5 Minutes Read

Moneycontrol Pro reaches a new milestone —1.5 lakh paying subscribers

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

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Summary

MC Pro has reached an important milestone since its debut in less than a year after its debut. Here is a recap of the highlights and what’s in store for readers.

Moneycontrol, India’s leading business news platform, launched the Pro subscription product in April 2019 to serve readers with actionable insights into the stock markets, businesses, industries, economy and vital indicators they need to understand to help with their financial decisions.

Today, Pro reached an important milestone — it has the financial support of more than 1,50,000 members. MC Pro is arguably India’s fastest growing news subscription product, when other digital media companies are grappling with payment fatigue and subscription has come to be synonymous with streaming services.

The financial support apart, MC Pro is excited and encouraged by the positive feedback it has received from readers so far. A whopping 85 percent of users in the latest survey commissioned in February gave a thumbs up to the product and content.

The essence of Pro is the high-quality content and constant product innovations. The content MC Pro provides — investment ideas from in-house research team, sharp commentary and opinion that decodes a fast-changing economy, exclusive blogs written by HNIs and market gurus — users will not get anywhere else.

By becoming an MC Pro subscriber, a user gets access to technical analysis trading ideas from a hand-picked team of experts, a daily newsletter and a weekly wrap that makes sense of the biggest financial events. In addition to the exclusive content, Pro subscribers can also unlock an ad-free experience on app and desktop as well as perks such as invites to exclusive events and offers for attending big-ticket conferences and seminars.

Users will notice a raft of new features in the months to come — from an improved reading experience to more personalisation as well as more exclusive events. Watch out also for exclusive economic indicators, webinars and interactions with Pro editors and experts.

MC Pro is committed to making its product and content even more valuable to its readers. We thank our readers for making us an indispensable part of their lives.

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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Govt raises MNREGS wage, highest in 5 years, releases more funds to mitigate rural hardships

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

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Summary

The government has increased wage for the workers under Mahatma Gandhi Rural Employment Guarantee Scheme (MNREGS) effective from April 1, 2020. The rural development ministry as every year since 2005 has revised the wage for workers under MNREGS, but starting April 1, 2020, hike for the workers will be highest in the 5 years, as the average national wage is increased by Rs 20.

The government has increased wage for the workers under Mahatma Gandhi Rural Employment Guarantee Scheme (MNREGS) effective from April 1, 2020. The rural development ministry as every year since 2005 has revised the wage for workers under MNREGS, but starting April 1, 2020, hike for the workers will be highest in the 5 years, as the average national wage is increased by Rs 20.

It has also expedited the payment timeline for wage and pension payments to the states to help mitigate the hardships of rural India during the nationwide lockdown.

Wage rates under MNREGS are revised every year based on Consumer Price Index (CPI)- Agricultural Labourers by the central government.

A report recommended by a government-led committee has suggested linking MNREGS wage to CPI-rural as an appropriate index. The recommendation of the report is pending with the finance ministry.

Rural development minister Narendra Singh Tomar has written a letter to all the state chief secretaries urging them to take necessary steps to encourage individual beneficiary oriented works under the universal income scheme.

In the same letter, it has also highlighted that the central government is taking various steps to mitigate the hardships of the rural poor and aims to strengthen rural livelihoods.

The central government has also released Rs 4,431 crore to the states to pay arrears of wage and material and balance liabilities of FY20 by April 20. It has also promised to release FY21 funds for the scheme to meet the wage requirements of the first quarter.

For other schemes, the ministry has assured that by the first week of April it will release the first instalment for the beneficiaries. MoRD has also urged states to consider the release of its share of pension for 3 months of FY21 in April itself.

Tomar, also Minister for Panchayati Raj, in his letter to the states has sought active involvement of representatives of Panchayati raj institutions in sensitising people in the rural areas about the coronavirus led lockdown.

He urged to make rural inhabitants learn about social distancing, request hand washing and ways to dispel rumours and incorrect information along with vigil on quarantine and health condition of migrants.

The government has allocated Rs 61,500 crore for MNREGS and Rs 9196.92 crore for NSAP schemes for FY21.

