5 Minutes Read

Why Apple sells just 2.5% of India’s smartphones

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Setting up shop at busy malls in megacities could help with marketing, but it’s unlikely to be enough for the company to make inroads in the world’s second-largest smartphone market.

Ten years after Apple began selling iPhones in India, perhaps the last great growth market for the iconic handset, the company is inching toward opening stores in the nation.

Setting up shop at busy malls in megacities could help with marketing, but it’s unlikely to be enough for the company to make inroads in the world’s second-largest smartphone market.

The U.S. tech giant has regularly reiterated its commitment to India, but there are two pressing issues that analysts and users say continue to cripple the reach of iPhones in the nation: The company’s phones are too expensive for many Indian consumers, and Apple’s core services such as Apple Maps and Siri don’t work well locally.

A spokesman for Apple in India declined to offer comment on its services in the country, and the company declined an invitation for an interview about its efforts in Asia’s third-largest economy.

India’s unique market

Apple’s iPhones remain an aspirational product for thrifty Indians, most of whom purchase smartphones priced below $150, according to market and research firms Counterpoint and IDC. Elsewhere, Apple sells its high-priced iPhones to customers through partnership with telecom operators that subsidise the cost of the product, but phones in India are sold sans tie-up deals with carriers.

So iPhones have remained beyond the budget for most Indians. The least expensive iPhone X model, for instance, is priced at 92,430 rupees ($1,450) in India, while the least costly iPhone 8 unit ships at Rs 66,120 ($1,040). The devices are so much more expensive in India because the local government imposes a heavy charge on imported electronics items.

The iPhone-maker, for its part, is trying to circumvent the customs duty by manufacturing the iPhone SE model locally in India through a partnership with Taiwanese contract manufacturer Wistron. That’s made the iPhone SE the least costly iPhone model from the recent generations in the country.

But the company ought to do more, analysts told CNBC.

Samsung, and Chinese smartphone makers including Xiaomi, Vivo and Oppo, many of which entered the Indian market in the last five years, are increasingly claiming dominance in the nation. Xiaomi and Samsung ship more handsets in India in under two months than Apple does in a year.

Samsung and the Chinese companies now control 80 percent of the smartphone market in India, while Apple settles for a meager 2.2 percent, Counterpoint and IDC said, citing data for the quarter that ended in September last year.

As of the quarter ending in December, Apple had 2.5 percent of India’s overall smartphone market, according to Counterpoint.

More worrisome for Apple should be the models that are selling well in the nation. Even as the company doesn’t list the resurrected iPhone 6 (now with 32GB storage as the base model) and iPhone 5s on its India website, both the handsets have been among the top selling iPhone models in India in the recent quarters.

Even in the premium smartphone segment where Apple operates, it is losing share to Samsung and OnePlus, Counterpoint said. Apple’s share in the premium smartphone market (handsets priced above $470) dropped from 59 percent in the holiday season of 2016 to 35 percent during the same period last year, Counterpoint estimates. The OnePlus 5 was the most popular premium smartphone to ship during that quarter, the research firm added.

Industry watchers say Samsung and Xiaomi have benefited from offering a wide range of smartphones to customers. Samsung’s J2 lineup of smartphones, priced between $100 to $150, were the best selling handsets for the company in Q3 2017. The companies have also benefited from investments in features that address the local challenges, they added.

Xiaomi’s Android-based MIUI operating system, for instance, has integration with several popular local services such as Paytm. The software also offers features to block unwanted phone calls and texts, a persistent problem that millions of Indians face.

The ecosystem

Apple’s services catalog for India, in contrast, is fairly thin and overlooks many challenges unique to the country, users say.

Apple Music, an outlier among other Apple services, is perhaps the best music streaming service in India thanks to the gradual broadening of the catalog and affordable monthly fee. Several users interviewed by CNBC said they preferred Apple Music over other streaming services — but the same wasn’t true of Apple Maps and Siri.

Apple Maps in India offers sparse mapping data of cities and towns, and often misses landmarks. It also lacks the basic turn-by-turn direction feature. “Apple Maps is a joke in India,” Bangalore-based Mihir Sharma, who drives on the roads of India’s Silicon Valley each day said. His experience was echoed by more than two dozen people CNBC spoke with. In the last several years, Apple has begun to acknowledge the issue and has hired hundreds of engineers at its mapping facility in Hyderabad.

