 5.5% in August from a year earlier, slightly below a median market forecast for a 5.6% gain, Bank of Japan data showed. It was the sixth straight month of increase and a tad below the 5.6% surge in July, which was the fastest pace of increase since September 2008. The index, at 105.8, marked the highest level since 1982, when Japan's economy was booming from an asset-inflated bubble. While gains in fuel costs moderated, prices rose for chemical, steel and wood products as global demand for such goods remained strong, Shigeru Shimizu, head of the BOJ's price statistics division, told a briefing. "As the global economy continues to recover thanks to progress in vaccinations, domestic wholesale inflation will remain under upward pressure, though there's uncertainty over the outlook due to a resurgence in infections," he said. Underscoring the huge cost pressure companies were facing, the yen-based import prices rose a record 29.2% in August from a year earlier, the data showed. Japan's economy has emerged from last year's slump thanks to robust exports. But continuing state of emergency curbs have dampened prospects for a solid recovery in the current quarter. Core consumer prices fell 0.2% in July from a year earlier, marking the 12th straight month of declines and staying distant from the BOJ's elusive 2% target. (Reporting by Leika Kihara; Additional reporting by Kantaro Komiya; Editing by Sam Holmes) (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.)

Market LIVE Updates: Sensex down 200 pts, Nift at 17,300; IT, metals gain

13 Sep, 2021, 07:31AM | Livemint

Indian indices shed over 0.40% on Monday. All eyes will be on retail inflation data due later today. RIL was the top drag on key indices as it delayed the launch of its flagship JioPhone Next affordable smartphone developed in partnership with Google. 13 Sep 2021, 11:56:55 AM IST Dr Lal PathLabs sees firm investor confidence driven by growth opportunities Shares of Dr Lal PathLabs Ltd have risen more than 78% year-to-date and now trade near fresh highs. The company, like its peers, benefited from the pandemic and associated surge in testing, coupled with rising non-covid volumes. Market share gains by organised testing laboratories, geographical expansions being undertaken by the company, and digital initiatives, among others, have helped drive growth. (Read more) Share Via 13 Sep 2021, 11:43:59 AM IST DBS partners SWIFT for realtime cross-border payment tracking DBS on Monday said it has launched a realtime online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi). DBS said it is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4,000 corporate and small business clients in India, with numbers expected to grow further. Corporates, it said, can gain visibility over incoming payments now, helping with working capital management by planning back-to-back payments, thereby improving receivables forecasting and overall cash position. It also helps improve accuracy for intraday credit line needs and provides further benefits in supporting credit control, the bank said. Share Via 13 Sep 2021, 11:32:59 AM IST Vedanta Resources cuts debt by $300 mn in H1 Mining major Vedanta Resources Ltd (VRL) has reduced its net debt* (including Inter Company Loan and loan at Volcan) by $300 million in first half of this fiscal and expects to further reduce its debt by $500 million in second half, the company said today. "With entire debt repayment at Volcan, the pledge on all the equity shares of VRL has been released. We believe that strong operational performance from our world class asset base will strengthen our balance sheet and lead to investment grade credit metrics," the company said in a press statement. Share Via 13 Sep 2021, 11:28:49 AM IST Daily commodities outlook: ICICI Securities · Gold prices opened slightly lower on Friday and fell further during most of the session till a low of | 46751· Prices remained subdued in the last few sessions amid growing uncertainty over the US Federal Reserve’s timeline to start tapering stimulus, with the precious metal heading to record a weekly decline· Therefore, we expect gold prices to correct further towards | 46600 level for the dayEnergy Outlook· Crude oil prices started Friday’s trade on a positive note opening strongly higher with a gap and rose further during most of the session till a high of | 5138· Prices remained supported in the last session as US oil output dropped by most on record after Hurricane Ida. Even the deadly Texas freeze did not do as much damage to oil production as Hurricane Ida· Hence, we expect crude prices to remain positive towards | 5160 level for the day Share Via 13 Sep 2021, 11:21:28 AM IST DMart forays into Haryana; opens 94,000 sq. ft. store One-stop supermarket chain DMart has forayed into Haryana with opening a modern store at BPTP Parklands, Faridabad, the company said today. Built on a plot size of 1.57 acre, the store in Sector 75 comprises three floors — basement, ground, and first floor — with a total built up area of approximately 94,000 sq. ft. This is the second DMart store in NCR, the first one is in Ghaziabad. Share Via 13 Sep 2021, 11:06:15 AM IST ViacomCBS to split Paramount’s TV and film units: report ViacomCBS Inc. plans to split the management of its movie and television businesses at Paramount Pictures as it reorganizes the operations at the unit, Dow Jones reported, citing people familiar with the matter who weren’t identified. Nickelodeon head Brian Robbins will oversee films, while David Nevins will have oversight of Paramount’s television unit, adding to his roles at Showtime and original content for Paramount streaming platform, it reported. Robbins will be taking over from Jim Gianopulos, who has been chairman and chief executive officer of Paramount since 2017. Both will report to ViacomCBS Chief Executive Officer Robert Bakish, Dow Jones said, adding that the changes will be announced Monday. (Bloomberg) Share Via 13 Sep 2021, 11:04:37 AM IST Toyota shares dip after unveiling more production cuts Toyota Motor Corp. shares posted their biggest drop in three weeks after the company slashed its fiscal year production outlook by about 300,000 cars as the spread of coronavirus in Southeast Asia impacts its ability to procure chips and other essential parts. The world’s No.1 automaker said Friday it would be adjusting output in September and October and expects to produce 9 million vehicles in the fiscal year through March, down from the 9.3 million it previously anticipated. The company didn’t change its 2.5 trillion yen ($22.8 billion) operating profit forecast for the year. (Bloomberg) Share Via 13 Sep 2021, 10:59:36 AM IST Jet Airways to resume domestic ops from Q1 '22: reports The Kalrock-Jalan Consortium said Jet Airways will start domestic operations in Q1 of 2022. The airline's revival is on track with the existing air operator certificate, according to the consortium. They are also working closely with authorities on slot allocation, required airport infrastructure and night parking. Share Via 13 Sep 2021, 10:45:30 AM IST Purplle eyes %500 mn valuation: report Online beauty products retailer Purplle is eyeing a $50-75 million fndraise at a valuation of $500 million, Moneycontrol reported citing people familiar with the matter. Share Via 13 Sep 2021, 10:40:28 AM IST BPCL divestment process is on track: Petroleum secy Tarun Kapoor Share Via 13 Sep 2021, 10:40:29 AM IST Maanyavar brand owned Vedant Fashion files DRHP Vedant Fashions which owns brands like Manyavar, Mohey, Mebaz, Tatva and Manthan has filed the DRHP for its IPO. Share Via 13 Sep 2021, 10:36:50 AM IST ADNOC Drilling IPO price implies equity valuation of $10 billion State oil giant Abu Dhabi National Oil Co (ADNOC) has set a price for the initial public offering of its drilling unit, giving ADNOC Drilling an equity valuation of $10 billion, it said on Monday. ADNOC will sell a minimum 7.5% stake in the IPO of ADNOC Drilling at 2.3 dirhams ($0.6262) per share, raising at least $750 million in the deal. The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates. Share Via 13 Sep 2021, 10:35:38 AM IST PharmEasy parent appoints five independent directors to its board in run up to IPO API Holdings Ltd, the parent company of digital healthcare brand PharmEasy, on Monday said that it has made fresh appointments of five independent directors to its board, the company said in a statement. “The fresh appointments bring a great amount of cognitive diversity to the Board, with luminaries from the world of public service, technology, pharma, medical fraternity, and the consumer sector," the statement said. With the new appointments, API Holdings’ board strength stands increased to 12 directors. Share Via 13 Sep 2021, 10:32:02 AM IST Rupee falls 15 paise to 73.65 against US dollar in early trade Share Via 13 Sep 2021, 10:31:36 AM IST Shanghai aluminium hits highest since 2008 on supply worries Shanghai aluminium prices climbed to their highest level in more than 13 years on Monday, fuelled by supply concerns in China, the world's biggest consumer of the metal. The most-traded October aluminium contract on the Shanghai Futures Exchange rose as much as 4.6% to 23,650 yuan ($3,665.87) a tonne. Three-month aluminium on the London Metal Exchange hit its highest since July 2008 at $2,980 a tonne. Output curbs in China, the world's biggest aluminium producer, and political turmoil in Guinea - China's top source of bauxite - have boosted aluminium prices by around 50% so far this year. Share Via 13 Sep 2021, 10:24:55 AM IST Infosys, Microsoft enter multi-year strategic engagement with Ausgrid Share Via 13 Sep 2021, 10:23:33 AM IST Suumaya Industries buys minority stake in value retail chain startup Nysaa Retail Share Via 13 Sep 2021, 10:22:55 AM IST MAS Financial Services partners with CredAvenue for co-lending platform Share Via 13 Sep 2021, 10:10:15 AM IST Single-day rise of 27,254 COVID-19 cases, 219 fatalities push India's infection tally to 3,32,64,175, death toll to 4,42,874: Govt Share Via 13 Sep 2021, 10:08:59 AM IST T-Series, Reliance Entertainment join hands to produce big budget, content rich films Production houses T-Series and Reliance Entertainment have come together to produce more than 10 films across various genres. The collaboration, that brings the production houses together with an investment of approximately ₹1000cr, will produce big budget tentpole projects as well as mid-small budget "content rich films", a release said. According to a statement from the studios, the slate includes Hindi remakes of Tamil blockbusters, a biopic, an espionage thriller, a court room drama as well as a satire comedy, a romance drama and a film based on "true events." The upcoming movies will be produced over the course of next 24 to 36 months, with filmmakers -- Pushkar and Gayatri, Vikramjit Singh, Mangesh Hadawale, Srijit Mukherji and Sankalp Reddy -- on board to direct. (Read more) Share Via 13 Sep 2021, 10:08:22 AM IST Air India Express flight to Sharjah turns back after take-off due to tech glitch An Air India Express flight which took off from here for Sharjah, in the UAE, on Monday morning with 170 passengers was forced to turn back shortly after taking off due to a technical glitch. The plane, which also had a crew of six, landed safely at Thiruvananthapuram airport and another flight was arranged for the passengers, including five infants, to travel to Sharjah, an Air India Express (AIE) spokesperson told PTI. According to an official of the airport, the incident occurred around 7 AM. The AIE spokesperson said the pilots noticed the technical glitch around half-an-hour after take-off and immediately decided to turn back to Thiruvananthapuram. (PTI) Share Via 13 Sep 2021, 10:07:57 AM IST Number of active covid-19 cases in India stands at 3,74,269: govt Share Via 13 Sep 2021, 10:07:29 AM IST Market trajectory: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments "The markets opened on a soft note this morning. This does not come as a surprise considering the sharp run up with no correction. The support for the Nifty is currently at 17,250 and has long as that holds, traders can consider a buy on dips approach for a target of 17,450. There is every possibility the Nifty also becomes sideways and trades within this range of 17,250-17,450." Share Via 13 Sep 2021, 09:44:47 AM IST RIL drags RIL's stock was trading at ₹2,384.60 each, down 1.68% at 9:43 am. A crippling global shortage of semiconductor chips has forced Reliance Jio Infocomm Ltd and Google to defer the launch of an affordable smartphone by two months. JioPhone Next, the 4G smartphone that was to go on sale on Friday, will now start selling only before Diwali, Reliance Industries Ltd (RIL) said in a statement late on Thursday. This year, Diwali is on 4 November. The phone has been developed jointly by RIL’s telecom unit and Google. NSE BSE listElement-graph-11631506484206-100325 listElement-graph-11631506484206-100325 Share Via 13 Sep 2021, 09:42:20 AM IST Office leasing in South India outpaces other regions: report The main Southern office market have overtaken other regions in terms of new supply, net absorption, and even rental growth, according to property consulting firm Anarock group. Among the top 7 cities, Bengaluru, Hyderabad and Chennai saw their share of total office leasing increase to 66% in FY21 (against 47% in FY18). The net office absorption in FY21 in the top cities was 21.32 mn sq. ft., and these three southern cities absorbed approx. 14.06 mn sq. ft. MMR and Pune absorbed 4.56 mn sq.ft (21%) and NCR 2.3 mn sq.ft (a mere 11% share.) Share Via 13 Sep 2021, 09:36:00 AM IST US climate envoy John Kerry on 2-day Indian visit US Special Envoy for Climate John Kerry and environment minister Bhupender Yadav to launch Climate Action and Finance Mobilisation Dialogue under India-U.S. Climate and Clean Energy Agenda 2030 Partnership. Share Via 13 Sep 2021, 09:33:50 AM IST RIL, ICICI Bank, Infy top Sensex drags View Full ImageIndex contribution Share Via 13 Sep 2021, 09:32:32 AM IST Banks, financials, IT drag View Full ImageNifty sectoral indices Share Via 13 Sep 2021, 09:31:04 AM IST SpiceJet gains SpiceJet's stock was trading at ₹70.00 each, up 0.50% at 9:30 am. The air carrier has commercially agreed to a settlement with CDB Aviation, another major lessor of MAX aircraft. NSE BSE listElement-graph-11631505663216-100285 listElement-graph-11631505663216-100285 Share Via 13 Sep 2021, 09:19:55 AM IST Market opening The Sensex opened 58,099.43, down 205.64 points, 0.35%, Nifty 17,363.55, down 5.70 points, or 0.03%. Volatility index inches up by 4.60%. View Full ImageSensex at open Share Via 13 Sep 2021, 09:10:37 AM IST Market pre-opening At market pre-opening, the Sensex was at 58,262.11, down 42.96 points, or 0.07%, while Nifty was at 17,369.25, up 15.75 points, or 0.09%. View Full ImageSensex at pre-open Share Via 13 Sep 2021, 08:57:30 AM IST IRCTC, Nalco among stocks under F&O ban on NSE today Three stocks/securities have been put under the futures & options (F&O) ban by the National Stock Exchange (NSE) for trade on Monday, September 13, 2021. These securities are banned under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Read more) Share Via 13 Sep 2021, 08:53:46 AM IST Pre-market opening quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities "Nifty is expected to open slightly negative at 17,360, down by 10 points since the last trading session. It has strong support in the 17,300 and 17,250 range. It may face resistance in the 17,425 and 17,450 range. Trend in Nifty remains bullish and buy on dips with strict stop-loss can be a good strategy for traders." Share Via 13 Sep 2021, 08:40:43 AM IST Numbers to watch: Inflation in India, abroad; Opec monthly report Every Monday, Mint’s Plain Facts section features key data releases and announcements to watch out for in the coming week. India is among four major economies that will announce their August inflation figures this week. The data releases could very well act as a nudge to central banks that are currently grappling with steep price rise and a vulnerable economic recovery. Here are the key releases to watch out for in next seven days: (Read more) Share Via 13 Sep 2021, 08:38:46 AM IST Flipkart GMV set for 50% rise: report Flipkart's current momentum indicates that the Walmart-owned etailer is on its way to achieving an annualised gross margin value (GMV)of $23 billion, indicating 50% year-on-year growth according to media reports. GMV indicates the total sales on an ecommerce platform during a given period, including discounts, and excluding returns. The company clocked a GMV of $15 billion in the previous calendar year. Share Via 13 Sep 2021, 08:27:57 AM IST Stocks to Watch Arvind Smartspaces, Dilip Buildcon, CIL, Vedanta, JSW Steel, among other stocks may be in focus today. (Read more) Share Via 13 Sep 2021, 08:18:57 AM IST Market outlook Markets are likely to be volatile on Monday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 58,305.07, up 54.81 points and the Nifty was at 17,369.25, up 15.75 points. Share Via 13 Sep 2021, 08:01:45 AM IST Cryptocurrency prices today: Bitcoin above $45,000, ether, dogecoin surge. Latest rates here In cryptocurrencies, Bitcoin prices today were trading with minor gains as the most popular digital token surged over 1% to $45,381. The world's largest cryptocurrency by market capitalization has gained over 59% this year (year-to-date), though, much lower from nearly $65,000 record high it hit in April. (Read more) Share Via 13 Sep 2021, 07:46:19 AM IST Bank retail loans exceed lending to industry for first time The retail loans of banks as of 31 July stood at ₹28.59 trillion. On the other hand, the lending to the industry was a little lower at ₹28.25 trillion. This is the first time that the outstanding retail lending by banks has crossed lending to the industry since this data is available from April 2007 onwards. Retail lending includes loans given to individuals to buy homes, cars, two-wheelers, etc. It also includes credit card outstandings and personal loans. (Read more) Share Via 13 Sep 2021, 07:31:26 AM IST Asian stocks off to a steady start Asian stocks were steady Monday as traders evaluated the risk of a slower economic recovery from the pandemic amid elevated inflation. Shares slipped in Japan and were little changed in South Korea and Australia, while U.S. futures rose. The S&P 500 last week dropped the most since mid-June on investor caution over the challenges for economic reopening from the delta virus strain. Treasury yields held an advance as traders assess price pressures and their impact on the likely timeline for a reduction in Federal Reserve stimulus. An update on U.S. consumer prices this week will feed into the debate about whether or not elevated costs are transient. The dollar was steady. Chinese technology stocks may come under renewed pressure after a report that China is seeking to break up Ant Group Co.’s Alipay and create a separate app for its loan business. Trade tension is also in the spotlight again after the Biden administration was said to be weighing a new probe into Chinese subsidies.S&P 500 futures rose 0.4% as of 9:15 a.m. in Tokyo. The S&P 500 fell 0.8% FridayNasdaq 100 contracts were up 0.3%. The Nasdaq 100 fell 0.8%Japan’s Topix index fell 0.2%Australia’s S&P/ASX 200 Index was little changedSouth Korea’s Kospi was steadyHang Seng Index futures lost 0.7% earlierSGX Nifty was down 0.02% Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Day trading guide for Monday: 4 stocks to buy or sell today — 13th September

13 Sep, 2021, 05:52AM | Livemint

Day trading guide for Monday: After an extended weekend due to the stock market holiday falling last Friday, Indian markets are going to open today after a gap of three days. The range-bound movement continued in the market for the fourth consecutive session on Thursday and the NSE Nifty closed 15 points up at 17,369 levels while BSE Sensex rose 54 points after closing at 58,305. On a day when the volumes on the NSE were sharply lower; power, telecom, capital goods and metal indices appreciated the most, while the realty index was the loss leader. BSE Mid-cap and Small-cap indices closed about half a per cent higher. After opening on a weak note, the market shifted into a narrow range movement, which continued for the whole session. A sustainable upside recovery was seen towards the later part and Nifty closed near the highs. According to stock market experts, this trend indicates a continuation of range-bound action in the market. Wednesday's swing low of 17,254 could now be considered as a new higher bottom of the sequence. MORE FROM THIS SECTIONSee All Premium Premium The big burden of bank loans on small companies Premium Premium HDFC rides the coat tails of the real estate recovery Premium Premium Battle for select micro markets intensifies among devel .... Premium Premium Oil India’s efforts to pare debt help boost investor se .... Trade view on NSE Nifty Speaking on the day trading guide for Monday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be range-bound. Having recovered in the latter part of Thursday, there is a possibility of an upside bounce in the next early part of next week before encountering another resistance around 17,500 to 17,600 levels. Immediate support for NSE Nifty is placed at 17,200 levels." Day trading stocks to buy today Unveiling intraday trading tips, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Kapil Goenka, Founder at Eternity Financial Services and Manoj Dalmia, Director and Founder, Proficient Equities Private Limited — recommended 4 shares to buy today. Sumeet Bagadia's day trading stocks 1] Steel Authority of India Limited or SAIL: Buy at CMP, target ₹130 to ₹135, stop loss ₹116 MINT PREMIUM See All Premium How cigarette smoke is inspiring covid-19 drug research Premium The big burden of bank loans on small companies Premium To counter covid impact, IMF gives an SDR booster Premium The tax haze over Indian bonds joining global indices 2] Pidilite Industries Limited: Momentum buy at CMP, target ₹2425 to ₹2450, stop loss ₹2280 Kapil Goenka's intraday trading stock 3] Rain Industries: Buy at ₹242, target ₹282, stop loss ₹220 Manoj Dalmia's stocks to buy today 4] Intrasoft Technologies: Buy at ₹138, target ₹150, stop loss ₹133. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

GST Council may allow intra-state pharma cess, discuss states' dues

13 Sep, 2021, 02:19AM | Business Standards

The Goods and Services Tax Council meeting on Friday, the first physical meeting in more than 20 months, will deliberate on levying the Covid cess on pharmaceuticals and the power sector for intra-state supplies in Sikkim besides extending the states compensation period beyond 2022. The meeting, being held in Lucknow, may take up notifying a common comprehensive e-portal gst.gov.in for registration, paying tax, and filing returns. Chaired by Union Finance Minister Nirmala Sitharaman, the 45th Council meeting will be the first one taking place outside New Delhi in two years. The Group of Ministers (GoM), led by Karnataka Chief Minister Basavaraj Bommai, has backed Sikkim’s proposal for a 1 per cent cess on intra-state supplies of pharmacueticals for two years. It has endorsed a special aid of Rs 300 crore per annum till 2023 for Sikkim by the Centre to overcome Covid-related losses. However, with electricity being outside the GST purview, the GoM has recommended the state independently explore the proposal of Rs 0.1 (10 paise) per unit of electricity consumption or sale. It may discuss extending the compensation cess for states beyond 2022. Most states are likely to pitch for an extension by another five years, amid several fiscal constraints. While the Centre may agree to extend the compensation period, it will press for lower assumed revenue growth as against the 14 per cent at the moment, arguing that it may not be sustainable. ALSO READ: Hit by GST recovery notices and summons, industry calls for help States were promised compensation for five years after GST implementation in July 2017 revenue shortfall assuming a 14 per cent annual growth, since states lost autonomy over indirect taxes. Compensation cess is levied on a few items in the 28 per cent GST slab, such as automobiles, cigarettes, and aerated drinks. Aditi Nayar, chief economist, ICRA Ratings said that there was a clear case for extending compensation for states as Covid-19 has dealt a blow to state finances. "Stopping compensation in three quarters will be a structural shock for state finances. But, at the same time the assumed growth rate for protected revenues should be more realistic for it to be sustainable," said Nayar. Devendra Kumar Pant, chief economist, India Ratings said that the 14 per cent growth was fixed at a time when both economic growth and tax collections were more buoyant from what they were currently. “...Personally, a buoyancy of 1.1x along with a minimum threshold of 8 per cent or a different combination where compensation is based on collection rather than a fixed annual growth could be discussed in GST council," said Pant. The Council will also provide clarification on the interest levied on wrongful or ineligible input tax credit claims, in accordance with the agenda circulated on Sunday. It may address the steel sector’s problems with manufacturers facing enforcement action including blocking input tax credit and supply-side disruption due to fake invoicing by the scrap dealers. The Council may consider rationalising the GST rate on steel scrap from the current 18 per cent. The Council may review concessional rates on pandemic-related essentials like medicines, oxygen, and medical kits beyond September 30, 2021, amid fears of the third wave looming large. It is also likely to discuss the way forward for rate rationalisation and correcting the inverted duty structure on textiles, footwear, etc and bringing petroleum products like aviation turbine fuel and natural gas within GST. The fitment committee, which recommends rate changes to the Council, has likely proposed increasing the rate on footwear (less than Rs 1,000), readymade garments, and fabrics to 12 per cent from 5 per cent now. For inputs like manmade fibre and yarn, the panel has likely proposed reducing the rate to 12 per cent from 18 per cent to correct the distortion.

‘India’s capex cycle this time seems sustainable’

13 Sep, 2021, 12:48AM | Livemint

MUMBAI : There is abundant liquidity, both globally and locally, and while the tapering by the US Federal Reserve could be a near-term factor for the markets, it has been well-telegraphed and is only an obvious outcome of the recovery. In an interview Sanjay Singh, who has just been appointed chief executive officer (CEO), BNP Paribas India, outlines the key factors driving business activity amid the looming threat of covid-19. Edited excerpts. As the new CEO of the bank what will be your top priority in the near future? MORE FROM THIS SECTIONSee All Premium Premium Non-adherence to SOP led to crash: AAIB Premium Premium Wipro’s top leaders to return to office today Premium Premium ‘Lenovo will double its R&D investment over next 3 yrs’ Premium Premium Rebuilt after 9/11, One World Trade Center Is 90% fille .... In India, we are committed to financing economic development with a positive impact on our clients and the society. For example, energy transition is a priority for the government and it resonates with our group’s commitment to facilitate low carbon economic development. Our unique strength is our global network across 68 countries and we aspire to be the bank of choice for large Indian corporates and subsidiaries of multinational corporations (MNCs), especially European, coming into India. Another core area is digitization, which has become a necessity in the post-covid world. Our digital strategy is built on three pillars—big data, blockchain and artificial intelligence. We are taking the lead to embed digital transformation at the heart of BNP Paribas Corporate and Institutional Banking’s strategy. We are assisting Indian pharma firms across the globe by putting to work our extensive network especially in Europe, the Middle East, Africa and the Americas. On the renewables front, we are helping both European and Indian corporates connect with environmental, social, and governance focused investors and technology players. We are probably in the beginning of a massive capex cycle. How are you viewing this opportunity ? Capex revival has been the key question surrounding the Indian growth story. India’s last capex cycle ended around 2010-11. Since then, India has gone through a start-stop-start phase until the pandemic in 2020. The nationwide stringent lockdowns in 2020 marked the bottom of the capex cycle, followed by a steady recovery barring a couple of hiccups in April and May in 2021. Capex announcements across old economy sectors such as coal, steel, chemicals, and oil and gas total about $50 billion. Combine that with renewable investments and investments by micro, small, and medium enterprises and small and medium enterprises, and the capex cycle this time around seems sustainable. The production-linked incentive scheme for 13 sectors, with a potential outlay of almost ₹1.9 trillion, can further boost capex plans. I am very excited about the opportunity India offers over the next 3-5 years given a resilient economy, a business-friendly government and an attractive tax regime. Are you concerned that global and local macro factors are peaking? On the contrary, I am very positive about both the global and India macroeconomic environment. The recent US jobs report appears to be a blip in an otherwise fundamentally strong economic picture that has been building since the introduction of vaccines around the world. European data continues to pick up as evidenced by the purchasing managers’ index data. India continues to vaccinate its population at a rapid pace. As a result, manufacturing activity has picked up and unemployment has consistently fallen and is back to near pre-pandemic levels. Other high-frequency data are improving too. Corporates have recast their debt too and goods and services tax collections have swung back to above the ₹1 trillion mark. April-July tax collections in 2021 were at 156% of the 2019 numbers in the same period. There is abundant liquidity, both globally and locally, and while the Fed tapering could be a near-term factor for the markets, it has been well-telegraphed and is only an obvious outcome of the recovery. What are the key reforms you foresee from regulators for Indian markets? MINT PREMIUM See All Premium How cigarette smoke is inspiring covid-19 drug research Premium The big burden of bank loans on small companies Premium To counter covid impact, IMF gives an SDR booster Premium The tax haze over Indian bonds joining global indices The Reserve Bank of India (RBI) has been working on progressively making it easier for foreign investors to access the onshore rates market. Liberalized access to the onshore interest rate swaps market, a dedicated window in the form of the Voluntary Retention Route and Fully Accessible Route for access to Indian bonds are just some of the relaxations that we have seen in the last few years. RBI is also working towards making government bonds clearable in international clearing houses and this could potentially pave the way for inclusion of IGBs (investment-grade bonds) in international bond indices that can be a game changer for bonds. IFSC has been working to incentivize banks and other FIs (financial institutions) to set up shop in GIFT City. Making the rupee NDF (non-deliverable forward) accessible to Indian banks by having a presence in GIFT city was just the first step in that direction. In that regard, we expect regulators such as the Insurance Regulatory and Development Authority of India, Securities and Exchange Board of India and RBI to work closely with IFSCA (International Financial Services Centres Authority) to make available a wider suite of vanilla and structured products across different asset classes to market participants in their domain adopt GIFT city on a wider scale. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Semiconductor chip shortage may keep Maruti Suzuki's margin in check

13 Sep, 2021, 12:47AM | Business Standards

A continuing downward trend in royalty payments by Maruti Suzuki to parent Suzuki Motor is unlikely to arrest the decline in the former’s margins. Lower volumes owing to the shortage of semiconductors and a persistent increase in input costs will keep up the pressure on the company’s margins for the remaining quarters of the year and even next year, said analysts. Earlier this month it said its vehicle production in September would tumble by 60 per cent. Following muted Q1 earnings and the production cuts announced by the company owing to the chip shortage, most brokerages have pared their estimates by up to 50 to 100 basis points on margins for FY22 and FY23. One basis point is one hundredth of a percentage point. Maruti Suzuki India’s royalty payments to parent Suzuki Motor Corp, which used to be investors’ concern till three years ago, touched the lowest in a decade in the financial year ended March 31. A spokesperson at Maruti Suzuki said the fall in royalty payments was expected. “Royalty is covered in accordance with the revised agreement approved in January 2018 and accordingly it was expected to come down gradually.” It is payable on the models of Maruti Suzuki and Suzuki Motor Gujarat and on the same terms. The amount depends on the product mix during the year, the spokesperson added. Maruti Suzuki has a contract-manufacturing agreement with Suzuki Motor Gujarat. But lower royalties couldn’t help in arresting the steep decline in the company’s Ebitda (earnings before interest, tax, depreciation, and amortisation) margins. A sharp increase in raw material prices, coupled with a contraction in volumes which impacted the company’s operating leverage, erased gains. “Despite lower royalties, higher commodity prices and lower volumes have impacted margins, which are expected to be under pressure in the forthcoming quarters as the chip shortage deepens,” said Mitul Shah, head of research, Reliance Securities. Cost escalation has been sharp for auto companies but they have been able to pass on the costs only partially, he added. This is set to weigh on the realisations of all of them, he added. Royalties as a percentage of net sales at the local arm of the Japanese carmaker fell to 4.6 per cent in FY21. This is the lowest since Maruti Suzuki started paying royalties to Suzuki in 2011. They were 9.7 per cent in FY20 and 12.6 per cent in FY19. The model mix and the rupee’s movement against the yen are the two main factors that govern the payment. The rate tapers off once the model is five years old or reaches the 500,000-unit volume mark. Maruti Suzuki’s royalties to Suzuki hovered at 5 per cent plus till the former started paying some part of it in the Indian currency in 2018. The payment in rupees hedged the maker of the Wagon R and Baleno models from the currency’s depreciation against the yen. The decline in FY21 was on account of higher contributions of models that attracted lower royalties in the overall mix. To tide over the steep increase in commodity prices, last week Maruti Suzuki hiked prices by up to Rs 22,500. The hike, the fourth one in the current year, came on the back of an incessant increase in prices of steel, aluminum, palladium, and other metals. The company, which had earlier cut production at its Gujarat plant, said the chip shortage would hit output at the Gurugram and Manesar plants also.

CIL might hike coal prices by 10-11% to tide over cost push, wage revision

12 Sep, 2021, 07:34PM | Business Standards

Mining major Coal India Ltd might raise prices of the dry fuel by at least 10-11 per cent to mitigate the impact of increased costs and an impending wage revision, sources close to the development said. The Kolkata-headquartered company had last hiked coal prices in 2018. Its current average regulated price realisation is Rs 1,394 per tonne. There has been no price rise of fuel supply agreement coal since the last few years. Costs have jumped on all fronts and a wage revision is due. A minimum 10-11 per cent increase is necessary to avoid bottomline erosion. Coal India has informally discussed the matter with board members and most of them have acknowledged the need to hike prices of coal. The miner is awaiting the government's nod following which it will take the final call, they told PTI. Chairman and Managing Director Pramod Agarwal had recently said the costs of the miner had gone up, and there is no reason that it should not increase prices of the dry fuel. Within FSA coal, the price for the power sector is cheaper than non-power industrial consumers like steel and cement. "On an average, non-power coal is 15-20 per cent higher than power consumers," the sources said. The wage revision, which is due from July this year, is likely to cost the miner an additional Rs 10,000 crore, they said. The current annual wage cost is around USD 5 billion. Coal India had in 2017 signed a wage agreement, with worker unions proposing a 20 per cent hike in salaries for five years. Rise in coal prices usually has a ripple effect on the economy, beginning with an increase in electricity cost. A 10 per cent price hike could result in a 20-30 paisa per-unit jump in power price, the sources 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.)

Coal India may hike coal prices by 10%-11% to tide over cost push, wage revision

12 Sep, 2021, 07:12PM | Livemint

Kolkata: Mining major Coal India Ltd might raise prices of the dry fuel by at least 10-11 per cent to mitigate the impact of increased costs and an impending wage revision, sources close to the development said. The Kolkata-headquartered company had last hiked coal prices in 2018. Its current average regulated price realisation is ₹1,394 per tonne. MORE FROM THIS SECTIONSee All Premium Premium Rebuilt after 9/11, One World Trade Center Is 90% fille .... Premium Premium Travel investors need more drive Premium Premium Everything must go! The American car dealership is for .... Premium Premium PNB appoints Rekha Jain as shareholder director, Asha B .... “There has been no price rise of fuel supply agreement coal since the last few years. Costs have jumped on all fronts and a wage revision is due. A minimum 10-11 per cent increase is necessary to avoid bottomline erosion. “Coal India has informally discussed the matter with board members and most of them have acknowledged the need to hike prices of coal. The miner is awaiting the government’s nod following which it will take the final call," they told PTI. Chairman and Managing Director Pramod Agarwal had recently said the costs of the miner had gone up, and there is no reason that it should not increase prices of the dry fuel. Within FSA coal, the price for the power sector is cheaper than non-power industrial consumers like steel and cement. "On an average, non-power coal is 15-20 per cent higher than power consumers," the sources said. The wage revision, which is due from July this year, is likely to cost the miner an additional ₹10,000 crore, they said. The current annual wage cost is around USD 5 billion. Coal India had in 2017 signed a wage agreement, with worker unions proposing a 20 per cent hike in salaries for five years. MINT PREMIUM See All Premium Yahoo names tinder CEO Jim Lanzone as its next chief Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Rise in coal prices usually has a ripple effect on the economy, beginning with an increase in electricity cost. A 10 per cent price hike could result in a 20-30 paisa per-unit jump in power price, the sources said. 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Global shipping is earning the most money since 2008 as pandemic pain wanes

12 Sep, 2021, 01:19PM | Business Standards

The global shipping industry is getting its biggest payday since 2008 as the combination of booming demand for goods and a global supply chain that’s collapsing under the weight of Covid-19 drives freight prices ever higher. Whether its giant container ships stacked high with of 40-foot steel boxes, bulk carriers whose cavernous holds house thousands of tons of coal, or specialized vessels designed to pack in cars and trucks, earnings are soaring for ships of almost every type. With the merchant fleet hauling about 80% of world trade, the surge reaches into every corner of the economy. The boom back in 2008 brought with it a huge wave of new vessel orders, but the rally was quickly undone by a demand collapse when a financial crisis triggered the deepest global recession in decades. This boom’s causes are twofold -- an economic reopening after Covid that has spurred surging demand for goods and raw materials. Alongside that, the virus continues to cause disruption in global supply chains, choking up ports and delaying vessels, all of which is limiting how many are available to haul goods across oceans. That’s left the majority of the shipping sector with bumper earnings in recent months. The bonanza is centered around container shipping -- where rates are spiraling ever higher to new records, but it is by no means limited to it. The shipping industry is posting its strongest daily earnings since 2008, according to Clarkson Research Services Ltd., part of the world’s biggest shipbroker. The only laggards are the oil and gas tanker markets, where more bearish forces are at play. “I’m not really sure the perfect storm covers it -- this is just spectacular,” said Peter Sand, chief shipping analyst at trade group Bimco. “It’s a perfect spillover of a red-hot container shipping market to some of the other sectors.” Container shipping remains the star. It now costs $14,287 to haul a 40-foot steel box from China to Europe. That’s up more than 500% on a year earlier and is pushing up the cost of transport everything from toys to bicycles to coffee. Those gains are already showing in the earnings of A.P. Moller-Maersk A/S, the world’s largest container line, which hiked its estimated profits this year by almost $5 billion last month. In a sign of just how profitable the industry has become, CMA CGM SA -- the world’s third largest carrier -- said it is freezing its spot rates to preserve long-term client relationships. In other words, the company is turning away profit. Other Sectors While the demand for retail goods is lifting container markets, a recovering global economy is also churning through more raw materials -- boosting the revenues of bulk ships that carry industrial commodities. In that sector, earnings recently hit an 11-year high and are showing little sign of abating down the line with consumption expected to remain firm for the rest of the year. “Strong demand for natural resources combined with Covid-related logistical disruptions” are supporting spot and future freight rates, Ted Petrone, vice chairman at Navios Maritime Holdings, which owns a fleet of bulk carriers, said on an earnings call last week. “Supply and demand fundamentals going forward remain extremely positive.” Such is the extreme strength across shipping that some bulk carriers have even turned to carrying containers on their decks. Golden Ocean Group Ltd. is among the companies that said it’s looking at the idea. While it could spur additional profits in an already windfall year for owners, its not without its risks as bulk carriers aren’t designed to carry the giant boxes. “It tells a story about the special situation we are in,” in the container market, Golden Ocean’s chief executive officer Ulrik Andersen said earlier this month. Tanker Doldrums While for many shipping sectors Covid has brought a boom, for oil tankers it has meant loss-making trades for much of 2021 and owners effectively subsidizing the shipment of crude oil. With OPEC+ still keeping a chunk of supply offline there are too many ships and too few cargoes, keeping earnings depressed. That has burned one of the hottest trades in the sector at the start of the year -- bullish oil tankers positions on the hope of a summer surge in oil demand. Still, with on land oil inventories declining, analysts continue to anticipate a rebound. Rates could begin to move higher in October as stockpiles dwindle and demand for tankers grows, Pareto Securities analysts including Eirik Haavaldsen wrote in a note to clients. But for now, the tanker market remains the only blot for an industry where freight capacity ever tightening. The ClarkSea index, which tracks daily earnings across a diverse range of shipping sectors has already posted its longest run of monthly gains on record. Those bumper earnings are also being seen in more esoteric markets too. Car carriers now cost the most to hire since 2008. Rates for general cargo ships with heavy equipment are also surging, adding to a boom that is being led by container and bulk shipping. “The charter rates reported in containers are crazy and it’s the same for dry bulk,” said Alexandra Alatari, a shipping analyst at Arrow Shipbroking Group. “The fundamentals are so strong they support rates that would be the peak of any other year.”

PHDCCI identifies 75 potential products, markets to take exports to $750 bn by 2027

12 Sep, 2021, 11:26AM | Economic Times

Industry chamber PHDCCI on Sunday said it has identified as many as 75 potential products from nine sectors, including agriculture and minerals, and as many markets like the US and Europe , which can help take India's exports to USD 750 billion by 2027. Sanjay Aggarwal, President, PHDCCI, said that the US, Canada, Germany, France, UK, Japan, UAE, China, Mexico, Australia, among others would be the major focused markets in the next 75 months to achieve the goods export target of USD 750 billion by 2027. According to the report of the chamber, the 75 potential products include fish, meat, cotton, ores, mineral fuels, chemicals, rubber, textiles, footwear, iron and steel, boilers, electrical machinery, vehicles, aircrafts, furniture, mattresses, toys, and sports items. Currently, these 75 potential products contribute around USD 127 billion, which is around 46 per cent of the total exports from India, Aggarwal said. "At the global level, these 75 products also have significant 21 per cent presence in the total global exports, whereas India's share of these 75 products currently is only 3.6 per cent," he added. The 75 markets include Russia, Bangladesh, Vietnam, Nepal, Brazil, Poland, Italy and Thailand. He added that going ahead, policy reforms such as flexible labour laws , improved ease of doing business, and reduced cost of doing business, would go a long way to enhance and increase the export growth trajectory and to achieve USD 750 billion goods export target by 2027.

Washing masks does not affect their ability to filter viral particles: Study

12 Sep, 2021, 06:13AM | Livemint

Washington: The findings of recent research from the University of Colorado Boulder suggests that even though reusable cloth masks might seem bad for wearing but washing and drying them doesn't reduce their ability to filter out viral particles. The study, published in the journal Aerosol and Air Quality Research, also confirms previous research that layering a cotton mask on top of a surgical mask, properly fit on one's face, provides more protection than cloth alone. MORE FROM THIS SECTIONSee All Premium Premium Moderna’s covid vaccine far more effective against Delt .... Premium Premium Some vaccines last a lifetime. Here’s why covid-19 shot .... Premium Premium NASA collects Mars rock samples in historic first for P .... Premium Premium Unvaccinated people 11 times as likely to die from Covid-19 "It's good news for sustainability," said lead author Marina Vance, assistant professor in the Paul M. Rady Department of Mechanical Engineering. "That cotton mask that you have been washing, drying and reusing? It's probably still fine--don't throw it away." Science for sustainability Since the start of the pandemic, an estimated 7,200 tons of medical waste has been generated every day--much of which is disposable masks. "We were really bothered during the beginning of the pandemic when going out on a hike or going downtown, and seeing all these disposable masks littering the environment," said Vance, who is also on the faculty in the environmental engineering program. So Vance was eager to join forces when scientists at the nearby National Renewable Energy Laboratory (NREL) approached her about studying how washing and drying impacts reusable cloth masks. Their process was quite simple: create double-layered squares of cotton, put them through repeated washing and drying (up to 52 times, the equivalent of a weekly wash for a year) and test them between about every 7 cleaning cycles. TRENDING STORIESSee All Premium NEET exam 2021 today: Exam timing, question paper patte .... Premium iPhone 12 prices get massive cut on Flipkart before iPh .... Premium Mumbai mega block today: Full list of local train lines .... Premium IBM invites applications for entry-level jobs: Eligibil .... While the masks were not testing using real people--instead, they were mounted on one end of a steel funnel through which researchers could control a consistent flow of air and airborne particles--the researchers tested the masks using realistic to real-life conditions, with high humidity levels and temperatures to mimics the impact on the mask from our breathing. While the cotton fibres started falling apart over time after repeating washing and drying, the researchers found that did not significantly affect the cloth's filtration efficiency. The only noticeable change was that inhalation resistance slightly increased, meaning that the mask may feel a bit more difficult to breathe through after some wear and tear. Mask fit is critical A key caveat is that they conducted the testing using a "perfect fit" in the lab. "We're assuming there are no gaps between the mask material and the person's face," said Vance. The shape of each person's face varies significantly. So depending on a mask's shape and how well the person adjusts it, it may or may not fit snugly. Previous research has shown that a poorly-fit mask can let as many as 50 per cent of airborne particles we breathe in and out slip through--as well as the virus. So what mask should you wear? This study is not the first to find that cloth masks provide less protection than surgical masks or a layered combination of surgical and cloth masks. Measuring for how well the mask filtered air being breathed in--protecting the person wearing the mask, not reducing transmission from the source--this study found that the cotton cloth masks filtered out up to 23 per cent of the smallest particle size (0.3 microns) on which the virus can travel. Bandanas filtered even less, at only 9 per cent. In comparison, surgical masks filtered out between 42-88 per cent of the tiny particles, and cotton masks on top of surgical masks reached close to 40 per cent filtration efficiency. KN95 and N95 masks unsurprisingly performed the best, filtering out 83-99 per cent of these particles. But while this study found that cloth masks alone provide less protection from the virus than a layered approach or disposable masks, such as surgical masks, KN95s and N95s, it remains important information for those who rely on cloth for its comfort, affordability and reusability, said Vance. "I think the best mask might be the one that you're actually going to wear," said Vance. "And that is going to fit snugly against your face without being too uncomfortable." Additional authors on this publication include Sumit Sankhyan, Sameer Patel and Hannah Teed of the University of Colorado Boulder; Karen N. Heinselman, Peter N. Ciesielski Teresa Barnes and Michael E. Himmel of the Renewable Resources and Enabling Sciences Center at the National Renewable Energy Laboratory. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

'A message of resilience': Americans reflect on 20th anniversary of 9/11

11 Sep, 2021, 03:58PM | Livemint

Twenty years after hijacked airliners smashed into New York City's World Trade Center and the Pentagon outside Washington, Americans will honor the nearly 3,000 lives lost on Sept. 11, 2001, and reflect on how the attacks have shaped the country's view of the world and itself. The centerpiece of Saturday's events is a visit by US President Joe Biden to the three sites associated with the attacks. He will go to ground zero in lower Manhattan; to the Pentagon in Arlington, Virginia; and to Shanksville, Pennsylvania, where United Airlines Flight 93 crashed after passengers tried to regain control of the hijacked plane. MORE FROM THIS SECTIONSee All Premium Premium Nipah Virus update: NIV team collects sample to find so .... Premium Premium Madhya Pradesh colleges, universities to reopen from 15 .... Premium Premium India, Australia hold first 2+2 talks; focus on strateg .... Premium Premium J&K college reopening: Students above 18 to be vaccinat .... The remembrances have become an annual tradition, but Saturday takes on special significance, coming 20 years after the morning that many view as a turning point in American history, a day that gave Americans a sense of vulnerability that has deeply influenced the country's political life since then. In a painful reminder of those changes, only weeks ago US and allied forces completed a chaotic withdrawal from the war the United States started in Afghanistan in retaliation for the attacks - which became the longest war in US history. And the Covid-19 pandemic, which so far has claimed more than 655,000 lives in the United States, continues. Clifford Chanin, executive vice president at the National September 11 Memorial & Museum built at the site of the World Trade Center attack, said the two-decade milestone would serve as a "moment of high emotion" for the country, a time to consider "where we've been and where we are headed." "Of course, we are in the middle of another unimaginable event right now with the Covid pandemic, but if 9/11 brings us anything in terms of what happened here and at the other attack sites, it is a message of resilience," Chanin told reporters this week. In New York City, the ceremony at the Sept. 11 Memorial will begin with a moment of silence at 8:46 a.m. EDT (1246 GMT), the exact time when the first plane flew into one of the World Trade Center's twin towers. After that, family members will recite the names of 2,977 victims, an annual ritual that will last four hours. At sunset on Saturday, 88 powerful lightbulbs will project twin beams four miles (6.4 km) into the sky to mirror the shape of the fallen towers. This year, buildings throughout Manhattan, including the Empire State Building and Lincoln Center Plaza, will join the commemoration by illuminating their facades in blue. TRENDING STORIESSee All Premium Multibagger stock: ₹1 lakh becomes ₹8 crore in 20 yea .... Premium Modi govt wants Elon Musk's Tesla to first 'Make in India' Premium Rakesh Jhunjhunwala portfolio: Experts give buy call on .... Premium Delhi: IGI Airport's Terminal 3 waterlogged as national .... 'MY HEART BREAKS' The 20-year milestone arrives as political leaders and educators fret over the thinning collective memory of that day. Some 75 million Americans - equal to nearly a quarter of the estimated US population - have been born since Sept. 11, 2001. For some, the tumultuous events in Afghanistan have compounded the psychological toll of the day, raising questions about whether the US military's mission there was in vain. "I love America and my fellow Americans, but I am ashamed about how we are handling our exit and my heart breaks for those whose lives have been lost or destroyed by our actions," said Wells Noonan, whose brother Robby was in the North Tower. Noonan said she would spend Saturday morning at a ceremony in her hometown of Greenwich, Connecticut, to honor 33 people with ties to the New York City suburb who were killed, before returning home to be with family and reminisce "about the days with Robby." SUBWAY SERIES To mark the anniversary, the New York Mets and New York Yankees professional baseball teams will play each other on Saturday as part of a special Subway Series, their first game on Sept. 11 since the attacks. Baseball was an important symbol of New York resilience in the aftermath of 9/11 as the city struggled to come to grips with the shock, grief and physical destruction of the attacks. Ten days after the attacks, the Mets become the city's first pro sports team to return to the field, playing the Atlanta Braves. The game, which the Mets won 3-2, provided a healing diversion for the scarred city and a signal that it was ready to begin moving forward again. On Saturday, former Mets manager Bobby Valentine will throw out the first pitch to former New York Yankees manager Joe Torre. The players will wear caps bearing logos for the New York City Fire Department and other first responders during the game. AROUND THE COUNTRY While many of the large events will happen in and around New York City, people across the country have planned events to remember those who died and to educate the public. At the Pentagon, headquarters of the US Defense Department, an American flag will be unfurled on the west side where an airplane hit the building at precisely 9:37 a.m. EDT (1337 GMT on Sept. 11, 2001. Later, the department will hold a private ceremony to honor the 184 people killed there. In Shanksville in southwestern Pennsylvania, family and guests will gather at the National Memorial there to honor the 40 people killed when United Airlines Flight 93 crashed in a farm field. In Houston, people will gather on Saturday for the "9/11 Heroes Run." At a US Navy training installation outside Chicago, 2,977 flags have been placed in a field to honor each of those killed in the attacks 20 years ago. 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sign FTAs with US, EU for helping domestic exporters: Parl panel to govt

11 Sep, 2021, 02:44PM | Business Standards

The government should iron out the issues hindering the signing of Free Trade Agreements (FTAs) with the US and the EU nations as domestic exporters are at a disadvantage due to the absence of these agreements, a parliamentary panel has recommended in a report submitted on Saturday. The Parliamentary Standing Committee on Commerce chaired by YSR Congress leader Vijaysai Reddy submitted the report to Chairman of Rajya Sabha Venkaiah Naidu, wherein it has expressed concern that India's exports contracted from 2019-20, registering a negative growth rate of (-) 15.73 percent in 2020. In view of the crucial role played by exports in the overall economic growth of a country, the Committee in the report opined that India needs to step up its effort in export promotion, expand its export baskets and penetrate new export markets to recover from its current slump and increase its share in global exports. The panel also underlined that the Indian exporters are at a disadvantage in the US and the European markets while competing with other exporting nations due to the absence of FTAs with the US and the EU countries. The Committee recommends the Department of Commerce to iron out the issues that hindered the signing of FTAs with our leading trade partners and enter into trade agreements that are beneficial for our country while balancing the interest of the domestic market with that of our exporters, the report stated. The panel also expressed concern that the share of rail freight vis--vis road is only 35 percent whereas the trend is reversed in developed countries. The Committee, therefore, recommends the Ministry of Railways to undertake a detailed study on the reason for low share of rail and take a concerted effort to increase the share of rail in freight traffic, the report said. At the same time, the panel said, it is disheartening to note that the Ministry of Railways is unable to provide competitive freight rate for movement of export consignment. The Committee feels that this will adversely affect the competitiveness of India's exports in global markets as freight cost plays a crucial role in determining the final price of the product, as per the report. The panel undertook an in-depth examination of export-oriented measures and held seven meetings with all stakeholders spanning over for nearly twenty hours, it said. The panel led by Reddy, who is a noted chartered accountant and former director of Oriental Bank of Commerce, in the report recommended the government to take appropriate measures, relook its export strategies and policies to achieve a positive growth rate of exports and higher share in global exports markets. (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.)

Freight Tiger raises $6.5 mn led by Mathew Cyriac's Florintree

11 Sep, 2021, 01:26PM | Livemint

MUMBAI: Freight Tiger, a digital freight network, on Saturday said it has raised $6.5 million, led by Florintree Infra. The round also saw participation from Oyo founder Ritesh Agarwal’s family office Aroa Ventures, and existing investors Lightspeed India Partners, Moonstone Investments, and Pawan Munjal Family Trust. Founded by Swapnil Shah, Freight Tiger has over 300 shippers and 4,000 transport companies on its platform. Clients include Saint Gobain, Dalmia Group, JSW Steel, BLR Logistiks, Patanjali, Kohler, and MRF. MORE FROM THIS SECTIONSee All Premium Premium GimBooks raises seed funding from First Check Ventures, .... Premium Premium Yes Bank's ARC plan will reduce need for higher provisi .... Premium Premium Amagi gets $100 million from Accel, Avataar Ventures, N .... Premium Premium Yahoo names tinder CEO Jim Lanzone as its next chief Shah, founder & chief executive, Freight Tiger, said, “We are excited to leverage Mathew’s expertise in the logistics industry and scaling companies. We have seen rapid acceleration in adoption over the last 12 months on our software platform and digital freight network. We today process close to 4% of India’s FTL volume on our software platform. Our differentiated approach of software led end-to-end digitisation is bringing the ecosystem together and making the $125 billion Indian freight market more seamless, collaborative, and transparent. We are on track to hit $100mn in annualised gross revenue by the end of this fiscal year." Mathew Cyriac, executive chairman, Florintree Advisors, said, “Freight Tiger is well positioned to transform the very complex Indian logistics sector in the next few years." MINT PREMIUM See All Premium Yahoo names tinder CEO Jim Lanzone as its next chief Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

This is how RoDTEP scheme can impact exports

11 Sep, 2021, 10:43AM | Economic Times

Remissions of Duties and Taxes on Exported Products ( RoDTEP ) is a much-awaited scheme which seeks to replace the Merchandise Exports from India Scheme ( MEIS ). MEIS was devised to incentivise exporters in offsetting infrastructural inefficiencies and the associated costs. It was considered a subsidy and pronounced as a violation of the World Trade Organisation (WTO) rules, by its Dispute Settlement Body in 2019.The Subsidies and Countervailing Measures (SCM) Agreement of the WTO prohibits a government especially countries above a certain specific threshold of development, from providing financial benefits to exporters in the form of incentives This prompted the Central Government of India to rollout alternate schemes that are compatible with the WTO mandate. With RoDTEP exporters will be compensated for the non-creditable duty/tax costs (such as Electricity Tax, Stamp duty, Mandi Fee, Tax on fuel, etc.) that are embedded in the export goods. The government implemented the RoDTEP scheme with effect from January 2021. After missing several deadlines, the Ministry of Commerce notified the guidelines and rates under the scheme on 17 August this year. The new remission rates announced under the scheme envisage that the exporters will be compensated the embedded taxes, which were not recoverable (or refunded) and inbuilt in the price of the export commodity, leading to intense competition in the international market. It is apparent from the commodity-wise rates announced under RoDTEP that the government's focus has been on products that are relatively poor in export volume and have good potential to penetrate the international market. The key differences between the MEIS Scheme and the newly launched RoDTEP Scheme are: Under MEIS, an adhoc incentive was available as a percentage of the export price, which could be used for the payment ofimport duties. However, under the RoDTEP Scheme, exporters are entitled to a certain percentage of the export price as a scrip, which is limited approximately to the embedded taxes. While the MEIS Scheme is an incentive in the form of physical, transferrable scrips used for payment of various components of Customs duties, the RoDTEP Scheme is an electronic, transferable credit, which can be used for payment of only the Basic Customs Duty. The MEIS Scheme has been under the cloud from the standpoint of WTO norms compliance, whereas RoDTEP Scheme has been framed in accordance with WTO guidelines. The MEIS incentive was often higher, as against RoDTEP, the basis of which is the actual taxes/duties embedded in the commodity. Under the RoDTEP Scheme, exporters are entitled to benefit from 0.5% to 4.3% of the FOB value of the exported products falling under the specified HS Codes. Further, the RoDTEP benefit is also capped at a certain sum per unit of the exported product, like the Duty Draw-back scheme which also follows 'valuecap'. Response to RoDTEP The initial response of the exporters suggests that the RoDTEP scheme has not been able to enthuse them as the rate has been lower than expectations. Many sectors are disappointed at the remission rates while others are upset with the exclusion of their sectors/products from the scope of the scheme. The government has announced that it would reconsider the excluded sectors/products in the future. Exporters from the pharma, steel and chemical industries, export-oriented units (including bio-technology parks and electronic hardware technology park), Special Economic Zones ( SEZ ), free trade warehousing zone and custom bonded warehouses operating under the Manufacturing and Other Operations in Warehousing Regulations are kept outside the scope of the new scheme. Many exporters have expressed their concerns and have suggested that the rates declared require immediate review. Few exporters cited their inability to submit details/data, as required by the Government, due to the current situation prevailing in the country on account of the pandemic. The government has projected RoDTEP as a replacement of MEIS,even though both cannot be equated, inherently since MEIS has been an incentive while RoDTEP is remission of tax/duty 'costs' which has found its way in export pricing. While the government's compliance with the WTO mandate is understandable, the exporter community has been comparing the benefits under MEIS with RoDTEP, and therefore drawing a gloomy picture. Exporters might likely revisit pricing strategies very soon to realign the prices in accordance with the new scheme. While industry representatives feel that the government must devise suitable schemes to incentivise exports, the government is discussing measures to introduce appropriate structures that serve the twin objective of rewarding the exporters, while surviving the test of WTO mandates. As RoDTEP is in its nascent stage, industry experts are exploring possibilities of initiating discussions with concerned authorities. One has to only wait and watch to see how this scheme evolves in the coming days. (Gunjan Prabhakaran is Partner & Leader - Indirect Tax and Krishna Barad is Partner - Customs and International Trade, BDO India)

ArcelorMittal to triple iron ore production, invest $800 mn in Liberia

11 Sep, 2021, 08:19AM | Business Standards

MONROVIA (Reuters) - ArcelorMittal signed an agreement on Friday to stay for at least 25 more years in Liberia, where it will at least triple its iron ore production and invest an additional $800 million, the company's executive chairman and Liberia's president said. Annual production will increase to 15 million tonnes during a first phase of expansion and could rise as high as 30 million tonnes, ArcelorMittal Executive Chairman Lakshmi Mittal said at the signing ceremony. The steel and mining company first signed a 25-year deal with Liberia in 2005 and shipped the first iron ore from its Yekepa mine in 2011. It had been aiming to expand output to 15 million tonnes much sooner, but those plans were put on hold in 2014 when it declared force majeure on the expansion project because of the Ebola outbreak in West Africa. Liberian President George Weah said production would hit 15 million tonnes within the next three years and that the government would receive a total of $65 million from ArcelorMittal. The project is expected to create 1,000 direct jobs, 2,000 temporary construction-related jobs and about 4,000 indirect jobs, Weah said. "The government considers you an important ally in its drive to accelerate the growth of our economy under our national development plan," Weah told Mittal. Liberia, with huge mining and agriculture potential, has attracted billions of dollars in resource investment since the end of a 1989-2003 civil war, but its infrastructure remains underdeveloped and most of its 5 million people live in poverty. Weah said the deal, which is an amendment to the existing agreement, still needs to be approved by his cabinet and the parliament. (Reporting by Alphonso Toweh; writing by Aaron Ross; Editing by Bate Felix) (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.)

Now president, Joe Biden to mark 9/11 rite amid new terror fear

11 Sep, 2021, 08:18AM | Business Standards

He will again make the ritual journey to sacred American landmarks of loss. He will once more bow his head in silent prayer. He will repeat words of comfort for those whose lives changed forever on that brilliant September day two decades ago. But this time, Joe Biden will hold the rank of commander in chief as he marks the anniversary of the nation's worst terror attack. Now, he shoulders the responsibility borne by previous presidents to prevent future tragedy, and must do so against fresh fears of a rise in terror after the United States' exit from the country from which the September 11th attacks were launched. This 9/11 comes little more than two weeks after a suicide bomber in Kabul killed 13 U.S. service members as the military concluded its withdrawal from Afghanistan. And as Afghanistan returns to Taliban rule, there are fresh concerns that the country could again be a launching pad for attacks that Biden's government will be charged with preventing. But for Biden, like his predecessors, the 9/11 anniversary can also present an opportunity to try to reclaim the sense of national unity that followed the attacks, a spirt long since faded amid the country's divisive politics. For Biden, it's a moment for people to see him not as Democratic president, but as president of the United States of America, said Robert Gibbs, who served as President Barack Obama's press secretary. The American people are somewhat conflicted about what they have seen out of Afghanistan the last couple of weeks, Gibbs said. For Biden, it's a moment to try to reset some of that. Remind people of what it is to be commander in chief and what it means to be the leader of the country at a moment of such significance. The president will commemorate the solemn anniversary on Saturday by paying his respects at the trio of sites where the hijacked planes struck, puncturing the United States' air of invincibility and resulting in the deaths of 3,000 Americans. First will be a stop in New York City, where the twin towers of the World Trade Center were toppled as a horrified world watched on television. Then, a field near Shanksville, Pennsylvania, where a plane fell from the sky after heroic passengers fought terrorists to prevent it from reaching its Washington destination. And finally, the Pentagon, where the world's mightiest military suffered an unthinkable blow to its very home. Biden's task, like his predecessors before him, will be mark the moment with a mix of grief and resolve. A man who has suffered immense personal tragedy, Biden speaks of loss with power and eloquence, and he has repeatedly addressed the grief caused by the COVID-19 pandemic that has claimed more than 600,000 lives across the country. While the ceremonies on Saturday don't call for him to make public remarks, the White House said Biden would release a videotaped message. We all remember distinctly that day and how much it's impacted us and has impacted us for the last several decades, White House press secretary Jen Psaki said this week. That's true for him as well. Afghanistan will shadow the day. Osama Bin Laden used that nation to mastermind the 2001 attacks, ushering in an expanded era of terror attacks on soft targets hotels, office buildings, nightclubs in cities across the West. Al-Qaeda was routed from Afghanistan in the months after September 11. But other groups have taken up the cause, including the Islamic State group in Afghanistan, believed to be responsible for the Kabul attack last month. Biden has long argued that the United States' military mission in Afghanistan was over, that the U.S. needed to stop allowing its soldiers to die there. But for some, the return of the Taliban to power, and the terror threat it could produce, has made the 20th anniversary a bitter and worrisome one. Biden will be the fourth president to console the nation on the anniversary of that dark day, one that has shaped many of the most consequential domestic and foreign policy decisions made by the chief executives over the past two decades. The terror attack defined the presidency of George W. Bush, who was reading a book to Florida schoolchildren when the planes slammed into the World Trade Center. He spent that day being kept out of Washington for security reasons a decision that then-Senator Biden urged him to reconsider, the current president has written and then delivered a brief, halting speech that night from the White House to a terrified nation. The following year, Bush chose Ellis Island as the location to deliver his first anniversary address, the Statue of Liberty over his shoulder as he vowed: What our enemies have begun, we will finish. In the ruins of two towers, under a flag unfurled at the Pentagon, at the funerals of the lost, we have made a sacred promise to ourselves and to the world: We will not relent until justice is done and our nation is secure, Bush said. At that time, the nation had been on war footing for months, one conflict raging in Afghanistan and another looming in Iraq. America's war on terror reshaped its citizens' daily lives and expanded the powers of its government as it sought, at times on shaky legal grounds, to prevent further attacks. One year after, it still felt like it was immediately after the attack, the nation was still gripped by its consequences, said Ari Fleischer, Bush's press secretary. He said that all presidents must offer messages of comfort and reassurance but also strength. There are lessons to be learned because there are terrorists who would love to create a September 12th if the U.S. ever lets down its guard, said Fleischer. The wars in Iraq and Afghanistan were still deadly when President Barack Obama visited the Pentagon to mark his first September 11th in office in 2009. No words can ease the ache of your hearts, said Obama. We recall the beauty and meaning of their lives, he said. No passage of time, no dark skies can dull the meaning of that moment. By the time Obama spoke at the 10th anniversary, bin Laden was dead, killed in a May 2011 Navy Seal raid. Though the nation remained entangled overseas, and vigilant against terror threats, the anniversary became more about healing, as a stunning memorial and soaring skyscrapers rose at Ground Zero, symbols of remembrance and rebirth at what had once been a pile of twisted steel and terrible anguish. President Donald Trump pledged to get the U.S. out of Afghanistan, but his words during his first September 11th anniversary ceremony in 2017 were a vivid warning to terrorists, telling these savage killers that there is no dark corner beyond our reach, no sanctuary beyond our grasp, and nowhere to hide anywhere on this very large earth. On Saturday, as Biden visits all three sites, Bush will pay his respects in Shanksville while Obama will do the same in New York. Trump, meanwhile, will be delivering ringside commentary at a boxing match at a casino in Hollywood, Florida. (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.)

How this Bengaluru-based startup is winning Jeff Bezos vs Mukesh Ambani's fight for retail domination

11 Sep, 2021, 07:51AM | Livemint

A bruising battle for supremacy between two of the world’s richest men is hogging the limelight, but the silent changes in India’s retail landscape deserve equal attention. The ongoing digital transformation of the corner kirana stores, tens of millions of shops catering to 1.3 billion consumers, will matter for everyone from Unilever NV and Procter & Gamble Co. to State Bank of India, the country’s largest lender. It will also be important to Amazon.com Inc. boss Jeff Bezos and Reliance Industries Ltd. Chairman Mukesh Ambani. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO The two billionaires are circling each other over an Indian retailer in crisis. The founder of Future Group took Bezos’s money, but sold his debt-laden business to Ambani when the pressure from the pandemic became too much. Amazon is in India’s courts to scuttle the $3.4 billion sale, which could end up making Reliance’s dominance over the consumer economy unshakeable. Away from this high-profile fight for the ordinary Indian’s wallet, a different contest is shaping up for control of what goes on shop shelves. Reaching small stores in a country of more than 660,000 villages and 8,000 cities and towns has traditionally been an uphill struggle for brands. Even Unilever, which has been in India for almost a century, can barely tap 15% of all retailers directly. It needs wholesalers to boost that reach to 80%-plus, according to investment research and asset management company Sanford C. Bernstein & Co. The wholesalers rely on their knowledge of (and trust in) retailers in their vicinity. But these relationship-oriented networks are small and expensive. Throwing them wide open with digitization is the big opportunity. Leading the charge is Udaan, a startup that in five years has taken 80% of the business-to-business e-commerce market, delivering goods it stocks in 200 warehouses nationwide to more than 1.7 million retail stores in 900 cities every day. Suppliers receive their cash on time after Udaan takes their products. Retailers get credit they would have otherwise obtained at high interest rates from wholesalers. Everything happens on a smartphone app, which helps small shopkeepers build a history of reliability in payments. Banks and financiers gain the confidence to lend the required working capital, and brands get less convoluted access. From manufacturers and millers to farmers, pharmacists, hotels, restaurants and grocers, the platform has 3 million registered buyers and sellers. As Vaibhav Gupta, one of Udaan’s three co-founders, says, “We’ve solved the problem of trust on the internet." The firm is backed, among others, by Lightspeed Venture Partners, an early investor in Snap Inc., and Yuri Milner’s DST Global. It’s one of India’s fastest-growing unicorns, as startups valued at $1 billion or more are known. Sujeet Kumar, another co-founder, credits some of the success to the 2017 goods-and-services tax. With multiple rates and high compliance costs, GST is a cumbersome consumption tax, but it’s uniform across India. Warehousing decisions that used to be driven by a confusing smorgasbord of local levies are now guided by efficiency. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Mobile internet is undoubtedly the centerpiece. Ambani entered the Indian telecom industry with his 4G network in 2016 and crunched expensive data prices to where they’re the cheapest in the world. The average kirana owner has a smartphone now, and isn’t shy about using it. With a little training, lack of education isn’t a barrier to reshaping sclerotic business practices. Disruption doesn’t mean aping the West. Kumar and Gupta were part of the team that built Flipkart as India’s answer to Amazon and left it two years before Walmart Inc. bought the e-commerce site for $16 billion. Amod Malviya, their third partner, was Flipkart’s chief technology officer. At Udaan, though, the founders haven’t copied a global template. That’s because none exists. While affluent e-commerce consumers may have preferences similar to their Western counterparts, the vast majority of price-conscious customers buy everyday items in tiny quantities. “Kitchens and refrigerators are small, and the median buyer of shoes pays 200 rupees ($3)," Gupta says. Since mobile commerce arrived in India before connected desktop computers became a thing, even bigger-ticket purchasing decisions don’t start with elaborate online searches. Udaan was built for the India its founders grew up in. Kumar arrived at the Indian Institute of Technology in New Delhi from Bhabua, the main town of a dirt-poor district in the penurious eastern state of Bihar (annual per capita income: $630). The distance between Bhabua and Udaan in Bangalore isn’t measured in kilometers or miles, but in decades of progress that mobile internet is trying to squeeze into years. As a supply chain specialist, Kumar isn’t looking to fundamentally alter behavior. He’s simply removing inefficiencies to speed up the flow of capital. This is crucial for retailers who work on 10% to 12% margins, half of what their peers in the West make. The business-to-consumer side of retail is both deeply political and booby-trapped with regulatory minefields. New Delhi’s noose around foreign-owned e-commerce — Amazon as well as Walmart-Flipkart — is tightening as Prime Minister Narendra Modi pursues a more nationalist economic agenda. Ambani has a clear edge, but Bezos is far from giving up. The Seattle-based e-commerce giant recently announced a plan to manufacture its Fire TV Stick devices locally, lending support to Modi’s Make in India campaign. Will the kirana become collateral damage in the tycoons’ war? Perhaps not. Even by the end of this decade, when India’s retail market grows to $2 trillion, tripling from when the data revolution was just kicking in, small shops will command a 65% share, in Bernstein’s estimates. However, a little under half of their trade will have gone digital by then. Startups like Udaan will modernize the back-end. In doing so, they’ll raise the value of the prize that Ambani and Bezos are vying for — by the storefront. Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News. 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Cathie Wood's Ark ETFs sell $139 million worth of Tesla stock

11 Sep, 2021, 06:40AM | Livemint

Cathie Wood’s exchange-traded funds have sold some of their Tesla Inc. shares in the past two days, taking advantage of the recent rally as the stock climbs for the third week in a row. The ARK Innovation, ARK Next Generation Internet and ARK Autonomous Technology & Robotics ETFs sold over 180,000 shares on Wednesday and Thursday, according to daily trading updates. At closing prices, that puts the total value at nearly $139 million. MORE FROM THIS SECTIONSee All Premium Premium How this Bengaluru-based startup is winning Jeff Bezos .... Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... The sales amount to around 3% of ARK’s Tesla stake and the firm still holds well over $4 billion, making it one of Tesla’s top 20 holders. ARK regularly trims winning positions to reinvest the cash in new targets or existing high-conviction names. Shares of the electric-vehicle maker have climbed over the past three weeks, adding about $75 billion in market value through Thursday’s close as the company’s shipments of China-made cars to the local market rebounded last month, and amid a broader stock market rally in August. Despite a 2.5% slump on Friday amid a broader market rout, Tesla’s shares eked out a weekly gain of 0.4%. They have gained over 30% since a March low. Earlier this year, Wood predicted that Tesla’s stock would hit $3,000 by 2025, putting its valuation at about $3 trillion. Its current market capitalization is about $738 billion. ARK’s daily trading update reflects portfolio changes made by its investment team and excludes creation and redemption activity and public offerings; for this reason it may not fully reflect all of the firm’s trades. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

In wake of 9/11, Wall Street is now more of a notion than an address

11 Sep, 2021, 03:00AM | Business Standards

The years-long evolution of lower Manhattan enters a new chapter this month: Deutsche Bank AG, the last major bank on Wall Street, is moving to Midtown. It’s the end of an era for a corridor that has been synonymous with global finance for centuries. These days, Wall Street is more of a notion than an address. In the two decades since terrorists destroyed the Twin Towers, downtown Manhattan has undergone a transformation, drawing in new residents to luxury condos while office buildings have struggled to keep tenants. Technology upgrades mean it’s no longer a necessity to be close to the New York Stock Exchange, while many of the Financial District’s dated towers are less of a draw for cutting-edge companies. Elsewhere, new glass-and-steel skyscrapers close to commuting hubs have sprung up in recent years, including at the massive Hudson Yards development on the far West Side. “Wall Street was a place where people physically gathered and that’s less the case today,” said Jeremy Moss, executive vice president at Silverstein Properties, the developer of much of the World Trade Center complex. “The banks just became more diffuse over time.” While finance firms have been relocating to midtown for decades, the shift accelerated in the last 20 years. In the summer of 2001, finance and insurance companies accounted for about 55 per cent of the employees in lower Manhattan. By last year, that had dipped to 30 per cent, according to the Downtown Alliance. Blackstone Inc and JPMorgan Chase & Co have been in Midtown for decades, while Wells Fargo & Co expanded there after September 11. Cantor Fitzgerald, whose offices at One World Trade Center were destroyed, signed a lease on 59th Street in 2004. After the attacks, finance firms opened secondary hubs outside Manhattan in the New York City area, meant to supplement existing office space or act as back-up sites in case of future disasters. That included Goldman Sachs Group Inc’s office in Jersey City and Morgan Stanley’s outpost in Westchester County. Then came the financial crisis, which saw financial firms reduce their space, as the industry consolidated and cut jobs. The redevelopment of the World Trade Center, meanwhile, drew tenants from outside the financial world, including Conde Nast, Spotify and Uber Technologies. There’s also been a boom in residential construction, with developers converting former bank offices into high-end condos. There were 64,000 people living in lower Manhattan in 2019, compared with 25,000 twenty years ago, according to estimates from the Downtown Alliance. Still, the neighbourhood has been hit hard by the pandemic. With many workers staying home for months, the amount of office space available for sublease has surged and companies including JPMorgan are looking to exit. The boom in luxury residential construction, aimed at those wanting to live near work, has also resulted in a deluge of supply. At 60 Wall Street, the building that Deutsche Bank is leaving, the landlord is planning an expensive overhaul to attract a new crop of tenants with the tower’s days as a finance headquarters ending after roughly 30 years. It’s part of the latest bid to revitalise the area. “September 11 created a gaping hole in downtown New York, but the funding and spirit to rebuild was there and the city picked itself up and kept going,” said Ruth Colp-Haber, chief executive officer of real estate brokerage Wharton Property Advisors. “That still exists today — it took us years after September 11 and this will take time as well. But the city needs to bring office workers back because they’re the centre of the whole ecosystem.”

Jio, Google put off smartphone? launch amid chip shortage

10 Sep, 2021, 11:25PM | Livemint

A crippling global shortage of semiconductor chips has forced Reliance Jio Infocomm Ltd and Google to defer the launch of an affordable smartphone by two months. JioPhone Next, the 4G smartphone that was to go on sale on Friday, will now start selling only before Diwali, Reliance Industries Ltd (RIL) said in a statement late on Thursday. This year, Diwali is on 4 November. The phone has been developed jointly by RIL’s telecom unit and Google. MORE FROM THIS SECTIONSee All Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months “Jio and Google have begun testing JioPhone Next with a limited set of users for further refinement and are working to make it available more widely in time for Diwali," RIL said. “This additional time will help mitigate the current industry-wide, global semiconductor shortages," the company said. Companies worldwide are battling an acute scarcity of semiconductor chips this year. This has stemmed from covid-induced factory closures and heightened demand for laptops and mobile phones amid a shift to remote working. The supply crisis has hit industries ranging from automobiles to smartphones to video game consoles. Several automakers have also curtailed production, leading to longer waiting times for consumers on certain models. Mukesh Ambani, RIL’s chairman and managing director, said at the company’s annual meeting on 24 June that the new smartphone would be launched on 10 September, which coincides with the Ganesh Chaturthi festival. JioPhone Next features an optimized operating system based on Android and Play Store. Jio and Google claim the device and the operating system will offer premium capabilities that are available in more powerful smartphones. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

ArcelorMittal to triple iron ore production in Liberia

10 Sep, 2021, 11:09PM | Livemint

ArcelorMittal will triple its iron ore production in Liberia to 15 million tonnes a year during a first phase of an expansion that will see it invest an additional $800 million in the country, Executive Chairman Lakshmi Mittal said on Friday. He said the company was exploring the possibility of expanding production to as much as 30 million tonnes a year. MORE FROM THIS SECTIONSee All Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Premium Premium MakeMyTrip plans to add 15,000 homestays in next 18 months Premium Premium Arvind SmartSpaces raises ₹85 crore from HDFC Capital Mittal made the comments after the company signed an agreement with the Liberian government that commits ArcelorMittal to staying in Liberia for at least another 25 years. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Indiabulls get CCI nod to sell mutual fund business to Groww for ?175 cr

10 Sep, 2021, 09:35PM | Livemint

Indiabulls Housing Finance (IBHFL) has received the approval of Competition Commission of India (CCI) to sell its mutual fund business to Groww for ₹175 crore. The company's wholly-owned subsidiaries Indiabulls Asset Management Company Ltd (IMACL) and Indiabulls Trustee Company Ltd (ITCL) had entered into a definitive transaction agreement on May 11, 2021 with Nextbillion Technology, which does business as Groww, for divestment of mutual fund business carried out by these two entities. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months Premium Premium Arvind SmartSpaces raises ₹85 crore from HDFC Capital “In furtherance to the abovementioned intimation, please note that the Competition Commission of India has pursuant to communication letter dated September 9, 2021 approved the Transaction under section 31(1) of the Competition Act, 2002, as amended," IBHFL said in a regulatory filing on Friday. Indiabulls want to divest its mutual fund business to focus on the retail estate asset management business, as it is not the core focus area of the company. Groww commenced its financial services business in May 2016. It is currently one of the leading tech platforms for investing in stocks and mutual funds. Headquartered in Bengaluru, it is backed by marquee investors like Tiger Global, Sequoia Capital India, Y Combinator and Ribbit Capital. Groww serves over 1.5 crore users in more than 900 cities across India. The transaction to hive off the mutual fund business by Indiabulls Housing is expected to be closed on or before June 30, 2022. After the conclusion of the deal, Indiabulls Housing will cease to hold any equity shares and its sole control over IAMCL and ITCL. As of March 31, 2020, the mutual fund revenue constituted 0.03 per cent of the consolidated revenue of the housing financer company. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Producer inflation accelerated in August, as wholesale prices rose record 8.3% from a year ago

10 Sep, 2021, 07:37PM | CNBC

VIDEO2:4702:47August Producer Price Index up 0.7% , beating estimatesSquawk Box Prices that producers get for final demand goods and services surged in August at their highest annual rate since at least 2010, the Labor Department reported Friday.The producer price index rose 0.7% for the month, above the 0.6% Dow Jones estimate, though below the 1% increase in July.On a year-over-year basis, the gauge rose 8.3%, which is the biggest annual increase since records have been kept going back to November 2010. That came following a 7.8% move higher in July, which also set a record.The data comes amid heightened inflation fears fed by supply chain issues, a shortage of various consumer and producer goods and heightened demand related to the Covid-19 pandemic. Federal Reserve officials expect inflationary pressures to ease through the year, but they have remained stubbornly persistent, with Friday's numbers indicating that the trend likely will continue.Excluding food, energy and trade services, final demand prices increased 0.3% for the month, below the 0.5% Dow Jones estimate. Still, that left core PPI up 6.3% from a year ago, also the largest record increase for data going back to August 2014.Final demand services rose 0.7% for the month, thanks to a 1.5% gain in trade services, or the margins received by wholesalers and retailers. Transportation and warehousing costs surged 2.8%.About one-third of the overall gain came from health, beauty and optical goods, which jumped 7.8%. Prices related to outpatient hospital care held back the gains, falling 1.5%.Prices for final demand goods rose 1% for the month, pushed primarily by a 2.9% gain in foods which in turn came from an 8.5% surge in meat prices. Slaughtered poultry prices surged 11%. Prices fell for iron, steel and diesel fuel.Become a smarter investor with CNBC Pro.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.Sign up to start a free trial today.