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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Oyo in talks with large hotel partners to extend payment timelines: Founder Ritesh Agarwal

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

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Summary

Agarwal said that many of Oyo’s 20,000 hotel partners in India who had sought loans to run their businesses have been impacted due to corporate payment delays.

Oyo is negotiating with large hotel partners to extend timelines for vendor payments and is seeking relief from the government along with the entire travel sector in the country amid the coronavirus crisis. Founder and CEO Ritesh Agarwal told CNBC-TV18 that the company will continue to make payments to its MSME partners.

The worldwide lockdown due to the COVID-19 pandemic has hit the travel and hospitality industry the hardest, leaving the sector staring at massive job losses and payment delays.

Agarwal said that many of Oyo’s 20,000 hotel partners in India who had sought loans to run their businesses have been impacted due to corporate payment delays and landlords not negotiating rents. The biggest worry for the sector is about taking care of staff, he added.

“We have sizeable cash reserves and can meet payments for our teams and basic cash flows. But Oyo represents over 20,000 hotels across the country. As domestic tourism grew, many people took debts to set up hotels. They are now seeing corporate payments being delayed, landlords not negotiating on rent. Above all this, the biggest worry is staff,” Agarwal said.

The Oyo founder reiterated that the company is talking to large hotel partners on extended payment timelines. “Oyo has broken vendor payment into MSMEs and large businesses. For MSNEs and SMEs, we ensure no payment disruption. For large corporations, we are discussing potential timelines for payments,” he stressed.

Agarwal pointed out that the US and several countries in Europe were offering relief packages and support to the hospitality sector and their staff.

“The UK, Germany and other nations have come out with significant pay packages for the sector. In UK, around 80 percent of employees’ salaries would be transferred by the government. We are also working with US authorities to get support for our hotels there. Singapore is also focusing on the bottom of the pyramid of the sector,” he noted.

Agarwal said that the government needs to immediately defer statutory payments and support especially those employee whose salaries are below Rs 25,000 pay per month.

Oyo is working with several states in India to offer space and services to address the COVID-19 crisis.

“We are expanding capacity for isolation rooms with Apollo for asymptomatic or part symptomatic individuals. We are also enabling state governments,” he said.

The company is also working to help those stranded globally due to the travel shut down. “Sixteen embassies contacted us in the last two weeks. We are working with them as well as several people who have been pushed out of their PGs and hostels to enable their stay,” Agarwal said.

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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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
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COVID-19 crises: Mahindra Group’s all hands on deck to produce medical equipment

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

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Summary

Mahindra Group, a mobility products and farm solutions provider, is leveraging its various group entities to plug shortfalls in products such as hand sanitizers, ventilators, and protective equipment for medical professionals such as face shields.

As manufacturing activity comes to a standstill amid the coronavirus outbreak, the corporate world, globally and in India, is gearing up to switch to production of medical equipment and also utilise the idle capacity.

Mahindra Group, a mobility products and farm solutions provider, is leveraging its various group entities to plug shortfalls in products such as hand sanitizers, ventilators, and protective equipment for medical professionals such as face shields.

Group chairman Anand Mahindra on Tuesday took to Twitter to share some features that the company’s “affordable respirator” will incorporate.

He said the respirators “we hope will be invaluable in the early and recovery stages of the illness”.

Based on advice from specialists, Mahindra said, the device will have features such as variability controls, sensors and emergency shut-off. The company is currently working on packaging.

Pawan Goenka, MD & CEO of Mahindra and Mahindra, in an earlier tweet said that testing for the respirator has begun. The device will be priced under Rs 7,500, improving access for lower-income patients.

A section of doctors on social media, however, have regarded the device being developed by the Group as a simplistic “ambu bag” which can’t substitute a ventilator.

M&M has also started to manufacture face shields. “With a design sourced from our partner Ford Motor, we are now ready to make this Face Shield for use of medical service providers. Targeting to make 500 on Monday and then ramp up,” Goenka said in a tweet. The shields will be produced at the company’s plant in Kandivali, Mumbai.

Lastly, the group is also expecting to start production of sanitizers.
“Our Agrichemical Unit in Gujarat has been working hard on formulation & production plan for #sanitisers to alleviate shortage. Expecting approval soon for our online application to commence production,” Prakash Shukla, Group President – Aerospace, Defence and Steel, tweeted on Tuesday.