Services are the hooks that keep users engaged with a platform, said Satish Meena, an analyst at Forrester. CarPlay, Apple’s automobile infotainment system, is available on various vehicle models in India but it doesn’t offer basic navigation functionality, another user complained.

Siri, Apple’s digital AI-powered assistant, is no different. It doesn’t understand many words of Indian origination and often struggles to make sense of Indian accents, users said. Apple has added support for Hindi diction and a Hinglish keyboard in the recent iOS updates, but users said it still isn’t good enough. In comparison, Google Assistant and Amazon’s Alexa, which was launched in India last year, are said to perform better in India.

Amid India’s demonetization move in late 2016, which saw many international giants such as Samsung and Google launch their payment services in the country, several people waited for the launch of Apple Pay in India — to no avail. In a recent interview, Eddy Cue, Apple’s senior vice president of internet and services, said the company was still exploring the service for the country.

“There is no denial that Apple ecosystem isn’t aligned much to the usage and value of Indian users. So, the services offered don’t have flavors that would entice the Indian users,” Faisal Kawoosa, an analyst with research firm CMR India said. “At the same time, the typical segment buying Apple products isn’t that typical Indian user. But, no brand can afford to underserve a segment — big or small,” he added.

Apple’s strategy for India, in general, is different from other Silicon Valley giants including Google, Facebook, and Microsoft — all of which have launched specialized apps and customized several of their core services to make them work on the country’s slow and patchy networks.

The Cupertino-based giant seemingly had an early advantage in India since it was one of the handful of international firms to maintain a software development team in the nation more than a decade ago. It laid off most of the staff from the development team in 2006, however, as it shifted focus to other markets.

In the recent years, Apple’s opinion of India, which Cook identified as a small market for the company in 2012, has changed as the sales of iPhones slowed in Western markets. In 2016, Cook paid his maiden visitto the country as the CEO of the company. During his four-day stay in the nation, he met with Bollywood stars, hung out at a cricket match and announced the first App Accelerator for India.

Based on the account of more than a dozen developers who have enrolled for the program, Apple executives are urging them to make apps for the local market instead of chasing the Western audience. Developers, many of whom work at major IT firms in the country, have also been urged to advise their companies to embrace new technologies in a timely fashion.

Apple has also started to address the local buying habits of Indians. In the recent years, Amazon India and Flipkart have offered lofty discounts on select iPhone models to users. The iPhone SE model, for instance, can often be spotted with price label of Rs 17,999 ($280). The amount of discount seen on these e-commerce platforms has widened in the recent quarters, said Harpreet Singh, who tracks gadget prices on Twitter account Deal for Geeks.

During the company’s 2017 fiscal fourth quarter earnings call, Cook noted that the company needs to build stores, improve channels, help the developer ecosystem, and offer the “right” product lineup to succeed in India.

“I feel like we’re making good progress there and are gaining understanding of the market, but we still have a long way to go, which I sort of see as an opportunity instead of a problem. And I do feel great about the growth rate,” he said.

But the company might be facing internal roadblocks as its local leadership shifts.

Sanjay Kaul, who was appointed as the country manager for Apple in India in 2016, quit the company last month. His predecessor, Maneesh Dhir left the company two years ago. Michel Coulomb, who has been with the company for more than a decade, will be replacing Kaul.

A spokesman for Apple in India declined to comment on the departures.

Yet despite the changes at the top, Forrester’s Meena and Jayanth Kolla, founder and partner at research firm Convergence Catalyst, said they are optimistic about Apple’s future in India and they believe the company could dramatically improve its performance in the next few years.

“India market for a company such as Apple has still not hit the inflexion point. But the company is in the right direction and the market is reacting accordingly as well,” Kolla said.

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nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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India wants to keep growing and is willing to spend money to do it

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Broadly, economists said they expect Jaitley to present a budget that won’t reduce the deficit as aggressively as in recent years. Instead, they predicted he would introduce measures to boost the rural sector, generate employment, provide some tax relief and continue with infrastructure spending.

India’s finance minister Arun Jaitley will have to balance two competing imperatives when he presents the country’s annual budget on February 1.

He must find a way to restore India’s crown as the world’s fastest growing major economy and he also needs to keep the government on a path to lowering deficits. Meanwhile, the budget will assume more importance than usual because of a general election next year.