IT Dept conducts searches in 2 states. Check details

10 Sep, 2021, 06:04PM | Livemint

Income Tax Department has conducted searches and seizure operations on three commission agent groups in Punjab and Haryana on 8 September. These groups are also engaged in the business of running Steel Rolling Mill, cold storage, General Mills, Jewellery shop, Poultries, Rice Mills, Oil Mill, Flour Mill apart from the business of commission agents. The search action revealed that these groups are suppressing their business receipts and inflating expenses. They also do not account for most of the sums received and paid in cash. Further, certain documents showing payments of on-money in cash in acquiring immoveable properties have been recovered and seized. In one of the groups, it has been found that the purchases of fruits have been done during the harvest period at low cost, whereas the sales have been done in odd period at very high rates after storing the goods in cold storage, an official release said. MORE FROM THIS SECTIONSee All Premium Premium ESIC’s unemployment sops extended till June next year Premium Premium CBDT eases clause that may sweeten Air India deal Premium Premium Kerala aims to vaccinate all eligible adults by 30 Sept .... Premium Premium Dubai World Expo: No Covid vaccination, testing require .... It also said, books of accounts in Laddo script have been found, which show substantial unaccounted transactions running into crores. These books of account are being deciphered with the help of an expert. Parallel sets of books of accounts of some of the business concerns have also been found which show suppression of gross business receipts running into crores on yearly basis. It is found that advances in cash aggregating to crores are given to farmers and interest rates of 1.5 % to 3.00% per month is charged. The interest is received in cash and not shown in the books of account, the release said. Cash purchase and sale related to poultry business and Rice sheller worth more than Rs. 9.00 crore has been found. Unaccounted purchases amounting to Rs. 1.29 crore have been found from one of the premises situated in Jalandhar. Details of unaccounted sales have also been found. Two suspected benami firms in the names of employees have been unearthed, whose turnovers are in crores per year, it added. In one of the concerns, the main assessee has accepted that payments in violation of Section 40A(3) of the Income-tax Act, 1961 have been made running into crores over the years, by accounting the same after splitting the payments in the books of account, it also said In Steel Rolling Mills, discrepancy in stock of finished goods has been found and stock taking of raw material (scrap) is underway. Unaccounted stock of finished goods of more than Rs.25 lakh has been worked out as yet. Unaccounted investment in immovable property amounting to Rs. 3.40 crore has been detected and has also been accepted by the owners of the properties covered during the search. TRENDING STORIESSee All Premium WhatsApp finally announces much-awaited safety feature .... Premium IMD predicts heavy rainfall in these states from Sunday .... Premium End-to-end ITR filing process on new e-filing portal is .... Premium Thailand on mind? Fully vaccinated tourists allowed to .... At some premises, the digital evidence found has been seized, analysis of which is in progress. Diversion of business funds as interest free loans/advances to family members of one of the Groups has been detected by the search team. Unaccounted Cash aggregating to Rs.1.70 crore has been found in these groups. Unexplained jewellery valued at Rs. 1.50 crore has been found. Unexplained stock of Flour valued at Rs.1.50 crore has also been found. Eight Bank lockers have been put under restraint, which are being operated today, the official release said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Gupta named CEO as Udaan preps for IPO

10 Sep, 2021, 05:45PM | Livemint

BENGALURU: Business-to-business (B2B) e-commerce platform Udaan will shift towards a formal chief executive officer (CEO)-led model and has appointed co-founder Vaibhav Gupta as CEO as the first step. The move comes at a time when Udaan is in the early stages of exploring a public listing and plans to hit the exchanges in 18-24 months. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months The company, which was co-founded by former Flipkart executives Gupta, Amod Malviya and Sujeet Kumar, did not have a CEO earlier, with the three founders managing different aspects of the business. As a part of the new operation model, co-founders and board members Malviya and Kumar will actively work with Gupta to ensure that the organization effectively transitions to a CEO-led structure, the company said. The changes are effective immediately, it added. “Founded with a vision to empower the small and medium businesses of Bharat, Udaan has come a long way in the last five years, creating not only the B2B e-commerce industry in India, but also a playbook that is being quickly emulated in other developing economies," Gupta said. “As we embark on the next phase of our growth journey, it is important to lay the right foundations. It is with this objective that this structure has been created that will help in the evolution of the organization, enhance agility and efficiency, drive innovation, and bring us closer to the customer," he said. Udaan has invested more than ₹4,000 crore over the past 18 months across different business pillars, including technology, supply chain, credit, people and compliance, to accelerate its growth. “We are delighted that Vaibhav has agreed to be the captain of the ship and steer Udaan towards the future. The Indian market offers tremendous growth potential in the B2B e-commerce space, and having worked together for years, we know that Vaibhav, with his in-depth understanding of the business, is the best person to lead the organization," Malviya and Kumar said in a joint statement. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? For the next few years, the company is expected to focus on strengthening governance, driving innovation, capabilities, systems and processes with a focus on building a talent pipeline, the co-founders added in the statement. Udaan is focused on facilitating B2B trade for small and medium enterprises (SMEs) and brings traders, wholesalers, retailers, manufacturers and brands onto one platform. It operates across various categories of lifestyle, electronics, home and kitchen, staples, fruits and vegetables, fast-moving consumer goods and pharmaceuticals. Udaan’s platform serves more than 3 million users, 1.7 million retailers and 30,000 sellers on the platform across 12,000 pincode areas of the country. In January, the company had raised $280 million from Chinese technology behemoth Tencent, which valued the company at a little more than $3 billion. Udaan’s existing investors Lightspeed Venture Partners, DST Global, GGV Capital and Altimeter Capital also participated as a part of the round. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

MakeMyTrip plans to add 15,000 homestays in 18 months

10 Sep, 2021, 05:32PM | Livemint

New Delhi:With the pandemic forcing tourists to opt for non-conventional lodging options such as homestays to maintain safety protocols, travel portal MakeMyTrip plans to add 15,000 alternative properties over the next 18 months. “Since 2020, we have expanded the number of homestays or inventory by 90%. We are effectively adding over 1, 000 such properties on our platform every month. We have plans to add another 15,000 in the next 18 months," said Rajesh Magow, co-founder and group chief executive officer, MakeMyTrip Ltd. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Demand for premium and luxury hotels offering high safety standards is high, but the severity of the second wave of coronavirus has made covid safety protocols a top priority for travellers, he said, adding that MMT is seeing pent-up demand for alternative stays. “Homestays were being preferred as they are often secluded, devoid of large crowd and relatively safer. These were the biggest factors driving growth of the category. Of late, homestays are becoming one of the prime non-hotel options for customers. This phenomenon was already popular globally, but it is fast catching on in India as well," Magow added. There are broad sub-segments in the alterative stay category such as villas, service apartments and hostels (for casual and pilgrimage travellers), MMT said. Demand for accommodation are at 60-65% of pre-covid levels seen in February 2020. Within this segment, alternative or homestays have already recovered by more than 100%, it added. “It simply means that we have been doing pre-pandemic volumes in this segment and the year is not over yet. Villas and service apartments have been growing the fastest. This segment is currently being driven by nuclear families (husband, wife and children) who opt for a workcation or staycation, bachelors who are opting for villas for budget’s sake and two or three families coming together and booking such stays so that they create a safe bio-bubble," MMT said. Without divulging details of how much MMT has invested in the category, Magow said it is currently investing in tech and products as well as business development. On MMT’s homepage, a dedicated icon for ‘villas and apartments’ has been created for customers to check the properties. Even on the site for hotels, homestays have been listed. The company said it will start promotions and branding for this segment, apart from launching a dedicated app for hosts. Magow said while the company is witnessing month-on-month improvement, overall recovery is nowhere close to pre-pandemic levels, as key segments such as international travel and flight capacity are still restricted. “From an overall perspective, the recovery is behind but from the domestic business standpoint, I think we are touching 60-65% of pre-pandemic levels," he added. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? The Nasdaq-listed company’s plans to scale up homestays comes at a time when firms such as Airbnb and startups such as Vista Rooms and Saffronstays are aggressively looking to tap the segment. While the homestay market has been largely dominated by domestic startups, large hotel chains such as the Taj Group, with the launch of sub-brands Ama Trails & Stays, too, are operating in this segment. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Arvind SmartSpaces raises ?85 crore from HDFC Capital

10 Sep, 2021, 05:00PM | Livemint

BENGALURU: Real estate firm Arvind SmartSpaces Ltd (ASL) has raised Rs85 crore from HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1). The board of directors of ASL on Friday approved the allotment of 68.5 lakh equity share aggregating to about Rs85 crore to H-CARE 1 and promoters of ASL at the price of Rs124 per share as per SEBI ICDR Regulations 2018. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO The equity raised in this round will give strong impetus to this growth initiative and strengthen the balance sheet, the company said. Sanjay Lalbhai, chairman, ASL, said, “…This infusion of long-term patient capital into the company will give us the flexibility to pursue strategic growth across all the segments that we operate in. The enhanced equity base and low leverage gives the company significant headroom to raise further capital to pursue value accretive opportunities." “This investment is an extension to our existing partnership platform set up in 2019, with Arvind SmartSpaces. It meets our objective to provide long-term, equity and mezzanine capital to marquee developers for the development of affordable and mid-income housing in India. Further, this is in line with HDFC Capital’s strategy of partnering with top rated developers with a good track record of development and delivery. We believe that consolidation in the residential sector is a given and that developers with strong brand presence shall capture a disproportionate share of the market," said Vipul Roongta, MD and CEO of HDFC Capital Advisors. The conclusion of the transaction is subject to necessary approvals from shareholders of ASL and the Securities and Exchange Board of India (Sebi). Metta Capital was the exclusive financial advisor to ASL for this transaction. Kamal Singal, MD and CEO of ASL, said, “The company feels that there is a huge opportunity in real estate development in India especially in the post pandemic era. Organized developers with long term and organized capital are in a unique position to deliver customer centric products and solutions on a sustainable basis. This partnership will not only provide resources to pursue growth but also help in building the business further by leveraging the brands and legacy of trust that both the partners bring to the business. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

To meet fuel shortage, CIL ups power sector supplies by 20% in September

10 Sep, 2021, 04:55PM | Livemint

NEW DELHI : Amid depleting coal stocks at thermal power projects, India’s largest miner of the fuel, Coal India Ltd (CIL) has stepped up supplies by 20% in September so far to the crucial sector, the state-run firm said on Friday. This comes against the backdrop of India stopping coal supplies for a week to plants having more than 15 days' stock to free about 177,000 tonnes of fossil fuel, to be redistributed to power plants having low stocks. The coal stocks have depleted at thermal power plants due to reasons such as increase in demand for electricity and lower generation by hydropower plants. MORE FROM THIS SECTIONSee All Premium Premium Delhi logs zero COVID death, 36 fresh cases in 24 hrs; .... Premium Premium Harsh Goenka shares mantra to engage and connect, Twitt .... Premium Premium Compulsory leave for govt employees if even one Covid v .... Premium Premium Revamped US-India Strategic Clean Energy Partnership la .... “However, CIL has stepped up supplies to power sector in the first eight days of September, clocking about 20% growth at an average of 1.39 MT (million tonnes) per day. Till same date of last September, the average supply per day was 1.16 MT," CIL said in a statement. India’s power sector is the largest consumer of coal in the country. Of India’s installed power generation capacity of 383.37 gigawatts (GW), coal-fuelled projects account for 53% or 202.67 GW. “We are aiming to augment total supply further to a level of 1.8 MT per day consistently and 1.45 MT per day to power sector," a senior CIL official said in the statement. CIL has supplied 206 MT of coal during April-August to the power sector, which is 44 MT more than what it supplied in the corresponding period last year. “CIL’s total supply also logged 1.71 MT per day during the first eight days of the ongoing month compared with 1.49 MT per day last year, achieving a growth of nearly15%," the statement added. India’s electricity demand has been growing after dipping last year during the first wave of the pandemic. In a reflection of revival of economic activity in the country, India’s peak electricity demand recorded an all-time high of 200.57 GW on 7 July. TRENDING STORIESSee All Premium Mamata Banerjee files nomination for Bhabanipur assembl .... Premium UAE lifts ban on entry from India, other countries for .... Premium This multibagger stock from specialty chemical space ha .... Premium Here are 2 top stock picks by HDFC Securities over the .... Also, e-auction bookings have been up 42% during April-August period. “Coal India’s e-auction bookings logged a robust 42% growth during April-August 2021, on the back of a demand spike in coal-based power generation and soaring international coal prices, compared with the corresponding period year ago," the statement said. Of CIL’s coal production target of 670 MT for the current financial year, the demand from the power sector is expected to account for around 545 MT. India’s overall coal requirement is expected to go up to 1,123 MT by 2023 from the present level of 700 MT. “CIL booked 53.3 MT of coal in the first five months of FY22, under the five auction categories. This is nearly 16 MT higher compared with 37.5 MT of corresponding period in FY21. The add-on fetched was 30% over notified prices," the statement said. India’s electricity demand reached its highest since July 2019 to register124.8 billion units (BUs) in July this year, according to India Ratings and Research. “With the upsurge in coal-based power generation, the quantity booked by power sector customers under special forward auction more than doubled to 17.3 MT during the referred period against 8 MT booked in the corresponding period a year ago," the statement added. As part of the Union government’s attempt to ensure uninterrupted electricity supply from thermal power projects, captive coal mine production was directed to meet 85% of their targets in a week and state electricity distribution companies (discoms) procuring power from imported coal-fuelled projects were asked to meet their demand from such plants within two weeks. Any failure to do so will result in coal supplies to such states being stopped. Also, coal supplies to power projects having more than 10 days fuel stock but with a plant load factor (PLF) of less than 40% and those projects having more than 18 days' stock is to be stopped. In addition, coal supplies to those projects having stocks ranging from 11 days to 18 days and a PLF of more than 40% has to be halved. PLF is a measure of output of a power plant. A higher PLF indicates higher output at lower cost. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Udaan appoints co-founder Vaibhav Gupta as CEO, plans IPO in 18-24 months

10 Sep, 2021, 04:50PM | Livemint

B2B e-commerce platform Udaan has appointed co-founder Vaibhav Gupta as chief executive officer under its plans to become a CEO-led and board driven organisation. "The plan, that involves a CEO-led and board driven organisation, envisages building Udaan as a future-ready organisation with an aim to capitalise on the enormous growth opportunity that the Indian e-commerce market offers," Udaan said in a statement said. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Gupta named CEO as Udaan preps for IPO Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months The other two co-founders, Amod Malviya and Sujeet Kumar, as board members will actively work with Gupta to ensure that the organisation effectively transitions to a CEO-led structure for continued success and achieve their shared vision for the organisation, the company stated. The changes come into effect from September 10, Friday, Udaan added. The changes at Udaan are in-line with the company's plans to float an IPO within 18-24 months. Zomato's successful IPO, followed by a profitable listing in July has encouraged several internet-led businesses to go public. A number of internet-led businesses, including Paytm, MobiKwik and PolicyBazaar have filed for IPOs while companies like Droom have stated their intent to get listed soon. Udaan co-founder and CEO Vaibhav Gupta said Udaan has come a long way in the last five years, creating not only the B2B e-commerce industry in India but also a playbook that is now being emulated in other developing economies. "As we embark on the next phase of our growth journey, it is important to lay the right foundations for that. It is with this objective that this structure has been created that will help in the evolution of the organisation, enhance agility and efficiency, drive innovation and bring us closer to the customer," he added. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? He exuded confidence that the company will be successful in realising its vision of transforming India's massive $1 trillion trade market. Udaan co-founder Amod Malviya said the Indian market offers tremendous growth potential in the B2B e-commerce space. "For the next few years, our focus will be on strengthening governance, driving innovation, capabilities, systems and processes, with a special focus on building a talent pipeline to capitalise on the huge opportunity that Bharat offers. What we have achieved in the last 5 years is just the tip of the iceberg," Udaan co-founder Sujeet Kumar added. Founded in 2016, Udaan caters to over 3 million businesses and more than 30,000 sellers on its platform. In January, Udaan announced raising $280 million (about ₹2,048 crore) in funding from investors, including Lightspeed Venture Partners, Tencent, DST Global, GGV Capital, Altimeter Capital, Octahedron Capital and Moonstone Capital. Udaan has invested more than ₹4,000 crore in the past 12-18 months across technology, supply chain, category, credit, employee and compliance. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Plaza Premium Group selects AWS to drive global growth

10 Sep, 2021, 04:15PM | Livemint

Bengaluru: Amazon Web Services (AWS), the cloud computing arm of Amazon.com, said on Friday that leading airport hospitality provider Plaza Premium Group (PPG) has selected AWS to drive its global growth. PPG has closed two of its own data centres and migrated the vast majority of its IT infrastructure to AWS. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Gupta named CEO as Udaan preps for IPO Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months “PPG is leveraging the breadth and depth of AWS services, including networking and content delivery, serverless, blockchain, management and governance, and security, to seamlessly expand its presence to over 500 locations by 2025, including lounges at the 100 busiest airports worldwide, at 40% lower cost," AWS said in a statement. As part of its digital transformation, PPG is helping its business partners, including airports, airlines, and travel operators, cut overhead costs as travel resumes by efficiently managing their lounges, airport operations, and loyalty programs using cloud technology. “With AWS, PPG can also deploy IT services in new lounge locations 20 times faster and innovate new solutions, including the company’s global airport loyalty rewards program," AWS said. Before migrating to AWS, PPG was experiencing technological constraints using on-premises infrastructure, which made upgrading architecture, expanding into new markets, and building new customer services challenging. “PPG strives to make travel better for millions of customers each year. We chose AWS because of its global footprint, security, and high scalability, which enable us to deploy our hospitality services to new airports faster and forge new strategic partnerships to provide premium airport hospitality," said Olivia Chang, chief information officer, Plaza Premium Group. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edtech startup Lido Learning raises $10 million

10 Sep, 2021, 04:04PM | Livemint

BENGALURU: Homegrown edtech startup Lido Learning on Friday said it has raised $10 million, led by Ronnie Screwvala’s Unilazer Ventures. Lido Learning said it will use the funds to fuel its expansion plans in India as well as abroad. It will also launch its user app to give students access to free curriculum-aligned video content for life. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Gupta named CEO as Udaan preps for IPO Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months Earlier this week, Lido Learning announced its entry into the US and Canada, with its flagship coding programme using the ‘pair learning’ methodology, consisting of two students per teacher to facilitate faster learning, deeper interactions, and real-time problem solving. With this round, Lido Learning has so far raised $20 million from marquee institutional investors such as Alibaba-backed BACE Ventures, Rocket Internet-backed Picus Capital, and 9 Unicorns, along with leading entrepreneurs like Vijay Shekhar Sharma, Mukesh Bansal, Anupam Mittal, Ananth Narayanan, amongst others. Two-year old Lido Learning provides small-group online tutoring to kindergarten to grade 12 students. It offers classes in maths, science, coding and English. “Lido is the first in the country to recognise the power of learning in small groups, while being enabled by technology, for faster learning and success. We’re going to use this new round of capital to ensure that our classes are accessible to students from every corner of India as well as the world. We’re going to double down on our efforts to connect students with India’s exceptionally well-qualified and dedicated teaching talent," said Sahil Sheth, founder and chief executive officer, Lido Learning. The edtech claims that it is on track to reach a $100 million in revenue run rate by the end of the current financial year. “Lido is the first mover in the small-group, online tuition space. The company has differentiated itself from the start from all other players that primarily offer self-directed learning or large-group classes. Lido’s strategy of immersive learning and rewarding positive learning outcomes has ensured that it is best-positioned to consolidate the $15 billion neighbourhood tuition market," said Ronnie Screwvala, founder of Unilazer Ventures. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Screwvala is also the founder of higher learning edtech upGrad. Lido Leaning plans to launch its platform in the UK, Australia, New Zealand and South East Asia by early 2022. It is already present in the Middle-East, the US, Canada, among others. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Dabur expands Hajmola portfolio

10 Sep, 2021, 02:59PM | Livemint

NEW DELHI: Dabur India Ltd. on Friday said it is expanding its digestive brand Hajmola with an additional variant, Dabur Hajmola LimCola. Digestive brand Hajmola falls under the company’s healthcare portfolio. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Bollywood actor Ajay Devgn will be the face of the brand campaign to endorse the product. The launch will be supported across print, digital, outdoor, mobile and radio campaigns, the company said in a statement. “We will also be undertaking extensive sampling activities through delivery platforms and major restaurant chains, besides Dabbawalas in Mumbai, Airlines and at key Bus depots, offering our consumers a chance to touch, feel and experience the new hajmola LimCola," Ajay Singh Parihar, Dabur India’s marketing head for the OTC-healthcare business said. Consumer research revealed that Indian consumers prefer lemon flavour with a tangy punch, the company said. Hajmola LimCola will be available in two consumer packs of a Re1 sachet and 120-tab bottle. Devgn said: “I am excited to be a part of this new innovation with Hajmola that is all set to disrupt the digestive space in India." Dabur Hajmola digestive is already available in seven different variants in formats like tablets and candies. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Dabur India Ltd sells brands such as Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur Pudin Hara, Vatika hair oil, Réal fruit drinks, among others. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Hughes, OneWeb join hands for Low Earth Orbit satellite service in US, India

10 Sep, 2021, 02:32PM | Livemint

MUMBAI : Hughes Network Systems, which focuses on satellite and multi-transport technologies and networks, and OneWeb, the Low Earth Orbit (LEO) satellite communications company backed by Bharti, have signed a distribution agreement in the US, for enterprise services, the companies said on Friday. "In India, the parties have entered into an MoU (Memorandum of Understanding) for a strategic agreement to distribute services to large enterprises, small and medium businesses, government, telcos and ISPs (internet service providers) in rural and remote parts of the country," OneWeb said in a statement. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Services will be offered by Hughes Network Systems, LLC, and Hughes Communications India, respectively. “The future of connectivity depends on a worldwide network of multiple transports, including terrestrial, geostationary and Low Earth Orbit satellite services. OneWeb’s system enhances the Hughes portfolio of networking capabilities, introducing a low-latency option with global reach that complements GEO satellite capacity density and capability to meet our customers’ needs," said Pradman Kaul, president, Hughes, adding that in India the OneWeb services will help meet the tremendous backhaul and broadband demand. To be sure, Hughes, through its parent company EchoStar, is an investor in OneWeb. It is also an ecosystem partner to OneWeb, developing gateway electronics and the core module that will power every user terminal for the system. Hughes is also the prime contractor on an agreement with the US Air Force Research Lab to integrate and demonstrate managed LEO SATCOM using OneWeb capacity in the Arctic region. OneWeb is building its initial constellation of 648 LEO satellites. Services will begin this year to the Arctic region, including Alaska, Canada, and the UK. By late 2022 OneWeb will be offering its high-speed, low latency connectivity services globally. Service testing on the satellites already in orbit is under way, using gateways that Hughes is building for the network. Results are positive, including seamless satellite and beam handovers, high speeds and low latency, the company said. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Wonderchef appoints Kriti Sanon as Brand Ambassador

10 Sep, 2021, 02:09PM | Livemint

NEW DELHI: Kitchenware brand Wonderchef on Friday announced the appointment of Bollywood actor Kriti Sanon as its brand ambassador. The TVC featuring Sanon will be launched simultaneously across multiple channels including digital. An extensive print campaign is also planned along with prominent presence across general trade, modern trade and exclusive brand outlets. This will create 360-degree visibility for this new association, the company said in a statement. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Wonderchef Kitchenware—was founded in 2009 by Ravi Saxena and Chef Sanjeev Kapoor. The association with Sanon, who was last seen in Hindi-film Mimi, will amplify and help the brand build awareness around healthy cooking. Demand for cookware has gone up as consumers spend more time at home, cook and, hence, upgrade their kitchen wares and small appliances. Wonderchef sells a range of electronic and non-electronics kitchen appliances and kitchen ware such as oven toaster griller, dough kneader, pans, woks, cookers, and meal prep tools among other such products. “The engagement with Kriti will amplify our efforts to create more awareness about healthy cooking and capture wider demography. Taking Kriti as our brand ambassador was a natural choice for us because Wonderchef relates with Kriti as a self-made independent person with a mix of modern and traditional values," Ravi Saxena, founder and managing director, Wonderchef said. The campaign shows Sanon co-creating recipes using Wonderchef appliances with a friend. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Return to office: Microsoft CEO Satya Nadella has a piece of advice for companies

10 Sep, 2021, 01:54PM | Livemint

A day after Microsoft told employees that it has indefinitely delayed employees' return to US offices, CEO Satya Nadella said on Friday that companies forcing employees back to the office amid rising Covid delta cases are ‘shortsighted’. “I’m looking forward to the entire world overcoming this challenge, because until we do so any particular company, region thinking they’ve found the answer, I think will just be shortsighted," Satya Nadella said in an interview with CNBC. MORE FROM THIS SECTIONSee All Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months “Our new data shows there is no one-size-fits-all approach to hybrid work, as employee expectations continue to change. The only way for organisations to solve for this complexity is to embrace flexibility across their entire operating model, including the ways people work, the places they inhabit, and how they approach business process," said Nadella. “Our new data shows there is no one-size-fits-all approach to hybrid work, as employee expectations continue to change. The only way for organizations to solve for this complexity is to embrace flexibility across their entire operating model, including the ways people work, the places they inhabit and how they approach business process," Nadella said. Microsoft had already postponed its planned return to the workplace from September to no earlier than Oct. 4, but now says the re-opening won't be next month. Microsoft employs about 181,000 full-time workers, of whom 103,000 are in the US. “Given the uncertainty of COVID-19, we've decided against attempting to forecast a new date for a full reopening of our US work sites," Jared Spataro, a corporate vice president, wrote in a blog post. Microsoft will wait for public health guidance on when it is safe to return, Spataro said. It will then give workers a 30-day transition period to prepare. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Last month Microsoft said it will require proof of vaccination for all employees, vendors and visitors to its U.S. offices starting this fall. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

IndiGo aims to run domestic flights at full capacity in next few months

10 Sep, 2021, 12:55PM | Livemint

Indian airline company IndiGo is aiming to run at full capacity domestically, its CEO Ronojoy Dutta told Bloomberg in an interview on Friday, adding that the budget carrier's current load factor is around 70% and yields are likely to rise in the coming months. “Things are improving slowly.. it's hard not to be bullish as traffic is going up," IndiGo Chief Executive Officer Ronojoy Dutta told Bloomberg Television. The airline is also targeting just over two-thirds in international routes as the virus pandemic eases and people start traveling more. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO The ministry of civil aviation in August allowed domestic airlines to increase flight capacity to 72.5% from 65% in July. Though, the extended ban on international flights continue till September 30. Even as current cash levels were “pretty good," Dutta said the airline wanted to raise funds as an insurance buffer against a possible covid third wave.The domestic budget carrier, operated by Interglobe Aviation, consolidated year-on-year net loss widened to ₹3,174 crore in the quarter ended 30 June, 2021 as compared to ₹2,844 crore in the year-ago period. The losses have continued ever since the pandemic brought global travel to a near-halt and battered airlines worldwide. Just as the airline showed recovery signs last year, the sector was hit by the renewed travel restrictions. Air passenger traffic declined sequentially during the week ended 28 August as a substantial rise in ticket fares, among other things, deterred people from taking flights. The air passenger traffic rose sharply in early August when fresh caps on air fares were yet to be announced. Though, air travel bookings in India gathered pace during August, ahead of the festival season, compared to July, offering hopes of a full revival for the sector battered by the pandemic. (With inputs from Bloomberg) MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Fisdom's private wealth foray may provide template for other fintechs

10 Sep, 2021, 12:52PM | Livemint

MUMBAI: Fisdom, an investment platform with around 4.5 lakh customers announced its foray into private wealth management on Wednesday. It has hired Abhijit Bhave, formerly CEO at Karvy Private Wealth, to head its wealth management operations. The venture may provide a template to other fintech players in the financial services industry. Many of these platforms have large user bases for their investment apps. Some of these players, such as Paytm Money, have adopted a 'marketplace' model, onboarding advisors on to its platform rather than directly delivering investment advisory services. Other major fintechs in the wealth management space include Kuvera and Groww, both of whom currently offer direct plans of mutual funds and target the mass market. Kuvera recently announced a tie up with Amazon Pay to provide mutual funds and fixed deposits on the latter's platform. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Fisdom has traditionally relied on its partnerships with PSU banks and old generation private banks to drive its customer growth and the company is now targeting the affluent tier 2 and tier 3 customers of these banks. Older customers who are more comfortable with human interface rather than apps are in focus, for this service. Fisdom currently has tie ups with over 12 banks and financial institutions such as Oriental Bank of Commerce, Indian Bank, Karnataka Bank, City Union Bank, Bank of Baroda, UCO, State Bank of Mauritius and Suryoday Small Finance Bank. "The typical bank branch has around 8,000 customers of which I would say 300 qualify as mass affluent. They would either have a locker or an account balance of more than 50 lakh or an overdraft account, indicators of wealth accumulation and that is the customer base we are targeting," said Subramanya SV, co founder at Fisdom. Fisdom is predominantly a distributor of financial products like mutual funds and it shares commission income with its partner banks as referral fees. This is in contrast to apps like Groww and Kuvera which offer direct plans of mutual funds on their platforms. Direct plans do not feature any distributor commissions. Fisdom has a direct plan variant called Finity which is currently used by a small segment of its customer base. The private wealth division will offer both regular and direct options to customers, based on their preferences. "In a purely physical or traditional model of wealth management, a relationship manager may handle an AUM of let's say ₹100 crore. In a phygital model of wealth management like ours, that AUM might be in multiples," said Abhijit Bhave, CEO, Fisdom Private Wealth. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

United, Honeywell invest in cleantech venture Alder Fuels

10 Sep, 2021, 12:39PM | Livemint

MUMBAI : United Airlines Inc. and Honeywell International Inc. on Friday announced a joint multimillion-dollar investment in Alder Fuels—a cleantech company that is pioneering first-of-its-kind technologies for producing sustainable aviation fuel (SAF) at scale by converting abundant biomass, such as forest and crop waste, into sustainable low-carbon, drop-in replacement crude oil that can be used to produce aviation fuel. When used together across the fuel lifecycle, the Alder technologies, coupled with Honeywell’s Ecofining™ process, could have the ability to produce a carbon-negative fuel at specifications with today’s jet fuel. The goal of the technologies is to produce fuel that is a 100% drop-in replacement for petroleum jet fuel. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Gupta named CEO as Udaan preps for IPO Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months As part of the agreement, United is committing to purchase 1.5 billion gallons of SAF from Alder when produced to United’s requirements. United’s purchase agreement, which is one-and-a-half times the size of the known purchase commitments of all global airlines combined, makes this easily the largest publicly announced SAF agreement in aviation history. United’s purchase agreement with Alder also surpasses the previous record set by the airline in 2015 through its investment in Fulcrum BioEnergy with its option to purchase up to 900 million gallons of SAF. “Since announcing our 100% green commitment in 2020, United has stayed focused on decarbonizing without relying on the use of traditional carbon offsets. Part of that commitment means increasing SAF usage and availability since it is the fastest way to reduce emissions across our fleet," said United Airlines chief executive officer Scott Kirby. “As a pioneer of the SAF market with UOP Ecofining™ technology, our work with United and Alder on this new technology will help transform the industry and support the growth of a zero-carbon economy," said Darius Adamczyk, Honeywell chairman and chief executive officer. “This solution will not only advance United’s SAF commitment but can help the aviation industry meet its commitments to decouple increases in carbon emissions from growth in passengers." Honeywell India Technology Center (HITC) in Gurugram plays a vital role for Honeywell globally in developing and demonstrating refining and petrochemical process technology, including the new technology. HITC was established in 2012 and is the only such facility outside of Des Plains, IL., in the US. According to the US Department of Energy (DOE), US forestry residues and agricultural residues alone could provide enough biomass energy to generate more than 17 billion gallons of jet fuel and displace 75% of US aviation fuel consumption. If the US were to broadly adopt regenerative agricultural practices, which capture more carbon in healthier soil compared with traditional methods, the US could generate an additional seven billion gallons of SAF, which would completely replace the US’s current fossil jet fuel consumption. Alder’s technology and demand for its fuel from the aviation industry create a large new market for biomass from regenerative practices. Use of this biomass further enables Alder’s production process to be carbon negative over the fuel’s lifecycle. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? United’s joint investment in Alder is the latest by United Airlines Ventures, a venture fund launched earlier this year that focuses on startups, upcoming technologies, and sustainability concepts that will complement United's goal of net zero emissions by 2050—without relying on traditional carbon offsets. In 2020, United became the first airline to announce a commitment to invest in carbon capture and sequestration and has since followed with investments in electric vertical takeoff and landing aircraft and 19-seat electric aircraft that have the potential to fly customers up to 250 miles before the decade’s end. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

GM, Harley-Davidson, and now Ford. Why big US automakers are leaving India

10 Sep, 2021, 12:33PM | Livemint

Ford will stop manufacturing cars in India and expects to record a $2 billion restructuring charge after failing to find a "sustainable path" forward, the American auto giant said Thursday. The announcement is the latest blow to Prime Minister Narendra Modi's efforts to urge foreign businesses to manufacture locally, after Harley-Davidson announced its withdrawal last year and General Motors in 2017. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Ford said it had accumulated operating losses of more than $2 billion over the past 10 years and an $800 million write-down of assets in 2019. "We have not been able to find a sustainable path forward to long-term profitability that includes in-country vehicle manufacturing," Ford India's president and managing director, Anurag Mehrotra, said in a statement. The statement said the firm expects the restructuring to cost roughly $2 billion -- about $600 million in 2021, $1.2 billion the following year and the balance in subsequent years. Ford will stop manufacturing vehicles for sale in India immediately. The automobile maker will wind down its Sanand plant in western Gujarat for vehicles for export by the end of the year. Ford's engine and vehicle assembly factories in Chennai will be closed by the second quarter of next year. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? About 4,000 employees will be affected, it added. "It's a big blow for Indian automotive manufacturing," IHS Markit Associate Director, Gaurav Vangaal, told AFP. "They were the only carmaker shipping cars from India to the United States. And they are going out at a time when we (India) are discussing production-linked incentives for automotives." The Federation of Automobile Dealers Association said it was shocked by the announcement and concerned about roughly 40,000 employees at affected car dealerships. "Mehrotra called me personally and assured that they will adequately compensate dealers who continue to offer vehicle service to customers," the association's president, Vinkesh Gulati, said in a statement. "Though this is a good beginning, it is not enough." India's automobile market is dominated by Suzuki, which controls more than 50 percent of passenger vehicle sales with low-priced cars. Ford entered India in the 1990s, hoping to tap into one of the world's biggest vehicle markets. But the automaker struggled to boost its low market share in the price-sensitive South Asian nation. In 2019, Ford transferred its Indian assets to a joint venture with local behemoth Mahindra & Mahindra. They called off the agreement at the start of the year, citing changing business conditions during the coronavirus pandemic. 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

JioPhone Next launch update: Rollout ahead of Diwali. 7 things to know

10 Sep, 2021, 12:04PM | Livemint

RIL chairman Mukesh Ambani's Reliance Jio postponed the launch of the much-awaited JioPhone Next - the low-priced smartphone it has developed with Google - to Diwali. JioPhone Next was previously to be launched on September 10. The Jio Phone Next has been designed in partnership with Google and it is for those who are looking to upgrade from 2G to 4G connectivity. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Reliance Jio announced the timeline: 7 things to know - Reliance Jio and Google "have made considerable progress towards launching the much-awaited JioPhone Next, the made-for-India smartphone being jointly designed by the companies," the statement said. - JioPhone Next is a first-of-its-kind device featuring an optimized operating system based on Android and Play Store. -"The device and the operating system will offer premium capabilities that have until now been associated with more powerful smartphones, including voice-first features that enable people to consume content and navigate the phone in their own language, deliver a great camera experience, and get the latest Android feature and security updates," it said. -Both companies have begun testing the JioPhone Next with a limited set of users for further refinement and are actively working to make it available more widely in time for the Diwali festive season. "This additional time will also help mitigate the current industry-wide, global semiconductor shortages," it said. -The JioPhone Next is built with exciting features like the Google Assistant, automatic read-aloud and language translation for any on-screen text, a smart camera with India-centric filters and much more. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? -"The companies remain committed to their vision of opening up new possibilities for millions of Indians, especially those who will experience the internet for the very first time," the statement added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Vedant Fashions files draft papers with Sebi to raise funds via IPO

10 Sep, 2021, 11:57AM | Livemint

MUMBAI : Ethnic wear brand Manyavar, owned by Vedant Fashions Ltd, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds via an initial public offering (IPO). The issue comprises a pure offer for sale (OFS) of up to 36.36 million shares by its existing promoter and shareholders. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Gupta named CEO as Udaan preps for IPO Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months The OFS has up to 17.46 million shares by Rhine Holdings Ltd; up to 723,000 shares by Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I; and up to 18.18 million shares by Ravi Modi Family Trust. Currently, Rhine Holdings has 7.2% stake, while Kedaara AIF holds 0.3% stake. Ravi Modi Family Trust has 74.67% stake in the firm. Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue. The firm is in the men's Indian wedding and celebration wear market. Its Manyavar brand is a category leader in the branded Indian wedding and celebration wear market with a pan India presence. Its other brands include Twamev, Manthan, Mohey, and Mebaz. As of 30 June 2021, it had a retail footprint of 1.1 million sq. ft covering 525 exclusive brand outlets (EBOs), including 55 shop-in-shop, spanning across 207 cities and towns in India and 12 EBOs overseas across the US, Canada and the UAE. The firm aims to double its national footprint over the next few years. “We intend to focus our expansion effects in markets where we determine there is an increasing demand for our products, and where we can leverage our existing presence to expand our market share. Through our cluster-based expansion strategy, we have identified several cities and towns in both existing geographies where we have a presence and new geographies where we plan to establish our first EBOs," the firm said in the DRHP. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? For FY21, its revenue from operations was at ₹564.82 crore against ₹915.55 crore a year ago. Net profit for the period stood at ₹181.92 crore versus ₹311.84 crore last year. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Mumbai-Ahmedabad bullet train: Railways launch giant equipment to build high-speed rail corridor. See photos

10 Sep, 2021, 10:33AM | Livemint

Indian Railways for the construction of viaduct superstructures of 508 km long, Mumbai-Ahmedabad High-Speed Rail Project (MAHSR) has successfully launched the indigenously designed and manufactured-‘Full Span Launching Equipment-Straddle Carrier and Girder Transporter’ to expedite the construction of viaduct for Mumbai- Ahmedabad High Speed Rail corridor. This technology will expedite the process of launching girders as the precast girders of full span length will be erected as a single piece for double track viaduct. Full Span Launching Methodology(FSLM) is used world over as it is faster than the segment by segment launching method, usually adopted for the construction of viaducts for themetro system. India is now coming in the select group of countries like Italy, Norway, Korea, and China which have been designing and manufacturing such equipment. MORE FROM THIS SECTIONSee All Premium Premium Karnataka: Around 40 stray dogs buried alive; Gram Panc .... Premium Premium North Korean leader Kim Jong Un, trim and tan, in pictu .... Premium Premium India reports 34,973 new Covid-19 cases, 260 deaths as .... Premium Premium INS Dhruv: Indian Navy to launch 1st nucleur missile tr .... The standard precast Pre Stressed Concrete (PSC) Box Girders (weight ranging from 700 to 975 metric ton) of span 30, 35 and 45 meters will be launched by using FSLM methodology for the high speed corridor. The heaviest PSC Box Girder weighing 975 MT and of 40 meter length will be used for the first time in the construction industry in India for MAHSR project. The FSLM equipment of 1100MT capacity is indigenously designed and manufactured by M/s Larsen &Toubro at their manufacturing facility in Kanchipuram, Chennai, for which M/s L&T has partnered with 55 Micro-Small Medium Enterprises (MSME). A total of 20 number of such launching equipment will be required for the construction of viaduct 325 km of viaduct superstructures between Vapi and Ahmedabad in the state of Gujarat. View Full ImageIndia is now coming in the select group of countries like Italy, Norway, Korea, and China which have been designing and manufacturing such equipment. Share Via This equipment is designed to handle the Full Span Precast girders from casting bed to stacking yard and further feeding them to Bridge Gantry for further erection. This is a tyre mounted self-propelled gantry crane having lifting capacity of 1100MT. TRENDING STORIESSee All Premium Stock market holiday: Trading at BSE, NSE to remain clo .... Premium Fifth test match between India and England to go ahead .... Premium President Ram Nath Kovind appoints new governors to Tam .... Premium Lionel Messi breaks Pele's record with a hat-trick agai .... The Mumbai Ahmedabad High Speed Rail project expected to create more than 90,000 jobs in this area including 51,000 jobs for technicians, skilled and unskilled workers.This project will boost the overall economy of the area by deploying 1000s of trucks, dumpers, excavators, batching plants, tunneling equipment and so on. It is estimated that 7.5 million ton of cement, 2.1 million ton of steel and 70000 tonnes of structural steel will be used in the construction. National High Speed Rail Corporation Limited is also preparing detailed project reports for seven high speed rail corridors. With the experience of execution of Mumbai-Ahmedabad High Speed Rail project, the works of other corridors will be faster. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Ola electric scooter sale to start next week. Check dates and other details

10 Sep, 2021, 10:08AM | Livemint

Ola Electric has postponed the much-awaited sale process of its scooters S1 by a week. Ola Chairman and Group CEO Bhavish Aggarwal announced the decision to delay the process due to the "technical difficulties"in making the website for purchases live for customers on Wednesday. The company has built a completely digital purchase journey, including a fully digital loan process without any paperwork, Bhavish Aggarwal said in a letter he posted on Twitter on Thursday. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO The company had last month launched the Ola S1 electric scooter in two variants -- S1 and S1 Pro -- at ₹99,999 and ₹1,29,999, respectively (ex-showroom including FAME II subsidy and excluding state subsidies). Ola Electric scooter will now go on sale on September 15 at 8 in the morning. "I want to apologise to all of you, who had to wait for several hours. The website was just not up to our expectations on quality. I know we have disappointed you and I sincerely apologise to each of you for what was clearly a very frustrating experience," Bhavish Aggarwal said. "We wanted to provide this first of its kind digital purchase journey and today we haven't been able to. Getting you the right experience will take us another week. I want to let you know that we will now be starting our purchase on 15th September, 8 AM. "Your reservation and your position in the purchase queue remains unchanged, so if you reserved first, you will still be able to buy it first. Our delivery dates also remain unchanged," he noted. Ola Electric had opened pre-launch bookings of its electric scooters in July for ₹499 and had received 1 lakh orders in just 24 hours. However, the company has not disclosed how many orders it has received so far. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

North Korean leader Kim Jong Un, trim and tan, in pictures, after 20 kg weight loss

10 Sep, 2021, 10:07AM | Livemint

North Korean leader Kim Jong Un held center stage at a military parade, showing off to a national television audience a thinner frame, a trace of a tan and a haircut reminiscent of his grandfather -- state founder Kim Il Sung. There were no major new weapons on display at North Korea’s first military parade since U.S. President Joe Biden took office that was broadcast on Thursday, but there was a lot of attention on a new-look Kim, who has undergone a noticeable weight loss over the past several months. MORE FROM THIS SECTIONSee All Premium Premium India reports 34,973 new Covid-19 cases, 260 deaths as .... Premium Premium INS Dhruv: Indian Navy to launch 1st nucleur missile tr .... Premium Premium Bhabanipur by-election: Mamata Banerjee to file nominat .... Premium Premium Kim Jong Un is trim, tanned after 20 kg weight loss Dressed in a light-colored suit, Kim didn’t make a speech. But he waived, smiled and gave a thumbs up as thousands of goose-stepping paramilitary and public security forces marched for about an hour through central Kim Il Sung Square in Pyongyang, fixing their gazes to the balcony where the leader was watching as they passed. View Full ImageKim Jong Un (AFP) Share Via Kim was greeted with thunderous applause when he posed for photos with the parade’s participants, who “hardened their iron will to make the national defense capabilities impregnable," the official Korean Central News Agency reported. Kim -- overweight and a smoker -- has been the subject of health speculation for years and his public appearances are closely tracked for insights about the autocratic and secretive regime in Pyongyang, especially since his family has a history of heart disease. The North Korean leader may have dropped at least 20 kilograms (44 pounds) over the past several months, according to a South Korean lawmaker briefed by a spy agency official in July. He looked even thinner at the parade. TRENDING STORIESSee All Premium Stock market holiday: Trading at BSE, NSE to remain clo .... Premium Fifth test match between India and England to go ahead .... Premium President Ram Nath Kovind appoints new governors to Tam .... Premium Lionel Messi is top South American international scorer At the parade, Kim also appeared to paying homage to his grandfather with a haircut similar to one sported by Kim Il Sung about 70 years ago. View Full ImageNorth Korea leader Kim Jong Un (REUTERS) Share Via In June, state media cited a citizen as saying North Koreans broke down in tears over seeing a dramatically thinner Kim Jong Un. The 37-year-old leader returned to the public eye cutting a much thinner figure after being absent for most of May, which raised questions about his health. View Full ImageNorth Korean leader Kim Jong Un(File photo) (AP) Share Via Kim has been looking to rally support as North Korea is facing one of its worst food shortage in years. He is struggling to build an economy hit by sanctions to punish the country for its testing of nuclear weapons and missiles that can deliver warheads. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

‘Rules are for other people’: World's top two richest men in new rivalry

10 Sep, 2021, 09:33AM | Livemint

The cosmic carping between billionaires Jeff Bezos and Elon Musk is moving from the moon to low-earth orbit. Amazon.com Inc.’s satellite subsidiary, Kuiper Systems LLC, filed a scathing comment with the Federal Communications Commission, accusing Musk and his companies of flouting regulations with a general attitude that “rules are for other people." MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO Musk’s SpaceX and Bezos’s Kuiper Systems are before the FCC with rival satellite constellations in low-earth orbit to provide broadband internet access. The dispute mirrors similar sniping between SpaceX and Bezos’s Blue Origin LLC space company over a NASA contract to build and demonstrate a human lander system for a planned return to the moon. The billionaires’ dispute grew more pointed Wednesday in Amazon.com’s letter to the FCC: “Whether it is launching satellites with unlicensed antennas, launching rockets without approval, building an unapproved launch tower, or reopening a factory in violation of a shelter-in-place order, the conduct of SpaceX and other Musk-led companies makes their view plain: rules are for other people, and those who insist upon or even simply request compliance are deserving of derision and ad hominem attacks," Kuiper attorney C. Andrew Keisner wrote “with a sigh," responding to a SpaceX filing last week. The broadside included prior actions by all of Musk’s primary businesses, SpaceX, Starlink and Tesla Inc. The references relate to rocket launches and launch-pad construction in South Texas; Starlink’s antenna designs; and Musk’s decision to reopen Tesla’s Fremont, California, assembly plant in May 2020, defying county health officials’ order to stay at home. SpaceX responded that Amazon’s eight-page “diatribe" was “wholly irrelevant" to topics before the commission. The only issue is whether SpaceX has offered adequate information about a “minor" change in the application for its next Starlink satellite configuration, executive David Goldman wrote in a letter Thursday to the FCC. SpaceX is asking the agency to allow public comments on its system as a way to speed review of its application. Bezos stepped down as Amazon.com’s chief executive officer in July but retains a role as executive chairman focused on new projects and initiatives. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? In terms of the moon contretemps, Blue Origin filed an unsuccessful protest of the NASA-SpaceX contract, followed by an appeal last month in the Court of Federal Claims. NASA has suspended its work on the lander project as part of its Artemis program, which is unlikely to meet the agency’s 2024 deadline to return astronauts to the moon. SpaceX’s Starlink unit has deployed more than 1,700 satellites to date in low-earth orbit, a number that could eventually top 30,000 if it receives the necessary regulatory approvals and market demand warrants. Last December, the FCC awarded SpaceX $886 million in U.S. subsidies to support rural broadband expansion but has recently challenged some of the areas planned for Starlink service, including major airports and parking lots. The Starlink service has customers in about 12 countries. Amazon.com hasn’t yet launched a satellite but has signed contracts for nine launches with United Launch Alliance, a joint venture of Boeing Co. and Lockheed Martin Corp. In July, Blue Origin also swiped at Virgin Galactic Holdings Inc. and its billionaire founder Richard Branson, only days before he beat Bezos to space in a suborbital flight. Blue Origin argued that Virgin’s space-tourism vehicle didn’t fly above the “internationally recognized" Karman line space boundary at 100 km (62 miles) and that its cabin windows were smaller than Blue Origin’s New Shepard rocket. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Kim Jong Un is trim, tanned after 20 kg weight loss

10 Sep, 2021, 07:31AM | Livemint

North Korean leader Kim Jong Un held center stage at a military parade, showing off to a national television audience a thinner frame, a trace of a tan and a haircut reminiscent of his grandfather -- state founder Kim Il Sung. There were no major new weapons on display at North Korea’s first military parade since U.S. President Joe Biden took office that was broadcast on Thursday, but there was a lot of attention on a new-look Kim, who has undergone a noticeable weight loss over the past several months. MORE FROM THIS SECTIONSee All Premium Premium North Korean leader Kim Jong Un, trim and tan, in pictu .... Premium Premium India reports 34,973 new Covid-19 cases, 260 deaths as .... Premium Premium INS Dhruv: Indian Navy to launch 1st nucleur missile tr .... Premium Premium Bhabanipur by-election: Mamata Banerjee to file nominat .... Dressed in a light-colored suit, Kim didn’t make a speech. But he waived, smiled and gave a thumbs up as thousands of goose-stepping paramilitary and public security forces marched for about an hour through central Kim Il Sung Square in Pyongyang, fixing their gazes to the balcony where the leader was watching as they passed. Kim was greeted with thunderous applause when he posed for photos with the parade’s participants, who “hardened their iron will to make the national defense capabilities impregnable," the official Korean Central News Agency reported. Kim -- overweight and a smoker -- has been the subject of health speculation for years and his public appearances are closely tracked for insights about the autocratic and secretive regime in Pyongyang, especially since his family has a history of heart disease. The North Korean leader may have dropped at least 20 kilograms (44 pounds) over the past several months, according to a South Korean lawmaker briefed by a spy agency official in July. He looked even thinner at the parade. At the parade, Kim also appeared to paying homage to his grandfather with a haircut similar to one sported by Kim Il Sung about 70 years ago. In June, state media cited a citizen as saying North Koreans broke down in tears over seeing a dramatically thinner Kim Jong Un. The 37-year-old leader returned to the public eye cutting a much thinner figure after being absent for most of May, which raised questions about his health. TRENDING STORIESSee All Premium Stock market holiday: Trading at BSE, NSE to remain clo .... Premium Fifth test match between India and England to go ahead .... Premium President Ram Nath Kovind appoints new governors to Tam .... Premium Lionel Messi is top South American international scorer Kim has been looking to rally support as North Korea is facing one of its worst food shortage in years. He is struggling to build an economy hit by sanctions to punish the country for its testing of nuclear weapons and missiles that can deliver warheads. 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

This tech giant has indefinitely delayed its return to offices

10 Sep, 2021, 06:22AM | Livemint

Microsoft told employees Thursday that it has indefinitely delayed their return to US offices until it's safer to do so. “Given the uncertainty of COVID-19, we've decided against attempting to forecast a new date for a full reopening of our US work sites," Jared Spataro, a corporate vice president, wrote in a blog post. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Gupta named CEO as Udaan preps for IPO Premium Premium MakeMyTrip plans to add 15,000 homestays in 18 months Microsoft had already postponed its planned return to the workplace from September to no earlier than Oct. 4, but now says the re-opening won't be next month. Microsoft employs about 181,000 full-time workers, of whom 103,000 are in the US. Microsoft will wait for public health guidance on when it is safe to return, Spataro said. It will then give workers a 30-day transition period to prepare. Last month Microsoft said it will require proof of vaccination for all employees, vendors and visitors to its U.S. offices starting this fall. The tech giant has made a big push since the pandemic emerged to tailor its suite of workplace software products to homebound workers and timed its delayed re-opening announcement with a number of new product features. A hybrid approach permitting employees to toggle between remote and in-office work has been widely embraced in the technology industry, particularly among the largest companies with the biggest payrolls. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Many tech companies had plans for bringing back most of their workers around Labor Day weekend, but Apple, Google, Facebook, Amazon and a growing list of others have already decided to wait until next year. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

China's rumored ambitions to dive into Afghanistan are overstated and unrealistic, experts say

10 Sep, 2021, 05:49AM | CNBC

In this article@HG.1 View of a gold mine in Nor Aaba, Takhar province, Afghanistan.Omar Sobhani | Reuters One of the first things many Western pundits predicted as the chaotic U.S. withdrawal from Afghanistan unraveled was the replacement in that power vacuum by China, long a critic of and strategic adversary to the U.S.Â Afghanistan has trillions of dollars worth of untapped mineral resources, and is in dire need of infrastructure investment, making it in theory a prime ground for China's expansive Belt and Road Initiative. What's more, China is one of the few countries and the only economic superpower to have so far established friendly relations with the Taliban, who shocked the world in early August by overtaking Afghanistan in a matter of days.Â In what many see as a symbolic taunt to the West, Chinese state officials have chastised Washington and its 20-year war, and cautiously welcomed the Taliban's announcement of its new government of hardliners and FBI-wanted terrorists this week.Â Â Taliban take control of Hamid Karzai International Airport after the completion of the U.S. withdrawal from Afghanistan, in Kabul, Afghanistan on August 31, 2021.Wali Sabawoon | Anadolu Agency | Getty Images "This has ended the more than three weeks of anarchy in Afghanistan and is a necessary step for Afghanistan's restoration of domestic order and postwar reconstruction," Wang Wenbin, a spokesman for the Chinese foreign ministry, told reporters at a briefing on Wednesday, according to a transcript published by the Chinese Foreign Ministry.Â But beyond the statements, many regional experts are not convinced of China's enthusiasm for barreling into the war-torn Central Asian state on its western border.Â Â China is 'very aware' of security risksÂ China has long been wary of Islamic extremism in its far west. It's also determined not to fall into the same quagmires that the Soviet Union and the U.S. were sucked into with Afghanistan, analysts say.Â "China is interested in economic engagement in Afghanistan and extension of its Belt and Road, including reconstruction and investing in untapped mineral resources of the landlocked country," Ekta Raghuwanshi, Stratfor's South Asia analyst for RANE, told CNBC.Â Â "However," she cautioned, "it wouldn't invest substantially anytime soon given security concerns in Afghanistan and proximity to China's restive Xinjiang province," she said, referring to Uyghur militants and the resurgence of the East Turkestan Islamic Movement.Â VIDEO9:3009:30What Taliban rule means for Afghanistan's economyCNBC Explains And while China has made clear its approval of the Taliban, that doesn't mean it's ready to commit to doing business with them.Â Â "We don't have evidence China will see the Taliban as a more secure partner," Maximilian Hess,Â a Central Asia fellow at the Foreign Policy Research Institute's Eurasia Program, told CNBC.Â Â "It is very aware of the security risks, and attacks on Chinese infrastructure in Pakistan by Islamist groups have increased in recent years" including one as recently as August, Hess said. China risks angering local Afghans with its presence, and Beijing "recognizes Afghanistan's tribal reality and that the Taliban has many sub-factions that it lets operate with quasi-autonomy in many areas," he added.Â So even if the Taliban â who have embraced China's diplomatic overtures and celebrate the prospect of its investment â give Chinese investors a guarantee of security, the group does not necessarily have control over other militants and tribes across the country of nearly 40 million people.Â What Beijing doesn't voice publicly, analysts say, is its concern about the impact of the U.S. withdrawal, much like Russia.Â Â As journalist Sreemoy Talukdar wrote in Indian news outlet Firstpost this week, China "may have been gloating at U.S. discomfiture during the bungling exit â¦ but had so far been quite content with America's role as the security guarantor next door in a region that is a veritable witches' brew of terrorism and ethnic insurgency."The Chinese foreign ministry did not reply to a CNBC request for comment. Sanctions loom largeÂ The Taliban remains sanctioned by the U.S., EU and United Nations. That presents an obvious legal and financial risk for anyone hoping to do business with the group."Any deals signed with the Taliban face obvious political and sanctions risks," said Jonathan Wood, deputy global research director at Control Risks. VIDEO3:2903:29China's investments into Afghanistan may be limited due to instability: ExpertStreet Signs Asia China has proven adept at navigating U.S. sanctions in the past, importing embargoed Iranian oil thanks to the use of things like "ghost ships." But some Chinese companies have been hit by U.S. penalties, and in the case of Afghanistan, the security risks make pushing that boundary even less appealing.Â Â "Western sanctions mean that even if the Taliban is recognized (by China), very few banks or financial institutions will deal with the Taliban government while those sanctions remain," Hess said.Â Â Infrastructure constraints Afghanistan's mineral wealth is staggering. The country sits above some 60 tons of copper reserves, more than 2.2 billion tons of iron ore, 1.4 million tons of rare earth minerals coveted for their use in electronic products such as lithium â which is in high demand for electric vehicle batteries â 1.6 billion barrels of crude oil, 16 trillion cubic feet of natural gas and another 500 million barrels of natural gas liquids, according to U.S. geological surveys.Â But so far, it's proven nearly impossible to reach.Â Â In 2008, a consortium of Chinese companies took on a 30-year lease for the largest copper project in Afghanistan, called Mes Aynak. To date â 13 years later â no work has been started on the mining project.Â Â This is due to a combination of security issues, state corruption and infrastructure constraints, even though the 11.08 million tons of copper it's estimated to hold would be worth over $100 billion at current London Metal Exchange prices.Â VIDEO2:4702:47China may not have 'mega investments' in Afghanistan till it's stable: StimsonSquawk Box Asia "Afghanistan's limited infrastructure â power, roads, rails â difficult terrain, and landlocked geography will continue to hinder natural resource development," Stratfor's Wood said.Â Despite all the limitations, these have not necessarily stopped China in the past, as its investments in Sudan and the Congo show, noted Samuel Ramani, a tutor of International Relations at the University of Oxford.Â Given the stagnation of its previous Afghan ventures, "I think Chinese involvement in Afghanistan could look a lot like their purported reconstruction plans in Syria," Ramani said. "A lot of speculation, but little substance."

Future’s Biyani gets an SC breather in tussle with Amazon

10 Sep, 2021, 01:05AM | Livemint

NEW DELHI : The Supreme Court on Thursday restrained the Delhi high court from passing any adverse directive against Future Group’s $3.4 billion sale of retail assets to Reliance Industries Ltd (RIL) or attaching the assets of Future group chairman Kishore Biyani and other directors. A bench headed by Chief Justice of India N.V. Ramana also barred regulators and other statutory authorities in the country from approving any scheme facilitating the Future-Reliance deal for the next four weeks. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO The bench, which also included justices Surya Kant and A.S. Bopanna, said the order was being passed to strike a balance between the competing interests of Future Group and Amazon.com Inc., which is seeking to stop the Biyani-led group’s deal with RIL. “To balance the interest of the parties, we stay all further proceedings before the Delhi high court for the time being and direct that all authorities, including the National Company Law Appellate Tribunal, Competition Commission of India and Securities and Exchange Board of India, not to pass any final order for a period of four weeks. List after four weeks," the bench stated in its order. Expressing displeasure at the Delhi HC’s order, the bench said: “The issue is, we must be fair. In a matter of this magnitude, if a hearing takes place without giving an opportunity of filing a proper counter-affidavit to parties, how can one pass orders like attaching property, pay cost, civil imprisonment?What is this!" It also took note of the proceedings pending before the Singapore International Arbitration Centre (SIAC) between Amazon and Future and recorded that the interim order was passed with the consent of both parties, which await a judgement from the arbitral tribunal. Senior advocates Harish Salve and Mukul Rohatgi, appearing for Future Group companies, and senior counsel Gopal Subramanium, representing Amazon, agreed to record their consent to the court order. The legal battle between Amazon and Future could well decide the future of the Indian retail landscape. Last year, the debt-laden Future Group sold its retail business to RIL. Amazon claimed this violated earlier agreements it had with Future, which, in turn, refuted the charge. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? During the proceedings on Thursday, the bench remarked that the single judge went beyond the scope of the enforceability of the Singapore-based emergency arbitrator (EA) award in favour of Amazon. “If he has confined himself to the EA award, it was okay, but he has gone over and above that," the bench said, adding how orders on sending someone to jail could be issued in this fashion. Subramanium, on his part, said Amazon was not seeking to send anyone to jail, but the other side must also show some respect to the EA order passed in October 2020, which has now also received a stamp of approval from the Supreme Court by its 6 August judgement as being a valid order under the arbitration law. The Supreme Court’s 6 August judgement held that the EA award will bind Future Group to pertinent pacts with Amazon apart from an injunction against the sale of retail assets to Reliance Industries. According to Subramanium, the single judge was only enforcing the injunctions granted by the EA, but the coercive orders were in fact invited by Future Group as it took steps in violation of the injunction and continued to perpetuate the breach by obtaining various permissions for the deal. He conceded that Amazon’s stand is that SIAC should decide the matter without getting influenced by the single judge’s order. But the bench was emphatic that the high court could not be allowed to proceed with enforcement of its directions, which included stalling the deal with RIL; attachment of directors’ assets; a jail term for disobeying court orders and withdrawing all pleas from different fora on approvals for the deal. At this stage, Salve pointed out that Future Group may be allowed to take some procedural steps in the matter that will not affect Amazon’s interest. “We are making it clear...no action to be taken by any statutory authority. No authority will make any order for four weeks," retorted the bench. It also enquired about the status of proceedings before SIAC. Salve responded that the final hearing has been fixed in November, and the parties are expecting the judgement in two weeks thereafter. The court then issued a formal notice to Amazon and fixed the hearing before it after four weeks. According to the Supreme Court website, the matter has been assigned a tentative date of 8 October. An Amazon spokesperson said: “We welcome the order of Hon’ble Supreme Court. Given the imminent announcement of the order of Arbitral Tribunal, the Hon’ble Supreme Court order stays all proceedings before the Delhi high court and directs all regulators to not pass orders in the Future Reliance Deal for the next four weeks." Earlier, Salve and Rohatgi questioned the haste shown by the single judge who did not grant Future group firms and its directors sufficient time to file counter-affidavits in the matter and passed a final order in enforcement that actually expanded the scope of the EA’s order. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Supreme Court backs RInfra in airport metro case

10 Sep, 2021, 12:51AM | Livemint

NEW DELHI : The Supreme Court on Thursday upheld an arbitral tribunal award directing the Delhi Metro Rail Corp. (DMRC) to pay ₹2,782 crore with interest to a consortium headed by Anil Ambani-led Reliance Infrastructure Ltd (RInfra) that operated the Delhi Airport Metro Express Line till 2012. The tribunal award passed on 11 May 2017 was invoked at the instance of DMRC after the consortium of Reliance Energy Ltd (renamed as Reliance Infrastructure) and Construcciones y Auxiliar de Ferrocarriles SA terminated the concession agreement in October 2012, citing the failure of DMRC to cure defects in the structure supporting the Airport Metro Express Line. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO DMRC had challenged the tribunal’s ruling in Delhi high court, where a single judge on 6 March 2018 upheld the award and ordered the entire amount of ₹2,782.33 crore be released by DMRC, along with interest at 2 percentage points over State Bank of India’s prime lending rate. Following this, DMRC appealed to a division bench of the court, which ruled in its favour and set aside the arbitral award. The Anil Ambani-led Delhi Airport Metro Express Pvt. Ltd (DAMEPL) then challenged this decision in the Supreme Court. A bench of Justices L. Nageswara Rao and S. Ravindra Bhat, while upholding the award and the order of the single judge of the high court, said, “It cannot be said that the view of the tribunal is perverse. Therefore, we do not concur with the high court’s opinion that the award of the tribunal on the legality of the termination notice is vitiated due to the vice of perversity." The top court also objected to the manner in which the division bench scrutinized the award. “The members of the arbitral tribunal, nominated in accordance with the agreed procedure between the parties, are engineers and their award is not meant to be scrutinized in the same manner as one prepared by legally trained minds." Setting aside the division bench’s 15 January 2019 order, the top court said: “As the arbitrator is the sole judge of the quality as well as the quantity of the evidence, the task of being a judge on the evidence before the tribunal does not fall upon the court in the exercise of its jurisdiction under Section 34 of the Arbitration and Conciliation Act 1996." Following the judgement, DMRC spokesman Anuj Dayal said, “The judgement is being currently analyzed for future course of action." The dispute between the two firms relates to the operation of the 22.7km Airport Metro Express Line from New Delhi Railway Station to Dwarka Sector 21 via Indira Gandhi International Airport. DMRC entered into an agreement with DAMEPL in August 2008 for the design, installation, commissioning, operation and maintenance of the airport metro line. The agreement in the nature of public-private partnership required DMRC to undertake the design and construction of a basic civil structure for the project. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? In May 2012, the Anil Ambani-led company complained of defects in design and quality in the installation of viaduct bearing that was denied by DMRC. A joint inspection committee was set up that gave its report in July 2012. This was followed by another letter by DAMEPL, giving 90 days for DMRC to cure the defects. On completion of 90 days, DAMEPL issued a notice terminating the agreement on 8 October 2012, accusing DMRC of defaulting on the agreement. DMRC, however, said that it had carried out the required rectifications. While the dispute between the parties was pending before the arbitral tribunal, DMRC restarted the line after obtaining a certificate from the commissioner of metro rail safety on 18 January 2013. The report placed conditions on the speed limit for safety and insisted on regular monitoring. This was cited by DMRC to show that the structure was safe, contrary to DAMEPL’s claim. However, the tribunal undertook a detailed enquiry into all aspects and found as many as 1,551 cracks in 367 girders and 80 girders with twists varying between 10 to 20 mm. The tribunal was of the opinion that these defects adversely impacted the integrity of the structure. As effective steps were not taken within the cure period of 90 days, the tribunal held that DMRC was in breach of the concession agreement. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

SC holds Sebi plea for two weeks in PNB Housing case

10 Sep, 2021, 12:34AM | Livemint

NEW DELHI : The Supreme Court on Thursday put off by two weeks an appeal by the Securities and Exchange Board of India (Sebi) against the Securities Appellate Tribunal (SAT) order in the PNB Housing Finance case on the lender’s ₹4,000 crore equity capital raise plan. A bench headed by Justice L. Nageswara Rao clarified that the interim order restraining PNB Housing Finance from disclosing the voting results by shareholders on its fund raise plan will continue in the meantime. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO The bench, which included Justice B.R. Gavai, took note of the fact that there is no third technical member at SAT to hear the case after the two members delivered a split verdict last month. It pointed out that the matter regarding vacancies in tribunals, including SAT, is going to be heard by the top court on Monday, by when the Union government is expected to make some appointments. At this point, senior advocate Shyam Divan, representing the housing finance company, urged the bench to decide the questions of law owing to commercial necessity, instead of waiting for the appointment of another SAT member. The bench, however, replied: “How can we take a decision when it has to go to a third member, according to the rules. What is that we can do at this stage? Besides, we are not sure about maintainability of this appeal (by Sebi) because it says stay the order of one member, but does not challenge the other order by another member." Sebi’s lawyer, on his part, accepted the court’s suggestion and pleaded that SAT’s interim order should continue. The bench then directed that the interim order will continue till the next date of hearing and adjourned the case. On Monday, a special bench, which is headed by Chief Justice of India N.V. Ramana and includes Justice Rao as its member, will take up a clutch of petitions that have pressed for immediate directions to the Centre for filling up more than 200 posts lying vacant across 15 tribunals in the country. On 6 September, this bench had said the Union government is “emasculating tribunals" by not filling up vacancies in them. It has deferred the hearing by a week to enable solicitor general Tushar Mehta come back with specific information on filling up vacancies. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Last month, SAT had delivered a split verdict on the tussle between PNB Housing Finance and Sebi over the lender’s proposed ₹4,000 crore deal with a group of investors led by private equity firm Carlyle. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sensex, Nifty end marginally higher in volatile trade; Bharti Airtel gains

10 Sep, 2021, 12:25AM | Business Standards

Benchmark indices Sensex and Nifty managed to end in positive territory after fighting bouts of volatility on Thursday as investors followed risk-off mode in global markets. After a volatile trade, the 30-share Sensex ended 54.81 points or 0.09 per cent higher at 58,305.07 -- its all-time closing high. The NSE Nifty rose 15.75 points or 0.09 per cent to settle at 17,369.25. On the Sensex chart, Bharti Airtel was the top gainer, followed by Nestle India, Tata Steel, Bajaj Finserv, HCL Tech and ITC. On the other hand, Titan, UltraTech Cement, Bajaj Auto, HDFC Bank and Axis Bank were among the laggards. Of the Sensex constituents, 18 shares logged gains and 12 suffered losses. During the holiday-truncated week, the Sensex rose 175.12 points or 0.30 per cent, while the Nifty advanced 45.65 points or 0.26 per cent. Sectorally, telecom, power, utilities, capital goods and metal indices rose up to 2.40 per cent. On the other hand, realty, consumer durables, bankex and finance ended in the red. Broader midcap and smallcap indices rose up to 0.56 per cent. Domestic markets were highly volatile tracking negative cues from global markets amidst selling seen in realty and pharma stocks. However, mid and small-cap stocks continued to attract buyers leading to its outperformance, said Vinod Nair, Head of Research at Geojit Financial Services. Regulatory crackdown in China, global concerns over the looming reduction in asset purchases ahead of the European Central Bank meeting and slowdown in economic recovery pulled global markets lower, he added. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "There is slight risk-off mode in global markets during the last few days and this has impacted the bullish sentiments in India too." Domestic stock market will remain closed on Friday on account of Ganesh Chaturthi'. Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with losses, while Shanghai was positive. Equities in Europe were trading on a negative note in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.29 per cent to USD 72.81 per barrel. On the forex market front, the rupee ended 10 paise higher at 73.50 against the US dollar on Thursday. (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.)

Indian cement stocks remain dearer than their global peers

10 Sep, 2021, 12:03AM | Livemint

Covid-led disruptions in construction activity during the first wave in March 2020 had taken a massive toll on the volume growth of Indian cement manufacturers. At that time, a low-cost inventory and cost rationalization were the only upsides available for investors. In the recently concluded June quarter, mobility restrictions in various states led to a decline of 20% on a sequential basis for top cement manufacturers. But this time, the benefit of cheap inventory has waned; in fact, cement makers are now battling cost inflation. Prices of key input commodities such as petroleum coke, imported coal and diesel, which together account for more than 50% of production costs, continue to remain elevated. View Full ImageAn expensive bet Share Via As for cement prices, they remain volatile, and going by recent channel checks, may not see a sharp uptick in a seasonally weak monsoon quarter. Yet, Indian cement stocks are trading at a premium to their global peers. True, the gap has narrowed. An analysis by JM Financial Institutional Securities Ltd shows that on a one-year forward EV/Ebitda basis, Indian cement makers are trading at a valuation multiple of 9.8. EV stands for enterprise value. Ebitda is short for earnings before interest, taxes, depreciation and amortization. On the same parameter, average valuation for global cement companies works out to 7.1 times. The trend is similar even if one looks at cement shares on a price-to-earnings multiple basis too. Analysts say that global companies are trading at a discount perhaps due to issues of over-capacity and under-utilization. On the other hand, Indian cement companies could have been rewarded for their increased focus on reduction in carbon footprint and deleveraging efforts. According to rating agency ICRA Ltd, major cement companies are expected to set up around 175 megawatts of waste heat recovery system capacities in the current financial year. This will help in saving power costs and lower their carbon footprint. While valuations seem to have moderated, they still remain expensive since they do not justify the sector’s weak fundamentals. Granted, there are some signs of revival in Indian housing sales, which contributes around 60% to overall cement demand. But a meaningful improvement in prices is yet to happen, analysts add. MINT PREMIUM See All Premium Electric two-wheeler or petrol? Read before you buy Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

ABFRL eyes ?25,000 cr in revenue in five years

09 Sep, 2021, 11:37PM | Livemint

NEW DELHI : India’s apparel market could return to normalcy by the second half of FY22 led by favourable macro factors, increased adoption of digital technology and the underlying trend of value migration from the unorganized to the organized sector, said Kumar Mangalam Birla, chairman, Aditya Birla Fashion and Retail Ltd (ABFRL), at the company’s 14th annual general meeting on Thursday. Despite India’s apparel retail business suffering a severe blow following the pandemic outbreak as temporary lockdowns shrunk consumer appetite for formal and occasion wear, ABFRL expects to breach the ₹25,000 crore revenue mark within five years, Birla said, while responding to queries from shareholders. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO ABFRL is among the largest organized apparel retailers in India with a portfolio of brands comprising Louis Philippe, Van Heusen, Allen Solly and Peter England, besides Pantaloons . It also retails fast fashion brand Forever 21, American Eagle, Ralph Lauren, Hackett London and Ted Baker, among others. In FY21, it reported consolidated net revenue of ₹5,249 crore, down from ₹8,788 crore in the year-ago period. The company had over 3,210 stores in India as on 31 March, according to its annual report. The lockdown following the covid outbreak in March 2020 led to “unprecedented disruption" in the retail sector, Birla said. “The calibrated unlocking of the economy started in June under stringent safety protocols. However, recovery post resumption was swift, with consolidated sales in Q4FY21 closing almost at the same levels as Q4FY20," he added. The company was also burdened with debt as temporary store closures resulted in revenue loss. “Like other retailers globally, the unprecedented disruption at the start of the fiscal year posed a very challenging financial situation to begin with. Dwindling revenues on account of the shutdown meant losses were imminent. And this put a temporary strain on the balance sheet as the company’s debt peaked upwards of ₹3,000 crore at the end of Q1FY21," he said. Subsequently, the company worked around its cost structure, negotiated rentals with malls and high-street store owners and liquidated inventory to reduce the debt burden, he added. “First, we reimagined our cost structure and worked with our real estate partners and material vendors to realign legacy costs. Our team did an exceptional job pulling this off by reducing our peak cost base by ₹1,200 crore. Second, the team calibrated our working capital position, reworked the buys and aggressively liquidated inventory through multiple channels without resorting to any incremental discounting. This enabled a record working capital release of ₹750 crore," he said. ABFRL also raised equity of ₹2,500 crore through a combination of rights and preferential issues. Its net debt as on March stood at ₹654 crore, down from ₹2,511 crore in FY20. During the year, the company expanded its presence in the ethnic wear segment with investments in Sabyasachi and Tarun Tahiliani. The move was in line with its plans to gain a stronger foothold in the ethnic wear segment, as it was a “clear area of focus". MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? “Ethnic is the largest segment in the fashion and apparel sector with a significant profit pool. It is also a sector that has strong resilience to apparel cycle fluctuations and is least impacted by competition from global brands," added Birla. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Battery-powered vehicles to concept cars: Wild wheels at IAA Mobility Show

09 Sep, 2021, 11:31PM | Business Standards

This week, Munich is hosting IAA Mobility, a reinvention of the car show that for seven decades occurred annually in Frankfurt, until the Covid-19 pandemic forced its cancellation in 2020. Set amid environmental protests that shut down roadways and the buildup to a September 26 election that will see German Chancellor Angela Merkel replaced after 16 years, IAA has been rebranded to a “mobility” showcase of electric scooters and e-bikes, electric buses and trams, transportation pods, and — oh, yes — some cars, too. It was the first major automotive show to be held since pandemic cancellations brought Germany’s trade show industry a $47 billion loss, according to the Association of the German Trade Fair Industry. Auto brands were already questioning the relevance of car shows before the novel coronavirus arrived. Ferrari, Aston Martin, McLaren, and Bentley opted to skip this one, too. But several major manufacturers thought it worth their while to be a part of the confab, which was staged at Munich’s gargantuan convention hall and some of the city’s most significant and beautiful historical sites, including the Bayerische Staatsoper opera house . Volkswagen showcases its ID.5 GTX crossover coupe The MINI Vision Urbanaut concept car at a BMW event A Mercedes-Maybach luxury SUV seen ahead of the IAA Mobility Hyundai shows off its all-electric Ioniq 6 concept car The German-Israeli development City Transformer electric car A Mercedes-Benz scooter

S&P maintains Bharti Airtel credit rating at 'BBB-', upgrades outlook to stable

09 Sep, 2021, 10:51PM | Livemint

International rating agency S&P on Thursday maintained Bharti Airtel's credit rating of "BBB-", and upgraded outlook to stable from negative, indicating the company's improved financial status and ability to pay back debt. S&P said Bharti Airtel's Indian mobile segment is likely to continue growing at a healthy rate, but there is the absence of across-the-board tariff hikes and is taking place at a slower pace than in fiscal 2021. "S&P Global Ratings revised the outlook on Bharti Airtel to stable from negative. At the same time, we affirmed our 'BBB-' long-term issuer credit rating on Bharti Airtel and the 'BBB-' issue rating on the company's senior unsecured notes. “We also affirmed the 'BB' issue rating on the subordinated perpetual securities (PERPS) it guarantees," S&P said in the credit rating report. S&P BBB implies an entity has adequate capacity to meet financial commitments, but more subject to adverse economic conditions. The net debt of Bharti Airtel at the end of the April-June 2021 quarter was over ₹1.59 lakh crore. S&P said the momentum in Bharti Airtel's Indian mobile average revenue per use (ARPU) growth may pick up after slowing in recent quarters. "Other than customers upgrading to higher-tariff plans over time amid growing data demand, Bharti Airtel has recently ceased its lowest-priced prepaid, postpaid, and corporate tariff plans. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO These factors should translate to higher ARPU," the report said. The agency said India's 5G roadmap and Bharti Airtel's corresponding 5G spectrum investments remain uncertain. The board of the company last month approved a proposal to raise up to ₹21,000 crore through the rights issue. Bharti Airtel Chairman Sunil Mittal had recently said the company's ₹21,000 crore fundraising will enable the firm to shift from "business as usual" to a higher gear to tap opportunities, improve leverage position, and chase profitable growth by speeding investments in 5G, fibre and data centres. "We believe the rights issue aims to preemptively build financial capacity for Bharti Airtel ahead of the upcoming 5G investments, given the absence of other immediate funding needs. While the rights issue has yet to conclude, it is highly likely to materialise, in our assessment," S&P said. Bharti Airtel's has announced that the promoter and promoter group will collectively subscribe to the full extent of their aggregate rights entitlement, and to any unsubscribed shares. "The company also has a good track record of capital raising. Bharti Airtel had investor support even during periods of weakness, such as during fiscal 2020 when the company raised equity to repair its balance sheet after making provisions for a lawsuit over adjusted gross revenue (AGR) dues to the regulator. Thus, we believe that a high level of support is likely given that Bharti Airtel's results have been improving," the report said. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

S&P maintains Bharti Airtel credit rating at 'BBB-', upgrades outlook to stable

09 Sep, 2021, 10:31PM | Livemint

International rating agency S&P on Thursday maintained Bharti Airtel's credit rating of "BBB-", and upgraded outlook to stable from negative, indicating the company's improved financial status and ability to pay back debt. S&P said Bharti Airtel's Indian mobile segment is likely to continue growing at a healthy rate, but there is the absence of across-the-board tariff hikes and is taking place at a slower pace than in fiscal 2021. MORE FROM THIS SECTIONSee All Premium Premium Jio, Google put off smartphone launch amid chip shortage Premium Premium ArcelorMittal to triple iron ore production in Liberia Premium Premium Indiabulls get CCI nod to sell mutual fund business to .... Premium Premium Gupta named CEO as Udaan preps for IPO "S&P Global Ratings revised the outlook on Bharti Airtel to stable from negative. At the same time, we affirmed our 'BBB-' long-term issuer credit rating on Bharti Airtel and the 'BBB-' issue rating on the company's senior unsecured notes. We also affirmed the 'BB' issue rating on the subordinated perpetual securities (PERPS) it guarantees," S&P said in the credit rating report. S&P BBB implies an entity has adequate capacity to meet financial commitments, but more subject to adverse economic conditions. The net debt of Bharti Airtel at the end of the April-June 2021 quarter was over ₹1.59 lakh crore. S&P said the momentum in Bharti Airtel's Indian mobile average revenue per use (ARPU) growth may pick up after slowing in recent quarters. "Other than customers upgrading to higher-tariff plans over time amid growing data demand, Bharti Airtel has recently ceased its lowest-priced prepaid, postpaid, and corporate tariff plans. These factors should translate to higher ARPU," the report said. The agency said India's 5G roadmap and Bharti Airtel's corresponding 5G spectrum investments remain uncertain. The board of the company last month approved a proposal to raise up to ₹21,000 crore through the rights issue. Bharti Airtel Chairman Sunil Mittal had recently said the company's ₹21,000 crore fundraising will enable the firm to shift from "business as usual" to a higher gear to tap opportunities, improve leverage position, and chase profitable growth by speeding investments in 5G, fibre and data centres. MINT PREMIUM See All Premium Are e-scooters more economical than petrol-run ones? Find out Premium BoAt plans IPO, looks at a valuation of nearly $1.4 bn Premium Vaccine discounts, available at a private clinic near you Premium Is an office real estate revival around the corner? "We believe the rights issue aims to preemptively build financial capacity for Bharti Airtel ahead of the upcoming 5G investments, given the absence of other immediate funding needs. While the rights issue has yet to conclude, it is highly likely to materialise, in our assessment," S&P said. Bharti Airtel's has announced that the promoter and promoter group will collectively subscribe to the full extent of their aggregate rights entitlement, and to any unsubscribed shares. "The company also has a good track record of capital raising. Bharti Airtel had investor support even during periods of weakness, such as during fiscal 2020 when the company raised equity to repair its balance sheet after making provisions for a lawsuit over adjusted gross revenue (AGR) dues to the regulator. Thus, we believe that a high level of support is likely given that Bharti Airtel's results have been improving," the report 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Uphaar fire tragedy: HC refuses to stay trial in evidence tampering case

09 Sep, 2021, 10:29PM | Business Standards

The Delhi High Court Thursday refused to stay the trial in a case related to alleged tampering with the evidence of the 1997 Uphaar tragedy case in which real estate barons Sushil and Gopal Ansal were convicted and sentenced to two-year jail term by the Supreme Court. The high court was hearing a plea by Sushil Ansal seeking to cross examine the investigating officer of the evidence tampering case on the ground of change of counsel representing him. Justice Yogesh Khanna, who heard the submissions of the counsel for the parties on the plea, listed the matter for further hearing on September 14. I am not going to give any stay order on this, the judge said, on a prayer made by Sushil Ansal's counsel that the trial in the case is at its final stage before a district court and it be stayed. Senior advocate N Hariharan, representing Sushil Ansal, submitted that the trial court has disposed of his plea under section 311 (power to summon material witness or examine a person present) of the CrPC and said he was seeking one more opportunity to cross examine the investigating officer. The plea was opposed by Delhi Police which said the trial is at its final stage as the prosecution and defence evidence has already been closed and the lower court is presently hearing final arguments on behalf of the accused. Senior advocate Dayan Krishnan, representing the police, contended that it is part of a game that when everything will be over, Sushil Ansal will woke up and file an application. The trial is about to conclude, opening up the entire process at this stage will not be good. Completing the trial process is also important, he said. Senior advocate Vikas Pahwa, representing Association of Victims of Uphaar Tragedy (AVUT) chairperson Neelam Krishnamoorthy, also opposed the plea saying a total of 43 witness have been examined in the case and majority of them were examined by Sushil Ansal's previous counsel. The case relates to tampering with the evidence of the main case in which Ansals were convicted and sentenced to two-year jail term by the Supreme Court. However, the apex court had released them on the period already undergone in the jail on the condition that they pay Rs 30 crore fine each to be used for building a trauma centre in the national capital. The Ansal brothers along with a court staff Dinesh Chand Sharma, and other individuals -- P P Batra, Har Swaroop Panwar, Anoop Singh and Dharamvir Malhotra -- were booked in the present case of allegedly tampering with the evidence. Panwar and Malhotra died during the course of the trial. According to the charge sheet, the documents alleged to have been tampered with included a police memo giving details of recoveries immediately after the incident, Delhi Fire Service records pertaining to repair of transformer installed inside Uphaar, minutes of Managing Director's meetings and four cheques. Out of the six set of documents, a cheque of Rs 50 lakh, issued by Sushil Ansal to self, and minutes of the MD's meetings, proved beyond doubt that the two brothers were handling the day-to-day affairs of the theatre at the relevant time, the charge sheet had said. The fire had broken out at the Uphaar cinema during the screening of Hindi film ''Border'' on June 13, 1997 claiming 59 lives. The case was lodged on the direction of the Delhi High Court while hearing a petition by Krishnamoorthy. The accused are charged with offences under sections 120-B (criminal conspiracy), 109 (abetment), 201 (causing disappearance of evidence of offence) and 409 (criminal breach of trust) of the IPC. (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.)

CCI approves IL&FS’ 26% stake sale in ONGC Tripura Power to GAIL

09 Sep, 2021, 10:13PM | Livemint

NEW DELHI : The Competition Commission of India (CCI) has approved state run GAIL (India) Ltd’ acquisition of bankrupt Infrastructure Leasing and Financial Services’ (IL&FS) 26% stake in ONGC Tripura Power Company Ltd. “The Target is a special purpose vehicle between Oil and Natural Gas Corporation, IL&FS Group and Government of Tripura (GoT) formed by entering into a Shareholders' Agreement (SHA) on September 18, 2008 to implement a 726.6 MW Combined Cycle Gas Turbine (CCGT) thermal power plant at Palatana, Tripura," Ministry of Corporate Affairs said in a statement. MORE FROM THIS SECTIONSee All Premium Premium LinkedIn to help job seekers who never want to go back .... Premium Premium Microsoft return to US offices delayed indefinitely Premium Premium ICICI Lombard ceases to be ICICI Bank subsidiary post B .... Premium Premium Former Swiggy executive Vivek Sunder joins Cuemath The stakeholders in the Palatana project include state-owned Oil and Natural Gas Corp. Ltd (ONGC), IL&FS and the Tripura government. While ONGC, IL&FS and Tripura government hold 50%, 26% and 0.5% respectively in the project that supplies electricity to the northeastern states, India Infrastructure Fund II is an investor and holds the balance 23.5% stake in the gas fuelled project. State-owned Bharat Heavy Electricals Ltd (Bhel) built the project. The Tripura power project was planned as it was economically unviable to transport gas from the North-East to other parts of the country. The 726.6 MW project is an integral part of the government’s efforts to develop infrastructure in the north-eastern region and has been touted as the single largest investment in north-east India.The gas to the Tripura project is supplied by ONGC’s 55 km-pipeline. “The Target is a public limited company, incorporated under the laws of India. It is engaged in the business of generation and supply of electricity, through the above mentioned power plant supplying power in the region of North-East India. The Target holds 26% stake in North East Transmission Company Limited, which is engaged in transmission of electricity," the statement said. As part of its green energy playbook, Gail is focussing on building a clean energy portfolio. In addition to participating in competitive bids, Gail is also looking to acquire solar projects from private firms, Manoj Jain, chairman and managing director of Gail had earlier said. Jain had also said that while one way to expand was to bid for tenders, the other way was the inorganic growth route, with Gail looking at “big and small" private firms for acquiring assets. Earlier IL&FS had also agreed to sell its 874 MW operational wind energy portfolio to the state-run gas utility for ₹4,800 crore. The deal was dropped with NYSE listed Japan’ Orix Corp. acquiring these assets from bankrupt IL&FS, and adding them to Hyderabad-based Greenko’s portfolio, after it invested $980 million in Greenko Energy Holdings. The Palatana project stake acquisition comes in the backdrop of India’ push for a gas-based economy. The country consumes around 145 million standard cubic meters a day (mmscmd) of gas. Gas comprises about 6.2% of India’s primary energy mix, far behind the global average of 24%. The government plans to increase this share to 15% by 2030. India’s gas demand is expected to be driven by the fertilizer, power, city gas distribution, and steel sectors. MINT PREMIUM See All Premium Is India’s capex cycle ready for a rebound? Premium Goldman Sachs ends social distancing, free food in London office Premium World’s top oil guzzlers surpass pre-pandemic consumption Premium Sensex ends 55 points higher; ONGC and Bharti Airtel among top Nifty gainers Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India, Denmark agree on further engaging in renewable energy

09 Sep, 2021, 10:10PM | Business Standards

Union Power and New & Renewable Energy Minister R K Singh on Thursday met his Danish counterpart Dan Jrgensen where both agreed on further engagement in renewable energy, especially offshore wind and green hydrogen. "Union Minister for Power and New and Renewable Energy R K Singh met with Dan Jrgensen, Danish Minister for Climate, Energy and Utilities, here today (Thursday)," the Ministry of New and Renewable Energy said in a statement. Both the ministers agreed to further engagement in renewable energy, especially offshore wind and green hydrogen, it added. In the meeting, from the India side, Minister of State for New and Renewable Energy Bhagwanth Khuba, MNRE Secretary Indu Shekhar Chaturvedi and other senior officials of the ministries of power and MNRE were also present. The Danish minister was also accompanied by a delegation of officials. Singh underlined to the Danish side that energy transition towards green is an important part of India's policy. He pointed out that Prime Minister Narendra Modi in his Independence Day speech has set a target of 450 gigawatts (GW) of renewable energy capacity by 2030. The minister went on to say that already our whole renewable energy portfolio is at 146 GW. He stated that India is the only G20 country whose actions are in consonance with the Paris Climate agreement with regard to the global rise in temperature. Discussing the potential of green energy, Singh said India is looking at making Ladakh and islands such as Andaman & Nicobar and Lakshadweep green in energy including transport. The two ministers jointly launched the 'Centre of Excellence on Offshore Wind' as part of the Green Strategic Partnership. This Centre will at the outset be centred around four working groups, including spatial planning, financial framework conditions, supply chain infrastructure and standards, and testing. In the initial phases, the centre of excellence (CoE) will focus on the offshore wind sector. In the medium to long term, the vision is that the Centre will broaden to include a wider group of international governments and players, accumulating experience and best practices on offshore wind and become an international centre for offshore wind and with broader links to new and renewable energy. Both sides agreed to further their cooperation in renewable energy with a focus on offshore wind energy. The two countries already have an agreement on 'Strategic Sector Cooperation in the field of Renewable Energy with a focus on Offshore Wind Energy'. The Danish minister also invited Singh to Denmark to take a first-hand look at Denmark's work in offshore wind energy. (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.)

Solugen is making chemicals from sugar, not petroleum

09 Sep, 2021, 09:40PM | CNBC

Solugen co-founders: CEO Gaurab Chakrabarti and CTO Sean Hunt.Todd Spoth for Solugen Chemical companies have historically used petroleum, natural gas and phosphates to make their products, exacerbating air and water pollution.A start-up called Solugen aims to replace many of these ingredients with chemicals using renewable resources like simple sugar.Co-founded in 2016 by CEO Gaurab Chakrabarti and CTO Sean Hunt, Solugen designs and grows enzymes that can turn sugar into chemicals that are needed to make a variety of products and used in many industrial applications.The company's bio-based chemical offering already includes water treatments, a chemical that makes concrete stronger, another that makes fertilizers more efficient and detergents that are strong enough to clean a locker room or mild enough to be used on facial wipes."The chemicals industry represents a few percentage points of global greenhouse gas emissions.Â Zeroing out CO2 from the chemicals industry can't happen fast enough," said Clay Dumas, a partner with Lowercarbon Capital.Lowercarbon is one of several venture firms participating in a new $357 million round, alongside Singapore's sovereign wealth fund, GIC, and the Baillie Gifford investment management company. The deal brings Solugen's valuation north of $1.8 billion and its total capital raised to over $400 million.Solugen cites IEA estimates that chemical production, dominated by the likes of Sinopec, BASF and Dow Chemical, contributed an estimated 880 million tons of carbon dioxide to the atmosphere in 2018, making the chemicals industry the third-largest source of global CO2 emissions that year.Most chemicals used for industrial purposes in the U.S. are also imported from China, with shipping contributing more greenhouse gas emissions to their overall environmental footprint. Chemicals from corn syrup By contrast, Solugen makes its chemicals in the U.S. from domestic ingredients. It buys corn syrup from wet mills in Iowa, for example, and operates a factory outside of Houston that was the site of a petroleum wax distillery that exploded in 2005.The Bioforge, as Solugen calls the facility, takes up just 20,000 square feet and produces 10,000 metric tons of chemicals a year. Some of the equipment came from a candy maker, CTO Hunt says. He says employees who move over from traditional petrochemical companies love the cleaner environment. Solugen established its first sustainable chemicals factory in Stafford, Texas. The company took over a property where a petroleum wax distillery exploded in 2005.Todd Spoth for Solugen Investors expect the company to use the cash infusion to "copy and paste" the Bioforge and set up similar plants around the world.The company also aims to hire aggressively, the co-founders said, while continuing to develop new molecules using the cell-free, synthetic biology techniques that led to its early success in water treatment.According to CEO Chakrabarti, Solugen has focused on chemicals for water treatment because start-ups had largely ignored the "non-sexy" industry, but it desperately needed an environmental makeover.Water cooling towers and wastewater treatment facilities, Chakrabarti said, use unhealthy chemicals for cleaning and maintenance. Some, made with phosphonates, even contribute to algal blooms. "It was shocking to learn these chemicals are not the cleanest, because they end up in our water supply. We wanted to make those safer and cheaper at the same time," he said. Solugen makes water treatment chemicals and others from renewable feedstock.Todd Spoth for Solugen Solugen introduced its BioChelate water treatment made from simple sugar â a dark brown liquid that Hunt keeps in a vial on his desk â in 2020. It now sells BioChelate to a network of water treatment service providers who haul and pump it into to their customers' pipes and water systems, while monitoring their water quality to keep it clean."If you use our chemistry, you protect the inner linings of water infrastructure," Hunt said. "This keeps your pipes from rusting and corroding, from getting blocked up with lime, or letting biofilms like legionella live in the water. All of this prevents the pipes from having bursts and catastrophic leaks. It works on anything that is a metal surface."Investors love the fact that Solugen is already operational, not just making forward-looking statements about how they'll save the planet, said Seth Bannon, founding partner of early investor Fifty Years, which also participated in this funding round."Solugen is the first synthetic biology company with a demonstrated ability to scale both their sales and their own manufacturing," he said, contrasting it with Zymergen, whose stock recently cratered nearly 70% when the company disclosed it was having trouble scaling its manufacturing and expanding sales.Â Â Solugen also has huge potential to develop new molecules to further "decarbonize chemicals," said Bannon.For example, Chakrabarti and Hunt said Solugen wants to use its enzymes and chemical processes for "carboligation," or turning carbon dioxide into useful products, especially building materials, formaldehyde-free resins and new types of plastics.Others who joined in the funding round include Temasek Holdings, BlackRock managed funds and Carbon Direct Capital Management.

AMNS begins mining at Ghoraburhani-Sagasahi iron ore block in Odisha

09 Sep, 2021, 09:24PM | Economic Times

Gujarat-based steel maker AMNS India on Thursday announced commencing mining operations at its Ghoraburhani-Sagasahi iron ore block in Odisha. Located at the Sundargarh district of Odisha , the mine is spread over an area of 139.16 hectares and has estimated iron ore resources of 98.61 million tonnes (MT), ArcelorMittal Nippon Steel (AMNS) said in a statement. The captive mine is set to produce 2 MT of high-quality iron ore in the current calendar year. The annual production of mine will gradually be ramped up to 7.16 million tonnes per annual (MTPA), it said. The iron ore will be supplied to the beneficiation plant in Dabuna from where the feed will reach the company's pellet plant at Paradeep. AMNS Chief Executive Officer Dilip Oommen said, "We are delighted to start operations at the Ghoraburhani-Sagasahi mine that strengthens our raw material self-sufficiency efforts. This is yet another step by us towards enabling Odisha to achieve the one trillion-dollar economy target it has set." He added that ArcelorMittal has significant experience in operating mines that support steelmaking operations across the globe and AMNS India will draw on the industry-leading practices to apply them here. AMNS India is 60:40 joint venture company between Luxembourg-based ArcelorMittal and Nippon Steel of Japan.

ReNew Power commissions 250 MW solar project in Rajasthan's Jaisalmer

09 Sep, 2021, 08:07PM | Business Standards

ReNew Power on Thursday announced that it has commissioned a 250 MW solar project in Jaisalmer district, Rajasthan. "ReNew Power today announced the commissioning of 250 MW capacity of its Interstate Transmission System (ISTS) solar generation project, SECI-3," a company statement said. According to the statement, the project has a total generation capacity of 300 MW, which was won by ReNew Power in tranche 3 of the competitive auction conducted by the Solar Energy Corporation of India (SECI). ReNew expects the remaining 50 MW capacity to be commissioned by the end of this month. This solar project is in the Jaisalmer district of Rajasthan, and has a 25-year power purchase agreement (PPA) with SECI and will provide clean electricity to the state of Bihar at a rate of Rs 2.55/kWh (USD 0.035). The project is also expected to provide direct employment to around 600 people. In this project, ReNew will install monocrystalline modules with fixed tilt and string inverters that enhance project efficiency. ReNew will also be using robotic module cleaning at this site to help conserve water in the desert. "This is the first project to be commissioned after ReNew started trading on NASDAQ (RNW) and is another step towards ReNew achieving close to 18 GW of installed renewable energy capacity by 2025. I am delighted that our teams were able to commission this project within the budget as well as within the stipulated time despite COVID related challenges," Founder, Chairman and CEO of ReNew Power, Sumant Sinha said. ReNew is India's leading renewable energy Independent Power Producer (IPP) and is the 10th largest global renewable IPP by operational capacity. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects and distributed solar energy projects. The parent holding company, ReNew Energy Global, was listed on NASDAQ in August 2021. As of August 31, 2021, ReNew Power has a total capacity of 10.2 GW, out of which 5.8 GW is operational across the wind, solar and hydro energy projects in India and the rest is under construction or in the pipeline. (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.)

Talking to several states to reduce VAT on aviation turbine fuel: V K Singh

09 Sep, 2021, 07:50PM | Business Standards

The aviation ministry is talking to different states urging them to reduce VAT on aviation turbine fuel (ATF), Minister of State for Civil Aviation, Road Transport and Highways Gen V K Singh said on Thursday. Speaking at a webinar organised by Bharat Chamber of Commerce, Singh said that this would help lower costs and attract more airlines to operate out of states that reduce VAT on jet fuel. "Each state levies VAT (at different rates). Now realisation from VAT is hardly substantial for the states. We told the states to reduce the rates, Singh said, adding this would lower costs and help more airlines operate out of them. Stating the aviation sector in India has huge growth potential, Singh said COVID has badly hit the segment. However, he said slowly, the sector is coming back to normalcy. Speaking on disinvestment in state-run Air India, Singh said the government has set September 15 as the deadline for bids. "We should get the bids for Air India by September 15. Then a decision will be taken. If somebody wants to set the clock back, it is too late. We hope to get good bids", he said. Singh also said functions of the Directorate General of Civil Aviation and Bureau of Civil Aviation Security are being streamlined. He also said the ministry is eyeing development of the maintenance, repair and overhaul (MRO) sector in the country. "There are no MROs in India. We intend to incentivise them by extending long term leases. This will also benefit the MSMEs", he 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.)

Govt to release incentive arrears worth Rs 56,027 crore to exporters

09 Sep, 2021, 07:49PM | Business Standards

The Centre will clear all arrears under various export incentive schemes to help exporters address their liquidity concerns. Towards this, Rs 56,027 crore will be released by the government in the current fiscal, commerce and industry minister Piyush Goyal said on Thursday. This includes claims pertaining to merchandise exports from India scheme (MEIS), services exports from India scheme (SEIS), rebate of state levies (RoSL), rebate of state and central taxes and levies (RoSCTL), other scrip based schemes related to post policies. Clearing past dues has been a long-standing demand from exporters to help them maintain their cash flows. Pending tax refunds under remission of duties and taxes on exported products (RoDTEP) scheme, which replaced MEIS scheme on January 1 for exports made during January-March quarter of 2020-21 will be cleared. Similarly, dues under the RoSCTL scheme that is aimed at supporting the textile sector, will also be cleared for the last quarter of the previous financial year. The move is expected to benefit 45,000 exporters, of which about 98 per cent are small exporters in the micro small and medium enterprise (MSME) category. The development comes at a time when there has been a recovery in key western markets, which has resulted in consistent rise in demand for goods from India. “With these measures, our exporters will have a level playing field to compete with global players and help achieve aggressive targets that have been set...I am confident that today’s decision will help us further speed up our exports,” Goyal told reporters. “This decision to clear all pending export incentives within this financial year, will lead to even more rapid export growth in coming months,” an official statement said. Currently, dues from the MEIS scheme is Rs 33,010 crore, Rs 10,002 crore under the SEIS scheme, Rs 5,286 crore for RoSCTL, Rs 330 crore for RoSL, and Rs 2,568 crore under RoDTEP. Other legacy schemes such as Target Plus, among other will amount to Rs 4,831 crore. The amount that will be refunded is over and above duty remission of Rs 12,454 crore for the RoDTEP scheme and Rs 6,946 crore for RoSCTL scheme announced over the last two months for 2021-22. For merchandise exports, all sectors covered under MEIS, such as pharmaceuticals, iron and steel, engineering, chemicals, fisheries, agriculture and allied sectors, auto and auto components would be able to claim benefits for exports made in earlier years. Service sector exporters, including those in the travel, tourism and hospitality segments will be able to claim SEIS benefits for 2019-2020, for which Rs 2,061 crore has been provisioned. “The SEIS for FY 2019-20 with certain revisions in service categories and rates is being notified. This support would have a multiplier effect and spur employment generation,” the statement said. “The apparel sector, which is a major labour-intensive sector, would get past arrears under RoSCTL and RoSL, and all stakeholders in the interconnected supply chains would be strengthened to meet the festive season demand in international markets,” it added. Exporters will have to claim the refund relating to earlier years by 31 December 2021, beyond which they will become time barred. Towards this, an online portal will also be enabled shortly to accept MEIS and other scrip based applications. It will be integrated with a mechanism set up by finance ministry to monitor provisioning and disbursement of the export incentives under a budgetary framework. FIEO President A Sakthivel said that such a move will help the sector in meeting the liquidity concerns and maintaining cash flow of the exports sector thereby further facilitating in addressing the export demand in the international market. “Benefits to be disbursed to over 45,000 exporters, specially those from the MSME sector has come as a booster dose for them as it would help them to be able to complete their booked order more efficiently,” Sakthivel said.

BHEL demonstrates tech to create methanol from high ash coal

09 Sep, 2021, 07:44PM | Business Standards

State-run engineering firm BHEL has successfully demonstrated a facility to create methanol from high ash Indian coal, an official statement said on Thursday. Methanol is utilised as a motor fuel, to power ship engines, and to generate clean power all over the world. "With four years of hard work BHEL successfully demonstrated a facility to create 0.25 TPD methanol from high ash Indian coal using a 1.2 TPD Fluidized bed gasifier. The methanol purity of the crude methanol produced is between 98 and 99.5 per cent," it said. Speaking on the occasion, NITI Aayog member V K Saraswat said this endeavour led to the formation of in-house design expertise in BHEL for designing greater capacity coal gasification facilities. This in-house capability will assist India's coal gasification mission and coal-to-hydrogen production for Hydrogen Mission, he added. The statement said after achieving this feat BHEL is further developing in -house some critical processes such as catalytic conversion of syngas to methanol. Methanol is also used to generate di-methyl ether (DME), a liquid fuel that is very similar to diesel existing diesel engines simply need to be minimally changed to use DME instead of diesel. The majority of worldwide methanol production is derived from natural gas, which is a relatively easy process. Since India doesn't have much of the natural gas reserves, producing methanol from imported natural gas lead to outflow of foreign exchange and sometimes uneconomical due to excessive prices of natural gas. (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.)

ArcelorMittal Nippon Steel starts operations at iron ore mine in Odisha

09 Sep, 2021, 07:27PM | Business Standards

ArcelorMittal Nippon Steel India (AM/NS India) said on Thursday that it has commenced operations at the Ghoraburhani- Sagasahi iron ore mine in the district of Sundargarh in Odisha. Spread over 139.165 hectares, the block has estimated resources of around 98.61 million tonnes and was the first to be auctioned under the Mineral Auction Rule, 2015. The captive mine is set to produce two million tonnes of high-quality iron ore in the current calendar year and production will gradually be ramped up to its rated capacity of 7.16 million tonnes per annum, the company said. It will initially operate with direct employment of about 600 people and indirect employment of nearly 2,500 people. The iron ore will be supplied to the beneficiation plant in Dabuna from where the feed will reach the pellet plant at Paradeep. Earlier this month, AM/NS India commissioned the second 6 million tonne pellet plant in Odisha, doubling capacity to 12 million tonnes at the Paradeep complex. Commenting on the commencement of Sagasahi iron ore mine, Dilip Oommen, chief executive officer, AM/NS India, said that it strengthens raw material self-sufficiency efforts. “ArcelorMittal has significant experience in operating mines that support steelmaking operations across the globe and AM/NS India will draw on the industry leading practices to apply them here,” he said. “This is yet another step by us towards enabling Odisha to achieve the one trillion-dollar economy target it has set,” Oommen added. Nikhil Pavan Kalyan, collector and district magistrate, Sundargarh, said, “The entry of the biggest names in manufacturing at a massive scale such as this is an encouraging sign. The government of Odisha has been very strong on its priorities, in its commitment towards industries and the country. AM/NS India has our support in this new endeavour.” Ahead of its massive expansion, AM/NS India is strengthening its raw material security. The company has set a target of increasing its steelmaking capacity to 30 million tonnes. It includes a 12-million tonne greenfield steel plant at Kendrapara in Odisha. At Hazira in Gujarat, the plan is to increase capacity to 18 million tonnes from a current achievable capacity of around nine million tonnes.