Many other major automakers in India such as Maruti Suzuki and Hyundai are under different stages of undertaking production of respirators and face masks.

Health ministry has asked original equipment manufacturers (OEMs) to step up production of these essential medical devices in the face of the shortage faced by medical staff and patients for these products.

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
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 5 Minutes Read

Government amends Income Tax Act to provide tax relief for PM CARES FUND

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

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Summary

The Modi government on Tuesday amended the provisions of the Income-tax Act to provide the same tax treatment to PM CARES Fund as available to Prime Minister National Relief Fund.

The government on Tuesday brought in an ordinance to give effect to various reliefs measures, including extended deadline for filing income tax, customs and central excise returns, to help taxpayers tide over the coronavirus crisis.

It also amended the provisions of the Income-tax Act to provide the same tax treatment to PM CARES Fund as available to Prime Minister National Relief Fund.

Therefore, the donation made to the PM CARES Fund shall be eligible for 100% deduction under section 80G of the IT Act. Further, the limit on deduction of 10% of gross income shall also not be applicable for donation made to PM CARES Fund.

Several measures for extension of various time limits under the Taxation and Benami Acts listed above.

Direct Taxes & Benami

The government has extended last date of filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) to June 30, 2020. Also, the extension of Aadhaar-PAN linking date to June 30, 2020.

The date for making various investment/payment for claiming deduction under Chapter-VIA-B of IT Act which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), etc. has been extended to June 30, 2020.

The date for making investment/construction/purchase for claiming roll over benefit/deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been extended to June 30, 2020.

The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also extended to 30.06.2020 for the units which received necessary approval by 31.03.2020.

The date for passing of order or issuance of notice by the authorities under various direct taxes & Benami Law has also been extended to 30.06.2020.

It has provided that reduced rate of interest of 9% shall be charged for non-payment of Income-tax (e.g. advance tax, TDS, TCS) Equalization Levy, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) which are due for payment from 20.03.2020 to 29.06.2020 if they are paid by 30.06.2020. Further, no penalty/ prosecution shall be initiated for these non-payments.

Under Vivad se Vishwas Scheme, the date has also been extended up to 30.06.2020. Hence, declaration and payment under the Scheme can be made up to 30.06.2020 without additional payment.

Indirect Taxes:

The last date of furnishing of the Central Excise returns due in March, April and May 2020 has been extended to June 30, 2020.

Wherever the last date for filing of appeal, refund applications etc., under the Central Excise Act 1944, Customs Act 1962 and Service Tax has been extended to June 30, 2020.

The date for making payment to avail of the benefit under Sabka Vishwas Legal Dispute Resolution Scheme 2019 has been extended to June 30, 2020 thus giving more time to taxpayers to get their disputes resolved.

Also, the government can extend due dates for various compliances inter-alia including statement of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed or notified under the Act, on recommendations of the GST Council.

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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Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Coronavirus cases rise in Telangana, victims attended Nizamuddin Markaz

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

 Listen to the Article (6 Minutes)

Summary

Surveillance teams in Telangana have sprung into action to discover more cases that could have been present at the Markaz and shift them to hospitals.

India’s fight against COVID-19 has received a major setback after it emerged that a religious gathering or a Markaz organised by the Tablighi Jamaat in Nizamuddin area of New Delhi was a coronavirus hotspot.

In the past two days, multiple COVID-19 positive cases have been reported in states like Telangana, Karnataka and Tamil Nadu, while Jharkhand has seen its first coronavirus case.

A common link among the cases is that all those infected people had attended the Tablighi Jamaat Markaz in New Delhi. What’s worse is that in the aftermath of the event, Telangana government claimed that the state will be coronavirus-free by April 7.

Just hours after Chief Minister K Chandrasekhar Rao announced that his state would be coronavirus-free within a week, six COVID-19 positive patients succumbed in the state. “Six people from Telangana who attended a religious congregation at Markaz in Nizamuddin area of New Delhi from March 13 to 15 succumbed after they contracted coronavirus,” read a tweet on Telangana Chief Minister’s official handle.

According to the government, two patients died at Gandhi Hospital, while two others succumbed at Apollo Hospital and Global Hospital. Two fatalities were reported in Nizamabad and Gadwal each.