Broadly, economists said they expect Jaitley to present a budget that won’t reduce the deficit as aggressively as in recent years. Instead, they predicted he would introduce measures to boost the rural sector, generate employment, provide some tax relief and continue with infrastructure spending.

In previous quarters, India’s growth slowed as the economy adjusted to the crucial currency and tax reforms the government introduced. Though recent data suggested the growth momentum was returning, experts said economic conditions have become less favorable due to rising oil prices.

India now expects its gross domestic product to grow 6.5 percent for the financial year ending Mar. 31. That number, if realized, would be significantly lower than the 7.1 percent growth seen in fiscal 2017. India would also lose its growth crown to China, which grew 6.9 percent in 2017. India’s fiscal year starts on April 1.

“India’s angst is understandable,” Sajjid Chinoy, chief India economist at J.P. Morgan, wrote in a note. “In a year when the global economy grew at its fastest clip in seven years, Indian growth is on course to slowing to a four-year low.”

In the latest economic survey released this week, Indian policymakers said they need to manage the risks to the country’s macroeconomic stability and push for more growth. Stability plans included successfully resolving the bad debt problem in India’s public sector banks, stabilizing the goods and services tax implementation, and managing risks around higher oil prices and asset price corrections.

Pause in deficit cutting

Experts warned that if growth were to disappoint again in the new financial year, it could create new political and economic pressure on Prime Minister Narendra Modi’s government ahead of 2019’s elections. Therefore, the government is expected spend enough to get the economy growing past 7 percent.

So, market watchers will be paying close attention to Jaitley’s comments on India’s fiscal deficit targets for the next financial year.

Per the country’s fiscal consolidation road map, the recommended target for a budget deficit is at 3 percent of GDP. Many expect the 2018-2019 target to be slightly higher, anywhere between 3.2 to 3.5 percent.

“Higher commodity prices and the need to support to the nascent recovery — especially ahead of general elections in 2019 — are likely to keep the fiscal consolidation process gradual,” economists at Standard Chartered bank said in a note. They predicted the government would set a fiscal deficit target at 3.3 percent of GDP in the new financial year.

The economists explained that they expect to see double-digit growth in indirect tax revenue and strong divestment proceeds for the government in fiscal 2019. But that could be offset by potential individual income tax relief measures, excise duty cuts on retail fuel products, and an increase in rural and infrastructure spending. “This should keep the pace of fiscal consolidation slow,” the economists wrote.

That said, a temporary pause in the path to fiscal consolidation will not “necessarily translate into the emergence of macro stability risks,” economists at Morgan Stanley said in a note.

Radhika Rao, an economist at Singapore’s DBS Bank, told CNBC that as long as the current year’s deficit does not exceed 3.5 percent — the same as it was in 2016-2017 — India’s commitment to fiscal consolidation would remain intact. The consensus among experts is that the current year fiscal deficit has likely exceeded the government’s target of 3.2 percent.

Middle class tax relief

After simplifying India’s complex indirect tax system last year, reports suggested that Jaitley could announce some relief for the country’s middle class.

The finance ministry was considering a proposal to raise the personal tax exemption limit from 250,000 rupees ($3,912.5) per year to 300,000 rupees or more, according to a local media outlet. The ministry was also looking into making changes in the tax brackets to lighten the taxpayers’ burden, the same report said.

If true, that could bring some relief to many Indian households that are struggling with rising retail inflation in the country.

DBS Bank’s Rao, however, said she was skeptical about any forthcoming income tax concessions on the back of a major indirect tax overhaul. “With revenues and tax buoyancy still adjusting to new tax rollout, I’ll be surprised if any new reforms or major concessions are laid out in February,” she said.

Job creation mechanism

This week’s budget announcement could also see the introduction of a formal policy aimed at creating quality jobs in various sectors, according to local reports.

The Morgan Stanley economists said it was likely the government would focus on boosting employment in labor-intensive and micro-, small- and medium-enterprises. Those include the textiles and clothing, jewelry and leather industries.

“[W]e expect that policymakers will look to actively tackle this issue in this budget,” they said.

Greater focus on the rural sector

Last year, Modi’s Bharatiya Janata Party won the local elections in his home state of Gujarat. But what was shocking to many was the fact that, though the party fared well among urban voters, it lost footing among the state’s rural population.

That led many to speculate that the upcoming budget could be aimed at winning back rural voters before the next general election. In a recent interview with local television channel Times Now, however, Modi denied that the budget would be populist in nature.