Railway Minister flags off indigenously designed equipment to expedite construction of viaduct

09 Sep, 2021, 07:00PM | Economic Times

Railway Minister Ashwini Vaishnaw on Thursday flagged off indigenously designed and manufactured equipment to expedite the construction of viaduct for Mumbai-Ahmedabad High Speed Rail corridor which has faced delays due to coronavirus pandemic as well as land acquisition issues. The full span launching equipment-Straddle Carrier and Girder Transporter of 1,100 MT capacity has been indigenously designed and manufactured by Larsen & Toubro (L&T) at Kanchipuram in Tamil Nadu, officials said. Addressing the gathering through video conferencing, Vaishnaw stated that with this, India is now coming in the select group of countries like Italy, Norway, Korea and China, which have been designing and manufacturing such equipment. L&T has partnered with 55 Micro-Small Medium Enterprises (MSMEs) for the project. "This will expedite construction of high speed railway (HSR), as is the proven technology in metro and similar projects. Work has already begun on 325 km (in Gujarat) out of 508 km corridor between Mumbai and Ahmedabad,” the railway minister noted. "This project will also improve the skill set in various rail construction technologies. Japanese counterparts will provide training to National High Speed Rail Corporation Limited employees and also to contractors. More than 6,000 workers are already working at various construction sites for the project, thus creating employment opportunities for the local youth," he said. More than 97 per cent land has been acquired for the project in Gujarat and Dadra and Nagar Haveli and 30 per cent land in Maharashtra. Vaishnaw further stated that the Mumbai Ahmedabad High Speed Rail project is expected to create more than 90,000 jobs in this area, including 51,000 jobs for technicians, skilled and unskilled workers. "This project will boost the overall economy of the area by deploying thousands of trucks, dumpers, excavators, batching plants, tunnelling equipment and so on. It is estimated that 7.5 million tonnes of cement, 2.1 million tonnes of steel and 70,000 tonnes of structural steel will be used in the construction. “The National High Speed Rail Corporation Limited is also preparing detailed project reports for seven high speed rail corridors. With the experience of execution of the Mumbai-Ahmedabad High Speed Rail project, the work on other corridors will be faster," he mentioned. The technology will also expedite the process of launching girders as precast girders of full span length will be erected as a single piece for double track viaduct. This system is used world over as it is faster than the segment by segment launching method, usually adopted for the construction of viaducts for metro system. Twenty of such launching equipment will be required for the construction of 325 km of viaduct superstructures between Vapi and Ahmedabad in Gujarat. “If we have to achieve results of 21st century, we have to adopt the mindset of 21st century. This straddle carrier and girder transporter is a very good example of 21st century mindset,” the minister added.

Heavy industries minister inaugurates data centre at BHEL facility

09 Sep, 2021, 06:53PM | Business Standards

Union Heavy Industries Minister Mahendra Nath Pandey has inaugurated a modern, state-of-the-art data centre at BHEL's Electronics Division in Bengaluru. Established to commemorate India's celebration of 'Azadi ka Amrit Mahotsav' and as a step in BHEL's digital transformation journey, the data centre at Electronics Division (EDN) encompasses the data centres of all the three Bengaluru-based units of BHEL, namely Solar Business Division (SBD), Industrial Systems Group (ISG), as well as EDN, a statement said. The facilities at these three units have been brought together and co-located in one place leading to optimisation of IT infrastructure, better data security and reduction in operating cost. The connectivity to SBD and ISG, located about 12 kms from EDN, is provided through high-speed multi-protocol label switching (MPLS) for increasing the speed and also to control the flow of network traffic. "Mahendra Nath Pandey, Union Minister of Heavy Industries, inaugurated a modern, state-of-the-art Data Centre at BHEL's Electronics Division (EDN), Bengaluru," the statement said. Addressing the employees, the minister said that the newly-inaugurated data centre will provide advanced solutions in today's digital ecosystem. He also hailed the Remote Monitoring and Diagnostic System (RMDS) developed by BHEL, as a step towards realising the prime minister's vision of providing quality power to all citizens. The system has the capability to predict problems in power plants which can aid in preventive maintenance, the statement said. Speaking about the various contributions of BHEL, he said that the company is playing an integral role in the flagship programmes of the Government of India like the Make in India and Aatmanirbhar Bharat initiatives. The minister added that he was happy to note the role played by EDN in projects of national importance like the supply of space-grade batteries and solar panels for space programmes, supply of integrated platform management system for the first indigenous aircraft carrier (IAC) Vikrant and the development of traction systems for the country's first AC-EMUs. (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.)

Battery makers tied to power grid attract big investors

09 Sep, 2021, 06:40PM | Livemint

Big investors are charging into startups touting experimental new battery technologies that would make it possible for renewable energy sources to produce most of the country’s electricity. Deep-pocketed investment firms such as TPG, Apollo Global Management and Paulson & Co. in recent months have plowed hundreds of millions of dollars into the companies, which make what are called long-duration batteries. Unlike mobile-phone or electric-car batteries that can deliver electricity for about four hours straight, long-duration batteries can discharge for longer periods, ranging from six hours to several days, and store far more power. That allows them to overcome the major drawback of renewable energy: The wind doesn’t always blow and the sun doesn’t always shine. The batteries can release electricity into the power grid when customers need it, cutting dependence on fossil fuels. They can also be used as backup power sources after storms. Between 2021 and 2023, power companies are expected to install large-scale battery systems capable of producing 10,000 megawatts of power, 10 times the capacity that existed in 2019, according to an August report by the Energy Information Administration. One reason is cheaper batteries. Battery-storage costs fell by 72% between 2015 and 2019, according to the EIA. The Energy Department in July set a goal of reducing the cost of grid-scale long-duration energy storage by 90% within the decade. “We’re going to bring hundreds of gigawatts of clean energy onto the grid over the next few years," Secretary of Energy Jennifer Granholm said in a statement. Renewable energy makes up one-fifth of utility-scale electricity generation in the U.S., compared with about 60% that comes from natural gas and coal, with nuclear making up most of the rest, according to the EIA. The Energy Department on Wednesday released a report showing that solar energy alone could power as much as 40% of the nation’s electricity by 2035. Shifting the power grid toward renewables is an important part of the decarbonization puzzle, experts say. Not only does it remove fossil-fuel burning power plants from the grid, it means electric vehicles will be able to charge from sources that don’t add greenhouse gases to the atmosphere. Investor interest in energy storage has soared in the past year. Venture capital firms have invested $4.9 billion in rechargeable battery companies so far this year, up from $1.6 billion in all of 2020, according to PitchBook. Despite the momentum, investing in rechargeable battery companies can be risky. Some technologies that seem attractive in a lab don’t pan out on an industrial scale because of the complexity of manufacturing the devices and the cost of materials in the batteries. “This is a field littered with miscues and failed attempts," said Marc Mezvinsky, business unit partner with TPG. The firm recently invested in Form Energy Inc., a Somerville, Mass., company that has developed a battery it says can discharge electricity for 150 hours straight. “We believe in the technology" at Form, Mr. Mezvinsky said. In August, Ambri Inc., a Marlborough, Mass., battery company said it had secured $144 million in financing to help commercialize its long-duration technology and build a manufacturing facility. Investors included Paulson & Co. and Microsoft Corp. co-founder Bill Gates, the company said. MINT PREMIUM See All Premium Goldman Sachs ends social distancing, free food in London office Premium World’s top oil guzzlers surpass pre-pandemic consumption Premium Sensex ends 55 points higher; ONGC and Bharti Airtel among top Nifty gainers Premium Supercycle or not these 5 metal stocks delivered superb gains Donald Sadoway, the Massachusetts Institute of Technology chemist behind the technology, said investors are more open to alternative battery technologies than they were when he started the company more than a decade ago. “It feels a lot better than it did at the beginning of the journey," he said. “There’s a greater appreciation for the need for storage." Ambri was started with seed money from Mr. Gates and French energy company Total SA. The company is based on a liquid-metal technology Mr. Sadoway developed in his lab at MIT. Unlike lithium-ion batteries that can overheat and catch fire, Mr. Sadoway’s batteries thrive on heat and require temperatures of around 750 to 1,000 degrees Fahrenheit to operate. Form Energy in late August closed a round of fundraising that brought in $240 million, including investments from TPG’s Rise Fund. State and federal mandates on clean energy have helped give investors more confidence that the trend will be lasting, Form Energy Chief Executive Mateo Jaramillo said. Investors in recent years have been burned by battery companies that didn’t pan out because of technical snafus or weak consumer enthusiasm for electric vehicles. The trend should help encourage more innovation in batteries, according to Mr. Jaramillo. Big investors are putting cash into more established battery startups that are scaling up production. That gives early-stage investors more confidence there will be funding for companies that are often little more than an idea hatched in a lab. The workhorse of Form Energy’s battery is a cheap, abundant element: iron. A collection of the batteries can fill entire warehouses and discharge electricity for nearly a week. That gives it a different use than a battery with a shorter discharge period such as Ambri’s, which can discharge for about as much as 24 straight hours, according to Mr. Sadoway. Companies that help manage the complex task of directing energy to and from battery storage platforms are also attracting interest from big investors. In August, FlexGen Power Systems Inc., which provides software to manage energy storage, said Apollo Global Management Inc. funds had invested $150 million in the company. FlexGen CEO Kelcy Pegler said the rise in electricity outages such as those seen in Texas and New Orleans this year in the wake of storms is increasing the urgency to expand energy storage. “These events are really an eye-opener," he said. “We’ve exhausted all reasonable excuses for not making our grid more intelligent." 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

The industry Walmart invented in China may now leave it behind

09 Sep, 2021, 06:31PM | Livemint

Brexit and Covid are helping to deliver a long-promised blue collar wage boom in the U.K. A combination of the pandemic and new immigration rules after the country left the European Union has left key industries suffering from intense shortages of workers. With the supply of candidates falling at a record pace, that’s fueling a rapid escalation of wages as firms scramble to fill vacancies left by immigrants from EU countries. MORE FROM THIS SECTIONSee All Premium Premium S&P maintains Bharti Airtel credit rating at 'BBB-', up .... Premium Premium Bribery charges unsealed against former Ericsson employee Premium Premium Amazon dangles a new perk in fight for US workers: free .... Premium Premium S&P maintains Bharti Airtel credit rating at 'BBB-', up .... But despite pay increases and sign-on bonuses, there isn’t a ready stream of U.K. workers to fill the void. While almost 2 million have either lost their job during the pandemic, left the workforce or are on furlough, there’s a mismatch between those people and the skills needed. After years of stagnant pay, the situation is a rare moment of leverage for some workers to secure better conditions. Posted salaries for job openings in construction are up almost 7% this year, with those for drivers rising 5.7%, according to data up to July on jobs website Indeed. Drivers for supermarket chains J Sainsbury Plc and Tesco Plc are considering strike action. The British Meat Producers Association says pay for processors has spiked to as much as 18 pounds an hour, twice the minimum wage. “Companies have never had any issue saying, well, we can’t get a CEO for a million quid, we will put that up to 1.25 million," said Andy Prendergast, acting National Secretary for the GMB union. “They’ve always had that reluctance to do that when it comes to shelf stackers or cleaners or laborers on building sites." A report from the Recruitment and Employers Confederation Thursday showed vacancies jumped in August, but the supply of candidates plunged. That sent starting salaries up at the fastest pace since it began collecting data in 1997. The shortages are already leading to very public signs of strain. The British summer has been filled with stories of firms in dire need of truck drivers, and pictures of empty shelves at supermarkets. MINT PREMIUM See All Premium Is India’s capex cycle ready for a rebound? Premium Goldman Sachs ends social distancing, free food in London office Premium World’s top oil guzzlers surpass pre-pandemic consumption Premium Sensex ends 55 points higher; ONGC and Bharti Airtel among top Nifty gainers Warnings about Christmas deliveries have also surfaced, sucking some of the optimism out of the economy’s rebound from successive virus lockdowns. The British Chambers of Commerce says that staff shortages will hamper growth in the coming months. How the government and businesses deal with the dilemma will help direct the economy toward a smooth recovery or a bumpy ride. A sustained jump in pay rates could add to inflation and worry Bank of England policy makers, who’ve started already talking about the need for higher interest rates. The U.K.’s biggest business lobby warned this week that the issue could last for as long as two years, and recent figures point to a worsening situation. Employers added 200,000 job adverts in the last week of August alone, and the REC estimates the total is almost 1.7 million. About 60 of those vacancies can be found at Corbetts the Galvanizers, a 161-year old steel firm in Shropshire, where Chairman Andy Dodwell has tried to lure workers with higher wages, flexible working hours and other perks. “There’s just not enough local labor to get on board and bring to work," he said. “It’s a big, big challenge. And I don’t see it ending until probably very late in 2022." That said, there are signs the latest developments don’t mark the start of a new trend in rampant wage growth. Big increases are confined to very limited number of roles, and many of the incentives are sign-on bonuses that won’t apply to existing staff. The use of that enticement has increased 66% in the past five months. “On balance, we’re unlikely to see persistent increases, certainly on the scale we’ve seen," said Reamonn Lydon, an economist at Ireland’s central bank who works with Indeed on labor data. “Some of those increases in the first half of the year are around 7%. It would be very, very hard for the sectors to sustain this." The government has so far refused to address the worker shortages by allowing changes to its visa policies. The irony is the current situation, albeit sharpened by Covid, is exactly what both sides said would happen during the 2016 Brexit referendum. Leave campaigners promised higher wages, while Remainers warned of food left rotting in fields amid a lack of foreign workers. After trade hassles earlier this year, many businesses see the latest issue as another example of the government “delivering" Brexit, but leaving them to deal with the consequences. The stance could perhaps be summed up by the Twitter page of David Frost, the U.K.’s Brexit minister, which reads: “You can’t have freedom for free." “That’s not what was on the table a year ago," said David Lindars from the British Meat Producers Association. “At the end of the day, there’s no extra people. They can’t come here because of our immigration policy." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Heavy industries minister Mahendra Nath Pandey inaugurates state-of-the-art data centre at BHEL facility in Bengaluru

09 Sep, 2021, 06:15PM | Economic Times

Union Heavy Industries Minister Mahendra Nath Pandey has inaugurated a modern, state-of-the-art data centre at BHEL 's Electronics Division in Bengaluru. Established to commemorate India's celebration of 'Azadi ka Amrit Mahotsav' and as a step in BHEL's digital transformation journey, the data centre at Electronics Division (EDN) encompasses the data centres of all the three Bengaluru-based units of BHEL, namely Solar Business Division (SBD), Industrial Systems Group (ISG), as well as EDN , a statement said. The facilities at these three units have been brought together and co-located in one place leading to optimisation of IT infrastructure, better data security and reduction in operating cost. The connectivity to SBD and ISG, located about 12 kms from EDN, is provided through high-speed multi-protocol label switching (MPLS) for increasing the speed and also to control the flow of network traffic. "Mahendra Nath Pandey, Union Minister of Heavy Industries, inaugurated a modern, state-of-the-art Data Centre at BHEL's Electronics Division (EDN), Bengaluru," the statement said. Addressing the employees, the minister said that the newly-inaugurated data centre will provide advanced solutions in today's digital ecosystem. He also hailed the Remote Monitoring and Diagnostic System (RMDS) developed by BHEL, as a step towards realising the prime minister's vision of providing quality power to all citizens. The system has the capability to predict problems in power plants which can aid in preventive maintenance, the statement said. Speaking about the various contributions of BHEL, he said that the company is playing an integral role in the flagship programmes of the Government of India like the Make in India and Aatmanirbhar Bharat initiatives. The minister added that he was happy to note the role played by EDN in projects of national importance like the supply of space-grade batteries and solar panels for space programmes, supply of integrated platform management system for the first indigenous aircraft carrier (IAC) Vikrant and the development of traction systems for the country's first AC-EMUs. PTI KKS MKJ

India's fuel demand jumps 11% in Aug, consumption totals 16 mn tonne

09 Sep, 2021, 05:55PM | Business Standards

India's fuel demand soared almost 11 per cent in August when compared with the same month last year but lower than the previous month as monsoon rains slowed mobility and consumption. Fuel consumption totalled 16 million tonnes in August, up from 14.42 million tonnes a year back but lower than 16.83 million tonnes in July 2021, data from the Petroleum Planning and Analysis Cell (PPA) of the Oil Ministry showed. Sales of petrol, which had reached pre-Covid levels a couple of months back, rose 13 per cent year-on-year to 2.69 million tonnes and was up 2.5 per cent over July 2021. Consumption of diesel - the most used fuel in the country - jumped 15.6 per cent to 5.6 million tonnes from a year earlier but fell 8.7 per cent from the previous month as monsoon rains stalled the mobility of trucks. Cooking gas or liquefied petroleum gas (LPG) sales increased 2.4 per cent to 2.3 million tonnes, while naphtha sales fell 5.1 per cent to 1.02 million tonnes. LPG sales fell 1.6 per cent month-on-month. Sales of bitumen, used for making roads, were 3.1 per cent up, while fuel oil use edged up 8 per cent in August. Naphtha demand at 1.02 million tonnes was 5 per cent lower than a year back and 16 per cent lower than July 2021. Jet fuel or ATF soared 24 per cent to 318,000 tonnes in August but was almost equal to that in the previous month. Diesel and ATF consumption is below pre-Covid levels while petrol and LPG sales are above pre-pandemic levels. Fuel demand had recovered to near-normal levels in March before the onset of the second wave of COVID-19 infections led to the reimposition of lockdown in different states, stalling mobility and muting economic activity. Consumption in May slumped to its lowest since August last year amid lockdowns and restrictions in several states. Fuel demand showed signs of resurgence in June after restrictions began to be eased and the economy gathered pace. On July 30, S M Vaidya, Chairman of India's largest oil firm IOC, had stated that petrol consumption has risen over pre-COVID levels as people prefer personal transport over public transport. Diesel sales, he had said, were likely to return to pre-pandemic levels by Diwali in November if a third wave of COVID infections does not lead to the reimposition of lockdown. (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.)

India and Denmark launch Centre of Excellence on Offshore Wind

09 Sep, 2021, 05:35PM | Livemint

NEW DELHI : In what may help provide a push to India’s offshore wind power generation plans, India and Denmark on Thursday launched the ‘Centre of Excellence on Offshore Wind’ as part of the green strategic partnership between the two nations. This assumes significance, given that the ministry of new and renewable energy (MNRE) has set a target of adding 30 gigawatts (GW) of offshore wind energy projects by 2030. India plans to leverage scale to lower offshore energy tariffs by harnessing the enormous wind power potential along its 7,600km coastline. MORE FROM THIS SECTIONSee All Premium Premium Vaccinating children is not a criteria for reopening sc .... Premium Premium Covid vaccine: 18% of adult population got both doses, .... Premium Premium Travel bookings pick up for Ganesh Chaturthi weekend Premium Premium IIM Nagpur opens satellite campus in Pune “Union minister for power and new and renewable energy, R.K. Singh met with Dan Jørgensen, Danish minister for climate, energy and utilities here today," MNRE said in a statement and added, “Centre of Excellence on Offshore Wind launched jointly by the two ministers." This renewed push for green energy comes at a time when the UN’s Intergovernmental Panel on Climate Change said extreme weather events will impact lives, livelihoods, and businesses in India and South Asia. “This centre will at the outset be centred on four working groups a) spatial planning; b) financial framework conditions; c) supply chain infrastructure; and d) standards and testing. In the initial phases, the centre of excellence (CoE) will focus on the offshore wind sector. In the medium to long term, the vision is that the centre will broaden to include a wider group of international governments and players, accumulating experience and best practices on offshore wind and become an international centre for offshore wind and with broader links to new and renewable energy," the statement said. This comes at a time when India is the only major economy with actions in line with keeping global warming below 2°C of pre-industrial levels and the only G20 country whose energy transition is in sync with this goal, according to the Union government. “R.K. Singh underlined to the Danish side that energy transition towards green is an important part of India’s policy. He pointed out that Prime Minister in his Independence Day speech has set a target of 450 GW of RE capacity by 2030. The minister went on to say that already our whole renewable energy portfolio is at 146 GW. He stated that India is the only G20 country whose actions are in consonance with the Paris climate agreement with regard to global rise in temperature," the statement said. In what may strengthen India’s climate commitment credentials in the run up to UN Climate Change Conference (COP-26), its emissions have been reduced by 28% over 2005 levels, against the target of 35% by 2030. TRENDING STORIESSee All Premium Mumbai Police impose Section 144 till 19 Sept, no Ganpa .... Premium Heavy to very heavy rainfall likely in these states dur .... Premium Multibagger stock: This Tata company share turns ₹1 la .... Premium TCS launches 'biggest-ever recruitment drive': How to a .... “Discussing the potential of green energy, Singh said that India is looking at making Ladakh and islands such as Andaman Nicobar and Lakshadweep green in energy including transport," the statement added. This comes against the backdrop of India resisting the pressure of declaring a net zero emission goal. Instead, India has called out nations on their carbon neutral intent announcements and termed them ‘meaningless’. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Govt asks captive mine owners to ramp up coal output, warns of regulation in supply by Coal India

09 Sep, 2021, 05:03PM | Economic Times

The Coal Ministry has asked captive coal mine owners to increase their production for their end-use plants while warning that corrective steps to regulate fuel supply from Coal India Ltd will be taken for poor output. The direction to captive mine owners such as NTPC , Hindalco Industries and Ambuja Cements has come amidst acute coal shortage faced by thermal power plants in the country. "In view of the shortage of coal in the country and shortfall of production from the captive coal mines, you are requested to ramp up the production to meet your captive requirements," the Coal Ministry said in a letter to the allottees of operational coal mines. Action taken by the captive mine owners, it said, will be reviewed next week. The coal ministry further said that the production of coal from the captive mines has been reviewed recently by the Nominated Authority. The review revealed that many allocatees are falling severely behind the schedule of production. "In view of the rising demand for electricity from thermal power plants in the country, the demand for coal has been increasing from the thermal power plants," the coal ministry said. The coal blocks were allotted to the captive allocatees to meet the coal requirements for the end-use plants, the ministry added.

Supercycle or not these 5 metal stocks delivered superb gains

09 Sep, 2021, 04:42PM | Livemint

The Nifty Metal Index has surpassed all other sectoral indices, including IT, and logged the maximum gains in the last one year. It has even outshone the broader benchmark index, moving up 133% in the last year compared to a 53% rise in the Nifty 50. While some may argue the rally is the result of a supercycle in metals, the fact is that most metal stocks have benefitted from this rally and delivered superb gains. Here are the top 5… #1 SAIL Shares of SAIL have soared over 200% over the last 12 months on the back of rising steel prices.  As the largest producer of steel in the country, the company was the beneficiary of soaring steel prices, robust demand by various sectors, and the government's focus on infrastructure.  As a result, the company recorded its best-ever performance in both production and sales during the financial year 2021.  It also deleveraged its balance sheet. In line with its focus on reducing borrowings, the SAIL reduced its net debt from ₹161.3 bn in 2020 to ₹153.5 bn in 2021. For the June 2021 quarter, SAIL posted a net profit of ₹39 bn. It had posted a loss of ₹12.3 bn in the year-ago quarter. Although the demand for steel products in the quarter has not had the same momentum as during the March 2021 quarter, focused interventions in several areas of operations have helped the company in achieving a robust performance. The demand in the second half of the year is expected to remain healthy with sustained domestic consumption coming from sectors like infrastructure, manufacturing, packaging and automotive, The company is also looking at bringing down its borrowings to ₹200 bn by the end of the financial year 2022.  View Full Image. Share Via #2 Tata Steel Tata Steel shares rallied over 250% over the last 12 months on the back of rising steel prices. Like SAIL, Tata Steel too deleveraged its balance sheet. The company repaid ₹300 bn of its net debt in the last financial year. In its latest quarterly results, the company reported its highest-ever operating profit of ₹162 bn, up 26 times from last year. Net profit also surged to ₹98 bn. The company had posted a loss of ₹46.5 bn in the June 2020 quarter. During the quarter, Tata Steel made debt repayments of ₹59 bn. It has committed to deleverage further and bring down the debt significantly by the end of the current financial year. The company has also expressed a commitment to invest ₹30 bn in Jharkhand in the next three years to augment capacities.  View Full Image. Share Via #3 Hindustan Copper Riding on the back of buoyant copper prices, Hindustan Copper (HCL) shares jumped over 200% over the last 12 months. HCL is the only vertically integrated copper producer in India engaged in a wide spectrum of activities ranging from mining, beneficiation, smelting, and refining. The company expects copper concentrate, not refined copper products, to be its primary product in the future. MINT PREMIUM See All Premium Covid test positivity rates still high in 69 districts Premium J&J vaccine in India by year-end? Premium Incapacitation is distressing, but planning can help Premium The missing piece in Vistara's US flight plan It is also in the process of expanding its mining capacities from approximately 3.9 m tonnes per annum (MTPA) as of 31 March 2020 to 20.2 MTPA. In its latest quarterly results, the company reported a 53.6% rise in net profit at ₹456 m. It had posted a net profit of ₹297 m in the year-ago period.  It also said that it will consider raising funds worth ₹5 bn through the issuance of bonds and QIPs in its upcoming AGM on 22 September 2021.  View Full Image. Share Via #4 JSW Steel  JSW Steel shares have risen over 140% as rising steel prices boosted the company’s earnings.  The company reported its highest-ever quarterly net profit of ₹59 bn against a consolidated net loss of ₹5.6 bn in the year-ago quarter. The company spent ₹26.9 bn on capital expenditure during the quarter, which was nearly 15% of its planned capex for the current financial year. It also plans to raise US$ 1 bn via an overseas bond sale to build capacity and lower fund costs.  View Full Image. Share Via #5 Hindalco Hindalco’s shares have risen more than 150% over the last 12 months on the back of rising aluminium prices. The company reported an all-time high quarterly net profit of ₹27.9 bn. It had reported a loss of ₹7.1 bn in the same period last year. The company’s strategy of reducing exposure to the global aluminium price fluctuations and increasing the share of value-added products across businesses is playing out well. More than 80% of Hindalco’s consolidated operating profit this quarter was delinked from the volatility of the global metal prices. In a bid to strengthen its market share, the company has earmarked a growth capex of US$ 2.5- 3 bn on over the next five years. In the domestic market, the company is already on track to implement organic growth projects of over US$ 1 bn towards Utkal alumina expansion and various downstream projects in both aluminium and copper businesses. View Full Image. Share Via As you can see, metal stocks have been on fire this year. In fact, Brijesh Bhatia, Senior Research Analyst at Equitymaster, had called it the sector of the year at the start of 2021. Watch this video for more. Is the rally in metals a supercycle? Soaring metal prices have sparked a debate on whether the world is entering a commodity cycle or a 'supercycle', an extended phase of abnormally high prices that lasts at least a decade. Yes, there is a green industrial revolution on the horizon, which will multiply the demand for some commodities. However, that does not hold for all metals. Lockdowns across the world had created supply bottlenecks and disrupted mining operations, which created scarcity and raised prices. This obviously has nothing to do with a supercycle. Moreover, the weakening of the US dollar had an impact on commodity prices. When the dollar depreciates, producers in other countries need to increase prices so that their revenue in the local currency does not fall. In the past 120 years, there have been only four supercycles and they were formed because of the spike in demand coming from industrialising countries. Yes, there is demand for metals. But it is pent-up demand which is temporarily influencing metal prices. Therefore, this is likely not a supercycle. It is a business cycle. How this pans out for metal stocks remains to be seen. Meanwhile, stay tuned for more updates from this space. This article is syndicated from Equitymaster.com Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Solar startup born in a garage is beating China to cheaper panels

09 Sep, 2021, 02:18PM | Livemint

About seven years ago, Vince Allen barged into the garage he shared with some flatmates in a Sydney suburb and set about trying to shake up the solar industry. He was at the time a PhD candidate at the University of New South Wales, and he had an idea for making solar panels much cheaper: replace the expensive silver typically used to pull electricity out of the devices with plentiful, cheap copper. Labs and well-funded giants had already struggled with this same attempt to ditch silver. Allen remained undeterred and built his own equipment to test one idea after another at a quick clip, until he found a technique that worked. SunDrive Solar, the company he co-founded in 2015 based on this research, proved this week that it has produced one of the most efficient solar cells of all time, according to a leading independent testing laboratory. And SunDrive did so with copper as the metal at the core. MORE FROM THIS SECTIONSee All Premium Premium Five Indian companies that are buying back shares big time Premium Premium Ahead of IPO, OYO teams up with Microsoft to co-develop .... Premium Premium Headout raises $12 million in Series B fundraise Premium Premium Accenture to acquire France-based BENEXT to bolster clo .... If SunDrive can mass produce its technology — and that’s a big if — the Australian startup could reduce the cost of solar panels and make the industry far less dependent on silver. “The thing about copper is that it’s very abundant and usually about 100 times cheaper than silver," said Allen, now 32. SunDrive has raised about $7.5 million to date from Blackbird Ventures and other big-name investors. Mike Cannon-Brookes, one of Australia’s wealthiest people, has backed the startup through his Grok Ventures; so has former Suntech Power Holdings Co. chief Shi Zhengrong, sometimes called the “Sun King" for his outsized role in the solar-panel industry. The company also received more than $2 million via a grant from the Australian Renewable Energy Agency, a government body tasked with boosting green technology. About 95% of solar panels are constructed out of photovoltaic cells made from wafers of silicon. To pull electrical current from the cells, you typically need to fuse them with metal contacts. Silver has long been the metal of choice because it’s easy to work with and very stable. Solar-panel manufacturers rely on a screen printing process similar to that used to place designs on T-shirts, pushing a thick silver paste through a mesh and onto their silicon cells in a fixed pattern. If you’ve ever seen a solar cell up close, the faint, thin lines running across it are the metal electrodes. Solar panel makers now consume as much as 20% the world’s industrial silver each year. When silver prices are high, the metal alone can account for 15% of a solar cell’s price. Even after a big rally this year, copper trades for a little more than $9,000 a ton in London. That same amount of silver would cost nearly $770,000. The solar industry will need more and more silver as it continues to boom and, at some point, SunDrive's backers believe, it’s likely demand for the metal will constrain the spread of solar electricity needed to bring down greenhouse gas emissions. The issue preventing solar-panel manufacturers from ditching silver has been that copper doesn’t lend itself to the standard manufacturing techniques, in part because it doesn’t stick well to solar cells. Copper also oxidizes more easily, which impacts its ability to conduct current. The University of New South Wales has a long history of solar technology breakthroughs, and Allen zeroed in on this copper conundrum as the heart of his graduate studies. Instead of working at the school’s labs, however, Allen thought he could conduct experiments more quickly by building an R&D setup in a garage. He spent a couple years assembling machines that held a liquid copper concoction of his own creation and that could deposit the slurry onto a solar cell in a controlled fashion. MINT PREMIUM See All Premium Sensex ends 55 points higher; ONGC and Bharti Airtel among top Nifty gainers Premium Supercycle or not these 5 metal stocks delivered superb gains Premium Covid test positivity rates still high in 69 districts Premium J&J vaccine in India by year-end? “I always wanted to follow my own curiosity and try out a bunch of random, crazy ideas," Allen said. “It required some discretion since there were neighbors, and I was walking around in a lab coat with all these chemicals." It took hundreds of experiments, but he eventually developed technology that makes it possible to securely adhere thin lines of copper on solar cells. He started SunDrive with his former flatmate, David Hu, 33, in a bid to commercialize the technology. The company now has about a dozen employees. Hu, who grew up in China and moved to Australia at 16, handles the business affairs, while Allen sticks to the science. Just this week SunDrive received official word that it had set a record for the efficiency at which its particular design of solar cells convert light to electricity. The result came from analysis by the Institute for Solar Energy Research Hamelin (ISFH), a German organization known for conducing such tests. The efficiency figure — 25.54% — will mean little to people outside of the solar industry. But it’s is one of the key metics by which cells are compared. Large Chinese solar cell makers have topped the efficiency records for years. Longi Green Energy Technology Co., which sold $8.4 billion of solar technology last year and is one of the world’s biggest manufacturers, held the previous top mark of 25.26%. Startups in this part of the solar market are rare because of the daunting prospect of competing against giant companies that produce solar cells by the millions at large, expensive factories. Chinese companies dominate, with collective control of the majority of global capacity for the supply chain. “The capital required to a start a new company is huge, and even then it’s not a terribly profitable business," said Zachary Holman, a professor who studies solar materials at Arizona State University. Still, he said, there are a handful of companies like SunDrive that are aiming for technical breakthroughs that might give them a shot. SunDrive “would need something new like that in order to compete." The next step for SunDrive will be proving it can mass produce solar cells reliably and cheaply. “What they have shown so far is high performance on one cell," Holman said. “They did not show 10,000 high performance cells coming off a several-hour manufacturing run." Allen and Hu said they’ve yet to decide on the exact path they will take moving forward. It’s likely that they will try to form a partnership with one or more of the large manufacturers rather than attempting to build an entire solar panel business from scratch. “We might purchase partially complete solar cells and then finish them with our copper process," Hu said. Shi, the SunDrive investor nicknamed “Sun King," said it will be hard to find enough affordable silver if the solar business grows as predicted. Over the next decade, he expects to see manufacturers move to a 50-50 split between silver and copper in the solar cells. “The shift to copper is something that we’ve long desired but has been very hard to do," he said. He recalled visiting Allen at his homemade lab and being surprised by what the PhD student had accomplished. “He had all these simple tools and things he’d bought off Amazon," Shi said. “Innovation really is related to the individual and sometimes the right moment, and not to being at a big company with lots of resources." 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Economic recovery to continue even in event of third wave: FinMin

09 Sep, 2021, 02:03PM | Business Standards

The Finance Ministry on Thursday said that economic recovery, which was impacted during the second wave, will see faster revival in the next three quarters of the current financial year, even if the third wave hits the country. It said that this confidence is mainly due to a rapid surge in the inoculation drive and a rebound in leading macroeconomic indicators. “Rapidly increasing vaccination coverage and richer experience with pandemic management provide the confidence that the recovery can continue even in the event of a third wave,” the finance ministry’s Department of Economic Affairs said in its monthly review for August. It added that India is poised for an even faster recovery in the next three quarters of 2021-22 due to measures taken by the Central government and the Reserve Bank of India. The ministry noted that the momentum of India’s economic recovery since the second half of last fiscal (FY21) was indeed disrupted by the second wave. However, the rapid surge in vaccination in Q4 of 2020-21 and in the first quarter of the current fiscal contained the sequential decline in output. Vaccination coverage now stands at more than 60 per cent of the adult population as on 8 September. As on date, cumulative vaccination doses administered stood at 70.75 crore doses with 54.1 crore people (almost 62.5 per cent of adult population) having received at least one dose of vaccination of which 16.7 crore (19.3 per cent of adult population) got two doses. However, the looming fear around Delta variant of Covid-19 has once again cast a shadow necessitating sustained precautions with greater focus on testing, tracking and adopting appropriate behaviour. The report said that Kerala remain a concerns as it accounting for around 60 per cent of daily new cases in the country and reporting the highest daily deaths across all states. While experts have cautioned against a potential third wave in the oncoming festive months, pandemic control and management needs to be strengthened with Maharashtra and Kerala presently accounting for 70 per cent of the active cases in the country, ministry report said. On growth numbers, the report said that provisional GDP estimates, for first quarter of the FY22, reaffirm India’s resilient V-shaped recovery despite a more brutal second wave. Having posted a near 180 degree turnaround from a sharp contraction in Q1FY21, to recover more than 90 per cent of the pre-pandemic Q1 output of 2019-20, the V-shaped economic recovery remains intact, it highlighted. The report explained that the asynchronous onset of the second wave across states and its greater intensity necessitated localised lockdowns and mobility restrictions resulting in sequential slackening of economic activity in the first quarter of FY 2021-22. And it is also reflected in eight core industrial output, PMI manufacturing, steel consumption, auto sales, tractor sales, petroleum products consumption, port and air traffic, PMI services, highway toll collections, GST collections and UPI transactions. Consequently, as per the latest NSO estimates, real output of Q1 2021-22 declined by 16.9 per cent over the preceding quarter. This decline would have been more but for the rapid surge in vaccination coverage from 4.7 per cent of the total population in Q4 of 2020-21 to 24.5 per cent in Q1 of 2021-22, it said. While construction rebounded sharply to recover 85.1 per cent of corresponding 2019-20 level, the most impacted contact intensive services sector showed gradual revival to reach 70 per cent of its pre-pandemic levels. Recovery in key drivers of economic growth at 88.1 per cent for private consumption and 82.9 per cent for investment augur well for faster revival of demand and growth. The government’s policy thrust on quickening virtuous cycle of growth via capex and infrastructure spending has increased capital formation in the economy lifting the investment to GDP ratio to about 32 per cent in Q4FY21 despite the second wave disruptions, the report noted.

Ola Electric defers e-scooter sale to September 15 due to website glitch

09 Sep, 2021, 12:50PM | Business Standards

Ola Electric's technology team is working hard to iron out the technical kinks that marred the electric vehicle company’s hyped online sale of its electric scooters (e-scooters) - the S1 and the S1 Pro – on Wednesday, said company sources. The SoftBank-backed firm is facing technical difficulties in making the website live for the purchase of its e-scooters. According to company sources, the website couldn’t go live as there were integration issues. The firm has built a complete digital purchase journey, including a fully digital loan process that does not require any paperwork. Ola had planned the sale from 6 pm on September 8. This was part of its plan to skip the physical store model and go completely digital. However, the company was not successful in providing this first-of-its-kind digital purchase journey as the sale window did not open and people had to wait for hours. A lot of customers vented their frustration on social media platforms for not being able to buy the product. “Our team is working on fixing the website and making sure it doesn’t happen again,” said a company source, adding, “We will now be starting our purchase on September 15 at 8 am and are making this platform capable of handling huge traffic.” Company sources said the firm is reaching out to customers and keeping them informed about their reservations via SMS, email, and push notification. Their reservation and position in the purchase queue remain unchanged. So, the customers that reserved it first will get it first. The delivery dates also remain unchanged. "I want to apologise to all of you who had to wait for several hours. The website was just not up to expectations on quality. I know we disappointed you and I sincerely apologise to each one of you for what was clearly a very frustrating experience," Bhavesh Aggarwal, co-chairman and group chief executive officer, Ola, tweeted. A spokesperson for Ola on Thursday said the firm has apologised to those consumers who have reserved its e-scooter. “We faced technical difficulties in making our website for purchases live and we decided to postpone go-live with our purchase website on September 15 at 8 am,” said the spokesperson for the company. Last month, Ola Electric took the wraps off its maiden e-scooter offerings - the S1 and S1 Pro - for a commercial launch on Sunday. With prices starting from Rs 99,999 (excluding state government incentives, registration fee, and insurance cost), Aggarwal had said the e-scooters are designed and engineered in India for the world and will deliver the best scooter experience to the consumer. He suggested that after 2025, the sale of petrol-powered two-wheelers should not be allowed. Ola is now in direct competition with electric two-wheeler makers, such as Ather Energy, Hero Electric, Bajaj's Chetak, and TVS Motor Company. It has the S1 (Rs 99,999) and S1 Pro (Rs 1,29,999) e-scooter models. The company had said it would allow buyers for the purchase of its vehicles from September 8, and start deliveries across 1,000 cities and towns in October. The company had said it would sell the vehicles online (olaelectric.com) and also through physical stores in future. “All that remains on track and nothing has changed,” said a company source. The person said the company is initially focusing on the digital mode to sell the vehicles and would pursue a hybrid model later. Ola had announced in December 2020 that it would be investing Rs 2,400 crore for setting up Phase 1 of the factory. The Ola Futurefactory is coming up on a 500-acre site in Tamil Nadu. At full capacity of 10 million vehicles annually, it will be the world’s largest two-wheeler factory and will handle 15 per cent of the world capacity. It will have an initial capacity of 2 million units a year in Phase 1 and also serve as the company’s global manufacturing hub for its range of electric-powered scooters and two-wheelers across India and international markets, including the European Union nations, the UK, Latin America, Asia Pacific, Australia, and New Zealand.

Why this Dolly Khanna portfolio stock is surging today — explained

09 Sep, 2021, 10:12AM | Livemint

One of the Dolly Khanna portfolio stocks, Rain Industries share price today shot up near 7 per cent in the early morning trade session. The commodity stock today opened with an upside gap of ₹1.55 per equity share and went on to hit its intraday high of 249.30 per stock mark — around 7 per cent higher from its yesterday’s close of ₹229.25 per stock levels. According to market experts, this sharp rise in this Dolly Khanna share can be attributed to two major reasons — opening of its three plans in the US and global aluminum prices surging at record high. They said that Rain Industries is one of the limited companies in the global merchandise that supplies CPC (calcined petroleum coke) — a raw material used for aluminum and alumina production. After the opening of three US plants, Rain Industries' business volume is expected to grow further and hence Rain Industries shares are expected to remain market bulls' favourite in short to medium-term. MORE FROM THIS SECTIONSee All Premium Premium Morgan Stanley expects HDFC, Bajaj Finance, SBI Cards t .... Premium Premium Dolly Khanna textile stock: Experts see more gain despi .... Premium Premium Old school brokers seek comeback through investment adv .... Premium Premium Markets likely to be wobbly; textile stocks, UCO Bank i .... Speaking on the reason for sharp rise in this Dolly Khanna portfolio stock price; Avinash Gorakshkar, Head of Research at Profitmart securities said, "This sharp rise in Rain Industries share price is due to the two major reasons — aluminum prices in the global market scaling to record high levels and opening of three US plants of the company. Rain Industries is among 8-10 companies in the world that produces CPC — a products which is used in aluminum and alumina production. As aluminum prices in the global markets are at record high, its premium benefit is coming to the Rain Industries leading to rise in its revenue. Since, it has announced to open three more units in the US; its business volume is expected to further go northward. So, market bulls are expecting growth in business volume of the company in short to medium term." He said that one can buy the counter for short to medium-term time-horizon. Sharing major levels in regard to this Dolly Khanna portfolio stock; Mudit Goel, Senior Research Analyst at SMC Global Securities said, "Rain Industries stock looks bullish on chart pattern. One can buy this Dolly Khanna portfolio stock at current market levels for the target of ₹275. However, one must maintain stop loss at ₹220 while taking this position." The CPC maker company had announced yesterday that it has resumed calcined petroleum coke production at three of its US facilities and that the restart process has begun at a fourth plant that was impacted by Hurricane Ida, which hit the Gulf Coast on August 29. "I am pleased to report that the Chalmette and Gramercy plants in Louisiana are again producing CPC and their terminals have also returned to operation," said Rain Carbon President Gerry Sweeney, who added that the company’s Purvis calcination plant in Mississippi was unaffected other than a short outage while the category 4 storm passed. “Our fourth calcination facility that went offline due to the hurricane – the Norco plant in Louisiana – has begun the heat-up process, and we expect to resume CPC production there in the coming days." Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. MINT PREMIUM See All Premium J&J vaccine in India by year-end? Premium Incapacitation is distressing, but planning can help Premium The missing piece in Vistara's US flight plan Premium Is it time for a Vajpayee moment in Indian telecom? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sensex ends 55 pts higher, Nifty at 17,369; media, FMCG, metals were top gainers

09 Sep, 2021, 07:29AM | Livemint

Sensex, Nifty closed 0.09% higher on Thursday. All eyes will be on the Union commerce minister Piyush Goyal's press conference at 4 pm. Markets are anticipating the European Central Bank's policy decision as it is expected to claw back stimulus today, taking a token step towards unwinding the pandemic mandated emergency aid. 09 Sep 2021, 03:47:36 PM IST Rupee settles 10 paise higher to close at 73.50 (provisional) against US dollar Share Via 09 Sep 2021, 03:47:11 PM IST Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities "Nifty traded in a sideways trend today. It took support around 17,300 where it saw some buying and then closed around yesterday's close at 17,357. 17,250 and 17,300 will continue acting as strong support levels for Nifty. On a closing above 17,450 , Nifty may test levels of 17,500 and 17,550. Overall the trend in Nifty remains bullish and we may see new all time high in the next few trading sessions." Share Via 09 Sep 2021, 03:46:12 PM IST Market closing The Sensex closed at 58,305.07, up 54.81 points or 0.09%, while Nifty was at 17,369.25, up 15.75 points or 0.09%. Bank, financials, realty were top drags. View Full ImageSensex at close Share Via 09 Sep 2021, 03:30:56 PM IST HomeLane raises $50 mn in Series E funding, led by IIFL AMC Home interiors brand, HomeLane, on Tuesday said it has raised $50 million (roughly ₹371 crore) as a part of its Series E funding round today, led by IIFL AMC’s late-stage tech fund, Oman India Joint Investment Fund (OIJIF) and Stride Ventures. Existing investors, including Pidilite, Evolvence, NuVentures, Sequoia Capital and Accel, also participated as a part of this round of fundraising. (Read more) Share Via 09 Sep 2021, 03:29:59 PM IST Accenture to acquire France-based BENEXT to bolster cloud capabilities Global technology major Accenture has announced its intent to acquire France-based BENEXT, an independent product consulting company specializing in product management, cloud-based development and data science.Financial terms of the transaction were not disclosed. Share Via 09 Sep 2021, 03:28:47 PM IST Google Under Renewed EU Antitrust Investigation The probe may pertain to forcing device manufacturers to use Google Assistant as default on Android devices, Reuters reported. Share Via 09 Sep 2021, 03:14:04 PM IST Nestlé India, P&G drive gains View Full ImageNifty FMCG index Share Via 09 Sep 2021, 03:06:22 PM IST Bharti Airtel top gainer View Full ImageIndex contribution Share Via 09 Sep 2021, 03:02:47 PM IST Kotak Mahindra Bank to cut home loan rates Kotak Mahindra Bank will cut home loan rates by 15 bps effective today. Rates will start at 6.50% per annum. (Read more) NSE BSE listElement-graph-11631179952271-100247 listElement-graph-11631179952271-100247 Share Via 09 Sep 2021, 03:00:55 PM IST Gold firms as dollar stalls in run-up to ECB verdict Gold prices firmed on Thursday after three straight sessions of losses as the dollar rally paused and investors' focus turned to the European Central Bank's meeting which is expected to signal a tapering of its emergency economic support. Spot gold rose 0.3% to $1,794.17 per ounce by 0905 GMT, bouncing off a two-week low touched on Wednesday. U.S. gold futures were up 0.2% at $1,796.70. Share Via 09 Sep 2021, 02:59:12 PM IST 'Action plan' to combat pollution will be ready by 30 Sep: Delhi govt Will form team of officers for talks with neighbouring states to jointly deal with pollution during winter: Delhi Environment Minister— Press Trust of India (@PTI_News) September 9, 2021 Share Via 09 Sep 2021, 02:43:49 PM IST DishTV, ZEEL drive gains View Full ImageNifty media index Share Via 09 Sep 2021, 02:37:43 PM IST Ford Motor to cease local production in India, shut down both plants: report Ford Motor Co. will stop making cars in India and shut down both of its plants in the country, two sources told Reuters, becoming the latest automaker to exit the market. Ford made the decision as it was not profitable for them to continue, said one of the sources, adding that the process will take about a year to complete. The U.S. automaker will continue to sell some its cars in the country through imports, said the second source, adding that it will also provide support to dealers to service existing customers. Ford did not immediately respond to an email seeking comment. (Reuters) Share Via 09 Sep 2021, 02:26:04 PM IST LIC Housing approves allottment of shares to LIC on preferential basis LIC Housing has approved the allotment of 4.54 crore shares to LIC at ₹514.4/share on a preferential basis NSE BSE listElement-graph-11631177694506-100253 listElement-graph-11631177694506-100253 Share Via 09 Sep 2021, 02:04:41 PM IST .European stocks at 3-week lows ahead of ECB decision European stocks hit a three-week low on Thursday, tracking Asian shares lower on concerns of slowing global growth, while expectations were running high for the European Central Bank to announce a timeline to start paring its bond purchases. The continent-wide STOXX 600 index was down 0.4%. UK's FTSE 100 led losses among regional indexes with a 0.9% drop and Germany's DAX touched over a one-month low. British airline easyJet tumbled 9.0% after it revealed plans to raise 1.2 billion pounds ($1.7 billion) and said it had rejected a takeover offer. Share Via 09 Sep 2021, 02:03:25 PM IST Asian markets hit by recovery worries as tech hammers Hong Kong Asian equities retreated Thursday on growing concerns about the impact of the Delta coronavirus variant, while tech giants drove a sharp sell-off in Hong Kong after China further tightened its grip on the gaming sector. After enjoying a broadly healthy run-up at the start of September, markets were again on the back foot as traders reassess their growth outlook for this year in light of the fast-spreading Delta variant. Share Via 09 Sep 2021, 01:59:29 PM IST Rising demand lifts refined soya oil futures Refined soya oil prices on Thursday rose by ₹2.5 to ₹1,378 per 10 kg in futures trade as speculators raised their bets. On the National Commodity and Derivatives Exchange, refined soya oil for September delivery moved up by ₹2.5, or 0.18%, to ₹1,378 per 10 kg in 21,685 lots. Analysts said widening of positions by traders mainly helped refined soya oil prices to trade higher in futures market. Share Via 09 Sep 2021, 01:58:04 PM IST Paytm Money launches wealth, investment advisory marketplace on its platform Digital payments and financial firm Paytm on Thursday announced that its wholly-owned subsidiary, Paytm Money, is launching a wealth and investment advisory marketplace on its platform to offer curated advisory services and products to retail investors. Paytm Money has partnered with start-up WealthDesk to offer investment portfolios called 'WealthBaskets' as the first step to build up the advisory ecosystem. (PTI) Share Via 09 Sep 2021, 01:44:25 PM IST Aluminium continues to trade higher: Yash Sawant, Research Associate, Angel Broking Aluminium prices are up over 1.56% on the MCX in today’s session. Despite the mounting global uncertainties and slow growth in China’s economy, Aluminium prices continue to power through following the supply disruptions in top producer China. China’s move to limit the carbon emission hampered the operations of power intensive industries like Aluminium smelting. Low output from China comes inline with prospects of high demand for Aluminium as well as other industrial metals. Aluminium prices hover near their highest levels in about 13 years on the LME and Shanghai exchange. Disrupted supply for Aluminium which account for over half of the global Aluminium production is expected to keep prices elevated. Also, prices for Aluminium ore bauxite from Guinea (the world's second-biggest producer of Bauxite) hit their highest in almost 18 months following the political uncertainties in the West African country. Bauxite prices in Guinea, a top supplier to China, are up about 16 percent in 2021. While no mining disruption has been reported, any further threats to the already shackled supply chain might push prices further higher. Share Via 09 Sep 2021, 01:28:36 PM IST India poised for faster recovery in next three quarters: Finance Ministry A broad-based rebound in several leading macroeconomic indicators in July and August offer bright prospects for India’s continued economic recovery, the finance ministry in a report. (Read more) Share Via 09 Sep 2021, 01:17:06 PM IST Amazon-Future case: SC stays attachment pending before Delhi HC SC stays all proceedings for attachment pending before Delhi high court, saying it is trying to balance interests. The apex court has directed Sebi and CCI to refrain from passing final order on approval for four weeks. Share Via 09 Sep 2021, 01:13:07 PM IST Zydus receives tentative approval from USFDA for Brexpiprazole Tablets Brexpiprazole Tablets are prescribed as adjunctive therapy to antidepressants for the treatment of schizophrenia. NSE BSE listElement-graph-11631173369883-132321 listElement-graph-11631173369883-132321 Share Via 09 Sep 2021, 01:10:16 PM IST 80 products accounts form half of Jun quarter exports: SBI Research India’s robust exports growth in recent months have been driven by 80 products which contribute half of the value of exports in the June quarter, according to estimates by the State Bank of India research team. Share Via 09 Sep 2021, 01:08:17 PM IST Cuemath appoints former Swiggy executive Vivek Sunder as CEO Cuemath, an online math learning platform, on Thursday said it has appointed former Swiggy executive Vivek Sunder as its Chief Executive Officer.The appointment follows a planned succession strategy, and Cuemath founder Manan Khurma will now become the chairman, a statement said."Adding more depth to its senior team will reassure that the company, which grew 2x over the previous fiscal year, is well on its way to reaching 50 countries and becoming a global math leader," it added. Both appointments will be effective from October 1, 2021. (PTI) Share Via 09 Sep 2021, 01:05:36 PM IST Volkswagen partners Orix for subscription-based car ownership model German premium car manufacturer Volkswagen on Wednesday said it has launched subscription-based car ownership model in collaboration with omni-channel mobility solutions provider Orix. As part of the partnership, which is being launched across 30 outlets spanning over Delhi-NCR and six other key cities in the first phase, Orix in association with Volkswagen India will provide its customers 100% on-road financing, periodic maintenance, insurance cover and an option to upgrade or return the car at the convenience of the customer, Volkswagen Passenger Cars India. (PTI) Share Via 09 Sep 2021, 01:01:35 PM IST Edtech startup Clever Harvey raises $1.5 million in pre-Series A funding Clever Harvey, a career acceleration platform for young adults, has raised $1.5 million in a pre-series A round, led by TechNova Ventures along with Tom Varkey and Multiply Ventures. Existing investor Education Catalyst Fund also participated in the round. (Read more) Share Via 09 Sep 2021, 12:43:40 PM IST Lodha ties up with Tata Power for EV charging infra across its projects Lodha Group has partnered with Tata Power to provide end-to-end electric vehicle charging solutions in all its residential and commercial projects across Mumbai Metropolitan Region (MMR) and Pune. Share Via 09 Sep 2021, 12:33:29 PM IST Steel exports from India to jump by more than a third on prices India’s steel mills are forecast to boost exports by more than a third this year as global prices soar and major producers of the alloy curb production. The world’s second-largest producer may increase exports to as much as 15 million tons in the year started April from 10.8 million last year, according to Jindal Steel & Power Ltd.’s Managing Director V.R. Sharma. Higher global steel prices and the opportunities provided by China and Russia’s plans to cut down on overseas shipments will boost exports. Currently, Indian mills are exporting as much as 40% of their output compared with 20% a year earlier, Sharma said. International prices are higher than local prices and are “very lucrative," while local demand in the construction sector is still slow and could pick up from October, he said. Share Via 09 Sep 2021, 12:29:51 PM IST Realty, pharma, banks top drags View Full ImageNifty sectoral indices Share Via 09 Sep 2021, 12:25:25 PM IST Jio-bp partners with BluSmart to set up EV charging infrastructure in India Jio-bp, the fuels and mobility joint venture between Reliance Industries Limited and bp, announced a partnership with BluSmart, India's first and largest all-electric, ride-hailing platform to set up a network of commercial large scale EV charging stations. As part of the partnership, Jio-bp will set up these stations for passenger electric vehicles and fleets across the country. (Read more) Share Via 09 Sep 2021, 12:24:36 PM IST TCS inks 10-yr deal with Transport for London IT services major Tata Consultancy Services on Thursday said it has been selected by Transport for London (TfL) to design, implement and operate a new smart mobility system. Financial details of the deal were not disclosed. (Read more) NSE BSE listElement-graph-11631170461330-132540 listElement-graph-11631170461330-132540 Share Via 09 Sep 2021, 12:22:35 PM IST India's August fuel demand up 10.9% y/y India's August fuel demand rose 10.9% year-on-year, data from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) showed on Thursday. However, fuel consumption, a proxy for oil demand, totalled 16 million tonnes, down 4.9% from July. Consumption of diesel, which accounts for about 40% of India's refined fuel sales, rose 15.7% year-on-year to 5.61 million tonnes. Sales of gasoline, or petrol, increased by about 13% to 2.69 million tonnes. Sales of cooking gas, or liquefied petroleum gas (LPG), increased 2.6% to 2.33 million tonnes, while naphtha sales fell 5.6% to 1.02 million tonnes. Sales of bitumen, used for making roads, were up 3.1%, while fuel oil use rose 7.8% in August. Share Via 09 Sep 2021, 12:21:24 PM IST Nikkei falls from 6-month peak on virus-led slowdown worries Japan's Nikkei index retreated from a near six-month high to close lower on Thursday, in line with global markets as worries flared about slowing economic growth due to the fast-spreading Delta coronavirus variant. The Nikkei share average closed down 0.57% at 30,008.19, snapping an eight-day winning streak — the longest since early-November. The broader Topix fell 0.71% to 2,064.93, down from a three-decade closing high of 2,079.61 on Wednesday. Share Via 09 Sep 2021, 12:20:36 PM IST SBM Bank India partners fintech startup Lendingkart SBM Bank India on Thursday said it has partnered Lendingkart, a fintech start-up in the working capital space, and launched a customised overdraft facility for over 1 lakh customers of the fintech. Sidharth Rath, managing director and chief executive of SBM Bank India, said, in the current ecosystem for this customer segment across the nation, overdraft facilities offered by most lenders require borrowers to furnish collaterals such as property, fixed deposit and business inventories, which most small businesses are not unable to provide. (Read more) Share Via 09 Sep 2021, 11:50:19 AM IST Google introduces new Startups Lab programme for small news organizations in India Tech giant Google, today, introduced a new Startups Lab program, which is part of the company’s Google News Initiative (GNI). Startups Lab is a four month program in which the company will work with independent local or single-subject journalism organizations to “find a pathway to financial and operational sustainability" through coaching, skills training and “other support". The GNI Startups Lab program has been created in partnership with DIGIPUB News India Foundation, which was founded by companies like fact-checker Alt News, Article 14, Cobrapost, Newslaundry and more. Global innovation lab Echos is also a partner on the new program. Share Via 09 Sep 2021, 11:33:21 AM IST UCO Bank shares surge post exit from PCA framework. Should you buy? The Reserve Bank of India (RBI) said on Wednesday announced that it has taken UCO Bank out of its prompt corrective action (PCA) list after finding that the state-run lender was not in breach of its rules on regulatory capital, bad loans and leverage ratio. The central bank had imposed the lending curbs on the state-owned bank in May 2017. (Read more) Share Via 09 Sep 2021, 11:30:38 AM IST Gold prices today fall to near lowest in 3 weeks, down ₹9000 from record highs Gold and silver prices today fell today in Indian markets amid weak global cues. But a weaker rupee capped losses. On MCX, gold futures were down near three-week low of ₹46,925 per 10 gram while silver fell 0.5% to ₹63,877 per kg. The Indian rupee today fell sharply against the US dollar to 73.85, weighed down by a broadly stronger US dollar. Gold prices in India include 10.75% import duty and 3% GST. (Read more) Share Via 09 Sep 2021, 11:27:45 AM IST Base metals commentary: Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking On Wednesday, most Industrial metals on the LME ended higher except Copper which ended lower by 1.1 percent. Mounting supply uncertainties amid robust demand supported Aluminium and other industrial metal prices. However, a stronger US Dollar and prospects of tapering od the asset purchase program by the US FED capped the gains for the industrial metals. Moreover, signs of evident slowdown in China’s economy continued to weigh on market sentiments. China’s private survey stated that their Service sector slipped into contraction in August’21 as renewed restrictions following the widespread of Covid-19 Delta variant hampered economic activities. The private sector survey focuses on the smaller and medium sized firms in China. While China has successfully contained the virus outbreak, an evident slowdown in their economy might continue to remain a considerable headwind for the industrial metal prices. Share Via 09 Sep 2021, 11:26:57 AM IST Irdai issues guidance document for cyber insurance policy There is always an element of risk involved in all online activities. But the way individuals use online services, such as storing credit card details on a retailer’s website or sharing sensitive personal data via an unprotected wireless network, or use of non-encrypted websites, they expose themselves to risks. Thus, keeping such perspective, the Insurance Regulatory and Development Authority of India (IRDAI) has issued guidance document on product structure for cyber insurance. Cyber insurance is an insurance policy designed to protect the policy holders from cybercrime. (Read more) Share Via 09 Sep 2021, 11:26:06 AM IST SC awards damages to Reliance Infra in Airport Express Line case The Supreme Court has directed DMRC to pay damages to Reliance Infra of ₹2,800 plus interest. As of January 2019, the total amount stood at ₹4,500 crore. The case is relatd to Reliance Infra's termination of the Airport Express on a build operate transfer basis. (Read more) Share Via 09 Sep 2021, 11:00:29 AM IST Morgan Stanley expects HDFC, Bajaj Finance, SBI Cards to benefit from higher bond inflows into India India is likely to be included in one of the world’s top global bond indices early next year, which could attract $40 billion of inflows to the country’s debt market in the next two years, according to Morgan Stanley. JPMorgan’s influential GBI-EM (government bond index - emerging markets) and Global Aggregate indices are likely to include India before February 2022, as per the note. (Read more) Share Via 09 Sep 2021, 10:47:26 AM IST Commerce minister Piyush Goyal to address media on export sector at 4PM Share Via 09 Sep 2021, 10:42:32 AM IST Covid-19: India adds 43,263 new cases, 338 fresh fatalities India recorded 43,263 new coronavirus infections taking the total tally of COVID-19 cases to 3,31,39,981, while the active cases increased to 3,93,614, according to the Union Health Ministry data updated on Thursday. The death toll climbed to 4,41,749 with 338 fresh fatalities, according to the data updated at 8 am. The active cases comprise 1.19 per cent of the total infections and the national COVID-19 recovery rate was recorded at 97.48 per cent, the ministry said. An increase of 2,358 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. Less than 50,000 daily cases have been reported for 74 consecutive days. As many as 18,17,639 tests were conducted on Wednesday taking the total cumulative tests conducted so far for detection of COVID-19 in the country to 53,68,17,243. Share Via 09 Sep 2021, 10:33:27 AM IST Rupee plunges 25 paise to 73.85 against US dollar in early trade The Indian rupee plunged 25 paise to 73.85 against the US dollar in opening trade on Thursday, weighed down by the uptrend in the dollar index and importer hedging. Forex traders said a muted trend in domestic equities also dragged the local unit down. At the interbank foreign exchange, the rupee opened at 73.77 against the dollar, then fell to 73.85, registering a decline of 25 paise from the last close. In the previous session, the rupee had settled at 73.60 against the US dollar. Share Via 09 Sep 2021, 10:32:49 AM IST Aluminum notches fresh 13-yr high on supply woes, demand surge Aluminum extended its stunning yearlong rally to the highest since 2008 as supply concerns in China and Guinea tightened the market. A coup in the African country, which supplies almost a quarter of the world’s bauxite, has fueled concerns about potential supply disruptions to the material key to aluminum production. That’s even as Guinea’s new leaders urged mining companies to keep operating and reassured them that their existing agreements with the state will be honored. (Bloomberg) Share Via 09 Sep 2021, 10:32:00 AM IST Taliban to allow 200 Americans, other civilians to leave Afghanistan -US official Taliban authorities have agreed to let 200 American civilians and third country nationals who remained in Afghanistan after the end of the U.S. evacuation operation to depart on charter flights from Kabul airport, a U.S. official said. The Taliban were pressed to allow the departures by U.S. Special Representative Zalmay Khalilzad, said the official, who spoke to Reuters on condition of anonymity. Share Via 09 Sep 2021, 10:30:38 AM IST Adani recruiting 280 roles for Australia's Carmichael coal mine Adani Enterprises Ltd's Australian coal unit said on Thursday it has begun recruiting to fill 280 permanent operational positions for its controversial thermal coal mine in Queensland state. The Carmichael coal mine was a swing factor in Australia's 2019 election that helped deliver a surprise victory to the conservative Liberal-National coalition government, attracting votes from locals who sought more jobs in the area. Share Via 09 Sep 2021, 10:12:11 AM IST Ordering activity in construction & infrastructure sector to improve only gradually The construction and infrastructure sector is gradually recovering from the aftermath of Covid. According to a report by Dolat Capital Markets Pvt Ltd, new investments announced up for consecutively second month by 9.1% year-on-year to Rs84200 crore in August primarily led by increase in Roads/ Manufacturing/ Power which was partially offset by fall in Irrigation. New investments announced in year-to-date basis so far in fiscal year 2022, increased 104.4% year-on-year to Rs5,80,200 crore. However, on a month-on-month basis, new investments in this sector is still down by around 43%. The report said that roads segment saw a major portion of new investments with 26.1% share followed by manufacturing/ real estate at 24.9%/ 13.2% in August. among states, higher concentration of new investments announced was seen inGujarat with 11.9% share followed by Jharkhand with 11.2% share. Share Via 09 Sep 2021, 10:11:01 AM IST 'India's inflation likely remained steady at 5.60% in August' India's retail inflation held steady in August, staying within the central bank's comfort zone for a second month as a moderation in food price rises was offset by continued supply-chain disruptions, a Reuters poll predicted. The Sept. 6-8 poll of 41 economists put consumer price inflation at 5.60% in August from a year earlier, little changed from a three-month low of 5.59% in July. If confirmed, inflation would be within the Reserve Bank of India's (RBI) 2-6% comfort range for a second month. But it has been above the medium-term target of 4% for nearly two years. Share Via 09 Sep 2021, 10:03:54 AM IST Daily Commodities Outlook: ICICI Securities Bullion Outlook· Gold prices started Wednesday’s trade on a positive note opening slightly higher and prices corrected gradually during the first half of the session till a low of | 46750. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 47120· Prices held below the key psychological level of $1,800 as a buoyant dollar made bullion more expensive for holders of other currency while investors await clues from major central banks on their stimulus tapering measures· Hence, we expect gold prices to consolidate in the range of | 46800-47200 levels for the day Energy Outlook· Crude oil prices opened slightly higher on Wednesday and rose gradually during most of the session till a high of | 5137· Prices remained supported in the last session as producers in the Gulf of Mexico are still struggling to restart operations nine days after Hurricane Ida swept through the region with powerful winds and drenching rain· Therefore, we expect crude prices to remain positive towards | 5160 level for the day Share Via 09 Sep 2021, 09:48:49 AM IST HDFc Bank, Infy top drags View Full ImageIndex contribution Share Via 09 Sep 2021, 09:47:46 AM IST Axis Bank, AU Bank top drags View Full ImageNifty bank index Share Via 09 Sep 2021, 09:36:50 AM IST Prestige, Sobha realty top drags View Full ImageNifty realty index Share Via 09 Sep 2021, 09:35:35 AM IST Aurobindo, Torrent Pharma top drags View Full ImageNifty pharma index Share Via 09 Sep 2021, 09:34:05 AM IST Realty, pharma drag View Full ImageNifty sectoral indices Share Via 09 Sep 2021, 09:26:31 AM IST Market opening The Sensex opened at 58,172.98, down 77.28 points, or 0.13%, while Nifty was at 17,312.85, down 40.65 points, or 0.23%. Realty opened in red. View Full ImageSensex at open Share Via 09 Sep 2021, 09:13:14 AM IST Pre-market opening quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities. "Nifty is expected to open negative at 17,330 , down by 30 points from yesterday's close. Today is the weekly expiry and we may get to see some volatility. Nifty has support at 17,300 and 17,250. Nifty has been consolidating since the last few days, any breakout above the highs may take Nifty to 17,480 and 17,520 levels. Buying on dips with strict stop-loss can be a good strategy." Share Via 09 Sep 2021, 08:53:06 AM IST IRCTC among three stocks under F&O ban on NSE today Three stocks/securities have been put under the futures & options (F&O) ban by the National Stock Exchange (NSE) for trade on Thursday, September 9, 2021. These securities are banned under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL). The three stocks in ban for trade on F&O today are Indiabulls Housing Finance, Indian Railway Catering and Tourism Corporation (IRCTC) and National Aluminium Company (Nalco). The derivative contracts in the mentioned security has crossed 95% of the market-wide position limit and are currently in the ban period. (Read more) Share Via 09 Sep 2021, 08:41:18 AM IST Stocks to Watch Axis Bank, SBI Life, Hero MotoCorp, Cognizant, JSPL, UCO Bank, among other stocks may be in focus today. (Read more) Share Via 09 Sep 2021, 08:26:48 AM IST Market outlook Markets are likely to be wobbly on Thursday while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 58,250.26, down 29.22 points and the Nifty was at 17,353.50, down 8.60 points. Share Via 09 Sep 2021, 08:07:19 AM IST Aluminum at 13-year high Aluminum rose to the highest in 13 years after turmoil in Guinea added to an uncertain supply outlook just as global demand booms. The metal rallied as much as 1.9% in London, and is now up more than 90% from lows struck in April last year amid a global economic recovery and a supply squeeze in China. Political unrest in Guinea has helped spur aluminum to fresh peaks on concerns about the possibility of disruptions to bauxite operations, a key material used in aluminum production. (Bloomberg) Share Via 09 Sep 2021, 07:55:43 AM IST Byju’s to accelerate IPO plans as India tech booms India’s most valuable startup, the online education provider Byju’s, is in talks to raise between $400 million to $600 million and then accelerate plans for an initial public offering next year, according to people familiar with the matter. Share Via 09 Sep 2021, 07:45:00 AM IST Asian stocks drop amid concern over growth outlook Asian stocks declined early Thursday after a dip in U.S. shares as investors continue to fret over a slowdown in the recovery from the pandemic. Treasuries and the dollar held an advance. Equities fell in Japan, Australia and South Korea. U.S. futures edged down after the S&P 500 retreated for a third day and the Nasdaq 100 posted the biggest drop in two weeks. A U.S. central bank survey signaled a moderation in economic growth due to the delta virus strain. Chinese stocks trading in the U.S. tumbled on renewed concerns about Beijing’s regulatory crackdown after officials summoned gaming companies including Tencent Holdings Ltd. and Netease Inc. to discuss further oversight. Equity futures for Hong Kong were earlier in the redS&P 500 futures declined 0.1% as of 9:12 a.m. in Tokyo. The S&P 500 fell 0.1%Nasdaq 100 futures dipped 0.1%. The Nasdaq 100 fell 0.4%Japan’s Topix index shed 0.4%Australia’s S&P/ASX 200 index lost 0.6%South Korea’s Kospi fell 0.3%Hang Seng Index futures declined 0.4% earlier Share Via 09 Sep 2021, 07:29:58 AM IST Wall Street ends lower Wall Street ended lower on Wednesday, spooked by worries that the Delta coronavirus variant could blunt the economy's recovery and on uncertainty about when the Federal Reserve may pull back its accommodative policies. Apple and Facebook fell about 1% after helping push the Nasdaq to record highs in the previous session. The dips in those two Silicon Valley giants contributed more than any other companies to the S&P 500's decline for the session. Investors have become more cautious following Friday's weak August payrolls data, while pressures from rising costs, despite the economy slowing, have increased concerns that the Fed could move sooner than expected to scale back massive monetary measures enacted last year to shield the economy from the coronavirus pandemic. The S&P 500 has dipped less than 1% from its record closing high last Thursday, and it remains up 20% year to date, buoyed by the Fed's accommodative monetary policy.The Dow Jones Industrial Average fell 0.2% to end at 35,031.07 points, while the S&P 500 lost 0.13% to 4,514.07.The Nasdaq Composite dropped 0.57% to 15,286.64. Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

This contactless Pani Puri machine in Hyderabad is serving its hungry customers

09 Sep, 2021, 06:37AM | Livemint

The coronavirus pandemic has led to a ‘new normal’ situation all around the world. With less human contact being the prime focus, a lot of innovations and creations are coming up to help people to adjust the new normal. One such example was seen in Hyderabad where an entrepreneur has come up with an idea to serve Pani Puri without any physical contact. MORE FROM THIS SECTIONSee All Premium Premium Meghalaya's Whistling village nominated as 'Best Touris .... Premium Premium Air India's Amritsar-Rome direct flight operation resum .... Premium Premium These 2 airlines say unvaccinated workers to face unpai .... Premium Premium Banks to remain closed for 4 days from today in these c .... Speaking about the innovative project, the entrepreneur Nagireddy Mano Sai said, "As COVID-19 was increasing rapidly, we learned to stay hygiene, that's when I decided to start something innovative for eating Pani Puri with hygiene. When researched about the Pani Puri serving machines, I got to know there is a semi-inducer in the market but not fully automated. That is where the idea of building this machine came to me". Sai further said that his machine is the "first-ever" compact Pani Puri serving machine and has a loading capacity of 300 puris. Though the machine is fully automated, it has a semi-automated cleaning system. Besides, the machine has an RFID secure payment system. Last year, several semi-automated Pani Puri/ gol gappe machines were designed in various Indian cities. For instance, a person from Banaskantha district of Gujarat invented the contactless Pani Puri vending machine. The machine provides a Pani Puri only if a person selects the price of his Golgappa treat, and then inserts ₹20 note into the machine. A few seconds later, the vending machine opens a flap underneath the keyboard and the Pani Puri come out on a conveyor belt. TRENDING STORIESSee All Premium IRCTC among three stocks under F&O ban on NSE today Premium Day trading guide for Thursday: 6 stocks to buy or sell .... Premium TCS launches 'biggest-ever recruitment drive': How to a .... Premium People aged 75+ may not have to pay 10% TDS on FD interest The video was shared by Hardi Singh, Additional Director General of Police (ADGP), Assam Police. Now this is real Indian ingenuity! A Pani Poori vending machine. Call it by any name Gol Gappe, Puchka, Batasa - we love it! pic.twitter.com/wC288b9uUD— Hardi Singh (@HardiSpeaks) July 2, 2020 In Indore also similar kind of machine was developed for Pani Puri lovers. The machine automatically dispenses flavoured water like khatta meetha and dhaniya pudina to the puri. This machine also offers sev puri and dahi puri. View this post on Instagram A post shared by Indori Zayka® (@indorizayka) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Mahalaxmi Continental Limited exports consignment of low ash metallurgical coke to Italy

08 Sep, 2021, 10:30PM | Economic Times

Assam-based Mahalaxmi Continental Limited , a subsidiary of Guwahati-headquartered Mahalaxmi Group , has exported a consignment of low ash metallurgical (LAM) coke to Italy. Rajesh Thapar, Group President – Trading, Mahalaxmi Group stated, “A vessel carrying 21,590 MT of LAM coke (blast furnace grade) set sail for Italy from Paradip Port in Odisha.” The consignment is meant for Acciaierie d’Italia , which specializes in the production of carbon steel products . This is the second export order executed by the company after it dispatched 22,000 MT of LAM coke to Indonesia in July this year. LAM coke is a critical raw material for steel industry . “Despite being a company based in the Northeast, we have been able to procure regular export orders by meeting the international quality standards, thereby putting the Northeast region on the global map of major exporters, "Thapar said. The major portion of the cargo was produced by the in-house company of Mahalaxmi Group, while some quantity was sourced from a reputed manufacturer in Odisha by fulfilling stringent quality standards stipulated for export. The group has plans to export more such consignments to different parts of the world, including South East Asia, every month. Mahalaxmi Group has its power and coke manufacturing units in Assam, West Bengal and Odisha.

Govt to leverage state-run power firms to add green energy capacity

08 Sep, 2021, 10:13PM | Livemint

NEW DELHI : As part of India’s plan to leverage state run power sector firms to augment its clean energy plans, the central PSUs will be given an in-principle approval to bid for a pre-determined capacity of renewable energy projects based on their balance sheet. This was among a raft of decisions taken after a meeting chaired by union power and new and renewable energy minister Raj Kumar Singh for enhancing power sector CPSEs investment in green energy projects. MORE FROM THIS SECTIONSee All Premium Premium Govt to provide VGF for green hydrogen in heavy mobilit .... Premium Premium RBI removes PCA restrictions on UCO Bank Premium Premium Mondelez rolls out snack bars as consumers seek healthy .... Premium Premium Australia’s top court finds media companies liable for .... This assumes significance given that the state run NTPC Ltd recently bid a record low solar tariff of Rs1.99 per unit setting a new benchmark in the sector. “A meeting to discuss the Action Plan for enhancing the investment by power sector CPSEs in renewable Energy Projects, was held under the Chairmanship of Shri R.K Singh, Union Minister of Power & NRE yesterday. Representative of all Hydro CPSEs, NTPC Ltd., MNRE and SECI were present in the meeting," power ministry said in a statement. India has approved 45 solar parks with a cumulative capacity of 37 gigawatt (GW) under the solar park scheme. The country has also crossed the 100 GW milestone of installed renewable energy capacity. “Allocation under CPSU Scheme: It was deliberated to allocate the offered capacity amongst CPSUs through bidding process in some form on equitable basis," the statement said. “In-principle approval to be accorded to CPSUs of MoP for bidding of RE power projects at the beginning of year for a pre-determined capacity based on strength of their balance sheet," the statement added. India’s electricity demand has been growing. In a reflection of revival of economic activity in the country, India’s peak electricity demand recorded an all time high of 200.57 GW on 7 July. Also, in a reaffirmation of India’s push for green energy sources, solar and wind generation recorded an all-time high of 43.1 GW on 27 July as compared to the previously recorded high of 41.1 GW on 11 June. MINT PREMIUM See All Premium Why childcare workers are suddenly up in arms Premium The dollar's rebound may just be getting started: Richard Cookson Premium Deutsche Bank CEO sees need to work on culture to ride ESG boom Premium Ahead of Ola launch, e-scooters approach a higher gear “The matter of enhancement of power of investment approval of Board of mini Ratna CPSUs for upward revision to be taken up with Department of Public Enterprises," the statement added. India is running the world’s largest clean energy programme to achieve 175 GW of renewable capacity, including 100GW of solar power and 60 GW of wind power by 2022. “Proposal for reducing hurdle rate IRR for RE Sector from 10% to 8%, to be taken up with Ministry of Finance," the statement added. “Bundling of RE projects with New or untied/high tariff hydro projects to be allowed so as to bring down the tariff of hydro power to consumers," the statement said. There is a growing traction for hydropower projects among Indian clean energy majors. India also plans to shortly come out with a policy to promote hydro pump storage schemes with around 96 GW identified as a potential capacity for the same. The idea is to use cheap green power during off-peak hours to raise water to a height and then release it into a lower reservoir to generate electricity. “Proposal for waiver of Transmission charges for RE capacity under Flexibility Scheme to be considered," the statement said and added, “No requirement for separate PPAs for RE Power developed under Flexibility Scheme." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Govt to provide VGF for green hydrogen in heavy mobility: Raj Kumar Singh

08 Sep, 2021, 09:41PM | Livemint

NEW DELHI : In what will help provide a push to India’s ambitious green hydrogen plans, the governments plans to provide viability gap funding (VGF) or grants for green hydrogen in heavy mobility, said union power and new and renewable energy minister Raj Kumar Singh. This comes in the backdrop of the union government’s plans to implement the Green Hydrogen Consumption Obligation (GHCO) in fertilizer production and petroleum refining, similar to what was done with renewable purchase obligations (RPO). Apart from providing grid-scale storage solutions and feedstock for ammonia production, hydrogen can be used for fuel cell and is being leveraged for mobility applications and transportation. MORE FROM THIS SECTIONSee All Premium Premium Mondelez rolls out snack bars as consumers seek healthy .... Premium Premium Australia’s top court finds media companies liable for .... Premium Premium NPCI and Fiserv launch RuPay credit card stack for fint .... Premium Premium Live events industry limps back with small gigs “The Minister informed that government is proposing to come out with mandates for green hydrogen purchase obligations in refining and fertilizers starting with 10 percent which will be increased later to 20-25 percent. With time by adding more and more volume the price will reduce and the mandate will no longer be required. He added that we are also proposing to come up with Viability Gap Funding(VGF) for green hydrogen in heavy mobility and are also eyeing other sectors such as steel," ministry of new and renewable energy said in a statement. VGF can provide a push to India’s infrastructure-creation plans through public-private partnerships.With the current cost of green hydrogen produced by electrolysis estimated at around ₹350 per kg, India’s green hydrogen playbook plans to bring it down to ₹160 per kg by 2029-30. Green hydrogen also has usage in sectors such as chemicals, iron, steel, fertilizer, refining, and heating. India plans to shortly kick-start the play by calling bids for 4 GW electrolyser capacity and extending the production-linked incentive (PLI) scheme for manufacturing electrolyzers. Apart from GHCO on the lines of RPOs that require electricity distribution companies to buy a fixed amount of renewable energy to cut reliance on fossil fuels; the draft Electricity Rules, 2021 floated by union power ministry have allowed green hydrogen purchase to help meet RPOs. “India’s NDC (Nationally Determined Contributions) is to increase the share of non-fossil fuels to 40% of the total electricity generation capacity by 2030 but at the current rate we might be able to achieve almost 50 percent from non fossil fuel by 2030," Singh said in the statement. In what may strengthen India’s climate commitment credentials in the run up to UN Climate Change Conference (COP-26), its emissions have been reduced by 28% over 2005 levels, against the target of 35% by 2030. India is also the only major economy with actions in line with keeping global warming below 2°C of pre-industrial levels and the only G20 country whose energy transition is in sync with this goal, according to the Union government. “India is among one of the few countries globally which has kept to its Paris Climate Change (COP21) commitments along with an exponential increase in renewable energy capacity. Considering the pace of development in the energy sector, India is determined to not only achieve, but to exceed its NDC commitments well within the committed time frame. This was stated by Union Minister of Power and New & Renewable Energy, Shri RK Singh in his keynote address," the statement said. MINT PREMIUM See All Premium The dollar's rebound may just be getting started: Richard Cookson Premium Deutsche Bank CEO sees need to work on culture to ride ESG boom Premium Ahead of Ola launch, e-scooters approach a higher gear Premium Indian share markets open flat; telecom & IT stocks in focus This comes against the backdrop of the country resisting the pressure of declaring a net zero emission goal. Instead, India has called out nations on their carbon neutral intent announcements and termed them ‘meaningless’. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Cabinet nod sought for setting green hydrogen purchase obligation for refineries, fertiliser plants: RK Singh

08 Sep, 2021, 09:22PM | Economic Times

A proposal for setting targets for purchase of green hydrogen by refineries and fertiliser plants has been sent to the Cabinet for approval, Power and Renewable Energy Minister R K Singh said on Wednesday. He also said the government is mulling a production-linked incentive (PLI) scheme and viability gap funding for use of the clean fuel by heavy vehicles to promote green hydrogen. 'Green hydrogen' is produced using renewable energy. "We have drawn up a Cabinet note (proposal) and sent it to the Cabinet for placing mandates for use of green hydrogen.... Those mandates' total requirement (is) of up to 8.8 GW of electrolyser capacity," Singh said. He was delivering the keynote address at CEEW's virtual event 'A Multilateral Approach to Building a Global Hydrogen Economy '. The minister said the government is considering green hydrogen purchase obligations for refineries and fertiliser plants, starting with 10 per cent which will be increased to 20-25 per cent. "With time, by adding more and more volume, the price will reduce and the mandate will no longer be required," he noted. About promoting use of green hydrogen for long-haul vehicles, he said, "We are also proposing to come up with viability gap funding (VGF) for green hydrogen in heavy mobility and are also eyeing other sectors such as steel (for hydrogen purchase obligation)." Singh said India is the world leader in energy transition and intends to continue leading the path. India's NDC (Nationally Determined Contribution) target is to increase the share of non-fossil fuels to 40 per cent of the total electricity generation capacity by 2030. In fact, at the current rate, India might be able to achieve almost 50 per cent non-fossil fuel share by 2030, he added. India has achieved a milestone of 100 GW of installed renewable energy capacity. This not only marks an important milestone in the country's journey towards its target of 450 GW by 2030, but also builds upon the confidence to achieve more and be among the leading countries embarking on a path towards energy transition globally, he stated. "We would like to come out with a PLI for setting up electrolyser capacity. The electrolyser capacity which we need is in the region of 15 GW. "We can start with 10 GW. Without that (scale or volume) we are not going anywhere because available electrolyser capacity in the world is very limited," he pointed out An electrolyser is a device which splits water into hydrogen and oxygen using electrical energy. The minister was of the view that with economies of scale, the price of hydrogen will come down. "When we started solar, it was too expensive. But we believed that by adding volumes, the prices would come down. Similarly, we are starting off with (large) scale for hydrogen," he said. Arunabha Ghosh, CEO of CEEW, said, "India is poised to play a vital role in the global hydrogen economy. Many countries in the tropics, including India, are favourable locations for lower-cost green hydrogen production." "The recently announced National Hydrogen Mission has also provided a timely boost. Scaling up green hydrogen could be a game-changer for India's heavy industries, such as steel, ammonia and petrochemicals, in addition to long-distance freight transport and energy storage," he added. The Council on Energy, Environment and Water (CEEW) is a leading not-for-profit policy research institution.

RE capacity bidding: Power sector CPSUs to get nod based on balance sheet

08 Sep, 2021, 08:48PM | Business Standards

The Union power ministry has decided to give in-principle approval at the beginning of a year for the CPSUs under it to bid for pre-determined renewable energy capacities based on their balance sheet strength. The decision was taken during a meeting chaired by Power Minister R K Singh on an action plan for enhancing the investment by power sector Central Public Sector Undertakings (CPSUs) in renewable energy projects on Tuesday. "A meeting to discuss the action plan for enhancing the investment by power sector CPSEs in renewable energy projects, was held under the chairmanship of R K Singh, Union Minister of Power & NRE yesterday," the ministry said in a statement on Wednesday. Representatives of all hydro CPSUs, NTPC, MNRE (Ministry of New & Renewable Energy) and SECI (Solar Energy Corporation of India) were present at the meeting. According to the statement, it was decided that in-principle approval would be accorded to CPSUs of the power ministry for bidding of renewable energy power projects at the beginning of a year for a pre-determined capacity based on the strength of their balance sheet. The matter of enhancing the power of investment approval of the boards of mini ratna CPSUs would be taken up with the Department of Public Enterprises. The proposal for reducing hurdle rate IRR (Internal Rate of Return) for renewable energy sector from 10 per cent to 8 per cent would be taken up with the finance ministry, as per the statement. On policy and regulatory issues, it has been decided to allow bundling renewable energy projects with new or untied/high tariff hydro projects to bring down the tariff of hydro power for consumers. According to the statement, it has been decided to consider the proposal for waiver of transmission charges for renewable energy capacity under flexibility scheme. There will be no requirement for separate PPAs (Power Purchase Agreements) for renewable energy power projects developed under the flexibility scheme. Also, separate guidelines would be formulated under Section 63 of The Electricity Act, 2003, for bundling scheme, for setting up renewable energy plant on their own land or a new location. With respect to allocation under CPSU scheme, the ministry said, "it was deliberated to allocate the offered capacity amongst CPSUs through bidding process in some form on equitable basis". The MNRE would examine allowing solar power park developer/ individual promoters to participate in TBCB (Tariff-Based Competitive Bidding) process and a separate policy would be formulated for floating solar by the MNRE, the statement said. Besides, the MNRE would evolve mechanisms to ensure sanctity of the bidding process and PPA by the state government and for rationalizing high Solar Park charges. (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.)

Sought approval for setting green hydrogen purchase obligation: R K Singh

08 Sep, 2021, 07:56PM | Business Standards

A proposal for setting targets for purchase of green hydrogen by refineries and fertiliser plants has been sent to the Cabinet for approval, Power and Renewable Energy Minister R K Singh said on Wednesday. He also said the government is mulling a production-linked incentive (PLI) scheme and viability gap funding for use of the clean fuel by heavy vehicles to promote green hydrogen. 'Green hydrogen' is produced using renewable energy. "We have drawn up a Cabinet note (proposal) and sent it to the Cabinet for placing mandates for use of green hydrogen.... Those mandates' total requirement (is) of up to 8.8 GW of electrolyser capacity," Singh said. He was delivering the keynote address at CEEW's virtual event 'A Multilateral Approach to Building a Global Hydrogen Economy'. The minister said the government is considering green hydrogen purchase obligations for refineries and fertiliser plants, starting with 10 per cent which will be increased to 20-25 per cent. "With time, by adding more and more volume, the price will reduce and the mandate will no longer be required," he noted. About promoting use of green hydrogen for long-haul vehicles, he said, "We are also proposing to come up with viability gap funding (VGF) for green hydrogen in heavy mobility and are also eyeing other sectors such as steel (for hydrogen purchase obligation)." Singh said India is the world leader in energy transition and intends to continue leading the path. India's NDC (Nationally Determined Contribution) target is to increase the share of non-fossil fuels to 40 per cent of the total electricity generation capacity by 2030. In fact, at the current rate, India might be able to achieve almost 50 per cent non-fossil fuel share by 2030, he added. India has achieved a milestone of 100 GW of installed renewable energy capacity. This not only marks an important milestone in the country's journey towards its target of 450 GW by 2030, but also builds upon the confidence to achieve more and be among the leading countries embarking on a path towards energy transition globally, he stated. "We would like to come out with a PLI for setting up electrolyser capacity. The electrolyser capacity which we need is in the region of 15 GW. "We can start with 10 GW. Without that (scale or volume) we are not going anywhere because available electrolyser capacity in the world is very limited," he pointed out An electrolyser is a device which splits water into hydrogen and oxygen using electrical energy. The minister was of the view that with economies of scale, the price of hydrogen will come down. "When we started solar, it was too expensive. But we believed that by adding volumes, the prices would come down. Similarly, we are starting off with (large) scale for hydrogen," he said. Arunabha Ghosh, CEO of CEEW, said, "India is poised to play a vital role in the global hydrogen economy. Many countries in the tropics, including India, are favourable locations for lower-cost green hydrogen production." "The recently announced National Hydrogen Mission has also provided a timely boost. Scaling up green hydrogen could be a game-changer for India's heavy industries, such as steel, ammonia and petrochemicals, in addition to long-distance freight transport and energy storage," he added. The Council on Energy, Environment and Water (CEEW) is a leading not-for-profit policy research institution. (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.)

Commodity markets are all gummed up

08 Sep, 2021, 06:41PM | Livemint

Commodities are a favorite play during periods of high inflation, but the market—particularly for metals like copper and steel—is undergoing some unusual contortions. Buyers should be aware that they are betting on Chinese climate policy and global trade bottlenecks as much as supply and demand. Even given that commodities are notoriously volatile and speculative, the recent sharp divergence among industrial metals—whose prices typically move more or less together—has been striking. Steel is up sharply. The iron ore used to make it is down. Copper, after marching higher throughout late 2020, has been muddling through since May. Aluminum, meanwhile, keeps setting 10-year highs. What are investors to make of all this? Iron ore and steel are easiest to explain but also the most vulnerable to a quick reversal. In early 2021 Chinese property investment, the most important source of global steel demand, was rising at its fastest rate since the early 2010s, while Chinese steelmakers were running factories at full tilt. The combination lifted prices for both steel and iron ore. The steelmakers were pushing in expectation of tough curbs on output in late 2021: Chinese regulators have repeatedly pledged to limit production this year to 2020 levels, as part of the national plan to cap carbon emissions. Now those restrictions are biting as expected. Many steelmakers can’t produce at all, which has hit iron-ore prices hard, while those still cranking out steel can charge a premium for it. Since June, U.S. hot-rolled coil steel futures are up 6%; iron ore, down more than 30%. What’s next? Steel prices might begin to roll over late this year as China’s property sector slows more sharply, then crash in early 2022 as local governments allow mills to restart. Or Beijing might hold the line on steel output into 2022, easing the steel-price decline but hitting iron ore even harder. Beijing’s emissions efforts are also supporting the price of aluminum—like steel, a metal whose production is one of the world’s most energy-intensive processes. Shipping bottlenecks are another factor. Last year China became a net importer of aluminum for the first time since 2009, an incentive for traders to move warehouse stocks to Asia. Now, as China’s economy slows, aluminum is marooned in Asian warehouses and struggling to head west—where the demand is—because of those bottlenecks. One reason copper might be performing worse than aluminum is that the demand-chasing westward shift in inventories is further along. Since May, inventories at the Shanghai Futures Exchange have fallen by more than half, according to Wind, and inventories at the London Metal Exchange have roughly doubled. Sunday’s coup in Guinea, the largest exporter of bauxite—necessary to make aluminum—could exacerbate copper’s relative underperformance. The one thing that does seem clear in this morass is that previously reliable leading indicators of metal prices, such as Chinese credit growth, have grown less so. Heavy-handed policy makers and shipping constraints are gumming up the market. The best strategy for most investors could be to wait until that extra grit has worked its way through. MINT PREMIUM See All Premium The challenges of our vaccination drive’s final stretch Premium Why childcare workers are suddenly up in arms about an app Premium The dollar's rebound may just be getting started: Richard Cookson Premium Deutsche Bank CEO sees need to work on culture to ride ESG boom 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Produce more coal or no supply from CIL: Govt warns captive mine owners

08 Sep, 2021, 06:29PM | Business Standards

Issuing a stern warning to private companies who are captive coal block owners, the ministry of coal said either their said mines should ramp up production or face regulation in coal supply from state-owned Coal India ltd (CIL). The ministry, which reviewed the coal production of the captive (self-use) coal mines awarded to private companies, observed the production from these mines was below target. The warning comes in the wake of the shortage being faced by the country’s thermal power units. Of the 43 coal mines awarded to the private companies in the power, steel and metals sector, which are operational now, not a single one is meeting its targeted annual production. These mines were awarded over the last five years. In 2014, a Supreme Court decision cancelled all coal block allocations made over the past two decades. In 2015, the Centre offered 34 coal blocks in first ever e-auction held in three tranches. The coal blocks went to private companies, including Hindalco, Balco, Jindal, JSW, Adani, GMR, Essar, among others. This was for captive or own use in power, iron and steel sectors. Last year, three tranches of coal auction were held after a hiatus of two years and nine blocks were successfully awarded. “The production of coal from the captive mines has been reviewed recently by the Nominated Authority. The review revealed thar many allocates are falling severely behind the schedule of production as per the ‘peak rated capacity’ (PRC),” said the note by the ministry of coal. With the coal crisis looming in the country as close to 41 thermal power units with super-critical (less than 7 days) of coal stock, the ministry of coal has reprimanded the captive mine wners. It said, “In view of shortage of coal in the country and shortfall of production from the captive coal mines, you are requested to ramp up the production to meet your captive requirements.” The ministry further said, if the production is not increased at the earliest, “the ministry of coal will be required to take corrective steps to regulate supply of coal from CIL to your end-use plants.” This paper had reported in the past, coal production at these captive mines have been falling short of their target. During 2018-19, barely three mines met their annual PRC. Most of the companies attributed the delay to land and forest clearance issues. Four years on, auctioned coal mines still behind production target However, almost all captive mines have started production now and are expected to mine 54 million tonne of coal during the current fiscal. The coal production from the captive mines stands at 18 million tonne, currently. The PRC of these mines is 145 million tonne. Over the last two weeks, the coal stock levels at the thermal units has dwindled. Currently, 15 Gw of power generation capacity has less than 2 days of coal stock and 11 Gw has less than 6 days of coal. Lack of planning by state governments led to coal crisis, says Centre As several states defaulted on their payments during the peak summer months, CIL regulated the coal supply to their thermal power units. With delayed and scattered monsoon, coal production was also impacted at CIL’s mines, July onwards. This led to a situation when close to 90 Gw of power generation capacity stared at coal stock of less than eight days, during the last week of August. CIL last week said it offered coal on ‘as is where’ basis through rail cum road mode from 23 such mines with 40.3 million tonne of stock. Power ministry has allowed units to import coal, tweaked the coal supply model with deficit units getting more coal among other measures to boost coal availability.