In the aftermath of what is clearly a healthcare crisis of worrying proportions, the state’s surveillance teams have sprung into action to discover more cases that could have been present at the Markaz and shift them to hospitals.

“Telangana Health Department requests those who attended the congregation at the Markaz to voluntarily report at hospitals,” Rao said on Twitter.

The big worry is that attendees of the Markaz could aid in the community spread of COVID-19 much like in South Korea, where a singular Patient 31 spread the deadly disease to thousands by way of clusters she came in contact with through social gatherings at church and restaurants.

No fears of community spread as yet

Healthcare workers in the state, however, believe there is no reason to fear community spread just as yet. “Patients who I have seen and who have shown symptoms of COVID-19 continue to be primary contacts of those who already have the illness,” said a Hyderabad-based doctor treating COVID-19 cases in the city, under the condition of anonymity.

“Community spread is when the source of the infection cannot be traced and multiple people end up getting sick, which hasn’t been the case yet,” he added.

The Union Health Ministry has shot down any fears over community spread thanks to the fallout of the Markaz. “We have a cluster containment strategy for hotspots, and special teams are conducting house-to-house searches for suspected patients,” said Lav Agarwal, Joint Secretary, Health Ministry, while speaking to reporters on March 31.

The ministry confirmed that individual states are forming special teams to detect such clusters. “The Delhi government has already quarantined all symptomatic individuals from Nizamuddin area in New Delhi,” Agarwal added.

Nizamuddin attendees counted

The Home Ministry said it shared details with all states on March 21, in the aftermath of Telangana’s COVID-19-positive cases from the Markaz. In all, 1339 Tablighi Jamaat workers have been shifted to the Narela, Sultanpri and Bakkarwala quarantine facilities in Delhi. The ministry has said that police in various states would scrutinize visas of the Markaz’s foreign workers to take action in the event of any violations of visa rules.

Earlier today, Jharkhand reported its first case of COVID-19 — a Malaysian national who attended the Markaz. Assam reported its first case too, but it remains unclear whether the patient attended the Markaz.

Multiple states in the south have begun counting patients who returned from the Markaz.

Officials in Tamil Nadu’s health department have confirmed that 1,500 people from the state attended the Markaz, of which 1,130 returned while the remainder stayed back.

“Out of the 1,130 people who returned, we have identified 515 people across several districts,” said Tamil Nadu Health Secretary, Beela Rajesh, “We are requesting the people who attended the meeting in Delhi to come forward and declare yourselves so that we can help you and your family.”

Karnataka has also identified 50 attendees of the Markaz and quarantined 34 of these cases. In fact, the state’s latest Coronavirus fatality is that of a 65-year-old who attended the event.

Patients 5 and 6 in Tamil Nadu are Thai nationals who attended the Markaz in Delhi. On Tuesday, Tamil Nadu reported 57 new COVID-19-positive cases, 50 of whom attended the Markaz. This brings the grand total of Coronavirus cases in the state to 124, 80 of whom attended the Markaz, sparking off fears of community spread. However, with all cases traceable, that fear has been kept in check, even if only for the moment.

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
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 5 Minutes Read

Government notifies medical devices as drugs from April 1

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

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Summary

The Narendra Modi government on Tuesday notified medical devices as drugs from April 1, 2020.

The Narendra Modi government on Tuesday notified medical devices as drugs from April 1, 2020.

The government is regulating 24 class of medical devices which have been notified/regulated as drugs under Drugs & Cosmetics Act 1940 and Drugs & Cosmetics Rules 1945.

According to government, four medical devices Cardiac Stents, Drug Eluting Stents, Condoms and Intra Uterine Device (Cu-T) are scheduled medical devices for which ceiling prices have been fixed. These four medical devices are under price control.

“As regard remaining non-scheduled medical devices which are notified/regulated as drugs, NPPA is currently monitoring Maximum Retail Prices (MRPs) under Para 20 of the DPCO, 2013 to ensure that no manufacturer/importers can increase the price more than ten percent in preceding twelve months,” the notification said.