“Budget is the property of parliament. It falls under the ambit of our finance minister, so I don’t want to interfere in that,” Modi told Times Now, according to an English translation of his Hindi comments. He added, however, that it was a priority for the government to help distressed farmers.

Modi’s statements in that interview suggested that the “budget will focus on measures to alleviate rural distress and on providing basic facilities to the common man,” Sonal Varma, chief India economist at Nomura, wrote earlier this month.

She added that “fears of outright populism” in the budget may be exaggerated. Instead, Varma said she expects that the government “will stick to prudent populism” and adopt policies with both economic and political benefits.

Focus on public infrastructure spending

Analysts also predicted the government will continue to spend on public infrastructure projects. Those projects help boost job creation, productivity and economic growth — something the government will be looking to achieve before heading to the polls.

Morgan Stanley economists said there could be further announcements on funding infrastructure programs that have already been announced — those include upgrading India’s railways, providing electricity connections to all un-electrified households, providing universal affordable housing and building more roads and highways.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Donald Trump administration is thinking about nationalizing 5G mobile network

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Axios, citing sensitive documents it obtained, said there are two options up for consideration: First, the U.S. government could pay for and build a single, super-fast mobile network and could then rent access to national carriers. The move, according to Axios, could see an unprecedented nationalization of infrastructure that has historically been privately-owned.

National security officials in the Trump administration are looking at options where the U.S. government could take over a part of the country’s mobile network as a way of guarding against China, news outlet Axios reported.

Axios, citing sensitive documents it obtained, said there are two options up for consideration: First, the U.S. government could pay for and build a single, super-fast mobile network and could then rent access to national carriers. The move, according to Axios, could see an unprecedented nationalization of infrastructure that has historically been privately-owned.

But, the news outlet reported, a source familiar with the matter said a newer version of the document is neutral about whether the government should build and own such a network.

The alternative, according to Axios, is that wireless providers in the U.S. build their own 5G networks that would compete with one another — an option the document said could be costly and more time-consuming, but would be less commercially disruptive to the industry.

The reason for even considering nationalization of part of the system is that China “has achieved a dominant position in the manufacture and operation of network infrastructure” and it’s “the dominant malicious actor in the Information Domain,” the document said, according to Axios.

Reuters reported that a senior administration official on Sunday said that the government wants to build a secure 5G network and it’ll have to work with the industry to figure out the best way to do it.

“We want to build a network so the Chinese can’t listen to your calls,” the official told Reuters. “We have to have a secure network that doesn’t allow bad actors to get in. We also have to ensure the Chinese don’t take over the market and put every non-5G network out of business.”

The matter was being debated at a lower level, the official said to Reuters, adding that it would take between six to eight months before it reaches President Donald Trump for consideration.

The fifth generation (hence the 5G name) of mobile networks aims to provide faster data speeds and more bandwidth to carry ever-growing levels of web traffic. Late last year, the first specification for 5G was completed, which was considered a huge step toward commercializing the technology.

Market watchers have predicted the technology will have more than one billion users by 2023, with more than half based in China. U.S. carriers are already working on deploying 5G networks.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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BJP led NDA may shore up votes by pushing more money toward farmers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Large swaths of the farming community — who make up the bulk of India’s population — are growing disillusioned with Prime Minister Narendra Modi’s Bharatiya Janata Party, as reflected by December’s Gujarat state election.

New Delhi is likely to focus attention on rural areas in its upcoming annual budget, set for release on February 1, in an attempt to shore up political support there.

Large swaths of the farming community — who make up the bulk of India’s population — are growing disillusioned with Prime Minister Narendra Modi’s Bharatiya Janata Party, as reflected by December’s Gujarat state election.

Although the BJP secured a narrow victory in the bellwether state, rural residents there overwhelmingly voted for the opposition Congress party, which aggressively painted Modi as anti-poor and anti-farmer.

Those results have the BJP worried. Four other states with big agrarian populations — Rajasthan, Madhya Pradesh, Chhattisgarh and Karnataka — are scheduled to hold elections this year, and the BJP may not be as lucky in those areas.

Malaise among farmers runs deep, said Kunal Kundu, an economist at Societe Generale. Two years of drought have bitten into profits, which are believed to have fallen further last year despite a normal monsoon. Protests among farmers have risen sharply nationwide, Kundu explained.

To offset this discontent, Finance Minister Arun Jaitley is widely expected to promote initiatives aimed at boosting rural growth when he announces the federal budget next month.