Jindal Steel and Power prepays $106 million debt for Australian arm

08 Sep, 2021, 06:28PM | Business Standards

JSPL has made a pre-payment of USD 106 million (about Rs 777.4 crore) to the lenders of its arm Jindal Steel & Power (Australia) Ltd. Without sharing further details, the steelmaker said the prepayment has helped the company reduce the "Australian debt" by approximately 50 per cent. In a statement on Wednesday, Jindal Steel and Power Limited (JSPL) said through its step down subsidiary, Jindal Steel & Power (Australia) Ltd it has made a pre-payment of 105.66 million USD (approximately Rs 777.4 crore). The company is now aiming to clear all its overseas debt in the coming quarters, the statement said. JSPL Managing Director V R Sharma said, "We are paying back to lenders before time in order to strengthen our balance sheet. The company is aligned with the India growth story and we want to become a net debt-free company by FY23 through accelerated deleveraging". Part of O P Jindal Group, JSPL has a presence in steel, power and mining sectors. The company has made investments worth USD 12 billion USD (Rs 90,000 crore) across the globe. (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.)

JSPL prepays $106 million debt for Australian arm

08 Sep, 2021, 05:53PM | Economic Times

JSPL has made a pre-payment of $106 million (about Rs 777.4 crore) to the lenders of its arm Jindal Steel & Power (Australia). Without sharing further details, the steelmaker said the prepayment has helped the company reduce the "Australian debt" by approximately 50 per cent. In a statement on Wednesday, Jindal Steel and Power (JSPL) said through its step down subsidiary, Jindal Steel & Power (Australia) Ltd it has made a pre-payment of 105.66 million USD (approximately Rs 777.4 crore). The company is now aiming to clear all its overseas debt in the coming quarters, the statement said. JSPL Managing Director V R Sharma said, "We are paying back to lenders before time in order to strengthen our balance sheet. The company is aligned with the India growth story and we want to become a net debt-free company by FY23 through accelerated deleveraging". Part of O P Jindal Group , JSPL has a presence in steel, power and mining sectors. The company has made investments worth $12 billion (Rs 90,000 crore) across the globe.

Market Wrap Podcast, Sep 8: Here's all that happened in the markets today

08 Sep, 2021, 05:38PM | Business Standards

The consolidation theme played out on the benchmark indices for the second day on Wednesday as both Sensex and Nifty declined marginally amid profit-taking in IT and auto names and a cautious global market setup. That said, the quantum of losses remained low with investors lapping up beaten-down private bank stocks. Overall, strong buying in the broader indices kept the market breadth positive. The BSE Midcap and BSE Smallcap indices rose after a one-day hiatus, with the former hitting a new high in intra-day deals. It closed 0.81 per cent higher while the smallcap index gained 0.55 per cent. At the benchmark level, the flagship Sensex shed 29 points to end at 58,250. In the 30-pack index, 15 stocks closed in the green and 15 in the red. Kotak Bank, Titan, NTPC and Sun Pharma were the top gainers, up between 1-3 per cent. On the other hand, Nestle India, Maruti Suzuki, Bajaj Finance and Bajaj Auto were the biggest losers. In the sectoral space on NSE, Nifty IT, Media and Auto declined the most. Bank and financial-oriented sectors along with Nifty Metal gained. Stocks from the textile and telecom sectors were in focus in today's session amid a Union Cabinet meeting. The cabinet approved a Rs 10,683 crore PLI scheme for the textile sector. PLI scheme for textiles is part of the overall announcement of the scheme for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs 1.97 lakh crore. Incentives worth Rs 10,683 crore will be provided over 5 years. This gave a leg-up to the textile stocks, with some rising as much as 12 per cent. On the other hand, the rally in telecom stocks amid hopes that the government will announce a relief package for the sector fizzled out as a Reuters report said the Union cabinet did not take up the said proposal. The cabinet was widely expected to take a decision on a so-called relief package for the telecoms industry, which would have helped all wireless carriers but especially the embattled Vodafone Idea. Following this, the stock slipped 15 per cent from day's high to end 3 per cent down at Rs 8 per share. Bharti Airtel also came off all-time high levels to end in the red. Among other stocks, shares of APL Apollo Tubes were in demand as they rose 5 per cent to Rs 1845 ahead of the 1:1 bonus share issue. They touched a new high of Rs 1875 in trade today. Info Edge rallied 9 per cent to end at Rs 6720, after touching an all-time high of Rs 6748, amid hopes of a strong growth outlook and likely windfall from policybazaar.com IPO. The company holds a 14 per cent stake in the company that has recently filed DRHP with Sebi. Meanwhile, in other news, equity mutual funds attracted a little over Rs 8,666 crore in August, making it the sixth consecutive monthly net inflow, on staggering investment in flexi-cap category. In comparison, such funds witnessed a net inflow on Rs 22,583 crore in July on huge investments in flexi-cap category, data from the Association of Mutual Funds in India showed. Now, going into trade on Thursday, we can expect the volatility to continue amid the weekly F&O expiry. Besides, Street will react to a host of global developments like the inflation print in China and ECB's decision setting meeting. Lastly, stock-specific triggers will continue to determine market moves.

Bitcoin nurses losses in wake of El Salvador's glitched rollout

08 Sep, 2021, 04:54PM | Business Standards

Bitcoin nursed losses Wednesday after plunging amid El Salvador’s troubled rollout of the largest cryptocurrency as legal tender. The virtual coin was trading near $46,150 as of 6:31 a.m. in New York, having slid as much as 17% a day earlier before paring some of the losses. The downdraft also swept across tokens such as Ether and Dogecoin, as well as the Bloomberg Galaxy Crypto Index. “Social media platforms were very cautious over the weekend that a plunge could occur following El Salvador’s big day,” Edward Moya, senior market analyst at Oanda Corp., wrote in a note. Some investors likely bought in anticipation of the nation implementing its Bitcoin law Sept. 7 and then moved to “sell the fact,” he said. El Salvador’s experiment with Bitcoin -- the biggest test of the token’s real-world usefulness -- had a rocky start because of technical glitches to the official digital wallet that later appeared to be resolved. President Nayib Bukele said on Twitter the country now holds 550 Bitcoins after buying when the price fell. Tuesday’s selloff is the most significant break in a rebound that had lifted Bitcoin almost 75% since late July. Overall cryptocurrency market value fell about $300 billion in the past 24 hours, according to tracker CoinGecko. Some $3.7 billion of cryptocurrency liquidations occurred over the same period, according to Bybt.com. These happen when leveraged positions are closed by exchanges for failing to meet margin requirements. Buying the dip 150 new coins added.#BitcoinDay #BTC — Nayib Bukele (@nayibbukele) September 7, 2021 Billionaire Mike Novogratz, chief executive officer of Galaxy Digital Holdings and a long-time cryptocurrency bull, said the market for digital coins was running strong over the last eight weeks and became overbought. Interest from individual investors spiked on the back of large institutions jumping on board the cryptocurrency wagon, he said. Oanda’s Moya argued that Bitcoin’s “fundamentals remain intact, as prices iron out a new trading range between the $46,000 and $53,000 levels.” While the El Salvador rollout may have been a proximal cause of the swings in Bitcoin, other variables could also be at play in the famously volatile cryptocurrency sector. In particular, the prospect of reduced Federal Reserve stimulus is a challenge for speculative assets like digital tokens. “Could it also be that the liquidity beneficiaries -- which could include crypto -- may be sensing more normalized future policy setting from major central banks,” Chris Weston, head of research at Pepperstone Financial Pty, wrote in a note. Bitcoin futures had an 18% price range amid the wild ride on Tuesday. But they closed the day well above their low print of $43,705, suggesting there were dip buyers stepping in as the selloff escalated. Stocks in Asia tied to cryptocurrencies, such as Japan’s Monex Group and South Korea’s Woori Technology Investment Co., retreated. North American peers like Riot Blockchain Inc., Marathon Digital Holdings Inc., Coinbase Global Inc. and MicroStrategy Inc. also tumbled.

SAIL to double capacity to 50 mn tonnes by 2030, starts land bank study

08 Sep, 2021, 04:16PM | Business Standards

Public sector steel major, Steel Authority of India Limited (SAIL), is looking to more than double capacity to 50 million tonnes (mt) by 2030. In a letter to shareholders, Soma Mondal, chairman, SAIL, said, “In line with the National Steel Policy 2017, your company has formulated its Vision 2030, whereby it is envisaged to enhance the crude steel capacity to 50 mt.” She also mentioned that the company has started working on the land bank study for the next phase of expansion. The message to shareholders was part of the annual report for 2020-2021. The last phase of expansion undertaken by SAIL entailed increasing capacity from 12.8 mt to 21.4 mt. However, the expansion conceived in 2006-2007, was delayed due to the global financial crisis in 2008. The latest annual report mentioned that the modernisation and expansion plan (MEP) at Rourkela, Burnpur, Durgapur, Bokaro and Salem Steel Plants and all major facilities under Bhilai Steel Plant have been completed. The various facilities are under operation, stabilisation and ramp-up. “The revised cost estimates (RCE) of MEP of all the plants have been approved progressively by the year 2020-21. Considering these RCEs, the indicative investment for MEP is likely to be Rs 80,170 crore (gross) (excluding the sustenance schemes). The cumulative expenditure of Rs 68,267 crore (gross) has been incurred till March, 2021 on MEP (excluding sustenance schemes),” the annual report mentioned. However, taking advantage of booming steel prices, SAIL has pared debt significantly. Mondal told shareholders that the highlight of the financial performance without a shadow of doubt was reduction in the leverage position. The company reduced debt from Rs 51,481 crore as on March 31, 2020, to Rs 35,350 crore as on March 31, 2021. “Consequently, the debt-equity for the company improved to 0.87 as against 1.36 as on previous year end,” she said. SAIL also recorded one of its best financial performances. The company achieved its highest ever annual sales turnover of Rs 68,452 crore during FY21, a growth of more than 12 per cent over previous year. Annual EBITDA or gross margin at Rs 13,740 crore was also the highest ever. Most of the major steel producers posted recorded performances in FY21 on the back of rising steel prices. Companies also used the current cycle to deleverage. Earlier this month, ICRA in its steel sector outlook mentioned that the industry’s consolidated debt levels declined to Rs 2 trillion in end-July 2021, from Rs 2.6 trillion in end-July 2020. The industry’s consolidated borrowings today are at its lowest levels since March 2012, the report mentioned. THE ROAD AHEAD Plans to increase crude steel capacity to 50 mt as part of Vision 2030 Working on land bank study for next phase of expansion Last phase of expansion entailed increasing capacity from 12.8 mt to 21.4 mt

India, Russia discuss coordinating efforts to tackle Afghanistan situation

08 Sep, 2021, 03:46PM | Livemint

NEW DELHI: India and Russia on Wednesday agreed to coordinate their approaches to Afghanistan at multilateral fora as they discussed the importance of Afghans defining parameters of the future state structure of their country as well as the need to prevent the escalation of violence, a Russian statement said. The two countries also discussed the humanitarian crisis in the country after the exit of US troops and the Pakistan-backed Taliban taking over the capital Kabul on 15 August after a military blitz across the country. MORE FROM THIS SECTIONSee All Premium Premium Odisha announces ₹6 cr cash, govt job for Paralympics .... Premium Premium WHO asks countries scale-up routine immunization along .... Premium Premium Online emerges as second largest consumed media after T .... Premium Premium Taliban's interim govt has put an end to anarchy, a nec .... The prospects of joint Russian-Indian efforts to create conditions for launching a peaceful settlement process on the basis of an intra-Afghan dialogue was also among the subjects discussed in a meeting in New Delhi between Indian National Security Adviser (NSA) Ajit Doval and the secretary of Russian Security Council, Nikolai Patrushev. Patrushev arrived in New Delhi on Tuesday for the inter-governmental consultations on the situation in Afghanistan with Doval. The consultations follow telephonic talks between Russian president Vladimir Putin and Indian prime minister Narendra Modi last month. Patrushev and Doval “discussed deepening bilateral cooperation in the field of security with an emphasis on further interaction on the anti-terrorist track, combating illegal migration and drug trafficking," the Russian statement said. “Attention was paid to intensifying joint work of the both country's special services and military bodies," it said. The two officials also discussed the “humanitarian and migration problems in this country, as well as prospects for the Russian-Indian joint efforts aimed at creating conditions for launching a peaceful settlement process on the basis of an intra-Afghan dialogue," it said. “The importance of defining parameters of the future state structure of Afghanistan by the Afghans themselves, as well as the need to prevent the escalation of violence, social, ethnic and confessional contradictions in the country, were emphasized," the Russian statement added. TRENDING STORIESSee All Premium Five stocks that turned Rs1 lakh into Rs1 crore Premium ‘Our way of life’: Anand Mahindra responds to Tesla CEO .... Premium Ola electric scooter sale starts today: How to get it h .... Premium Ami Organics IPO share allotment today: How to check ap .... The discussions in New Delhi took place hours after the Taliban announced their new interim government in Kabul with an all-male cabinet line-up late Tuesday. The new cabinet included many members who have been sanctioned by the US and the UN. The two sides are expected to discuss the political, security, and humanitarian situation in Afghanistan since the Taliban takeover on 15 August. India, Russia and Iran were once seen as the main backers of an anti-Taliban alliance between 1996 to 2001. This time around, the positions of the three countries seem to have undergone a change. Russia and Iran have opened lines of communication with the Taliban and had also hosted members of the group and the representatives of the former Afghan government to ensure a government in Kabul sans violence. The Pakistan Taliban did not show much inclination of peace talks and ensured a decisive military victory in their favour before taking over the capital Kabul on 15 August. New Delhi has also opened lines of communication with the Taliban but is waiting and watching to see if its major security concerns – ie whether groups like the Lashkar e Toiba and the Jaish-e-Mohammed that Indian interests in Kashmir and other parts of the country – are taken on board by the Taliban. Russia has been concerned about any unrest in the Central Asian countries due to export of Taliban’s Islamist ideology. The threat from drugs, the role of regional countries and details of India-Russia cooperation to meet current and future challenges as well as steps to assist Afghanistan were among the subjects on the table, two people privy to the matter said separately. Patrushev, after his meeting with Doval, is to call on Modi and foreign minister S Jaishankar. Meanwhile, news reports said Patrushev’s arrival in New Delhi coincided with the visits to India by the intelligence chiefs of Britain and the US – MI-6 chief Richard Moore and CIA chief William Burns. According to the news reports, the visits by Moore and Burns also were in the context of the security situation in Afghanistan following the Taliban takeover. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Odisha announces ?6 cr cash, govt job for Paralympics gold medalist Pramod Bhagat

08 Sep, 2021, 03:40PM | Livemint

The Odisha government has announced ₹6 crores cash reward for Paralympics gold medalist Pramod Bhagat, news agency ANI reported on Wednesday. He has also been offered group a government job. Bhagat, who comes from Bhubaneswar, had defeated Daniel Bethell of Great Britain in badminton men's singles SL3 to win a gold medal for the country in Tokyo Paralympics. MORE FROM THIS SECTIONSee All Premium Premium WHO asks countries scale-up routine immunization along .... Premium Premium Online emerges as second largest consumed media after T .... Premium Premium Taliban's interim govt has put an end to anarchy, a nec .... Premium Premium IMD predicts heavy to very heavy rainfall in these stat .... With badminton making its debut at the Paralympics this year, Bhagat, became the first Indian to win a gold medal in the sport. "This is very special to me, it's my dream come true. Bethell really pushed me but I just kept my calm and played to my strengths," Bhagat had said after wining gold medal in the Tokyo Games. "I would like to dedicate this to my parents and to everyone who has supported me throughout. I'm glad I could make India proud." Bhagat said he had a strategy in place against his rival Bethell. He said that he had played the same opponent in Japan two years ago and he had lost. "That was a learning opportunity for me. Today it was the same stadium and the same environment, and I devised a strategy to win. I was very determined," he said. Bhagat, who had contracted polio when he was four years old, picked up the sports after watching his neighbours play. Initially, he competed against able-bodied players before getting into competitive para badminton in 2006. He eventually emerged as one of the best para shuttlers in the country with 45 international medals under his belt, including four world championship gold medals and a gold and a bronze in 2018 Asian Para Games. TRENDING STORIESSee All Premium Five stocks that turned Rs1 lakh into Rs1 crore Premium ‘Our way of life’: Anand Mahindra responds to Tesla CEO .... Premium Ola electric scooter sale starts today: How to get it h .... Premium Ami Organics IPO share allotment today: How to check ap .... He also had started his career as a badminton coach but took a break in 2019 to focus on Tokyo Paralympics qualification. In 2019, he received the Arjuna Award and Biju Patnaik Award for Excellence in Sports in India. (With inputs from PTI) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

WHO asks countries scale-up routine immunization along with covid-19 vaccination

08 Sep, 2021, 03:29PM | Livemint

NEW DELHI: The World Health Organization (WHO) on Wednesday urged countries in South-East Asia Region to boost routine immunisation along with efforts to increase covid-19 vaccination coverage. “The vulnerability to vaccine preventable diseases has increased with the pandemic disrupting essential immunization services and surveillance for vaccine preventable disease. Though efforts are being made, much more needs to be done specially at the sub-national levels and to reach the unreached and underserved population," said Poonam Khetrapal Singh, regional director, WHO South-East Asia, at the Seventy-Fourth Regional Committee meeting. MORE FROM THIS SECTIONSee All Premium Premium Taliban's interim govt has put an end to anarchy, a nec .... Premium Premium IMD predicts heavy to very heavy rainfall in these stat .... Premium Premium 'A secret operation': Sachin Waze told driver in 'Antil .... Premium Premium Women to be inducted into armed forces through NDA, Cen .... Recalling the strong progress made until the onset of the pandemic, Singh said that by 2019, the region was in a historically best position related to vaccine preventable disease control with 91% coverage with three doses of DTP vaccine (DTP3). Ten of 11 countries had achieved more than 90% DTP3 coverage. Though routine immunisation services were among the first essential services that countries began to restore during the pandemic, the DTP3 coverage in the region dipped to 85% in 2020. The number of unvaccinated or partially vaccinated children increased to 4.9 million from 3 million in 2019. Surveillance of vaccine preventable diseases was also affected. The covid-19 pandemic also hit implementation of strategies for measles and rubella elimination, a flagship priority in the region. The estimated coverage with the first dose of measles-containing vaccine (MCV1) declined to 88% in 2020 from 94% in 2019. Similarly, coverage with the second dose of measles-containing vaccine declined to 78% from 83% in 2019. The pandemic has also resulted in surveillance gaps in several countries and delayed implementation of mass vaccination campaigns and other immunisation-related activities. “There is an urgent need to repair the damage caused by COVID-19, to regain the momentum achieved in the previous decade, and to protect infants, young people and adults with life-saving vaccines," Singh said. The regional committee meeting also discussed the strategic framework for southeast Asia Regional Vaccine Action Plan 2022−2030 which focuses on the rollout of covid-19 vaccination and restoration of immunisation systems and vaccine-preventable disease surveillance from the impact of the pandemic. “Implementation of the framework will need high-level political and programmatic commitment and partner collaboration to which WHO is committed," she said. TRENDING STORIESSee All Premium ‘Our way of life’: Anand Mahindra responds to Tesla CEO .... Premium Five stocks that turned Rs1 lakh into Rs1 crore Premium Ola electric scooter sale starts today: How to get it h .... Premium Cabinet approves ₹10,683 crore PLI scheme for textiles .... Countries in the region are making unprecedented efforts to expand covid-19 vaccination coverage with over 915 million doses administered so far. The meeting is the annual governing body meeting of WHO South-East Asia Region. Being hosted by Nepal, the meeting is being held virtually for the second consecutive year given the pandemic. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Online emerges as second largest consumed media after TV in rural India: Report

08 Sep, 2021, 03:24PM | Livemint

NEW DELHI : People in India’s villages are watching more YouTube videos and Disney+Hotstar compared with other streaming apps. They are also consuming more music and audio online followed by news. WhatsApp and Facebook have also emerged as the top social media platforms used by them. These are the findings of a joint report released by media agency GroupM and insights and consulting firm Kantar on Wednesday. There has been an internet revolution in rural India, with online being the most consumed media after television, the report said. MORE FROM THIS SECTIONSee All Premium Premium Taliban's interim govt has put an end to anarchy, a nec .... Premium Premium IMD predicts heavy to very heavy rainfall in these stat .... Premium Premium 'A secret operation': Sachin Waze told driver in 'Antil .... Premium Premium Women to be inducted into armed forces through NDA, Cen .... Kantar along with GroupM’s rural and experiential marketing unit Dialogue Factory unveiled the second edition of the "Rural Covid Barometer Report" which explores rural India’s concern about the impact of the second wave and how it alters consumer behaviour and purchase patterns. The research was conducted in villages of 18 Indian states with over 3,800 rural adults (above 18 years) with representation across gender, NCCS and age groups. All socio-cultural regions (SCRs) are also covered within each state to reflect the variability that exists. This includes the migrants that have returned to their villages, too. With respect to online content consumption, music/ audio (69%) leads the pack followed by news (49%) and gaming (33%). Usage of video / over-the-top (OTT) video streaming apps are driven by YouTube at 87% with higher consumption in states of Rajasthan, Andhra Pradesh (AP), Telangana, Tamil Nadu and Bihar. Disney+ Hotstar is the next most watched platforms at 30% with the highest usage in Uttar Pradesh (UP), Tamil Nadu, Gujarat and Kerala. Messenger platform WhatsApp is used by 87% people most in Rajasthan, AP, Telengana and Karnataka, while social media platform Facebook by 66% highest in Odisha, UP, Gujarat and West Bengal. PhonePe is the most used digital payments app with 19% rural consumers having used these services in the last six months. Usage of PhonePe is driven by Karnataka at 46% followed by Rajasthan at 38%. The study also captured the consumer sentiment around covid 19. It said that rural India is highly concerned about the covid situation in second wave with the concerns being higher among women (91%) as compared to men (85%) mostly in the higher age group (55+ year olds). These concerns are driven by the pandemic’s impact on day-to-day life and functioning, fear of falling sick and overall need for financial planning. Consequently, rural consumption and shopping patterns have witnessed a shift. Rural consumers are saving 25% of their income, the report stated. It said Southern India (except for Tamil Nadu) is saving more in comparison to other parts of the country. Predictably, expenses are higher on personal care, hygiene and cleaning products while spends on indulgence and beauty products have taken a back seat. TRENDING STORIESSee All Premium ‘Our way of life’: Anand Mahindra responds to Tesla CEO .... Premium Five stocks that turned Rs1 lakh into Rs1 crore Premium Ola electric scooter sale starts today: How to get it h .... Premium Cabinet approves ₹10,683 crore PLI scheme for textiles .... Puneet Avasthi, senior executive director, Insights Division, Kantar said that with a highly concerned rural consumer, rural India is planning finances better and inclined towards a savings mindset. "This offers a significant headroom for growth to savings and investment products such as insurance and even mutual funds. Additionally, we are witnessing a significant rise in digital payments as an important mode of transaction, this offers a robust platform for rural financial inclusion, as also for suitable hyperlocal promotions. With the change in consumption priorities in favour of health and hygiene products (a trend that has held since the first wave), FMCG marketers should leverage this trend for planning their innovation pipeline," he added. In spite of their concerns, rural consumers are positive about economic recovery. Nearly three in four rural households have received some form of assistance via Government of India schemes, providing the much-needed financial cushion to consumers. Yet the report projects a slowdown for sectors like consumer durables and automotive (two-wheeler) in rural India in the next six months. But the smartphone category is expected to see faster growth in the near future, it added, aligning with the increased digital media consumption. The survey also expects the construction sector to bounce-back with consumers spending on building a house or undertaking smaller construction work in the next six months. Dalveer Singh, head of experiential marketing-Asia Pacific, GroupM Dialogue Factory said that growth is going to slowdown for consumer durables and two-wheelers because the future intent on these sectors is low. People have purchased and focused on these needs in the previous six months therefore in the prioritization hierarchy, the appetite for purchasing consumer durables or two wheelers is expected to be lower, Singh said. “Consumers will make purchases for this but on a lower scale compared to a pre-covid times. Smartphones and construction, being essentials, will see continued growth in the next six months," he added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Women to be inducted into armed forces through NDA, Centre tells Supreme Court

08 Sep, 2021, 02:48PM | Livemint

In a significant moment for Indian women defence personnel, the Centre today told the Supreme Court that a decision has been taken to allow the induction of women into the Armed Forces through the National Defence Academy (NDA). A Bench headed by Justice Sanjay Kishan Kaul said that it was extremely glad to know that Armed Forces themselves took decisions to induct women in NDA. MORE FROM THIS SECTIONSee All Premium Premium Odisha announces ₹6 cr cash, govt job for Paralympics .... Premium Premium WHO asks countries scale-up routine immunization along .... Premium Premium Online emerges as second largest consumed media after T .... Premium Premium Taliban's interim govt has put an end to anarchy, a nec .... Additional Solicitor General Aishwarya Bhati, appearing for the Centre, told the Bench that a decision has been taken at the highest level of the armed forces as also the government that females will be inducted for permanent commission through the NDA. "There is a piece of good news. A decision has been taken at the highest level of forces and government that women will be inducted for Permanent Commission through the National Defence Academy. The decision was taken late evening yesterday," ASG Bhati submitted. The Bench said it would like the Defence forces to take a "more pro-active approach towards gender equality" instead of the court directing them to do so. "We have been periodically nudging the authorities to do it themselves. We do believe they are best suited to evolve rules. It's not a happy situation for us. Armed forces are respected forces of this country but on gender equality, they have to do more," said Justice Kaul. The apex asked ASG Bhati to put the statement on record through an affidavit and adjourned the matter for two weeks and posted the matter for hearing on September 22. "We are extremely glad to know as ASG submits that armed forces have taken a decision to induct females in NDA and other issues are being examined. They would like to place developments and future plans before us for which time is sought," it said. TRENDING STORIESSee All Premium ‘Our way of life’: Anand Mahindra responds to Tesla CEO .... Premium Five stocks that turned Rs1 lakh into Rs1 crore Premium Ola electric scooter sale starts today: How to get it h .... Premium Cabinet approves ₹10,683 crore PLI scheme for textiles .... The court was hearing the plea seeking to allow women to take part in the NDA exams. Earlier, the top court had in an interim order allowed women to take the NDA exam which was scheduled for September 5, and had also slammed the Indian Army for the decisions that are based on 'gender discrimination'. Today, ASG said that the women will be admitted to the NDA and apprised the Bench that the exam was postponed to November 24, 2021. Bhati urged the apex court that the status quo be maintained with respect to the NDA admissions for the current academic year. "Consider granting status quo for this examination and let it continue, as it will need policy, procedure, training, and infrastructure changes," the ASG submitted. The Bench asked ASG to place on record the developments through an affidavit. The top court had earlier, allowed female candidates to sit for the NDA exam on September 5 but said that the admissions will be subject to the outcome of the petition. It had also slammed the government and army for not allowing women to take part in NDA exams. "It's a policy decision which is based in gender discrimination. We direct the Centre and army to take a constructive view of the matter..., the Bench had said expressing displeasure on 'regressive mindset'," said in the top court. The petition was filed in the apex court seeking directions to allow eligible female candidates to join the NDA and the Indian Naval Academy (INA) at par with the men. The plea filed by advocate Kush Kalra stated that denial of opportunity to women candidates to enroll at the NDA is violative of Articles 14, 15, 16, and 19 of the Constitution. Earlier, the Bench had also issued a notice in an impalement application by a woman candidate Anita, who was denied an opportunity to enroll at the NDA. Anita had said that she had to give up her aspirations to join the Armed Forces. "The eligible and willing female candidates being denied the opportunity of entry to the National Defence Academy on the basis of their sex and thereby systematically and categorically excluding eligible female candidates the opportunity to train at the premier joint training institute of the Indian Armed Forces which, at a later point of time, becomes a hurdle in the career advancement opportunities for Female Officers in the Armed Forces," stated in the plea. The petition was filed in light of the directions issued by the top court on the extension of Permanent Commission to Short Service Commissioned women officers of the Indian Army. "After the passing of the judgment in the matter of Secretary, Ministry of Defence vs Babita Puniya by this Court, Permanent Commission has been extended to the Women Officers of the Army. However, there is still no mode of entry available to female candidates to join the Armed Forces as Permanent Commission Officers. In the present state of affairs, female candidates have to apply through the appropriate mode of entry into the Armed Forces as a Short Service Commissioned Officer and after serving for a certain period of time, have the option to opt for Permanent Commission," the plea said. It added that granting Permanent Commission to the Short Service Commission Women Officers is only half a measure to restore equality of opportunity in the Army. "The categorical exclusion of women to train at the National Defence Academy and get commissioned into the Armed Forces of the Country as Permanent Commissioned Officers solely on the basis of their sex is a denial of the Fundamental Right to Practice any Profession and it is not justifiable within the contours of the Indian Constitution," it added. "The government allows unmarried male candidates having adequate 10 2 qualification to take the National Defence Academy and Naval Academy Examination, however, eligible and willing female candidates are not allowed to take this Examination on the sole ground of their sex and without any reasonable or justifiable explanations," the petitioner contended. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Cabinet approves ?10,683 crore PLI scheme for textiles sector

08 Sep, 2021, 02:25PM | Livemint

Union Ministers Anurag Thakur and Piyush Goyal while addressing the cabinet briefing on Wednesday, announced that the cabinet has approved the proposal for production-linked incentive (PLI) scheme for specific segments in the textiles sector. The decision was taken in a meeting which was chaired by Prime Minister Narendra Modi. The cabinet has approved the PLI scheme for textiles for MMF (man-made fibre) apparel, MMF fabrics and ten segments/products of technical textiles with a budgetary outlay of ₹10,683 crore that will be provided over 5 years. MORE FROM THIS SECTIONSee All Premium Premium Odisha announces ₹6 cr cash, govt job for Paralympics .... Premium Premium WHO asks countries scale-up routine immunization along .... Premium Premium Online emerges as second largest consumed media after T .... Premium Premium Taliban's interim govt has put an end to anarchy, a nec .... “So far, we have primarily focused on cotton textile. But 2/3 share of the international textile market is of man-made & technical textile. This PLI scheme has been approved so that India can also contribute to the production of man-made fibers," Piyush Goyal said. The minister of textiles added that factories based around aspirational districts or Tier-3 & Tier-4 cities will be given priority, which will especially benefit states like Gujarat, Uttar Pradesh, Maharashtra, Tamil Nadu, Punjab, Andhra Pradesh, Telangana. “We hope that this decision will produce some global champions," Goyal said. Also read — Textile stocks: Experts recommend these shares after PLI scheme approval PLI scheme for textiles is part of the overall announcement of the scheme for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of ₹1.97 lakh crore. The scheme, part of 13 identified sectors some of which have already been approved by the Union cabinet, is expected to boost manufacturing activities, add jobs and help scale up exports. TRENDING STORIESSee All Premium ‘Our way of life’: Anand Mahindra responds to Tesla CEO .... Premium Five stocks that turned Rs1 lakh into Rs1 crore Premium Ola electric scooter sale starts today: How to get it h .... Premium Ami Organics IPO share allotment today: How to check ap .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Saudi Aramco inks new pacts in sustainability, technology and energy services

08 Sep, 2021, 01:38PM | Livemint

NEW DELHI : As part of its diversification drive, the world’s biggest oil producer, Saudi Arabian Oil Co. (Saudi Aramco) signed 22 new pacts and a joint venture agreement with leading global firms in sectors such as sustainability, technology, industrial and energy services. This comes amid a growing focus on environmental, social and governance (ESG) investing. MORE FROM THIS SECTIONSee All Premium Premium After Google Pay, Amazon Pay to allow users to open fix .... Premium Premium Slice launches card with credit limit starting at ₹2,000 Premium Premium Maruti Suzuki production dips in August due to chip sho .... Premium Premium BPCL appoints Arun Kumar Singh as CMD, VRK Gupta as dir .... “Aramco targets value creation opportunities in sustainability, technology, industrial and energy services, and advanced materials," the firm said in a statement on Tuesday, and added, “The programme aims to drive economic growth and diversification in Saudi Arabia." According to the statement, the 22 MoUs that were inked include the ones with SOLVAY, DHL, Veolia, Air Liquide, Haliburton, PIF, Baker Hughes. Linde, Schlumberger, AIC Steel, GSW, McDermott, Seyang, Sendan, NARMEL, Samsung Engineering, Hyundai, Saipem, Elion, Green Groves, Gulf Modular Industry, Armorock, Shell AMG Recycling & United Company, AVEVA and Baosteel . “As a result of Aramco’s continuous support of the industrial ecosystem, a JV agreement between SeAH and Dussur to localize stainless steel seamless tube and pipe manufacturing has materialized," the statement said. Saudi Aramco is increasingly looking at India as an investment destination. A case in point being Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL)—a joint venture between world’s biggest oil producer, Saudi Arabian Oil Co. (Saudi Aramco), Abu Dhabi National Oil Company (Adnoc), and three state-run oil marketing companies, Indian Oil Corp. (IOCL), Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. (BPCL). Also, RIL in 2019 announced its interest to sell 20% stake in its chemicals and refining business to Saudi Aramco in a deal valued at $15 billion. MINT PREMIUM See All Premium Ahead of Ola launch, e-scooters approach a higher gear Premium Indian share markets open flat; telecom & IT stocks in focus Premium Mutual fund categories for the first-time investor Premium Why Yes Bank wants to get a new owner for Dish TV Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Indian job market records strong recovery in August, grows 89%: Naukri JobSpeak

08 Sep, 2021, 12:58PM | Livemint

MUMBAI: Hiring activity in India has been on an upswing, with August seeing an 89% year-on-year growth. According to Naukri JobSpeak, hiring index was at 2673 last month, surpassing pre-pandemic levels of August 2019 by 24%. Hiring was led by IT sector companies, growing 79% in August compared to August 2019. Jobs in the education sector also marked strong recovery, growing 102% and surpassing pre-pandemic levels. Other sectors that have now exceeded pre-pandemic numbers are real estate (15%), telecom (13%), medical/healthcare (8%), pharma/biotech (7%), insurance (6%), and BFSI (5%). MORE FROM THIS SECTIONSee All Premium Premium Odisha announces ₹6 cr cash, govt job for Paralympics .... Premium Premium WHO asks countries scale-up routine immunization along .... Premium Premium Online emerges as second largest consumed media after T .... Premium Premium Taliban's interim govt has put an end to anarchy, a nec .... The ambiguous status of rules related to travel and hospitality has been an obstacle for the industry and the sector is still down by 53% in comparison to August 2019, but in contrast to the situation last year, when lockdown curbs were still in place, hiring in the sector rose 134% last month. “With a fair share of setbacks in 2020, we can finally acknowledge a trend of overall recovery in the job market," said Pawan Goyal, chief business officer, Naukri.com, adding that while numbers in the January-May period were still in the red when compared to those of 2019, the positive growth trend started in June 2021. "As a result of increased hiring, the requirement for HR/Admin professionals too has seen a substantial uptick indicative of growth plans across organisations," he added. As major industries get on the track to recovery, hiring for certain roles too have picked up with increased movement across the market. Hiring for HR/Admin and IT-Software roles rose significantly year-on-year in August. Demand for senior professionals with 8-12 years of experience saw the maximum year-on-year increase of 110% last month. Other experience bands such as 0-3 years (79%), 4-7 years (91%), and over 13 years (65%) also recorded commendable year-on-year growth. At a city level, hiring in the top six metros grew an 39% August when compare with August 2019, led by IT hubs Bengaluru (66%), Hyderabad (61%), Pune (54%), and Chennai (30%). Delhi-NCR and Mumbai’s recovery has been slower in comparison, up by 16% and 4% respectively. TRENDING STORIESSee All Premium Five stocks that turned Rs1 lakh into Rs1 crore Premium ‘Our way of life’: Anand Mahindra responds to Tesla CEO .... Premium Ola electric scooter sale starts today: How to get it h .... Premium Ami Organics IPO share allotment today: How to check ap .... Tier-2 cities have also been experiencing a gradual recovery, cumulatively up 10%, led by Ahmedabad (27%) and Chandigarh (23%). Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Amazon app quiz September 8, 2021: Get answers to these five questions and win Rs 20,000 in Amazon Pay balance

08 Sep, 2021, 12:37PM | Times Of India

Amazon is back with another edition of its daily app quiz. As part of today’s quiz, the e-tailer is giving the participants a chance to win Rs 20,000 in Amazon Pay balance. The daily app quiz comprises five questions that are based on general knowledge and current affairs. A participant has to answer all questions of the quiz correctly to become eligible for the prize. For those unaware, Amazon quiz is an app only quiz. It is available only on Amazon’s mobile app. The quiz starts daily at 12 am and continues till 12 midnight. There is usually one winner of the quiz who is chosen via lucky draw. Results of today’s quiz will be announced on September 9. Here are five questions of today’s quiz along with their respective answers that can help you win Rs 20,000 in Amazon Pay balance In July 2021, the world’s first 3D-printed steel bridge was opened to the public in which city?Amsterdam The Olympic motto was amended in 2021 by adding what English word to the old motto?Together The US Air Force released an artistic rendering of its new B-21 stealth bomber, known by which nickname?Raider Complete the tagline for this place – “The ____ place on earth”.Happiest When this fountain is open, roughly ______ is thrown into it every day. Fill in the blanks3000 Euros

Review: Should you buy most-affordable electric car

08 Sep, 2021, 12:30PM | Times Of India

NEW DELHI: Tata Motors’s second electric car is a welcome surprise in more ways than one. The Tigor EV priced Rs 11.99 lakh (ex-showroom) onwards, breaks the price threshold, becoming the most affordable electric offering in the market. Tigor EV is basically the all-electric avatar of Tata’s sub-compact sedan. Isn’t the market pouring on SUVs? Lastly, Tigor turns out to be the second electric from Tata Motors, and it comes at a time when most manufacturers are ducking questions on the electrification roadmap. How do these factors come into play? Should you consider Tigor EV? Read along to find out: Filtering the layer of confusion, if there is any, this Tigor EV is tailor-made for personal mobility unlike the one used by fleet owners. So, the focus has been to optimize practical and performance. The spare wheel is stacked vertically in the boot to liberate space to mount the battery. The other half of the 26 kWh, IP67-rated battery is under the floor. This battery can be replenished broadly in two ways. The complementary 15A charger takes 8.5 hours to full charge while the 25 kW fast charger pulls the energy bar to 80% in 65 minutes from nil. It’s safe to call the performance of Tigor EV humble and predictable compared to Nexon EV. A permanent asynchronous motor propels the front-wheel drive. Switched to sport mode, a 0-60 kmph is claimed in 5.7 seconds. Ziptron electric module underpins both the Tata offerings.That said, the drive experiences of Tigor EV and Nexon EV are diametrically opposite. Nexon EV gets a stronger motor, heavier and bigger battery, which means the acceleration will throw you back in your seats (though the SUV is almost 500 kilos heavier). On the other hand, the drive of Tigor EV is predictable and the single-phase synchronous motor gradually accelerates the car. The reason being the much lighter weight of the car, a smaller battery pack and the less powerful motor is used. The spurt of torque is not in your face. Tata claims the combination has been done intentionally to offer first-time EV buyers a smoother transition from IC engines. Output figures of Tigor EV at 74 PS and 170 Nm of peak torque is much lower than Nexon EV’s 129 PS and 250 Nm. While the performance is liveable, what bothers is the automatic transmission. Drive, sport, neutral and reverse can be accessed through the turn of a dial. The rotary knob, however, feels flimsy and is a fraction second slower than what it should be. The gear transition has been calibrated to 'gradual', prioritizing the safety, rebutted Tata engineers. The 26 kWh battery claims to deliver 306 kilometres against one full charge, which in an ideal scenario should range between 225 and 275 kilometers. The range largely depends on how you drive and the mode you select. Tigor EV comes with a single-step recuperation setting in default mode. This setup is effective for reverse-charging the battery when brakes are applied. The recuperation mechanism isn’t annoying while driving in cities. In terms of ride, the Tigor EV can take a good amount of beating on bad, broken, patchy, or slushy roads, much like the ICE counterpart. The ride is largely stable at 80-90 kmph, and even over road undulations at city speeds, the suspensions dismiss the impact comfortably. Dimensionally, the Tigor EV is equivalent to the regular model and has a wheelbase of 2,450 mm. The handling is modest for a sedan of its class. The steering wheel is light, largely reacts to inputs with precision. However, the wheel doesn’t offer a weighted feel at triple-digit speeds. Tigor EV loses steam clocking 110 kmph. Tata Motors has carried out wholesales inside-out to lift the aesthetics of Tigor EV. Electric-specific Teal Blue shade with tri-arrow design and ‘humanity’ line grille has trickled down from the Nexon EV. What hasn’t come here though is set of alloy wheels or a sunroof. Tigor EV rides on 14-inch steel wheels covered with stylized caps and shod with low rolling resistance tyres. On the inside, much like the Nexon EV, the sedan gets 7-inch touch screen boosted by Harman-Kardon stereo, 30+ connected features, and a suite of connectivity package. The fully digital driver’s display is also nee, packing an array of information. The digits are handy, easy to read. The driver’s seat is height-adjustable and the steering for rake. Conveniences include one USB port, cooled glovebox, rear parking camera with guidelines auto-foldable IRVMs. The space is comfortable for four adults while a child or teen can squeeze in between rear-seat passengers. The boot space is sizeable at 316 litres. If need be, the vertically placed spare wheel can be unloaded. The company is offering a complimentary puncture kit to reduce flat tyre worries. Tigor EV is sandwiched between two most Tata Motors important launched, possibly in the decade. Safari is strengthening SUV image at the top of the table while entry-level Punch is all set to bring in volumes in festive debut. Meanwhile, Tata Motors is likely to march ahead of rivals in the electrification race, riding on Tigor EV-Nexon EV duo. As far as the electric sedan is concerned, the biggest takeaway is the price point. Couple state incentives, the effective, entry-level price of Tigor EV customers will be as close to Rs 10 lakh. In terms of performance and packaging, it’s satisfactory until competition wakes up.

APL Apollo Tubes surges 6%, hits fresh high ahead of 1:1 bonus issue

08 Sep, 2021, 12:28PM | Business Standards

Shares of APL Apollo Tubes hit a record high of Rs 1,874.95 as they surged 6 per cent on the BSE in intra-day trade on Wednesday ahead of the 1:1 bonus shares. The stock of the iron and steel products company has surpassed its previous high of Rs 1,850 touched on July 28, 2021. Meanwhile, Apollo Tricoat Tubes (Tricoat), the group company stock was up 4 per cent at Rs 1,715 on the BSE. The stock is trading close to its record high level of Rs 1,757 hit on August 9, 2021. The board of directors of APL Apollo Tubes and Apollo Tricoat Tubes at their respective board meetings held on August 06, 2021, had recommended the issue of bonus equity shares in the proportion of 1:1 i.e. 1 equity share of Rs 2 each for every 1 equity shares of Rs 2 each held by the shareholders of the company as on the record date. These companies have fixed Saturday, September 18, 2021, as the record date, for the purpose of ascertaining the eligibility of shareholders entitled to issuance of bonus equity shares of the company. The stocks will turn ex-date for bonus shares on September 16, 2021. In the past three months, the stock of APL Apollo Tubes has outperformed the market by surging 36 per cent, as compared to an 11.5 per cent rise in the S&P BSE Sensex. APL Apollo Tubes (APAT) is the largest manufacturer of structural steel tubes in India, which finds applications in residential and commercial buildings, warehouses, factories, agriculture, and other infrastructure works. It enjoys around 50 per cent market share in India, and operates through a network of 10 plants, over 800 distributors, more than 1,500 stock-keeping units (SKUs), and 200,000 fabricators serving over 50,000 retailers. "The merger with Tricoat is margin and RoE accretive and is expected to create value for shareholders. Common ad spends and distribution network, along with other synergy benefits, is expected to benefit APAT in the medium-to-long term. Tricoat’s EBITDA/MT is 1.7-1.9x higher than blended EBITDA/MT, and is expected to further increase revenue share of VAP, improve overall margin, and further de-commoditize the business," Motilal Oswal Securities said in its initiate coverage on the stock. Marginal increase in domestic steel consumption is expected to have a profound impact on domestic volumes of structural steel tubes, thereby benefitting APAT significantly, the brokerage further added. Warehousing, modular housing, modernization of rural, semi-urban as well as urban houses, urban infrastructure, and urban real estate are some of the major growth drivers for the structural steel tubes industry, it said.

Karnal: Farmers continue sit-in protest at Mini Secretariat after talks fail. 5 points

08 Sep, 2021, 10:13AM | Livemint

Farmers have continued to a sit-in protest at the Mini Secretariat in Karnal, Haryana on Wednesday. Farmers held a march and gheraoed mini secretariat on Tuesday over the August 28 lathi-charge incident. The farmers have been demanding immediate action against former Karnal SDM Ayush Sinha who was seen in a video asking the police personnel to smash heads of protesting farmers on August 28. MORE FROM THIS SECTIONSee All Premium Premium Odisha announces ₹6 cr cash, govt job for Paralympics .... Premium Premium WHO asks countries scale-up routine immunization along .... Premium Premium Online emerges as second largest consumed media after T .... Premium Premium Taliban's interim govt has put an end to anarchy, a nec .... Meanwhile, the Haryana government has temporarily suspended mobile internet and SMS service in the district to prevent any disturbance to the peace and public order. The suspension of the telecom services will remain in effect till 11:59 pm on Wednesday. Haryana | Farmers continue sit-in protest at Mini Secretariat in Karnal Farmers held a march & gheraoed mini secretariat yesterday after district admin refused to compensate injured protesters & to take action against admin officials over lathi-charge on farmers on Aug 28 pic.twitter.com/7aldRI1ZW3— ANI (@ANI) September 8, 2021 Here brief pointers on farmers' protest in Karnal, Haryana: 1. The Samyukta Kisan Morcha, which is heading the farmers' agitation against three farm laws, has given a call for gherao of the secretariat demanding registration of an FIR against those officers who had allegedly ordered a lathi charge on agitators during their protest against a BJP event in Karnal on August 28 2. Farmers have said that they would continue to sit in at the mini secretariat till the government accepts their demand. TRENDING STORIESSee All Premium ‘Our way of life’: Anand Mahindra responds to Tesla CEO .... Premium Five stocks that turned Rs1 lakh into Rs1 crore Premium Ola electric scooter sale starts today: How to get it h .... Premium Cabinet approves ₹10,683 crore PLI scheme for textiles .... 3. A large number of farmers squatted at the gates of the district headquarters in Karnal, locked in a showdown with Haryana's BJP-led government over a police lathi-charge last month. Marching on foot from the mahapanchayat venue to the mini-secretariat five kilometres away, farmers faced a water cannon as they neared the complex. They jumped some barricades, but there was no other serious confrontation with police along the way. The protesters are demanding action over a police lathi charge in Karnal on August 28. 4. The gherao at the mini-secretariat centers around IAS officer Ayush Sinha who was later transferred out as part of a larger bureaucratic shuffle. The officer had been caught on tape allegedly telling policemen to "break heads" if the protesters crossed the line. Prohibitory orders under Section 144 CrPC banning gathering of people were imposed in Karnal district on Tuesday. 5. According to Samyukt Kisan Morcha (SKM) leader Yogendra Yadav, the farmers insisted only on the suspension of the IAS officer, and no other demand was raised yesterday. BKU leader Rakesh Tikait said the state government is not listening to the farmers. “The Khattar government should agree to our demands or else arrest us. We are ready to fill Haryana's jails." However, Yadav said that the administration rejected the demand for any immediate action against the IAS officer. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Union Cabinet meeting to start soon, MSP of Rabi crops on agenda: Report

08 Sep, 2021, 09:53AM | Livemint

The meeting of the Union Cabinet is scheduled to be held at 11 am on Wednesday. The meeting will be chaired by Prime Minister Narendra Modi at his office in the South block. The Union Cabinet is likely to discuss the increase in the Minimum Support Price (MSP) on Rabi crops including wheat and pulses, the government sources told ANI. MORE FROM THIS SECTIONSee All Premium Premium Taliban's interim govt has put an end to anarchy, a nec .... Premium Premium IMD predicts heavy to very heavy rainfall in these stat .... Premium Premium 'A secret operation': Sachin Waze told driver in 'Antil .... Premium Premium Women to be inducted into armed forces through NDA, Cen .... This comes as the farmers have been protesting on the different borders of the national capital since November 26 last year against the three newly enacted farm laws: Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020; the Farmers Empowerment and Protection) Agreement on Price Assurance and farm Services Act 2020 and the Essential Commodities (Amendment) Act, 2020. Farmer leaders and the Centre have held several rounds of talks but the impasse remains. Apart from the decisions in the agriculture sector, the cabinet could also take decisions over-stressed telecom and textile sector, the sources added. TRENDING STORIESSee All Premium ‘Our way of life’: Anand Mahindra responds to Tesla CEO .... Premium Five stocks that turned Rs1 lakh into Rs1 crore Premium Ola electric scooter sale starts today: How to get it h .... Premium Cabinet approves ₹10,683 crore PLI scheme for textiles .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

A sharp rise in wages is contributing to worries over inflation

08 Sep, 2021, 01:39AM | CNBC

Thomas Trutschel | Photothek | Getty Images Now might be a good time for the Federal Reserve to start worrying about inflation.August's jobs report, besides being a big disappointment on the 235,000 headline number, also showed that wages are rising even with weak hiring.Average hourly earnings jumped 0.6% for the month, about double what Wall Street had been expecting, and the increase from a year ago stood at a robust 4.3%, up from a 4% rise a month ago. Even leisure and hospitality, which saw zero net job growth in August, saw wages jump 1.3% for the month and 10.3% on the year.Those numbers come as the Fed is weighing when to start pulling back on the historically easy monetary policy in place since the early days of the Covid-19 pandemic. Some voices on Wall Street expect the wage and inflation numbers to start resonating with Fed officials."The 5.2% unemployment rate and rapidly rising wages suggest building inflationary pressure that will ultimately lead to more hawkish policy," Citigroup economist Andrew Hollenhorst wrote in a detailed analysis of the current jobs situation.While Fed officials mostly discuss the total payroll gains, Hollenhorst said he "would expect this rhetoric to shift a bit, perhaps at the September [Federal Open Market Committee] meeting, with more focus on the high level of job openings and increasing wages."Fed Chairman Jerome Powell went to great lengths in his annual speech in August during the central bank's Jackson Hole symposium to knock down concerns about rising wage pressures as well as inflation overall, despite consistently higher numbers. VIDEO3:1303:13Niall Ferguson: Inflation could repeat 1960s, when the Fed lost controlSquawk Box Europe "Today we see little evidence of wage increases that might threaten excessive," Powell said during the Aug. 27 speech. Measures Powell said he follows â he did not mention the Labor Department's monthly average hourly earnings figure â point to "wages moving up at a pace that appears consistent with our longer-term inflation objective."One specific measure Powell mentioned was the Atlanta Fed's Wage Growth Tracker.That measure looks at wages on monthly and 12-month basis and then uses a three-month moving average to iron out distortions. On a smoothed level, the tracker is showing wages rising at a 3.7% pace, fairly consistent with the past few years. Without smoothing, the 12-month rate runs to 4.2%, which is the highest since 2007 and representative of how bumpy the data has gotten lately.The Atlanta Fed will next update the tracker Friday, giving the Fed another look at potential pressures that could trigger a wage-price spiral, which economists consider "bad" inflation.Fed officials thus far have attributed higher inflation numbers to supply issues. A continued rise in wages could signal that demand is becoming a factor."When it is difficult to disentangle demand from supply effects, price signals become more important to assess the extent of excess demand," wrote Nomura chief economist Rob Subbaraman. Concerns about policy To be sure, there also is evidence that some of the issues that might spur inflation could abate ahead, particularly some of the supply chain issues Powell has cited.The chairman also noted that unit labor costs remain low, meaning that companies still aren't spending substantially more for productivity, which also could tamp down inflation."They're taking a lot of solace in all these other factors," Moody's Analytics chief economist Mark Zandi said. "Inflation is on their radar screen, but it's not blinking red, not even yellow."The rising wage numbers under most circumstances would be considered a positive.However, the gains trailed the headline consumer price index growth of 5.4% in July and only matched the 3.6% increase when stripping out food and energy prices in July, the most recent month for which data is available.Some central bank officials and economists worry that easy Fed policy is feeding inflation and starting to cause more harm than help. Rising home prices and high inflation expectations from consumers are fueling some of those fears."It is not surprising that a combination of doubling central bank assets over the past 18 months, massive fiscal stimulus, and a skill mismatch in the labor market has resulted in inflation rising to levels not seen in decades," wrote Komal Sri-Kumar, president of Sri-Kumar Global Strategies. "Drilling a square peg into a round ole does not solve problems. It worsens it."Still, Zandi thinks Powell and the Fed will be content with allowing wages to rise for now."It's not like they're dismissing this as an issue. It's a factor in their thinking about broader inflationary pressures," he said. "But so far, they'd say the wage growth they're observing is more a feature than a bug." VIDEO3:3503:35Advanced economies need to make difficult decisions when interest rates go upSquawk Box Asia Become a smarter investor with CNBC Pro.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.Sign up to start a free trial today.

BRICS summit is likely to strongly oppose carbon tax proposed by EU

08 Sep, 2021, 01:33AM | Livemint

NEW DELHI : Brazil, Russia, India, China and South Africa may strongly oppose the proposed Carbon Border Adjustment Mechanism (CBAM) by the European Union at the 13th BRICS Summit on Thursday as the five developing countries will likely be the biggest losers from its implementation. In a veiled reference to CBAM, BRICS trade ministers last week cautioned that any measure to tackle climate change must be in conformity with multilateral trading rules and shouldn’t put arbitrary restrictions on international trade. MORE FROM THIS SECTIONSee All Premium Premium Centre’s stance on Pegasus not final yet Premium Premium AIIMS conducts study on presence of residual coronaviru .... Premium Premium Best innovative workplaces in focus at Mint W3 Ch .... Premium Premium Covid-19 vaccination in Mumbai crosses 1 crore mark: Report “We underline that all measures taken to tackle climate change must be designed, adopted, and implemented in full conformity with WTO agreements and must not constitute a means of arbitrary or unjustifiable discrimination or a disguised restriction on international trade," BRICS trade ministers said in a statement. As part of a plan to decarbonize economies by 2050, the European Commission earlier this year adopted a proposal for a new CBAM which will put a carbon price on imports of products such as cement, steel, aluminium, oil, chemical and fertilizers so that ambitious climate action in Europe does not push carbon-intensive production outside Europe and instead encourages industry outside the EU to take steps in the same direction. However, many countries are likely to challenge any such action as it would directly hit their industry and exports. Moreover, considering the cumulative contribution of the European Union and the US to CO2 emissions, countries such as China, Brazil, India, and South Africa continue to argue that the primary obligation to reduce emissions falls upon developed countries. In a statement from the 30th BASIC (Brazil, South Africa, India and China) Ministerial Meeting on Climate Change held on 8 April, environment ministers expressed “grave concern regarding the proposal for introducing trade barriers, such as unilateral carbon border adjustment, that are discriminatory and against the principles of Equity and principles of Equity and CBDR-RC (Common but Differentiated Responsibilities and Respective Capabilities)". In a report, UNCTAD, the UN trade and development body, said CBAM may result in declines in exports in developing countries in favour of developed countries, which tend to have less carbon intensive production processes. The Russian Federation, China and Turkey are the countries most exposed to the CBAM with the highest levels of exports to the EU in selected sectors likely to be included in the CBAM. However, the effective impact of the CBAM on exports of these sectors to the EU will depend on the level of carbon emissions embedded in exports and the carbon prices already paid in the countries of origin, if any. TRENDING STORIESSee All Premium Heavy to very heavy rainfall likely in these states til .... Premium Bitcoin sees flash crash on the day El Salvador adopts .... Premium Zerodha's Nithin Kamath poses question on T+1 settlemen .... Premium Sansera Engineering IPO to open on 14 September From this view, India will be biggest loser ($3 billion) of exports followed by Brazil and South Africa. The theme for this year’s summit is “BRICS@15: Intra-BRICS cooperation for continuity, consolidation and consensus". Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Consumer durable companies pin hopes on pent-up demand

07 Sep, 2021, 11:10PM | Livemint

Consumer durable firms are pinning hopes on pent-up demand and the festival season push for sales growth after having suffered another round of disruption because of the second covid wave. Investors too seem to be pricing in this demand upswing, which is reflected in the surge in share prices of companies. Makers of air-conditioners and other cooling products were hit the most by the second wave as the peak sales period of summer was washed out. Voltas Ltd, Blue Star Ltd, Lloyd’s business of Havells Ltd and Symphony Ltd saw a hit in this period. Revenues of cooling product manufacturers saw a 24% decline for the June quarter on compound annual growth rate (CAGR) basis over two years, according to data from HDFC Securities Ltd. MORE FROM THIS SECTIONSee All Premium Premium Optimism on non-ticketing revenues boost IRCTC’s stock Premium Premium India hasn’t seen a strong monsoon so far, but there’s .... Premium Premium After the 9/11 attacks, Wall Street bolstered its defenses Premium Premium Bitcoin sees flash crash on the day El Salvador adopts .... Electrical consumer appliances or durable goods manufacturers are comparatively better placed. Market share gains from unorganized manufacturers, lower supplies from China, work-from-home culture and lower dependence on seasonality have helped them thwart a serious blow to their earnings. The two-year CAGR of electrical consumer durables (ECD) sales was a negative 13% during the June quarter. View Full ImageUnder pressure Share Via The sales trend for ECD has been encouraging ever since second wave restrictions have been eased. “Post June, demand has been robust for electricals, while the real test for white goods would be the upcoming festive season," said analysts at Motilal Oswal Financial Services Ltd in their recent note. The recently concluded Onam festival in Kerala was, however, disappointing, perhaps because of the surging covid-19 cases in the state, they said. The southern part of India remains a weak link in the case of air-conditioner sales also. That explains why shares of Blue Star, which is dominant in the south, have underperformed peers in the past one month. During the June quarter, sales in north India were higher than in the south, benefiting firms such as Voltas. Shares of Voltas have surged 15% in the past month. Also, restrictions were more intense in the south compared with the northern and eastern states, analysts at HDFC Securities Ltd pointed out. Meanwhile, rising commodity costs have been both a boon and a bane for firms. Higher prices of aluminium and copper have necessitated price hikes in cables and wires, which in turn has increased value growth for companies. MINT PREMIUM See All Premium Why palm won’t fix India’s edible oil woes Premium Billion-dollar listings help Abu Dhabi catch up with Riyadh Premium 4 ways to play the EV opportunity Premium India’s largest state economies report growing momentum ahead of festivals At the same time, sales growth for lighting and fixtures has weakened. That said, demand from the housing and industrial sectors is expected to rise. Against this backdrop, manufacturers such as Polycab Ltd and Havells remain better placed for growth. Cost increases mean that margins have come under pressure for firms. As such, prices of copper, aluminium, and steel rose 14%, 17% and 12%, respectively, on a sequential basis for the June quarter. To pass on high costs by way of price hikes, firms need to see a revival in sales. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India’s tryst with the promise of a hydrogen-fuel economy

07 Sep, 2021, 10:02PM | Livemint

In his Independence Day speech, the Prime Minister announced five key initiatives, the first being Mission Hydrogen. He outlined a vision of becoming a global leader and enabling a substantial domestic hydrogen economy. Hydrogen has the promise of transforming India from an energy-deficient to an energy-rich country. It can even make India a net exporter of energy. Hydrogen is considered one of the most sustainable fuels of the future. When you burn it, you get water vapour, with no residue or climate-harming impact. Its promise has been known for decades. But recent developments make it possible to go from hype to hope. This has to do with a confluence of factors like declining costs, breakthroughs in technology and carbon taxes, as happened for other renewables. The challenge has been to make “green hydrogen", which was the thrust of the Prime Minister’s proclamation. For it, a lot of energy for the electrolysis of water is needed. Unless this electricity is produced with a zero-carbon footprint (i.e. with solar or wind), it defeats the key aspect of ‘green’ hydrogen. All other modes that do not use electrolysis to break a molecule of water are methods where hydrogen is produced as a by-product, or through a carbon-burning process. Thankfully, India is blessed with all-year sunshine. Solar-to-hydrogen also solves an intermittence problem, as hydrogen substitutes the need for battery storage. The current global production of hydrogen of about 80 million metric tonnes, and is almost wholly produced through fossil fuels. It uses 6% of global natural gas and 2% of coal, and contributes a whopping 830 million tonnes of carbon dioxide. Thus, this route to hydrogen is a non-starter. Things are changing as a major energy transition takes place worldwide toward renewables. This will be aided by emerging high carbon taxes, of which a major ‘adjustment import tax’ has already been announced by the European Union (EU). In the coming years, there may very well be an inflexion phenomenon that will catapult hydrogen from fringe to mainstream status. It is not as if such dramatic transformations have not been witnessed in India. As India’s pre-eminent scientist Raghunath Mashelkar points out, the roll-out of Jan Dhan Yojana no-frills bank accounts reached 400 million in just a few years. In data usage, India has leapfrogged from the bottom to top global ranking in a short time. In LED usage, India’s market grew by 130 times in five years, from annual sales of 5 million LED bulbs in 2014 to 670 million in 2018. The exponential scale effect in these examples has had a significant influence on bringing down unit costs. For instance, the price of an LED bulb dropped by nearly 85% in five years. India’s dramatic drop in data prices is also well known. So a similar snowball phenomenon in hydrogen is possible. The main route seems to be through electrolyzers (although there are several competing technologies). As per a McKinsey report, in the past two years, 70 gigawatts of electrolyzer capacity projects have been announced. This represents a 20-fold rise. This kind of momentum and scale would mean that capital costs per kilowatt for electrolyzers could drop by 65%. The drop in capital expenditure for hydrogen-based fuel cells could be even more dramatic. The cost of producing green hydrogen could drop below $2 per kg in 10 years, if accompanied by scale, both in production and consumption. Reliance Industries Ltd has recently announced plans to build large-scale, low-cost and high-efficiency electrolyzers as part of its $10 billion renewables push. Investment dollars are flowing into hydrogen all over the world. It is expected to play a key role in decarbonization efforts, and has application in a variety of industries such as transportation, including trucks, buses, cars and rail, as feedstock for fertilizers, chemicals and refineries, in decarbonizing buildings and decarbonizing high-heat industries such as steel-making. Hydrogen fuel cells will be a crucial complement to batteries in this decarbonization journey. For a country like India, which spends $160 billion importing fossil fuel products such as crude oil, liquified natural gas, coal and fertilizer, hydrogen has the potential to significantly reduce import dependence. For instance, using green hydrogen to produce ammonia, which is feedstock for urea, eliminates the need for natural gas. Similarly, blending hydrogen with natural gas in city gas pipelines reduces the import of natural gas. Of course, if there are major new discoveries of gas basins, the economics of it can tilt, but costs will keep going down. The global push for hydrogen is snowballing. Thirty-one countries have already announced strategies. Many in the EU have scaled up investments in electrolyzers, as also China. More than 75 countries have a net-zero carbon ambition for which hydrogen is indispensable. Hence, it is possible that 22% of the global energy need by 2050 could be hydrogen-based. MORE FROM THIS SECTIONSee All Premium Premium We mustn’t let learners get left unfairly behind Premium Premium The Taliban can’t mint cash and other Afghan business c .... Premium Premium Tribunal trouble Premium Premium What do foreign buyers look for in Indian IT firms? However, the realization of this vision for India requires several things. First, an enabling policy framework; second, a nudge to increase demand; third, infrastructure development, such as of pipeline networks and last-mile connectivity. This can be accelerated through proven business models like Master Limited Partnerships, which are common in the West and allow private capital to participate in the scaling-up effort. Building a hydrogen economy and freeing India of foreign dependence for energy and fertilizer feedstock would be the ultimate symbol of Atmanirbhar Bharat. Ajit Ranade is chief economist at Aditya Birla Group. TRENDING STORIESSee All Premium Heavy to very heavy rainfall likely in these states til .... Premium Sebi allows T+1 settlement for stocks Premium Multibagger stock: IRCTC shares surge 10 times of IPO i .... Premium Income Tax: CBDT extends deadline for filing applicatio .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Karnataka CM Bommai asks Centre to expedite Bengaluru suburban rail project

07 Sep, 2021, 09:35PM | Business Standards

Karnataka Chief Minister Basavaraj Bommai on Tuesday met Railways Minister Ashwini Vaishnaw and requested him to expedite the Bengaluru Sub-Urban Rail project and set up a Gulbarga division. Emerging from the meeting, Bommai said, "Several issues were discussed with the minister. The railway works that have already been implemented were discussed. Specially demanded creation of a Gurbarga division." He said setting up of a division in a less developed area will encourage railway and economic activity in that region. In case of Bengaluru Suburban Rail project, the chief minister said administrative approval has been given, but concession agreement between Karnataka and the Ministry of Railways is still to be signed. "I requested the minister to finalise the agreement," he added. Bommai said he also discussed about the Hubbali-Ankola new railway line project which is struck in the high court as it has been challenged by green activists. "Even though the state has made a fresh DPR (detailed project report) as per green rules, this has been challenged. The stay (obtained by environmental activists) should be vacated so that work can commence," he said. This line is crucial to connect central and north Karnataka to the west coast. The proposed line will connect Konkan railway near Ankola and provide the much-needed link between coastal, central and north Karnataka, he said. In a representation made to the Union minister, Bommai said the state government is planning to develop a major port in Karwar under public private partnership model. "Private investors who are showing keen interest in port development are demanded for execution of Hubbali-Ankola railway line as it is the basic requirement for port ot be economically viable," he said. JSW Steel Ltd has come forward to even share the cost of this project with Railways, he added. (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.)

Major automakers fear the global chip shortage could persist for some time

07 Sep, 2021, 08:59PM | CNBC

In this articleFDAI-DEVOW3-DE A General Motors assembly worker works on assembling a V6 engine, used in a variety of GM cars, trucks and crossovers, at the GM Romulus Powertrain plant in Romulus, Michigan.Rebecca Cook | Reuters Car manufacturers including Ford, Volkswagen and Daimler are still struggling to deal with the impact of the global chip shortage, with executives from each of the companies warning a lack of silicon is likely to remain a problem.Volkswagen CEO Herbert Diess, Daimler CEO Ola Kallenius and Ford Europe chairman of the management board Gunnar Herrmann told CNBC's Annette Weisbach at the Munich Motor Show on Monday that it's hard to tell when the complex issue will be resolved.Germany's Volkswagen, Europe's largest carmaker, has lost market share in China as a result of the chip shortage, Diess said."We are relatively weak because of semiconductor shortages," he said. "We are hit more in China than the rest of the world. That's why we are losing market share."Diess said his colleagues in China have been pushing for more semiconductors, describing the lack of chips as a "really big concern." VIDEO6:3506:35VW CEO Diess: We're losing on China market share due to chip shortageSquawk Box Europe The Wolfsburg-headquartered company was expecting the semiconductor situation to improve after the summer holidays but that hasn't been the case. Malaysia, where many of Volkswagen's suppliers are based, has been hit hard by the coronavirus in recent weeks, leading to several factory shutdowns.Diess said he believes the chip shortage issues will start to dissipate as countries reduce Covid-19 transmission, but he expects there to be a general shortage of semiconductors for some time. "We will face a general shortage of semiconductors because the internet of things is growing so fast so there will be constraints which we will try to manage," he said. Raw materials crisis Ford Europe's Herrmann, meanwhile, estimates the chip shortage could continue through to 2024, adding that it's difficult to pinpoint exactly when it will end.The shortage is thought to have been exacerbated by the move to electric vehicles. For example, a Ford Focus typically uses roughly 300 chips, whereas one of Ford's new electric vehicles can have up to 3,000 chips.Beyond chips, there are now other shortages to contend with. Ford is facing a "new crisis" in raw materials, Herrmann said. VIDEO4:1104:11Raw material and semiconductors definitely an issue: Ford Europe ChairmanSquawk Box Europe "It's not only semiconductors," he said, adding that lithium, plastics and steel are all in relatively short supply. "You find shortages or constraints all over the place."Car prices will rise as the cost of raw materials goes up, Herrmann said.Despite the imbalances, Herrmann said Ford Europe's incoming order bank was "fantastic" and that "demand is actually extremely strong." No longer fit for purpose Daimler's Kallenius said he hopes the third quarter is the "trough" of the disruptions. "That seems to be the quarter that will be most significantly affected by this," he said."We hope that in the fourth quarter that we will start coming back up again," Kallenius said. "But there is a level of uncertainty that we have to deal with in our production system. It needs to stay flexible."The chip shortage has affected the automotive industry more than any other. Assembly lines have been shut down and some cars are now being shipped without features that rely on semiconductors. VIDEO1:0401:04Porsche delivery could take up to 'half a year' due to chip shortage, says CEOSquawk Box Europe In the U.K., car production plummeted to a new low in July, marking the worst July performance for the industry since 1956.German technology and engineering group Bosch, which is the world's largest car-parts supplier, believes semiconductor supply chains in the automotive industry are no longer fit for purpose.Harald Kroeger, a member of the Bosch management board, told CNBC last month that supply chains have buckled in the last year as demand for chips in everything from cars to PlayStation 5s and electric toothbrushes has surged worldwide. Porsche, Skoda and Seat The CEOs of Porsche, Skoda and Seat said Tuesday that they're also feeling the pinch when it comes to semiconductors.Porsche boss Oliver Blume told CNBC the chip squeeze is causing production line delays and that he hopes the issue will be resolved soon. "We have the situation of the semiconductors and therefore the waiting time is longer than normal," Blume said, adding that some customers are waiting half a year or more. VIDEO4:0904:09Demand is much higher than we can serve: Skoda CEOStreet Signs Europe Thomas Schafer, the CEO of Skoda, told CNBC that Skoda has been "tremendously affected" by the semiconductor factory shutdowns in Malaysia. "Once this is done, hopefully in the next 4-5 weeks, there's still also a basic shortage that will probably last until 2022," he said.Seat CEO Wayne Griffiths told CNBC that the semiconductor shortage is challenging for all brands at the moment. "We're prioritizing our Cupra models and our electric cars with the semiconductors we have to try and make sure the delivery times there remain acceptable," Griffiths said. VIDEO5:4705:47SEAT boss says automaker prioritizing electric vehicles amid ongoing global chip shortageSquawk Box Europe

Wind turbine giant Siemens Gamesa claims world-first in blade recycling

07 Sep, 2021, 07:57PM | CNBC

In this articleHOL.N-CHGESGRE-ESENR-DERWE-DE Wind turbine in backlightJorg Greuel | DigitalVision | Getty Images Siemens Gamesa Renewable Energy said Tuesday it had launched a recyclable wind turbine blade, a move which represents the latest example of how the industry is attempting to find ways to re-use materials.In a statement, the Spanish-German engineering group claimed its RecyclableBlades were "the world's first recyclable wind turbine blades ready for commercial use offshore."Siemens Gamesa said it would work with German utility RWE to install and pilot the blades at the Kaskasi offshore wind farm in the German North Sea, which is expected to commence commercial operations in 2022.The firm â whose major shareholder is Siemens Energy â said it was also working with EDF Renewables on the goal of deploying "several sets" of the blades "at a future offshore wind farm."A similar collaboration is taking place with wpd, a German-headquartered company which develops and operates wind farms. The issue of what to do with wind turbine blades when they're no longer needed is a headache for the industry. This is because the composite materials blades are made from can prove to be difficult to recycle, which means that many end up as landfill when their service life ends. Read more about clean energy from CNBC ProInvestment bank picks 7 'green hydrogen' and 'blue hydrogen' winning stocksJPMorgan adds Sunrun to its top ideas list, says solar stock can soar 90%Fund manager 'couldn't be more bullish' on these three U.S. energy stocks As governments around the world attempt to ramp up their renewable energy capacity, the number of wind turbines worldwide only looks set to grow, which will in turn increase pressure on the sector to find sustainable solutions to the disposal of blades.According to Siemens Gamesa, its recyclable blades use a new type of resin which "makes it possible to efficiently separate the resin from the other components at end of the blade's working life." The business said this process, which it described as "mild," protected "the properties of the materials in the blade, in contrast to other existing ways of recycling conventional wind turbine blades. The materials can then be reused in new applications after separation."Over the last few years a number of major players in wind energy have announced plans to try to tackle the problem of what to do with wind turbine blades.In June, Denmark's Orsted said it would "reuse, recycle, or recover" all turbine blades in its worldwide portfolio of wind farms once they're decommissioned.The same month saw General Electric's renewables unit and cement manufacturer Holcim strike a deal to explore the recycling of wind turbine blades.Back in April, it was announced that a collaboration between academia and industry would focus on the recycling of glass fiber products, a move that could eventually help to reduce the waste produced by wind turbine blades.Last December, GE Renewable Energy and Veolia North America signed a "multi-year agreement" to recycle blades removed from onshore wind turbines in the United States.And in January 2020 another wind energy giant, Vestas, said it was aiming to produce "zero-waste" turbines by the year 2040.

Guinea coup rattles iron ore and bauxite markets, stokes economic uncertainty

07 Sep, 2021, 06:54PM | CNBC

CONAKRY, Guinea - Lieutenant Colonel Mamady Doumbouya, head of the army's special forces and coup leader, waves to the crowd as he arrives at the Palace of the People in Conakry on September 6, 2021, ahead of a meeting with the Ministers of the Ex-President of Guinea, Alpha Conde.CELLOU BINANI/AFP via Getty Images A military junta claimed to have seized control in the West African country of Guinea and detained President Alpha Conde, casting uncertainty over key bauxite and iron ore supplies.The coup, carried out on Sunday by an elite special forces unit led by 41-year-old Col. Mamady Doumbouya, is the latest in a series of power grabs in the region over the past year, including in nearby Mali and Chad.Doumbouya has claimed the army was forced into action amid rampant corruption, human rights abuses and economic mismanagement under Conde, but the move has been condemned by the U.N., the African Union and regional body ECOWAS.The elite unit on Monday allowed travel to resume through checkpoints in the capital of Conakry, barred government officials from foreign travel and lifted a curfew in mining areasWhat's more, it has imperiled minerals and mining endeavors which are crucial to the country's economy and global supply chains, according to experts.Iron oreGuinea's 110-kilometer Simandou range hosts one of the largest untapped iron ore deposits in the world, containing more than 8.6 billion tons of ore with an average 65% iron content, according to the country's National Institute of Statistics.Simandou is situated in the remote southeastern interior of the country, a vast distance from Conakry and the western coastline that must be reached to access the global seaborne market for iron ore."The infrastructure demands of the project are consequently massive in scale, complexity and cost, larger on all measures than the bauxite export industry that has been established in the country in recent years," said Andrew Gadd, senior steel analyst at CRU Group."Geopolitical risk has been one of many hurdles hindering progress of Simandou up until now and the military coup that is now unfolding in the country marks a significant deterioration in the prospects for successful development of the deposit." VIDEO3:0803:08Mining disruptions may be seen if Guinea coup worsens: Commodities expertSquawk Box Asia The Simandou project has been somewhat stagnant since its discovery in the 1990s as a result of political uncertainty, disputes over mining rights and cost concerns.The project would require massive railway and port infrastructure in a nation which ranks 160th out of 186 countries in per capita GDP, according to the IMF. Investors have been reticent about taking a leap of faith amid the ongoing risk that material prices could nose-dive.Despite recent progress on preparatory work, the project has yet to undergo a feasibility study."Sourcing the finances for Simandou has proved very difficult and the uncertainty generated by the current developments will challenge the commitment of interested parties," Gadd said.BauxiteGuinea has the world's largest reserves of bauxite, the globe's main source of aluminum. Prices of aluminum spiked to a 10-year high Monday on the London Metal Exchange amid fears of global supply disruption."For the country's booming mining sector, the situation could not come at a worse time. Miners now have little other option than to sit tight and await further clarity from the transitional authorities, but contract renegotiation or even expropriation cannot be discounted," said Eric Humphery-Smith, Africa analyst at risk intelligence company Verisk Maplecroft. KAMSAR, Guinea - View of the bauxite factory of Guinea's largest mining firm, Compagnie des Bauxites de Guinee (CBG), at Kamsar, a town north of the capital Conakry, taken on October 23, 2008. Guinea is the world's leading exporter of bauxite, an ore from which aluminium is produced.GEORGES GOBET/AFP via Getty Images "The upshot will be major supply disruption for the global bauxite market, as operations will likely remain shuttered for the coming days and potentially weeks."The Kremlin on Tuesday said it hoped the coup would not harm Russian business interests in Guinea, according to Reuters.Russian aluminum giant Rusal has vowed to maintain its three bauxite mines and one alumina refinery in the country despite the political upheaval.'Two steps backwards'The coup has brought down the curtain on almost a decade of political stability in Guinea. Humphery-Smith said it will likely embolden officer corps throughout the region, meaning that "neither democrats nor autocrats will sleep easy."Conde was accused in late 2020 of pushing through a constitutional amendment to secure a third term, a move that led to violent protests across the country.Cellou Dalein Diallo, leader of the main opposition FNDC movement initially launched to oppose Conde running for a third term, supported the coup in a statement Monday, claiming the takeover "completes" the work of pro-democracy groups opposed to CondÃ©'s retention of power. CONAKRY, Guinea - A government official escorted by members of Guinea's special forces walks into the Palace of the People in Conakry, Guinea, Sept. 6, 2021.Xinhua via Getty Images "While the feeling among many Guineans is jubilation, make no mistake that this is two steps backwards for both the country's democracy and economy. Recovering what until now was a stable and predictable operating environment is anything but a given," Humphery-Smith said.The centralized transitional authority will be ill-equipped to respond to localized grievances, he suggested, potentially escalating political and social unrest when elections are eventually scheduled.

The Taliban can’t mint cash and other Afghan business challenges: Ajmal Ahmady

07 Sep, 2021, 06:25PM | Livemint

There are optimistic suggestions that the hard-won integration of Afghanistan into the global economy will remain despite the ascendancy of the Taliban and the withdrawal of the US. A number of commentators have suggested that China — which the Taliban have declared their strongest ally — could become Afghanistan’s primary economic supporter and help the country stay part of the global system. That analysis is unrealistic. For one, it ignores the sanctions regime imposed by the international community on the Taliban. Those restrictions apply not only to financial transactions, but to business ones as well. All companies — not only banks — must comply with the framework against financing terrorism and money laundering. The central bank of Afghanistan (DAB) — which I presided over until the fall of Kabul in August — worked with its international partners to prohibit such transactions. Now, Afghanistan and DAB under the Taliban are likely to be treated as sanctioned entities by the rest of the world. MORE FROM THIS SECTIONSee All Premium Premium Tribunal trouble Premium Premium What do foreign buyers look for in Indian IT firms? Premium Premium America’s troublesome self-deception over the Taliban Premium Premium Anxiety about gaming should be over money and not morals In addition to the financial implications, there will be three additional consequences to this situation. First, Afghanistan’s physical money supply will be impaired. This is because the central bank does not print its own currency: DAB typically receives afghanis produced by specialist firms overseas. The bank expected 2 billion afghanis in small-denominated notes from a Polish currency company in August. It had also signed a contract with a French firm for the supply of another 100 billion afghanis for the following year. I am relatively certain that these deliveries cannot be made. Second, the $7 billion Turkmenistan-Afghanistan-Pakistan-India natural gas pipeline project (TAPI) will likely not proceed. This pipeline would have brought 33 billion cubic meters of natural gas annually from the Turkmen Galkynysh field — the world’s second largest — to Pakistan and India. It would have generated a few hundred million dollars in transit revenues for the Government of Afghanistan. I know this issue well because for five years I was Afghanistan’s representative on the project’s board. I helped move the pipeline from just a vague goal conceived during the previous Taliban regime to a realistic project. Engineering work had been completed, bilateral agreements signed and the land acquisition process begun. The project company had short-listed a number of European firms to supply the steel piping, valves and construction work. We had even identified financing from various export credit agencies and insurance companies. A Taliban delegation visited Turkmenistan earlier this year to assure the government there that a Taliban regime would provide security for the pipeline. I remember the visit because a car bomb exploded under the TAPI project manager in Kabul that same day. (Fortunately, he survived.) In any case, whatever assurances the delegation provided to Turkmenistan, the Taliban do not fully understand the complexities of the project. As a result of the sanctions regime and security concerns, European companies will not be able to provide equipment or the financing. They will certainly not be able to obtain insurance for the project. For now, the project has to be assumed to be dead. Third, hopes to profit from the country’s mineral resources have to be scaled back — or abandoned. This includes the Aynak copper mine, one of the largest untapped sources in the world, which the Metallurgical Corporation of China acquired rights to in 2008. Or the Hajigak iron ore mine, a mine with world-class iron ore content, for which an Indian firm signed a contract. There’s also the Amu-Darya oil basin, where the China National Petroleum Corporation has the rights to drill. Each of these projects requires international financing and more. It is unlikely that any reputable company would involve itself in such projects now. The risks are simply too high. TRENDING STORIESSee All Premium Sebi allows T+1 settlement for stocks Premium Heavy to very heavy rainfall likely in these states til .... Premium Multibagger stock: IRCTC shares surge 10 times of IPO i .... Premium Karnataka govt urges people to defer plans to visit Ker .... In addition, economic programs to support trade are likely to be curtailed. As economic advisor to the president of Afghanistan, I developed an air cargo support program that helped increase exports by more than $100 million per year. We exported pine nuts to China, fresh fruit to India, rugs to Turkey and handicrafts to Europe. However, with reduced fiscal space, it is likely that government support for these air corridors will become unsustainable. There are analysts who suggest that the Taliban may turn to Islamabad for help. But Pakistan’s economy is hardly up to the challenge. Pakistan has only $20 billion in international reserves. Though this is double what Afghanistan has, Pakistan has to deal with a gross domestic product 14 times as large. What’s more, the country has a 90% debt-to-GDP ratio, high for a developing market. China has recently stepped back from investments in Pakistan due to security concerns. The Taliban will face the same economic challenges as the previous regime — but under sanctions and with much less international financial support. Afghanistan’s new rulers must face this reality, form an inclusive government and adhere to international standards. Otherwise, they will further impoverish themselves and the Afghan people. Ajmal Ahmady was governor of Da Afghanistan Bank, the central bank of the country, from June 2020 to August 2021. He was previously the minister of industry and commerce and senior economic adviser to the president of Afghanistan. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Rupee plunges 32 paise to close at 73.42 against US dollar

07 Sep, 2021, 05:20PM | Business Standards

The rupee plunged by 32 paise to close at 73.42 (provisional) against the US dollar on Tuesday, tracking a strong American currency in the overseas market and muted trend in domestic equities. Forex traders said the fall in the domestic unit was in line with other Asian peers. At the interbank foreign exchange market, the local currency opened at 73.12 and dropped to a low of 73.44 in the day trade. The domestic unit finally settled at 73.42 against the greenback, down 32 paise over its previous close. On Monday, the local unit settled at 73.10 against the greenback. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.22 per cent higher at 92.23. According to Dilip Parmar, Research Analyst, HDFC Securities, the rupee depreciated in line with other Asian currencies. "Profit booking in domestic equities, after touching lifetime high, and dollar outflows weighed on rupee. Traders expecting dollar outflow related to dividend from a steel company and central bank's intervention could add pressure on the local currency," Parmar said. Brent crude futures, the global oil benchmark, fell 0.01 per cent to USD 72.21 per barrel. On the domestic equity market front, the BSE Sensex ended 17.43 points or 0.03 per cent lower at 58,279.48, while the broader NSE Nifty declined 15.70 points or 0.09 per cent to 17,362.10. Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 589.36 crore, according to the exchange data. (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.)

Here's why CLSA is bullish on ITC; sees the stock Rs 265 levels in a year

07 Sep, 2021, 03:07PM | Business Standards

The elephant may just have been prepping for a dance. ITC, the fast moving consumer goods (FMCG) stock that has relatively been comatose at a time when its peers and the overall markets delivered a healthy return, may be on the verge of changing the shape of its business, suggests a recent note by CLSA. The brokerage believes that the ITC’s FMCG business is firmly on path for a profitable scale-up and expects this business vertical to deliver around 31 per cent compounded growth in earnings before interest, taxes, depreciation and amortisation (Ebitda CAGR) over FY20-24 on the back of industry tailwinds, margin levers and improving asset utilisation. ALSO READ: Puri's 'Next' strategy drives ITC into smart FMCG, hotels, agri innovation Over the past four years, ITC's FMCG business margin has risen 640 basis points (bps), which according to CLSA, is likely to improve over the next few years. That apart, renewed efforts in the home and personal care business segment and leveraging the increased demand for hygiene products should yield good results for the company over the next few years, the note said. “ITC's FMCG business is shaping up well for a K-shape acceleration with scale driving margin expansion even as capital intensity falls. We expect another 362 bps of margin expansion for the FMCG business. This should drive a doubling of its Ebitda to around Rs 27 billion (FY21: Rs 13 billion) and ROCE to 20 per cent over FY21-24CL,” wrote Chirag Shah and Nitin Gupta of CLSA in a recent report. They have a buy rating on the stock with a 12-month target price of Rs 265. ALSO READ: ITC, Sun Pharma, Tata Steel: Strategies for FY22 Sensex winners and losers At the bourses, however, the stock has been a laggard since the past one year in the Nifty FMCG pack, rallying just 12 per cent as compared to 30 per cent rally in the Nifty FMCG index and 53 per cent rise in the Nifty 50, ACE Equity data show. (See table below) On Tuesday, the stock was among the top gainers on the BSE, rallying 2.3 per cent in intraday trade to hit a high of Rs 214.25. Given the road ahead for the next few years, CLSA finds the stock valuations attractive at the current levels with a record-high PE discount to the FMCG average (57 per cent) and a 6 per cent dividend yield. “Falling capex, the asset-light model for its hotel business and a sharp increase in its dividend payout (102 per cent for FY21) should progressively address investor concern over capital allocation. The FMCG business trades at 2.5x FY23 EV/sales (38x implied PE). Valuations are attractive for ITC to consider buyback ($3.7 billion of liquid assets),” CLSA said. The risks Despite these positives, some analysts remain cautious, especially given the share of cigarettes business (48 per cent) in the overall revenue mix for the company. An increase in illicit cigarettes, anti-smoking regulations, sharp goods & services tax/cess hikes, and aggressive diversification in the healthcare sector are some of the risks CLSA cites to their positive view. A similar view is shared by analysts at Edelweiss Securities, who believe the high incidence of taxation and strict regulatory norms on cigarette usage in public and packaging remain a threat. "Growing contraband market of cigarettes also poses a significant threat for the cigarette business. Slowdown in the macro-economic environment is a major threat to hotels business. SUUTI stake sale is a likely overhang on the stock," wrote Abneesh Roy and Tushar Sundrani in a recent note. ITC stock performance

JSPL steel output grows 6% in August; sales up 4%

07 Sep, 2021, 12:03PM | Livemint

MUMBAI : Steelmaker Jindal Steel and Power Limited (JSPL) on Tuesday said its steel production increased 6% year-on-year to 6.6 lakh tonne in August. Sales volume also increased 4% y-o-y to 7.1 lakh tonne during the month, JSPL said in a statement. MORE FROM THIS SECTIONSee All Premium Premium Staffing startup Gigforce raises $3 million from Endiya .... Premium Premium Amazon India signs MoU with Gujarat govt to boost expor .... Premium Premium Embassy REIT raises ₹300 crore via NCD issue Premium Premium Piramal’s IndiaRF Fund to invest Rs615 cr in Setco Group Part of the OP Jindal Group, JSPL has a presence in steel, power and mining sectors. "Notwithstanding subdued construction activities due to the ongoing monsoons in August, the company has maintained strong momentum in sales and production," it said. Shares of JSPL were trading at ₹393.35 on the BSE, up nearly 1% on Tuesday. “JSPL is committed to achieving its yearly sales and production targets, we hope the domestic demand will rebound sharply once the monsoon season is over. The government of India is pushing its infrastructure projects, and this will help steel players to ride the growth momentum", said VR Sharma, managing director, JSPL. The company has investments worth ₹90,000 crore across the globe. JSPL expects to pare debt and meet its carbon emission goals with the divestment of its entire stake in its thermal power unit to Worldone Pvt. Ltd, a promoter group company. MINT PREMIUM See All Premium 4 ways to play the EV opportunity Premium India’s largest state economies report growing momentum ahead of festivals Premium The ABC of introducing children to finance & investment Premium Meet India's richest professional CEO Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

JSPL steel output grows 6 pc in August; sales up 4 pc

07 Sep, 2021, 11:35AM | Economic Times

Steelmaker JSPL on Tuesday said its steel production increased 6 per cent year-on-year to 6.6 lakh tonne in August. During the month, its sales volume also increased by 4 per cent y-o-y to 7.1 lakh tonne, Jindal Steel and Power Limited (JSPL) said in a statement. "JSPL's sales increased to 7.1 lakh tonnes, up 4 per cent y-o-y. Production stood at 6.6 lakh tonnes, up 6 per cent y-o-y," the statement said. Notwithstanding subdued construction activities due to the ongoing monsoons in August, the company has maintained strong momentum in sales and production, it added. JSPL Managing Director (MD) V R Sharma said, "We hope the domestic demand will rebound sharply once the monsoon season is over. The government of India is pushing its infrastructure projects and this will help steel players to ride the growth momentum". Part of O P Jindal Group , JSPL has a presence in steel, power and mining sectors. The company has investments worth Rs 90,000 crore across the globe.