Syed Zafar Islam, the BJP’s national spokesperson for political and economic affairs, told CNBC that he did not wish to speculate on New Delhi’s upcoming budget. But he noted that farmers’ wages have improved since Modi came to power and that the government was committed to addressing concerns of the rural community.

“Fifty percent of the population stays in rural areas, so this is a huge priority for the government to improve the economic well being of farmers and masses through more rural roads, irrigation projects, rural housing, and better price realization for farmers,” Islam said.

Pro-farmer policies

Analysts have called for Modi’s administration to enact a set of reforms known as the Model Agricultural Produce and Livestock Marketing Act, which is designed to loosen rules on where farmers can sell their products. The act aims to double farmers’ income by 2022.

Existing regulations “restrict farmers’ ability to sell produce outside designated wholesale markets, leaving them at the mercy of traders who often made profits at the expense of farmers,” explained Kundu. “The new act could help reduce the price spread by enabling direct contact between farmers and consumers or other end users.”

The government has only one year left in its current term, so it’s politically crucial for them to boost popularity ratings.

New Delhi could also take other steps, such as boosting funds for crop insurance, spending more on rural infrastructure, or increasing price supports for produce when market prices fall, according to Shailesh Kumar, senior South Asia analyst at political consultancy Eurasia Group.

“While this will be politically driven, it will produce economic dividends,” he said in a recent note.

But those steps could fuel inflation, a major headache for policymakers.

Higher consumer prices can be a game-changer during elections, so “Modi will cautiously expand support for the agrarian economy to avoid causing a spike in broader inflation that would negatively affect his political future,” Kumar continued.

To keep food prices in check, New Delhi has imposed controls in recent years that have hurt agricultural producers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Asian shares gain after Wall Street’s record highs; Kospi rises 1.1%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Japan’s Nikkei 225 rose 0.43 percent as most large caps advanced. Toyota was higher by 0.04 percent, with most other automakers recording slight gains.

Asian shares traded higher early on Monday following significant gains stateside in the last session, which saw major US indexes touch record highs.

Japan’s Nikkei 225 rose 0.43 percent as most large caps advanced. Toyota was higher by 0.04 percent, with most other automakers recording slight gains. Manufacturing company Fanuc rose 2.52 percent and Fast Retailing gained 0.63 percent. SoftBank traded flat in the early going.

South Korea’s benchmark Kospi index climbed 1.05 percent, driven by solid gains in the technology sector. Samsung Electronics jumped 1.22 percent ahead of the announcement of its fourth-quarter results due later this week. Rival chipmaker SK Hynix gained 1.46 percent.

Over in Sydney, the S&P/ASX 200 edged up 0.38 percent as markets resumed trade following a long weekend due to Australia Day last week. Gains were seen in most sectors apart from gold producers and real estate investment trusts.

Meanwhile, energy-related stocks and utilities were among the top-performing sectors in the morning, with Santos up 0.77 percent and Oil Search higher by 1.02 percent.

Stateside, stocks were given a lift on Friday on the back of expectation-topping corporate results. As of Friday, 82 percent of companies that have announced fourth-quarter earnings have beaten expectations, according to Thomson Reuters I/B/E/S.

The Dow Jones industrial average rose 0.85 percent, or 223.92 points, to close at 26,616.71. The S&P 500 and Nasdaq composite both closed more than 1 percent higher on the day.

Markets stateside also digested fourth-quarter GDP numbers released Friday, which showed the US economy expanded by 2.6 percent, short of the 3 percent forecast in a Reuters poll.

Meanwhile, the dollar index, which tracks the US currency against a basket of six peers, was mostly flat at 89.041 at 8:20 a.m. HK/SIN.

The greenback fell last week following comments from U.S. Treasury Secretary Steven Mnuchin about how a weaker currency benefits trade. The currency later edged up after President Donald Trump said Mnuchin had been misinterpreted, but subsequently resumed its slide.

The dollar extended losses against the yen to trade at 108.55.

The Australian dollar, which closed above the $0.81 handle on the back of the softer dollar last week, traded at $0.8114.

Corporate news

China’s banking regulator issued fines on 12 banks amounting to 295 million yuan (USD 46.7 million), local media said on Saturday. The fines were issued due to illegal bill trading, although authorities did not specify what was unlawful about the trading, Reuters reported. Postal Savings Bank of China was among the banks fined.

Meanwhile, shares of Hong Kong-listed Wynn Macau are in focus following a Wall Street Journal report detailing sexual misconduct from casino magnate Steve Wynn. Shares of Wynn Resorts tumbled more than 10 percent on Friday following the news.

Stock of Australia’s AMA Group was up 6.61 percent in early trade after the company earlier confirmed a report in the Australian Financial Review that it had received a proposal from Blackstone Private Equity.

What’s on tap

Here’s the economic calendar for Monday (all times in HK/SIN):
•10:00 a.m.: Vietnam inflation rate, industrial production and retail sales
•1:00 p.m.: Singapore producer prices

This week, investors in the region will also keep an eye on a fairly packed calendar of events stateside, with Trump’s State of the Union address expected on Tuesday US time.

The Federal Reserve will also announce its interest rates decision on Wednesday during US hours.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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European stocks rise on back of solid earnings; Trump’s address at Davos in focus

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Corporate news and political news is expected to shake up sentiment today.

European stocks posted modest gains on the last trading day of the week, ahead of a speech by President Donald Trump in Davos, Switzerland.

The pan-European STOXX 600 traded up 0.3 percent on Friday, with sectors moving into the black during morning deals. European bourses were mostly higher, with France’s CAC 40 posting solid gains on the back of strong earnings.

In the previous session, European markets reversed gains during trade, after the European Central Bank’s latest monetary policy meeting. On Thursday, the ECB left its its benchmark interest rate unchanged. Markets came under pressure as traders remain convinced that easy monetary policy in the euro zone would come to an end.

Corporate news and political news is expected to shake up sentiment today.

Luxury brand LVMH rose over 3 percent after reporting that revenue had increased by 13 percent, compared to the previous year, coming in at 42.6 billion euros for 2017. The group added that it was “cautiously confident” for 2018, despite uncertainties surrounding geopolitics and fluctuations in the currency market.

Other French luxury makers rose to the top of the STOXX 600 on the back of LVMH’s results, with Kering and Christian Dior both up more than 2 percent.

Among Europe’s top performers, Temenos Group rose over 5.5 percent, boosted by a price target increase by Kepler Cheuvreux. Michelin also popped over 2 percent after Bank of America Merrill Lynch upgraded the stock to “buy.” Thales rose 2.2 percent after Exane BNP Paribas raised its price target and rating on the aerospace firm.

Gjensidige, meanwhile, sunk 6.2 percent after the insurer posted fourth quarter profits that came in below expectations.

Perfume maker Givaudan fell 3 percent after publishing its latest earnings. In the report, the company said that it had finished the year with “good business momentum,” with “good growth was achieved across all product segments and geographies.”

Aryzta and SES both dropped more than 5 percent each, after brokers cut target prices on both of the stocks.

Trump to address leaders at Davos
Aside from corporate news, German Chancellor Angela Merkel is scheduled to meet Social Democratic Party leader Martin Schulz and other politicians as the curtain lifts on the latest round of coalition talks to form the next government.

UK Prime Minister Theresa May met Donald Trump at the World Economic Forum in Davos, Switzerland. Trump said that he and May have a “really great relationship.” Trump is to make his address at Davos on Friday at 1 p.m GMT.

Rallies in major currencies made headlines yesterday as Trump told CNBC that “The dollar is going to get stronger and stronger,” while European Central Bank President Mario Draghi said that there were “very few chances” that the institution would change interest rates this year.

In terms of major economic data releases, the U.K. is to release its fourth quarter gross domestic product (GDP) growth figures at 9:30 a.m. GMT. The British economy grew just 0.4 percent in the third quarter of 2017, with Brexit causing a lack of enthusiasm for investment from businesses.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Asian stocks close mixed as dollar wobbles following overnight gains

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Tokyo’s benchmark Nikkei 225 index gave back morning gains to close lower by 0.16 percent, or 37.61 points, at 23,631.88.

Asian markets closed mixed on Friday as the dollar wobbled after gaining overnight following comments from President Donald Trump.

Tokyo’s benchmark Nikkei 225 index gave back morning gains to close lower by 0.16 percent, or 37.61 points, at 23,631.88. Major exporters finished the session mixed while financial names largely declined. Fanuc Manufacturing closed higher by 0.3 percent.