This multibagger stock has risen 103% this year. Motilal Oswal sees more upside

07 Sep, 2021, 10:31AM | Livemint

Shares of APL Apollo Tubes have outperformed by giving multibagger returns as the stock has rallied more than 260% in a year and has surged over 100% in 2021 (year-to-date). From trading over ₹480 per share level in September 2020, the stock level has jumped to ₹1,750 apiece currently. India's leading structural steel tubes producer APL Apollo's multi-product offerings include varieties of Pre- Galvanized Tubes, Structural Steel Tubes, Galvanized Tubes, MS Black Pipes and Hollow Sections, making APL Apollo among the leading branded steel products manufacturers in India. MORE FROM THIS SECTIONSee All Premium Premium Healthium Medtech files draft papers with Sebi to raise .... Premium Premium Why investors are closely watching textile stocks Premium Premium Rakesh Jhunjhunwala portfolio: Experts recommend 'buy' .... Premium Premium Gold price today fall for second day in a row, silver r .... Domestic brokerage Motilal Oswal has initiated coverage on APL Apollo (APAT) with a ‘Buy’ rating and sees further upside on this multibagger stock. It expects strong volume growth and improved profitability due to higher demand across product segments, launch of new products under the parent company and newly merged entity: Tricoat, robust distribution network, leading to increase in market share, along with increased cross-selling opportunity from the merger, and increase in the share of VAP is driving margin and profitability. “APAT’s diversified product portfolio and pan-India presence helps in mitigating concentration risk. Higher sweating of assets (capacity utilization at 63%) will lead to kicking-in of operating leverage and better profitability. Robust distribution network, along with warehouses, higher retail network, and SKUs are expected to improve last-mile connectivity," Motilal Oswal said in a note on Tuesday. The brokerage's Buy rating comes with a target price of ₹2,065 per share. It expects the stock could fetch similar valuation as its peers in the Building Material space, due to its leadership and low-cost position in the Structural Tubes business, strong return ratio profile, and lower working capital days. The recent merger of Tricoat into APAT is expected to improve sales volume due to newer cross-selling opportunities and higher consolidated ad spends, which is likely to improve its brand presence and image. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. MINT PREMIUM See All Premium The ABC of introducing children to finance & investment Premium Meet India's richest professional CEO Premium Tracking India's green hydrogen revolution Premium The many reasons why Jet won't be flying any time soon Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Metals Planet on the path to revolutionise non-ferrous metals segment with digitisation

07 Sep, 2021, 10:30AM | Economic Times

Helping smaller sellers of non-ferrous metals with buyers across India, ‘Metals Planet’, an e-commerce B2B marketplace, has successfully utilising digitisation as an enabler. This platform is now exploring tremendous revenue potential for the entire sector. Digitisation in every realm of business transactions is now a significant advantage for both sellers and buyers. In India, smaller sellers no longer need to restrict operations within a limited regional area. They can confidently surge forth and capture a more significant part of a global market and increase their visibility. Metals Planet , a thriving e-commerce marketplace, has been shaping the non-ferrous metals segment with its consumer-friendly approach. TAPPING IMMENSE POTENTIAL: Buyers do not need to restrict business possibilities with only a handful of known sellers. Opting for bestsellers from any location has become possible digitally. Any non-ferrous metal supplier can now have the confidence to reach out, pitch, take order and supply material to a buyer at their mutually pre-decided price and at the best quality they wish to stick to. This has increasingly been possible due to digitisation in the sector. Thanks to the Metals Planet platform - The possibilities of e-commerce have unfolded many new opportunities for small sellers and buyers in India. Metals Planet e-commerce marketplace has also shown that with digitisation, revenue potential indeed becomes higher and benefits everyone, from a worker to the seller and manufacturer, the transporter , and the final buyer. THE JOURNEY OF ‘METALS PLANET’: Right since the inception of Metals Planet e-commerce marketplace in February in the Year 2021, the team observed and monitored the growth of metal traders, manufacturers and fabricators from smaller towns and cities. Most of them have been eager to use e-commerce to purchase of raw materials, especially from building, construction, electrical and electronics. This was highly helpful during Covid-19 pandemic days too. Metals Planet quickly established its positioning as an integrated platform from checking the material, comparing price and placing orders by buyers, creating a proforma invoice, E-invoice and E-way bill by sellers and finance and logistics. Its contribution in Digital India initiative is high by facilitating the MSME sector of non-ferrous metal suppliers to do transactions online in metro cities and in tier two and three cities. On the platform, buyers can buy all non-ferrous (Aluminium Ingots, billets, wire rods, ADC-12, Copper Cathode, Copper wire rods, bus bars, magnet wires, Zinc Ingots, ZAMAK, Tin Ingots, Lead Ingots, Nickel Cathode, etc.) and ferrous metals (Pig Ingots). HIGH GROWTH POTENTIAL: As per KPMG report: Indian demand for non-ferrous metals is expected to grow at 8 percent between 2016 and 2021. In a report published in Economic Times in February 2021 stated: A sharp rise in global demand for non-ferrous metals like copper, aluminium and zinc along with their products, has dramatically helped the Indian engineering exports brave through the Covid-19 pandemic hit world trade, an EEPC (Engineering Exports Promotion Council) India analysis has shown. A near 16 per cent increase in overall engineering exports during January 2021 over the same month last year was influenced by a sharp rise of 66.66 per cent in shipments of copper/products to USD 138.50 million from USD 83.10 million. Likewise, zinc and products witnessed an increase 39 per cent in shipments to USD 72.17 million from USD 52 million. Exports of aluminium and products went up by 21 per cent to USD 512 million from 423 million for the month on an annualised basis. ''The non-ferrous metals are in great demand in the international market thanks to their usage in electric vehicles and their batteries as the world moves towards cleaner energy,” EEPC India Chairman Mahesh Desai said. EASY FINANCING SCHEMES: In view of the growth forecast, Metals Planet has made arrangements to provide easy financing to buyers with ‘purchase cards’ through partner banks. With the ease of work with technology, buyers save time and also cost on material search, price discovery, faster order placement and follow-ups. Metals Planet e-commerce marketplace also provides safety and security of payment made towards the purchase of material with return and refund policy. Buyers can bid for their target price and buy from sellers who opted to sell material based on MCX (Multi Commodity Exchange) & LME (London Metals Exchange) price formula as well. Metals PlanetMetals Planet For more details, simply log on to: https://metalsplanet.com/ Disclaimer: This article has been produced on behalf of Metals Planet by Mediawire team.

NMDC cuts iron ore prices by Rs 1000/tonne

07 Sep, 2021, 07:47AM | Economic Times

New Delhi: Mining major NMDC on Monday said it has slashed prices of lump ore and fines by ₹1,000 per tonne. In a filing to BSE, the company said price of lump ore has been fixed at ₹6,150 per tonne and that of fines at ₹5,160 a tonne. The revised prices exclude royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (NMET), cess, forest permit fee and other taxes, NMDC said. It added that the new rates are effective from September 4, 2021. In the last revision announced on August 6, 2021, NMDC had fixed the price of lumps or high-grade iron ore at ₹7,150 per tonne. The price of fines, which are inferior grade ore, was fixed at ₹6,160 per tonne. Any change in the rates of iron ore impacts the prices of steel. NMDC, under the Ministry of Steel , is the country's largest iron ore producer.

Market LIVE Updates: Sensex down over 100 pts, Nifty above 17,300; FMCG gains

07 Sep, 2021, 07:33AM | Livemint

Indian indices shed gains after opening slightly higher on Tuesday. Global shares posted their longest winning streak in three months on Monday, aided by hopes U.S. interest rates would stay low for longer and talk of more stimulus in Japan and China. 07 Sep 2021, 11:50:34 AM IST L&T trades lower L&T's stock was trading at ₹1,686.35 apiece, down 0.50% at 11:49 am. The company has secured a contract in the range of ₹1,000-2,500 crore for its water effluent treatment business. NSE BSE listElement-graph-11630995631635-100510 listElement-graph-11630995631635-100510 Share Via 07 Sep 2021, 11:39:30 AM IST Birlasoft gains Birlasoft's stock was trading at ₹411.70 apiece, up 0.60% at 11:38 am. The company announced a global, strategic partnership with Freshworks Inc NSE BSE listElement-graph-11630994968866-132400 listElement-graph-11630994968866-132400 Share Via 07 Sep 2021, 11:37:37 AM IST Sector Watch: telcos gain View Full ImageVi, Airtel gain Share Via 07 Sep 2021, 11:35:36 AM IST Why coffee stocks are surging today? Top stock picks from experts Stock market today: On account of skyrocketing coffee prices due to demand-supply constraint, both coffee stocks and coffee future prices are surging. In Tuesday's early deals, Tata Coffee share price shot up around 5.50 per cent, Continental Coffee or CCL Products (India) stocks surged around 4 per cent, Coffee Day Enterprises or CCD shares added 2 per cent. According to stock market experts, this bull run in the coffee stocks may further keep up as this demand-supply constraint is expected to continue on crop failure in Brazil and Vietnam. (Read more) Share Via 07 Sep 2021, 11:26:47 AM IST Bharat Electronics gains Bharat Electronics' stock was trading at ₹196.45 apiece, up 0.56% at 11:25 am. German co SFC Energy has signed an MoU with BEL for developing market for low-emission, off-grid power supply. NSE BSE listElement-graph-11630994204807-100049 listElement-graph-11630994204807-100049 Share Via 07 Sep 2021, 11:23:27 AM IST Amicus Insurance Brokers merges with First Policy Insurance First Policy Insurance Brokers has announced the merger of Amicus Insurance Brokers with itself. The deal received an in-principle approval from the Insurance Regulatory and Development Authority of India (Irdai) on 5 August. The merger process needs to go through a few more closure formalities, as specified in the Companies Act. Amicus Insurance chairman Jitendranath Nayer will join First Policy's board. Share Via 07 Sep 2021, 10:58:26 AM IST Dabur, ITC drive gains View Full ImageNifty FMCG index Share Via 07 Sep 2021, 10:56:26 AM IST Panacea Biotec gains The company's stock was trading at ₹316.90 each, down 7.57% at 10:54 am. The company has started the supply of key components for Sputnik V vaccine. NSE BSE listElement-graph-11630992380148-131349 listElement-graph-11630992380148-131349 Share Via 07 Sep 2021, 10:48:55 AM IST PSU news: Govt eyes FII investment in LIC IPO; Sep 15 cutoff for Air India bids -The Centre is eyeing proposal to allow FII?FPI investment in LIC pre-IPO-Eyes Sep 15 deadline for Air India bids-To decide on reserve price for Air India after receiving bidsCNBCTV18 reported citing people familiar with the matter Share Via 07 Sep 2021, 10:36:00 AM IST Deutsche Telekom nears $5.9 bn sale of Dutch unit Deutsche Telekom AG is nearing a deal to sell its Dutch unit, which could fetch around 5 billion euros ($5.9 billion) and rank as one of its largest divestments of recent years, people familiar with the matter said. The German company could announce a sale of T-Mobile Netherlands in the coming days after collecting final bids last week, the people said, asking not to be identified because the information is private. A consortium backed by Warburg Pincus and Apax Partners is seen as a strong contender, though other suitors have also been vying for the business, the people said. The sale also attracted interest from Apollo Global Management Inc. and Indian billionaire Mukesh Ambani’s Reliance Industries Ltd., Bloomberg News has reported. No final decisions have been reached, and negotiations on a potential deal could drag on longer or fall apart, the people said. Share Via 07 Sep 2021, 10:33:57 AM IST George Soros calls BlackRock’s China investment ‘tragic mistake’ George Soros criticized BlackRock Inc.’s China push as a risk to clients’ money and U.S. security interests, in the billionaire financier and philanthropist’s latest broadside against investment in the world’s second-largest economy. “Pouring billions of dollars into China now is a tragic mistake," Soros wrote in an op-ed in the Wall Street Journal. “It is likely to lose money for BlackRock’s clients and, more important, will damage the national security interests of the U.S. and other democracies." Share Via 07 Sep 2021, 10:32:35 AM IST Brent oil edges higher with China trade showing surprise surge Brent oil edged higher following two days of losses with China posting an unexpected gain in export growth, adding to positive economic signs emerging from key energy consumers. Futures in London rose 0.5% toward $73 a barrel. Chinese export and import growth in August exceeded estimates from economists surveyed by Bloomberg, with overseas crude inflows climbing to a five-month high. The robust trade data adds to a bullish outlook in Europe, where oil demand has rebounded following months of lockdowns due to the comeback of covid-19. The trade figures will “alleviate some of the slowdown fears about China," said Jeffrey Halley, a senior strategist for Oanda Asia Pacific Pte. “Those numbers may help oil prices stay upbeat for the rest of the session." (Bloomberg) Share Via 07 Sep 2021, 10:22:03 AM IST Realty, banks drag View Full ImageNifty sectoral indices Share Via 07 Sep 2021, 10:19:47 AM IST Rupee slips 5 paise to 73.15 against US dollar in early trade Share Via 07 Sep 2021, 10:17:52 AM IST Gold steady as doubts emerge over early Fed taper Gold prices were steady near recent highs on Tuesday, supported by expectations that the U.S. Federal Reserve would delay a tapering in its pandemic-era asset purchases, while the European Central Bank's meeting this week was also in focus. Spot gold was steady at $1,823.92 per ounce by 0336 GMT, while U.S. gold futures fell 0.4% to $1,826.20. Prices had hit a 2-1/2-month high last week, after soaring COVID-19 cases driven by the Delta variant slammed a recovery in U.S. job growth in August. (PTI) Share Via 07 Sep 2021, 10:17:14 AM IST Flipkart founder files to launch vehicle to invest in Vanguard ETF Share Via 07 Sep 2021, 10:04:37 AM IST Passenger vehicle retail sales increase 39 pc in August: FADA Automobile dealers' body FADA on Tuesday said retail sales of passenger vehicles (PV) in August increased by 39% year-on-year to 2,53,363 units. According to the Federation of Automobile Dealers Associations (FADA), PV sales stood at 1,82,651 units in August 2020. Two-wheeler sales rose 7% to 9,76,051 units last month, compared to 9,15,126 units in the year-ago period. Commercial vehicle sales surged 98% to 53,150 units last month against 26,851 units in August last year. Three-wheeler sales saw a rise of 80% to 30,410 units last month from 16,923 units in the year-ago period. The total sales across categories increased by 14% to 13,84,711 units in August as against 12,09,550 units in the same month last year. (PTI) Share Via 07 Sep 2021, 09:54:34 AM IST Axis Bank, IDFC First Bank top drags View Full ImageNifty bank index Share Via 07 Sep 2021, 09:53:26 AM IST Covid-19: India records 31,222 new cases, active cases fall below 4 lakh India reported 31,222 new COVID-19 cases in the last 24 hours taking the overall tally to 33,058,843, informed the Ministry of Health and Family Welfare on Tuesday. Of the 31,222 new cases, Kerala alone has reported 19,688 cases in the last 24 hours. (Read more) Share Via 07 Sep 2021, 09:52:25 AM IST Nuvoco Vistas reports ₹114 crore net profit in Q1 Nuvoco Vistas Corporation's stock was trading at ₹571.30 apiece, up 0.77% at 9:52 am. The cement manufacturer consolidated net profit for the first quarter (Q1) of the current fiscal came at ₹114.28 crore. The company's consolidated (including NU Vista Limited) revenue from operations stood at ₹2,202.97 crores for the quarter ending June 30, 2021. Share Via 07 Sep 2021, 09:49:55 AM IST Jindal Steel, MOIL drive gains View Full ImageNifty metals index Share Via 07 Sep 2021, 09:42:49 AM IST ICICI Bank, Infosys top Sensex drags View Full ImageIndex contribution Share Via 07 Sep 2021, 09:41:24 AM IST FMCG, metals gain View Full ImageNifty sectoral indices Share Via 07 Sep 2021, 09:40:14 AM IST Market opening View Full ImageSensex at open Share Via 07 Sep 2021, 09:09:00 AM IST El Salvador president unveils 200 bitcoin buy, price jumps El Salvador has bought its first 200 bitcoins, President Nayib Bukele said on Monday, an announcement that sent the price of the cryptocurrency rising one day before the country formally adopts it as legal tender alongside the U.S. dollar. Bitcoin temporarily climbed 1.39% to more than $52,600 on Monday afternoon, Refinitiv Eikon data showed, with a Reuters market analyst putting it on track for $56,000-$56,300. Earlier on Monday, Bukele tweeted that "our brokers will be buying a lot more as the deadline approaches". Share Via 07 Sep 2021, 08:49:27 AM IST Tesla plans fully-owned retail outlets in India: reports Share Via 07 Sep 2021, 08:34:35 AM IST Market outlook Markets are likely to be steady on Tuesday while trends in the SGX Nifty indicate a positive opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 58,296.91, up 166.96 points or 0.29% and the Nifty closed at 17,377.80, up 54.20 points or 0.31%. (Read more) Share Via 07 Sep 2021, 08:23:05 AM IST Stocks to Watch Axis Bank, BPCL, Edelweiss, Infosys, SBI CAP, among other stocks may be in the news today. (Read more) Share Via 07 Sep 2021, 08:15:28 AM IST Ami Organics vs Vijaya Diagnostic IPOs: Latest GMP, how to check share status Ami Organics vs Vijaya Diagnostic IPOs: After the closure of subscription, bidders are eagerly waiting for the finalisation of share allotment of Ami Organics and Vijaya Diagnostic Initial Public Offerings (IPOs). Amid buzz in chemical space, Ami Organics IPO got subscribed 64.54 times while Vijaya Diagnostic IPO got subscribed 4.54 times. On the basis of subscription levels, market observers said that grey market is also signaling that in regard to listing gains, Ami Organics has an edge over Vijaya Diagnostic. The tentative date of share allotment (8th September 2021) and listing date (14th September 2021) of the two public issues. Share Via 07 Sep 2021, 07:52:45 AM IST Cryptocurrency prices today: Bitcoin surges above $52,000, dogecoin, cardano slip. Latest rates Bitcoin prices today were trading with gains after El Salvador on Tuesday becomes the first country in the world to accept bitcoin as legal tender, despite widespread domestic skepticism and international warnings of risks for consumers. The world's largest cryptocurrency was trading at $52,534.39, up 1.5%. El Salvador bought 400 bitcoins ahead of the roll-out, with a market value of about $20 million at current prices. The country plans to buy “a lot more" of them, President Nayib Bukele said via Twitter, after buying the first batch of 200. (Read more) Share Via 07 Sep 2021, 07:33:32 AM IST Asia stocks steady as Japan jumps Asian stocks were bolstered Tuesday by a further rally in Japan, with traders also weighing the outlook for central bank stimulus support and the impact of the delta virus strain on economic reopening. Japan’s Nikkei 225 hit 30,000 for the first time since April. Equities slipped in South Korea but were steady in Australia. S&P 500 and Nasdaq 100 futures advanced ahead of a resumption in U.S. markets after a holiday. Treasury yields climbed and dollar dipped. Oil extended losses amid Saudi Arabia’s price cut for Asian buyers and demand threats from the outbreak of the delta virus variant. Bitcoin topped $52,000. El Salvador plans further purchases after buying 200 coins ahead of adopting the cryptocurrency as legal tender on Tuesday. In China, traders will monitor trade data for guidance on the state of the economy. Australia is due to revisit the question of whether to delay a planned taper of bond purchases as lockdowns sap the nation’s recovery. S&P 500 futures added 0.1% as of 9:31 a.m. in Tokyo.Nasdaq 100 futures increased 0.3%Topix index rose 1.2%Australia’s S&P/ASX 200 Index was little changedKospi index slipped 0.4%Hang Seng Index futures gained 0.2% Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Day trading guide for Tuesday: 9 stocks to buy or sell today — 7th September

07 Sep, 2021, 06:50AM | Livemint

Day trading guide for Tuesday: The upside momentum continued in the Indian markets on Monday and NSE Nifty closed with 54 points gain at 17,377 levels. The BSE Sensex appreciated 166 points and closed at record 58,296 levels. After opening on a positive note on yesterday, the market shifted into a narrow intraday range movement from early-mid to later part of the session. According to market experts, such patterns at the highs or crucial hurdles more often act as a reversal after the confirmations of decline in subsequent sessions. Therefore, any reasonable decline on Tuesday trade session could signal minor downward correction in the market. Trade view on Nifty MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala portfolio: Experts recommend 'buy' .... Premium Premium Gold price today fall for second day in a row, silver r .... Premium Premium Indiabulls Housing Finance, Nalco under F&O ban on NSE .... Premium Premium Markets likely to be steady; Infosys, Dish TV in focus Speaking on intraday trading tips; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend for Nifty continues to be positive. Though, Nifty formed a small range candle at the new highs, there is no immediate threat to a short term upside momentum for the Nifty. Initial upside targets for NSE Nifty to be watched is around 17,500 to 17,600 levels in the next few sessions. Immediate support for NSE Nifty is placed at 17,300 levels." Day trading stocks to buy today Sharing day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandep Matta, Founder, TRADEIT Investment Advisors; Kapil Goenka, Founder at Eternity Financial Services; Manoj Dalmia, Director and Founder, Proficient Equities; Mudit Goel, Senior Research Analyst at SMC Global Securities and Rohit Singre, Senior Technical Analyst at LKP Securities — recommended 9 shares to buy today. Sumeet Bagadia's stocks to buy today 1] Spencer's Retail: Buy at CMP, target ₹125 to ₹135, stop loss ₹108 2] IGL: Buy at CMP, target ₹585 to ₹600, stop loss ₹560 MINT PREMIUM See All Premium The ABC of introducing children to finance & investment Premium Meet India's richest professional CEO Premium Tracking India's green hydrogen revolution Premium The many reasons why Jet won't be flying any time soon Sandeep Matta's shares to buy today 3] Omaxe: Buy at ₹83.5, target ₹92 to ₹100, stop loss ₹74 4] Mahamaya Steel Industries: Buy above ₹99, target ₹110 to ₹118, stop loss ₹88 Kapil Goenka's day trading stock 5] Indo Count Industries Ltd or ICIL: Buy at ₹270, target ₹285, stop loss ₹262 Manoj Dalmia's stock of the day 6] Arvind Smartspace: Buy at ₹141, target ₹159, stop loss ₹133 Mudit Goel's intraday stock to buy 7] Tech Mahindra: Buy at CMP, target ₹1485, stop loss ₹1448 Rohit Singre's day trading guide 8] Navin Fluorine International Limited: Momentum buy at CMP, target ₹4230 to ₹4300, stop loss below ₹4070 9] Godrej Agrovet: Buy at ₹660, target ₹700 to ₹730, stop loss ₹630. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Retail? loans? take? lead? as corporate? demand?slips

07 Sep, 2021, 12:21AM | Livemint

MUMBAI : Aggregate borrowings by individuals have outstripped loans to businesses for the first time as banks aggressively push retail credit to make up for the lacklustre demand from companies. Outstanding retail loans stood at ₹28.58 trillion as of 30 July, while loans to industries stood at ₹28.24 trillion, the Reserve Bank of India (RBI) data showed. MORE FROM THIS SECTIONSee All Premium Premium SBICap eyes additional stake in Investec, says CEO Mehta Premium Premium Tracking India's green hydrogen revolution Premium Premium Jean-Paul Belmondo, French film's handsome devil, dies .... Premium Premium Ad man Sajan Raj Kurup acquires Rolling Stone India, Ma .... Given the size of corporate loans, their total outstanding had always exceeded retail credit until now. However, companies have shown little appetite for loans over the past year, and individuals have borrowed heavily to benefit from the low interest rates. View Full ImageCredit bump Share Via Loans to companies have remained sluggish for some time and grew 1% from a year ago as of 30 July. However, among large businesses, loans have shrunk the most at 2.9%. In contrast, retail loans outstanding have grown 11.2% from a year earlier as of 30 July, with borrowers choosing to pawn gold jewellery and take personal loans. Credit against the yellow metal rose 77.4%, albeit on a low base, to ₹62,412 crore as of 30 July, RBI data showed. Meanwhile, corporates continue to deleverage and explore alternative funding routes. MINT PREMIUM See All Premium The ABC of introducing children to finance & investment Premium Meet India's richest professional CEO Premium Tracking India's green hydrogen revolution Premium The many reasons why Jet won't be flying any time soon While capacity utilization at factories is improving, they are yet to reach pre-covid levels and, therefore, credit demand is low, a senior banker said on condition of anonymity. “The overall non-food credit growth continues to be driven by agriculture and allied activities, and retail segments during the month of July. Slower growth in industry and services segment continue to restrict the overall credit growth," Care Ratings said in a 1 September report. According to Care Ratings, overall credit growth is expected to be in the range of 7.5% to 8% in FY22, with a low base effect, economic expansion, ECLGS or sovereign-guaranteed loan support, and retail credit push. “The medium-term prospects look promising, with diminished corporate stress and increased provisioning levels across banks. Retail loan segment is expected to do well as compared with industry and service segments," it said. Bankers believe that as the economy recovers from the shock of the second covid-19 wave, the September and December quarters would see better corporate credit growth. They have lined up pipelines of sanctioned loans for corporate borrowers, which will be drawn based on the pace of demand recovery. “I am seeing that there will be a good amount of traction in corporate credit coming up from the end of Q2 or Q3 onwards. This is in anticipation that there are a good number of industries; for example, steel is doing extremely well, and many companies are going to enhance their capacity utilization by going for further investment," S.S. Mallikarjuna Rao, chief executive of Punjab National Bank, told analysts on 3 August. Similarly, State Bank of India chairman Dinesh Khara said on 4 August that he does not expect much of a challenge in growing the retail book in FY22 either. “When it comes to credit growth, we have seen that our commercial clients (mid-corporates) are seeing improvement in utilization in FY22. We are seeing that in certain sectors like iron and steel, there is an improvement in activities. We saw an under-utilization of about 30% last time when we met, but this time, in the commercial client group, it is 25%, a slight improvement," Khara said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Maruti Suzuki hikes prices by up to 1.9% due to increase in input costs

07 Sep, 2021, 12:06AM | Business Standards

The country's largest carmaker Maruti Suzuki India (MSI) on Monday said it has increased prices of its entire product range, except Celerio, by up to 1.9 per cent with immediate effect. In a regulatory filing, the company noted that it has taken the decision to hike prices due to an increase in various input costs. The weighted average price rise in ex-showroom prices (New Delhi) across select models is 1.9 per cent, it added. This is MSI's third price hike this year. The auto major has already raised prices in January and April this year, with an overall hike of around 3.5 per cent. At present, the company sells a range of models from entry-level hatchback Alto to S-CROSS, priced between Rs 2.99 lakh and Rs 12.39 (ex-showroom prices Delhi) lakh, respectively. The carmaker had last month said that a price hike was necessary, as it looks to protect its profitability amid a steep rise in commodity prices. MSI Senior Executive Director (Sales and Marketing) Shashank Srivastava had said there was no other option left for the company, but to increase prices to offset the impact of high commodity costs. He had said that steel prices have gone up from Rs 38 per kg last year to Rs 65 per kg in May-June this year. Similarly, copper prices have doubled from USD 5,200 per tonne to USD 10,000 per tonne. In the case of precious metals, the overall demand has gone up in various global markets and India due to the transition to stricter emission norms. Srivastava had said that the prices of precious metals like rhodium have increased from Rs 18,000 a gram in May 2020 to almost Rs 64,300 a gram in July. (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.)

Tracking India's green hydrogen revolution

07 Sep, 2021, 12:03AM | Livemint

What does the announcement mean? The cost of green hydrogen made by electrolysis is estimated to be around ₹350 per kg and the Centre plans to bring it down to ₹160 per kg by 2029-30. Ambani also said India can set even more aggressive target of achieving under $1 per kg new-age emission free fuel cost within a decade. Such low pricing will make India’s plan to build green hydrogen plants to run on electricity produced by green energy sources a value proposition. Apart from providing grid-scale storage solutions and feedstock for ammonia production, hydrogen can be used for fuel cells and is being leveraged for mobility applications and transportation. Is all that glitters really gold? Green hydrogen is produced by splitting water into hydrogen and oxygen using an electrolyzer powered by electricity from green energy sources such as wind and solar. With most parts of India receiving 4-7 per kilowatt-hour (kWh) of solar energy per square metre per day, the green hydrogen play looks like an ideal solution to help India meet its energy needs. India’s large landmass and low wind and solar tariff can be leveraged to produce low-cost green hydrogen and ammonia for exports, thus bolstering India’s geopolitical heft. Prime Minister Narendra Modi on 15 August announced a National Hydrogen Mission. View Full ImageSarvesh Kumar Sharma/Mint Share Via Will this result in large savings? India spends around ₹12 trillion annually for its energy needs. Any savings because of reduced energy imports following the domestic ramp up of green hydrogen production will be a boon. The valuable foreign exchange savings can be deployed towards infrastructure creation, health and education. It will also help India meet its nationally determined contribution targets. What are the planned policy interventions? The Union government plans to implement the green hydrogen consumption obligation (GHCO) in fertilizer production and petroleum refining, similar to what was done with renewable purchase obligations (RPO). Also, India plans to shortly kick-start the play by calling bids for 4 GW electrolyzer capacity and extending the PLI scheme for manufacturing electrolyzers. Also, the draft Electricity Rules, 2021, floated by the power ministry have allowed green hydrogen purchase to help meet RPOs. What is being done at present? A raft of Indian firms, including NTPC Renewable Energy, have forayed into green hydrogen play. The NTPC unit is setting up India’s largest solar park of 4.75 GW in Gujarat and plans to make green hydrogen there on a commercial scale. NTPC has also called bids for setting up a pilot project for mixing green hydrogen with natural gas for the city gas distribution network. Input requirements are in place to drive production cost down with more than half of 817 GW of India’s electricity requirement is to be met from clean energy by 2030. MINT PREMIUM See All Premium Ahead of Ola launch, e-scooters approach a higher gear Premium Indian share markets open flat; telecom & IT stocks in focus Premium Mutual fund categories for the first-time investor Premium Why Yes Bank wants to get a new owner for Dish TV Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics Primer

MoP lays down strict rules to ramp-up coal supplies to power projects

06 Sep, 2021, 08:37PM | Livemint

NEW DELHI : As part of the union government’s attempt to ensure uninterrupted electricity supply from thermal power projects, captive coal mine production has been directed to meet 85% of their targets in a week and state electricity distribution companies (discoms) procuring power from imported coal fuelled projects have been asked to meet their demand from such plants within two weeks. Any failure to do will result in coal supplies to such states to be stopped. Also, coal supplies to power projects having more than 10 days fuel stock but with a plant load factor (PLF) of less than 40% and those projects having more than 18 days stock will be stopped. In addition, coal supplies to those projects having stocks ranging from 11 days to 18 days and a PLF of more than 40% will be halved. MORE FROM THIS SECTIONSee All Premium Premium Live events industry limps back with small gigs Premium Premium No decision on telecom relief package taken in Cabinet .... Premium Premium India's fintech market to triple to ₹6.2 lakh cr by 20 .... Premium Premium Flipkart partners with London-based fashion brand Urbanic PLF is a measure of output of a power plant, with a higher PLF indicating more output at a lower cost. In a reflection of revival of economic activity in the country, India’s electricity demand reached its highest since July 2019 to register124.8 billion units (BUs) in July this year, according to India Ratings and Research. The coal stocks have depleted at thermal power plants due to reasons such as increase in demand for electricity and lower generation by hydropower plants. “Captive coal mine companies have been given a notice of one week to increase their production to more than 85% of their targets’.If they fail,the supply of linkage coal to such states/Gencos would be regulated," union power ministry said in a statement. India’s power sector is the largest consumer of coal in the country, with state run Coal India Ltd (CIL) being the largest coal miner. Of India’s installed power generation capacity of 383.37 GW, the coal fuelled projects account for 53% or 202.67 GW. “Those States/DISCOMS who procure power from imported coal based power plants have been given a notice of two weeks to meet their power demand from these power plants.In case of failure, the supply of domestic coal to these Sates would be regulated," the statement added. These decisions were taken at a meeting held by union power secretary Alok Kumar and comes in the backdrop of India deciding to stop coal supplies for a week to plants having more than 14 days stock to free up around 1.77 lakh tonne of fossil fuel, to be redistributed to power plants having low stocks. India’s peak electricity demand recorded an all time high of 200.57 giga watt (GW) on 7 July. The demand is currently around 192-193 GW. MINT PREMIUM See All Premium Ahead of Ola launch, e-scooters approach a higher gear Premium Indian share markets open flat; telecom & IT stocks in focus Premium Mutual fund categories for the first-time investor Premium Why Yes Bank wants to get a new owner for Dish TV “Power plants having coal stock of more than 10 days but where plant load factor is less than 40 %, coal supply would be regulated to the extent of 100%.The coal supply to the power plants having coal stock of more than 18 days will also be regulated to the extent of 100%.The coal supply to the power plants having coal stock ranging from 11 days to 18 days and having PLF more than 40%, will be regulated to the extent of 50%," the statement said. This follows after union power and new and renewable energy minister Raj Kumar Singh had asked power secretary to look at the possibility of reducing the 14 days benchmark of coal stock at thermal power plants to 10 days for making more fossil fuel supplies to projects with “extremely depleted stocks." The government is working to leverage the country’s entire installed electricity generation capacity to meet India’s growing demand. As part of this strategy it is facilitating short term coal linkage auctions for those projects not having power purchase agreements (PPAs). Of CIL’ coal production target of 670 million tonne (mt) for the current financial year, the demand from the power sector is expected to account for around 545 mt. India’s overall coal requirement is expected to go up to 1,123 mt by 2023 from the present level of 700 mt. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Aluminum hits decade high after Guinea coup imperils bauxite supplies

06 Sep, 2021, 06:35PM | Livemint

Aluminum prices rose to their highest level in 10 years Monday after a military coup in mineral-rich Guinea threatened to snarl the lightweight metal’s supply chain. Three-month aluminum forward contracts on the London Metal Exchange rose 0.9% to $2,757 a metric ton, their highest level since early 2011. Shares of mining companies and aluminum producers also jumped. Hong Kong-listed shares of Russia’s United Co. Rusal PLC rose over 14% by the close of trading Monday, while Aluminum Corporation of China Ltd. rose over 5%. Australian bauxite miner South32 Ltd. rose 2.1% in Sydney. A faction of Guinea’s military on Sunday said they had suspended the country’s constitution and detained President Alpha Condé. The West African nation is a major global supplier of bauxite—crucial for the manufacturing of aluminum—and iron ore. Guinea exported 82.4 million tons of bauxite in 2020, making it the world’ largest exporter, according to metal’s brokerage Marex. Almost all bauxite is used to make alumina, which itself is used primarily to make aluminum. The army reopened the country’s land and air borders on Monday after closing them in the immediate aftermath of the coup. Any closure of the border would threaten to snarl the global bauxite supply chain, said John Meyer, a mining analyst at SP Angel. “Guinea’s coup is expected to add further supply pressures to the aluminum market, although new Chinese supply in the pipeline is anticipated to soften prices," Mr. Meyer wrote in a note to clients. The coup could pose problems for Chinese aluminum makers. China is the main destination for Guinea’s bauxite and Chinese companies have been crucial for the development of the nation’s bauxite reserves, according to Vivek Dhar, director of mining and energy commodities research at Commonwealth Bank of Australia. Guinea accounts for more than half of China’s bauxite imports, he said. Australian bauxite miners, on the other hand, may benefit, according to Mr. Dhar. Australia and Guinea compete for Chinese bauxite imports, and Australian companies could step in if Guinea’s supplies are disrupted, he said in a research note. “If the political instability in Guinea disrupts its bauxite exports, we expect bauxite prices to lift," he wrote. “Australia stands to benefit the most given its position as the world’s second largest bauxite exporter." MINT PREMIUM See All Premium Goldman’s Petershill to list $5 billion vehicle in London Premium Heir to $10 billion JCB Fortune forms fund for hydrogen bets Premium Children’s literacy losses mount as schools stay shut Premium 5 Indian pharma companies riding the vaccination wave Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Top headlines: SC refuses to defer NEET exam; NMDC reduces prices

06 Sep, 2021, 06:14PM | Business Standards

SC refuses to defer NEET-UG exam scheduled for September 12 The Supreme Court Monday refused to defer the National Eligibility-cum-Entrance Test (NEET)-UG examination, scheduled for September 12, saying it does not want to interfere with the process and it will be "very unfair" to reschedule it. A bench headed by Justice A M Khanwilkar said if students want to appear in multiple exams, then they need to prioritise and make a choice as there may never be a situation where everyone is satisfied with the date of exams. Read more Covid: DCGI approves Hetero's Tocilizumab for hospitalised adults Hetero, a globally renowned vertically integrated pharmaceutical organization, on Monday announced that the Drug Controller General of India (DCGI) has issued Emergency Use Authorization (EUA) for the generic version of Tocilizumab in India. Read more Maruti Suzuki hikes prices of its cars due to rising input costs India's largest carmaker Maruti Suzuki India said on Monday it has hiked prices of its cars due to rising input costs. "The weighted average price increase in ex-showroom prices (Delhi) across select models is 1.9 per cent. This is the third price hike by Maruti Suzuki this year. Read more NMDC reduces prices, steel companies roll over prices in September With domestic demand playing catch up and iron ore prices on the mend, steel companies have rolled over prices for the month. Three of the top steel producers said that prices for the month had been rolled over. Steel demand in the domestic market was impacted by the second wave of Covid-19, which reflected in a price correction in July. Read more

Traders return to London Metal Exchange’s 144-year-old ring

06 Sep, 2021, 05:49PM | Livemint

Traders prepared to return to the London Metal Exchange’s storied ring in a test of the City of London’s ability to bring back workers. Staff from the exchange’s eight dealing firms arrived early for work Monday, 18 months after Covid-19 swept through London and the 144-year-old LME closed the open-outcry ring for the first time since World War II. Dealers planned to check if equipment that matches trades and “squawks" orders back to their head offices was working before commencing trading that would determine prices used in metal contracts world-wide. The ring’s reopening came as the City awaited an influx of bankers, investors and lawyers who have mostly worked from home since March last year. Streets and stations in the historic financial district remain quiet. Companies such as JPMorgan Chase & Co. and Citigroup Inc. are encouraging staff to return after the summer vacation, though other big employers are delaying plans to bring back employees. Trading of copper and aluminum has shifted online since the coronavirus brought much of the world’s economy to a halt last spring and traders were forced to stop crowding into the LME’s circle of red couches. Executives at trading firms cheered the homecoming, but acknowledged that it carried risks when Covid-19 cases in the U.K. are on the rise. “’Inevitability’ is too strong a word, but you send your kids back to school and you just know that between now and Christmas, one of them is going to get Covid," said Marc Bailey, Chief Executive of Sucden Financial Ltd., a ring member. Some executives are concerned about whether traders will be able to get up to speed. Buying and selling in the ring depends on an arcane system of signals designed to prevent orders getting lost in the hubbub. Three fingers pointing up during the tin session, for example, means a dealer wants to buy the metal for a price ending in three. Traders are expected to know the previous digits. Asked what he would worry about on Monday, Mr. Bailey said: “The boys being a bit rusty." He hasn’t seen colleagues practicing trading gestures in the office. The LME, owned by Hong Kong Exchanges & Clearing Ltd., is anxious to stop the ring becoming a Covid-19 hot spot. Traders must be fully vaccinated or take quick Covid-19 tests twice a week. The exchange said it would measure temperatures, provide hand sanitizer and install a one-way system to avoid unnecessary interactions. A handful of trading floors in the U.S. reopened last year after a short hiatus. There have been individual cases, but no outbreaks, since traders returned to the New York Stock Exchange in May 2020, a spokeswoman said. About a third of JPMorgan’s London employees are back at the office, and Chief Executive Jamie Dimon is visiting the city this month for the first time since the start of the pandemic. Staff with no office time in their schedules will be required to start coming in from Monday, a person familiar with the matter said. MINT PREMIUM See All Premium Children’s literacy losses mount as schools stay shut Premium 5 Indian pharma companies riding the vaccination wave Premium Sensex, Nifty open at fresh record high; L&T and Reliance Industries top gainers Premium Will health insurance riders matter in a post-covid world? Citigroup has told most of its London staff to work at the office for at least three days a week from this month and Bank of America Corp. expects most of its employees to return by October, people familiar with the matter said. Trading in steel billet was due to get under way shortly before noon local time, followed by tin, aluminum, copper and other industrial metals. The London ring dates back to the early days of the industrial revolution, when merchants swapped metals around a sawdust circle at the Jerusalem Coffee House in London’s Square Mile. It is one of a handful of open-outcry venues to have survived the relentless advance of electronic trading, Covid-19 almost brought about the ring’s demise. The LME backed down from a proposal to shut the arena for good after Sucden and its rivals said the ring enables dealers to execute complex trades on behalf of clients such as miners. Some financial traders say the ring allows a coterie of companies to exchange information to which hedge funds and others aren’t privy. To appease this group, the LME said in June that closing prices used to assess the value of financial portfolios will continue to be calculated electronically. It was one of several changes the exchange has made. In 2019, Chief Executive Matthew Chamberlainbanned drinking on the job following criticism of an alcohol-fueled, macho culture in the ring, where dealers and other staff are predominantly male. There are question marks over the ring’s survival in the long run. It is one of the last holdouts of old-fashioned floor trading after CME Group Inc. said in May it would permanently close most of its pits in Chicago. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

NMDC reduces prices, steel companies roll over prices in September

06 Sep, 2021, 04:40PM | Business Standards

With domestic demand playing catch up and iron ore prices on the mend, steel companies have rolled over prices for the month. Three of the top steel producers said that prices for the month had been rolled over. Steel demand in the domestic market was impacted by the second wave of Covid-19, which reflected in a price correction in July. There was an increase in August in the global and domestic markets on the back of a cut in steel supply in China and now steel prices in the domestic market are being rolled over. On the raw material side, NMDC, the country’s largest iron ore producer, has reduced prices by around Rs 1,000 a tonne, the company informed the stock exchanges on Monday. Slide from peak Steel prices have been coming off its highs from June levels when hot rolled coil (HRC) – a benchmark for flat steel – touched Rs 71,000 a tonne. Flat steel is typically used in automobiles and domestic appliances. A major producer said that currently HRC prices were at around Rs 67,000 a tonne. According to CRISIL Research, long steel prices have seen a drop of 3-4 per cent (August 2021 versus June 2021) compared to 2-3 per cent in flat steel prices. Long steel is typically used in construction and railways. Domestic iron ore prices have fallen by 6 per cent in August 2021 over June 2021. With the Rs 1,000 per tonne drop in July 2021, iron ore prices would have seen a fall of 21 per cent in early September over June 2021, according to CRISIL Research. Factors impacting prices The recent correction in the market, seen for flat steel, has been due to three key reasons: fall in global steel prices, correcting domestic iron ore prices and weak domestic demand owing to second wave outbreak, auto production cuts, said Chaudhary. But international prices are still much higher than domestic prices and the gap is widening. “Domestic hot rolled coil (HRC) prices are at a discount of Rs 7,000-8,000 a tonne to export price parity and Rs 11,000-14,000 a tonne compared to import price parity. Despite this, we are focusing on ensuring stability in the market rather than going ahead with a price hike so that consumption picks up fully,” said Ranjan Dhar, chief marketing officer, ArcelorMittal Nippon Steel India (AM/NS India). Dhar also said, “For the first time, we need to make a distinction between demand and consumption. For instance, there is high demand in the auto segment, but consumption is not picking up as production is impacted due to semiconductor shortage.” Overall, there is demand from infrastructure, construction and auto segments, he said, though rural demand was impacted by lower monsoon. “It is improving month-on-month," Dhar, however, added. Going forward A major steel producer said that prices could increase in October with festive sales kicking-in. “We foresee flat steel prices to rise by 48-50 per cent in fiscal 2022 with a 26-28 per cent rise in long steel prices. Large steelmakers will see margin expansion of 550-650 bps on healthy top line growth,” said Chaudhary. That expectation is even as global coking coal prices (a major raw material for steel) have risen by over 30-35 per cent in August 2021 over June 2021 on supply disruptions in the global market. The cut in Chinese steel production in the second half is expected to be a major factor driving steel demand and prices.

IRCTC shares give breakout above ?3000. Should you buy at current levels?

06 Sep, 2021, 11:57AM | Livemint

IRCTC shares continued to rally for the second straight session on Monday with the Indian Railways' PSU hitting a new lifetime high of ₹3,040 per share in early morning deals. The Indian Railway Catering and Tourism Corporation (IRCTC) shares today surged more than 5.5 per cent hitting new lifetime high. As per the market experts, IRCTC shares may continue to climb new highs as it has given fresh breakout above ₹3000 today. They said that it may go up to ₹5,000 per stock levels in next 18 to 24 months. Speaking on the immediate IRCTC share price target; Sumeet Bagadia, Executive Director at Choice Broking said, "The stock has given fresh breakout today at ₹3,000 levels. One can buy this Indian Railways' PSU counter for immediate to short-term target of ₹3200 to ₹3400. However, one must maintain stop loss at ₹2800 while taking this position in IRCTC shares." MORE FROM THIS SECTIONSee All Premium Premium Top banker tells rich Indians to load up on foreign stocks Premium Premium Tata Steel’s rising profitability, integrated ops give .... Premium Premium 5 Indian pharma companies riding the vaccination wave Premium Premium Reliance Industries shares extend rally after a breakou .... Speaking on the reason for such rise in IRCTC shares; Ravi Singhal, Vice Chairman at GCL Securities said, "IRCTC share price rally is mainly because of the company's aggressive focus on its hospitality business. Market has a sense that IRCTC is trying to emerge as A to Z solution provider in hospitality business as it has been joining hands with aviation and surface transport service providers and at the same time it is tying up with hotels. It is also aggressively focusing on its food-supply business by inking deals with local food-chain players. So, IRCTC is no more going to remain just an e-ticket platform." Santosh Meena, Head of Research at Swastika Investmart Ltd said, "IRCTC share price is in strong bullish momentum where it has gained more than 100 per cent in 2021 and crossed the psychological level of ₹3000. The correction due to Covid-19 was a great opportunity for portfolio investors to latch onto it as everyone wanted to buy it before Covid-19 at any price because of its monopoly and future growth outlook. The reopening theme is getting momentum whereas it has a tailwind of stock split news. Railways' asset monetization plan is another trigger for its re-rating. The bullish momentum may continue while ₹3070 to ₹3100 is an immediate resistance zone; above this, it is likely to head towards the ₹3300 level. If it witnesses any profit booking from the ₹3070 ₹3100 resistance zone then ₹2775 to ₹2700 will be a good buying zone." On his view on IRCTC share price target, Ravi Singhal of GCL Securities said, "IRCTC is a portfolio stock and one should buy this counter for next 18-24 months target of ₹5,000 per equity levels." MINT PREMIUM See All Premium 5 Indian pharma companies riding the vaccination wave Premium Sensex, Nifty open at fresh record high; L&T and Reliance Industries top gainers Premium Will health insurance riders matter in a post-covid world? Premium RIL prepares a $5.7 billion bid for a telco in the Netherlands Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

SBI share price: Why analysts see more upside despite over 100% rise in a year

06 Sep, 2021, 11:54AM | Livemint

India's oldest and largest lender State Bank of India's (SBI) focus on strengthening its balance sheet has enabled a sharp decline in gross non-performing assets (GNPAs) in FY21, declined by around 43% over the past three years, while PCR increased to 68% at present (85% PCR on the corporate book) from 40% four years back. “Among PSU Banks, SBI remains the best play on a gradual recovery in the Indian economy, with a healthy PCR, Tier I of around 11.3%, strong liability franchise and improved core operating profit. While business trends were impacted by the lockdowns, loan growth is likely to recover gradually over FY22-23E," Siddhartha Khemka, Research Analyst at Motilal Oswal said. MORE FROM THIS SECTIONSee All Premium Premium Top banker tells rich Indians to load up on foreign stocks Premium Premium Tata Steel’s rising profitability, integrated ops give .... Premium Premium 5 Indian pharma companies riding the vaccination wave Premium Premium Reliance Industries shares extend rally after a breakou .... SBI’s earnings in FY21 have been more than the sum of what it did in the preceding five years (FY16-20). "Its FY22E earnings will be close to the sum of the past six years (FY16-21). It appears well positioned to report strong uptick in earnings, led by normalization in credit cost. This, along with expected uptick in core operating performance, will further propel earnings growth," Motilal Oswal note added. The brokerage has maintained its Buy recommendation on the PSU stock with a target price of ₹600 per share. It expects recovery trends to continue as the IBC process gathers pace after a long pause due to the COVID-19 outbreak. Under Emkay's high conviction list, it is overweight on largecap SBI and has ‘Buy’ rating on the stock. Meanwhile, brokerage firm ICICI Direct has a ‘Buy’ rating on India's biggest bank with a target price of ₹483 with a time horizon of three months. Shares of State Bank of India (SBI) have rallied over 107% in a year and has surged around 55% this year (year-to-date or YTD) alone. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. MINT PREMIUM See All Premium 5 Indian pharma companies riding the vaccination wave Premium Sensex, Nifty open at fresh record high; L&T and Reliance Industries top gainers Premium Will health insurance riders matter in a post-covid world? Premium RIL prepares a $5.7 billion bid for a telco in the Netherlands Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Tata Steel’s rising profitability, integrated ops give analysts confidence

06 Sep, 2021, 11:26AM | Livemint

As monsoon season may be coming to an end, analysts maintain a positive view on steel companies. Analysts at UBS Research in their 2 September note said they expect steel prices to remain higher for longer and hence raised target price for Tata Steel Ltd. Steel stocks had reported strong per-tonne profitability during the June quarter led by strong realizations. Improved realizations took care of volume impact of the spread of the pandemic leading to the lockdown. The stocks as that of Tata Steel Ltd, though, scaled fresh highs in mid-August. Nevertheless, they have been trading near the same levels since. MORE FROM THIS SECTIONSee All Premium Premium 5 Indian pharma companies riding the vaccination wave Premium Premium Reliance Industries shares extend rally after a breakou .... Premium Premium Top midcap stocks to buy: These are Motilal Oswal's picks Premium Premium Finance firms' higher digital spend is more than short- .... The weak demand in the country due to the ongoing monsoon season, some correction in steel prices and weak Chinese demand data for July, have kept investors slightly cautious. Analysts, though, maintain a positive view on demand and steel price outlook in the country. Analysts at UBS Research in their note said, “We still expect peak margins in FY22; however, steel prices, which could be higher for longer, lead us to raise estimates." Tata steel Ltd had reported record-high consolidated Ebitda for three successive quarters. During the June quarter, the company consolidated Ebitda of ₹16,100 crore (up 14% sequentially) despite the impact of the pandemic. The integrated operations of Tata Steel Ltd with captive iron-ore supplies also keep the confidence of investors and analysts firm. Higher iron-ore prices are not to impact profitability of the company. Factoring in the advantage of captive mining and the benefits of cost-saving initiatives, analysts at UBS Research have raised their domestic FY22/23 estimated Ebitda per tonne by 35-50% for Tata Steel. Besides continued deleveraging due to improved cash flows is also improving the company’s earnings prospects. Also, the turnaround in European profitability of the company is also adding to prospects. The ongoing restructuring is helping European operations as better international demand and steel realizations boost profitability. MINT PREMIUM See All Premium 5 Indian pharma companies riding the vaccination wave Premium Sensex, Nifty open at fresh record high; L&T and Reliance Industries top gainers Premium Will health insurance riders matter in a post-covid world? Premium RIL prepares a $5.7 billion bid for a telco in the Netherlands Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Wabag secures order in Malaysia for Petronas Refinery and Petrochemical Corporation

06 Sep, 2021, 10:44AM | Economic Times

Indian pure-play water technology Multinational group, Va Tech Wabag on Monday announced that it had secured an order worth $11.45 million from Dialog E&C Sdn. Bhd., Malaysia towards establishing a new Effluent Treatment Plant (‘ETP’) for Pengerang Integrated Complex in Johor, Malaysia. The company said it will be constructed for PRPC Utilities and Facilities Sdn Bhd (‘PRPC UF’), a subsidiary of Petronas Refinery & Petrochemical Corporation (PRPC). “This order was secured based on our technological pre-qualifications with PETRONAS. This order further consolidates our position as a pure-play water technology player in the Oil & Gas segment and in South East Asian market," S Natrajan, S&M Head – India Cluster - Va Tech Wabag said in a statement. Wabag shall be the technology vendor and provide design, engineering, procurement and supervision activities for the proposed ETP. Wabag shall design the ETP comprising of two-stage biological treatment, advance oxidation process, ammonia stripper and drier facility for sludge treatment. Wabag was amongst the few technology partners approved by PRPC for this project, based on its global reference in the oil and gas segment. Wabag has previously executed a $200 million state-of-the-art integrated ETP for Pengerang Integrated Complex which ensures reduction of contaminants below regulatory discharge requirements.

Reliance Industries shares extend rally after a breakout. Experts see more gain

06 Sep, 2021, 10:24AM | Livemint

Reliance Industries shares continued to rally for the second straight session on Monday with the index major hitting a new lifetime high of ₹2,477.4 per share in early deals. Reliance Industries share price today surged more than 3% hitting a new high, after the oil-to-telecoms conglomerate stock closed at record high level on Friday. Now, market experts see this rally in Reliance Industries shares to further continue as the large-cap stock has given fresh breakout after one year of consolidation and expect it to go up to ₹3,000 levels in the next 9-12 months. MORE FROM THIS SECTIONSee All Premium Premium Top banker tells rich Indians to load up on foreign stocks Premium Premium Tata Steel’s rising profitability, integrated ops give .... Premium Premium 5 Indian pharma companies riding the vaccination wave Premium Premium Top midcap stocks to buy: These are Motilal Oswal's picks Speaking on the fresh rally in Reliance Industries share price; Santosh Meena, Head of Research at Swastika Investmart Ltd said, "Reliance industries took leadership to take Nifty towards 17,500 levels where it has witnessed a breakout after one year of consolidation that may lead to a fresh leg of the bull run in this counter after a period of underperformance where ₹2500 is an immediate psychological hurdle." On what next for the shareholders, Mudit Goel, Senior Research Analyst at SMC Global Securities advised that one should continue to hold the stock for next immediate short-term target of ₹2600. On reasons for rise in the heavyweight, Ravi Singhal, Vice Chairman at GCL Securities said, "Reliance Industries Chairman Mukesh Ambani has recently announced to double the production of cheaper green hydrogen — announcing an aggressive foray into the green energy sector. Apart from this, after the Bharti Airtel's ₹200 ARPU (Average Revenue Per User) announcement, market is making an assessment about the Reliance Jio ARPU at around ₹160 to ₹170 — leading to rise in valuations of Reliance Jio. Apart from this, progress in Reliance Saudi Aramco deal (said to be worth around $25 billion) was already there. So, all these fundamentals have together worked in favour of Reliance Industries share price rally and this may continue for next 9 to 12 months." Aasked about the next levels that one can see in Reliance Industries shares; Santosh Meena of Swastika Investmart Ltd said, "As I said, ₹2500 is an immediate psychological hurdle but ₹2850 is an imminent target. On the downside, ₹2375 to ₹2275 has become a strong demand zone." Ravi Singhal of GCL Securities has recommended that one can buy the RIL stock around ₹2300 to ₹2400 per stock levels for 9-12 months target of ₹3000. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. MINT PREMIUM See All Premium 5 Indian pharma companies riding the vaccination wave Premium Sensex, Nifty open at fresh record high; L&T and Reliance Industries top gainers Premium Will health insurance riders matter in a post-covid world? Premium RIL prepares a $5.7 billion bid for a telco in the Netherlands Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sensex, Nifty open at fresh record high; L&T and Reliance Industries top gainers

06 Sep, 2021, 10:13AM | Livemint

Asian stock markets are trading on a positive note today amid an ongoing rally in Japan, sparked by the planned exit of the prime minister and as traders assessed the challenges for reopening underscored by slower US hiring. The Hang Seng and the Shanghai Composite are trading up by 0.4% and 1%, respectively. The Nikkei has zoomed 1.6%. In US stock markets, Wall Street indices ended mixed on Friday after monthly employment data from the labour department came in far weaker than had been anticipated. The Dow Jones Industrial Average fell 75 points, or 0.2% while the Nasdaq Composite Index rose 32 points, or 0.2%. Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty. The BSE Sensex is trading up by 303 points. Meanwhile, the NSE Nifty is trading higher by 84 points. Reliance and L&T are among the top gainers today. Tata Steel, on the other hand, is among the top losers today. Both, the BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.5%. Barring metal, all sectoral indices are trading in green with stocks in the energy sector and capital goods sector witnessing buying interest. Shares of L&T Infotech and Adani Transmission hit their 52-week highs today. The rupee is trading at 73.03 against the US$. Gold prices are trading down by 0.2% at ₹47,450 per 10 grams. Meanwhile, silver prices are trading up by 0.1% at ₹65,263 per kg. Crude oil prices extended losses today after the world's top exporter Saudi Arabia slashed crude prices for Asia over the weekend, signaling that global markets are well supplied. In news from the automobile sector, top automobile companies Maruti Suzuki, Toyota Kirloskar Motor and M&M are expecting sales to be better this festive season compared to last year. This announcement comes even as the chip shortage continues to make situation challenging with companies struggling to sustain production schedules. Automakers have witnessed robust demand so far and are now looking to spruce up supplies to dealers in order to serve customers during the peak of festive period in October. Maruti Suzuki’s senior executive director Shashank Srivastava said, At the moment demand looks ok. It is slightly better than last year. If we look at the bookings, enquiries, retails, these are robust. On the supply side of course we may have some adverse effects, we are monitoring that. Maruti’s current inventory level is around 23-24 days while the appropriate level would be 30 days, Srivastava noted. Meanwhile, M&M automotive division CEO Veejay Nakra noted that the opening up of the markets post the second wave has led to a rebound in overall demand and the early signs indicate a good festive season with strong demand compared to last year. Given the steep increase in overall input costs, especially due to the continuing rise in commodity price, M&M has taken calculated price hikes and taken necessary steps to reduce costs, he added. Automobile companies are caught up with the chip shortage crisis as they have announced that their output would be cut up to 40% due to the shortage. MINT PREMIUM See All Premium Will health insurance riders matter in a post-covid world? Premium RIL prepares a $5.7 billion bid for a telco in the Netherlands Premium Cairn fires fresh salvo at Air India in the US Premium How emerging economies bear the burden of the dollar hegemony The usage of semiconductors in the auto industry has gone up globally in recent times with technological advancements and new models coming with more and more electronic features. It remains to be seen how companies cope up with the demand during festive season amid the chip shortage. Moving on to stock specific news… ICICI Lombard General Insurance is among the top buzzing stocks today. Insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has granted the final approval for the demerger of the general insurance business of Bharti AXA General Insurance to ICICI Lombard General Insurance by way of a scheme of arrangement. ICICI Lombard stated it received the IRDAI letter granting final approval to the proposed scheme on 3 September. The appointed date for the scheme is 1 April 2020. The demerger and transfer of general insurance business, as envisaged in the scheme, will be effective in 3 days from the date of the final approval. IRDAI has also granted approval to ICICI Bank to bring down its stake in ICICI Lombard to 30%. Last year, ICICI Lombard entered into a definitive agreement to acquire Bharti Enterprises-promoted Bharti AXA General Insurance in an all-stock transaction. Based on the share exchange ratio recommended by independent valuers and accepted by the boards of the two companies, the shareholders of Bharti AXA shall receive two shares of ICICI Lombard for every 115 shares of Bharti AXA held by them. Bharti Enterprises currently owns 51% stake in Bharti AXA General Insurance, while French insurer AXA has 49%. Post demerger, Bharti AXA General Insurance will cease to be a going concern and both Bharti Enterprises and AXA will exit the non-life business. ICICI Lombard share price has opened the day down by 1.3%. Speaking of the insurance sector, have a look at the chart below which shows the investment assets of non-life insurers and life insurers over the past 10 years: Investment Assets of Non-Life Insurers 11x That of Life Insurers View Full Image. Share Via As per Tanushree Banerjee, Co-Head of Research at Equitymaster, the above chart is enough proof of how big an earning opportunity is the zero-cost float to the non-life insurers. Their investment assets under management is nearly 11 times that of life insurers. Back in April 2021, Tanushree recommended a high-quality stock from this space. If you are not a StockSelect subscriber, here's where you can sign up. This article is syndicated from Equitymaster.com Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Maruti Suzuki car prices to increase from today. 5 things you should know

06 Sep, 2021, 09:22AM | Livemint

Leading auto manufacturer Maruti Suzuki India Ltd has said that the increased prices of its cars will come into effect from today. In a regulatory filing on Monday, Maruti said that the prices are being increased to pass on some impact of additional input costs to customers. “In continuation to our earlier communication on 30th August 2021, please note that with effect from 06th September 2021. The Company announced a price change for select models owing to increase in various input costs," the company said in a regulatory filing. MORE FROM THIS SECTIONSee All Premium Premium ‘One of biggest reasons for success…’: What Zerodha's N .... Premium Premium Amazon considers more proactive approach to determine c .... Premium Premium RIL prepares a $5.7 billion bid for a telco in the Neth .... Premium Premium ‘We have increased the size of our fifth fund to ₹1,00 .... The increase in car prices will be around 2% across the country. “The weighted average price increase in Ex-Showroom Prices (Delhi) across select models is 1.9%," it said. The auto major has already raised prices in January and April this year, with an overall hike of around 3.5 per cent. At present the company sells a range of models from entry-level hatchback Alto to S-CROSS, priced between ₹2.99 lakh and ₹12.39 (ex-showroom prices Delhi) lakh, respectively. MSI Senior Executive Director (Sales and Marketing) Shashank Srivastava had said there was no other option left for the company, but to increase prices to offset the impact of high commodity costs. He had said that steel prices have gone up from ₹38 per kg last year to ₹65 per kg in May-June this year. Similarly, copper prices have doubled from USD 5,200 per tonne to USD 10,000 per tonne. MINT PREMIUM See All Premium Sensex, Nifty open at fresh record high; L&T and Reliance Industries top gainers Premium Will health insurance riders matter in a post-covid world? Premium RIL prepares a $5.7 billion bid for a telco in the Netherlands Premium Cairn fires fresh salvo at Air India in the US In the case of precious metals, the overall demand has gone up in various global markets and India due to the transition to stricter emission norms. Srivastava had said that the prices of precious metals like rhodium have increased from ₹18,000 a gram in May 2020 to almost ₹64,300 a gram in July. Last week, Maruti Suzuki India said it is recalling 1,81,754 units of petrol trims of various models, including Ciaz, Vitara Brezza and XL6, to replace faulty motor generator unit. This is the company's largest vehicle recall till date. As a responsible corporate, keeping in mind customer safety, the company has announced to proactively undertake a recall of some petrol variants of Ciaz, Ertiga, Vitara Brezza, S-Cross and XL6, MSI said in a regulatory filing. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Stocks to Watch: Ashoka Buildcon, ICICI Lombard, Barbeque Nation, RIL

06 Sep, 2021, 08:14AM | Livemint

NEW DELHI: Here are top 10 stocks that may be in the news. Ashoka Buildcon: The company said it has received a contract worth ₹1,567.45 crore for upgrading a part of the national highway NH-19 in West Bengal. MORE FROM THIS SECTIONSee All Premium Premium 5 Indian pharma companies riding the vaccination wave Premium Premium Reliance Industries shares extend rally after a breakou .... Premium Premium Top midcap stocks to buy: These are Motilal Oswal's picks Premium Premium Finance firms' higher digital spend is more than short- .... Bajaj Healthcare: The company has announced the launch of the API and formulation of 2-Deoxy-D-Glucose (2-DG), an antiviral drug used for treating Covid-19 patients, under the brand name ‘DGJAJ’ in collaboration with Defence Research and Development Organisation (DRDO). Barbeque Nation: The restaurant chain on Saturday said it has raised nearly ₹100 crore through preferential issue of equity shares to three different investors, including Massachusetts Institute of Technology. The company's stakeholders' relationship committee in its meeting on Saturday approved an allotment of 11,77,855 fully paid-up equity shares of a face value of ₹5 each at a premium of ₹844 by preferential allotment, the company said in a regulatory filing. Dr Reddy's Laboratories: The company on Saturday said it has inked a pact with US-based Citius Pharmaceuticals to sell its rights to an anti-cancer agent. The drug firm said it has entered into a definitive agreement with Citius to sell all of its rights to E7777 (an engineered IL-2-diphtheria toxin fusion protein) and certain related assets. Hero Motocorp: The company and Harley-Davidson have expanded the touch points for present and prospective buyers of the American heritage motorcycle brand. Hero MotoCorp now has an expanded network of 14 full-fledged dealerships and seven authorised service centers across the country, exclusively for Harley-Davidson customers, the Indian two-wheeler giant said in a statement on Sunday. ICICI Lombard General Insurance Co: The insurer on Friday said sectoral regulator Irdai has given its final approval for the demerger of the general insurance business of Bharti AXA General Insurance to itself by way of a scheme of arrangement. Jet Airways: The airline has concluded the insolvency process under Dutch regulations with the sale of its equipment, which was under the custody of the Dutch administrator, to IAGCAS 777 LLC. MINT PREMIUM See All Premium 5 Indian pharma companies riding the vaccination wave Premium Sensex, Nifty open at fresh record high; L&T and Reliance Industries top gainers Premium Will health insurance riders matter in a post-covid world? Premium RIL prepares a $5.7 billion bid for a telco in the Netherlands Jindal Steel and Power: The company expects to conclude the deal to sell its 96.42% stake in its arm Jindal Power for ₹7,401 crore to a promoters-owned firm Worldone by this year end. More than 97% shareholders of the company on Friday approved the proposal for stake sale. NTPC: The state-owned entity will seek shareholders' approval to raise ₹18,000 crore through the issuance of bonds or debentures in its annual general meeting on 28 September. NTPC has proposed to raise funds up to ₹18,000 crore through the issue of bonds/debentures on a private placement basis. Reliance Industries: The company is set to make a $5.7 billion non-binding offer to acquire a controlling stake in T-Mobile Netherlands BV, the country’s largest telecom operator, two people aware of the development said. Videocon group: Lenders to the group’s energy business have extended the deadline for submitting the resolution plan till 30 September after it failed to receive any bids from potential applicants, according to two bankers aware of the development. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sensex closes 167 pts higher, Nifty at 17,378; IT, realty surge; banks top drag

06 Sep, 2021, 07:28AM | Livemint

Indian indices closed over 0.29% higher on Monday. Data on mutual fund (MF) flows in India is due this week and will give updates on the market sentiments in August. Latest exports numbers from China, which have reported a slowdown of late, will be watched by global markets. Producer price inflation data from the US will serve as a gauge of logistics constraints that are choking supply chains across the world. 06 Sep 2021, 03:54:20 PM IST Crude oil futures dip on weak spot demand Crude oil prices on Monday fell by ₹39 to ₹5,023 per barrel after participants cut their positions. On the Multi Commodity Exchange, crude oil for September delivery dropped by ₹39, or 0.77 per cent, to ₹5,023 per barrel with a business volume of 4,585 lots. Share Via 06 Sep 2021, 03:52:33 PM IST Rupee drops 8 paise to close at 73.10 (provisional) against US dollar Share Via 06 Sep 2021, 03:46:42 PM IST Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities "Nifty traded in a small range of 50 points today. The view in Nifty remains bullish with levels of 17450 and 17500 in the next few trading sessions. Nifty closed at 17379 up by 55 points. Nifty has support in the 17280 and 17250 range. Traders can use buy-on correction with strict stop loss in the current markets." Share Via 06 Sep 2021, 03:39:46 PM IST Market closing View Full ImageSensex at close Share Via 06 Sep 2021, 03:29:53 PM IST Welspun India Gets US FDA Nod For 3 Ply Surgical Masks Share Via 06 Sep 2021, 03:23:34 PM IST Market commentary: Narendra Solanki, head- equity research (Fundamental), Anand Rathi Shares & Stock Brokers “Indian markets started on a positive note following positive Asian markets cues as US Fed's tightening fears cool off following disappointing jobs data and Fed Chairman comments emphasizing the need for stronger jobs data before the central bank would start to unwind its massive bond-buying program. During the afternoon session, markets continued to trade in positive zone as traders continue to get encouragement with regular foreign capital inflows on the back of strong global cues and domestic economic activity. Buying in realty and energy counters too helped markets to edge higher, though some selling was witnessed in oil & gas and power stocks. Adding to the positive sentiments, a private report stated that Union government's net (post-refunds) direct tax collections rose 95% on-year to ₹3.7 lakh crore till September of the current financial year, thanks to a low base, a pick-up in economic activities, higher corporate earnings and better compliance. The robust collections are despite a surge in refunds." Share Via 06 Sep 2021, 03:16:22 PM IST IT, realty gain View Full ImageNifty sectoral indices Share Via 06 Sep 2021, 02:54:07 PM IST IMD predicts extremely heavy rainfall in four states till 9 Sep. See full forecast IMD weather forecast: The India Meteorological Department (IMD) on Monday predicted heavy to extremely heavy rainfall in four states till 9 September. In its latest updates, the department has predicted isolated extremely heavy falls over Coastal Andhra Pradesh on 6th; over Telangana on06 and 7th; over Madhya Maharashtra on 7th; over north Konkan during 7th-8th, Gujarat state on 8-9 September. (Read more) Share Via 06 Sep 2021, 02:51:22 PM IST Reliance JioPhone Next to be launched this Friday. 7 key things you should know Reliance Jio partnered with tech giant Google to develop its made-for-India 'JioPhone Next' that is slated to be launched on September 10 (Friday). Reliance Industries Chairman Mukesh Ambani has said JioPhone Next will be the most affordable smartphone not just in India but globally. Speaking at RIL's 44th annual general meeting in June, Ambani asserted that an ultra-affordable 4G smartphone is essential to make India '2G-mukt' (free of 2G). (Read more) NSE BSE listElement-graph-11630920076750-100325 listElement-graph-11630920076750-100325 Share Via 06 Sep 2021, 02:35:13 PM IST NMDC gains NMDC's stock was trading at ₹155.15 each, up 0.16% at 2:33 pm. The company has cut lump ore and fines prices by ₹1,000/tonne each. Lump ore price is cut to ₹6,150 and fines to ₹5,160 per tonne. NSE BSE listElement-graph-11630919110974-126371 listElement-graph-11630919110974-126371 Share Via 06 Sep 2021, 02:15:48 PM IST Lupin, TB Alliance join hands for new therapy for drug-resistant Tuberculosis Drugmaker Lupin on Monday said non-profit drug developer TB Alliance has granted it a non-exclusive licence to manufacture anti-TB drug pretomanid as part of the three-drug BPaL regimen. The Mumbai-based company said it intends to commercialise the medicine in around 140 countries and territories, including many of the highest TB burden nations around the world. (PTI) Share Via 06 Sep 2021, 01:58:12 PM IST SAIL trades lower SAIL’s stock was trading at ₹121.10, down 1.10% at 1:57 pm. The company's Rourkela steel plant has finalized capex of around $684 million for new production units and technological upgrading, according to a SAIL executive. NSE BSE listElement-graph-11630916889624-100113 listElement-graph-11630916889624-100113 Share Via 06 Sep 2021, 01:54:50 PM IST OVL, partners relinquish Israeli oil block Three years after its much-acclaimed maiden entry into Israeli water that was symbolic of New Delhi's growing closeness with Tel Aviv, an ONGC Videsh Ltd (OVL)-led Indian consortium has relinquished the offshore oil block due to "very poor" hydrocarbon prospectivity. The consortium of OVL, Indian Oil Corp (IOC), Oil India Ltd and Bharat PetroResources Ltd (BRPL) has relinquished offshore Block-32, two officials with the partners said. (PTI) NSE BSE listElement-graph-11630916688927-100312 listElement-graph-11630916688927-100312 Share Via 06 Sep 2021, 01:50:08 PM IST IndusInd, IDFC First Bank top drags View Full ImageNifty Private Bank Index Share Via 06 Sep 2021, 01:22:12 PM IST Base metal update: Yash Sawant, Research Associate, Angel Broking China’s private survey stated that their Service sector slipped into contraction in August’21 as renewed restrictions following the widespread of Covid-19 Delta variant hampered economic activities. In August 2021, Caixin services Purchasing Managers' Index (PMI) came down to 46.7 from 54.9 in July’21, slipping below the 50 level which is believed to separates development from contraction. That, coupled with slowdown in China’s industrial sector further hinted towards slowdown in the largest metal consuming economy. The private sector survey focuses on the smaller and medium sized firms in China. While China has successfully contained the virus outbreak, an evident slowdown in their economy might continue to remain a considerable headwind for the industrial metal prices. Share Via 06 Sep 2021, 01:18:49 PM IST Sensex heatmap View Full ImageRIL, Infosys, Bajaj Auto top gainers Share Via 06 Sep 2021, 01:02:04 PM IST Indiabulls Housing Finance's bond sale test of confidence for NBFCs Indiabulls Housing Finance Ltd, one of India’s largest mortgage lenders, is seeking to raise funds in the local public bond market after an absence of three years by the group, in a deal that will test investor confidence in the nation’s non-bank financiers. (Read more) NSE BSE listElement-graph-11630913522737-220741 listElement-graph-11630913522737-220741 Share Via 06 Sep 2021, 12:57:09 PM IST Nocil: Axis Securities recommends a BUY with a target price of ₹315 Axis Securities expects NOCIL to register Revenues/Earnings CAGR of 41%/72% resp. over FY21-24E driven by uptick in demand in domestic and global market due to buoyant replacement and OEM led demand and improving realizations trend as witnessed globally. Axis Securities values NOCIL at 20x its FY24E EPS (17x earlier) given the strong earnings growth potential and have a TP of ₹315/share NSE BSE listElement-graph-11630913227424-100730 listElement-graph-11630913227424-100730 Share Via 06 Sep 2021, 12:51:47 PM IST SBI share price: Why analysts see more upside despite over 100% rise in a year India's oldest and largest lender State Bank of India's (SBI) focus on strengthening its balance sheet has enabled a sharp decline in gross non-performing assets (GNPAs) in FY21, declined by around 43% over the past three years, while PCR increased to 68% at present (85% PCR on the corporate book) from 40% four years back. (Read more) NSE BSE listElement-graph-11630912902744-100112 listElement-graph-11630912902744-100112 Share Via 06 Sep 2021, 12:20:37 PM IST Alembic Pharma gains The company's stock was trading at ₹783.65 apiece, up 1.18% at 12:18 pm. Alembic Pharma’s JV with Aleor Derma has received the US FDA's nod for Metronidazole Gel USP, which is used to treat skin infections, rosacea and mouth infections. NSE BSE listElement-graph-11630911035462-224849 listElement-graph-11630911035462-224849 Share Via 06 Sep 2021, 12:17:48 PM IST Ahluwalia Contracts surges Ahluwalia Contracts's stock was trading at ₹401.20 each, up 4.51% at 12:17 pm. The company has secured a big order worth ₹900 crore. NSE BSE listElement-graph-11630910866549-132811 listElement-graph-11630910866549-132811 Share Via 06 Sep 2021, 12:13:02 PM IST Dukaan raises $11 million in Pre Series A funding Online retail platform, Dukaan, said on Monday it has raised $11 million as a part of its Pre-Series A round of funding, led by 640 Oxford Ventures. The round also saw participation from existing investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India. Venture Catalyst and new venture firms HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns along with prominent angels including OYO’s Ritesh Agarwal, and Nothing’s Carl Pei also participated as a part of this round. Share Via 06 Sep 2021, 12:02:58 PM IST Tata Steel’s rising profitability, integrated ops give analysts confidence As monsoon season may be coming to an end, analysts maintain a positive view on steel companies. Analysts at UBS Research in their 2 September note said they expect steel prices to remain higher for longer and hence raised target price for Tata Steel Ltd. (Read more) NSE BSE listElement-graph-11630909976670-293521 listElement-graph-11630909976670-293521 Share Via 06 Sep 2021, 11:53:11 AM IST TARC sells part of its warehousing asset to Blackstone lnc. for ₹2.95bn Tarc Ltd's stock was trading at ₹40.50 apiece, up 2.02% at 11:51 am. Share Via 06 Sep 2021, 11:11:43 AM IST Realty surge commentary: Yash Gupta, equity research analyst, Angel Broking We have give a buy rating on Sobha Limited at ₹627, we expect the residential market to do well in near future. Sobha Limited operates in Residential & Commercial real-estate along with Contractual business. Companies 70% of residential pre-sales comes from Bangalore market which is one of the IT hubs in India, we expect new hiring by IT industry will increase residential demand in Bangalore, Pune and Chennai. We have seen a strong consolidation in the top-10 cities in India towards organized players post Demon, RERA, IL&FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue. The company expected to launch 17 new projects/phases spread over 12.56mn sqft across various geographies. The majority of launches will be coming from the existing land bank. Company having a land bank of approx. 200mn Sqft of salable area. We continue with our buy rating on Sobha Limited and Neutral outlook on Godrej Properties. Share Via 06 Sep 2021, 10:48:14 AM IST Reliance Industries shares extend rally after a breakout. Experts see more gain Reliance Industries shares continued to rally for the second straight session on Monday with the index major hitting a new lifetime high of ₹2,477.4 per share in early deals. Reliance Industries share price today surged more than 3% to hitting a new high, after the oil-to-telecoms conglomerate stock closed at record high level on Friday. Now, market experts see this rally in Reliance Industries shares to further continue as the large-cap stock has given fresh breakout after one year of consolidation and expect it to go up to ₹3,000 levels in the next 9-12 months. (Read more) NSE BSE listElement-graph-11630905492241-100325 listElement-graph-11630905492241-100325 Share Via 06 Sep 2021, 10:43:26 AM IST Rupee falls 4 paise to 73.06 against US dollar in early trade The Indian rupee declined 4 paise to 73.06 against the US dollar in opening trade on Monday, tracking a firm American currency. At the interbank foreign exchange, the rupee opened at 73.02 against the dollar, then fell further to 73.06, registering a fall of 4 paise over its previous close. On Friday, the rupee had settled at 73.02 against the US dollar. Share Via 06 Sep 2021, 10:42:46 AM IST Taliban say resistance holdout Panjshir Valley 'completely captured' Share Via 06 Sep 2021, 10:41:37 AM IST Zydus Cadila's Sitagliptin base tablets gets Tentative nod from USFDA Share Via 06 Sep 2021, 10:40:02 AM IST Sobha, Brigade group lead gains View Full ImageNifty realty index Share Via 06 Sep 2021, 10:10:00 AM IST Maruti Suzuki car prices to increase from today. 5 things you should know Leading auto manufacturer Maruti Suzuki India Ltd has said that the increased prices of its cars will come into effect from today. In a regulatory filing on Monday, Maruti said that the prices are being increased to pass on some impact of additional input costs to customers. (Read more) Share Via 06 Sep 2021, 09:57:39 AM IST Covid-19: Active covid cases fall in India after rising for five days in a row With 38,948 people testing positive for the novel coronavirus infection in a day, India's infection tally rose to 33,027,621 the Union health ministry said on Monday. Of the 38,948 new cases and 219 deaths reported in India in the last 24 hours, Kerala recorded26,701 cases and 74 deaths yesterday. (Read more) Share Via 06 Sep 2021, 09:37:34 AM IST Here are top stock picks in CRAMS, API space in pharma sector by Motilal Oswal With the ease of access to capital for emerging pharma companies, there is a surge in biopharma companies focusing on R&D and outsourcing manufacturing at the research/commercial level. This, along with cost consciousness of larger pharma companies, is providing a fillip to this segment. Motilal Oswal believes that Indian contract research and manufacturing services (CRAMS) players are uniquely positioned to outperform the industry in this segment. (Read more) Share Via 06 Sep 2021, 09:30:38 AM IST RIL, L&T drive Sensex gains View Full ImageIndex contribution Share Via 06 Sep 2021, 09:25:46 AM IST Metals in red View Full ImageNifty sectoral indices Share Via 06 Sep 2021, 09:20:37 AM IST Market opening The Sensex opened at 58,411.62, up 281.67 points, or 0.48%, while Nifty was at 17,399.35, up 75.75 points, or 0.44%. Metals, realty and auto were top gainers. View Full ImageSensex at open Share Via 06 Sep 2021, 09:12:14 AM IST Market pre-opening The Sensex was at 58,410.35, up 280.4 points, or 0.48%, while Nifty was at 17,323.60, up 89.45 points, or 0.52% at market pre-opening. View Full ImageSensex at pre-open Share Via 06 Sep 2021, 08:58:23 AM IST A surprise bond rally sweeps over India as global funds pile in A rally in India’s sovereign bonds, fueled by mutual funds and overseas investors after weeks of indifference, has left most Mumbai traders baffled at their sudden fortune. Yields dropped across the curve last week, with those on the benchmark 10-year bond declining ten basis points, the biggest weekly drop since April. Government debt auctions are finding buyers again, after a spate of earlier sales were canceled or rescued by underwriters. (Read more) Share Via 06 Sep 2021, 08:51:55 AM IST Pre-market opening quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities "Nifty is expected to open positive at 17,390, up by 30 points. Nifty may see some resistance in 17,425 and 17,450 range. Nifty has support in 17,250 and 17,300 range. Overall Nifty is very bullish and may see 17500 in the next few trading sessions." Share Via 06 Sep 2021, 08:40:20 AM IST Carlyle to raise $1 bn debt to acquire Hexaware The Carlyle Group has reached an agreement with a group of banks to raise over $1 billion to support its planned acquisition of Mumbai-based Hexaware Technologies, three people aware of the discussions said. Carlyle has emerged as the preferred bidder for Baring Private Equity Asia owned IT services firm Hexaware for a $3 billion acquisition, Reuters reported last week. If successful, it would be winning a competitive bidding process against peers including KKR & Co. and Bain Capital, as well as French company Teleperformance SE for Hexaware, the agency added. (Read more) Share Via 06 Sep 2021, 08:21:49 AM IST Stocks to Watch Ashoka Buildcon, ICICI Lombard, Barbeque Nation, RIL, among other stocks may be in the news today. (Read more) Share Via 06 Sep 2021, 08:12:36 AM IST M-cap of 9 of top-10 cos jumps over ₹2.93 lakh cr; RIL biggest winner Nine of the top-10 most-valued companies together added ₹2,93,804.34 crore in market valuation last week, in line with a record-breaking rally in equities, with Reliance Industries Ltd emerging as the biggest gainer. (Read more) Share Via 06 Sep 2021, 07:58:33 AM IST Market outlook Markets are likely to be rangebound on Monday while trends in SGX Nifty show a soft opening of Indian benchmark indices. On Friday, the BSE Sensex closed at 58,129.95, up 277.41 points or 0.48% and the Nifty ended at 17,323.60, up 89.45 points or 0.52%. (Read more) Share Via 06 Sep 2021, 07:49:34 AM IST FPIs net buyers in Aug; invest ₹16,459 cr Foreign portfolio investors (FPIs) were net buyers to the tune of ₹16,459 crore in Indian markets in August, with majority of investment coming in the debt segment. (Read more) Share Via 06 Sep 2021, 07:38:40 AM IST RIL prepares a $5.7 bn bid for a telco in the Netherlands Reliance Industries is set to make a $5.7 billion non-binding offer to acquire a controlling stake in T-Mobile Netherlands BV, the country’s largest telecom operator, two people aware of the development said. (Read more) Share Via 06 Sep 2021, 07:28:50 AM IST Asian markets off to a mixed start Asian stocks were mixed Monday amid an ongoing rally in Japan sparked by the planned exit of the prime minister and as traders assessed the challenges for reopening underscored by slower U.S. hiring. Japanese shares climbed more than 1%, following a three-decade high for the Topix on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor. But equities retreated in Australia and South Korea and S&P 500 futures slipped. The dollar ticked up. The S&P 500 was little changed Friday, the Nasdaq 100 edged up to a record and Treasury yields rose as investors digested disappointing U.S. payroll growth and faster-than-projected wage increases. U.S. markets are closed Monday for the Labor Day holiday and there is no Treasuries cash trading. The U.S. economy added 235,000 jobs in August—the smallest gain in seven months—as the delta virus variant spread. The soft report seems likely to prompt Federal Reserve policy makers to delay considering a move to scale back asset purchases at their September meeting.S&P 500 futures fell 0.2% as of 9:35 a.m in Tokyo. The S&P 500 was little changed FridayNasdaq 100 futures were little changed. The Nasdaq 100 rose 0.3%Topix index rose 1.1%Australia’s S&P/ASX 200 Index fell 1.1%Kospi index shed 0.3%Hang Seng Index futures rose 0.1% earlierSGX Nifty was up 0.05% Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sexual harassment cases at offices decline in FY21

05 Sep, 2021, 11:21PM | Livemint

MUMBAI : Sexual harassment cases at workplaces in India’s largest companies fell sharply in the last financial year as these organizations shifted to remote and hybrid work models following the coronavirus outbreak. The total number of sexual harassment complaints at workplaces in 44 Nifty companies fell 38.26% in FY21, showed data analysed by anti-sexual harassment advisory complykaro.com from company annual reports. These companies received a total of 455 complaints of sexual harassment in the year ended 31 March, compared with 737 and 739 in FY20 and FY19 respectively. MORE FROM THIS SECTIONSee All Premium Premium Carlyle to raise $1 billion debt to acquire Hexaware Premium Premium Cairn ups ante in US court in its fight against India o .... Premium Premium Lenders fail to receive bids for Videocon group’s energ .... Premium Premium What does profit margin squeeze mean for firms? Gradual implementation of prevention of sexual harassment at the workplace (PoSH) measures were resumed via online e-module trainings and webinars, said Vishal Kedia, PoSH expert and founder, Complykaro Services. View Full ImageDrastic decline Share Via “Urge to interact with people other than family members results in some people going overboard and violating personal space in their interaction with colleagues over digital platforms leading to PoSH complaints. There were repeated instances of employees calling up women colleagues at odd hours without justification and indulging in conversations of personal nature," Kedia said. “Another challenge that arose because of the work-from-home system, was the delay in redressing PoSH complaints and conducting and documenting PoSH inquiries over digital platforms." The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, mandates listed companies to annually report the number of sexual harassment cases and the steps taken for redressal. The data analysis showed that no company received more than 50 complaints in FY21, while five companies received 50 or more complaints in FY20. Six companies did not report any case of sexual harassment for the sixth consecutive year. These are Adani Ports and Special Economic Zone, Bajaj Finserv, Coal India, Reliance Industries, UPL and Shree Cement. The data also showed that private firms reported more incidents of sexual harassment at workplaces than government-owned ones during FY21. MINT PREMIUM See All Premium The incomplete quest to reform insurance Premium Peak everything puts shine on equity market’s sturdiest stocks Premium Auto shows are back and CEOs have wheeling-and-dealing to do Premium NFTs boom anew as DOG coin becomes $550 million asset overnight However, sexual harassment complaints pending resolution at the end of FY21 rose 5%, indicating challenges being faced by internal complaint committees (ICCs) of organizations in timely redressal of such complaints during the lockdown. Among firms, HDFC Bank received the most complaints at 47 in FY21, though this was 10% lower than the previous year. This was followed by State Bank of India with 45 cases. Wipro showed the maximum reduction of complaints compared to earlier years, recording a 65% decline to 43 in FY21 from 125 in FY20. Other Nifty companies, which saw a high number of cases are Axis Bank (39), HDFC Life Insurance (39), ICICI Bank (33), Tech Mahindra (30), Tata Consultancy Services(27), Kotak Mahindra Bank (25), and Tata Steel (21). A major challenge in a virtual workplace was to ensure confidentiality and put in place appropriate data and security measures while conducting virtual investigations, a spokesperson for Wipro said Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Gamestop's improbable story

05 Sep, 2021, 11:21PM | Business Standards

THE ANTISOCIAL NETWORK: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees Author: Ben Mezrich Publisher: Grand Central Publishing/HarperCollins Price: Rs 499 Pages: 288 These days every knotty news item humbles me. It can illuminate the breadth and depth of my ignorance — of some macroeconomic phenomenon, of some collective delusion among a large group of people, of some baffling technological endeavour. My response to such news is to shrink the footprint of my own opinions, sort out the credible from non-credible analysts bleating in my ear, and clam up. When the writer Ben Mezrich encounters such a story, he sees it as an invitation to consult all that has been publicly said, conduct some interviews, get a decent enough sense of what’s going on, fill in the remaining blanks with his imagination, and — in mere months — assemble a whole book about it, a simple comfort in its own right. Crucially, before all that: He sells the book idea to people who make movies. I leave it to the reader to determine which of these two responses to a challenging news item is more remunerative. I’d swap if I could. Mr Mezrich mans the conveyor belt at the factory that turns raw reality into its slick cinematic depiction. He works fast. One does not have the sense that those gaps in knowledge ever haunt him as he goes. The events chronicled in his latest book The Antisocial Network — occurred in late January of this year; a week later, he had sold the rights for a book proposal to MGM. Of his prodigious output Mr Mezrich has said that he hit “a number of doubles,” but “two home runs”: Bringing Down the House, also made into a movie, and The Accidental Billionaires, the Facebook origin story that became The Social Network. Like those books, The Antisocial Network is an admiring portrait of some nerds’ rapid and unforeseen enrichment. It chronicles the short-lived panic from all angles. Amateur traders, who used the online brokerage Robinhood, rallied together on the Reddit message board “WallStreetBets” to drive up the value of a dusty video game retailer’s stock, vowing to hold onto their GME with “diamond hands,” no matter what. On the other side, traditional Wall Street funds that had made enormous bets against the floundering company scrambled to buy up now-expensive shares of it to cut their losses, shooting the price even higher. One day, Robinhood restricted its users’ ability to buy more of the GME stock, effectively ending the tulip times. Outrage ensued, as did accusations of collusion between the pro-little-guy brokerage and the suits losing money. There were congressional hearings. In Mr Mezrich’s neat retelling, this was war waged between society’s designated winners and “those retail losers on their couches with their Covid checks,” who were “tossing off angry memes.” The book attributes that sentiment noncommittally to some Wall Streeters, somewhere out there. The Mezrich house style employs omniscient third-person narratives, rotating chapter by chapter through a stable of characters. These include the clear Goliath figure in the GME story — Gabe Plotkin, the head of Melvin Capital, a hedge fund that lost billions in the squeeze, and the clear David, Keith Gill, the man who evangelised like-minded Reddit users to buy the stock, and whose holdings at one point surpassed $50 million. Messrs Plotkin and Gill are pretty much the only two characters in this book who verifiably walk the earth. The other major voices — an anime-loving Duke senior who grew up on a boat, an Obama-then-Trump-voting nurse at a psychiatric hospital the author made up, a pregnant woman whose wedding and lifestyle upgrade were waylaid by the pandemic — appear to be either anonymised or composite characters, stand-ins for the WallStreetBets rabble, motivated alternately by vengeance, fun, desperation, boredom. All these characters can be ventriloquized whenever Mr Mezrich needs to explain a concept in finance; they experience convenient revelations whenever the plot needs advancing. As such, Mr Mezrich writes as if with total knowledge of all the thoughts, back stories and conversations of his characters — including the ones who actually exist. Could it be that the historically private Mr Plotkin, after perhaps the deepest humiliation of his professional life, rang up the author and proceeded to recount his life story, right down to a specific car ride he once took to a Red Sox game with his dad? Where a Michael Lewis post-mortem might reflect months of close access and a love of granularity, and a Matt Levine newsletter might be sly and attuned to every absurdity, Mr Mezrich’s piece of financial journalism aims at something different: It could not possibly be made any easier to read. These are 289 frictionless pages, rife with cinematic establishing shots and verbal summaries of memes. You get the sense that Mr Mezrich has alarms going off anytime he wades too far into fact. I want to reach out and assure him that I can handle 10 sentences in a row without the word “goddamn,” that the facts are OK, and indeed enliven this book whenever they do shyly appear. Perhaps the reader should heed Ken Griffin, the chief executive of the Chicago hedge fund Citadel, the voice channelled most amusingly and venomously in this book. As the ur-financier fields questions from lawmakers hopelessly out of their depth, Mr Mezrich steps into his mind-set: If you really understood the financial machine, “you were probably doing it, not trying to come up with coherent questions to ask people like Ken.” For the rest of us, there’s Mr Mezrich’s “just vibes” theory of nonfiction: Some people get mad and some people get happy, some lose money and some make it. Don’t sweat the details. You’re gonna love the movie. ©2021TheNewYorkTimesNewsService

What does profit margin squeeze mean for firms?

05 Sep, 2021, 09:39PM | Livemint

Gross profit margins of the industry have been witnessing a squeeze against the background of the corporate sector grappling with increased commodity prices and sluggish consumer demand. Mint explains what this means. What does gross profit margin squeeze mean? MORE FROM THIS SECTIONSee All Premium Premium $26 billion opioid settlement ready for next step: US d .... Premium Premium ONGC appoints Pankaj Kumar as offshore director Premium Premium 'Carefully authenticate' Covid-19 vaccines before use: .... Premium Premium BasicFirst announces ESOP for its teachers Gross profit margin is the percentage of revenue remaining after the cost of goods sold is deducted. It is derived by subtracting this cost from net sales and dividing the result of the subtraction by net sales. The cost of goods sold includes direct costs incurred in production, such as wages and raw material costs. A decline in sales volume and an increase in the prices of raw materials and labour charges could be some of the factors that adversely impact gross profit margin. The corporate sector has, of late, been experiencing a narrowing of gross profit margin because of increasing input costs. What is causing a squeeze in margins International commodity prices have been rising, according to the Financial Stability Report, July 2021. Commodity markets have been shattering records, and price pressures on commodities such as crude and base metals have been high. This has resulted in increased commodity prices, which has led to a rise in input costs. Thus, per unit cost of production for firms has risen, leading to a reduction in gross profit margins. Chemicals, capital goods, and the auto sector have been hit by higher raw material and freight costs, while the technology sector has been hit because of attrition-led supply pressure on profit margins. View Full ImageRising prices Share Via What has been the trend on corporate margins? The prices of commodities such as copper, steel, aluminium, and polyprop rose by 44%, 38%, 22%, and 29%, respectively, resulting in margins of the consumer durables sector declining by 2-5% in 2HFY21. The automobile sector in 1QFY22 has been adversely impacted because of rising raw material cost and has reported a commodity cost impact of 3-4 pp q-o-q. MINT PREMIUM See All Premium The incomplete quest to reform insurance Premium Peak everything puts shine on equity market’s sturdiest stocks Premium Auto shows are back and CEOs have wheeling-and-dealing to do Premium NFTs boom anew as DOG coin becomes $550 million asset overnight What is at stake for the general public? Firms may be compelled to absorb high production costs. But with the festival season setting in and pick-up in vaccination leading to demand revival, there would be an rise in sales volumes. It would give firms the confidence to pass on the burden of increased cost of production to consumers, thus resulting in higher output costs and increased prices for consumers. Inflation which was being viewed as ‘transitory’ has been forcing firms to run out of room to absorb raw material costs, and it is only a matter of time before the pass-on happens. Who are the other stakeholders? Corporate tax collections will be adversely affected, leading to negative effects on welfare schemes and developmental activities. It will also put further stress on fiscal deficit. For firms, too, the balancing act to protect squeezed margins and strategize for sluggish demand could result in shareholders’ dividend earnings being affected. Also, with lower profit margins, reinvestment plans of firms are likely to be hit, leading to lower private sector investment levels. Jagadish Shettigar and Pooja Misra are faculty members at BIMTECH. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics Primer

Rourkela Steel Plant mulls capacity expansion

05 Sep, 2021, 04:46PM | Economic Times

The Rourkela Steel Plant (RSP) is planning to increase its annual hot metal production capacity from the current level of 4.5 to 4.855 million tonne per annum (MTPA), an official release said. The crude steel production at its plant in Odisha's Sundargarh district will also go up from 4.2 MTPA to 4.85 MTPA and saleable steel production from 3.880 to 4.325 MTPA, the release issued on Saturday said. The new units that have been planned as part of the project are a coke oven battery, a steel melting shop, oxygen plant and adoption of technological measures for enhancing capacity of the existing blast furnaces, it said. A proposed normalising furnace with 0.3 MTPA capacity will also be installed inside the new plate mill to cater to niche market segments. The RSP is planning to utilise natural gas in various units and it has planned a pipeline network, which will minimize the use of fossil fuels like coal and make the steel-making process cleaner and greener. The proposed projects, which will be taken up within the existing boundary of the RSP, are designed with state-of-the-art environment-friendly technologies based on the concept of zero discharge. Different types of air pollution control systems will be installed to minimise the air pollution and no cutting of trees will be required. The proposed expansion will not only enhance the production capacity of the steel plant but will also further strengthen the economy of the region and improve the quality of life of people residing in and around Rourkela.

Maharashtra CM says easing of Covid-19 lockdown will be on the basis of…

05 Sep, 2021, 02:37PM | Livemint

Maharashtra Chief Minister Uddhav Thackeray on Sunday asserted that easing of COVID-19 restrictions across the state would be based on the availability of oxygen. He further noted that it is up to the people to prevent or invite a 'third wave' of the pandemic. The CM while addressing a virtual medical conference urged political parties not to demand reopening of places where crowds cannot be avoided. "Don't play with the lives of people. Hold agitations, but against COVID-19. It is up to us to prevent a third wave or invite it," he said. MORE FROM THIS SECTIONSee All Premium Premium Karnataka govt issues fresh guidelines for Ganesh Chatu .... Premium Premium Bajaj Healthcare launches Covid treatment drug 2-DG und .... Premium Premium TMC MP Abhishek Banerjee to appear before ED tomorrow i .... Premium Premium Centre to support unemployed graduate, diploma engineer .... The conference was attended by medical practitioners from various parts of the state and also the Covid-19 task force members. Claiming that Maharashtra is the only state which has upgraded its health infrastructure to tackle the pandemic, he said, "We are only falling short of oxygen production, which takes a little longer. At present, our daily oxygen production is around 1,200 to 1,300 metric tonne which is used for industrial as well as medical purposes. For the industrial purpose, oxygen is required in steel, glass and pharma sectors. We need 150 metric tonne daily for non-COVID-19 patients and 200 metric tonne for COVID-19 patients." To tackle the second wave of the pandemic, the state required 1,700 to 1,800 metric tonne oxygen daily, which it had to procure from other states. The CM said, he has given instructions to increase the oxygen production in the state to 3,000 metric tonne from the present 1,400 metric tonne. "But, that will take time. We may not get enough oxygen from other states if the number of cases there increase." Noting that second wave of COVID-19 is "under control", chief minister said, however, there is a slight increase in the number of daily cases in the last few days. "We have to avoid crowding...have patience. We should not be required to close the places which have been opened up now," he said, adding, "people should know that the enemy is yet not completely defeated...the thick tail is still there." TRENDING STORIESSee All Premium Travelling abroad? India starts international flights w .... Premium These 6 stocks are top picks by ICICI Securities for 3 .... Premium Income Tax Return: Will govt extend ITR filing deadline .... Premium Top large, mid and smallcap stocks to buy: Here are Emk .... The need of the hour is to have a stock of medicines and oxygen, he said, and asked hospitals and clinics to have an audit of their electric equipment. 5 districts account for 72% of the active cases Maharashtra health secretary Pradeep Vyas, who was also present at the event, said, five Maharashtra districts which account for 72% of the active cases are Pune, Thane, Satara, Ahmednagar, Mumbai, the official said. Besides, the districts of concern where the positivity rate is on an upward swing since August 29 are - Pune, Ahmednagar, Satara, Solapur, Sangli, Ratnagiri and Sindhudurg, Vyas also said these districts will need a special caution, especially after the 'Ganesh Chaturthi' (the 10-day festival which will commence later this week). Since the outbreak of the COVID-19 pandemic on March 9, 2020, the highest daily spike in the state was 24,886 on September 19 last year. During the second wave, the highest single day spike was 68,631 on April 18, 2021. The highest number of active cases during the first wave was 3,09,752 on September 17, 2020 , and during the second wave, the highest number of active cases was 6,99,858 on April 22, 2021. On Saturday, the number of active cases in the state was 52,025, and single-day spike was of 4,130 cases. In the last 15 days, there was no reduction in the number of new cases reported daily and active cases. (With inputs from agencies) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

JSPL hopeful of concluding deal to sell 96.42% stake in Jindal Power by December

05 Sep, 2021, 11:58AM | Livemint

NEW DELHI : Jindal Steel and Power Ltd (JSPL) expects to conclude the deal to sell its 96.42 per cent stake in its arm Jindal Power for ₹7,401 crore to a promoters-owned firm Worldone by this year end. More than 97 per cent shareholders of the company on Friday approved the proposal to sell 96.42 per cent stake the company holds in Jindal Power for ₹7,401 crore to Worldone. MORE FROM THIS SECTIONSee All Premium Premium Enel interested in India’s power distribution market: C .... Premium Premium Jet Airways' Boeing 777 sold in Netherlands to close in .... Premium Premium Yes Bank case: Rana Kapoor's wife, daughter get interim .... Premium Premium Supertech defends twin towers as legal; to file review .... "It is wonderful to acknowledge that our shareholders have shown faith in JSPL's ESG Vision. More than 90 per cent of shareholders have voted in favour of the Jindal Power divestment to the Worldone. The company expects that by the end of this calendar year after all sorts of statutory clearances the divestment process will be over," official sources from JSPL told PTI. Worldone will buy out all the equity shares and redeemable preference shares of JPL held by JSPL for a total consideration of approximately ₹7,401 crore. Out of total consideration, ₹3,015 crore will be payable by cash, and the balance ₹4,386 crore (approximately) will be by way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances paid by JPL to JSPL. The deal will also entail debt associated with JPL (of ₹6,566.440 crore approximately as of December 31, 2020) moving out of JSPL's consolidated books, thereby, strengthening JSPL's balance sheet. As announced earlier, the JSPL through an independent transaction advisor (Grant Thornton Advisory Pvt Ltd) had undertaken an additional competitive & publicly held bidding process for the sale of its entire stake in JPL, in order to maximise the value for our shareholders. Advertisement for inviting Expression of Interest (EOI) from domestic and international bidders was published in the leading daily newspapers, however, JSPL did not receive even a single Expression of Interest (EOI), and therefore, the Revised Offer from Worldone was ipso facto selected as the winning bid by JSPL's Board. MINT PREMIUM See All Premium Peak everything puts shine on equity market’s sturdiest stocks Premium Auto shows are back and CEOs have wheeling-and-dealing to do Premium NFTs boom anew as DOG coin becomes $550 million asset overnight Premium Multiplying crackdowns haven’t stopped cash pouring into China The divestment of JPL is in line with JSPL's strategic objective to focus on its India steel business, become a net debt free company and significantly reduce its carbon footprint by almost half as part of its broader ESG objectives. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Income Tax Return: Will govt extend ITR filing deadline amid glitches on portal?

05 Sep, 2021, 11:38AM | Livemint

Only a few weeks are left to file your income tax returns (ITR). So, if you have still not filed your ITR, do it now. It is always recommended to complete the task as soon as possible and not to wait until the last minute to avoid chances of any error. In July, the income tax department launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. But since its launch, users have complained about the glitches that they face while accessing the site. Amid ongoing technical glitches on the new income tax (I-T) portal, will the deadline of ITR filing get extended further? As per a news report by Business Standard, the Central Board of Direct Taxes (CBDT) is planning to extend the deadline for ITR filing. MORE FROM THIS SECTIONSee All Premium Premium India's steel output expected to jump 18% to 120 MT in FY22 Premium Premium Tokyo Paralympics: PM Modi, others congratulate Noida D .... Premium Premium Travelling abroad? India starts international flights w .... Premium Premium India records 42,766 Covid cases, 308 deaths in a day ITR filing September 30 deadline Income tax return filing is one of the most important financial tasks every year. Although the last day to file ITR is generally 31 July, the deadline for ITR filing for the financial year 2020-21 has been extended to 30 September 2021, keeping the Covid situation in view. 15 September deadline for Infosys to fix tax portal glitches Technical glitches marred the functioning of the Infosys-developed income tax portal www.incometax.gov.in since its launch on June 7. On August 23, the Finance Ministry had "summoned" Infosys CEO Salil Parekh to explain the issue. FM Nirmala expressed "deep disappointment" over persisting glitches and gave him time till September 15 to resolve all issues. Income tax refunds worth over ₹67,400 cr issued till August 30 Meanwhile, the tax department on Saturday said it has issued over ₹67,400 crore worth of refunds in five months of the current fiscal. TRENDING STORIESSee All Premium These 6 stocks are top picks by ICICI Securities for 3 .... Premium What will happen to JEE (Main) 2021 exam result amid sc .... Premium These 3 banks offer higher interest than SBI, ICICI, HD .... Premium Travelling abroad? India starts international flights w .... "CBDT issues refunds of over ₹67,401 crore to more than 23.99 lakh taxpayers between 1st April 2021 to 30th August 2021," the I-T department tweeted. Of this, income tax refunds of ₹16,373 crore have been issued in over 22.61 lakh cases and corporate tax refunds of ₹51,029 crore have been issued in over 1.37 lakh cases. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics

India's steel output expected to jump 18% to 120 MT in FY22

05 Sep, 2021, 11:33AM | Livemint

India's crude steel output is expected to soar about 18 per cent to 120 million tonnes (MT) by the end of the ongoing financial year, Minister of State (MoS) for Steel Faggan Singh Kulaste said. The demand is expected to cross 100 MT during the current financial year, he said. MORE FROM THIS SECTIONSee All Premium Premium Tokyo Paralympics: PM Modi, others congratulate Noida D .... Premium Premium Travelling abroad? India starts international flights w .... Premium Premium India records 42,766 Covid cases, 308 deaths in a day Premium Premium Commendable how teachers ensured education of students .... According to official data, the country produced around 102 MT steel in the financial year 2020-21, registering a fall of 6.1 per cent over FY20, due to the COVID-19 pandemic and the lockdown necessitated to contain its spread. "India's production of crude steel was at 37.527 MT, a growth of 44.6 per cent, in April-July 2021. This gives me confidence that we will produce around 115 MT-120 MT in FY 2021-22," Kulaste told PTI sharing his estimates for the current financial year. Under the National Steel Policy (NSP) 2017, the government has set a production target of 300 MT by 2030-31. Replying to another question related to steel consumption, the minister said it will be more than 100 MT in the current financial year 2021-22. In the financial year ended March 2021, steel consumption stood at 93.43 MT, lower by 6.7 per cent over the previous year due to the impact of the pandemic. Kulaste said the government has announced a ₹100-crore national infrastructure pipeline (NIP). Under the plan, various projects will be implemented across the country where steel will be used in huge quantities. TRENDING STORIESSee All Premium These 6 stocks are top picks by ICICI Securities for 3 .... Premium What will happen to JEE (Main) 2021 exam result amid sc .... Premium These 3 banks offer higher interest than SBI, ICICI, HD .... Premium Garena Free Fire redeem codes for 5 August. Full list o .... Mega infrastructure projects, such as Pradhan Mantri Awas Yojana, Bharatmala, Sagarmala and Dedicated Freight Corridors, are already underway which will boost the demand for steel in the country. He further said the government has also taken various measures to promote locally manufactured steel and reduce the country's dependence on imports for sourcing raw materials. The Domestically Manufactured Iron & Steel Products (DMI&SP) policy, approved earlier, mandates to provide preference to domestically manufactured iron and steel products in government procurement. The steel scrap recycling policy, which has been notified, aims to secure raw material availability to IF/EAF (induction furnace/electric arc furnace). This will also reduce imports of scrap which is currently seven million tonnes, out of the total demand of 22-25 million tonnes. PTI ABI HRS hrs Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

How Disney and Scarlett Johansson reached the point of no return

05 Sep, 2021, 07:05AM | Livemint

Disney chief Bob Chapek stayed out of the dispute with the star of “Black Widow," which has since exploded into Hollywood’s biggest battle in decades Creative Artists Agency Co-Chairman Bryan Lourd had high hopes for the annual gathering of entertainment moguls hosted in July by Allen & Co. in Sun Valley, Idaho. Like many there, he was looking to strike a deal. In the lobby of the Sun Valley Lodge, he spotted Walt Disney Co. Chief Executive Bob Chapek, the man he hoped would make it happen. Mr. Lourd had been negotiating with Disney executives about a payout to his client Scarlett Johansson. He was seeking tens of millions of dollars for the star of “Black Widow," in a contract dispute regarding the film’s simultaneous release in movie theaters and digital streaming. Mr. Lourd told Mr. Chapek in the relaxed mountain setting that after months of fruitless back-and-forth between the two sides, they should come to an agreement, said people familiar with the conversation. Mr. Chapek responded with a classic Hollywood brushoff, saying, in effect, Have your people call my people. Three weeks later, Ms. Johansson dropped a breach-of-contract lawsuit on Disney. As Mr. Chapek had done throughout his career in entertainment, he left talent relations to underlings, rejecting a potential opportunity to forestall what has blown up into the most acrimonious star-versus-studio battle in decades. After a little more than 18 months at the helm of the world’s largest entertainment company, Mr. Chapek, 61 years old, is juggling pandemic shutdowns and shifting consumer habits, as the industry moves from a golden era of movie theaters to a potential streaming-age bonanza that has stars and their agents, managers and lawyers up in arms over their share. For years, studios paid stars a base salary. But bigger names often negotiated a share of box office grosses or a cut of licensing fees, which for blockbuster movies could yield eight-figure payouts. The rules of the road for streaming are still being written, and big-name actors fear a reduction in box-office bonuses if their pay depends on streaming metrics rather than movie tickets. Disney simultaneously released “Black Widow" in theaters and on its Disney+ streaming channel in July. The company stood to collect most of the $30 users paid to watch the movie at home, compared with roughly 60% of movie theater tickets sold. The more home viewers, the less Ms. Johansson collects, her team feared. The outcome of the legal battle could help set new compensation benchmarks for digital releases, according to current and former Disney employees interviewed for this article, as well as executives who do business with the studio. Since the lawsuit, brothers Joe Russo and Anthony Russo, directors of Marvel’s “Avengers: Endgame," the highest-grossing movie of all time, hit an impasse in negotiations to direct another Marvel movie. The Johansson dispute left them unsure how their next movie would be distributed and how they would be paid, according to people familiar with the matter. The Russos declined to comment. MINT PREMIUM See All Premium Peak everything puts shine on equity market’s sturdiest stocks Premium Auto shows are back and CEOs have wheeling-and-dealing to do Premium NFTs boom anew as DOG coin becomes $550 million asset overnight Premium Multiplying crackdowns haven’t stopped cash pouring into China Actress Emma Stone, negotiating a deal to star in a sequel to the movie “Cruella," secured an additional payment this summer from Disney to make up for the film’s simultaneous release in theaters and streaming this year. Other studios also have made such payments, some hastily arranged to keep their stars happy. AT&T Inc.’s WarnerMedia paid more than $200 million in new deals with stars, directors and others whose salaries were tied to profits, after the company decided to simultaneously release all of its movies this year on HBO Max and theaters, according to people familiar with the payouts. The shifting landscape has also put pressure on talent agencies, which live on commissions. Ms. Johansson’s challenge to the image-conscious entertainment giant—its origin story rooted in a theme park known as “The Happiest Place on Earth"—is the summer’s talk of the town. “WandaVision" actress Elizabeth Olsen, recently asked about Ms. Johansson suing their mutual studio, told Vanity Fair, “I think she’s so tough," adding, “I was like, ‘Good for you Scarlett.’ " Even the lawsuit sets out a David versus Goliath story line, noting that Ms. Johansson’s Black Widow character doesn’t have the super strength provided by a serum like Captain America has or a high-tech armored suit like Iron Man. “Black Widow relies solely upon her wits and her extraordinary skills, including expertise in hand-to-hand combat," her lawyers said. Ms. Johansson, 36, declined to comment. For Mr. Chapek, the lawsuit is a high-profile collision with the kind of A-list talent loved by global audiences and with whom he has had little experience. He climbed the ranks at Disney in such divisions as home video and theme parks, where he succeeded with a hard grip on the bottom line. He left the glad-handing to subordinates. As chief executive, Mr. Chapek directed a company reorganization that gave more power to executives in charge of purse strings, at the expense of Disney’s creative chiefs, company executives said. Ms. Johansson’s advisers said Disney’s response to the lawsuit has appeared to be, by turns, ignore and attack. Disney said the lawsuit has no merit and that Ms. Johansson has already been paid her $20 million salary and has the potential to earn more because of the movie’s airing on Disney+. The suit was “especially sad and distressing in its callous disregard for the horrific and prolonged global effects" of Covid-19, the company said after the suit was filed, in a sharp defense that instead seemed to rally support for Ms. Johansson from fellow Disney stars, as well as the actors’ union and women’s organizations in Hollywood. Mr. Chapek said in an August earnings call that release strategies—whether in theaters, via streaming or both—would be determined on a movie-by-movie basis. Disney declined to make Mr. Chapek available for comment. One business associate said Mr. Chapek, focused on innovation, asks of proposals: Does this make us a new media company or an old media company? The pandemic helped nudge digital technology to center stage. A month into Mr. Chapek’s tenure last year, theme parks and movie theaters closed because of Covid-19, leaving Disney+ one of the company’s only divisions making money. Disney invested additional millions into the subscription streaming service, which in less than two years collected more than 116 million sign-ups. Mr. Chapek and his team last year redirected such would-be theatrical releases as “Hamilton" and “Soul" to Disney+, which drew subscribers and kept them glued to their screens. Disney shares soared to record highs on the streaming figures, even though Covid-19 suffocated other entertainment divisions. The win gave Mr. Chapek support from Disney’s board of directors, said a person briefed on the CEO’s relationship with the board. Disney had postponed the release of “Black Widow" three times because of the pandemic. Further delays meant delaying future movies in the blockbuster Marvel superhero series, as well as related TV shows, theme-park attractions and merchandising that fuel the Disney franchise machine. In March, Mr. Chapek said “Black Widow" would premiere on the Disney+ streaming platform on the day it opened in theaters. The decision wasn’t made lightly, a person close to the chief executive said, knowing it would likely undermine box-office receipts. $100 million job Ms. Johansson had warning. Former Disney CEO Robert Iger said during a shareholder meeting in March 2019 that Marvel releases would be available on Disney+ immediately following theaters. That prompted Ms. Johansson’s team to ask Disney to guarantee that “Black Widow’’ would receive a traditional big-screen release, her lawsuit said. Marvel’s chief counsel, Dave Galluzzi, wrote in response that “it is 100% our plan to do a typical wide release of Black Widow." Should that change, he wrote, “we would need to discuss this with you and come to an understanding as the deal is based on a series of (very large) box office bonuses." After the simultaneous release was announced, Ms. Johansson’s team made an opening bid: Pay the actress $80 million. The calculation was based on what the star would receive in a hypothetical global box-office take of $1.2 billion, a sum in league with Marvel hits “Captain Marvel" and “Black Panther." (Hobbled by the pandemic and at-home release, the movie has so far been one of Marvel’s worst performers, with $371 million grossed world-wide.) The deal, as pitched, would pay Ms. Johansson a total of $100 million for the movie, including her $20 million salary. It was an eye-popping sum, but her team saw it as a starting point. Disney never responded with a counteroffer. One reason was uncertainty in the company over who should be leading the negotiations, according to Disney employees and associates. Mr. Chapek, faced with the pandemic’s existential threats to live entertainment, gave underlings the power to make a deal. His top lieutenants, including Disney Studios Content Chairman Alan Bergman, and Media and Entertainment Distribution Chairman Kareem Daniel, didn’t return calls or emails from the Johansson team or engage in serious talks, said people involved in negotiations for the actress. Disney didn’t make the executives available for comment. Ms. Johansson added another lawyer to her team, John Berlinski, who often represents talent in contract disputes. Disney then hired Dan Petrocelli, a partner at O’Melveny & Myers LLP, known for helping studios in such battles. The company under Mr. Iger, who is Disney’s executive chairman until the end of the year, had its squabbles with talent but none as incendiary as L’Affaire Johansson. Mr. Iger, who is credited with resurrecting Disney as a brand powerhouse, was comfortable hobnobbing with movie stars on red carpets and at industry events. Mr. Chapek had little interest in the glitzy side of show business, according to people who worked with him at Disney over the years. Mr. Iger, who is Mr. Chapek’s boss for the next few months, didn’t want to interfere in day-to-day company matters, including the Johansson suit, according to people who know him. He was on his boat this summer when the dispute erupted. Alan Horn, the longtime Disney Studios head known for decades of star-wrangling, also wasn’t involved. He is expected to leave his post when Mr. Iger steps down at the end of the year, part of an executive exodus that will put Mr. Chapek’s team fully in charge. Nested narratives The uncertainty and acrimony between Ms. Johansson and Disney has frustrated executives at Marvel Entertainment, the Disney division responsible for creating the most lucrative franchise of modern Hollywood, said people who work with the division. Marvel Chief Creative Officer Kevin Feige has presided over a stable of stars with relatively little friction. Disputes remained largely behind the scenes. Around the time Mr. Chapek became chief executive, Mr. Feige was capitalizing on years of planning for his storytelling universe. Disney was spending hundreds of millions of dollars producing Marvel TV shows for Disney+, such as “WandaVision," “Loki" and “The Falcon and the Winter Soldier," all pandemic hits. Putting “Black Widow" on Disney+ conflicted with Mr. Feige’s tiered approach—creating TV shows that complement movies on the big screen. He resisted plans for the movie’s simultaneous release, in part because he didn’t like the idea of having one of Marvel’s few female-driven movies demoted to the at-home streaming service, said people familiar with his thinking. Yet there was no easy solution at hand. Further delays would slow Marvel’s subsequent movies and TV shows. Disney last month sought to move the dispute into confidential arbitration, which the company believes the contract calls for. No ruling has been issued. Ms. Johansson, meanwhile, is in Europe shooting a Wes Anderson film she agreed to make long before the “Black Widow" dispute. It will be released by Fox Searchlight, a division of Disney. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Applying for O-1 visa to work in United States? All you need to know

04 Sep, 2021, 11:11PM | Livemint

The United States grants the O-1 nonimmigrant visa to individuals who possesses extraordinary ability in the sciences, arts, education, business, or athletics. Artists who have demonstrated record of extraordinary achievement in film or television industry and has been recognised nationally or internationally can also get this visa. For such non-immigrants who wish to visit the US for working there on a temporary basis O-1 visa is a good option. MORE FROM THIS SECTIONSee All Premium Premium Income Tax Return: Will govt extend ITR filing deadline .... Premium Premium India's steel output expected to jump 18% to 120 MT in FY22 Premium Premium Tokyo Paralympics: PM Modi, others congratulate Noida D .... Premium Premium Travelling abroad? India starts international flights w .... Classifications O-1A: Individuals with an extraordinary ability in the sciences, education, business, or athletics (not including the arts, motion pictures or television industry).O-1B: Individuals with an extraordinary ability in the arts or extraordinary achievement in motion picture or television industry.O-2: Individuals who will accompany an O-1 artist or athlete to assist in a specific event or performance.O-3: Individuals who are the spouse or children of O-1 and O-2 visa holders.General Eligibility To qualify for the O-1 visa, the applicant must demonstrate extraordinary ability by sustained national or international acclaim, or a record of extraordinary achievement in the film and television industry. They must be going to the US temporarily for working in their respective field. For O-2 visa, it is required that they offer assistance to O-1 visa holder that is not of general nature and cannot be provided by an US worker. O-1 visa applicants must fulfill at least three of the following criteria to be eligible: National or international awards or prizes of excellence in their field.A member of associations whose membership requires outstanding achievement, judged by nationally or internationally recognised experts in the respective discipline.Work featured in professional or high-profile trade publications, or mainstream media.Service in some capacity as a judge of others in the same (or closely related) field in either individual capacity or as part of a judging panel.Articles published in professional or notable trade publications.Original scientific, academic, or business contributions of major significance in their field.Served in a leading or critical capacity for highly regarded organisations or establishments.High salary or remuneration for their services.Other relevant evidence of exceptional expertise that does not fit any of the above criteria.Period of Stay and extension TRENDING STORIESSee All Premium These 6 stocks are top picks by ICICI Securities for 3 .... Premium What will happen to JEE (Main) 2021 exam result amid sc .... Premium Travelling abroad? India starts international flights w .... Premium Garena Free Fire redeem codes for 5 August. Full list o .... The initial period of stay with O-1 visa is three years. The applicant may be eligible to extend their stay up to one year to continue or complete the event or activity for which the visa has been given. How to File The application for O-1 visa has to be filed by the employer or agent on the applicant's behalf. These are steps to follow: Your employer or agent must fill and submit Form I-129, Petition for a Nonimmigrant worker to USCIS, provide necessary documents and pay the application fees.You fill Form DS-160. Anyone applying for US visa has to file this.Pay the O-1 visa fee.Schedule an interview at the US Embassy.Attend the interview and handover the documents including a written consultation, work contract, details of events or activities you will participate in and proof of your extraordinary abilities. You will also have to show your passport, DS-160 confirmation page, interview appointment letter, I-797 approval notice from USCIS, proof of visa fee payment and your picture.Processing time USCIS usually takes two to three months to process O-1 visa applications. Applicants can apply for premium processing, but that costs thrice the normal visa fee. Bringing family O-1 and O2 visa holders can bring their spouse and children below the age of 21 on O3 visa. O3 visa holders cannot work in the US, but can study there Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Deciphering the RoDTEP Scheme for exporters

04 Sep, 2021, 10:51AM | Economic Times

The Merchandise Exports from India Scheme (MEIS) for specified goods and Service Exports from India Scheme (SEIS) for exports of notified services were introduced under Foreign Trade Policy (FTP) 2015-20. MEIS incentivizes exporters at the rate 2, 3 and 5 % of realized FOB value of exports while SEIS offers at 3% or 5% of net foreign exchange earned by a service exporter. During the mid-term review of FTP these rates were increased by an additional 2% for about 2250 labor intensive/MSME items as well as 2% for all service categories. As on 31st December, 2020 (sunset date for MEIS), eligible HS lines under MEIS were over 7400. The value of scrips issued under MEIS Scheme for years 2018-19, 2019-20 and April-October, 2020 was Rs 39,298 crores, Rs 39,046 crores and Rs 13,340 crores while under SEIS Scheme was Rs 4,263 crores, Rs 7,114 crores and Rs 3,288 crores. RoDTEP Scheme is primarily a replacement of MEIS Scheme which was challenged by the US at WTO wherein a dispute panel in the WTO ruled against India. It stated that the export subsidy programmes that were provided by the Government of India distorted trade by providing direct subsidies and these subsidies were found to be inconsistent with Articles 3.1(a) and 3.2 of the SCM Agreement. It is worth noting that under Article 3.1 of the WTO's SCM agreement, all developing countries with gross per capita of $1,000 per annum for three consecutive years are required to stop all export incentives and this threshold limit was crossed by India. Ministry of Commerce & Industry has on August 17, 2021 notified RoDTEP Scheme w.e.f. 1st January, 2021. Under the RoDTEP, various Central and State duties, taxes, and levies imposed on input products like taxes such as duty on power charges, VAT on fuel in transportation, farm sector, captive power generation, mandi tax, stamp duty and central excise duty on fuel used in transportation, among others, would be refunded to exporters, as a %age of F.O.B. value of exports. This would be done in the form of e-scrips that can be used for payment of Basic Customs Duty. The tax refund rates range from 0.5% to 4.3% for various sectors. The rebate allowed is subject to the receipt of sale proceeds within time allowed under the FEMA, 1999. The RoDTEP coupled with GST refund and Duty Drawback ensure that products exported do not contain any incidence of taxes and duties. The rates of RoDTEP will cover 8555 tariff lines. For the RoDTEP scheme, as per Commerce Secretary B.V.R. Subrahmanyam, the amount is Rs12,454 crore and the remaining Rs6,946 crore for RoSCTL would be available for FY 2021-22. The scheme is available for all the exports/exporters, however, the if the exports is of specified imported goods, exports is through transshipment, products which are subject to minimum export price or export duty, restricted/prohibited, deemed exports, exports from non-EDI ports, etc. shall not be eligible for rebate under RoDTEP Scheme. Besides, if the supplies of products manufactured by DTA units to SEZ/FTWZ units, manufactured in EHTP, BTP, partly or wholly in a warehouse under section 65 of the Customs Act, 1962, are also ineligible for the RoDTEP Scheme. Furthermore, it is worthwhile to note that where the products manufactured or exported in discharge of export obligation against an AA or DFIA or SAA issued under a duty exemption scheme of relevant FTP, products manufactured or exported by a unit licensed as hundred 100% EOU and products manufactured or exported by any of the units situated in FTZ or EPZ or SEZ, are also currently under the ineligible list, however, RoDTEP Scheme will be applicable but from a later date based on the recommendations of the RoDTEP Committee. The scheme excludes certain sectors like iron & steel, articles of iron & steel, chemicals and pharmaceuticals which are doing well without incentives but at the same time includes few new products. At the time when the RoDTEP Scheme was announced, the excluded categories were clearly mentioned in the instructions and these products were not included in the excluded categories, therefore, it is a challenge for those exporters who have made exports considering the notional RoDTEP rates. It is worthwhile to observe that since the RoDTEP Scheme is a WTO Compliant and is also a flagship scheme of the Department of Commerce, therefore, things have been kept flexible as there is provision for review the RoDTEP rates on an annual basis which will be notified well in advance before the beginning of a financial year. However, it needs to be noted that one of the key drivers is the overall budget/outlay for the RoDTEP Scheme that would be finalized by the Ministry of Finance in consultation with the Department of Commerce (DoC), taking into account all relevant factors. Aditya Singhania is Partner, Singhania’s GST Consultancy & Co.

Forty five solar parks with 37 GW capacity approved under solar park scheme

03 Sep, 2021, 05:47PM | Livemint

NEW DELHI: As part of its green energy push, India has approved 45 solar parks with a cumulative capacity of 37 gigawatt (GW) under the solar park scheme, according to a statement from ministry of new and renewable energy (MNRE). Promoting solar parks is part of the government’s playbook, with India’s solar and wind generation recording an all-time high of 43.1GW on 27 July. India has also crossed the 100 GW milestone of installed renewable energy capacity. MORE FROM THIS SECTIONSee All Premium Premium SBI internet banking, mobile app YONO to remain down to .... Premium Premium Federal Bank launches credit card Premium Premium Dentsu Creative appoints Ajay Gahlaut as group chief cr .... Premium Premium Coca-Cola partners Jasprit Bumrah for campaign ahead of .... “Ministry of New and Renewable Energy (MNRE) organised a webinar on ‘Introduction of new modes in Solar Park Scheme’ as part of ‘AzadiKaAmritMahotsav’ last week," the statement said. India’s electricity demand has been growing. In a reflection of revival of economic activity in the country, India’s peak electricity demand touched an all-time high of 200.57 GW on 7 July. Also, in a reaffirmation of India’s push for green energy sources, solar and wind generation recorded an all-time high of 43.1 GW on 27 July compared to the previous high of 41.1 GW on 11 June. “Advisor, MNRE highlighted that solar parks can be developed with projects of all forms of Renewable Energy," the statement said. India is running the world’s largest clean energy programme to achieve 175 GW of renewable capacity, including 100GW of solar power and 60 GW of wind power by 2022. “The Webinar saw active participation of close to 300 people which include representatives from State Government Departments, CPSUs, State nodal agencies and the public at large," the statement added. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Nifty logs second best week of this year, Sensex surges 2000 points in 5 days

03 Sep, 2021, 04:35PM | Livemint

Lifted by a strong surge in Reliance Industries, Indian stock markets hit new highs today with blue-chip Nifty registering its best week since early February. The blue-chip NSE Nifty 50 index today ended 0.52% higher at 17,323.60, registering a weekly gain of 3.70%. The Sensex also posted sharp gains for this week, rising nearly 2000 points, after it ended today at 58,129, up over 250 points. “Sensex has gone past 58000 to close the day at 58128, and the Nifty too comfortably rose to 17323. The rise was witnessed across market caps and sectors, though the uptick in midcaps and small caps was a bit muted. The improving general pandemic conditions, the GDP number indicating a continuing revival in economic activity, the increased confidence in facing a potential third wave, the stress on universal vaccination, and finally, the indications from Jackson Hole address by the Fed Chief that tapering off may start as early as later this year but rate hikes may happen much later next year, are the factors which supported the rally in the markets," said Dr. Joseph Thomas, Head of Research, Emkay Wealth Management. MORE FROM THIS SECTIONSee All Premium Premium Investors with reasonable risk appetite can go for Indi .... Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Steel Strips board approves 1:2 stock split "The developments around the US economy, the revival of activity in Europe - both in the face of rising numbers of fresh infections -would also be factors that would matter in the coming week." Data released today showed India's services industry returned to growth in August, expanding at its fastest pace since the pandemic began, as businesses reopened amid improved vaccination rates, a survey showed on Friday, although firms continued to cut jobs. Global markets were muted today as investors awaited US jobs data to ascertain the pace and timing of the Federal Reserve's tapering of asset purchases. India's stock market, having outperformed Asian peers so far this year, has enjoyed its record highs on abundant liquidity and positive global cues, along with the Fed's dovish stance. Reliance Industries or RIL rose over 4% to a new high while ONGC gained 3.8% as the Nifty Energy index extended gains to the ninth session. Among the Nifty stocks, HDFC Life Insurance Co Ltd closed 3.2% lower and was the top loser on the Nifty 50. HDFC Life said it would buy the life insurance unit of Exide Industries for ₹6687 crore. “Reliance Industries market capitalisation crossed 15 lakh crore and ended at its record high after news of the company's plan to enable capacity to generate at least 100 GW of electricity from renewable sources by 2030," said Mohit Nigam, Head - PMS, Hem Securities for Friday. “On the technical front, the market is witnessing a continuous positive trend and it has sustained well above 17,200-250 levels and we believe this up move will extend till 17,400-17,450 level in the short term. On the down side 17,100 is the immediate support in Nifty 50 followed by 16,900," he added. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? The broader markets also posted gains. BSE midcap and smallcap indices today rose around 0.4% each. “Large caps are playing a catch-up rally in the last one month, which is driving the benchmark to higher levels. We believe that the style rotation holds the key, moving forwards. We are in a very interesting phase of the market where benchmark indices are touching to all time high levels in which the market positioning has slowly shifted towards high quality large cap names," said Neeraj Chadawar, Head - Quantitative Equity Research, Axis Securities. "The market breadth has narrowed in the last one month and the high quality large cap stocks outperformed the broader market. Quality theme is clearly back in focus as we had highlighted this in the last month also where the market focus was slowly shifting towards the sustainability of the returns. Allocations are now increasingly shifting towards quality stocks where the earnings visibility and the balance sheet strength are very high," he added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Investors with reasonable risk appetite can go for Indiabulls Housing NCD issue

03 Sep, 2021, 03:31PM | Livemint

Indiabulls Housing Finance Ltd has announced the launch of a public issue of secured and or unsecured non-convertible debentures (NCDs), which will offer coupon rates ranging from 8.05% to 9.75% per annum. Tranche I of the issue has a base size of ₹200 crore with a greenshoe option of up to ₹800 crore, aggregating up to ₹1,000 crore. The issue, which will be open for subscription during 6-20 September, has been rated AA with a stable outlook by Crisil Ratings Ltd and AA+ with a negative outlook by Brickworks Ratings Pvt Ltd. MORE FROM THIS SECTIONSee All Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Vijay Kedia portfolio stock dips 14% in one month. Shou .... Premium Premium Steel Strips board approves 1:2 stock split There are 10 series of NCDs available with a fixed coupon and having tenures of 24 months, 36 months, 60 months and 87 months with annual, monthly and cumulative payout options. The issue has been split into two parts -- secured and unsecured. The secured portion of the NCD will be backed by present and future receivables and current assets of the company, while no security will be created for the unsecured NCDs. According to experts, unsecured NCDs are riskier than the secured NCDs as the bonds are not backed by the company’s assets. Secured NCDs will have tenures of 24 months, 36 months and 60 months, while unsecured NCDs will have a lock-in period of 87 months. Moreover, the highest coupon payout under the secured option would be 9.25%, and 9.75% under the unsecured series. Under the issue, 30% each of the overall issue size has been reserved for retail, HNI and institutional investor categories, with a 10% quota for the non-institutional investor category. “The rating is reasonably good and even the coupon rate is attractive. Moreover, there is no long-term lock-in in the secured option. So, I would suggest investors to stay away from the unsecured investment because the company’s profits are declining and there could be a hit from the lockdowns over the past 18 months. Investors who have reasonable risk appetite can go for it from the returns perspective and that too in the secured portion only," said Harshad Chetanwala, a Sebi-registered investment adviser and co-founder of MyWealthGrowth. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? “For retail investors with moderate risk appetite, the mutual fund route would be a better option," he added. The NCDs are proposed to be listed on BSE and NSE and most of the proceeds will be used for the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings. Indiabulls Housing Finance is one of India’s largest housing finance companies and has assets under management (AUM) of ₹79,213 crore with more than one million customers as of 30 June 2021. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Singapore tells Binance to halt service in latest Crypto hit

03 Sep, 2021, 03:15PM | Livemint

Binance Holdings Ltd. must stop offering services regulated in Singapore after a potential breach of local payment rules, adding to a mounting list of jurisdictions scrutinizing the world’s largest cryptocurrency exchange. Binance may be in breach of the Payments Services Act for providing payment services to, and soliciting business from Singapore residents without an appropriate license, the Monetary Authority of Singapore said Thursday, in response to questions from Bloomberg. MORE FROM THIS SECTIONSee All Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Vijay Kedia portfolio stock dips 14% in one month. Shou .... Premium Premium Steel Strips board approves 1:2 stock split Premium Premium Reliance Industries (RIL) share hits record high. Exper .... As Binance didn’t apply for a license under local law, the MAS has added Binance.com to the investor alert list, which warns consumers that Binance isn’t regulated or licensed to provide any payment services locally. The Singapore regulator’s warning marks the latest blow for Binance, which has grown quickly since its 2017 debut and doesn’t have a global headquarters. While Binance has also drawn scrutiny from regulators in the U.S., the U.K., Thailand, Malaysia and Japan, many crypto bulls say tougher frameworks are a sign of market maturity offering more protection for investors that could lure more money to digital assets. ‘Holistic View’ “MAS is likely to take a holistic view on the application and consider the fact that Binance (global) has been put on the investor alert list," said Nizam Ismail, founder of Ethikom Consultancy, a Singapore-based consultant, which advises firms on compliance and regulation. “Binance (global) would have to show that it has remediated any shortcomings and that it will not, going forward, solicit trades from Singapore resident customers." Binance Holdings, which operates globally, has local affiliates in some countries like the U.S. and U.K. -- and in Singapore, with Binance Asia Services, which operates Binance.sg. BAS recently submitted a license application, and is currently exempted from holding a license for the provision of digital payment token services, according to the MAS. That application remains under review. The company’s Singapore operations are conducted by a separate legal entity from Binance.com, with its own local executive and management team, and does not offer any products or services via the Binance.com website or other related entities, and vice versa, Binance Singapore said in an emailed reply to Bloomberg. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? That entity earned S$645,291 ($480,840) in revenue for the financial year ending March 2020, compared with zero during the previous year, according to a filing to the Accounting and Corporate Regulatory Authority. Singapore isn’t the first country to take action against Binance. The U.K. banned the exchange from doing regulated business in Britain and Japan’s Financial Services Agency has warned it’s operating without registration. In the U.S., Bloomberg reported it has been the subject of a probe by the Securities and Exchange Commission. MAS has been engaging BAS and expects the firm to immediately begin an orderly suspension of its facilitation of transfers of digital payment token assets between BAS and Binance, according to the regulator. The Singapore unit of Binance will inform its customers of the appropriate arrangements as soon as practicable, according to MAS. Binance CEO Zhao Changpeng, a Canadian citizen, resides in Singapore and is the majority shareholder of Binance Asia Services, according to ACRA. Temasek Holdings Pte.’s Vertex Venture Holdings Ltd. is an investor in Binance Asia. The company recently hired Richard Teng, the former regulator who spent two decades at the MAS and Singapore Exchange Ltd., to lead its Singapore entity. Teng’s appointment follows comments from Zhao who said Binance would establish multiple headquarters globally and is looking for regional CEOs -- as well as, potentially, his successor -- with compliance experience a big focus in the selection process. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India-Russia friendship has stood the test of time: PM Modi at Eastern Economic Forum

03 Sep, 2021, 02:14PM | Livemint

Eastern Economic Forum 2021: Prime Minister Narendra Modi on Friday said that the friendship between India and Russia has stood the test of time and it was seen during Covid pandemic. He also said that Covid had highlighted the importance of health and pharma sectors in both the countries' bilateral cooperation. “Friendship between India and Russia has stood the test of time. Most recently, it was seen in our robust cooperation during COVID19 pandemic, including in the area of vaccines. The pandemic has highlighted the importance of health and pharma sectors in our bilateral cooperation," PM Modi said while addressing the plenary session of Eastern Economic Forum (EEF). MORE FROM THIS SECTIONSee All Premium Premium 'Situation alarming': SC stays Kerala govt's decision t .... Premium Premium India, US sign project agreement for air-launched unman .... Premium Premium China is our most important partner, say Taliban Premium Premium Kerala: Covishield stock over in at least 6 districts, .... My remarks at the Eastern Economic Forum. https://t.co/FE8mRgm75q— Narendra Modi (@narendramodi) September 3, 2021 India-Russia energy partnership can help bring stability to the global energy market. My Minister of Petroleum and Natural Gas, Hardeep Puri is in Vladivostok to represent India at this forum, PM Modi added. Applauding President Putin’s vision for the development of the Russian Far East, PM Modi reiterated India’s commitment as part of its "Act East Policy’ of being a reliable partner of Russia in this regard. He underlined the natural complementarities of India and Russia in the development of Russian Far East. PM Modi stressed on the importance of greater economic and commercial engagement between the two sides in line with the ‘Special and Privileged Strategic Partnership’. He highlighted the importance of health and pharma sectors as important areas of cooperation that have emerged during the pandemic. He also referred to other potential areas of economic cooperation including diamond, coking coal, steel, timber etc. Recalling the visit of Chief Ministers of Indian states to EEF-2019, PM Modi extended an invitation to Governors of the 11 regions of Russian Far East to visit India. India has approved Russia's Covid vaccine — Sputnik V — for vaccination in the country. Initially, India received few batches of vaccines from Russia and now some countries are producing the vaccine locally. TRENDING STORIESSee All Premium Maruti Suzuki recalls 1.80 lakh vehicles over a 'possib .... Premium Heavy to very heavy rainfall likely in these regions fo .... Premium Ami Organics vs Vijaya Diagnostic IPOs: What GMP signal .... Premium Reliance Industries (RIL) share hits record high. Exper .... Last month, Indian pharma company Panacea Biotec Ltd said it had agreed to produce up to 25 million doses of the Sputnik V vaccine using the drug substance made by Russia's Generium. Panacea will then supply the doses to drugmaker Dr Reddy's Laboratories for distribution in the country. Earlier, the Russian Direct Investment Fund (RDIF) had informed that the production of Sputnik V Covid vaccine in India was expected to come fully on stream in September. "Production in India is expected to come fully onstream in September and RDIF expects India to become a major production hub for the Sputnik V vaccine with such companies as Serum Institute of India, the world's biggest vaccine producer, Gland Pharma, Hetero Biopharma, Panacea Biotec, Stelis Biopharma, Virchow Biotech and Morepen Laboratories working to produce the vaccine," a statement issued by RDIF read. Last month, Uttarakhand Chief Minister Pushkar Singh Dhami launched Sputnik V in the state. On the first day, 100 people were vaccinated with the Russia-manufactured vaccine. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Indian steel industry's borrowings at lowest levels since 2012: ICRA

03 Sep, 2021, 02:01PM | Economic Times

Indian steel industry’s consolidated borrowings are at their lowest levels since March 2012, rating agency said, revising the steel sector’s outlook to positive from stable on account of better-than-expected quarterly performance reported by India’s top steelmakers in Q1 of FY2022. “Domestic steel companies are now significantly less leveraged than in FY2009, when the last steel supercycle ended, following the global financial crises,” ICRA ’s report said on Thursday. It said the positive sentiment around steel-related commodities emanating out of China from Q2 FY2021 has helped the ongoing metals rally sustain over four quarters, largely cushioning large Indian steel players from the impact of the pandemic. Given the strong earnings growth and capex curtailments following the pandemic-related uncertainty, steelmakers started to aggressively deleverage from the second quarter of FY2021. ICRA’s report noted the “Industry’s consolidated debt levels declining to Rs. 2.0 lakh crore in end-July 2021, from Rs. 2.6 lakh crore in end-July 2020, registering a sharp decline of over 21% in a short span of a year.” ICRA said that the industry’s consolidated borrowing per metric tonne of installed capacity stood at US$ 180/MT2 in July 2021, shrinking by almost half from US$ 350/MT prevailing in November 2008. The steel production growth in FY2022 is likely to be higher at around 14%, ICRA said. “After a 7% contraction in steel demand in last year following the pandemic, we expect domestic consumption to grow at around 12% in the current fiscal, not only benefitting from a low base but also an improving outlook for several steel consuming sectors,” said Jayanta Roy, group head, corporate sector ratings, ICRA. On the supply front, about 8 mt of new capacities are expected to hit the market in the current year, along with an incremental consumption ICRA said. “There is going to be an incremental steel consumption of 12 mt expected in FY2022, leading us to revise the industry’s capacity utilisation rates to 78% in FY2022 from 72% in FY2021,” the company said. On the raw material side, primary steelmakers are expected to see some input cost pressures, with seaborne premium hard coking coal spot offers from Australia doubling in three months to US$ 238/MT in end-August 2021 from US$ 112/MT in mid-May 2021 amid tight supplies and a gradual recovery in steel demand outside of China. “The cost of steel production for domestic mills will go up by around US$ 100/MT, the effects of which would start to flow in the P&L of steel companies producing steel through the blast furnace route from September 2021,” ICRA’s Roy added. However, iron ore prices in Odisha have started to moderate in the last month. In the coming quarters of FY22, earnings for primary steelmakers are expected to moderate somewhat sequentially in Q2 FY2022, ICRA said. “Domestic steel demand contracted by 1.2% sequentially in the seasonally weak peak-monsoon month of July 2021. Early trends suggest that demand remained soft in August as well, with steel price hikes announced at the beginning of the month being rolled back later,” ICRA’s report said.

Steel Strips board approves 1:2 stock split

03 Sep, 2021, 01:32PM | Livemint

Steel Strips Wheels, a leader in designing & manufacturing automotive wheels, on Friday announced that its board in a meeting held today has approved the stock split (sub-division of equity shares) in the ratio of 1:2 i.e., from the existing 1 (one) equity share into 2 (Two) equity shares. Steel Strips said that rationale behind the split is to provide enhanced liquidity to the company's shares in the stock market and to encourage the participation of the small all investors by making equity shares of the company affordable. MORE FROM THIS SECTIONSee All Premium Premium Investors with reasonable risk appetite can go for Indi .... Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Reliance Industries (RIL) share hits record high. Exper .... The company said that the record date for the purpose of sub-diviiion of equity shares shall be decided after obtaining approval for sub-division from the shareholders at the ensuing Annual General Meeting (AGM) and will be intimated in due course. A stock split increases the number of shares that are outstanding by issuing more shares to the current shareholders. Stock split decreases the market price of the individual shares, however, does not result in changing the market capitalization of the company. A company engages in stock-split decision to make its stock more affordable if its price levels are very high, which in thus would lead to increase in liquidity in the stock. The auto ancillary stock was trading nearly 2% lower to ₹1,856.9 per share on the BSE in Friday's afternoon deals, post the stock split announcement. Last month, Steel Strips had announced that a meeting of the board of the company is scheduled to be held on September 3 to consider and approve stock split or sub-division of shares. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

ESDS Software Solution files draft papers to raise funds via IPO

03 Sep, 2021, 01:09PM | Livemint

MUMBAI: ESDS Software Solution Ltd, a Nashik-based cloud services and data centre, has filed draft papers with the Securities Exchange Board of India to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs322 crore and an offer for sale of up to 21.53 million shares by existing shareholders and promoters. MORE FROM THIS SECTIONSee All Premium Premium Investors with reasonable risk appetite can go for Indi .... Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Steel Strips board approves 1:2 stock split The OFS will see sale of up to 4.23 million shares by ESDS Partners LLC, up to 16.86 million shares by South Asia Growth Fund II LP. Currently, ESDS Partners LLC holds 4.21% stake, while South Asia Growth Fund II LP owns 3.67% share in the company. Axis Capital and IIFL Securities are the lead managers to the issue. Proceeds from the IPO will be used to buy cloud computing equipment, estimated at Rs155 crore, for its data centres. Around Rs75 crore will be used to fund long-term working capital requirements, while Rs22 crore will be used to repay certain term loans. As of June 2021, its total secured borrowings were at Rs71.18 crore. For fiscal 2021, ESDS Software Solution reported a profit of Rs5.48 crore versus Rs93.50 lakh a year ago. Revenue during the period stood at Rs171.93 crore against Rs158.57 crore a year ago. ESDS Software Solution is among India’s leading managed cloud service and end-to-end multi-cloud requirements provider. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? The company offers products across diversified industries which include government ministries, companies, and corporate entities across sectors such as BFSI, manufacturing, IT and ITES, telecom, real estate, pharmaceuticals, retail and education. It has clients in countries across the APAC region, Europe, Middle East, the Americas and Africa. Its comprehensive IaaS cloud computing services portfolio includes public cloud, private cloud, virtual private cloud, hybrid cloud and various community cloud offering. As part of SaaS offerings, it also provides software products and applications, hosted on their cloud platform, on an annual, semi-annual, monthly or quarterly subscription model. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

HDFC Life shares slip 4% after firm announces acquisition of Exide Life

03 Sep, 2021, 12:41PM | Livemint

Shares of HDFC Life Science Ltd dropped 4% on Friday after the firm said it will acquire Exide Life Insurance in a deal worth ₹6,887 crore. The stock hit a low of ₹728.55 on the BSE. At 12.05pm, the scrip was at ₹734.05 on BSE, down 3.3% from its previous close. HDFC Life stock had been trading higher for nine consecutive sessions and rose nearly 14% during this period. MORE FROM THIS SECTIONSee All Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Vijay Kedia portfolio stock dips 14% in one month. Shou .... Premium Premium Steel Strips board approves 1:2 stock split Meanwhile, shares of Exide Industries Ltd soared 7.2% to ₹191 a share. Earlier, HDFC Life had intended to acquire Max Life, but the deal did not go through due to regulatory hurdles. HDFC Life will acquire a 100% stake in Exide Life Insurance from Exide Industries via issuance of 87.02 million shares at an issue price of ₹685 per share, and a cash payment of ₹725 crore, it said. The process for the merger of Exide Life into HDFC Life will be initiated after the deal is closed. The biggest insurance deal in the country may spur further consolidation in the sector, which has about 57 firms, including two dozen life insurers. The government’s move, earlier this year, to allow foreigners to own more of local insurers, and an increase in demand for medical and life coverage after the pandemic ravaged the country is likely to prompt larger firms to seek more such transactions. “Life insurance is a fixed cost intensive business and one needs size, distribution network and high operating level to ensure profitability," said Santosh Singh, senior vice-president and head of research at Motilal Oswal Asset Management Co. “That is why small size players are not able to cope in the market." MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? HDFC Life will hold an extraordinary general meeting on 29 September to take approval from its shareholders. (With inputs from Bloomberg) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Why Jefferies is bullish on Varun Beverages stock, raises target price

03 Sep, 2021, 12:35PM | Livemint

Varun Beverages (VBL), the PepsiCo bottler, is expected to see a growth acceleration ahead led by recovery in volumes, new launches, distribution expansion, margin normalisation and reduction in interest cost, as estimated by brokerage firm Jefferies. The Indian beverage company is one of the largest franchisees of Pepsico. Varun Beverages was among the most impacted companies by Covid-19 disruption due to higher out-of-home consumption along with the timing of restrictions during the peak season (April-May) in CY20 & CY21. MORE FROM THIS SECTIONSee All Premium Premium Investors with reasonable risk appetite can go for Indi .... Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Steel Strips board approves 1:2 stock split “With a pick-up in 1HCY21 economic activity, VBL also staged a strong recovery, although 2-year CAGR still remains negative. With the opening up of economy and acceleration in the pace of vaccinations, outlook on VBL volumes remains strong for the next few quarters," Jefferies said in a note on Friday. The brokerage firm has added Varun Beverages to a high conviction ‘Buy’ and has raised its target price to ₹1,200 per share, with an upside scenario of ₹1,450 and downward scenario of ₹740. Though, Jefferies sees another Covid related disruption, sharp rise in input costs, aggressive overseas M&A among others as key risks. Among the new launches, energy drink brand, Sting continues to rampup well and has become the market leader. Jefferies expects the company's recent launch of Mountain Dew Ice, a lemon-based fruit drink, opens up a new market for VBL. VBL acquired the south & west territory from PepsiCo in May 2019. "Our industry interactions indicate PepsiCo lost market share in the territory in the preceeding few years. VBL, post acquisition, was expected to focus on the execution driving market share gains. However, restrictions during busy season impacted VBL plans on ramp-up but this should now change as VBL focuses on growth in CY22 driving share gains, in our view," Jefferies note added. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Snapdeal weighs IPO to raise about ?3,000 crore

03 Sep, 2021, 12:23PM | Livemint

Indian e-commerce retailer Snapdeal Pvt is considering an initial public offering that could raise about $400 million, joining a growing list of startups preparing to tap capital markets as the nation’s digital economy booms. The company, which counts SoftBank Group Corp. among its investors, is speaking with advisers about a potential listing in Mumbai that could value it at as much as $2.5 billion, the people said. An IPO could take place as soon as next year, they said, asking not to be identified because the details aren’t public. MORE FROM THIS SECTIONSee All Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Vijay Kedia portfolio stock dips 14% in one month. Shou .... Premium Premium Steel Strips board approves 1:2 stock split Premium Premium Reliance Industries (RIL) share hits record high. Exper .... Discussions are still at an early stage, and the firm could decide not to proceed with the plan, the people said. Representatives for Snapdeal and SoftBank declined to comment. Snapdeal, based in the New Delhi suburb of Gurgaon, was once one of the country’s top three e-commerce firms along with Flipkart Online Services Pvt. and the Indian unit of Amazon.com Inc. Founded in 2010, it offers more than 60 million products across 800 categories on its platform and delivers to more than 6,000 cities and towns across the country, according to its website. Four years ago, Snapdeal walked away from a potential merger with Flipkart, which would have united the two local-e-commerce companies against Amazon. Since then, Flipkart sold a controlling stake to Walmart Inc. and is now progressing towards its own IPO. The amount raised through IPOs in India so far in 2021 has already surpassed the total gathered in the last three years. The pipeline for the rest of the year includes payments service provider Paytm, online insurance platform Policybazaar and e-commerce beauty startup Nykaa. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Indian can achieve green hydrogen cost of $1 per kg in a decade: Mukesh Ambani

03 Sep, 2021, 12:02PM | Livemint

MUMBAI: Mukesh Ambani, chairman, Reliance Industries Ltd (RIL), on Friday reiterated his commitment to invest Rs75,000 crore over the next three years in green energy initiatives, including the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, as the global energy behemoth shifts its focus from hydrocarbons to renewable power. Ambani had first made the Rs75,000 crore investment announcement on 24 June at RIL's annual general meeting. MORE FROM THIS SECTIONSee All Premium Premium The Netflix show that turbocharged Formula One Premium Premium Single screen cinemas pin hopes on ‘Fast & Furious’ fra .... Premium Premium Lithium booms in the battle for electric-vehicle batteries Premium Premium 'Black Widow’ to stream in local languages on Disney+ H .... Addressing the International Climate Summit 2021, Ambani said work was underway at a brisk pace to develop the 5,000-acre giga complex, which would be one of the world's largest green energy facilities, and that RIL was on track to become a net-zero carbon company by 2035. "Although the cost of green hydrogen energy is currently high, they are expected to fall significantly. New technologies are emerging for storage and transportation of green hydrogen which will lead to a further reduction in costs," Ambani said. The government is planning to create an enabling green hydrogen ecosystem which will attract investments," he added. India has targeted 450GW of renewable energy capacity by 2030, of which RIL plans to establish and enable at least 100GW of solar energy. A significant part of this will come from rooftop solar and decentralised solar installations in villages. "This will create a pan-India network of kilowatt and megawatt scale solar energy producers who can produce Green Hydrogen for local consumption," said Ambani, adding that efforts are on globally to make green hydrogen the most affordable fuel option by bringing down its cost to initially under $2 per kg. "Am sure that India can set even more aggressive target of achieving under $1 per kg within a decade. This will make India the first country globally to achieve $1 per 1 kilogram in a decade-- the 1-1-1 target for Green Hydrogen," Ambani said. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? RIL has been focusing on a shift from oil and gas to new energy at a time when global consensus has been building for action against climate change. Energy majors including Royal Dutch Shell, Chevron Corp, and Exxon Mobil Corp are being pushed by environmentally concerned investors to cut emissions. As part of RIL's green energy investment, the oil-to-telecom conglomerate, at a cost of Rs60,000 crore, will build an integrated solar photovoltaic module factory, an advanced energy storage giga factory and an electrolyser giga factory to manufacture modular electrolysers used for captive production of green hydrogen for domestic use as well as for global sale. RIL's fourth initiative will be the fuel cell giga factory. A fuel cell uses oxygen from the air and hydrogen, to generate electricity. The only emission of this process is non-polluting water vapor. Fuel cells have the capacity to progressively replace internal combustion engines. RIL's Jamnagar complex will provide infrastructure and utilities to manufacture ancillary material and equipment needed to support these giga factories. The company will invest an additional Rs15,000 crore in the value chain, partnerships, and future technologies, including upstream and downstream industries. It will also build two additional divisions--Renewable Energy Project Management and Construction Division and Renewable Energy Project Finance Division-- to facilitate solutions for large renewable plants across the world and to provide finance solutions to the stakeholders in the ecosystem. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

View: How China holds International trade in its talons

03 Sep, 2021, 11:54AM | Economic Times

In January 1998, French monthly Le Monde Diplomatique carried an article titled ‘China holds world trade hostage’. Set in the backdrop of the 1997 Financial Crisis, the article by Stephen S. Cohen postulated that China , ‘stripped of its old ideology’, was bent on ‘asserting itself as a world power in every domain’. In this regard, Cohen believed that the Chinese economic growth, particularly in exports, had come due to its movement to complex manufacturing. Yet, this growth had been at the cost of Southeast Asia, which faced the brunt of the economic crisis during that period. In over two decades since the article was published, Cohen’s words seem to have manifested in the present; China is today an aspiring hegemonic power that is wielding not just exports, but its overall economic strength to assert itself across the globe. After China became a full member of the World Trade Organization (WTO), its integration in the global economy has been swift, and its growth nebulous, as it quickly rose to become the world’s second largest economy (in terms of GDP). According to Lowy Institute data, before 2000, the US was at the helm of global trade, as over 80 per cent of countries traded with the US more than they did with China. However, by 2018, the number had seen a steep decline to mere 30 per cent, as China had become the largest trading partner for 128 of 190 countries. In 2020, China’s share in global trade was nearly 15 per cent, third only to the EU and the US. Additionally, China has managed to maintain a positive balance of trade despite its wider reach; in 2020, China recorded a trade surplus of USD 535.37 billion with an increasing tendency over the last five years. This was despite the global economic slowdown, which had led to decline in trade among countries as well as the criticism of Beijing regarding COVID-19 issue. However, Chinese integration in the international economy has come with a caveat. While the country did become a member of WTO, it never did follow the organization’s underlying values for free trade in spirit. The Dragon nation is a country that has access to open trade across the globe due to WTO norms, but its own economy is what can be described as a ‘black box’ due to opaque political and economic decision making, and notoriously unreliable data provided for the benefit of CCP. In addition to the aforementioned internal factors acting as a magnet to unfairly tip the scales in China’s favour, there have also been concerns regarding its external trade policies. Chinese trade practices have been described as mercantilist and protectionist; mercantile, due to the tendency of manipulation of currency and higher production to oversupply markets, and protectionist for utilization of tariff and non-tariff barriers that act as a roadblock for foreign commodities and companies to enter and survive in China. Due to WTO rules, trade is not subjected to tariff barriers as often, non-tariff barriers such as import quota and licensing have acted as instruments to restrict entry for foreign trade. Chinese mercantile behavior also manifests in the form of ‘dumping’, i.e., selling a commodity in another country at a price lower than its own domestic market. The US and India have been perhaps the largest victims of China’s dumping policy, especially with regards to electric commodities, aluminum and steel. The rising discontent in the US regarding opacity in Chinese trade policies and the resultant high deficits brought forth the US-China trade war , which threw the issue of the Asian nation’s entrenchment into global supply chains in a stark light. The scrutiny rose further due to the COVID-19 crisis, where China held bilateral trade ties ransom to deflect any questions or allegations against it on the origins of the pandemic. This has led to several countries reassessing their dependence on China for their supply chains. An example of this can be seen in a recent report that details Indian exposure and overdependence on China. According to it, five leading Indian companies, engaged in sectors ranging from automotive and home appliances, to pharmaceuticals and chemical industries, have a high dependence on China for their market activities. This may be due to dependence on market revenue in China (Tata motors deriving 80 percent of revenue from a subsidiary that sees China as key market), manufacturing of products or their auxiliaries (VIP luggage having 50 per cent manufacturing in China, Voltas depending on Chinese manufactured compressors and controllers), raw materials (India imports over 63 percent of its total pharma imports from China), or stake holding and investments in major sectors. Yet, actual Indian presence in China is limited, and the trade deficit runs in double digits in favor of China. For India, the issue has major geostrategic implications due to the border issues, but the South Asian country should also be treated as a sobering example of how Beijing has sunk its talons in various countries with little cost to itself. Yet, despite the rising examples of antagonism, coercion and corruption from the Chinese government and its representative companies during COVID pandemic, the Chinese trade with South Asian countries (including India, despite policy attempts against it) still grew. The Centre of Strategic and International Studies, in this context, has urged for international players to ‘push back against Chinese economic coercion’, including in trade relations. However, that requires that Chinese hold on global supply chains loosened, which will require redirecting industrial and market units to other countries with similar capacities. The US, Japan and France have already started taking active steps to encourage their respective companies to rely less on China to make the world's smartphones, drugs and other products. Yet, it can be expected to be an uphill battle; China’s size as both a global producer, as well as its market, means that companies tend to be ambivalent to the predatory nature of Chinese trade practices.

L&T Technology stock surges 4% on strong FY25 growth outlook

03 Sep, 2021, 09:57AM | Livemint

Shares of L&T Technology Ltd rose 4% on the NSE on Friday, hitting a new 52-week high of ₹4,145, following the management's robust growth outlook. At its recently held analyst day, the company's management said it aims to achieve FY25 revenue of $1.5 billion, along with 18% Ebit margin. Ebit is short for earnings before interest and tax. MORE FROM THIS SECTIONSee All Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Vijay Kedia portfolio stock dips 14% in one month. Shou .... Premium Premium Steel Strips board approves 1:2 stock split The company's management hopes to benefit from increased digitization which is driving accelerated spends in ER&D (engineering and research and development). According to the management, the sector's overall ER&D spending is likely to improve from $1.4 trillion in calendar year 2020 to $1.7-1.9 trillion by calendar year 2023. Also, L&T Technology has increased its focus on scaling up large accounts along with large deals, which will drive growth. The management sees scope for margin improvement, led by a further offshore shift. Further, the management highlighted six large areas of corporate investment, where it sees significant growth opportunities. These comprise electric, autonomous and connected vehicles, medtech, 5G, artificial intelligence and digital products, digital manufacturing, and sustainability. Analysts at Motilal Oswal Financial Services Ltd said, the company's FY25 guidance implies a FY21-25 US dollar revenue CAGR of around 20%, and indicates high management confidence in both the demand environment as well as its ability to gain share in all key verticals. "Moreover, it reiterated its focus of keeping its guidance achievable, despite client and attrition related risks. We see this as an indication that there can also be potential upside risk to its aspiration of USD1.5 billion revenue by FY25," said the Motilal Oswal report. The domestic brokerage house expects L&T Technology to deliver strong revenue growth over the coming years. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Stocks to watch: HDFC Life, MT Educare, J&K Bank, Goodluck India, RIL

03 Sep, 2021, 09:01AM | Business Standards

Nifty futures on SGX were up 28 points at 17,288 around 8.55 am, indicating a positive start for the benchmark indices. Here are the top stocks to track in today's session: RIL, Just Dial: Billionaire Mukesh Ambani-led Reliance Retail on Thursday said it has acquired sole control of 25-year-old search and discovery firm Just Dial. The firm's subsidiary Reliance Retail Ventures Ltd had in July announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore. HDFC Life: The board of country's largest private insurer approved acquisition of Exide Exide Life Insurance Company for a total consideration of Rs 6,687 crore of which Rs 725 crore will be payable in cash and the balance by way of issue 8.7 crore equity shares of face value of Rs 10 at a price of Rs 685 per share to Exide Industries. MT Educare: Education service provider, MT Educare has defaulted on repayment of interest and principal amount to its lenders, the company said in a communication to exchanges on September 2. Jammu & Kashmir Bank: The lender has approved raising of equity share capital upto Rs 1,000 crore in one or more tranches, and Rs 1,000 crore by way of non-convertible debentures on a private placement basis. Further, the government has nominated IAS officer Atal Dulloo as a director on its board. PNB Housing Finance: The company on Thursday said markets regulator Sebi has approached the Supreme Court against the Securities Appellate Tribunal's order in the matter related to the company's Rs 4,000 crore equity capital raise plan. Board meetings: Board of Steel Strip Wheels will meet today to consider stock split; and Board of Tourism Finance Corporation is scheduled to meet today to consider fundraising plan. Rossari Biotech: The company has completed the acquisition of the first tranche of 76 percent of Tristar Intermediaries. DRL, Natco Pharma: Dr Reddy's Laboratories and Natco Pharma on Thursday said they have launched generic capsules used in the treatment of multiple myeloma and myelodysplastic syndrome patients in the Canadian market. Goodluck India: Goodluck India Ltd said on Thursday it has been awarded Letter of Intent (LoI) for order worth Rs 198.76 crore by L&T Ltd for the Bullet Train project in the country. The LoI is granted for the supply and fabrication of special bridges on the National High-Speed Rail Track between Mumbai and Vapi (Bullet Train Project), the company said in a release. Embassy Office Parks REIT: The company will raise up to Rs 300 crore through issue of non-convertible debentures. The company did not disclose where the funds will be utilised. IRB Infrastructure Developers: The company has emerged as a preferred bidder for Chittoor - Thachur Six Laning Highway Hybrid Annuity Project in Tamil Nadu. Granules India: The company has received licence from Defence Research & Development Organisation, Ministry of Defence, to manufacture and market 2-Deoxy-D-Glucose. Developed by DRDO, 2-DG has been granted permission by Drug Controller General of India for emergency use as adjunct therapy in moderate to severe Covid-19 patients. RailTel Corporation of India: The company has received a contract from Directorate of Information Technology, Indian Air Force for implementation of secure OPS Network for value of Rs 299.95 crore.

Stocks to Watch: GAIL, IRB Infra, J&K Bank, PNB Housing, multiplex scrips

03 Sep, 2021, 08:30AM | Livemint

NEW DELHI: Here are top 10 stocks that may be in the news today. Adani Green Energy: The company has raised $750 million through a green bond to fund the equity for its under construction projects, it said in a statement. MORE FROM THIS SECTIONSee All Premium Premium Making sense of loans against cryptocurrencies Premium Premium Exide Industries shares zoom on insurance subsidiary sa .... Premium Premium L&T Technology stock surges 4% on strong FY25 growth ou .... Premium Premium Clean Science shares surge after Anand Rathi initiates .... GAIL: The government’s ambitious ₹6 trillion monetization programme will be kicked off by leasing out more than 2,229km of gas pipelines of GAIL (India) Ltd to the private sector, a person directly aware of the development said. IRB Infrastructure: The company has emerged as a preferred bidder for Chittoor-Thachur six laning highway hybrid annuity project in Tamil Nadu worth ₹909 cror, it said ina regulatory filing. Jammu & Kashmir Bank: The state-owned lender's board has approved a proposal to raise up to ₹2,000 crore through a mix of equity and debt. Multiplex stocks: India’s top two multiplex chains PVR Cinemas and INOX Leisure Ltd are refusing to screen the Hindi version of Kangana Ranaut’s Thalaivii saying the window to its Netflix premiere is too narrow, said two film trade analysts on condition of anonymity. NTPC: The company's unit NTPC Renewable Energy Ltd has received the letter of award (LoA) for developing 325 MW projects in Madhya Pradesh’s Shajapur solar park, NTPC said in a statement. PNB Housing Finance: PNB Housing Finance on Thursday said capital markets regulator Sebi has approached the Supreme Court against the Securities Appellate Tribunal's order in the matter related to the company's ₹4,000 crore equity capital raise plan. MINT PREMIUM See All Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? Premium Premium gin brands headed to Indian shores as consumers embrace the spirit Premium The supply chain snafu clouding global economic revival Punjab National Bank: The lender on Thursday urged a tribunal to quash the rescue plan for defunct debt-laden Jet Airways, alleging irregularities in it, a move that risks delaying any return of the airline grounded two years ago. RailTel Corporation: The company has received a contract from directorate of information technology, Indian Air Force, ministry of defence for implementation of secure OPS network. The project is valued at ₹299.95 crore and is expected to be executed over a period of 12 months, the company said in a regulatory filing. RIL: The company's unit Reliance Retail Ventures Ltd (RRVL) has taken sole control of Just Dial Ltd in accordance with the Sebi takeover regulations with effect from 1 September, the company said today. On 2 September, Just Dial's board approved the allotment of 2.12 crore equity shares at ₹1,022.25 per share via preferential allotment on a private placement basis for cash consideration to RRVL. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Ami Organics vs Vijaya Diagnostic IPOs: What GMP signals about the public issues

03 Sep, 2021, 07:55AM | Livemint

Ami Organics vs Vijaya Diagnostic IPOs: Bidding for both public issues opened on 1st September 2021 and it will remain open for subscription till 3rd September 2021 i.e. today. After two days of bidding, Ami Organics IPO has been subscribed 3.90 times while Vijaya Diagnostic IPO has received bidding to the tune of 0.47 times of its offer. Like bidders, grey market is also signaling about the two public offers. According to market observers, shares of Ami Organics are available at a premium of ₹105 in grey market today while Vijaya Diagnostic IPO GMP today has slipped in single digit at ₹6. According to market observers, grey market is giving an indication that higher valuations and 100 per cent OFS (Offer for Sale) may go against Vijaya Diagnostics. Ami Organics vs Vijaya Diagnostic IPOs: Grey market premium MORE FROM THIS SECTIONSee All Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Vijay Kedia portfolio stock dips 14% in one month. Shou .... Premium Premium Steel Strips board approves 1:2 stock split Premium Premium Reliance Industries (RIL) share hits record high. Exper .... Ami Organics IPO GMP today is ₹105, which is ₹45 down from its yesterday's grey market premium of ₹150. According to market observers, Ami Organics IPO has logged 150 per cent rise in its grey market premium from ₹50 to ₹125 just ahead of its subscription opening. They said that chemical stocks were buzzing at that time and grey market counted that buzz. Now, the space has stabilized and hence Ami Organics IPO GMP is coming to its normal. However, Vijaya Diagnostic IPO GMP today slipped below ₹10. Its grey market premium today is ₹6 — hitting single digit for the first time ever since it became available for trade in the grey market. In fact, Vijaya Diagnostic IPO GMP in morning today was ₹9 that means it has slipped ₹3 more in the intraday trade session in grey market. Market observers are of the opinion that grey market is trying to indicate that 100 per cent OFS and higher valuation may go against the public issue. They said that much was depending upon the performance of this public issue during subscription but it has failed to get fully subscribed after two days of bidding. What this GMP mean As grey market premium means expected listing gain from the IPO. Market observers said that grey market is expecting Ami Organics IPO listing at around ₹715 ( ₹610 + ₹105) — around 16 per cent up from its issue price of ₹603 to ₹610. However, in the case of Vijaya Diagnostic IPO, grey market premium today is ₹6 that means grey market is expecting Vijaya Diagnostic IPO listing at around ₹537 ( ₹531 + ₹6) — at par with the issue price of the public issue price band of ₹522 to ₹531. Speaking on Ami Organics vs Vijaya Diagnostic IPOs; Abhay Doshi, Founder at UnlistedArena.com said, "Between the two public issues, Ami Organics looks clear winner. Vijaya Diagnostics, although, looking fundamentally strong may witness dull response due to valuations being on higher side." He went on to add that 100 per cent OFS and valuation on higher side is working as 'turned down' sentiments for Vijaya Diagnostics IPO. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sensex closes at new high of 58,130, Nifty at 17,324; metals, realty surge

03 Sep, 2021, 07:39AM | Livemint

Sensex, Nifty closed over 0.48% higher on Friday. Indian shares hit all-time highs on Friday, boosted by Reliance Industries and a jump in Exide Industries following the sale of the battery maker's insurance unit to HDFC Life Insurance, while the focus is also on a key US jobs report later in the day. 03 Sep 2021, 03:52:25 PM IST Market closing quote: Neeraj Chadawar, head - Quantitative Equity Research, Axis Securities “Large caps are playing a catch-up rally in the last one month, which is driving the benchmark to higher levels. We believe that the style rotation holds the key, moving forwards. We are in a very interesting phase of the market where benchmark indices are touching to all time high levels in which the market positioning has slowly shifted towards high quality large cap names. The market breadth has narrowed in the last one month and the high quality large cap stocks outperformed the broader market. Quality theme is clearly back in focus as we had highlighted this in the last month also where the market focus was slowly shifting towards the sustainability of the returns. We continue to see the broader market doing well, as the visibility on broad based earnings is still intact. Quality is an emerging theme which is now visible in the performance of FMCG index. Allocations are now increasingly shifting towards quality stocks where the earnings visibility and the balance sheet strength are very high." Share Via 03 Sep 2021, 03:47:38 PM IST Rupee inches 4 paise higher to close at 73.02 (provisional) against US dollar Share Via 03 Sep 2021, 03:47:13 PM IST Market closing The Sensex closed at 58,129.95, up 277.41, or 0.48%, while the Nifty was at 17,323.60, up 89.45 points, or 0.52%. Banks, financials , FMCG were top drags. On the 30-share Sensex, RIL, Titan, Tata Steel, and 16 other stocks will close in green, while Airtel, HUL, HDFC twins, and seven other stocks closed in red. View Full ImageSensex at close Share Via 03 Sep 2021, 03:23:05 PM IST Investors with reasonable risk appetite can go for Indiabulls Housing NCD issue Indiabulls Housing Finance Ltd has announced the launch of a public issue of secured/ and or unsecured non-convertible debentures (NCDs), which will offer coupon rates ranging from 8.05% to 9.75% per annum. Tranche I of the issue has a base size of ₹200 crore with a greenshoe option of up to ₹800 crore, aggregating up to ₹1,000 crore. The issue, which will be open for subscription during 6-20 September, has been rated AA with a stable outlook by Crisil Ratings Ltd and AA+ with a negat ive outlook by Brickworks Ratings Pvt Ltd. There are 10 series of NCDs available with a fixed coupon and having tenures of 24 months, 36 months, 60 months and 87 months with annual, monthly and cumulative payout options. The issue has been split into two parts: secured and unsecured. The secured portion of the NCD will be backed by present and future receivables and current assets of the company, while no security will be created for the unsecured NCDs. NSE BSE listElement-graph-11630662784707-220741 listElement-graph-11630662784707-220741 Share Via 03 Sep 2021, 03:17:26 PM IST L&T Technologies: Axis Securities maintains ‘buy’ L&T Technologies Ltd (LTTS), on its investors day, stated that the company has accelerated demand and will reach the $1 Bn revenue mark in the near term and $1.5 Bn by FY25. The management also foresees robust demand due to the Covid-19 and consequent global lockdowns. Automation spendings are likely to accelerate going ahead on account of newer technologies such as softwaredriven cars, digital revolutions, and cloudification. The management has maintained its revenue guidance to 15%-17% for FY22. The company's deal pipeline continues to be strong as compared to previous quarters and it signed six large deals with $10 Mn+ which includes two $25 Mn+ deals in Q1FY22. Revenues from digital and leading-edge technologies stood at 54% during the quarter. The management is confident of gaining momentum from the next quarter on account of a healthy deal pipeline and ram up in new deal wins. We recommend a HOLD and assign a 35x P/E multiple to its FY23E earnings of ₹124/share, which gives a TP of ₹4,290/share indicating potential upside of 6%. NSE BSE listElement-graph-11630662445748-268618 listElement-graph-11630662445748-268618 Share Via 03 Sep 2021, 03:12:00 PM IST Taliban co-founder Mullah Baradar will lead a new Afghan govt: report Taliban co-founder Mullah Baradar will lead a new Afghan government set to be announced shortly, people in the Islamist group said on Friday, as its fighters battled forces loyal to the vanquished republic in the Panjshir Valley north of Kabul. The new government's most immediate priority, however, should be to stave off the collapse of an economy grappling with drought and the ravages of a conflict that killed an estimated 240,000 Afghans. Share Via 03 Sep 2021, 03:08:49 PM IST Oil steady ahead of U.S. jobs report as U.S. storm recovery struggles il prices were largely steady on Friday as a rebound in global demand was widely expected but a slow recovery for the U.S. Gulf Coast export and refining hub from the hurricane earlier this week weighed on prices. Brent crude futures were up 22 cents, or 0.3%, to $73.25 a barrel at 0911 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 5 cents at $69.94 a barrel. Both benchmark oil contracts were largely steady for the week. The move down in WTI was likely due to traders squaring positions ahead of the U.S. non-farm payrolls report for August set to be released on Friday, analysts said, on worries the report may be weaker than consensus forecasts. Share Via 03 Sep 2021, 02:58:25 PM IST RIL, Infy drive Sensex gains View Full ImageIndex contribution Share Via 03 Sep 2021, 02:54:06 PM IST Sebi tweaks investor grievance redressal mechanism framework Capital markets regulator Sebi on Friday tweaked the framework on investor grievance redressal mechanism after receiving representation from stock exchanges. The regulator has modified framework pertaining to speeding up grievance redressal mechanism and threshold limit for interim relief paid out of investor protection fund (IPF) of the stock exchange among others. With regard to place of arbitration or appellate arbitration in case award amount is more than ₹50 lakh, Sebi said the next level of proceedings may take place at the nearest metro city, if desired by any of the party involved. Share Via 03 Sep 2021, 02:37:19 PM IST Biological E novel covid vaccine candidate CORBEVAX gets DCGi approval for 2 clinical trials Share Via 03 Sep 2021, 02:27:51 PM IST Bharti's rights issue credit positive for itself, credit neutral for Singtel: Moody's Bharti's rights issue is credit positive for the company, Moody's Investors Service has said as it noted that the fresh capital would keep the leverage relatively stable amid 5G investments, ongoing cash payments for spectrum and settlement outgo related to AGR. For Bharti's 31.7% shareholder, Singapore Telecommunications (Singtel), the transaction is 'credit neutral', it said. Bharti Airtel board had recently approved raising up to ₹21,000 crore by way of rights issue, at a price of ₹535 per share. NSE BSE listElement-graph-11630659469834-132454 listElement-graph-11630659469834-132454 Share Via 03 Sep 2021, 02:16:33 PM IST Tata Consumer Products rolls out new branding for Tata Soulfull range Tata Consumer Products on Friday announced the rollout of new branding for the Tata Soulfull range of health and wellness food. The company said it has integrated the Tata logo into the Soulfull portfolio, subsequent to Tata Consumer Soulfull Pvt Ltd becoming a 100 per cent subsidiary of Tata Consumer Products in February 2021. The integration was completed within 100 days of the acquisition, Tata Consumer Products said in a statement. The Tata Soulfull product range is focused on the health and wellness food segment with a portfolio of millet-based products for kids and adults, the statement said. Share Via 03 Sep 2021, 02:15:18 PM IST Sebi asks AMCs to invest in schemes based on risk; quantify minimum amount to be invested Markets regulator Sebi on Friday asked asset management companies (AMCs) to invest in the range of 0.03 to 0.13 percentage of the asset base in their own schemes in a bid to align the interest of the fund houses with investors. The percentage that needs to be invested depends on the risk level of the scheme, which has been categorized into low, low to moderate, moderate, moderately high, high and very high. The new framework is aimed at aligning the interest of asset management companies (AMCs) with the unitholders of the mutual fund schemes. (PTI) Share Via 03 Sep 2021, 02:06:45 PM IST Reliance Industries (RIL) share hits record high. Experts give 'buy' tag Reliance Industries share price today shot up to its new lifetime high of ₹2,374.90 breaching its previous high of ₹2,369.35 per equity share mark. The Sensex heavyweight today opened with an upside gap of ₹15.60 at ₹2310 per stock levels and went to make its new lifetime high of ₹2,374.90. According to stock market experts, RIL share price may continue to scale new peaks in upcoming trade sessions as they see further rise in the counter. They said that Reliance Industries share price may go up to ₹3000 levels in next 12 month. (Read more) NSE BSE listElement-graph-11630658203956-100325 listElement-graph-11630658203956-100325 Share Via 03 Sep 2021, 02:01:45 PM IST EU, AstraZeneca reach supply agreement EU and AstraZeneca have reached an agreement which will secure the delivery of the remaining covid-19 vaccine doses to member states. Agreement will also end the pending litigation before the Brussels court. (Reuters) Share Via 03 Sep 2021, 01:54:23 PM IST PM Modi says Mazagon Dock will partner Zvezda for construction of commercial ships Share Via 03 Sep 2021, 01:43:34 PM IST Steel Strips board approves 1:2 stock split Steel Strips Wheels, a leader in designing & manufacturing automotive wheels, on Friday announced that its board in a meeting held today has approved the stock split (sub-division of equity shares) in the ratio of 1:2 i.e., from the existing 1 (one) equity share into 2 (Two) equity shares. Steel Strips said that rationale behind the split is to provide enhanced liquidity to the company's shares in the stock market and to encourage the participation of the small all investors by making equity shares of the company affordable. (Read more) NSE BSE listElement-graph-11630656811675-113262 listElement-graph-11630656811675-113262 Share Via 03 Sep 2021, 01:29:07 PM IST Shanghai steel futures leap as peak season output curbs weigh Steel futures in China jumped on Friday, with stainless steel rising more than 6% along with gains in rebar and hot-rolled coils, as production curbs during the peak demand season stoked concerns about global supply. Apparent demand for five main steel products, including construction and manufacturing used materials, rose for the third straight week to 10.41 million tonnes, as of Thursday, data from Mysteel consultancy showed. Capacity utilisation rates of blast furnaces at 162 mills across China, however, fell to 75.06% this week from 75.53% the week earlier, according to Mysteel. The most-active October contract for stainless steel on the Shanghai Futures Exchange jumped as much as 6.1% to 18,760 yuan ($2,904.97) per tonne. The contract ended 5.9% higher at 18,715 yuan. Share Via 03 Sep 2021, 01:23:32 PM IST Maruti Suzuki gains Maruti Suzuki India's stock was trading at ₹6,866.60 each, up 1.11% at 1:21 pm. On Friday, the carmaker announced to undertake a recall of some petrol variants of Ciaz, Ertiga, Vitara Brezza, S-Cross, and XL6. This is to inspect for a possible defect in 181,754 units of these models manufactured between 4 May 2018 to 27 October 2020. Recall campaigns are undertaken globally to rectify faults that may be potential safety defects. (Read more) NSE BSE listElement-graph-11630655611457-132500 listElement-graph-11630655611457-132500 Share Via 03 Sep 2021, 01:13:45 PM IST Madhav Copper trades lower Madhav Copper's stock was trading at ₹39.90 each, down 0.37% at 1:12 pm. The company's board has given a green signal to avail loan of upto ₹50 million. NSE BSE listElement-graph-11630655024315-284404 listElement-graph-11630655024315-284404 Share Via 03 Sep 2021, 12:57:45 PM IST HDFC Life shares slip 4% after firm announces acquisition of Exide Life Shares of HDFC Life Science Ltd dropped 4% on Friday after the firm said it will acquire Exide Life Insurance in a deal worth ₹6,887 crore. The stock hit a low of ₹728.55 on the BSE. At 12.05pm, the scrip was at ₹734.05 on BSE, down 3.3% from its previous close. HDFC Life stock had been trading higher for nine consecutive sessions and rose nearly 14% during this period. (Read more) NSE BSE listElement-graph-11630654063519-217389 listElement-graph-11630654063519-217389 Share Via 03 Sep 2021, 12:40:14 PM IST Sensex heatmap View Full ImageRIL, Titan, Maruti top gainers Share Via 03 Sep 2021, 12:36:55 PM IST Vodafone Idea gains Vodafone Idea's stock was trading at ₹7.67 each, up 7.42% at 12:35 pm. Vodafone Idea chief executive Ravinder Takkar said the company is preparing for the future, virtualization in a major way and creating future-fit elements for deploying 5g technology. Trials and various innovations in open ran space are underway. NSE BSE listElement-graph-11630652814078-132822 listElement-graph-11630652814078-132822 Share Via 03 Sep 2021, 12:35:26 PM IST Stock Watch: Easy Trip Planners - ICICI Securities Easy Trip Planners or EaseMyTrip.com (EMT) is the fastest growing and only profitable company in the online travel portal in India. It was founded as a B2B2C portal in 2008, providing travel agents access to its website to book domestic travel airline tickets. Subsequently, the company diversified into the business to customer (B2C) distribution channel in 2011.· The company now offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and holiday packages, rail tickets and bus tickets· As of FY20, airline tickets accounted for 94.0% of revenues while hotels and other services contributed 5.4% and 0.6% of revenues, respectivelyKey triggers for future price performance· Online travel market in India is set to double over the next five years to reach $31 billion in FY25E, growing at 14% CAGR from FY20 levels· The key drivers of longer term growth of online travel are: (1) Increased adoption of internet platforms in under-penetrated segments such as hotels, international travel and bus, (2) elevated growth in underlying demand in air and hotel segments due to rising income levels and (3) deeper penetration of travel into lower tier towns· Near-term triggers - In anticipation of a recovery post the second wave, the Ministry of Civil Aviation has also increased the load capacity of airlines to 65%, which should hopefully ramp up further as the demand situation improves. Similarly, more than 90% of chain hotels and over 80% of top independent hotels are now open for bookings· Easy Trip Planners (EMT) is the fastest growing and profitable company in OTA space in India and is ranked second in the domestic air ticketing space· “Lean cost model" and “No convenience fee strategy" remain key pillars supporting such rapid, profitable growth. This has also led to stickiness by customers with healthy repeat transaction rate of ~86% in the B2C channel· Further benefits would accrue from segments like international air, hotels and bus booking over the next three to four years, which are high margin business but currently having online penetration below 20% levels Share Via 03 Sep 2021, 12:12:46 PM IST Global Update: Heena Naik, research analyst - Currency, Angel Broking - Number of Americans filing new claims for jobless benefits fell last week, while layoffs in August dropped to their lowest level in more than 24 years suggesting that the labor market was charging ahead despite new COVID-19 infections.- China Caixin Services PMI dropped to 46.7 versus 52.6 expected and 54.9 prior in August. This dragged the Caixin Composite PMI to 47.2 versus 53.1 prior.- Federal Reserve member Raphael Bostic expressed concerns about the expiry of federal unemployment benefits and their impact on the economy.- The US trade deficit narrowed more than expected in July as imports declined because of shortages and a shift in domestic spending from goods to services.- Owing to an uptick in global orders, India's merchandise exports rose by 45.17 percent in Aug '21 as compared to Aug’20.- US Dollar Index sank to its lowest in almost a month ahead of a crucial U.S. jobs report that could spur the Federal Reserve to an earlier tapering of stimulus. Share Via 03 Sep 2021, 11:58:21 AM IST Tata Motors opens 70 new sales outlets in South India Tata Motors on Friday inaugurated 70 new sales outlets across South India in one go, as part of its retail acceleration strategy. Spread across 53 cities, the new outlets have been strategically mapped to key emerging markets of the Southern region, Tata Motors said in a statement. The showrooms will be home to the company's 'New Forever' range of passenger vehicles, including its electric vehicles portfolio, it added. (PTI) NSE BSE listElement-graph-11630650498718-100570 listElement-graph-11630650498718-100570 Share Via 03 Sep 2021, 11:54:14 AM IST India's service activity grows at fastest pace in 18 months: PMI Survey The IHS Markit Services Purchasing Managers' Index (PMI) rose to 56.7 in August - its strongest pace since the pandemic hit the country in March 2020 and well above the 50-level that separates growth from contraction. The data showed that firms had ample capacity to deal with rising new orders, however, which was a factor that prevented job creation. (Read more) Share Via 03 Sep 2021, 11:45:23 AM IST HDFC twins, HUL top drags on Sensex View Full ImageIndex contribution Share Via 03 Sep 2021, 11:43:47 AM IST Bharat Forge, Tata Motors drive gains View Full ImageNifty auto index Share Via 03 Sep 2021, 11:36:55 AM IST Mukesh Ambani: RIL to invest ₹75,000 cr in Jamnagar for green energy complex Reliance Industries has started developing the green energy complex in Jamnagar with an investment of ₹75,000 crore, said Mukesh Ambani while speaking at the International Climate Summit 2021 on Friday. “It is a matter of pride for me to speak at the summit, PM started the Amrit Mahotsav of Azadi. India will achieve the goal of self-reliance. Climate change challenge for the world. We have to move fast towards green energy," Mukesh Ambani said. (Read more) NSE BSE listElement-graph-11630649214550-100325 listElement-graph-11630649214550-100325 Share Via 03 Sep 2021, 11:16:59 AM IST Base metals commentary: Prathamesh Mallya, AVP- research, Non-Agri Commodities and Currencies, Angel Broking “On Thursday, most Industrial metals on the LME ended higher as expectation of recovery in global demand and a softer Dollar under pinned the base metals prices. Signs of slowdown in China’s industrial sector in August’21 weighed on the industrial metal prices in the earlier sessions. China's Caixin Manufacturing Purchasing Managers Index slid into contraction (below the 50 level) in August’21. Covid-19 led restrictions, increasing energy usage limitations and high raw material prices took a hit on China’s industrial sector. However, China’s official manufacturing Purchasing Manager's Index (PMI) came down to 50.1 in August’21, data as per the National Bureau of Statistics. Signs of slowdown in the world’s largest metal consuming economy pressured the base metal prices. Data as per the Antaike showed that China has cut around more than 2 million tonnes of annual aluminium producing capacity with more to come in the times ahead. Disrupted supply from top producer China continued to support Aluminium prices in 2021." Share Via 03 Sep 2021, 10:56:27 AM IST Crude oil insight: ICICI Direct Oil prices fell sharply last month as a spike in delta coronavirus cases threatened to slow a demand recovery. Crude was also weighed down by manufacturing data from China, where factory activity in August expanded at a slower pace than in the previous month. On the supply side, the Organization of Petroleum Exporting Countries (Opec) and allied producers including Russia, together known as Opec+, agreed to continue a policy of phasing out record production reductions by adding 400,000 barrels per day (bpd) to the market. MCX crude prices have an immediate resistance around ₹5,100 level. As long as they sustain below this level they are expected to correct further towards immediate support of 4,600 level in the short-term.Crude oil future strategyMCX Crude Oil September at | 4,940-4,980,Target: | 4,660,Stop loss: | 5,110,Time frame: Till Expiry View Full ImageSlow demand recovery, increasing supply likely to put pressure on crude prices Share Via 03 Sep 2021, 10:43:55 AM IST Brookfield nears $1 bn buy of 2 Bharti Realty commercial properties in NCR Brookfield Asset Management is close to acquiring two commercial properties from Bharti Realty situated near Delhi airport and Gurgaon for aroudn $1 billon, according to media reports. Share Via 03 Sep 2021, 10:37:39 AM IST Snapdeal eyes $2.5 bn IPO: report SoftBank Group backed e-commerce platform Snapdeal is in talks with advisers for a potential IPO that could be valued at nearly $2.5 billion, Bloomberg reported. Share Via 03 Sep 2021, 10:30:27 AM IST Rupee inches 2 paise higher to 73.04 against US dollar in early trade Share Via 03 Sep 2021, 10:11:10 AM IST Here are 10 Indian start-ups that could be future unicorns. Full Hurun list Indian start-ups founded in the 2000s with a valuation of at least ₹1,500 crore or $200 million, are most likely to ‘go unicorn' in the next 2 to 4 years, according to a report. The Hurun Research Institute on Thursday released the Hurun India Future Unicorn List 2021, a ranking of India’s start-ups founded in the 2000s, not yet listed on a public exchange. As per the report, such startups with and most likely to ‘go unicorn’ within 2 years (Gazelles) or 4 years (Cheetahs) if their worth is at least $200 million. For the eligibility to enter the Hurun Unicorn list, a start-up needs to have a valuation of ₹1,500 crore or $200 million. (Read more) Share Via 03 Sep 2021, 10:08:32 AM IST L&T Technology stock surges 4% on strong FY25 growth outlook Shares of L&T Technology Ltd rose 4% on the NSE on Friday, hitting a new 52-week high of ₹4,145, following the management's robust growth outlook. At its recently held analyst day, the company's management said it aims to achieve FY25 revenue of $1.5 billion, along with 18% Ebit margin. Ebit is short for earnings before interest and tax. NSE BSE listElement-graph-11630643907801-268618 listElement-graph-11630643907801-268618 Share Via 03 Sep 2021, 09:54:20 AM IST Network18, SunTV drive gains View Full ImageMedia stocks surge Share Via 03 Sep 2021, 09:27:20 AM IST Kotak Mahindra Bank, PNB drive gains View Full ImageNifty Bank index Share Via 03 Sep 2021, 09:26:17 AM IST Realty surges; Banks above 37K View Full ImageNifty sectoral indices Share Via 03 Sep 2021, 09:17:52 AM IST Market opening View Full ImageSensex at open Share Via 03 Sep 2021, 09:11:25 AM IST Market pre-opening quote: Gaurav Udani, CEO & Founder, ThincRedBlu Securities. "Nifty is expected to open around 17,260 , up by 30 points. Nifty is in a strong uptrend and is now headed for 17,275 and 17,310 in the coming few trading sessions.17,150 and 17,060 will act as strong support levels for Nifty. Traders can consider buying on every correction with strict stop-loss as long as Nifty is trading above 16,900 levels." Share Via 03 Sep 2021, 09:10:44 AM IST Market pre-opening The Sensex was at 58,205.53, up 352.99 points, or 0.61%, while Nifty was at 17,234.15, up 157.90 points, or 0.92% at market pre-opening. View Full ImageSensex at pre-open Share Via 03 Sep 2021, 08:58:58 AM IST HDFC Life to acquire Exide Life for ₹6,687 crore HDFC Life on Friday announced that its board has approved acquisition of 100% of the share capital of Exide Life Insurance Company Limited for a total consideration of ₹6,687 crore. HDFC Life will acquire 100% stake in Exide Life Insurance from Exide Industries via issuance of 8,70,22,222 shares at an issue price of Rs. 685 per share and a cash payout of ₹726 crore aggregating to ₹6,687 crore. (Read more) Share Via 03 Sep 2021, 08:58:11 AM IST Sembcorp, Adani, ReNew firms emerge as L-1 bidders in 1,200 MW wind energy auction Sembcorp firm Green Infra Wind Energy, ReNew Naveen Urja, Adani Renewables Holdings Fifteen and Anupavam Renewables have emerged as the lowest bidders in an auction for 1,200 MW wind energy projects by Solar Energy Corporation of India (SECI), a person familiar with the matter said. (PTI) Share Via 03 Sep 2021, 08:48:23 AM IST Japan PM Suga will not run for re-election: public broadcaster Japan's Prime Minister Yoshihide Suga said Friday he will not run for re-election as party leader in a vote this month, effectively ending his tenure after just one year, according to public broadcaster NHK. Suga announced his intention to resign at an emergency meeting of senior members of the ruling Liberal Democratic Party, NHK and other Japanese media said. (AFP) Share Via 03 Sep 2021, 08:32:44 AM IST Stocks to Watch GAIL, IRB Infra, J&K Bank, PNB Housing, multiplexes, among other stocks may be in the news today. (Read more) Share Via 03 Sep 2021, 08:16:56 AM IST Market outlook Markets are likely to be rangebound on Friday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Thursday, the BSE Sensex closed at 57,852.54, up 514.33 points to 0.90% and the Nifty was at 17,234.15, up 157.90 points or 0.92%. (Read more) Share Via 03 Sep 2021, 08:07:42 AM IST Cryptocurrency prices today: Bitcoin falls after rising back above $50,000. Latest rates here After rising back above the $50,000 mark, Bitcoin prices today plunged from the crucial mark to trade below $49,000. The most popular virtual token had briefly surpassed the $50,000 level on August 23. The world's largest cryptocurrency by market capitalization fell over 2% to $48,610, as per CoinDesk. (Read more) Share Via 03 Sep 2021, 07:54:04 AM IST Merchandise exports grow 45% YoY in August to $33.14 bn India’s merchandise exports grew 45.17% year-on-year in August to $33.14 billion, but slipped off the highest ever reported in July of $35.17 billion, official data from the commerce and industry ministry showed on Thursday. Exports reported in August is an increase of 27.5% over the $25.99 billion reported in August 2019, said the ministry. (Read more) Share Via 03 Sep 2021, 07:49:01 AM IST US weekly unemployment claims fall, layoffs lowest in 24 yrs U.S. weekly initial jobless claims fell last week, and layoffs dropped to their lowest in more than 24 years. Still, rising COVID-19 cases in recent weeks have threatened the economic recovery, keeping the Federal Reserve from pulling back on its massive stimulus. "It was better than expected but it wasn’t enough to change anyone’s views about what is going on, or the pace of tapering or what Friday’s number might be. It was just within the range of estimates," said Marshall Gittler, head of investment research at BDSwiss. On Wednesday, the ADP National Employment Report was much weaker than expected. On Friday, the U.S. government will report on payrolls for August. Nonfarm payrolls are expected to rise by 750,000, with the unemployment rate anticipated to dip to 5.2% from 5.4%, according to Reuters estimates. Share Via 03 Sep 2021, 07:40:18 AM IST Asian indices witness steady start Asian stocks were steady Friday and the dollar held a drop after cyclicals led Wall Street to a record high ahead of a U.S. jobs report that will shape views on the outlook for Federal Reserve monetary policy. Equities gained in Japan but dipped in China and Hong Kong. U.S. futures fluctuated after energy shares helped the S&P 500 to a new peak. The U.S. 10-year Treasury yield was little changed and the dollar was at a four-week low. Chinese technology stocks retreated, with investors continuing to weigh Beijing’s regulatory crackdown. President Xi Jinping said the nation will set up a new stock exchange to provide financing for innovative smaller firms. Traders were also monitoring the latest twists at indebted developer China Evergrande Group.S&P 500 futures were steady as of 10:50 a.m. in Tokyo. The S&P 500 rose 0.3%Nasdaq 100 futures were little changed. The Nasdaq 100 fell less than 0.1%Japan’s Topix index rose 0.5%Australia’s S&P/ASX 200 increased 0.5%South Korea’s Kospi advanced 0.5%Hong Kong’s Hang Seng index fell 0.7%China’s Shanghai Composite index slipped 0.1% Share Via 03 Sep 2021, 07:39:10 AM IST US indices close at record highs Record-setting world stocks moved higher on Thursday after jobless claims data suggested the US labour market was charging ahead even as new COVID-19 infections surge, while the risk of a upcoming sub-par U.S. payrolls report weighed on the dollar. Economic data from Asia and Europe was largely disappointing but the Labor Department report showed the number of Americans filing new claims for jobless benefits fell last week to a pandemic-era low. The decline in layoffs to their lowest in more than 24 years helped ease concerns about the state of the U.S. economy even if the closely watched employment report for August on Friday shows a slowdown in nonfarm payrolls growth. The Dow Jones Industrial Average ended up 0.4 percent at 35,443.82. The broad-based S&P 500 gained 0.3 percent to 4,536.95, while the tech-rich Nasdaq Composite Index advanced 0.1 percent to 15,331.18. Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India, UK to work expeditiously on recognition of vaccine certificates

02 Sep, 2021, 11:53PM | Business Standards

India and the UK on Thursday agreed to work expeditiously on the recognition of vaccine certificates to facilitate the free movement of people, including professionals, and contribute to early economic recovery. "The successful collaboration between Oxford University, AstraZeneca and the Serum Institute of India is a testament to the positive impact of our cooperation to support global vaccination efforts," said a joint statement issued after 11th India-United Kingdom Economic and Financial Dialogue (EFD), chaired by Finance and Corporate Affairs Minister Nirmala Sitharaman and UK Treasury Chancellor Rishi Sunak. The meeting was held virtually. The two leaders welcomed the new Fleming Fund partnership to facilitate India's response to COVID-19 and promote the implementation of the national action plan on Antimicrobial Resistance (AMR). "We agree on the need to work expeditiously on the recognition of vaccine certificates to facilitate free movement of our people, including for professional and business reasons, thus contributing to early economic recovery," the statement said. The two sides also noted that "this is a moment of global leadership" for both the countries, with the UK presiding over the G7 and COP26, and India chairing the BRICS and set to chair the G20 Presidency in 2023, while being present on the UN Security Council (2021-22), said the joint statement. "We reaffirm our commitment to cooperate through the multilateral system at this important time," it added. They also endorsed the Enhanced Trade Partnership (ETP) announced earlier this year, "which is creating jobs and investment to deliver our ambition of more than doubling bilateral trade by 2030". The two sides welcomed the agreement to work towards a comprehensive free trade agreement (FTA), including considerations of the opportunity arising from an interim agreement, to achieve early gains of the ETP. The UK also welcomed moves by India to support improved ease of doing business, including the Taxation Laws (Amendment) Act, 2021, which will "strengthen" the business environment. Further, India and the UK committed to a joint dialogue, including relevant stakeholder participation, for mutual exchanges and sharing of information concerning the possibility of signing a Social Security Agreement. The first meeting took place on August 26. "We also welcome the signing of MoU on Migration and Mobility Partnership, which would enable the exchange of talents from both sides," the joint statement said. The dialogue, inter alia, covered discussions on economic cooperation on multilateral issues, including G20 and COP26. Both the sides deliberated on furthering financial services collaboration with special emphasis on Fin-Tech and GIFT City, annual India-UK Financial Market Dialogue and measures underway to reform financial markets. Infrastructure development and promotion of sustainable finance and climate finance were also discussed. Private sector initiatives under India-UK Financial Partnership (IUKFP) and India-UK Sustainable Finance Working Group, including its progress, were also discussed. (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.)