Automakers were a mixed picture. Toyota rose 0.18 percent and Honda closed lower by 0.23 percent. Suzuki Motor fell 3.51 percent after Maruti Suzuki India announced quarterly profit that was below expectations, according to Reuters.

Data released Friday showed December consumer prices in Japan were stable. The core consumer price index increased 0.9 percent in December compared to one year ago, a figure that was in line with expectations, Reuters said. Excluding food and energy, prices rose 0.3 percent last month.

Retailers were mixed, with Fast Retailing advancing 0.39 percent by the end of the day.

Over in Seoul, the Kospi reversed slight losses to end higher by 0.49 percent at 2,574.76.

Tech stocks traded mixed: Samsung Electronics rose 1.03 percent while SK Hynix slipped 0.4 percent by the end of the day, giving up some of the gains made after it announced record-high quarterly profit on Thursday.

Automakers were broadly lower after Hyundai Motor reported a fall in annual operating income on Thursday. Hyundai Motor declined 3.79 percent and affiliate Kia Motors lost 1.18 percent by the end of the session.

Hong Kong’s Hang Seng Index jumped 1.51 percent by 3:00 p.m. HK/SIN after snapping a seven-day winning streak on Thursday. Gains in large cap financials drove the broader index higher on the day, with China Construction Bank gaining 5.37 percent ahead of the market close. Tech heavyweight Tencent rose 2.36 percent.

Property developers also notched gains during the session: Country Garden jumped 2.55 percent and Henderson Land rose 3.68 percent by 3:00 p.m. HK/SIN.

The Shanghai composite edged up 0.3 percent to close at 3,559.09 and the Shenzhen composite finished the session 0.16 percent lower. The blue chip CSI 300 index was up 0.39 percent by the end of the day.

Meanwhile, data released earlier showed profits made by industrial companies in the country grew 10.8 percent last month compared to one year ago, Reuters said.

Markets in Australia and India were closed for Australia Day and Republic Day, respectively.

Dollar wobbles after overnight bounce

The dollar was slightly pressured after edging higher overnight on comments from Trump that he “ultimately” wanted a strong dollar. He added that U.S. Treasury Secretary Steven Mnuchin’s comments about the currency had been “taken out of context.”

Mnuchin’s Wednesday comments about a weaker dollar being good for trade saw the currency plunge to a three-year low earlier in the week.

At 2:45 p.m. HK/SIN, the dollar index, which tracks the greenback against six major currencies, traded at 89.029, below Thursday’s close of 89.461.

Against the yen, the dollar edged down to trade at 109.18.

The trend of weakness in the dollar will continue “for the time being,” Nate Thooft, global head of asset allocation at Manulife Asset Management, told CNBC’s “Squawk Box.”

“I don’t think many central bankers are getting the focus they once were because people believe that the end is coming closer and closer to … super-accommodative policy,” Thooft added.

The Dow Jones industrial average ended the session at a record, with markets focused on upbeat corporate earnings releases. Around 78 percent of S&P 500 companies that have reported quarterly earnings have topped expectations, according to Thomson Reuters I/B/E/S.

On the economic front, the European Central Bank on Thursday kept monetary policy steady, with ECB President Mario Draghi highlighting solid growth in the bloc.

The euro last traded at USD 1.2447 after notching a fresh three-year high against the dollar overnight.

Corporate news

Japan’s Fujitsu is in talks about selling its mobile phone unit to Polaris Capital, but no decision had been made yet, Reuters reported on Friday. An agreement, worth as much as 50 billion yen (USD 456 million), could be due at the end of January, local media said. Fujitsu shares closed up 1.21 percent, outperforming most other Japanese tech shares.

Meanwhile, shares of South Korean department store chain Shinsegae and E-Mart, its discount chain affiliate, surged 9.84 percent and 15.04 percent, respectively. The bounce came after news that the companies had signed a memorandum of understanding for more than 1 trillion won (USD 940 million) in investment for an online business spin-off, according to a translation of a filing.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

India has made some big changes lately – a top entrepreneur says it’s paying off

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Vijay Sharma, founder and CEO of Indian digital payments giant Paytm, said India was an opportunity waiting to happen just a few years ago. Indeed, the country’s economic growth was flagging below 5 percent just before Modi became prime minister.

The sweeping policy initiatives introduced by Prime Minister Narendra Modi since he came into power more than three years ago are already paying off, according to a closely watched Indian business leader.