Sebi moves SC in PNB Housing case

02 Sep, 2021, 11:31PM | Livemint

The Securities and Exchange Board of India (Sebi) has filed an appeal in the Supreme Court against the Securities Appellate Tribunal (SAT) order in the PNB Housing Finance case. The housing finance company has in turn filed a caveat in the SC. “It has been brought to our notice that Sebi has filed an appeal to the Supreme Court against the order of SAT," the company said in a notice to the exchanges. “The company is examining the appeal filed by Sebi," it said. MORE FROM THIS SECTIONSee All Premium Premium Investors with reasonable risk appetite can go for Indi .... Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Steel Strips board approves 1:2 stock split Last month, SAT had delivered a split verdict on the tussle between PNB Housing Finance and Sebi over the lender’s proposed ₹4,000 crore deal with a group of investors led by private equity firm Carlyle. Justice Tarun Agarwala ruled in favour of the lender, while Justice M.T. Joshi gave a judgement in favour of Sebi. The 21 June interim order of the SAT bench allowed PNB Housing Finance to seek shareholders’ approval for the deal at an extraordinary general meeting, but said the results of the vote should be kept in a sealed cover until further orders. The matter was expected to end up in the Supreme Court, but the Sebi decision to move the apex court first against the SAT order has taken PNB Housing Finance by surprise, according to an official aware of the matter. The company was waiting for the final order from the presiding officer at SAT before it could move the court, he said. The tussle between Sebi and PNB Housing Finance began in June when the latter announced a preferential sale of shares worth ₹3,200 crore and warrants worth ₹800 crore to a set of investors led by Carlyle. Soon, proxy adviser Stakeholders Empowerment Services criticized the deal as “unfair" to public shareholders and a violation of the company’s Articles of Association (AoA) pertaining to the valuation. Sebi then asked PNB Housing Finance to put the deal on hold on the ground that it violated its AoA MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Govt appoints Atul Bhatt as CMD of Rashtriya Ispat Nigam Ltd

02 Sep, 2021, 11:27PM | Business Standards

Atul Bhatt has been appointed as chairman and managing director (CMD) of disinvestment-owned steel company Rashtriya Ispat Nigam Ltd (RINL), according to an official notification. Bhatt was the CMD of state-owned consultancy firm MECON, which offers a full range of services required to set up a project from concept to commissioning including turnkey execution. "The President is pleased to appoint Atul Bhatt, CMD MECON as CMD in RINL...from date of his assumption of charge of the post till date of his superannuation i.e. November 30, 2024, or until further orders, whichever is earlier," the Ministry of Steel said. On June 25, the Public Enterprises Selection Board (PESB) had recommended Bhatt's name for the post of CMD of RINL. P K Rath retired as CMD RINL on May 31, after serving the company for 38 years. RINL is a special steel-making player based in Visakhapatnam, Andhra Pradesh. The company, without any captive iron ore mines, owns and operates a 7.3-million tonne (MT) steel plant in the state. The government has already put the plant in the list of central public sector companies that would be taken up for strategic disinvestment. On January 27, the Cabinet Committee on Economic Affairs (CCEA) had given in-principle approval for 100 per cent disinvestment of government stake in RINL, along with the company's stake in subsidiaries/ joint ventures through strategic disinvestment by way of privatisation. Even before inviting the bids, RINL has attracted the interest of major players like Tata Steel and ArcelorMittal Nippon Steel (AMNS) India who are planning to acquire the asset. (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.)

Wall St: S&P 500, Nasdaq hit record highs on boost from tech, oil stocks

02 Sep, 2021, 11:16PM | Livemint

The S&P 500 and Nasdaq hit record highs on Thursday on gains in heavyweight technology and energy companies, as well as hopes that the Federal Reserve will maintain an accommodative policy amid signs that an economic recovery was slowing. The energy sector rose 3.1%, with oil majors Exxon Mobil, Chevron Corp, Schlumberger NV and Occidental Petroleum gaining between 2.6% and 7.0% as crude prices jumped on a sharp decline in U.S. inventories and a weaker dollar. MORE FROM THIS SECTIONSee All Premium Premium Investors with reasonable risk appetite can go for Indi .... Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Steel Strips board approves 1:2 stock split Netflix Inc rose 2.2% to an all-time high, while Apple Inc and Amazon.com Inc added between 0.5% and 0.7%, driving gains on the tech-heavy Nasdaq. U.S. stocks have regularly hit record highs over the past few weeks as a solid corporate earnings season and hopes of continued central bank support underpinned confidence as data showed the country's post-pandemic economic growth was beginning to slow. Data on Thursday showed the number of Americans filing new claims for jobless benefits fell last week, although the focus will be on the Labor Department's monthly jobs report on Friday to set the stage for the Fed's policy meeting later this month. The report is likely to show job growth slowed to 750,000 in August from 943,000 the previous month. "The market could also look at the Fed tapering as a sign the economy is performing better, which in turn will help support stocks in the long run," said Bill Northey, senior investment director at U.S. Bank Wealth Management in Minneapolis. "We position ourselves being overweight on sectors like tech and consumer discretionary instead of sectors that are more prone to cyclical changes." MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? At 12:16 p.m. ET, the Dow Jones Industrial Average was up 145.05 points, or 0.41%, at 35,457.58, the S&P 500 was up 15.21 points, or 0.34%, at 4,539.30, and the Nasdaq Composite was up 45.89 points, or 0.30%, at 15,355.27. With New York City the subject of its first flash flood warning, trading on Wall Street was operating normally. Banking stocks gained 1.0%, with Wells Fargo rising 2.9% after three straight sessions of losses. Contracting services company Quanta Services Inc jumped 10.1% to a record high after saying it would buy privately held Blattner Holding Company in a deal valued at about $2.7 billion. Medtech firm Baxter International added 4.8% after announcing the acquisition of rival Hill-Rom Holdings Inc for roughly $10.5 billion. Hill-Rom jumped 4.4%. Advancing issues outnumbered decliners by a 2.22-to-1 ratio on the NYSE and a 2.15-to-1 ratio on the Nasdaq. The S&P index recorded 74 new 52-week highs and one new low, while the Nasdaq recorded 129 new highs and nine new lows. 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. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Douse the farm fire

02 Sep, 2021, 10:55PM | Business Standards

The crop residue burning season is barely a month away but there is hardly any indication that the northern region, including the National Capital Region of Delhi (NCR), would not get choked in the beginning of the ensuing winter with smoke emanating from flaming farm fields. The situation may, in fact, be worse this time than last year, when the farm fires played havoc. Neither the threat of punitive action nor the offer of fiscal sops for safe management of the leftover crop biomass had deterred the farmers from torching their fields. Since Punjab and Uttar Pradesh (UP) are now heading for polls and the farmers’ agitation is continuing unabated, stringent measures to curb this recurring menace are unlikely. In fact, UP Chief Minister Yogi Adityanath has already instructed officials not to harass the farmers for alighting the residual biomass. The Union government, too, has not come up with any concrete proposal or strategy to combat this practice, which vitiates the atmosphere and poses health hazards, ranging from minor eye and throat afflictions to serious ailments. Stubble burning is essentially the result of the need to clear the land quickly enough for timely planting of the next wheat crop. The alternative methods, though available aplenty, involve costs, which the farmers are unwilling to incur despite hefty government subsidies. The bids in the past to decompose the leftover crop biomass in situ or off situ have not made much headway chiefly because it takes time to do so. The use of the stubble decomposer produced by the New Delhi-based Indian Agricultural Research Institute has also failed to attract farmers’ fancy, despite its usefulness, because of the time factor. It takes at least 20 days to fully decompose the matter. Unlike wheat straw, which has a lucrative market as an animal feed, paddy straw is unfit for feeding the cattle because of its high cellulose content. It is, therefore, virtually a waste material for farmers, unworthy of investment in proper management. The need, therefore, is to create a market for the paddy biomass by converting it into an economic good to generate additional income for the farmers. This has been tried out with a fair amount of success, albeit on a limited scale. NTPC has begun buying crop biomass from the farmers for use as fuel in its plants. Some start-ups have also come up to procure the biomass from the farmers for producing manure and biofuel. In another noteworthy development, the Haryana government has announced plans to offer Rs 1,000 an acre to farmers who, instead of burning the residue, give it to the industrial units for various uses. The Punjab government has suggested a premium of Rs 100 a quintal on the minimum support price of paddy for those farmers who do not torch their fields. Such economic solutions, which are likely to go down well with the farmers, merit consideration. But the best solution, without doubt, would be to wean the farmers of northern states away from paddy cultivation by incentivising the growing of alternative shorter-duration crops that would vacate the land in time for wheat sowing. This trend has already begun in some states and needs to be encouraged to stave off the ill-effects of the crop fires on the environment and human health.

Moderna says covid-19 vaccine contaminant in Japan was stainless steel, sees no safety issue

02 Sep, 2021, 10:53PM | Livemint

The foreign substance detected in some vials of Moderna Inc.’s Covid-19 vaccine in Japan was stainless steel and it isn’t believed to affect the vaccine’s safety or efficacy, Moderna and its Japanese partner said. Moderna and Takeda Pharmaceutical Co. reported the initial results of their investigation after Japan last week recalled three lots of the Moderna vaccine containing a total of 1.63 million doses, citing unspecified contamination. The companies said the stainless steel got into the vaccine vials because metal parts were improperly installed on a production line at Moderna’s contract facility in Spain. They said the material is routinely used in heart valves and joint replacements and “doesn’t pose an undue risk to patient safety." It also wouldn’t affect vaccine efficacy, they said. The issue affected only the three lots recalled by Japan, the companies said. Japanese officials said contamination was found in one of the three lots and the remaining two were pulled as a precaution because they were manufactured at the same time on the same production line. The government said 500,000 doses from those three lots were administered. Two men in their 30s recently died days after receiving a second dose from one of the two lots which had no reported contamination but were pulled as a precaution. Moderna and Takeda said there was no evidence that the vaccine was connected to the deaths. They said the relationship is considered coincidental but an investigation continues. Most of Japan’s vaccine supply has come from Pfizer Inc., but Moderna’s vaccine has been used at large-scale centers operated by the government and large employers. Currently 46% of the nation’s 126 million people are fully vaccinated. After last week’s recall, additional reports of contamination in the Moderna vaccine emerged. The government said the cause was rubber bits from the vial’s rubber stopper and it kept the lots in use, saying the material was unlikely to affect safety even if injected into the body. This story has been published from a wire agency feed without modifications to the text MINT PREMIUM See All Premium How southern cinema lured pan-India viewers Premium China economist is rare voice of caution on ‘common prosperity’ Premium If you want an exciting Ferrari, skip the Portofino M Premium Sensex over 300 points higher, Dow Futures down 10 points Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India, UK to work expeditiously on recognition of vaccine certificates

02 Sep, 2021, 10:37PM | Livemint

India and the UK on Thursday agreed to work expeditiously on the recognition of vaccine certificates to facilitate the free movement of people, including professionals, and contribute to early economic recovery. "The successful collaboration between Oxford University, AstraZeneca and the Serum Institute of India is a testament to the positive impact of our cooperation to support global vaccination efforts," said a joint statement issued after 11th India-United Kingdom Economic and Financial Dialogue (EFD), chaired by Finance and Corporate Affairs Minister Nirmala Sitharaman and UK Treasury Chancellor Rishi Sunak. MORE FROM THIS SECTIONSee All Premium Premium 'Historic' New York-area flooding in Ida's wake leaves .... Premium Premium Southern Railway announces more relaxations for travel .... Premium Premium Health Minister visits CGHS dispensary as a regular pat .... Premium Premium Qatar says it's not clear when Kabul airport will reopen The meeting was held virtually. The two leaders welcomed the new Fleming Fund partnership to facilitate India's response to COVID-19 and promote the implementation of the national action plan on Antimicrobial Resistance (AMR). "We agree on the need to work expeditiously on the recognition of vaccine certificates to facilitate free movement of our people, including for professional and business reasons, thus contributing to early economic recovery," the statement said. The two sides also noted that "this is a moment of global leadership" for both the countries, with the UK presiding over the G7 and COP26, and India chairing the BRICS and set to chair the G20 Presidency in 2023, while being present on the UN Security Council (2021-22), said the joint statement. "We reaffirm our commitment to cooperate through the multilateral system at this important time," it added. They also endorsed the Enhanced Trade Partnership (ETP) announced earlier this year, "which is creating jobs and investment to deliver our ambition of more than doubling bilateral trade by 2030". TRENDING STORIESSee All Premium CBI books institute, its directors for irregularities i .... Premium IMD predicts very heavy rainfall in these regions durin .... Premium India reports a sharp surge in Covid-19 cases, biggest .... Premium Gold price may jump to a new lifetime high, say experts .... The two sides welcomed the agreement to work towards a comprehensive free trade agreement (FTA), including considerations of the opportunity arising from an interim agreement, to achieve early gains of the ETP. The UK also welcomed moves by India to support improved ease of doing business, including the Taxation Laws (Amendment) Act, 2021, which will "strengthen" the business environment. Further, India and the UK committed to a joint dialogue, including relevant stakeholder participation, for mutual exchanges and sharing of information concerning the possibility of signing a Social Security Agreement. The first meeting took place on August 26. "We also welcome the signing of MoU on Migration and Mobility Partnership, which would enable the exchange of talents from both sides," the joint statement said. The dialogue, inter alia, covered discussions on economic cooperation on multilateral issues, including G20 and COP26. Both the sides deliberated on furthering financial services collaboration with special emphasis on Fin-Tech and GIFT City, annual India-UK Financial Market Dialogue and measures underway to reform financial markets. Infrastructure development and promotion of sustainable finance and climate finance were also discussed. Private sector initiatives under India-UK Financial Partnership (IUKFP) and India-UK Sustainable Finance Working Group, including its progress, were also discussed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Our export efforts hold the key to growth in the quarters ahead

02 Sep, 2021, 10:27PM | Livemint

First-quarter growth in India’s gross domestic product (GDP) stands at 20.1 %, as against a contraction of 24.4 % in the first quarter last fiscal year. This however still means that GDP in the first quarter was 9.2 % below its level two years ago. The key driver of growth in the coming quarters, as in the first quarter, will be exports, riding on the rapidity of recovery in major markets. There are two serious worries here. Neelkanth Mishra has written about a possible “bullwhip" element in export demand. This could cause an immediate ramp-up in demand for steel and other such upstream elements in global supply chains, with a corresponding damp down in the months to come. In this connection, although the rates under the scheme for remission of duties and taxes on exported products (RODTEP) were finally notified in mid-August after a delay of seven-and-a-half months, there is an element of caprice in its structuring. MORE FROM THIS SECTIONSee All Premium Premium Digitalize all supply chains to unlock trade efficiencies Premium Premium America’s exit from Afghanistan and semiconductor suppl .... Premium Premium A demolition that could send builders a message Premium Premium Enlarge the Panchsheel approach to Tribal upliftment Steel, pharma and chemicals get no rebate at all, although many products using these inputs do. This kind of cross-sectoral unevenness can get India into trouble with the World Trade Organization (WTO) once again. The scheme looks like a subsidy to selected sectors disguised as duty rollback. If the scheme were truly for duty remission, trade opponents would ask why it is not available across all sectors without exception, albeit at different rates. Aside from this potential for trouble at the WTO, these excluded products need the rebate if they are to survive in a fiercely price-competitive global market in the months to come. I hope a further supplementary set of rates will soon be announced. The second worry is a larger problem afflicting all exports other than small-volume products going by air (gems, chemicals, smartphones). A crippling shortage of sea-borne containers has afflicted key large-volume products in the Indian export basket (tea, basmati rice, furniture, garments). Two policy actions are immediately necessary. At a time when container rates have shot up, there is surely a case for a sea-freight subsidy (for a limited period). Tea buyers are reported to be looking at competitors like Sri Lanka and Kenya, which seem to have reacted quickly on this front. Even more urgently, the estimated 25,000-30,000 containers locked up at different ports owing to customs disputes need to be unloaded into warehouses and these containers freed. In the current setting, the National Monetisation Pipeline (NMP) announced in the Union Budget, with details set out in two-volume detail in mid-August, cannot be looked to for growth medication. Even if the expected ₹88,000 crore of revenue is realized during the current year, which seems unlikely because of the several procedural stages for each monetized asset, it is intended to feed only a small part of the infrastructure expenditure budgeted for the year. It is the latter that will have to drive growth. Monetization is merely a funding source. The scheme offers a participation incentive to states with a 33% matching transfer from the Centre for revenues that states realize under the scheme. This matching transfer could well have the perverse consequence of states under-achieving the potential value realizable. We have abundant evidence from spectrum and coal auctions that potential value realizable is difficult to pin down. The scheme is sufficiently attractive for states to want to seize it on their own, without having to be incentivized in any way. It must also be remembered that the most attractive schemes can sometimes fail to find appeal among all states. Volume II of the NMP document refers to the Scheme for Special Assistance to States for Capital Expenditure announced in October 2020. It offered states an interest-free loan with bullet repayment after 50 years to complete stalled capital projects, or settle the outstanding bills of contractors. The only constraint was that the funds had to be used by the end of March 2021. Tamil Nadu did not sign on for its share of ₹351 crore in what is certainly the most generous such offer in recent memory. Inexplicable in light of a recent white paper from the Tamil Nadu government detailing its difficulties in funding capital expenditure from budgetary resources. TRENDING STORIESSee All Premium CBI books institute, its directors for irregularities i .... Premium IMD predicts very heavy rainfall in these regions durin .... Premium India reports a sharp surge in Covid-19 cases, biggest .... Premium Gold price may jump to a new lifetime high, say experts .... The NMP demands clear and well thought-through processes, with sufficient transparency and safeguards in the form of regulatory structures, for what are visualized as long engagements running up to 50 years in some cases. Legal pitfalls could drown what is already a judicially clogged country. To take just one example, in the year-wise phasing of identified assets for monetization under the Indian Railways, hill railway stretches (Kalka-Shimla, Darjeeling) are scheduled for the current year. It is expected that private operators will be better able to exploit the tourism potential of these little jewels. If that implies the construction of structures that threaten the environment, will regulators prove equal to the task of denying permission? Will the concessionaires then go to court, claiming that their upfront payment presupposed the ability to construct along the route? For now, the need of the hour is export facilitation. Indira Rajaraman is an economist. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Government appoints Atul Bhatt as CMD of RINL

02 Sep, 2021, 10:23PM | Economic Times

Atul Bhatt has been appointed as chairman and managing director ( CMD ) of disinvestment-bound steel company Rashtriya Ispat Nigam Ltd ( RINL ), according to an official notification. Bhatt was the CMD of state-owned consultancy firm MECON, which offers a full range of services required to set up a project from concept to commissioning including turnkey execution. "The President is pleased to appoint Atul Bhatt, CMD MECON as CMD in RINL...from date of his assumption of charge of the post till date of his superannuation i.e. November 30, 2024, or until further orders, whichever is earlier," the Ministry of Steel said. On June 25, the Public Enterprises Selection Board (PESB) had recommended Bhatt's name for the post of CMD of RINL. P K Rath retired as CMD RINL on May 31, after serving the company for 38 years. RINL is a special steel-making player based in Visakhapatnam, Andhra Pradesh. The company, without any captive iron ore mines, owns and operates a 7.3-million tonne (MT) steel plant in the state. The government has already put the plant in the list of central public sector companies that would be taken up for strategic disinvestment. On January 27, the Cabinet Committee on Economic Affairs (CCEA) had given in-principle approval for 100 per cent disinvestment of government stake in RINL, along with the company's stake in subsidiaries/ joint ventures through strategic disinvestment by way of privatisation. Even before inviting the bids, RINL has attracted the interest of major players like Tata Steel and ArcelorMittal Nippon Steel (AMNS) India who are planning to acquire the asset.

Goodluck India receives LOI from L&T for supply of steel bridges for Bullet Train project

02 Sep, 2021, 10:18PM | Economic Times

Goodluck India Ltd said on Thursday it has been awarded Letter of Intent (LoI) for order worth Rs 198.76 crore by L&T Ltd for the Bullet Train project in the country. The LoI is granted for the supply and fabrication of special bridges on the National High-Speed Rail Track between Mumbai and Vapi (Bullet Train Project), the company said in a release. The execution period of the order envisages the completion of the project to be completed by 2023, Goodluck said, adding, it will be executed under the expert supervision of IHI-Japanese experts in the area of design and supply of steel bridges. "We feel privileged to receive the LoI for the supply and fabrication of steel structures by our structure division. It will be hugely rewarding as the engineers of Goodluck will be working alongside some of the best engineers in their respective fields. We look forward to many more such opportunities in future," said M C Garg, chairman, Goodluck India Ltd.

Southern Railway announces more relaxations for travel in suburban trains. Details here

02 Sep, 2021, 10:01PM | Livemint

The Southern Railway has announced further relaxations of Covid-19 curbs for travelling public in the suburban trains, with immediate effect. According to an official release, all types of tickets will be issued to all category of travelling public including students. "The general male category that was earlier restricted to travel during peak hours (7 am to 9.30 am and 4.30 pm to 7 pm) is now permitted to travel if they produce a two dose covid vaccination certificate along with any ID card to prove their identity at the time of purchasing tickets. They will be issued with all tickets (single/return), including season tickets," the statement added. MORE FROM THIS SECTIONSee All Premium Premium Health Minister visits CGHS dispensary as a regular pat .... Premium Premium Qatar says it's not clear when Kabul airport will reopen Premium Premium Education Minister to virtually meet VCs of 45 Central .... Premium Premium India to export Covid vaccines after its public health .... Moreover, for male passengers, excluding students, without authorisation letter/ID card from their workplace and who do not produce the two doses vaccination certificate, the restriction to travel during peak hours will remain. During non-peak hours, they will be issued single journey tickets only, the statement read. Meanwhile, Indian Railways on Wednesday said that it has registered the highest freight figures in terms of loading and earnings during August 2021, despite the challenges of the coronavirus pandemic, the Ministry of Railways informed. "Indian Railways freight loading during August 2021 was 110.55 million tonnes which is 16.87 per cent higher compared to August 2020 (94.59 million tonnes) for the same period. Indian Railways also earned Rs. 10,866.20 crore from freight loading during August 2021 which is 20.16 per cent higher compared to August 2020 (Rs. 9,043.44 Cr.)," the ministry informed in a press release. Giving a brief, the ministry said that the important commodities transported during August 2021 includes 47.94 million tonnes of coal, 13.53 million tonnes of iron ore, 5.77 million tonnes of pig iron and finished steel, 6.88 million tonnes of food grains, 4.16 million tonnes of fertilizers, 3.60 million tonnes of mineral oil, 6.3 million tonnes of cement (excluding clinker) and 4.51 million tonnes of clinker. "A number of concessions/ discounts are also being given in Indian Railways to make Railways Freight movement very attractive. The speed of freight trains has been enhanced in the existing network. Freight trains speed improvement leads to saving of costs for all stakeholders. Freight trains speed has doubled during last 19 months," the ministry said. Further, the ministry said that coronavirus has been used by Indian Railways as an opportunity to improve all-round efficiencies and performances. TRENDING STORIESSee All Premium India reports a sharp surge in Covid-19 cases, biggest .... Premium IMD predicts very heavy rainfall in these regions durin .... Premium Gold price may jump to a new lifetime high, say experts .... Premium Abu Dhabi lifts quarantine rules for fully vaccinated i .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

BSNL's KLI project tender restricts local players participation: TEPC

02 Sep, 2021, 09:02PM | Business Standards

Government-supported body TEPC has alleged that a tender floated by state-run BSNL to connect Lakshadweep Islands with Kochi through submarine cable restricts participation of both Indian and foreign companies, except one. The KLI submarine cable connectivity project was approved by the Cabinet in December 2020 with an outlay of Rs 1,072 crore, and is expected to be completed by May 2023. The Telecom Equipment and Services Export Promotion Council (TEPC), a body created to support local telecom gear makers, in a letter to the Prime Minister's Office on August 31 claimed that there are many Indian companies interested in the project and are capable too to execute the project at 30 per cent less price as compared to the foreign vendor NEC which has placed bid for the project. "TEPC requested, time and again, about the restrictive eligibility conditions stipulated in the aforesaid tender which are somewhat softened, however, not to the extent that any Indian company or any other foreign competitor, except NEC India, could bid in the project," TEPC said. Email query sent to the DoT and NEC did not elicit any reply. The tender includes repeater based technology which according to domestic industry body TEMA is available only with select players. "...by adding a repeated section, which is only 15 per cent of the total project length, the purchaser has ensured that only three of the multi-national companies could bid in the tender. However, the said three companies normally work in tandem or in other words, they work in their own regions ie NEC works in Asia whereas other two companies don't bid in Asia," the letter alleged. The DoT in an Empowered Technology Group (ETG) meeting in October 2020 had justified using a repeater base system as it allows modular repair and has better transmission power. According to TEPC, ETG had objected to the use of a repeater based system as it adds to cost. TEPC said that NEC India is the sole bidder for the project and has been awarded twice similar submarine cable projects. TEPC said that it takes three to six months for the repair of the repeater based cable system and repeaters are bought in advance which will increase the cost substantially. "Instead of taking care of the objection raised by the chairman ETG, the high level committee (HLC) in DoT ignored the objections without sufficient reasons and justification," the letter alleged. TEPC added that the Telecom Consultants India Limited (TCIL) and many other prospective bidders mentioned multiple times in their reports and during the meetings but HLC kept asking TCIL to prepare the design of the project as repeatered. It requested the PMO to intervene in the project and make it entirely technology agnostic. (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.)

Singapore rolls out SPAC rules as global scrutiny rises

02 Sep, 2021, 08:57PM | Livemint

Singapore Exchange Ltd. has introduced a framework for blank-check companies to list in the city-state, the first Asian financial hub to host the vehicles whose popularity in global financial markets has surged over the past year. Special purpose acquisition companies, or SPACs, will be allowed to list in Singapore starting Friday under a more liberal rulebook than initially envisioned by the exchange. The entities require a minimum market capitalization of S$150 million ($112 million), half of the amount SGX proposed earlier, while certain limits on warrants and share redemption have been removed, a statement from the bourse showed Thursday. MORE FROM THIS SECTIONSee All Premium Premium Investors with reasonable risk appetite can go for Indi .... Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Steel Strips board approves 1:2 stock split Beating Hong Kong to the punch, Singapore’s approval comes as global financial regulators are stepping up scrutiny of SPACs. While firms worldwide have raised a total of $130 billion this year via SPACs -- according to data compiled by Bloomberg -- the pace of listings has abated in recent months with the U.S. Securities and Exchange Commission calling for more disclosures and a recent earnings bust validating some concerns over the structures. The introduction of the rules positions SGX “as a regional first-mover in serving Asia’s fast-growing new tech and new economy companies’ financing needs," a spokesperson for the Monetary Authority of Singapore said in a statement. SGX changed its proposed rules for SPAC listings following market feedback. The market wants “features that align sponsor interest with shareholder interest rather than what we proposed, which were features that restricted shareholder rights," said Tan Boon Gin, chief executive officer at Singapore Exchange Regulation. The exchange’s regulatory arm had earlier this year proposed tighter restrictions than in the U.S. as it looked to boost the local IPO market while also seeking to address worries over investor protection. In an interview in February, SGX’s chief executive officer Loh Boon Chye had said the exchange is aiming to list its first SPAC this year. More relaxed rules While the “honeymoon period" with blank check companies in the U.S. seems to have come to an end, “international sponsors may see Singapore as a good neutral exchange to launch their SPACs and attract Asian targets" given Sino-U.S. tensions, said Stefanie Yuen Thio, joint managing partner at legal firm TSMP Law Corp. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? The pool of Asia-based target firms for SPACs, which sell shares to raise money and explore takeovers, is mainly in the S$500 million to S$1 billion range -- making a S$150 million threshold more market-friendly. Under the new rules too, warrants will now be detachable from shares while investors who vote in favor of a business combination will be allowed to redeem shares. Meanwhile, market participants expect SPACs to boost Singapore’s IPO business, at a time when Southeast Asian companies are looking attractive. READ: Overlooked IPO Markets Are Suddenly Booming as China Deals Slow “There is an ecosystem of companies in Singapore that have a regional footprint and they may choose to list in Singapore; tech will definitely be a relevant sector as SPACs take off," said Vineet Mishra, co-head of Asean investment banking at JPMorgan Chase & Co. Here are some of the rules at a glance: Sponsors will be required to have a minimum equity participation of 2.5% to 3.5%Moratorium requirements on sponsor shares before and after de-SPACDe-SPAC must take place within 24 months of IPO, with an extension of up to 12 monthsDisclosure requirements at de-SPAC are the same as for typical initial public offerings Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

BSE FMCG at record high as IMD forecast boosts hopes

02 Sep, 2021, 08:33PM | Livemint

MUMBAI : Shares of fast moving consumer goods (FMCG) companies rose sharply on Thursday with the BSE FMCG index hitting a record high over hopes of a boost to rural consumption after the India Meteorological Department forecast September rains to be above normal. Benchmark indices also hit another record with the BSE Sensex closing at 57,852.54, up 514.33 points to 0.90%. The Nifty was at 17,234.15, up 157.90 points or 0.92% MORE FROM THIS SECTIONSee All Premium Premium Investors with reasonable risk appetite can go for Indi .... Premium Premium Singapore tells Binance to halt service in latest Crypt .... Premium Premium Norway wealth fund drops ONGC from portfolio over South .... Premium Premium Steel Strips board approves 1:2 stock split Rural consumers comprise 36% of the FMCG sector, and rural consumption boosted by a normal monsoon augurs well for such companies, said Abneesh Roy, executive director, Edelweiss Securities. He expects rural FMCG consumption to grow faster than urban this financial year. September rains will be crucial for filling up reservoirs and for paddy sowing. FMCG stocks have seen an uptick in the last few months. Since January, the BSE FMCG index has gained 18%, while the BSE Sensex rose 21%. Last month, there were price hikes across soaps, detergents, edible oils, toothpastes and some foods. Hindustan Unilever raised the price of Dove, Hamam, Lifebuoy and Lux soaps by 5- 15%. Godrej Consumer Products Ltd L raised the price of Cinthol and Godrej No.1 soaps by 5-7%. In detergents, HUL has increased prices by 2-4% in Wheel and Surf Excel, while P&G raised the price of Tide Plus by 5%. There were 4-5% price hikes in toilet cleaners by HUL. In toothpastes, Colgate has raised prices of SKUs of Cibaca and Active Salt by 4%, HUVR raised the price of Close Up Red by 6% and Dabur has raised the price of Babool by 4%. Dabur has also raised the price of Lal Dant Manjan by 3%. In shampoos, HUL has taken 5-6% price hikes in Clinic Plus and Dove. In face wash, HUL has increased the price of Glow & Lovely face wash by 3%, while Himalaya has raised the price of Himalaya purifying neem face wash by 8%. Selective price increases were also seen in face creams, body lotions and hair oils, said Jaykumar Doshi and Sushruta Mishra, analysts, Kotak Institutional Equities Research. MINT PREMIUM See All Premium Rich Asians jump booster shot queue amid Covid vaccine shortages Premium Japanese PM contender warns Taiwan is ‘next big problem’ Premium Building a retirement fund is not enough; it has to be managed well too Premium Could Zerodha disrupt the mutual fund distribution business? There were price increases across foods and beverages such as Marico Saffola Gold, by 7%. In tea, Red Label and Taj Mahal saw 3-4% price increase. India’s southwest monsoon managed to avoid the deficient/drought tag in August by a whisker, with cumulative rainfall at 9% below LPA (long period average). Defying hopes of normal activity as per IMD, August clocked a deep rainfall deficit of 24.1%—the worst the month has seen since 2009. According to QuantEco Research, a good kharif output, along with an increase in prices of oilseeds and pulses will help quicken recovery in the rural economy as the harvest season begins late September while keeping a lid on food price escalation. The Q1FY22 above long-term average growth in agriculture sector at 4.5% despite the rural economy grappling with the devastating second covid wave underscores the cushion from record rabi output and government procurement, it said. It added that late monsoon revival in September may augur well for soil moisture/reservoir levels and in turn Rabi crop sowing, but a late withdrawal or unseasonal rains extending into early October may be more damaging. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

ArcelorMittal Nippon Steel India commissions 6 million tonne pellet plant

02 Sep, 2021, 08:03PM | Business Standards

ArcelorMittal Nippon Steel India, a joint venture between ArcelorMittal and Nippon Steel, commissioned its second six million tonne pellet plant on Thursday, taking the total capacity at Paradeep complex in Odisha to 12 million tonnes, making it the largest single-location pelletisation complex in India. AM/NS India’s total pelletisation capacity now stands at 20 million tonnes with 12 million tonnes at Paradeep and eight million tonnes at Vishakhapatnam, Andhra Pradesh. Dilip Oommen, chief executive officer, AM/NS India, said, “The commissioning of our second pellet plant at Paradeep is an important milestone for AM/NS India, allowing us to contribute meaningfully to India’s aim of achieving domestic steel production capacity of 300 million tonnes in the coming decade.” AM/NS India will continue investing in Odisha, a promising hub for Indian steel production, and we are currently progressing plans for a greenfield steel plant in Odisha, he added. Wim Van Gerven, chief operating officer, AM/NS INDIA said, “Paradeep’s pellet plant II coming on stream significantly advances our capacity to produce superior quality direct reduced iron grade pellets for domestic steel production.” “It also supports AM/NS India’s longer-term plans to grow its national steel production up to 30 MTPA,” Gerven added. AM/NS India is looking to take the capacity at Hazira in Gujarat to around 18 million tonnes. At Kendrapara in Odisha, it is looking to set up a 12-million-tonne greenfield steel plant.

Power demand recovers 11% to 124.8 billion units in July: Ind-Ra

02 Sep, 2021, 07:54PM | Business Standards

All India energy demand recovered by 11 per cent to 124.8 billion units in July 2021, on account of stabilising economic activities and decline in COVID-19 cases, according to India Ratings. In July 2020, India's demand for power was 112.4 billion units (BU), the rating agency said in its August 2021 edition of 'credit news digest on India's power sector. The demand in the first 20 days of August 2021 also shot up by 17.52 per cent to reach 84.5 BU from 71.9 BU in the year-ago period. "The recovery was owing to stabilising economic activities, led by the decline in the number of COVID-19 cases throughout the country," it said. There was a recovery of demand in all the major manufacturing states such as Maharashtra, where the demand grew by 21.3 per cent, Gujarat 23.5 per cent and Tamil Nadu 15.1 per cent. In July 2021, the all-India peak energy demand was the highest ever at 220.9 BU compared to 171.3 Bu a year ago, led by a high requirement from the north and south India, owing to the high temperatures within the country. With the recovery in demand, electricity generation (excluding renewables) also increased 6.6 per year-on-year to 115.6 BU in July 2021, compared to 108.5 BU in the same month last year. Thermal power generation increased 7.4 per cent year-on-year to 92 BU, and hydro generation increased 5 per cent to 19 BU. The thermal plant load factor (PLF) improved to 56.73 per cent in July 2021 from 52.92 per cent, led by the improvement in the demand. Electricity generation from renewable sources improved significantly by 27 per cent year-on-year in July to 16.9 BU, due to a low base effect. The wind generation increased 53 per cent to 10.65 BU, while in solar, there was a marginal improvement of 5 per cent to 4.86 BU in July 2021. Ind-Ra attributed the source of the data to Central Electricity Authority, Power System Operation Corporation, Indian Energy Exchange and Coal 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.)

ICRA revises outlook on steel sector from 'stable' to 'positive'

02 Sep, 2021, 07:47PM | Livemint

NEW DELHI : Ratings agency ICRA on Thursday revised its outlook from 'stable' to 'positive' for the domestic steel sector, as all major listed steel companies have delivered healthy financial performance during the April-June 2021 quarter. After the outbreak of the COVID-19 pandemic in 2020, ICRA had assigned a 'negative' outlook on the sector expecting a record fall of 20% in domestic steel demand during the financial year ended March 2021. MORE FROM THIS SECTIONSee All Premium Premium 'Historic' New York-area flooding in Ida's wake leaves .... Premium Premium Southern Railway announces more relaxations for travel .... Premium Premium Health Minister visits CGHS dispensary as a regular pat .... Premium Premium Qatar says it's not clear when Kabul airport will reopen However, it later upgraded its outlook for the sector to 'stable' on the back of improving demand and prices. In a statement, ICRA on Thursday said, "It has revised the steel sector's outlook to 'positive' from 'stable' following all large listed steel companies reporting their best-ever quarterly performance in Q1 (April-June period) of financial year 2022, and the earnings outlook remaining healthy for the remaining months of FY2022." Given the strong earnings growth and capital expenditure (capex) curtailments following the pandemic-related uncertainty, steelmakers started to aggressively de-leverage since the second quarter of FY2021. This trend is reflected by the industry's consolidated debt levels declining to ₹2 lakh crore in July-end 2021, from ₹2.6 lakh crore in July-end 2020, registering a sharp decline of over 21 per cent. The industry's consolidated borrowings today are at their lowest levels since March 2012. On taking a closer look at the industry's consolidated borrowing per metric tonne of installed capacity, it stood at $180 per tonne in July 2021, shrinking by almost half from $350 per tonne prevailing in November 2008. This, ICRA said, suggests that domestic steel companies are now significantly less leveraged than in FY2009, when the last steel supercycle ended, following the global financial crises. Jayanta Roy, senior vice-president and group head (corporate sector ratings) of ICRA, said, "After a seven per cent contraction in steel demand in last year following the pandemic, we expect domestic consumption to grow at around 12 per cent in the current fiscal." TRENDING STORIESSee All Premium CBI books institute, its directors for irregularities i .... Premium IMD predicts very heavy rainfall in these regions durin .... Premium India reports a sharp surge in Covid-19 cases, biggest .... Premium Gold price may jump to a new lifetime high, say experts .... He added that steel production growth in FY2022 is likely to be higher at around 14%, getting traction from the increasing trend in net finished steel exports. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India, UK agree investment boost at Economic and Financial Dialogue

02 Sep, 2021, 07:27PM | Business Standards

New steps to tackle climate change and boost investment were announced on Thursday at the 11th India-UK Economic and Financial Dialogue (EFD). Finance Minister Nirmala Sitharaman and UK Chancellor Rishi Sunak, who met virtually for the annual summit, signed off a USD 1.2-billion package of public and private investment in green projects and renewable energy to boost India's green growth ambitions. This includes a USD 1 billion investment from CDC, the UK's development finance institution in green projects in India, joint investments by both governments to support companies working on innovative green tech solutions, and a new USD 200 million private and multilateral investment into the joint Green Growth Equity Fund which invests in Indian renewable energy. A new Climate Finance Leadership Initiative (CFLI) India partnership has also been agreed to mobilise private capital into sustainable infrastructure in India, including clean energy like wind and solar power and other green technologies. The UK and India already have strong ties, and today we've made important new agreements to boost our relationship and deliver for both our countries, said Sunak. Supporting India's green growth is a shared priority so I'm pleased that we've announced a USD 1.2bn investment package, and launched the new CFLI India partnership, to boost investment in sustainable projects in India as the UK gears up to host COP26," he said. "With trade negotiations also coming up, our agreement to be ambitious when considering services will create new opportunities in both markets, supporting jobs and investment in the UK and India, he said. At the EFD, both ministers agreed to be ambitious when considering services in the upcoming UK-India trade negotiations and strengthen the financial market collaboration efforts already underway to finance growth. The UK also welcomed India's recent decision to lift the Foreign Direct Investment (FDI) cap in the insurance sector from 49 per cent to 74 per cent which will help British firms to take greater ownership of their operations in India. According to UK government statistics, UK-India bilateral trade stands at around 18 billion Pounds in 2020 and supports nearly half-a-million jobs in each other's economies. The countries have set a goal to double trade by 2030, including through negotiating a Free Trade Agreement (FTA) following an Enhanced Trade Partnership (ETP) agreed between Prime Minister Narendra Modi and his UK counterpart Boris Johnson earlier this year. The joint statement signed at the end of the EFD covers a broad range of areas, including the financial services and opening up new opportunities for UK financial firms and helping more Indian companies access finance in the City of London. According to official figures, over the last five years, Indian firms have raised GBP 13.41 billion in Masala, dollar and green bonds listed on the London Stock Exchange (LSE), with the LSE dubbed the largest global centre for Masala Bonds. The two governments also welcomed the launch of the India-UK Global Innovation Partnership under the Trilateral Development Cooperation Framework, wherein India and UK will co-finance equally a fund over 14 years to support the transfer and scale up of climate-smart inclusive innovations from India to third countries. Progress of the UK-India strategic partnership on GIFT City (Gujarat International Finance Tec-City), India's first International Financial Services Centre (IFSC), to promote links between GIFT City and the UK financial services ecosystem was also highlighted in the EFD joint statement. Both countries welcome that UK banks are the first international banks to set up in GIFT City, underlining the strength of UK-India cooperation. Both sides agree to explore facilitating the dual listing of green, social and sustainable bonds on the London Stock Exchange (LSE) and IFSC exchanges, to enable firms to raise foreign capital, the statement notes. (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.)

Steel sector outlook revised to positive on continued earnings uptick: Icra

02 Sep, 2021, 05:38PM | Business Standards

Icra Ratings has revised the steel sector’s outlook to positive from stable following all large listed steel companies reporting their best ever quarterly performance in Q1FY22, and the earnings outlook remaining healthy for the remaining months of the fiscal. Given the strong earnings growth and capex curtailments following the pandemic related uncertainty, steelmakers started to aggressively deleverage since the second quarter of FY2021. This trend is reflected by the industry’s consolidated debt levels declining to Rs 2.0 trillion in end-July 2021, from Rs 2.6 trillion in end-July 2020, registering a sharp decline of over 21 percent in a short span of a year. The industry’s consolidated borrowings today are at its lowest levels since March 2012, said the ratings agency. “The deleveraging effort of these companies looks sustainable in the current fiscal as well as in FY23 since companies will carry out their already announced capex programs. In FY24, however, capex from Jindal Steel & Power and AM/NS are expected to kick in which will inch up leverage for the sector,” informed Icra team in its webinar today. On taking a closer look at the industry’s consolidated borrowing per metric tonne of installed capacity, it stood at $180 per tonne in July 2021, shrinking by almost half from $350 per tonne prevailing in November 2008. This suggests that domestic steel companies are now significantly less leveraged than in FY2009, when the last steel super cycle ended, following the global financial crises, said the agency. “After a 7 per cent contraction in steel demand last year following the pandemic, we expect domestic consumption to grow at around 12 per cent in the current fiscal, not only benefitting from a low base, but also from an improving outlook for several steel consuming sectors. The steel production growth in FY22 is likely to be higher at around 14 per cent, getting traction from the increasing trend in net finished steel exports. Our assessment indicates that net exports is expected to increase to around 8 million tonne in the current year from 6 million tonne in FY2021, as domestic mills try to increase their export footprint, given the opportunity to fill-up the vacuum left by the Chinese mills due to the Government’s curbs,” the report quoted Jayanta Roy, senior vice-president and group head, corporate sector ratings as saying. On the supply front, from JSW Steel and NMDC, 8 mt of new capacities are expected to hit the market in the current year, but the same is likely to be absorbed by incremental steel consumption of 12 mt expected in FY2022, leading us to revise the industry’s capacity utilisation rates to 78 per cent in FY2022 from 72 percent in FY2021. Within that, the leading mills however are expected to operate at a significantly higher capacity utilisation. On the business return indicators, the industry’s RoCE climbed to mid-teens in FY2021, and in the current fiscal, it is likely to come close to 30 percent. Due to this, steel mills from big to small have started announcing expansion plans as their balance sheets look much stronger following the aggressive deleveraging efforts over the last four quarters. India has not seen any new capacity addition in the last two years back-to-back, but things are poised to change going forward, as around 34 million tonne of new capacities are expected to come onstream by FY2026 from the leading players alone, adding close to a quarter of its existing installed capacities in the coming four to five years. Unless the current upcycle extends over several years, these large-scale expansion plans are however expected to lead to a sequential moderation in the industry’s credit metrics over the medium term as industry borrowing levels would go up to fund these growth plans, and steel prices moderate eventually, as is typically witnessed in cyclical sectors.

Tata Power arm TP Saurya gets LoA for 330 MW solar project in MP

02 Sep, 2021, 04:09PM | Business Standards

Tata Power on Thursday said its arm TP Saurya has received a letter of award from Rewa Ultra Mega Solar Limited for setting up of 330 MW solar project in Madhya Pradesh. "TP Saurya Limited (TPSL), a wholly owned subsidiary of Tata Power, has received a 'Letter of Award' (LoA) from Rewa Ultra Mega Solar Limited (RUMSL) to build 330 MW (Unit-1:160 MW + Unit-2:170 MW) of solar project in Neemuch Solar Park of Madhya Pradesh," a company statement said. This project has been awarded through tariff-based competitive bidding followed by e-reverse auction, it stated. Chief Minister of Madhya Pradesh Shivraj Singh Chouhan, in the presence of Hardeep Singh Dang, Minister of Department of New and Renewable Energy; Sanjay Dubey (IAS), Principal Secretary; Akash Tripathi (IAS), MD, MPPMCL & other key dignitaries handed over the LOA to Ashish Khanna, President - Renewables, Tata Power. Speaking on the achievement, Praveer Sinha, CEO & MD, Tata Power, said in the statement, "We are glad to receive this prestigious order for development and operation of 330 MW solar project from Rewa Ultra Mega Solar in Madhya Pradesh. We have been progressively growing our portfolio of grid-scale solar plants across the country." The projects will be set up at the Neemuch Solar Park in Neemuch district at Madhya Pradesh and the energy will be supplied to the Indian Railways and the Madhya Pradesh Power Management Company Limited under power purchase agreement (PPA) valid for a period of 25 years. The company has won this capacity in a bid finalised through reverse auction by RUMSL. The project will be commissioned within 19 months from the date of execution of the PPA. With this, the total renewable capacity of Tata Power will reach 4361 MW with an installed capacity of 2,947 MW and 1,414 MW under implementation. (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.)

CIL supplied 44 MTs more coal to power during April-August over same period last fiscal

02 Sep, 2021, 02:45PM | Economic Times

Coal India Ltd ( CIL ) on Thursday a said it supplied 44 million tonnes (MTs) more coal to the power sector during April-August 21, than it did a year ago in the same period, even as the power stations of the country are grappling with depleting stocks at their end. CIL despatched close to 206 MTs of dry fuel to the coal fired power plants during the first five months of the current fiscal posting 27% growth against 162 MTs of the same period previous fiscal, it said. Compared to a pandemic free period of April-August 2019, CIL logged 8% growth when despatches to power sector were 190.7 MTs. “CIL’s urgency in shoring up supplies to power plants was evidenced in 104% materialization during the last week of August at an average per day supply of 1.36 MTs against the requirement of 1.31 MTs given by CEA. The last three-day average loading to power went up to 1.4 MTs,” said a senior executive of the company. CIL has offered coal on ‘as is where’ basis through rail cum road mode from sources where high stock is available. Twenty three such mines carrying 40.3 MTs of stock as of August 16 were identified, he said. Supply to the power plants carrying stock of zero to six days has been prioritised by preparing contingency supply plan to increase their stock. In case of availability issues at linked mines alternative sources have already been allocated for smooth running of the plant, he said. “With plans to ramp up production, strengthening evacuation infrastructure and adequate coal stock at our pitheads we are prepared to meet any surge in coal demand from the power sector” he said. CIL’s total off-take at 259.3 MTs during Apri-August’21 jumped up by nearly 51 MTs, over 208.5 MTs of the same period last year, clocking 24.4% growth. CIL’s off-take held steady at 1.7 MTs per day in the last week of August. With the monsoon receding CIL is aiming to elevate despatches to 1.8 MTs/day and beyond in September. CIL produced 209.2 MTs of coal progressive till August’21, the increase in absolute terms being 13.6 MTs logging 7% growth. During the last week of August CIL ramped up its output at an average of 1.45 MTs/day. The average August production has never been higher than 1.25 MTs per day during the last four years, he said.

Coal supplies to power sector touched 206 mt during April-August period says CIL

02 Sep, 2021, 02:44PM | Livemint

NEW DELHI : State run Coal India Ltd on Thursday said that it supplied 206 million tonnes (mt) of coal during April-August period to power sector, which is 44 mt more than what it supplied in the corresponding period last year. This comes against the backdrop of India stopping coal supplies for a week to plants having more than 15 days' stock to free up around 177,000 tonnes of fossil fuel, to be redistributed to power plants having low stocks. MORE FROM THIS SECTIONSee All Premium Premium China trying to take over Bagram air force base, use Pa .... Premium Premium Amid high cases, Kerala decides to set up expert panel .... Premium Premium IMD predicts very heavy rainfall in these regions durin .... Premium Premium WHO warns new Mu variant of COVID-19 could be more vacc .... India’s electricity demand has been growing after dipping last year during the first Wave of the pandemic. In a reflection of revival of economic activity in the country, India’s peak electricity demand recorded an all time high of 200.57 gigawatt (GW) on 7 July. “Supply to the power plants carrying stock of zero to six days has been prioritized by preparing contingency supply plan to increase their stock. In case of availability issue at linked mines alternative sources have already been allocated for smooth running of the plant," the CIL statement said. The coal stocks have depleted at thermal power plants due to reasons such as increase in demand for electricity and lower generation by hydropower plants. “CIL despatched close to 206 MTs of dry fuel to the coal-fired power plants during the first five months of the FY22, posting 27% growth against 162 MTs of same period previous fiscal. Even compared with a pandemic-free period of April-August 2019, CIL logged 8% growth when despatches to power sector were 190.7 MTs," the CIL statement said. India’s power sector is the largest consumer of coal in the country, with CIL being the largest coal miner. Of India’s installed power generation capacity of 383.37 GW, the coal-fuelled projects account for 53% or 202.67 GW. TRENDING STORIESSee All Premium India reports a sharp surge in Covid-19 cases, biggest .... Premium Gold price may jump to a new lifetime high, say experts .... Premium Ami Organics vs Vijaya Diagnostic IPOs: GMP, other deta .... Premium Former Maharashtra Home Minister Anil Deshmukh's lawyer .... “CIL’s urgency in shoring up supplies to power plants was evidenced in 104% materialization during the last week of August at an average per day supply of 1.36 MTs against the requirement of 1.31 MTs given by CEA. The last three-day average loading to power went up to 1.4 MTs," the statement added. "Launching a multi-pronged effort to help build up stocks at power plants, CIL has offered coal on ‘as is where is’ basis through rail cum road mode from sources where high stock is available. 23 such mines carrying 40.3 MTs of stock as of 16 August were identified," the statement said. Of CIL’ coal production target of 670 million tonne (mt) for the current financial year, the demand from the power sector is expected to account for around 545 mt. India’s overall coal requirement is expected to go up to 1,123 mt by 2023 from the present level of 700 mt. “CIL’s total offtake at 259.3 MTs during Apri-August 2021 jumped by nearly 51 MTs, over 208.5 MTs of same period last year, clocking 24.4% growth. CIL’s off-take held steady at 1.7 MTs per day in the last week of August. Never in August of any previous year the company’s despatches exceeded 1.6 MTs/day. With the monsoon receding CIL is aiming to elevate despatches to 1.8 MTs/day and beyond in September," the statement said. India’s electricity demand reached its highest since July 2019 to register124.8 billion units (BUs) in July this year, according to India Ratings and Research. “CIL produced 209.2 MTs of coal progressive till August’21, the increase in absolute terms being 13.6 MTs logging 7% growth. During the last week of August CIL ramped up its output at an average of 1.45 MTs/day. The average August production has never been higher than 1.25 MTs per day during the last four years," the statement added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Adani Green Energy raises $750 million from green bond

02 Sep, 2021, 02:28PM | Livemint

NEW DELHI: Adani Green Energy Ltd (AGEL) has raised $750 million through a green bond to fund the equity for its under construction projects, the company said in a statement on Thursday. “Under the structure, AGEL can draw upto USD 1,700m (including the present issuance) over the course of time subject to the covenants of the structure. The notes were rated Ba3 (Stable) by Moodys," the statement said. MORE FROM THIS SECTIONSee All Premium Premium Here are 10 Indian start-ups that could be future unico .... Premium Premium Will go pubic when…: PhonePe CEO shares new info on IPO .... Premium Premium Malaysia lifts ban on Boeing 737 Max after two-year gro .... Premium Premium UBS CEO says staff who don’t want vaccine can work from .... This comes in the backdrop of AGEL buying Japan’s SoftBank Group Corp.’s and Bharti Enterprises Ltd-owned solar power producer SB Energy India for an enterprise value of $3.5 billion. SB Energy India has a total renewable portfolio of 4.954 gigawatt (GW) spread across four states in India. “The joint lead managers (JLMs) to the Issuance were Axis Bank, Barclays, BNP Paribas, DBS Bank Ltd., Emirates NBD Capital, IMI-Intesa Sanpaolo, MUFG, Mizuho Securities, SMBC Nikko and Standard Chartered Bank," the statement added. “In line with the Adani Group’s energy mix transition, AGEL has grown rapidly and has consistently demonstrated the strength of the company’s clean energy business model and its commitment to global benchmarks of ESG. It follows the guiding principles of United Nation Sustainable Development Goals, United Nation Global Compact and the Science Based Targets Initiative," the statement said. This comes in the backdrop of market regulator Securities and Exchange Board of India (Sebi) making Business Responsibility and Sustainability Reporting (BRSR) mandatory from financial year 2022-23 for the top 1000 listed firms. The disclosures are voluntary this year. “With this USD 750 Mn ListCo issuance, AGEL has completed the final phase of its capital management plan, and now has a fully funded program for both debt and equity for its stated target of 25 GW by 2025," the statement said. France’s Total has invested $2.5 billion for acquiring a 50% stake in 2.35GW operating solar assets of AGEL and a 20% stake in AGEL. With 19.8 GW portfolio, the Adani-Total JV plans to commission 25GW by 2025. MINT PREMIUM See All Premium Sensex over 300 points higher, Dow Futures down 10 points Premium Four Indian companies in the exploding drone market Premium As vaccination expands, some states see rural-urban divide Premium Our banks are mispricing capital. This can't go on “Raised USD 750 Mn through 3 year notes under the 144A / Reg S format. Funds to be used for equity portion of capex for under construction projects," the statement said and added, “AGEL’s entire pipeline now fully funded putting it on track to be the world's largest renewable energy platform by 2030." This comes in the backdrop of India’s solar and wind generation recording an all-time high of 43.1GW on 27 July. India also crossed the 100 GW milestone of installed renewable energy capacity. “Strong overall order book of over USD 3,500 Mn (~4.7x over-subscription)," the statement added and said, “First bond issuance by the ListCo, Adani Green Energy Limited, following successful issuances by its subsidiaries RG1 and RG2 in 2019." As part of its energy transition efforts, India is working towards electrification of economy by developing action plans for greening of electricity. According to India’ apex power sector planning body Central Electricity Authority (CEA), by 2030, the country’s power requirement would be 817GW, more than half of which would be clean energy. “Order Book made up of all round participation from Real Money Investors. Comprised 48% from Asia, 28% from Europe, Middle East and Africa and 24% from North America," the statement said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Home decor startup KraftInn raises seed round from NVCL

02 Sep, 2021, 02:27PM | Livemint

Mumbai: KraftInn, a home décor startup, has raised an undisclosed amount in a seed round from NEDFi Venture Capital Ltd. (NVCL), through its North East Venture Fund. KraftInn is helping the transition of home décor products towards nature-friendly options that are crafted out of sustainable materials including bamboo, water hyacinth, and cane, helping reverse climate change. MORE FROM THIS SECTIONSee All Premium Premium Here are 10 Indian start-ups that could be future unico .... Premium Premium Will go pubic when…: PhonePe CEO shares new info on IPO .... Premium Premium Malaysia lifts ban on Boeing 737 Max after two-year gro .... Premium Premium UBS CEO says staff who don’t want vaccine can work from .... “Climate change is one of the most pertinent issues of our generation and home décor companies need to change how we make things. We aspire to be India’s largest direct-to-customer sustainable home décor brand. We would like to thank NVCL for placing its trust in our vision. We would also like to thank NEATEHUB for investing their support and faith in our model," said Parikshit Borkotoky, CO-Founder, KraftInn. The company intends to utilize the funds in expanding its inventory and designs. The startup will also utilize a part of the raised investment in strengthening the marketing, sales, and distribution teams. “Our approach is to directly reach out to the target customers and build a digitally native brand. In addition to this, we closely work with the customers to understand their preferences and habits in real-time. This equips us with the required understanding that goes into building the new products. Our approach is our key USP," said Pramathesh Borkotoky, CO-Founder, KraftInn. MINT PREMIUM See All Premium Sensex over 300 points higher, Dow Futures down 10 points Premium Four Indian companies in the exploding drone market Premium As vaccination expands, some states see rural-urban divide Premium Our banks are mispricing capital. This can't go on Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Nifty target upgraded by Axis Securities. Here are its top stock picks for the month

02 Sep, 2021, 02:15PM | Livemint

While Q1FY22 earnings were a mixed bag, Nifty 50 earnings have seen further upgrades on account of an encouraging performance by metals, IT, and cement sectors. Brokerage firm Axis Securities has revised its December Nifty target upwards to 17,700, based on the earnings upgrade. It continues to remain optimistic on the market, and said focus on earnings sustenance will be a key, moving forward. Axis Securities' top stock picks for the month of September includes ICICI Bank with target price of ₹810, State Bank of India (SBI) with ₹555 target price, Federal Bank (TP ₹100), Equitas Small Finance Bank (TP ₹76), Varun Beverages (TP ₹960), Camlin Fine Sciences (TP ₹215), Mold-Tek Packaging (TP ₹585), Amber Enterprises India (TP ₹3,330), Minda Corporation (TP ₹148). MORE FROM THIS SECTIONSee All Premium Premium Bulls come roaring back. Now, analysts eye 17,500 level .... Premium Premium Uptick in demand, lower prices to support gold in Sept: .... Premium Premium HDFC Life shares soar 6% today. Experts see more gain a .... Premium Premium Bitcoin logged losses in September over last 4 years; w .... Steel Strips Wheels (TP ₹2,122), Krishna Institute of Medical Sciences (TP ₹1,570), Tech Mahindra (TP ₹1,600), Bharti Airtel (TP ₹740), HCL Technologies (TP ₹1,300), Orient Cement (TP ₹180), and Ashok Leyland (TP ₹155) are also among its list of stock recommendations for the month. Axis Securities has also noted that even in the Mid and Small Cap space, quality stocks have outperformed the non-quality stocks by a significant margin. “Moreover, this divergence is quite significant in the Small Caps as compared to the Large Caps, clearly indicating that the allocation will increasingly shift towards Quality stocks across the board. In conclusion, attractive opportunities continue to remain in the Small and Mid Cap space," it said in the note. The brokerage is overweight on sectors like information technology, metals and mining, specialty chemicals whereas it has an equalweight stance on auto, banking, and cement, consumer staples, oil and gas sectors. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. MINT PREMIUM See All Premium Sensex over 300 points higher, Dow Futures down 10 points Premium Four Indian companies in the exploding drone market Premium As vaccination expands, some states see rural-urban divide Premium Our banks are mispricing capital. This can't go on Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

NTPC REL gets LoA for developing 325 MW in Madhya Pradesh's Shajapur solar park

02 Sep, 2021, 12:43PM | Livemint

NEW DELHI: NTPC Renewable Energy Ltd (NTPC REL) has received the letter of award (LoA) for developing 325 MW projects in Madhya Pradesh’s Shajapur solar park, the company said in a statement. This comes in the backdrop of NTPC preparing for initial public offerings (IPOs) of its clean energy subsidiaries NTPC REL and NTPC Vidyut Vyapar Nigam Ltd (NVVN). MORE FROM THIS SECTIONSee All Premium Premium UBS CEO says staff who don’t want vaccine can work from .... Premium Premium Samsung’s ISOCELL HP1 is the world’s first camera senso .... Premium Premium PhonePe makes transaction data transparent, launches Ph .... Premium Premium Tata Realty & Infra acquires TRIL IT4 Private Ltd “NTPC REL has won a capacity of 105 MW worth ₹2.35/kWh, and also a capacity of 220 MW worth ₹2.33/kWh in the Rewa Ultra Mega Solar Limited’s auction held on 19th July 2021 for 450 MW of Solar Projects at Shajapur Solar Park in Madhya Pradesh. With this, NTPC achieves 4.4. GW capacity through Tariff Based Competitive Bidding (TBCB)," the statement said. “On Wednesday, Shri Shivraj Singh Chauhan presented the letter of award to Agar, Shajapur and Neemuch Solar Park with a capacity of 1500 MW at Bhopal. State DISCOMs & Railways will purchase power from these projects," it said. NTPC plans to reach 60 GW renewable energy capacity by 2032 from the existing 4GW and invest Rs1 trillion between 2019 and 2024 to become a 130GW power producer by 2032. NTPC Group reported a net profit of $1.85 billion in FY21. It has also announced its target of 10% reduction in net energy intensity as part of its energy compact goals. The public sector unit has an installed capacity of around 67 GW across 70 power projects, and 18 GW under construction. “NTPC REL received a Letter of Award (LoA) from Hon’ble Chief Minister of Madhya Pradesh, Shri Shivraj Singh Chauhan for 325 MW of Solar Projects in the Rewa Ultra Mega Solar Limited’s (RUMSL) at Shajapur Solar Park in Madhya Pradesh," said the statement, added that, “Shri Mohit Bhargava, CEO (NTPC REL) received the letter of award." The state-owned power major green energy push is part of the government’s playbook with India’s solar and wind generation recorded an all-time high of 43.1GW on 27 July. India has also crossed the 100 GW milestone of installed renewable energy capacity. MINT PREMIUM See All Premium Sensex over 300 points higher, Dow Futures down 10 points Premium Four Indian companies in the exploding drone market Premium As vaccination expands, some states see rural-urban divide Premium Our banks are mispricing capital. This can't go on NTPC has also secured a raft of project contracts under the aegis of International Solar Alliance (ISA) in Cuba, Niger and Malawi to help set up solar parks to meet these countries’ electricity demands. NTPC is also eyeing similar opportunities in other ISA member countries in Africa such as Sudan, Congo, Mozambique, Egypt, Uganda, Rwanda, Gambia, Tanzania, Senegal, and Zimbabwe. NTPC has been engaged as a facilitator by ISA and is targeting to help set up 10 giga watt (GW) capacity in ISA member countries. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Vedanta announces interim dividend: Key things to know

02 Sep, 2021, 11:25AM | Livemint

Vedanta Ltd on Wednesday said its board has approved an interim dividend of ₹18.50 per equity share for FY2021-22, amounting to ₹6,877 crore. The shares of the company on the BSE were trading over 3% higher in Thursday's early deals. "The board of directors of the company in its meeting held on Wednesday...have approved first interim dividend of ₹18.50 per equity share i.e. 1850% on face value of Re 1 per share for the financial year 2021-22 amounting to ₹6,877 crore," Vedanta Ltd said in a filing to BSE. MORE FROM THIS SECTIONSee All Premium Premium Market rally fails to lift some underperforming close-e .... Premium Premium This unfavorable combination is making exposure in smal .... Premium Premium Gold price today extends losses to fourth day in a row, .... Premium Premium NSE asks trading members to this by month-end, or else.. The record date for the purpose of payment of dividend September 9. The interim dividend will be paid within stipulated timelines as prescribed under law, the mining giant said. This is the company's first interim dividend for 2021-22. Last week, Vedanta had informed that its board will meet on September 1 to consider and approve the first interim dividend on equity shares, if any, for the financial year 2021-22. Vedanta Ltd, a subsidiary of Vedanta Resources Ltd, is one of the world's leading diversified natural resource companies with business operations in India, South Africa, Namibia, and Australia. The Anil Agarwal-led firm is a leading producer of Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Aluminium & Power. Shares of Vedanta has rallied nearly 140% in the past year whereas it has surged 92% this year (year-to-date or YTD) alone. Last month, Vedanta group firm Hindustan Zinc Ltd (HZL) had said its board meeting to consider interim dividend for the current financial year, FY22, was deferred, however, the company said that that there is no change to its dividend policy and it will adhere to it. MINT PREMIUM See All Premium Our banks are mispricing capital. This can't go on Premium Tax returns filing this year: What has changed Premium When a Mahasweta Devi work gets a university all worked up Premium Why eco-friendly brands have failed to make a mark in India Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

TD Power Systems zooms 87% in 3 weeks on strong outlook, hits 3-year high

02 Sep, 2021, 11:04AM | Business Standards

Shares of TD Power Systems (TDPS) were locked in the upper circuit of 20 per cent at Rs 349.40, hitting a three-year high on the BSE in Thursday's session amid expectations of strong earnings growth going forward. The stock was trading at its highest level since May 2015. It had hit a record high of Rs 479 on December 30, 2014. The trading volumes on the counter more-than-doubled with a combined 958,054 equity shares having changed hands on the NSE and BSE so far. There were a combined pending buy orders for 206,916 shares, the exchanges data shows. In the past three weeks, the stock has zoomed 87 per cent after the company reported robust earnings, with profit after tax (PAT) of Rs 10.40 crore for the quarter ended June 2021 (Q1FY22), against a loss of Rs 9.8 crore in the previous year quarter. Total income of the company during the quarter more-than-doubled to Rs 167 crore from Rs 76 crore in Q1FY21. The company had a strong order book position of Rs 1,078 crore as on June 30, 2021. It has supplied 4,911 generators as of Q1FY22 with an aggregate output capacity of over 35,536 MW in 80 countries. TDPS is one of the leading manufacturers of AC Generators in the world with products in the output range of 1 MW to 200 MW for prime movers, such as steam turbines, gas turbines, hydro turbines, diesel engines, gas and wind turbines The company also manufacture special application generators for geothermal and solar thermal applications. The company has announced significant upward guidance in the top line and expects manufacturing sales to be in the region of Rs 650 crore to Rs 660 crore for TDPS India compared to Rs 480 crore achieved last year. The management said it is seeing very strong demand from export markets, as well as, a very significant pickup of order booking and sales in the domestic market. “In the overseas market, we are seeing a huge increase in the gas engine segment as well as in the steam turbine segment. The hydro market has also picked up and we are seeing a big uptake in the executable orders for this financial year,” Nikhil Kumar, managing director of TDPS said. “We are now reaching that stage of the year where the majority of the fresh order booking will go into next year’s execution. The domestic market is also picking up in all sectors, cement, steel, sugar cogeneration, distilleries, waste heat recovery and garbage burning plants. There is a lot of momentum in the market, and I think we are finally seeing a strong revival of the long-awaited CAPEX cycles,” Kumar added.

Cement shares in demand; UltraTech, ACC, Ambuja hit record highs

02 Sep, 2021, 10:16AM | Business Standards

Shares of cement makers were in demand with frontline stocks such as UltraTech Cement, ACC and Ambuja Cements all hitting their respective all-time highs on the BSE in the intra-day trade. The buying interest at these counters can be attributed to expected rise in cement demand as per market analysts, post easing of localised curbs and monsoon. Among individual stocks, UltraTech Cement hit a record high of Rs 7,931, up 2 per cent in intra-day trade. Ambuja Cements ( up 2 per cent at Rs 430.35) and ACC (up 2 per cent at Rs 2,469) too hit new highs, surpassing their previous highs recorded on August 4, 2021. Besides these three stocks, Dalmia Bharat, JK Cements, Orient Cement, Shree Cement and Ramco Cement were up 2 per cent each. In comparison, the S&P BSE Sensex was up 0.20 per cent at 57,455 points at 09:54 am. In April-June quarter (Q1FY22), localised curbs in majority of the states impacted sales volume that were down 19.6 per cent quarter on quarter (QoQ) with south based companies reporting the steepest decline of over 28 per cent on a QoQ basis. However, sales volumes continued to remain at around 3.2 per cent above pre-Covid levels indicating strong support from infra and housing demand. Key energy commodities like pet coke, imported coal and diesel, which together account for more than 55 per cent of costs, rose sharply. This led to total cost increase of 3.1 per cent QoQ. However, strong realisations (up 4.4 per cent YoY, 5.6 per cent QoQ) helped cement companies keep the margins healthy at 26.7 per cent (up 119 bps YoY, 178 bps QoQ). This clearly demonstrates player’s capability to pass on the cost increase on to the consumers. Overall, the operational performance remained broadly better than our estimates, ICICI Securities said in their Q1FY22 earnings wrap. Meanwhile, domestic cement companies in recent years have been investing in alternative/renewable energy sources, replacing hitherto known sources such as fuel (in the form of coal) as well as thermal power generation which has afforded the players multiple benefits apart from reducing carbon dioxide footprint. As per an ICRA analysis, the usageof renewable sources of energy such as solar energy, wind energy and waste heat recovery system (WHRS) have been gaining momentum, in particular the latter has emerged as one of the cheapest source of power generation given the negligible input costs. By generating power using the hot gases produced during the manufacturing process, WHRS is more cost efficient and helps in augmenting the operating profitability. With 20 per cent-25 per cent WHRS replacement in total power capacity, the power cost savings for cement companies is estimated to be around 14 per cent-18 per cent resulting in an improvement in the operating margins by around 110-140 bps, Anupama Reddy, Assistant Vice President & Sector Head, Corporate Ratings, ICRA said.

Stocks to watch: Vedanta, Coal India, Hindustan Zinc, Eicher Motors, SBI

02 Sep, 2021, 08:53AM | Business Standards

Nifty futures on SGX were down 13 points at 17,086.50 around 8.45 am, indicating a tepid start for the benchmark indices on Thursday. Here are the top stocks to track in today's session: AMCs: Shares of Asset Management Companies could be on radar after India's largest broking firm Zerodha said it has received in-principle approval to set up an AMC company. READ MORE Jet Airways: After being shut for more than two years amid mounting financial losses, Jet Airways is planning to resume service by the first quarter of 2022. This will be the first case of an airline revival through India’s insolvency process. A person involved with the airline's business plan said the company had started engaging with aviation regulator Directorate General of Civil Aviation (DGCA) to revive Jet’s operator permit which lapsed. READ MORE NHPC: State-run hydro power giant will seek its shareholders' approval to raise borrowing limit by Rs 10,000 crore to Rs 40,000 crore in the annual general meeting on September 29, 2021. The proposal to increase borrowing limit of the company from Rs 30,000 crore to Rs 40,000 crore is listed on the agenda of the AGM, stated the notice for the AGM. Hero MotoCorp: The country's largest two-wheeler maker Hero MotoCorp on Wednesday reported 22 per cent dip in total sales at 4,53,879 units in August as compared with same month last year. The company had dispatched 5,84,456 units to its dealerships in August 2020. Coal India: State-owned CIL produced 42.6 million tonnes of coal in August, registering an increase of 14.6 per cent over the corresponding month of the previous fiscal. Coal India produced 37.2 million tonnes of coal in August last fiscal, the maharatna firm said in a filing to BSE. Axis Bank: The RBI on Wednesday said it has imposed a penalty of Rs 25 lakh on Axis Bank Limited for contravention of certain provisions of Know Your Customer (KYC) norms. In other news, the bank raised USD 600 million from offshore investors by selling sustainable additional tier-1 (AT1) bonds at a coupon of 4.1 per cent, sources said. SPARC: Sun Pharma Advanced Research Company (SPARC) on Wednesday said it will seek shareholders' approval to raise up to Rs 1,800 crore through various modes, including issue of equity shares and securities. Mphasis: Its board has approved the appointment of Nitin Rakesh as the managing director with effect from October 1, 2021. NMDC: State-owned NMDC on Tuesday said its iron ore production surged over 44 per cent to 15.02 million tonnes (MT) in April-August 2021. The company's iron ore output was 10.42 MT in the same period last fiscal, NMDC said in a regulatory filing. Ashok Leyland: Hinduja Group flagship firm Ashok Leyland on Wednesday said its Chief Operating Officer Nitin Seth is leaving after serving 11 years to pursue an alternate career outside the company. NTPC: State-run power giant NTPC said its arm NTPC REL has received a letter of award (LoA) for 325 MW solar projects in Madhya Pradesh. Minda Corp: Auto components major Minda Corporation said it has entered into definitive agreements for acquiring 26 per cent equity stake in electric vehicle (EV) charging solutions startup EVQPOINT Solutions, through its wholly-owned arm Spark Minda Green Mobility Solutions. Mahindra Finance: Mahindra & Mahindra Financial Services (Mahindra Finance) on Wednesday said it has appointed Raul Robello as its new chief operating officer with immediate effect. Robello's appointment comes after the movement of Rajnish Agarwal to Mahindra Rural Housing Finance (MRHFL), Mahindra Finance said in a statement. Hindustan Zinc: The company has extended the planned shutdown of one of the roasters at Chanderiya lead zinc smelter in Rajasthan, which would result in production loss of 25,000 tonnes of zinc. The planned shutdown is for the repair and overhaul of many major structural components of the roaster to avoid any operational risk in the future. IIFL Wealth and Asset Management: The company has appointed Sanjay Wadhwa as the Chief Financial Officer with effect from September 2. Wadhwa joined IIFL Wealth and Asset Management from L&T Financial Services, where he held the position of Group Financial Controller and was responsible for the finance control function of all the group entities, including NBFCs and AMC, according to a statement. Power Grid: State-owned Power Grid Corporation of India Ltd (PGCIL) will seek shareholders' approval to raise up to Rs 6,000 crore through private placement of bonds or debentures at its annual general meeting later this month. SBI: State Bank of India (SBI) has raised Rs 4,000 crore through Basel compliant additional tier 1 (AT1) bonds, offering a coupon rate of 7.72 per cent. The issue garnered overwhelming response from investors with bids in excess of Rs 10,000 crore received against a base issue size of Rs 1,000 crore, the bank said in a release. Vedanta: Board has approved an interim dividend of Rs 18.50 per equity share for FY2021-22, amounting to Rs 6,877 crore. The record date for the purpose of payment of dividend September 9. The interim dividend will be paid within stipulated timelines as prescribed under law, the filing said. IEX: Indian Energy Exchange (IEX) has recorded an all-time high monthly trade of 9,538 million units (MU) in August which is 74 per cent higher compared to the same month last year. Wipro: The company has appointed Mohammed Areff as the Country Head and Managing Director for the Middle East. Areff will focus on Wipro’s vision for business growth, localisation, brand building and significant transformational and modernisation engagements with clients in key sectors across the region, the company said. Aditya Birla Fashion and Retail: The company plans to raise up to Rs 400 crore by issuing 4,000 unsecured NCDs of face value of Rs 10 lakh each on private placement basis, on or after September 8. Shyam Metalics and Energy: The wholly owned subsidiary of the company, Shyam SEL & Power, completed the acquisition of 90% stake in Shree Venkateshwara Electrocast for Rs 22.28 crore on August 31. The investment in Shree Venkateshwara has been done through a combination of equity and inter corporate loans. Indian Bank: State-run Indian Bank on Wednesday said Shanti Lal Jain has assumed charge as its Managing Director and Chief Executive Officer (CEO). Jain has been appointed as the MD & CEO for a period of three years, according to a government notification. Eicher Motors: Royal Enfield sales volume declined 9 percent to 45,860 in August 2021 from 50,144 motorcycles in August 2020. Kitex Garments: The proposal to invest Rs 1,000 crore in Telangana state submitted by Kitex Garments before Government of Telegana towards expansion plan has been approved. The government order will be issued within a few days.

Market Ahead Podcast, Sep 2: Top factors that could guide markets today

02 Sep, 2021, 08:00AM | Business Standards

A pullback in large-cap stocks dragged benchmark indices away from record high levels on Wednesday. The S&P BSE Sensex plunged 581 points from its record high level of 57,919 to end at 57,338 while the Nifty50 retreated from its all-time high level of 17,226 to end at 17,076. Profit booking was seen in information technology counters after a recent outperformance, along with underperformance in the metal pack on China disappointment. China's factory activity slipped into contraction in August for the first time in nearly one and a half years as Covid-19 containment measures, supply bottlenecks and high raw material prices weighed on output in a blow to the economy. And as China is the world's third largest metal importer, contraction in the manufacturing activity soured sentiment on Dalal Street. The Nifty Metal index fell 2 per cent with Tata Steel, Nalco, Hindalco, and Jindal Steel falling up to 3 per cent. That apart, mixed trends in the auto pack also grabbed eyeballs on the bourses on Wednesday. M&M, Maruti Suzuki, and Hero MotoCorp declined up to 3 per cent on the bourses, and analysts believe the underperformance is likely to continue. The sector is grappling with multiple headwinds that include semiconductor shortage, rising input costs and competition from the electric vehicle (EV) segment. According to analysts at Jefferies, chip shortages have already started to hurt Indian auto production where companies such as Maruti, Bajaj Auto and Royal Enfield have seen an increased impact in the September quarter. That apart, raw material costs have been another sore point for the Indian automakers. Indian steel prices, according to reports, are at an all-time high of Rs 67,500/tonne, which is 5 per cent above their June quarter average. Spot aluminum price at $2,674/tonne is also 12 per cent higher than the June quarter average. Against this backdrop, A K Prabhakar, head of research at IDBI Capital says that though the stocks' valuations are attractive, auto stocks will continue to remain under pressure. Additionally, G Chokkalingam, founder and CIO, Equinomics Research opines that chip shortage, rising fuel costs for consumers and firm input costs for auto manufacturers will keep the demand in check. And, as a result, most of the auto stocks will underperform in the second half of FY22. With this bearish commentary from analysts, performance of the autos will be on investor radar on Thursday. Weekly expiry of F&O contracts, stock-specific news flow, outcome of the OPEC+ meeting, and foreign fund flow will be some of the other factors guiding the markets today. Also, adjustment to 100 per cent peak margin norms may add volatility. In the primary market, public issues of Vijaya Diagnostic and Ami Organics will enter their second day today. Yesterday, the former's IPO had been subscribed just 30 per cent while the latter's IPO had sailed through, backed by strong retail and QIB support.

Markets may continue consolidation; Kotak Mahindra Bank, SBI, Vedanta in focus

02 Sep, 2021, 07:55AM | Livemint

MUMBAI: Markets are likely to continue to be in consolidation phase on Thursday while trends in SGX Nifty indicate a mild opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 57,338.21, down 214.18 points or 0.37%. The Nifty closed at 17,076.25, down 55.95 points or 0.33%. Asian stocks were steady Thursday as investors await key US employment data to assess when the Federal Reserve may start paring the substantial stimulus that has bolstered financial markets. MORE FROM THIS SECTIONSee All Premium Premium NSE asks trading members to this by month-end, or else.. Premium Premium Rakesh Jhunjhunwala stock: Experts give 'buy' tag despi .... Premium Premium US market regulator sues cryptocurrency exchange founde .... Premium Premium Cryptocurrency prices today: Bitcoin near $50,000; ethe .... Equities rallied in Hong Kong amid a continuing rebound in Chinese technology stocks on bets that the pressure from Beijing’s regulatory crackdown has peaked. China’s market climbed, with traders assessing a central bank step to cushion the economy by helping smaller firms. Commodity-reliant Australia’s stock index slid on weakness in materials like iron ore. US equity futures fluctuated. Overnight, the Nasdaq 100 edged up to an all-time high and the S&P 500 was little changed. The defensive flavour to trading came amid economic data suggesting a slower U.S. labor market recovery. Kotak Mahindra Bank on Wednesday said it has completed the sale process of over an 8% stake in Airtel Payments Bank to Bharti Enterprises for ₹294.80 crore. On Tuesday, the bank had informed about entering into a share purchase agreement for the sale of 20 crore equity shares (nearly 8.57% shareholding) of Airtel Payments Bank (APBL) to Bharti Enterprises. The country’s largest lender State Bank of India (SBI) said it has raised Rs4,000 crore via additional Tier 1 bonds at a coupon rate of 7.72%, the first such issuance in the domestic market after the Securities and Exchange Board of India issued new rules. Vedanta Ltd on Wednesday said its board has approved an interim dividend of ₹18.50 per equity share for FY2021-22, amounting to ₹6,877 crore. Ten-year US Treasury yields remained around 1.30%. The U.S. payrolls report Friday will offer clues on the economy and a possible timeline for a reduction in the Fed’s $120 billion of monthly bond purchases. The dollar held a drop. MINT PREMIUM See All Premium Our banks are mispricing capital. This can't go on Premium Tax returns filing this year: What has changed Premium When a Mahasweta Devi work gets a university all worked up Premium Why eco-friendly brands have failed to make a mark in India Investors are trying to assess when the delta-variant virus outbreak might peak as well as the implications of reduced central bank policy support in the months ahead. Global stocks are near record levels and gauges of implied financial market volatility are declining, suggesting many remain optimistic that the reopening from the health crisis will weather challenges. (Bloomberg contributed to the story) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Market LIVE Updates: Sensex up nearly 200 pts, Nifty above 17,100; FMCG gains

02 Sep, 2021, 07:31AM | Livemint

Sensex, Nifty gained over 0.43% on Thursday. Asian stocks were steady Thursday as investors await key U.S. employment data to assess when the Federal Reserve may start paring the substantial stimulus that has bolstered financial markets. 02 Sep 2021, 12:01:14 PM IST Amazon plans to hire 8,000 direct workforce in India this year Amazon is planning to hire more than 8,000 direct workforce across 35 cities in the country this year across corporate, technology, customer service and operations roles, according to a top company official. "We have more than 8,000 direct job openings across 35 cities in the country, including cities like Bengaluru, Hyderabad, Chennai, Gurgaon, Mumbai, Kolkata, Noida, Amritsar, Ahmedabad, Bhopal, Coimbatore, Jaipur, Kanpur, Ludhiana, Pune, Surat. Share Via 02 Sep 2021, 11:46:18 AM IST Just Dial gains Just Dial's stock was trading at ₹988.00 apiece, up 3.12% at 11:45 am. The company's board has approved the allotment of 2.12 crore shares at ₹1,022.25 per share via preferential allotment to Reliance Retail Ventures, Just Dial said in a regulatory filing. NSE BSE listElement-graph-11630563377099-211531 listElement-graph-11630563377099-211531 Share Via 02 Sep 2021, 11:22:39 AM IST PNB opposes sale of Jet Airways: report Punjab National Bank has opposed the sale of Jet Airways to Kalrock-Jalan consortium, according to media reports. Court to hear PNB's plea opposing the sale. Share Via 02 Sep 2021, 10:50:17 AM IST M&M trades lower M&M's stock was trading at ₹763.65 each, down 0.84% at 10:38 am. The company has announced a 7 day production cut in its automotive division in September owing to semiconductor shortage. This may lead to a 20-25% reduction in September's automotive production volume. The 'no production days' will not affect the company's tractor and 3-wheeler businesses, the company said. NSE BSE listElement-graph-11630559429339-100520 listElement-graph-11630559429339-100520 Share Via 02 Sep 2021, 10:38:51 AM IST Rupee inches 6 paise higher Rupee inches 6 paise higher to 73.02 against US dollar in early trade— Press Trust of India (@PTI_News) September 2, 2021 Share Via 02 Sep 2021, 10:25:51 AM IST NYC mayor declares emergency over Storm Ida I’m declaring a state of emergency in New York City tonight.We’re enduring an historic weather event tonight with record breaking rain across the city, brutal flooding and dangerous conditions on our roads.— Mayor Bill de Blasio (@NYCMayor) September 2, 2021 Share Via 02 Sep 2021, 10:13:51 AM IST Bank Nifty weekly strategy report: Axis Securities Bank Nifty has seen an increase in Open Interest of 26.94% with increase in price of 2.69% indicating Long Build Up.Nifty has seen an increase in Open Interest of 14.90% with an increase in price of 2.70% indicating Long Build Up.Option data indicates a probable trading range of Bank Nifty for the day between 37,000 to 36,000 & that for NIfty at 16,900 to 17,200.BANK NIFTY Strategy: PUT SpreadView: Moderately Bearish.Rationale: - Traders could initiate this spread strategy to make modest returns with limited risk and reward. The spread suggested consists of buying one lot of 36,600 strike PUT Option and simultaneously selling one lot of 36,100 strike PUT Option. Share Via 02 Sep 2021, 10:10:31 AM IST RIL refuses comment on reports of acquiring European solar panel maker REC Reliance Industries has issued a clarification to exchanges about recent media reports on the potential acquisition of REC Ltd, Europe's largest solar panel maker. RIL said it is unable to comment on media speculation and rumours and it would be inappropriate on its part to do so. company's stock was trading at ₹2,272.00 apiece, up 0.10% at 10:10 pm. NSE BSE listElement-graph-11630557630699-100325 listElement-graph-11630557630699-100325 Share Via 02 Sep 2021, 10:05:02 AM IST Active covid-19 cases in country increase to 3,89,583: govt Single-day rise of 47,092 COVID-19 infections, 509 fatalities push India's tally of cases to 3,28,57,937, death toll to 4,39,529: Govt— Press Trust of India (@PTI_News) September 2, 2021 Share Via 02 Sep 2021, 10:05:02 AM IST Dr Reddy's Labs gains Dr. Reddy''s Laboratories' stock was trading at ₹4,874.80 each, up 2.33% at 10:05 am. The company's Canada unit has announced the launch of Reddy-Lenalidomide, one of the first generic medications of its kind for the Canadian market. Share Via 02 Sep 2021, 09:47:50 AM IST Razorpay looks to raise up to $250 mn, eyes $4 bn valuation Fintech unicorn Razorpay is in talks with large global funds to raise $200-250 million at a valuation of around $4 billion, two people familiar with the development said. (Read more) Share Via 02 Sep 2021, 09:42:37 AM IST KM Birla, Vodafone group CEO meet telecom minister: report KM Birla, Vodafone group chief executive met telecom minister Ashwini Vaishnav, CNBCTV18 reported. They discussed the telecom sector's health and the need for urgent government intervention. The Centre is considering sectoral relief instead of individual relief for telcos, according to the report. Vodafone Idea's stocks was trading at ₹6.23, up 2.30% at 09:40 am. NSE BSE listElement-graph-11630555955572-132822 listElement-graph-11630555955572-132822 Share Via 02 Sep 2021, 09:36:44 AM IST HUL, RIL drive Sensex gains View Full ImageIndex contribution Share Via 02 Sep 2021, 09:35:36 AM IST Auto, realty top drags View Full ImageNifty sectoral indices Share Via 02 Sep 2021, 09:26:08 AM IST Market opening Sensex opened at 57,423.65, up 85.44 points, or 0.15%, while Nifty was at 17,095.40, up 19.15 points, or 0.11%. Pharma, metals surged. Realty top drag View Full ImageSensex at open Share Via 02 Sep 2021, 09:06:24 AM IST Natco Pharma launches a generic equivalent to Revlimid (Nat-Lenalidomide Capsules) in Canadian market Share Via 02 Sep 2021, 08:46:55 AM IST Oil inches up as petroleum report and Opec+ unity calms market US crude futures closed modestly higher after Opec+’s relatively harmonious decision to gradually raise supply, and a bullish US oil inventory report. Futures erased intraday losses to climb 0.1% as Opec and allied partners appeared to rubber stamp a previously announced hike of 400,000 barrels a day. The drama-free meeting was a welcome sign of unity after July’s tiff between Saudi Arabia and the United Arab Emirates left the market waiting for days on a decision. A U.S. government report showed crude stocks fell more than expected and petroleum products demand rose to a record high. (Bloomberg) Share Via 02 Sep 2021, 08:36:18 AM IST Apple loosens App Store payment rules for Netflix, Amazon, others in deal with Japanese Apple Inc will loosen App Store rules that have banned companies like Netflix Inc from providing customers a link to create a paid account to bypass Apple's in-app purchase commissions, the company said late on Wednesday. It is the second concession to regulators and companies in less than a week as the iPhone maker faces legal, regulatory and legislative challenges to the App Store, which forms the core of its $53.8 billion services segment. But Apple will still ban developers from taking other forms of payment inside apps on the iPhone, the key practice that "Fortnite" creator Epic Games, Spotify Technology and Match Group Inc have said they want to end. (Reuters) Share Via 02 Sep 2021, 08:28:02 AM IST Axis Securities recommends Buy on DCB Bank “We initiate coverage on DCB Bank (DCB) with a BUY recommendation and a Target Price of ₹115/share implying an upside of 24% from CMP. We believe in the robustness of DCB’s business model backed by its past performance of maintaining healthy asset quality despite multiple headwinds such as demonetization and GST roll-out which had impacted the bank’s core customer base of self-employed borrowers. While growth has moderated in the past couple of years due to macroeconomic headwinds, DCB has managed to grow the book at 15% CAGR over FY16-21."— Dnyanada Vaidya, analyst, Axis Securities Share Via 02 Sep 2021, 08:24:48 AM IST French dairy giant Lactalis may buy India's Kwality Dairy in fire sale: report Share Via 02 Sep 2021, 08:19:23 AM IST Cryptocurrency prices today: Bitcoin near $50,000; ether, dogecoin surge 10%. Latest rates Cryptocurrency prices today surged with Bitcoin trading near $50,000, days after it broke back above the psychologically important mark last month for the first time in three months. The world's largest cryptocurrency by market capitalization jumped 6% to $49,678.59, as per CoinDesk. Bitcoin prices are up 71% this year (year-to-date), though, far away from its record just below $65,000 in April. (Read more) Share Via 02 Sep 2021, 08:11:30 AM IST Stocks to Watch Aditya Birla Fashion, Axis Bank, SBI, Vedanta, Indiabulls HFL among other stocks may be in the news today. (Read more) Share Via 02 Sep 2021, 07:58:37 AM IST Market outlook Markets are likely to continue to be in consolidation phase on Thursday while trends in SGX Nifty indicate a mild opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 57,338.21, down 214.18 points or 0.37%. The Nifty closed at 17,076.25, down 55.95 points or 0.33%. (Read more) Share Via 02 Sep 2021, 07:46:38 AM IST Petrol, diesel prices today unchanged. Check latest rates in Delhi, Mumbai, other cities After being reduced on the first day of September by 13-15 paise across metro cities on Wednesday, petrol and diesel prices remained unchanged on Thursday. Petrol continues to retail at ₹101.34 in Delhi, whereas diesel at ₹88.77. In India's financial capital Mumbai, petrol is being sold at ₹107.39 per litre, and diesel at ₹96.33 per litre. In Kolkata, petrol prices stand at ₹101.72 per litre and diesel prices at ₹91.84 per litre in the city. In Tamil Nadu's capital Chennai, petrol prices being sold at ₹99.08 per litre and diesel prices at ₹93.38 per litre. (Read more) Share Via 02 Sep 2021, 07:44:50 AM IST Asian markets witness steady opening Asian stocks were steady Thursday as investors await key U.S. employment data to assess when the Federal Reserve may start paring the substantial stimulus that has bolstered financial markets. Equities rallied in Hong Kong amid a continuing rebound in Chinese technology stocks on bets that the pressure from Beijing’s regulatory crackdown has peaked. China’s market climbed, with traders assessing a central bank step to cushion the economy by helping smaller firms. Commodity-reliant Australia’s stock index slid on weakness in materials like iron ore. U.S. equity futures fluctuated. Overnight, the Nasdaq 100 edged up to an all-time high and the S&P 500 was little changed. The defensive flavor to trading came amid economic data suggesting a slower U.S. labor market recovery. Ten-year U.S. Treasury yields remained around 1.30%. The U.S. payrolls report Friday will offer clues on the economy and a possible timeline for a reduction in the Fed’s $120 billion of monthly bond purchases. The dollar held a drop.S&P 500 futures were steady as of 10:40 a.m. in Tokyo. The S&P 500 was little changedNasdaq 100 futures climbed 0.1%. The Nasdaq 100 rose 0.2%Japan’s Topix index fell 0.2%Australia’s S&P/ASX 200 retreated 1%South Korea’s Kospi lost 0.5%Hong Kong’s Hang Seng index added 0.9%China’s Shanghai Composite rose 0.2% Share Via 02 Sep 2021, 07:31:13 AM IST Tech stocks send Nasdaq to fresh record close The Nasdaq closed Wednesday at a record high, and the S&P 500 rose but just missed a fresh peak, as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy. Technology stocks, which tend to benefit from a low-rate environment, finished higher. Apple Inc rose 0.4% to its second-highest close, and Facebook Inc, Amazon.com Inc and Google-owner Alphabet Inc all advanced between 0.2% and 0.7%. Utilities and real estate - sectors considered as bond-proxies or defensive - were the top performers. A report by ADP, published ahead of the U.S. government's more comprehensive employment report on Friday, showed private employers hired far fewer workers than expected in August. Another set of data on Wednesday showed U.S. manufacturing activity unexpectedly picked up in August amid strong order growth, but a measure of factory employment dropped to a nine-month low, likely as workers remained scarce.The Dow Jones Industrial Average fell 48.2 points, or 0.14%, to 35,312.53, the S&P 500 gained 1.41 points, or 0.03%, to 4,524.09 and the Nasdaq Composite added 50.15 points, or 0.33%, to 15,309.38. Falling 1.5% on the day, and down for the third straight session, was the energy index. (Reuters) Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Top headlines: Car sales skid, Prosus joins top global investors, and more

02 Sep, 2021, 07:27AM | Business Standards

Automobile sales skid on chip shortage; dealers stare at supply crunch Vehicle sales took a beating in August as automobile makers cut production amid a worsening global chip shortage, the factory dispatch data showed on Wednesday. Maruti Suzuki India, the country’s largest carmaker, reported a 19 per cent decline in total sales at 130,699 units in August, as against 162,462 units in the previous month. The company has announced an up to 60 per cent cut in production this month after Bosch -- one of its largest chip suppliers -- shut down its factory in Malaysia owing to the pandemic. Read more Ready for take-off: Jet Airways plans to resume service by early 2022 Jet Airways, which has been shut for more than two years after mounting financial losses, is planning to resume service by the first quarter of 2022. This will be the first case of an airline revival through India’s insolvency process. In June, the National Company Law Tribunal (NCLT) had given approval to the resolution plan of a consortium of Uzbekistan-based businessman Murari Lal Jalan and London-headquartered Kalrock Capital. Read more Prosus joins top league of global investors after India's BillDesk buy It was already sitting pretty by investing in six Indian unicorns, including edtech start-ups Byju’s and Eruditus, food and delivery giant Swiggy, home services platform Urban Company, social e-commerce platform Meesho, and online healthcare platform PharmeEasy, which recently bought diagnostic laboratory Thyrocare. On Tuesday Prosus NV, the international digital investment arm of South African conglomerate Naspers, took their India game a notch higher by snapping up payment gateway BillDesk for $4.7 billion through its fintech company PayU. Read more Low base not sole contributor to GDP growth in June quarter: CEA "Despite the devastating second wave, the consumption activity grew by 20.1 per cent — that too, despite the state-level restrictions. It's not just enough to say that this is happening due to a low base. It's happening even though we had such an intense second wave. As we saw in Q2, Q3 and Q4 of FY21, when the pandemic was slightly muted, the consumption had ramped up, and this time around, we should expect the same," said Chief Economic Adviser Krishnamurthy Subramanian. Read more IMD forecasts above-normal Sep rainfall; deficit unlikely to be wiped out After a damp-squib August, the southwest monsoon is expected to perform appreciably better in September, with rains projected to be more than 110 per cent of the long period average (LPA), but not good enough to recoup the entire seasonal deficiency. According to the India Meteorological Department (IMD), the cumulative seasonal rainfall in the June-September months is now expected to be around 96 per cent of LPA - on the lower end of the ‘normal’ band. Read more Zerodha gets in-principle approval from Sebi to start mutual fund business India’s largest broking firm Zerodha has received in-principle approval to set up an asset management company (AMC) company. With this, the discount brokerage joins entities like Samco Securities and Bajaj Finserv to get market regulator Sebi’s nod for a mutual fund (MF). Read more

Shares in Asia-Pacific mixed; Australia's July trade data ahead

02 Sep, 2021, 05:40AM | CNBC

SINGAPORE â Shares in Asia-Pacific were mixed in Thursday morning trade, with Australia's July trade data expected later in the day.In Japan, the Nikkei 225 advanced 0.52% in early trade while the Topix index gained 0.26%. South Korea's Kospi dipped 0.24%.The S&P/ASX 200 in Australia shed 0.41%. Australia's trade data for July is set to be released at 9:30 a.m. HK/SIN.MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.06% lower.In Covid vaccine developments, Moderna and Takeda Pharmaceutical announced Wednesday they are working with Japanese authorities to recall several batches after stainless steel contaminants were discovered in some vials. Takeda Pharmaceutical shares in Japan dipped about 0.3% in Thursday morning trade. Stock picks and investing trends from CNBC Pro:Goldman Sachs just picked these 10 new stocks to buyThese are JPMorganâs top stock ideas for SeptemberCNBC PRO Talks: Star small-cap manager Amy Zhang unveils her top stock picks Overnight stateside, the S&P 500 closed marginally higher at 4,523.09 while the Nasdaq Composite climbed 0.33% to 15,309.38. The Dow Jones Industrial Average lagged as it declined 48.2 points to 35,312.53. Currencies and oil The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.508 â off levels above 92.7 seen earlier in the week.The Japanese yen traded at 110.10 per dollar, stronger than levels around 110.4 seen against the greenback yesterday. The Australian dollar changed hands at $0.7368, having climbed from below $0.73 earlier in the week.Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures slipping 0.46% to $71.26 per barrel. U.S. crude futures dipped 0.57% to $68.20 per barrel.

Markets tumble from record highs on profit-booking; IT, metal stocks weigh

02 Sep, 2021, 01:42AM | Business Standards

The Sensex and Nifty ratcheted up to fresh lifetime highs on Wednesday but failed to hold on to the gains as investors took some money off the table amid concerns over frothy valuations. IT, metal and auto counters bore the brunt of the selling pressure, while FMCG stocks saw brisk demand. After touching a lifetime high of 57,918.71 during the session, the 30-share BSE Sensex pared all gains to end 214.18 points or 0.37 per cent lower at 57,338.21, breaking its four-session winning run. Similarly, the broader NSE Nifty snapped its seven-day record-setting spree, settling 55.95 points or 0.33 per cent lower at 17,076.25. It touched an intra-day record of 17,225.75. Auto stocks were subdued after companies posted muted sales numbers for August. M&M was the top loser among the Sensex constituents, shedding 2.89 per cent, followed by Tata Steel, Bajaj Finserv, TCS, HDFC, Infosys and HCL Tech. On the other hand, Asian Paints, Nestle India, Axis Bank, Dr Reddy's, Titan and L&T were among the gainers, climbing up to 3.20 per cent. "Despite a strong opening after favourable GDP data, domestic indices failed to hold onto its early gains due to profit booking strategy from the recent rally," said Vinod Nair, Head of Research at Geojit Financial Services. India's GDP rose by a record 20.1 per cent in Q1 due to the low base effect and was powered by private consumption expenditure and investment. The auto sector showed a flattish trend as sales for August saw a decline following supply constraints, he added. Ajit Mishra, VP - Research, Religare Broking Ltd, said the benchmarks took a breather after the recent rally. "Markets may see some consolidation ahead and it would be healthy. We reiterate our view to focus on the banking index for further directional move in Nifty. On the downside, the Nifty may find support around the 16,900 zone. Considering the trend, traders should continue with the 'buy on dips' approach," he added. Sectorally, BSE metal, IT, teck, basic materials and finance indices lost as much as 1.83 per cent, while realty, power, consumer durables, utilities and capital goods indices gained up to 5.46 per cent. Broader BSE midcap and smallcap indices rose up to 0.92 per cent. India's manufacturing sector activity moderated in August, as business orders and production rose at softer rates due to the pandemic and rising input costs, a monthly survey showed, The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 52.3 in August, down from 55.3 in July, indicating a softer rate of growth that was subdued and below its long-run average. Meanwhile, signalling accelerating economic activity, GST collection topped the Rs 1-lakh-crore mark for the second straight month in August at Rs 1.12 lakh crore. Global equities shrugged off weak PMI data and rising Delta variant cases in multiple countries. In Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note. Equities in Europe were also trading with gains in the afternoon session. International oil benchmark Brent crude rose 0.31 per cent to USD 71.85 per barrel. The rupee snapped its four-session winning run to close 8 paise lower at 73.08 against the US dollar on Wednesday amid a strengthening greenback overseas. Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth Rs 3,881.16 crore, as per exchange data. (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.)

Tata group’s market cap surpasses $300 bn

02 Sep, 2021, 12:04AM | Livemint

MUMBAI : The market capitalization of Tata group has crossed $300 billion as shares of 27 of its 28 listed companies soared during the year, stock exchange data showed. India’s largest conglomerate added a market value of $84.75 billion since the beginning of the year, on the back of share price gains ranging from 15% to 375% during the year. Tata Consultancy Services was the top contributor to the gain, with its share of the group market cap at 52%, followed by Tata Steel Ltd (16.22%), Tata Motors Ltd (6.75%), Titan Co. Ltd (5.07%) and Tata Consumer Ltd (4.1%) MORE FROM THIS SECTIONSee All Premium Premium ICICI Bank crosses ₹5-trillion m-cap Premium Premium August IPO boom may be signalling something darker Premium Premium A tale of weak growth and slow revival in manufacturing PMI Premium Premium Havells India’s growth prospects are bright, but the st .... Six group companies have gained over 100% during the year, while nine climbed 50-90%. Twelve firms saw their share price rise 15-45%. Rallis India, the only stock in the group is trading nearly 1% lower, this year. Analysts said Tata group stocks have surged this year as all its key group companies have survived the pandemic without any significant impact. Group companies are also maintaining debt within acceptable levels, assuaging investors. The global luxury car recovery supported Jaguar and Land Rover, and consequently, its owner Tata Motors. Similarly, the rebound in steel demand and commodity cost inflation supported Tata Steel. Recovery in domestic consumption, improved operating leverage and various cost control measures supported improvement in profitability in its various businesses. View Full ImageMint Share Via “Thus, steady earnings growth enhanced investors’ confidence in the group and re-rating for group companies continued resulting in a strong uptick in stock prices. We expect this positive traction would continue with ramp up in vaccination drive globally and better profitability for the group in FY23", said Mitul Shah, head of research at Reliance Securities. MINT PREMIUM See All Premium Our banks are mispricing capital. This can't go on Premium Tax returns filing this year: What has changed Premium When a Mahasweta Devi work gets a university all worked up Premium Why eco-friendly brands have failed to make a mark in India Investors continued to buy the group’s stocks as Tata companies see strong tailwinds in many sectors such as metals where the group is deleveraging its balance sheet every quarter taking full advantage of the upcycle. The group has also made a clear vision to be debt-free in the automobile segment by FY24. “The focus has been on improving operational metrics and is to increase market share. The group’s focus has been sharper and delivering the outcome has been rewarded by the markets. We stay overall positive on the group companies and would like to buy them at any good dips as they will be good long term investments", said Jitesh Ranawat, head of institutional sales at Marwadi Shares and Finance Ltd. The group’s holding company Tata Sons invested ₹2,600 crore in Tata Power Ltd last year, increasing its stake from 35.27% to 45.21%. The group also increased its shareholding in its unlisted airline business AirAsia India from 51% to 83.67% by purchasing a stake from its partner AirAsia Berhad. The group has also entered into new lines of business such as Tata Electronics, a precision engineering and manufacturing operation; Tata Medical and Diagnostics, which makes medical devices; and Tata Digital, a consumer-centric digital business. Tata has also made big investments in the digital economy with the acquisition of BigBasket and 1MG and a $75 million investment in CureFit. Swaraj Singh Dhanjal contributed to this story.. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

NHPC seeks shareholders nod to raise borrowing limit to Rs 40,000 cr

01 Sep, 2021, 10:17PM | Business Standards

State-run hydro power giant will seek its shareholders' approval to raise borrowing limit by Rs 10,000 crore to Rs 40,000 crore in the annual general meeting on September 29, 2021. The proposal to increase borrowing limit of the company from Rs 30,000 crore to Rs 40,000 crore is listed on the agenda of the AGM, stated the notice for the AGM. The company explained that keeping in view of fund requirements of the company due to rapid capacity addition programme, the limit of Rs 30,000 crore is required to be increased. The tentative debt requirement for both ongoing projects and new projects up to 2031 as per CAPEX requirements will be approx. Rs 50,000 crore, which will exceed paid up share capital, free reserves and securities premium of the company, it added. The NHPC is presently engaged in the construction of seven hydro-electric projects and two Solar Projects with an aggregate installed capacity of 5,999 MW which includes projects implemented through subsidiary/joint venture companies, it stated. Further, it said that the projects having aggregate installed capacity of 10787.1 MW on consolidated basis are under clearance/approval stage. NHPC is in rapid capacity addition mode by taking projects of different sources of energy i.e. hydro, renewables etc. These projects are to be financed in debt-equity ratio of 70:30 as per CERC norms. The main constituents of the company's borrowings are generally in the form of bonds/ debentures, rupee term loans from banks and financial institutions, foreign currency borrowings, foreign currency bonds etc, it stated. (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.)

LG launches new Insta View French Door refrigerator in India: Price, features and more

01 Sep, 2021, 08:42PM | Times Of India

NEW DELHI: LG has launched a new model of Insta View French Door refrigerator in India. The latest model of the refrigerator flaunts a sleek mirrored glass panel that illuminates with two quick knocks, allowing users to see inside the easy access compartment without even opening the door. This feature of the new refrigerator helps in reducing cold air loss and keeping food fresh for a longer time. The all new LG InstaView French Door refrigerator is priced at Rs 3,29,990 and it comes in Matt Black colour option. Customers can purchase the smart refrigerator from authorised retail stores in the country. LG claims that the refrigerator promises to reduce cold air loss by 41%. The InstaView French Door refrigerator features a large fridge section at the top and the freezer section at the bottom. The new refrigerator also comes equipped with Hygiene Fresh+ technology which promises to eliminate 99.999% bacteria and also removes bad odor. The refrigerator also comes with LG's own UVnano technology which keeps the water-dispenser clean and germ free. The UVnano operates automatically once every hour to remove up to 99.99% bacteria on the refrigerator's dispenser tap. Users can also activate the UVnano feature at their convenience with the press of a button. Additionally, equipped with convenience features, the refrigerator maximizes internal space for additional storage with multiple dedicated sections such as – Utility box that regulates the perfect temperature for small items such as deli and cheese at around 3.5℃. The 2021 InstaView refrigerator also comes with LG’s Slim SpacePlus Ice System, a door-mounted slim ice maker that, unlike conventional ice makers, provides more storage space in the freezer. The new model also comes with LG’s Inverter Linear Compressor Technology which promises to consume less energy and offer up to 51% savings. The company will also be offering 10-year compressor warranty and a 20-year lifetime certified by VDE Germany with the refrigerator. The customers will also be able to control the smart refrigerator with the help of LG ThinQ app .

MP awards contracts for cheapest solar power; Rly to draw from seven states

01 Sep, 2021, 08:08PM | Business Standards

The Indian Railways would be tying up with a Madhya Pradesh government-owned entity to buy power from solar parks in the state but would draw it from the grid connectivity in seven states. Rewa Ultra Mega Solar Ltd (RUMSL) signed a letter of award for 1500 MW of solar power from Agar, Shajapur and Neemuch parks today. NTPC Renewable Energy Ltd, Avaada Energy, Beempow Energy, Talettutayi Solar, TP Saurya and Aljomaih have bagged capacities in the three parks. The state discovered lowest tariff of Rs 2.140 a unit (kilowatt/hour) so far after applicability of basic customs duty (BCD) regime. This was for Unit-2 of Neemuch solar park. For other two units of Neemuch solar park, tariffs were Rs 2.149 for Unit-1 and Rs 2.150 for Unit-3. Tariffs for Shajapur solar park were Rs 2.350 and Rs 2.330 for Unit-1 and Unit-2, respectively. Further, tariffs for Agar solar park were Rs 2.459 and Rs 2.444 for Unit-1 and Unit-2, respectively. The state is looking to float more tenders for hybrid power projects and bring in a new policy for green energy. The Railways enjoys waiver of inter-state transmission system (ISTS) charges that are levied when an entity buys power generated outside of a particular state. This will also help in central funding for setting up of a sub-station at the site. "It will socialise the cost of drawing power across all seven states and the developers will also not need to invest in the sub-station," Sanjay Dubey, principal secretary, new and renewable Energy, told Business Standard. The three parks would result in saving of over Rs 7,600 crore to power distribution companies of the state in 25 years, he said. Power generated from these parks would be procured by power distribution companies of Madhya Pradesh (1305 MW) and the Indian Railways (195 MW). The parks are expected to get commissioned and start generating electricity by March 2023. “We have possession of 95 per cent of land. That brings certainty. The environmental and social impact studies were done by the World Bank which brings investor confidence,” said Dubey. India is a natural market available to global solar investors. According to Dubey, the scale here was huge because of the Union government roadmap so global players know that “if they do not enter the Indian market this time they will miss the bus”. Though there is capital available across the country, Madhya Pradesh got cheaper tariffs despite having lower insulation than Rajasthan and Gujarat because of the project structuring, he added. The state has also gone to the Central Electricity Regulatory Commission to get its petition approved even though the model bidding document of the Centre. The state is also looking to float more tenders for hybrid power projects and bring in a new policy for green energy.

Indian Railways starts Patna-New Delhi Rajdhani Express with Tejas rake from today

01 Sep, 2021, 07:53PM | Livemint

Indian Railways on Wednesday said that it has started Patna-New Delhi Rajdhani Express operated with the Tejas rakes with several facilities from today. The Railways informed that existing rakes of the trains are being replaced with brand new Tejas type sleeper coaches. MORE FROM THIS SECTIONSee All Premium Premium Health ministry partners with Google for enhancing acce .... Premium Premium Indian-Swiss tycoon could owe $137 million in back taxes Premium Premium Taliban launch charm offensive with Afghan banks amid f .... Premium Premium CBI books Anil Deshmukh's lawyer for trying to influenc .... The smart coach aims to provide world-class facilities to passengers with the help of intelligent sensor-based systems. It is equipped with Passenger Information and Coach Computing Unit (PICCU) provided with GSM network connectivity, which reports to the remote server. PICCU will record the data of WSP, CCTV recording, Toilet odour sensors, panic switch and other items integrated with fire detection and alarm system, air quality and choke filter sensor and energy meter, an official release said. East Central Railways informed, as quoted by news agency ANI, this train will run at the speed of 130 kmph as the track between Patna-Delhi is fit for this speed. The train can travel up to speed to 160 kmph. Features available at the smart coaches: Passenger Announcement/Passenger Information System: Two LCDs inside each coach display vital journey related information to the passengers such as the next station, distance remaining, expected time of arrival, delay and safety related messages. Security and Surveillance monitoring: Six cameras are fitted in each coach which gives live recording. CCTV cameras with day night vision capability, facial recognition even in low light condition, Network Video Recorder are provided. Automatic Plug Door: All main entrance doors are centralized controlled by guard. Train will not start until all doors are closed. TRENDING STORIESSee All Premium IMD predicts heavy to extremely heavy rainfall in these .... Premium Delhi University (DU) colleges to be reopened in phased .... Premium Royal Enfield launches 2021 Classic 350 with new engine .... Premium Vijaya Diagnostic IPO: GMP, subscription status and oth .... Fire Alarm, Detection and Suppression system: All coaches are provided with Automatic Fire Alarm and Detection System. The Pantry and Power Cars have automatic fire suppression system in case detected. Improved Toilet Unit: Toilets are provided with anti-graffiti coating, gel coated shelf, new design dustbin, door latch activated light, engagement display, and infant care seat. Toilet Occupancy Sensor: Automatically displays the toilet occupancy inside each coach Panic Button in Lavatories: Fitted in each lavatory, in case of any emergency. Toilet Annunciation Sensor Integration: Two Toilet Annunciation Sensor Integration are fitted in each coach which will relay dos and don’ts announcement in the lavatories, whenever it is engaged. Bio-Vacuum Toilet system: Provides improved hygiene condition in the toilet due to improved flushing and also save water per flush. Stainless Steel Under-frame: Complete under-frame is of austenitic stainless steel (SS 201LN) which increases life of the coach because of reduced corrosion. Air Suspension Bogies: Provided with Air Spring Suspension in bogies to improve passenger comfort and ride quality of these coaches. On Board condition monitoring system for bearing, wheel, to improve safety HVAC - Air quality measurement for Air Conditioning system Water level sensor to indicate water availability on real time basis Textured Exterior PVC Film: Exterior is provided with textured PVC film. Improved interiors: Seats and berths having fire – resistant silicon foam, provide better comfort and safety to passengers. Roller Blind on window: Instead of curtains roller blinds provided for easy sanitization. Mobile Charging points: Provided for each passenger. Berth reading light: Provided for each passenger. Upper berth climbing arrangement: Convenient upper berth arrangement. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

NTPC REL bags letter of award for 325 MW solar projects in Madhya Pradesh

01 Sep, 2021, 07:21PM | Business Standards

State-run power giant NTPC on Wednesday said its arm NTPC REL has received a letter of award (LoA) for 325 MW solar projects in Madhya Pradesh from Chief Minister Shivraj Singh Chauhan. "NTPC REL received a Letter of Award (LoA) from Chief Minister of Madhya Pradesh, Shivraj Singh Chauhan for 325 MW of Solar Projects in the Rewa Ultra Mega Solar Limited's (RUMSL) at Shajapur Solar Park in Madhya Pradesh," NTPC said in a statement. On Wednesday, Chauhan presented letters of award for solar projects in Agar, Shajapur and Neemuch solar parks with a capacity of 1,500 MW. State discoms and railways will purchase power from these projects. Mohit Bhargava, CEO - NTPC REL, received the letter of award. NTPC REL has won a capacity of 105 MW worth Rs 2.35/kWh, and capacity of 220 MW worth Rs 2.33/kWh in the Rewa Ultra Mega Solar Limited's auction held on July 19, 2021 for 450 MW of Solar Projects at Shajapur Solar Park. With this, NTPC has achieved 4.4. GW capacity through Tariff Based Competitive Bidding (TBCB). (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.)

NMDC iron ore production grows 44% to 15 MT in April-August

01 Sep, 2021, 07:01PM | Business Standards

State-owned NMDC on Tuesday said its iron ore production surged over 44 per cent to 15.02 million tonnes (MT) in April-August 2021. The company's iron ore output was 10.42 MT in the same period last fiscal, NMDC said in a regulatory filing. In August 2021, the company said, its iron ore production rose to 3.06 MT from 1.62 MT a year ago. Its total sales of iron ore during April-August 2021-22 also jumped to 15.67 MT, as against 10.80 MT in the corresponding period last year. The company sold 2.91 MT iron ore in August, compared to 1.79 MT in the year-ago period. Hyderabad-headquartered NMDC, under the Ministry of Steel, is the country's largest iron ore mining company. It is also involved in the exploration of a wide range of minerals like copper, rock phosphate, limestone, dolomite and gypsum. (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.)

Energy traders see big money in carbon-emissions markets

01 Sep, 2021, 06:18PM | Livemint

LONDON : Big energy trading houses, long focused on deep, volatile markets such as oil and natural gas, are now bulking up their carbon-trading operations as governments around the world push to expand the market for trading carbon emissions. Two of the world’s biggest oil companies, Royal Dutch Shell PLC and BP PLC, already have significant carbon-emissions trading arms, thanks to a relatively well-developed carbon market in Europe. Big carbon emitters such as steel producers receive emission allowances, and can buy more to stay under European emissions guidelines. Companies that fall below those limits can sell their excess carbon-emissions allowances. Traders get in the middle of those transactions, seeking to profit from even small moves in the price of carbon and sometimes betting on the direction of prices. The value of the world’s carbon markets—including Europe and smaller markets in places such as California and New Zealand—grew 23% last year to €238 billion, equivalent to $281 billion, according to data provider Refinitiv Holdings Ltd. That is small compared with the world’s multitrillion-dollar oil markets and to other heavily traded energy markets, such as natural gas or electricity. But growth potential exists, the industry says. Wood Mackenzie, an energy consulting firm, estimates a global carbon market could be worth $22 trillion by 2050. The European Union earlier this summer unveiled plans to expand its market, and China has started its own, limited trading system. The Biden administration has said putting a price on carbon is a good idea, but is far behind those two economies in coming up with how to do it. Big traders such as Vitol Group, the world’s biggest independent oil trader, and Glencore PLC aren’t waiting. Privately held commodity-trading houses Trafigura Group Pte. Ltd. and Mercuria Energy Ltd. are beefing up their trading capabilities, too. The value of the carbon market could exceed the oil market’s value by 2030, possibly even by 2025 if swift action is taken and regulations are implemented, said former oil trader Hannah Hauman, who leads Trafigura’s carbon desk, which was launched in April. The company said it is recruiting to build up its team. Vitol’s carbon-trading desk has almost doubled in size since the start of the year, to about 14 traders, said Michael Curran, the head of the team. The new competition threatens to put traders already in the market on the defensive. In July, Mercuria launched a carbon-trading desk of 13 people, led by Enric Arderiu Serra, whom it hired from BP, where he had been in charge of the global carbon-trading team. Glencore hired two former BP traders—appointing Jamie Wallace as head of Asia-Pacific carbon trading and Richard Mao as head of China carbon trading—to expand its carbon-trading desk. Earlier this year, BP increased the salaries of its carbon traders in an effort to retain staffers, people familiar with the matter said. An experienced carbon trader’s base salary can be roughly $150,000 to $200,000, although a lot of compensation occurs via bonuses, traders said. Carbon makes up about 5% to 10% of BP’s trading activities and has contributed between $50 million and $100 million to trading profits annually for the past two years, according to the people familiar with the operation. BP’s overall annual trading profits were between $3.5 billion and $4 billion during the past two years, according to a person familiar with the matter. MINT PREMIUM See All Premium Fidelity's hiring spree is a cautionary signal: Jared Dillian Premium Former RBI deputy chief warns of rise in bad loans due to covid Premium The world should benefit from our knowledge of Yoga and Ayurveda: PM Modi Premium Private consumption is where it was four years back BP didn’t respond to requests for comment. A Shell spokeswoman said the company was “looking to build our participation" in carbon markets as part of plans to become a net-zero-emissions energy business. Some funds and banks are also building up carbon-trading activities. London-headquartered advisory and investment firm Pollination Group Holdings Ltd. is currently raising funds with HSBC Global Asset Management Ltd., including for a carbon fund, which will trade carbon credits. Some big banks, which have alternated hot and cold in recent years when it comes to commodities trading, are still cautious with the absence of a global framework. “There is huge interest in participating in carbon markets from banks, but they are extremely concerned about the reputational risk," said Chris Leeds, head of carbon-markets development at Standard Chartered PLC, which is building up its own carbon-trading business. Among the challenges: There is no rulebook to enable cross-border trading. There are voluntary efforts where carbon offsets are earned through endeavors that reduce or sequester greenhouse gases, such as planting trees to address emissions that are hard to eliminate. But these efforts are often outside of regulated markets. “The problem is defining what are high-quality carbon credits," said Mr. Leeds. Progress could be made at the next major climate negotiations, which start on Nov. 1 at the United Nations climate conference in Glasgow, where the carbon market is on the agenda. Governments will seek to reach agreement on Article 6, which seeks to reach consensus on rules around internationally traded carbon. Sticking points have included concern about double counting of carbon offsets toward countries’ climate goals, how to account for compliance markets and voluntary markets, and how to treat carbon credits issued historically. Bullish traders point to some cross-border markets already working—for instance, between Switzerland and the EU and between Quebec and California. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Market Wrap Podcast, Sep 1: Here's all that happened in the markets today

01 Sep, 2021, 06:03PM | Business Standards

A favourable GDP data print for the first quarter of the financial year 2021-22 resulted in a strong positive opening for the benchmark indices, which pushed them to new record high levels. But soon profit-taking ensued, driving both Sensex and Nifty lower for the day. Furthermore, a weak manufacturing PMI print and moderation in GST collections in August also dampened the mood. The GST mop-up in August stood at Rs 1,12,020 crore as against Rs 1,16,393 crore in July according to the data released by the finance ministry. Meanwhile, the factory activities lost momentum in August due to Covid-induced curbs and rising input costs, showed IHS Markit Purchasing Managers' Index (PMI) as the figure fell to 52.3 in the month from 55.3 in July. Amid this backdrop, BSE barometer Sensex cracked 580 points from a record high of 57,919 touched to end at 57,338, down 214 points. The NSE Nifty closed the day at 17,076, down 56 points. The index had touched a new high of 17,226 in the intraday session. In the 30-pack Sensex, 18 stocks closed in the red with M&M, Tata Steel, Bajaj Finserv and TCS as top losers. Asian Paints, Nestle India, Axis Bank and DRL were the best performers. The broader markets outperformed the benchmarks, with BSE Midcap closing near record-high levels, up 0.92 per cent. The BSE Smallcap index added 0.22 per cent. On the sectoral front, Nifty Metal and IT indices bled over 1 per cent each, with the former snapping its three-day winning run. On the other hand, Nifty Realty surged over 5 per cent and was the best performing index. The auto index ended flat amid a mixed bag show in August month and as companies flagged chip shortages. In stock-specific news, shares of AU Small Finance Bank rebounded nearly 7 per cent after a 13 per cent crash on Tuesday as the management clarified on the recent exits in the bank, including on the resignation of internal audit head, Sumit Dhir. The bank in an exchange filing on August 31, 2021, said Dhir resigned following personal reasons. The scrip recouped gains and ended 2 per cent higher on BSE. Shares of Oberoi Realty surged 11 per cent to Rs 778.05 on the BSE following the announcement of the inclusion of shares in the F&O segment, effective October 1. Likhita Infrastructure rose 4 per cent after the company received orders worth Rs 145.86 crore from Indradhanush Gas Grid for laying & construction of steel gas pipeline and terminals along with associated facilities for sections 5 & 9 of the North-East Gas Grid (NEGG) Project. BHEL added nearly 5 per cent as the company said it has secured the largest ever order worth Rs 10,800 crore from NPCIL. Meanwhile, in the primary market, the IPO by Ami Organics sailed through amid a strong response from retail investors and QIBs. Overall, the issue was subscribed nearly 2 times at the end of Day 1. Vijay Diagnostic IPO however started off on a weak note as the IPO garnered only 30 per cent bids on the first day of issue. Both IPOs close on Friday. Now, going into trade on Thursday, stock-specific activity and global cues will continue to influence market trajectory. Auto stocks will remain in focus amid the release of August sales figures. Oil market companies will also hog the limelight amid the outcome of the Opec+ meet due later today. Investors must also brace for higher volatility amid the weekly F&O expiry.

Cement companies to invest up to Rs 1,700 crore in waste heat recovery system to save power cost: Report

01 Sep, 2021, 05:06PM | Economic Times

Major cement companies will invest up to Rs 1,700 crore in two fiscal years ending March 2022 to set up 175 MW of waste heat recovery system (WHRS) capacities for saving power cost, an Icra report said on Wednesday. It takes an investment of up to Rs 8-10 crore to set up one MW WHRS, and the overall cost for the 175 MW for FY21 and FY22 will come at Rs 1,400-1,700 crore, it said. The agency said domestic cement companies in recent years have been investing in alternative/renewable energy sources, replacing known sources such as fuel in the form of coal as well as thermal power generation which has afforded the players multiple benefits apart from reducing carbon dioxide footprint. The usage of renewable sources of energy such as solar energy, wind energy and WHRS has been gaining momentum, in particular the latter has emerged as one of the cheapest sources of power generation given the negligible input costs, it said. Cement manufacturing is an energy intensive process and power and fuel accounts for 25-28 per cent of the overall costs for a cement company, it said. "By generating power using the hot gases produced during the manufacturing process, WHRS is more cost efficient and helps in augmenting the operating profitability," its sector head for corporate ratings Anupama Reddy said. The cost of power generation using WHRS technology is around Rs 1.3-1.5/kwh including depreciation and interest, as compared to Rs 4.5-5/kwh for captive thermal power, she said, adding that with 20-25 per cent WHRS replacement in total power capacity, the power cost savings for cement companies is estimated to be 14-18 per cent. This will lead to a widening of the operating margins by 1.10-1.40 per cent, it added. As of FY21 end, major players such as Shree Cement, UltraTech Cement , Nuvoco Vistas Corporation, Birla Corporation, JK Cement , JK Lakshmi, Dalmia Bharat , The Ramco Cements , ACC and Ambuja Cement together had installed WHRS capacities of 520 MW, the agency said, adding this contributes around 16 per cent of their total power requirement. In FY22, there will be a pressure on operating margins because of the significant increase in the fuel costs, such as coal and pet coke, in the recent quarters, Icra said, adding the cement companies with renewable and WHRS capacities are likely to better withstand the pressure on margins. They also face high environmental risk with the costs associated with air and carbon regulation compliance, and are undertaking initiatives to increase the renewable and WHRS capacities to mitigate this risk, it added.

Hindustan Zinc extends shutdown at one of Chanderiya smelter roasters

01 Sep, 2021, 04:56PM | Business Standards

Hindustan Zinc today said that it has extended its planned shutdown at one of the roasters at Chanderiya Lead Zinc Smelter in view of the need to repair and overhaul many major structural components of the roaster to avoid any operational risk in the future. In a BSE filing, the company informed that the extension of the closure will result in potential loss of production of about 25,000 tonne of zinc. “We expect the roaster to come back to operation by mid of October 2021,”said the company. The company, however, will ensure a balanced approach of supply to all its customers in a manner that will have no impact on their operations, it said. Roasting is a process of heating ore to a high temperature in the presence of air. The aim is to obtain oxides to facilitate the next step of smelting of minerals. Hindustan Zinc’s Chanderiya Lead Zinc Smelter is the world’s largest smelter complex located in Rajasthan. Shares of Hindustan Zinc closed on Wednesday at Rs 322.90 per share, up 0.3 per cent from the previous close on BSE.

PUBG New State pre-registration goes live in India for Android Google Play Store, iOS Apple App Store users. Details her

01 Sep, 2021, 04:06PM | Livemint

Krafton studio has announced that PUBG New State is now available on pre-registration for users on Android's Google Play Store and Apple's iOS App Store. The new game was first launched globally in the month of February this year but Krafton decided to set aside the official launch in India for a much later date as the brand was trying to iron out problems with the launch of another version of PUBG, Battlegrounds Mobile India (BGMI). The pre-registration are open on both Android and iOS. The game will be a free download on the respective app stores. The game is yet to launch and has already accrued around 32 million pre-registrations globally. MORE FROM THIS SECTIONSee All Premium Premium Covid vaccination: Now, book Cowin appointment via Goog .... Premium Premium Instagram makes sharing birthdays mandatory, to use AI .... Premium Premium Apple Watch 7 faces production delays over new design, .... Premium Premium Facebook’s AI algorithms removed over 33 million conten .... What's new with PUBG New State The game remains an online multiplayer Battle Royale with 100 players contesting to survive each other. However, users will notice a dramatic change in the visuals of the gameplay.PUBG New State will come with “ultra-realistic graphics" according to the description provided by Krafton. PUBG New State will use global illumination technology to provide a natural flow of light within the game.It will also use Vulkan(API) to provide stable service with improved performance and optimization.The maps are expected to be completely new and will be set in an “anarchic" 2051The game will get upgraded mechanics which includes dodging, drone calls, and support requestNew futuristic vehicles will also be introduced in the PUBG New State game with the option of a first-person view while driving.Within the game, there will be various objectives that can help turn the tables, even for players in a weak position TRENDING STORIESSee All Premium IMD predicts heavy to extremely heavy rainfall in these .... Premium 'Dreaded day': Zerodha founder as SEBI's new peak margi .... Premium Vijay Kedia portfolio: Experts give 'buy' tag to this a .... Premium Royal Enfield Classic 350 2021 launch: Watch LIVE stream Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Shakti Pumps eyes Rs 2,000 cr topline in FY22 on significant demand revival

01 Sep, 2021, 01:22PM | Economic Times

Solar water pump maker Shakti Pumps expects to more than double the topline to Rs 2,000 crore this fiscal on the back of more adoption of its products by farmers which is being driven by the heavy central and state subsidies that run up to 90 per cent. The company closed FY21 with a topline of Rs 930 crore, which was nearly three times its previous year revenue. Of the past year revenue, Rs 560 crore came in from solar engineering, procurement and construction (EPC) business (setting up the full unit) and Rs 180 crore from exports, Dinesh Patidar, chairman and managing director of Shakti Pumps has said. Shakti Pumps, which has manufactured the country's first BEE 5 star-rated pumps and is also the first domestic company to produce 100 per cent stainless steel pumps and energy efficient motors, was founded in 1982 in Pithampur, near Indore. At present, its products reach as much 125 world markets. The company has filed for 20 patents since it pioneered the solar water pumps in 2010. Other key players in the solar water pump market include Alpex Solar , Bright Solar, Claro Energy, Conergy Energy, Tata Power Solar Systems , Lorentz, Greenmax Technology, and Udhaya Semiconductors and so on. Shakti Pumps has two plants in Pitampur with a cumulative production capacity (solar and motorised) of 5 lakh units per annum in two shifts and 3.5 lakh units in single shift. Its special economic zone (SEZ) unit near-by can produce 1.5 lakh units per annum. We expect robust demand for solar water pumps this year as there is increasing awareness about the huge financial benefits from them and the good monsoons giving them enough liquidity, Patidar said. "Accordingly, FY22 revenue should more than double to Rs 2,000 crore. The export front also looks promising as we just bagged a Rs 250-crore order from Uganda. This should help us net Rs 500 crore from exports this fiscal year," Patidar told PTI on Wednesday, adding and earn around Rs 75 crore in net income. The entry into southern markets, especially Telangana, Andhra Pradesh and Tamil Nadu should also boost volumes, he said. Shakti Pumps has installed over 1 lakh solar pumps out of (1.2 lakh installed) since it entered the segment in 2010 and in FY21 it had installed 20,000 units under the EPC model (setting up the solar water pump unit along with the solar power panel units) and 15,000 units were sold to others who install such pumps across. Its main markets are Rajasthan, Haryana, Punjab, MP and Chhattisgrah, while Andhra, Telangana and Tamil Nadu are the new growth markets in a year or two from now, Patidar said. Shakti Pumps has over 260 pump models and over 1,000 stock-keeping unit (SKUs) with their capacity ranging from 300 watts to 300 kilo watts. On average, a solar pump unit costs around Rs 2.15 lakh and goes up depending on the wattage and load capacity. It procures solar units from the Adani Group , he said. Patidar expects significant volume growth over the next two years due to increasing application in domestic and agriculture sectors, rising government support (central subsidy of 30 per cent and states offering up to 65 per cent), and low maintenance cost. Maharashtra is significantly contributing to the market growth offering up to 95 per cent in capital subsidy to farmers, he said. The centre has set a target to install 1 million solar water pumps by 2021 for irrigation and drinking water purposes. According to him, a farmer/user can recover the entire cost within a year. Shakti Pump shares were trading over 1 per cent lower against their previous close on BSE at Rs 708.70 apiece in afternoon trade.

Air India's Indore to Dubai flight resumes from today

01 Sep, 2021, 10:34AM | Livemint

Air India's Indore-Dubai flight will resume operations from today after a gap of 17-months because of the COVID-19 situation. A programme was organised at Devi Ahilyabai International Airport to mark the occasion. Union Civil Aviation Minister Jyotiraditya Scindia and Madhya Pradesh Chief Minister Shivraj Singh Chouhan virtually attended the event. MORE FROM THIS SECTIONSee All Premium Premium India sets record, administers 1.33 crore covid vaccine .... Premium Premium Joe Biden cites late son Beau to explain Afghanistan wi .... Premium Premium Petrol, diesel prices cut today in Delhi, Mumbai. Check .... Premium Premium LPG cylinder prices hiked twice in 15 days. Check lates .... @airindiain की इंदौर - दुबई इंटरनेशनल फ्लाइट का शुभारंभ। https://t.co/E8ZnHwKLEg— Office of Shivraj (@OfficeofSSC) September 1, 2021 The flight will take off from Indore at 12.35 pm as per the Indian Standard Time and will reach Dubai at 03.05 pm, the official said. From Dubai, the plane will take off every Wednesday at 04.05 pm UAE time and will reach Indore at 8.55 pm. The flight operation was stopped in March 2020. Union Civil Aviation Minister Jyotiraditya Scindiademanded a reduction in VAT on the aviation turbine fuel in Madhya Pradesh to attract more flights and improve air connectivity in the state. He was addressing a function virtually from New Delhi for the launch of IndiGo's Gwalior-Indore flight and re-starting of the Indore-Dubai flight. "I have written a letter to all chief ministers in the country to reduce the Value Added Tax (VAT) on ATF (aviation turbine fuel). There are eighty-nine states where it is in the range of one to four per cent, and that has resulted in a15 per cent increase in flights from those states," the minister said TRENDING STORIESSee All Premium Day trading guide for Wednesday: 7 stocks to buy or sel .... Premium Bank holidays in September 2021: Full list of days bank .... Premium Ami Organics vs Vijaya Diagnostic IPOs: GMP, other deta .... Premium Vijaya Diagnostic IPO: GMP and other details in 10 points Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Likhita Infrastructure shares soar 8% on Rs 146 crore order win

01 Sep, 2021, 10:16AM | Business Standards

Shares of Likhita Infrastructure soared over 8 per cent to Rs 406.60 on the BSE in Wednesday's intraday session after the company, post-market hours, said it secured an order worth Rs 145.86 crore from Indradhanush Gas Grid Limited (IGGL). In the past two sessions, the stock has gained nearly 13 per cent. At 10.03 am, the stock was trading 6.18 per cent higher at Rs 398.75 on the BSE. At the same time, the barometer Sensex was up 0.58 per cent at 57,883.54. The company in an exchange filing on Tuesday said it has received an order worth Rs 145.86 crore from Indradhanush Gas Grid Limited (IGGL) vide letter dated August 30, 2021, for laying and construction of Steel Gas pipeline and terminals along with associated facilities for section 5 & 9 of North-East Gas Grid (NEGG) Project. It further said that the company received various orders worth 2.80 crore from Oil & Gas distribution companies during the period from June 2021 to date for the city gas distribution pipeline and related works. With this, the value of the total outstanding order book as of August 31 stood at approximately Rs 1,020 crore. The stock had hit a record high of Rs 480 on June 11, 2021, following a strong performance in the fourth quarter of the financial year 2020-21. The scrip had listed on exchanges on October 15 last year at Rs 130 per share against the issue price of Rs 120.

Sensex opens 200 points higher; L&T, Asian Paints, Axis Bank among top gainers

01 Sep, 2021, 10:08AM | Livemint

Asian share markets reversed early losses and are presently trading on a positive note. In early trade, markets had opened lower following falls on Wall Street indices as investors shifted their focus to US employment data. MORE FROM THIS SECTIONSee All Premium Premium Vijay Kedia portfolio: Experts give 'buy' tag to this a .... Premium Premium Listed REITs to benefit from shifting focus to 'return .... Premium Premium Rakesh Jhunjhunwala portfolio stock among 8 new additio .... Premium Premium 5 largecap dividend-paying companies in India The Hang Seng is trading up by 0.6%, while the Shanghai Composite is trading up by 0.9%. Japan's Nikkei is trading higher by 1.2%. In US stock markets, Wall Street indices finished marginally lower although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes. Both, the Dow Jones Industrial Average and the Nasdaq fell 0.1%. Back home, Indian share markets have opened on a positive note. The BSE Sensex is trading up by 170 points. Meanwhile, the NSE Nifty is trading higher by 55 points. Axis Bank and L&T are among the top gainers today. HDFC, on the other hand, is among the top losers today. MINT PREMIUM See All Premium 5 largecap dividend-paying companies in India Premium In leaving Afghanistan, US reshuffles global power relations Premium Meet the investors betting big on crypto Premium Now, this food delivery unicorn is circling Dunzo Both, the BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.7%. Sectoral indices are trading mixed with stocks in the power sector and realty sector witnessing buying interest. Metal and telecom stocks, on the other hand, are trading in red. Shares of PI Industries and HUL hit their 52-week highs today. The rupee is trading at 73.01 against the US$. Gold prices are trading up by 0.1% at ₹47,131 per 10 grams. Meanwhile, silver prices are trading up by 0.1% at ₹62,916 per kg. In latest developments from the IPO space, according to depositories data, FPIs’ net investment in Indian equities between 1 January and 30 August stood at ₹494 bn. Of the total inflow, over 74% or ₹365.8 bn came through the primary market route as against an investment of ₹128.3 bn via stock exchanges. Investment through the primary market exceeded the secondary market in five out of eight months including in August. This shows that along with retail investors, FPIs have also been caught with the IPO frenzy in India. FPI inflows through primary market includes investments in initial public offering (IPO), qualified institutional buying (QIB) and rights issue. The year 2021 has already seen 38 mainboard IPOs and with companies raising nearly ₹720 bn including hyped IPOs like Zomato the IPO of PowerGrid InvIT. With many more IPOs to hit the market including the much-anticipated public issue of Life Insurance Corporation (LIC) and Paytm, FPI interest is likely to be anchored around the primary market. In other news from the IPO space, specilalty chemicals company Ami Organics has raised ₹1.7 bn from anchor investors ahead of its initial share-sale that opened for subscription today. SBI Life Insurance Company, Kotak Mahindra Life Insurance Company, Aditya Birla Sun Life Insurance Company, Kuber India Fund, UTI Mutual Fund, Sundaram MF and SBI Mutual Fund are among the anchor investors. The IPO comprises fresh issue of equity shares worth ₹2 bn and an offer for sale (OFS) of up to 6,059,600 equity shares by existing shareholders. At the upper price band of ₹610, the IPO is expected to fetch ₹5.7 bn. It must be noted that this is Ami Organics’ second attempt to go public. Earlier, the company had filed preliminary papers in 2018 but did not float the IPO. How the IPO sails through this time remains to be seen. Moving on to stock specific news… Bharat Electronics is among the top buzzing stocks today. The Indian Navy on Tuesday sealed a contract with defence PSU Bharat Electronics for the supply of the first indigenously developed Naval Anti Drone System (NADS), the defence ministry said. The NADS, developed by the Defence Research and Development Organisation (DRDO) and manufactured by Bharat Electronics, is the first indigenously developed anti-drone system to be inducted into the Indian armed forces. The NADS can instantly detect micro drones and uses a laser-based "kill mechanism" to terminate the targets. The NADS was first deployed to provide security cover for the Republic Day Parade this year and later during the prime minister's Independence Day address to the nation from the ramparts of the Red Fort. Note that serious concerns over threats from enemy drones first emerged in June when two drones were used by suspected Pakistan-based terrorists to attack the Indian Air Force (IAF) base in Jammu. As per the ministry, both the static and mobile versions of NADS will be supplied to the Indian Navy within a short time from the signing of the contract. Bharat Electronics share price has opened the day up by 0.5%. Speaking of the defence sector, have a look at the chart below which shows the top 5 military spending countries in the world as of 2019: View Full ImageEquitymaster Share Via According to a SIPRI (Stockholm International Peace Research Institute) report, India was the third largest military spending country in the world in 2019. Here's what we wrote about it in one of the editions of Profit Hunter: If you look at the chart closely, you will realise it is likely to remain among the top spenders in the coming years. It's because of the second largest spender shown in the chart, China. With rising tensions between the two countries, the incentive is strong for India to keep up with China. It all makes sense for the government to focus on this sector in a big way in the near future. The government's 'Atmanirbhar' push will get a massive boost through local defence manufacturing. This will create profitable opportunities in defence stocks for astute investors. Co-head of Research at Equitymaster, Tanushree Banerjee keeps a close watch on stocks in the defence space. As per Tanushree, defence will be a big wealth-creating opportunity. Back in July 2021, she recorded a video about India's best drone stocks. You can watch the video here. (This article is syndicated from Equitymaster.com) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India sets record, administers 1.33 crore covid vaccine doses in single day

01 Sep, 2021, 09:57AM | Livemint

NEW DELHI: India on Tuesday administered 1.33 crore (1,04,42,184) doses of covid-19 vaccine, setting a world record, as per government data released on Wednesday. According to the data, a total of 65.41 crore doses have been administered so far under the nationwide vaccination drive against covid-19. More than 18.3 crore doses were given in August, the union health ministry said. MORE FROM THIS SECTIONSee All Premium Premium Petrol, diesel prices cut today in Delhi, Mumbai. Check .... Premium Premium LPG cylinder prices hiked twice in 15 days. Check lates .... Premium Premium Anand Mahindra's reply to economists: India vaccinates .... Premium Premium Bank holidays in September 2021: Full list of days bank .... Union health minister Mansukh Mandaviya lauded the country on vaccination efforts and achieving the feat. “Another milestone achieved in the world's largest vaccination drive under PM @NarendraModi ji. 50 crore people received their first #COVID19 vaccine dose. I applaud the hard work of COVID warriors & diligence of citizens in helping achieve this momentous feat," the health minister said in a tweet. In a separate statement, the union health ministry said over 64.51 crore (64,51,07,160) doses have been provided to states and union territories so far by the Union government, free of cost, and under direct state procurement route. More than 5.21 crore (5,21,37,660) balance and un-utilised doses are available with the states/UTs, it said. India recorded over 41,965 new covid-19 infections in the last 24 hours. Active cases account for 1.15% of total cases, the health ministry data showed. Active caseload stands at 3,78,181 and the recovery rate is at 97.51%. Weekly Positivity Rate has remained under 3% for the last 68 days. Over 52.31 crores covid-19 tests have been conducted so far. TRENDING STORIESSee All Premium Day trading guide for Wednesday: 7 stocks to buy or sel .... Premium Bank holidays in September 2021: Full list of days bank .... Premium Stocks to Watch: BHEL, Maruti Suzuki, L&T, RIL, Shopper .... Premium Stock market: Peak margin rule to become effective from .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Joe Biden cites late son Beau to explain Afghanistan withdrawal

01 Sep, 2021, 09:56AM | Livemint

President Joe Biden said on Tuesday it was the best available option to end both the United States' longest war and decades of fruitless efforts to remake other countries through military force. Biden portrayed the chaotic exit as a logistical success that would have been just as messy even if it had been launched weeks earlier, while staying in the country would have required committing more American troops. MORE FROM THIS SECTIONSee All Premium Premium Petrol, diesel prices cut today in Delhi, Mumbai. Check .... Premium Premium LPG cylinder prices hiked twice in 15 days. Check lates .... Premium Premium Anand Mahindra's reply to economists: India vaccinates .... Premium Premium Bank holidays in September 2021: Full list of days bank .... "I was not going to extend this forever war," he said in a speech from the White House. “Maybe it’s because my deceased son, Beau, served in Iraq for a full year, before that. Well, maybe it’s because of what I’ve seen over the years as senator, vice president, and president traveling these countries," Biden said. In his first remarks since the final pullout of U.S. forces on Monday, Biden said 5,500 Americans had been evacuated and that the United States had leverage over the Islamist militant group to ensure 100 to 200 others could also depart if they wanted to. President Joe Biden honored 13 U.S. service members killed in last week’s Kabul terror attack, attending the return of their remains at Dover Air Force Base in Delaware on Sunday along with their families. Biden stood with his hand over his heart, sometimes with his eyes closed, as he witnessed the unloading of cases with the remains of the troops who died in a blast outside Kabul airport, where the U.S. has been evacuating citizens and Afghan allies after the capital fell to the Taliban. The arrival of the remains in what’s known as a dignified transfer marks the first time that Biden is honoring fallen U.S. soldiers at such an event as president. TRENDING STORIESSee All Premium Day trading guide for Wednesday: 7 stocks to buy or sel .... Premium Bank holidays in September 2021: Full list of days bank .... Premium Stocks to Watch: BHEL, Maruti Suzuki, L&T, RIL, Shopper .... Premium Stock market: Peak margin rule to become effective from .... Biden warned on Saturday that another attack at Kabul airport is “highly likely" within the next 24 to 36 hours, underscoring the threat to U.S. troops still on the ground and the political risk surrounding the U.S. withdrawal from Afghanistan that’s due to be completed on Tuesday. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Petrol, diesel prices cut today in Delhi, Mumbai. Check latest rates here

01 Sep, 2021, 09:18AM | Livemint

After remaining unchanged for several days, petrol & diesel prices have been reduced on the first day of September by 13-15 paise across metro cities. Petrol is now retailing at ₹101.34 in Delhi, whereas diesel at ₹88.77. In India's financial capital Mumbai, petrol is being sold at ₹107.39 per litre, and diesel at ₹96.33 per litre. In Kolkata, petrol prices stand at ₹101.72 per litre and diesel prices at ₹91.84 per litre in the city. In Tamil Nadu's capital Chennai, petrol prices being sold at ₹99.08 per litre and diesel prices at ₹93.38 per litre. MORE FROM THIS SECTIONSee All Premium Premium LPG cylinder prices hiked twice in 15 days. Check lates .... Premium Premium Anand Mahindra's reply to economists: India vaccinates .... Premium Premium Bank holidays in September 2021: Full list of days bank .... Premium Premium New PF rule from today. How it will impact EPFO subscribers Last month, Tamil Nadu announced a ₹3 per litre cut in petrol prices. Presenting his maiden budget to the Assembly after the state polls in April, Tamil Nadu finance minister Palanivel Thiaga Rajan said the tax cut on petrol would mean a ₹3 per litre reduction. Later, the Puducherry government also said the territorial administration has cut value-added tax (VAT) on petrol by 3%. With the cut, the price of petrol were said to be reduced by ₹2.43 per litre in Puducherry and Karaikal regions. Fuel rates vary across the states due to value-added tax (VAT). The difference in prices in states occurs on account of local taxes like VAT or freight charges. Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana. India is dependent on imports to meet nearly 85 per cent of its oil needs and so benchmarks local fuel rates to international oil prices. Meanwhile, oil prices were stable on Wednesday ahead of an OPEC+ meeting, at which major producers will decide whether to go ahead with their plan to add supply. The Organization of the Petroleum Exporting Countries (OPEC), Russia and allies, together called OPEC+, are due to meet to decide whether to stick to a plan to add 400,000 barrels per day (bpd) each month through December. TRENDING STORIESSee All Premium Day trading guide for Wednesday: 7 stocks to buy or sel .... Premium Stocks to Watch: BHEL, Maruti Suzuki, L&T, RIL, Shopper .... Premium Stock market: Peak margin rule to become effective from .... Premium Bank holidays in September 2021: Full list of days bank .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

LPG cylinder prices hiked twice in 15 days. Check latest rates

01 Sep, 2021, 09:05AM | Livemint

The prices of non-subsidised Liquefied Petroleum Gas (LPG) domestic cylinders were hiked again by ₹25 apiece on Wednesday. After the latest hike, a domestic cylinder (14.2 kilograms) would now cost ₹884.50 apiece in Delhi. The price of a 19 kg commercial cylinder has also increased by ₹75 per cylinder. MORE FROM THIS SECTIONSee All Premium Premium Petrol, diesel prices cut today in Delhi, Mumbai. Check .... Premium Premium Anand Mahindra's reply to economists: India vaccinates .... Premium Premium Bank holidays in September 2021: Full list of days bank .... Premium Premium New PF rule from today. How it will impact EPFO subscribers LPG Prices in Mumbai, Chennai, UP In Mumbai, the rate of 14.2 kg LPG cylinder is now ₹884.5, it was previously sold at ₹859.50. For a cooking gas cylinder in Chennai, you will have to pay ₹900.50 from today, which was being at ₹875.50 till yesterday. For an LPG cylinder in Uttar Pradesh's Lucknow, you will have to pay ₹897.5. Year to date increase Between January 1 and September 1, the price of cooking gas cylinders has gone up by ₹190 each. More than doubled in seven years TRENDING STORIESSee All Premium Day trading guide for Wednesday: 7 stocks to buy or sel .... Premium Stocks to Watch: BHEL, Maruti Suzuki, L&T, RIL, Shopper .... Premium Stock market: Peak margin rule to become effective from .... Premium Bank holidays in September 2021: Full list of days bank .... The government eliminated subsidies on LPG by raising rates every month. These monthly increases led to the elimination of subsidies by May 2020. The price of domestic cooking gas has more than doubled in the last seven years. The retail selling price of domestic gas was ₹410.5 per 14.2-kg cylinder on March 1, 2014. Diesel, petrol rate cut Meanwhile, after remaining unchanged for several days, petrol & diesel prices today have been cut by 13-15 paise. Petrol price in Delhi now at ₹101.34 & in Mumbai, it’s ₹107.39/L. Diesel price in Delhi now at ₹88.77 & in Mumbai, it’s 96.33/L. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Stocks to watch: Maruti Suzuki, Wipro, BHEL, Likhitha Infra, Shoppers Stop

01 Sep, 2021, 09:02AM | Business Standards

Nifty futures on SGX were trading 21 points higher at 17,146.50 around 8.55 am, indicating a flat start for the benchmark indices on Wedneday. Here are the top stocks to track in today's session: Auto stocks: Shares of auto companies will be in focus today as the automobile companies are set to report their August sales figures. Maruti Suzuki India: India's biggest car maker Maruti Suzuki said on Tuesday that its vehicle production in September will tumble by 60 per cent due to a chip shortage. Oil-linked stocks: Oil marketing companies (OMCs) and other oil-related firms could witness a volatile session on Wednesday as the OPEC+ alliance is scheduled to meet later today to decide whether to press on with plans to hike crude production by 400,000 barrels per day every month. Vedanta: Board of Directors of Vedanta are scheduled to meet today to fix the first interim dividend for FY22. SPARC: Board of SPARC will meet today to consider fundraising options. Berger Paints: The company is set to hike prices of its products, effective today, to offset increase in input costs. Yes Bank: Private sector lender Yes Bank on Tuesday appointed Atul Malik and Rekha Murthy as non-executive directors to its board. The size of the board now expanded to 10, a bank statement said, adding Malik is a veteran banker currently serving as senior advisor to private equity fund TPG, while Murthy comes from the technology industry. BHEL: State-owned engineering firm BHEL said it has bagged an order worth Rs 10,800 crore from NPCIL. Indian Bank: The government has extended the tenure of its Executive Director V V Shenoy till March 2022. The central government vide a notification dated August 26, 2021 extended Shenoy's term of office, the state-owned lender said in a regulatory filing. Wipro: IT services major Wipro has partnered with HERE Technologies to offer location-based services, to customers from energy and utilities, manufacturing, transport and Logistics, telecom, and automotive industry verticals. Sterling and Wilson Solar: The company will explore business opportunities in areas like clean energy storage, waste management and energy efficiency. The company inserted a new clause in the memorandum of association (MoA) to include new segments like setting up of power plants, solar energy systems, renewable energy systems or any other facility including Hybrid Energy Systems & Energy Storage (BESS) & (ESS) in its business. REC: State-owned REC will seek shareholders' approval to raise up to Rs 85,000 crore through issuance of non-convertible bonds or debentures next month. Likhitha Infrastructure: The company has received order worth Rs 145.86 crore from Indradhanush Gas Grid (IGGL) for laying & construction of steel gas pipeline and terminals along with associated facilities for section 5 & 9 of North-East Gas Grid (NEGG) Project. Suryoday Small Finance Bank: The bank appointed Vishal Singh as Chief Information Officer. Tourism Finance Corporation of India: The company on September 3 will consider fund raising. Shoppers Stop: The company exited non-core business by selling its subsidiary, Crossword Bookstores at a gross business valuation of Rs 41.62 crore and will focus on expanding core business and strategic growth pillars - First Citizen, Private Labels, Beauty and Omnlchannel business. F&O entrants: Abbott India, Crompton Greaves Consumer Electricals, Dalmia Bharat, Delta Corp, The India Cements, JK Cement, Oberoi Realty, and Persistent Systems, which will be available for trading with effect from October 1. AU Small Finance Bank: The lender clarified on recent exits at the bank. Sumit Dhir, head of internal audit resigned due to changes in personal circumstances following Covid second wave, the bank said. Dhir continues to be on the bank's rolls as head of internal audit. The bank remains in discussions with him for a possible retention. In March, Nitin Gupta, who had been with the bank since 2015, resigned as head of internal audit. And in July Alok Gupta resigned as the chief risk officer. JB Chemicals & Pharmaceuticals: Vijay Bhatt has resigned as the Chief Financial Officer of the company effective August 31. Chemplast Sanmar: Appointed N Muralidharan as the Chief Financial Officer with effect from September 1.

Indian indices may continue record run; Likhitha Infra, Shoppers Stop in focus

01 Sep, 2021, 08:43AM | Livemint

MUMBAI: Markets on Wednesday may hit a fresh record high in the opening tracking steady Asian equities and gains in SGX Nifty. On Wednesday, the benchmark Sensex rose 1.16% to a fresh record high 57,552.39 points while Nifty hit a fresh all-time high of 17,132.20 points, up 1.19%. The two indices took just 19 trading sessions to scale the latest 1,000 points up move. Asian stocks were steady Wednesday as traders evaluated the resilience of the global recovery to the delta virus strain and the outlook for central bank stimulus support. MORE FROM THIS SECTIONSee All Premium Premium Vijaya Diagnostic's growth story impresses, valuations .... Premium Premium Why analyst expects IRCTC shares to double in 2 years Premium Premium Ami Organics IPO off to strong start. Subscription, all .... Premium Premium ICICI Bank becomes second lender to cross ₹5 trillion .... Shares made gains in Japan, fluctuated in South Korea and fell in Australia. US equities edged back from all-time highs amid some mixed data, including a drop in consumer confidence to a six-month low and a record jump in home prices. S&P 500 and Nasdaq 100 futures were little changed. India’s GDP grew 20.1% in the June quarter, but remained below FY20 levels. Eight core sectors' output grew 9.4% in July mainly due to lower base effects. "The GDP figures for the first quarter came in marginally weaker than our expectations. However, economic activity has been reviving since July and has picked up momentum. As vaccination pace picks up we expect the momentum to pick up further, although remain wary on the evolution of delta variant cases.", said Upasna Bhardwaj, senior economist, Kotak Mahindra Bank AU Small Finance Bank's stock was under pressure amid recent top level exits. The SFB clarified on the news around the resignation of Sumit Dhir as head of the bank's internal audit team. The lender said that Dhir remains on company rolls, while its relevant department was in touch with him for a possible retention after he expressed a desire to return to his hometown, Delhi, citing personal reasons. On 29 August, the lender disclosed that Alok Gupta would be leaving his role as chief risk officer. Departmental store operator Shoppers Stop exited non-core business by selling its subsidiary, Crossword Bookstores at a gross business valuation of ₹41.62 crore and will focus on expanding core business and strategic growth pillars—First Citizen, Private Labels, Beauty and Omnichannel business. Likhitha Infrastructure stock in the limelight after the firm received order worth ₹145.86 crore from Indradhanush Gas Grid (IGGL) for laying and construction of steel gas pipeline and terminals along with associated facilities for section 5 and 9 of North-East Gas Grid (NEGG) Project. MINT PREMIUM See All Premium BSP tie-up won’t help Akalis: It’s advantage Congress in Punjab 2022 Premium 5 largecap dividend-paying companies in India Premium In leaving Afghanistan, US reshuffles global power relations Premium Meet the investors betting big on crypto Investors will eye purchasing managers index for manufacturing data and auto monthly numbers data due later today. The government is also likely to release GST numbers today. Global markets will turn to an Opec+ meeting due on Wednesday to discuss a further output boost and US Jobs data on Friday. (Bloomberg contributed to this story) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Asia factory activity cools in Aug as coronavirus disrupts supply chains

01 Sep, 2021, 08:35AM | Business Standards

Asia's factory activity lost momentum in August as a resurgence in coronavirus cases disrupted supply chains across the region, raising concerns faltering manufacturing will add to the economic woes caused by slumping consumption. Manufacturing activity in August expanded at a slower rate in Japan, South Korea and Taiwan as chip shortages and factory shutdowns disrupted production, in a fresh sign of the lingering impact of the pandemic, surveys showed on Wednesday. A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory. Photo: Reuters as COVID-19 containment measures, supply bottlenecks and high raw material prices weighed on output. The result was well below market expectations, underscoring the fragile nature of China's recovery that had helped the global economy emerge from the pandemic-induced doldrums. "Virus disruptions add to the list of headwinds for the region's producers, including semiconductor shortages and high shipping costs," said Alex Holmes, emerging Asia economist at Capital Economics. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) fell to 49.2 last month, from 50.3 in July, breaching the 50-mark that separates growth from contraction. "The latest COVID-19 resurgence has posed a severe challenge to the economic normalisation that began in the second quarter of last year," said Wang Zhe, senior economist at Caixin Insight Group. The private sector survey followed official PMI released on Tuesday, which showed the index falling in August but staying above the 50 mark. The final au Jibun Bank Japan PMI in August eased to 52.7 from 53.0 in the previous month with new export orders posting their first contraction since January. South Korea's PMI for August stood at 51.2, falling from 53.0 in July but staying above the 50 threshold for an 11th straight month. Taiwan's PMI eased to 58.5 in August from 59.7 in July, while Vietnam saw factory activity shrink to 40.2 from 45.1 in July, surveys showed. Once seen as a driver of global growth, Asian's emerging economies are lagging advanced economies in recovering from the pandemic's pain as delays in vaccine rollouts and a spike in Delta variant cases hurt consumption and factory production. (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.)

Stocks to Watch: BHEL, Maruti Suzuki, L&T, RIL, Shoppers Stop

01 Sep, 2021, 07:53AM | Livemint

NEW DELHI: Here are top 10 stocks that may be in the news today. Aviation stocks: Indian airlines are expected to report a combined net loss of ₹250-260 billion in FY2022, and would require additional ₹450-470 billion between FY2022 and FY2024 to sustain operations, credit rating agency Icra said in a statement on Tuesday. MORE FROM THIS SECTIONSee All Premium Premium Vijay Kedia portfolio: Experts give 'buy' tag to this a .... Premium Premium Listed REITs to benefit from shifting focus to 'return .... Premium Premium Rakesh Jhunjhunwala portfolio stock among 8 new additio .... Premium Premium 5 largecap dividend-paying companies in India BHEL: The state-owned entity has secured its largest ever order worth ₹10,800 crore from NPCIL for EPC of Turbine Island for 6 units of 700 MWe. EV suppliers: Electric cars from Tesla Inc. may soon be on Indian roads, with the Union transport ministry approving four of its models for introduction in the country. The ministry’s Vahan portal, however, did not identify the models that received the nod. All automobile manufacturers, both Indian and foreign, need to get their vehicles locally certified before a formal launch. Larsen & Toubro: India’s largest engineering company, plans to sell its non-core assets - 1400 megawatt (MW) Nabha thermal power project in Punjab, the Hyderabad Metro, and L&T Infrastructure Development Projects Ltd (L&T IDPL), the subsidiary having road projects and power transmission lines, the company said in a statement on Tuesday. Maruti Suzuki: The country's top car maker expects production at its plants in the states of Haryana and Gujarat to be impacted next month due to a shortage of semiconductors, it informed on Tuesday. The total production volume across both Haryana and Gujarat could be around 40% of normal output, Maruti Suzuki said in a regulatory filing. Reliance Industries: The oil to telecom conglomerate plans to acquire REC Group, Europe’s largest solar panel maker, from state-run China National Chemical Corp (ChemChina) for a tentative consideration of $1-1.2 billion, according to media reports. Shoppers Stop: The company, which runs a chain of departmental stores, is selling its controlling stake in Crossword Bookstores to the owners of Agarwal Business House (ABH) for approximately ₹41.6 crore, as it seeks to focus on its core business, the company said on Tuesday. MINT PREMIUM See All Premium 5 largecap dividend-paying companies in India Premium In leaving Afghanistan, US reshuffles global power relations Premium Meet the investors betting big on crypto Premium Now, this food delivery unicorn is circling Dunzo Telecom stocks: The Telecom Regulatory Authority of India (Trai) has recommended a slew of measures, including up to ₹200 cashback on charges to a user and fixing minimum broadband speed at 2 megabit per second, to promote internet connectivity and increase connection speed. Videocon group: The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday ordered the group’s bank accounts frozen and properties attached following a petition by the ministry of corporate affairs. Wipro: The IT major has partnered with HERE Technologies, a location data and technology platform, to offer location-based services to customers from energy & utilities, manufacturing, transport & logistics, telecom, and automotive industry verticals. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Market LIVE Updates: Sensex falls over 50 pts, Nifty at 17,100; IT, metals drag

01 Sep, 2021, 07:28AM | Livemint

Sensex, Nifty shed gains on Wednesday. Asian stocks were steady Wednesday as traders evaluated the resilience of the global recovery to the delta virus strain and the outlook for central bank stimulus support. 01 Sep 2021, 11:47:35 AM IST GDP commentary: ICICI Securities While in Q1FY22 real GDP increased 20.1% to ₹32.4 tn, the economy is still smaller than its preCovid level. In Q1FY20 and Q1FY19, real GDP stood at ₹35.6 tn and ₹33.8 tn, respectively. Hence, in Q1FY22 real GDP is ~9% smaller than in Q1FY20 and even 4% smaller than in Q1FY19. This shows the deep scars left by the pandemic on the economy. Share Via 01 Sep 2021, 11:42:06 AM IST Shoppers Stop shares jump nearly 6% as co sells Crossword Bookstores Shares of Shoppers Stop on Wednesday jumped nearly 6% after the company said it has closed the sale of a controlling stake in its wholly-owned subsidiary Crossword Bookstores at a valuation of ₹41.62 crore. The stock climbed 5.71% to ₹254.55 on BSE. On NSE, it gained 5.89% to ₹254.90. Retail chain Shoppers Stop on Tuesday said it has closed the sale of a controlling stake in its wholly-owned subsidiary Crossword Bookstores at a gross business valuation of ₹ 41.62 crore. NSE BSE listElement-graph-11630476721335-132638 listElement-graph-11630476721335-132638 Share Via 01 Sep 2021, 11:40:11 AM IST Dhanuka group to set up ₹1,250 cr poly film factory at Panagarh The city-based Dhanuka group announced the setting up of a ₹1,250 crore packaging poly film factory at Panagarh Industrial Park in Paschim Bardhaman district. The project is being implemented by Dhunseri Poly Films, a wholly owned subsidiary of Dhunseri Ventures Limited to manufacture flexible packaging films that go into FMCG packaging like chips and tea. The plant is spread over 38 acres, the first phase of the plant will manufacture polyester films i.e, BOPET with a production capacity of 45,000 TPA. At an overall investment of over ₹400 crore. NSE BSE listElement-graph-11630476608331-107717 listElement-graph-11630476608331-107717 Share Via 01 Sep 2021, 11:38:08 AM IST GDP commentary: Indranil Pan – chief economist, YES Bank. -India’s Q1 FY22 Real GDP at 20.1% and GVA at 18.8% no doubt are stellar numbers but are more optical due to the large base effect from the last year when in Q1 FY21 GDP had contracted by 24.4%.-Importantly, Q1 FY22 GDP at Rs. 3238 trn falls short of GDP in Q4 FY21 as also in Q1 FY20, signifying that the economy is yet to revert back to the pre-pandemic levels.-Private consumption expenditure quantum in Q1 FY22 also fall short of Q4 FY21 numbers, implying the pushback to the consumption from the 2nd COVID wave.-Incorporating today’s print, FY22 real GDP and GVA growth are respectively expected to be at 8.7% and 8.0%. Share Via 01 Sep 2021, 11:10:03 AM IST India's factory PMI slipped to 52.3 in Aug from 55.3 in July Registering 52.3 in August, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index® (PMI®) pointed to an improvement in overall operating conditions for the second straight month. That said, the headline figure was down from 55.3 in July, indicating a softer rate of growth that was subdued in the context of historical survey data. Manufacturing production increased for the second straight month in August amid reports of improved sales and demand. However, growth was curbed by the pandemic and elevated price pressures. The overall rate of expansion was modest and below its long-run average. Share Via 01 Sep 2021, 11:07:22 AM IST ICICI Bank becomes second lender to cross ₹5 trillion in mcap ICICI Bank Ltd on Wednesday crossed ₹5 trillion in market capitalisation as its shares have surged over 38% so far this year. At 11am, the scrip was at a record high of ₹734 a share, up 2% from its previous close. Its mcap stood at ₹5.10 trillion. NSE BSE listElement-graph-11630474639299-132174 listElement-graph-11630474639299-132174 Share Via 01 Sep 2021, 11:02:57 AM IST Toyota Kirloskar domestic sales surge over two-fold to 12,772 units in August Toyota Kirloskar Motor (TKM) on Wednesday reported over two-fold increase in domestic wholesales in August at 12,772 units as compared with August 2020. The company had sold 5,555 units in the same month last year. Share Via 01 Sep 2021, 10:42:03 AM IST Escorts trades lower Escorts Motors' stock was trading at ₹1,335.05 each, down 0.79% at 10:41 am. The company reported a 21.7% decline in August tractor sales to 5,693 units from 7,268 units a year ago. NSE BSE listElement-graph-11630473120044-100495 listElement-graph-11630473120044-100495 Share Via 01 Sep 2021, 10:23:27 AM IST Bajaj Auto gains Bajaj Auto's stock was trading at ₹3,800.00 each, up 1.99% at 10:22 am. The company reported a 5% rise in August to 338,310 units in two-wheeler sales from 321,058 a year ago. Commercial vehicle sales slipped 1% to 34,960 units in August from 35,141 units a year ago. NSE BSE listElement-graph-11630472005095-200132 listElement-graph-11630472005095-200132 Share Via 01 Sep 2021, 10:17:06 AM IST Healthium acquires CareNow, strengthens R&D capabilities and portfolio Healthium Medtech, a global player in medical devices, today announced the successful acquisition of CareNow Medical Private Limited, strengthening its product portfolio with patented and differentiated products in the advanced wound management and infection prevention segments. Share Via 01 Sep 2021, 10:16:21 AM IST Aptech gains Aptech Ltd's stock was trading at ₹310.55 each, up 2.31% at 10:14 am. The company's board on Tuesday considered and approved the launch of online education by the company from 16 September. NSE BSE listElement-graph-11630471579137-132475 listElement-graph-11630471579137-132475 Share Via 01 Sep 2021, 10:13:26 AM IST Cadila trades lower Cadila healthcare's stock was trading at ₹553.30, down 0.05% at 10:08 am. The company's covid vaccine ZyCoV-D will be as affordable as its other products, group managing director Sharvil Patel said, adding that the vaccine may be rolled out by September end. NSE BSE listElement-graph-11630471401671-132321 listElement-graph-11630471401671-132321 Share Via 01 Sep 2021, 10:05:45 AM IST Active covid-19 cases in country increase to 3,78,181: govt Single-day rise of 41,965 COVID-19 infections, 460 fatalities push India's tally of cases to 3,28,10,845, death toll to 4,39,020: Govt— Press Trust of India (@PTI_News) September 1, 2021 Share Via 01 Sep 2021, 10:04:17 AM IST Gold price today falls to lowest in 2 weeks, silver rates drop Gold prices edged lower today in Indian markets amid a strengthening of the rupee. On MCX, gold futures dipped to ₹47,095 per 10 gram, extending losses to the third day, while silver futures dropped 0.33% to ₹63,156 per kg. Continuing with its recent upsurge, the rupee on Tuesday strengthened further by 29 paise to close at a nearly 12-week high of 73 against the US dollar. Gold prices in India include 10.75% import duty and 3% GST. A stronger rupee makes imports of the dollar-denominated precious metal cheaper. (Read more) Share Via 01 Sep 2021, 10:02:14 AM IST Nifty Bank index surges 500 pts View Full ImageNifty Bank index Share Via 01 Sep 2021, 10:00:26 AM IST India sets record, administers 1.33 crore covid vaccine doses in single day India on Tuesday administered 1.33 crore (1,04,42,184) doses of covid-19 vaccine, setting a world record, as per government data released on Wednesday. (Read more) Share Via 01 Sep 2021, 09:59:31 AM IST Petrol, diesel prices cut today in Delhi, Mumbai. Check latest rates here After remaining unchanged for several days, petrol & diesel prices have been reduced on the first day of September by 13-15 paise across metro cities. Petrol is now retailing at ₹101.34 in Delhi, whereas diesel at ₹88.77. In India's financial capital Mumbai, petrol is being sold at ₹107.39 per litre, and diesel at ₹96.33 per litre. (Read more) Share Via 01 Sep 2021, 09:43:06 AM IST Steel Strips Wheels gains The company's stock was trading at ₹1,933.55, up 1.93% at 9:41 am. The company recorded highest ever monthly sales growth by volume and value in August, it said in a regulatory filing. NSE BSE listElement-graph-11630469585282-113262 listElement-graph-11630469585282-113262 Share Via 01 Sep 2021, 09:40:39 AM IST Axis Bank, RIL drive Sensex gains View Full ImageIndex contribution Share Via 01 Sep 2021, 09:38:31 AM IST Banks, realty surge View Full ImageNifty sectoral indices Share Via 01 Sep 2021, 09:16:52 AM IST Market opening The Sensex opened at a new record high of 57,763.53, up 211.14, or 0.37%, while the Nifty was at 17,185.60, up 53.40 points or 0.31%. View Full ImageSensex at open Share Via 01 Sep 2021, 09:07:12 AM IST Market pre-opening The Sensex was at 57,779.92, up 227.53 points or 0.40%, while Nifty was at 17,132.20, up 201.15 points or 1.19% at market pre-opening. View Full ImageSensex at pre-open Share Via 01 Sep 2021, 09:03:21 AM IST Coal India ramps up supplies to address shortage at utilities State-run Coal India Ltd has ramped up supply of coal over the last five days to address a coal shortage at utilities across the country, the federal coal ministry said on Tuesday. Coal-fired power accounts for more than 70% of India's electricity generation, with state-run Coal India Ltd accounting for more than four-fifths of its total production. (Read more) Share Via 01 Sep 2021, 09:01:56 AM IST India’s April-July fiscal deficit at ₹3.2 tn Aided by a healthy rise in revenues, India’s fiscal deficit, or the gap between receipts and spending met through borrowing, stood at ₹3.2 trillion at the end of July, accounting for 21.3% of the full year target. (Read more) Share Via 01 Sep 2021, 08:45:29 AM IST Market outlook Markets are likely to be steady on Wednesday while trends in SGX Nifty suggest a flat opening. On Tuesday, the Sensex closed at 57,552.39, up 662.63 points or 1.16% and the Nifty was at 17,132.20, up 201.15 points or 1.19%. Share Via 01 Sep 2021, 08:25:02 AM IST India's GDP growth surges 20.1% in June quarter on low base India's gross domestic product (GDP) surged 20.1% in the April-June quarter of FY22, its best-ever fiscal-quarter numbers, according to the data released by the government's statistics office on Tuesday. “GDP at Constant (2011-12) Prices in Q1 of 2021-22 is estimated at ₹ 32.38 lakh crore, as against ₹ 26.95 lakh crore in Q1 of 2020-21, showing a growth of 20.1 percent as compared to a contraction of 24.4 percent in Q1 2020-21," the data from MoSPI stated. (Read more) Share Via 01 Sep 2021, 08:11:42 AM IST India's macroeconomic fundamentals strong, all set for robust growth: CEA K Subramanian Chief Economic Advisor (CEA) Krishnamurthy Subramanian on Tuesday said that India's macroeconomic fundamentals are stronger, and the country is all set for robust growth on the back of structural reforms, the government's capex push and rapid vaccination. (Read more) Share Via 01 Sep 2021, 08:00:51 AM IST Stocks to Watch BHEL, Maruti Suzuki, L&T, RIL, Shoppers Stop, among other stocks may be in focus today. (Read more) Share Via 01 Sep 2021, 07:52:13 AM IST Biden says Afghanistan exit marks the end of US nation-building Facing sharp criticism over the tumultuous US withdrawal from Afghanistan, President Joe Biden said on Tuesday it was the best available option to end both the US' longest war and decades of fruitless efforts to remake other countries through military force. Biden portrayed the chaotic exit as a logistical success that would have been just as messy even if it had been launched weeks earlier, while staying in the country would have required committing more American troops. "I was not going to extend this forever war," he said in a speech from the White House. Share Via 01 Sep 2021, 07:40:28 AM IST Asian markets witness mixed opening Asian stocks were mixed Wednesday as traders evaluated the outlook for central bank stimulus and the global recovery’s resilience to the delta virus variant. A gauge of the dollar ticked up. Shares rose in Japan but slipped in Hong Kong and wavered in China. S&P 500 futures were modestly higher after U.S. stocks edged back from a record amid mixed data, including weaker consumer confidence and a jump in home prices. Hawkish comments from some European Central Bank officials highlighted the prospect of a reduction in the monetary-policy support that has helped financial markets. Treasury yields advanced following losses in European sovereign debt. Australian and New Zealand government bond yields rose. In China, President Xi Jinping chaired a meeting that backed a range of steps, particularly fighting monopolies, a push that is weighing on the nation’s technology stocks. Meanwhile, China Evergrande Group warned it could default on borrowings, rattling bond investors in the world’s most indebted developer.S&P 500 futures rose 0.2% as of 10:40 a.m. in Tokyo. The S&P 500 fell 0.1%Nasdaq 100 futures were flat. The Nasdaq 100 fell 0.1%Japan’s Topix index climbed 0.7%South Korea’s Kospi lost 0.2%Australia’s S&P/ASX 200 slid 0.7%Hong Kong’s Hang Seng index fell 0.3%China’s Shanghai Composite index was 0.1% lower Share Via 01 Sep 2021, 07:28:49 AM IST Wall Street's subdued finish fails to detract from strong August Wall Street finished marginally lower on Tuesday, although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes, in what is traditionally regarded as a quiet period for equities. Having all posted lifetime