Vijay Sharma, founder and CEO of Indian digital payments giant Paytm, said India was an opportunity waiting to happen just a few years ago. Indeed, the country’s economic growth was flagging below 5 percent just before Modi became prime minister.

“If you look at India today, India is an opportunity happening now. That trigger has happened,” Sharma told CNBC in Davos, Switzerland at the annual World Economic Forum meeting.

Much of that, he said, could be attributed to the policies enacted by Modi.

“He’s reduced red tapes significantly, he’s brought pro-business, pro-consumer growth,” Sharma said, adding that Modi’s policies are actually benefiting businesses.

Two major reforms that shaped India’s economy under Modi include the decision to pull out old 500 and 1,000 rupee notes from circulation and replace them with newly printed 500 and 2,000 rupee notes. Then, last year, India rolled out an ambitious tax plan to replace a thicket of indirect levies that critics argued blunted economic competitiveness.

For companies like Paytm, India’s demonetization efforts provided a significant boost as Indians scrambled onto digital payment platforms amid a massive cash crunch.

Modi has also championed for the manufacturing sector with his “Make In India” pitch that invited foreign companies to set up production bases in the country. Some have efforts underway: Apple began manufacturing a small batch of iPhones in India last year and Xiaomi set up multiple facilities to produce its devices. Others, particularly the Chinese, have steadily been investing in local businesses.

In tandem with the “Make In India” initiative, India has gradually loosened previous restrictions placed on foreign direct investments in various sectors.

Sharma said he was initially skeptical about India’s ability to pull off its ambition to become a global manufacturing hub given that it’d face stiff competition from China.

“India has pulled off tremendously well,” Sharma said. “It’s incredible — the number of factories, people and production that happen. Look at the smartphones, look at the electronics or non-electronics or the car manufacturing that happens in India.”

India, he added, was now becoming a country that was increasingly building and exporting technologies such as cloud computing software.

That said, market watchers will be closely watching the final full-year budget for 2018-2019 from Modi’s government due next week ahead of next year’s general elections. India expects its full-year growth for the current financial year to be below 7 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Hold Larsen & Toubro Infotech: Shahina Mukadam

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Shahina Mukadam, Independent Market Expert is of the view that one may hold Larsen & Toubro Infotech.

Shahina Mukadam, Independent Market Expert told CNBC-TV18, “One should continue to hold Larsen & Toubro Infotech. The company is doing quite well, even the numbers were interesting and quite good. If you see the contract wins, they are continuously getting new contracts; the recent USD 50 million contract that they had I think it is a decent bet and valuations also not very expensive compared to the peer group. So, I would continue holding it.”

At 14:48 hrs Larsen & Toubro Infotech was quoting at Rs 1,205.90, up Rs 43.65, or 3.76 percent.

It has touched a 52-week high of Rs 1,271.95.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

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Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

The Bank of Japan holds monetary policy steady

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In a statement released following the conclusion of its two-day meeting, the BOJ said it would keep the deposit rate unchanged at negative 0.1 percent and the 10-year yield target around 0 percent.

The Bank of Japan announced Tuesday it was keeping its monetary policy steady, a move that was in line with market expectations.

In a statement released following the conclusion of its two-day meeting, the BOJ said it would keep the deposit rate unchanged at negative 0.1 percent and the 10-year yield target around 0 percent.

The central bank earlier this month announced it was slightly reducing its purchases of long-dated Japanese government bonds, which led to speculation that the institution would be the latest to follow in the footsteps of global central banks in tightening policy.

But with inflation still “well below” a 2 percent target, normalization remained a premature suggestion for the BOJ, Kohei Iwahara, an economist at Natixis Japan Securities, wrote in a note ahead of the central bank’s Tuesday announcement.

“Any hint to normalize could strengthen the yen further, increasing challenges of the BOJ to meet the inflation target,” Iwahara added.

Japan’s core consumer price index — which does not take into account fresh food prices — increased 0.9 percent on year in November, the 11th consecutive month a rise was recorded.

The metric is forecast to grow by the same level in December, according to a Reuters poll. December data is scheduled to be released on Friday.

When both food and energy prices are excluded, however, consumer prices rose just 0.3 percent in November.

Given those figures, “it’s very hard to believe [the] BOJ will send any signal that they will change the policy anytime soon,” Kazuo Momma, executive economist at Mizuho Research Institute told CNBC’s “The Rundown.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

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Should Elon Musk be able to buy Twitter?