“The Maximum Retail Prices (MPRs) of all the Medical Devices would be monitored by the government under the provisions of Para 20(1) of the DPCO, 2013 to ensure that no manufacturer/importer increases the MRP of a drug more than ten percent of MRP during preceding twelve month and where the increase is beyond ten percent of maximum retail price, it shall reduce the same to the level of ten percent of maximum retail price for next twelve months,” the statement said.

Further, with the Essential Commodities Act, 1955, the manufacturer/importer shall also be liable to deposit the overcharged amount along with interest thereon from the date of increase in price in addition to penalty, it added.

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
Quiz
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Tamil Nadu reports 50 new COVID-19 cases, 45 attended Nizamuddin Markaz

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

 Listen to the Article (6 Minutes)

Summary

What is worrying about the spike in the number of cases in the state is that the government reported 50 out of 57 of the cases are attendees of Nizamuddin Markaz held between March 13 and 15 in Delhi.

Tamil Nadu health minister C Vijayabaskar on Tuesday said the state has detected 50 new COVID-19-positive cases within the span of a single day.

Earlier in the day, the health department announced seven new cases. A total of 57 cases is the highest single-day case count in Tamil Nadu since the state’s first COVID-19 case was reported on March 7. With these new cases, now the number of COVID-19 cases in the state has gone up to 124.

What is worrying about the spike in the number of cases in the state is that the government reported 50 out of 57 of the cases are attendees of Nizamuddin Markaz held between March 13 and 15 in Delhi.

In all, 80 out of 124 cases are reported to have originated from attendees of the Markaz.

The religious gathering saw thousands flock to New Delhi including attendees from Indonesia and Thailand.

Several attendees at the event have tested positive for Coronavirus in the past few days.

According to reports, over 3,400 people had gathered at the Nizamuddin area for the Tablighi Jamaat event.

Six of these attendees succumbed to the illness in Telangana, according to the state government. Tamil Nadu could potentially see an estimated 1,500 COVID-19-positive cases owing to attendees returning from the Markaz, according to government officials.

“Nearly 1,500 people from Tamil Nadu attended the religious meeting in Delhi. Of these, 1,130 returned and the rest stayed behind,” said Tamil Nadu Health Secretary, Beela Rajesh, “Out of the 1,130 people who returned, we have identified 515 people across several districts.” Rajesh added, “We are requesting the attendees of the meeting to come forward and declare yourselves so that we can help you and your family.”

Confirming that 45 of Tamil Nadu’s 50 new COVID-19 cases have a travel history to New Delhi, Vijayabaskar tweeted: “All (patients have been) admitted in Kanyakumari, Tirunelveli, Chennai and Namakkal hospitals and are stable; will update details soon.”

Earlier in the day, Jharkhand reported its first COVID-19-positive case — a woman who attended the Nizamuddin Markaz. Karnataka’s latest Coronavirus-related death of a 62-year-old has also reportedly occurred owing to contact with infected attendees at the Markaz.

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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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

PNB, IOB cut lending rates by 75 basis points

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

 Listen to the Article (6 Minutes)

Summary

This follows last week’s decision by the RBI to cut the repo rate by 75 bps.

State-owned banks Punjab National Bank (PNB) and Indian Overseas Bank on Tuesday announced reduction in their lending rates linked to the repo rate by 75 basis points, effective April 1. This follows last week’s decision by the RBI to cut the repo rate by 75 bps.

Most of the public sector banks have passed on the benefit of the repo rate cut to their customers.

“We have decided to pass on the full benefit of the recent RBI’s policy rate cut of 75 bps to our borrowers covered under external benchmark-linked product of repo-linked lending rate (RLLR),” PNB said in a statement.

The cut is for retail and MSME borrowers, it said.

Also, Chennai-based Indian Overseas Bank (IOB) also said it has reduced RLLR by 75 bps.

The new RLLR will come down from the existing level of 8 per cent to 7.25 per cent per annum from April 1.

“Retail loans (housing, education, vehicle), loans to MSME, which are linked to RLLR, will now be available at cheaper rates,” IOB said in a statement.

PNB also reduced their MCLR by 30 bps across tenors and will be applicable for the amalgamated entity. PNB is merging Oriental Bank of Commerce and United Bank of India with it from April 1.

IOB also said it has reduced its one-year MCLR to 8.25 per cent from 8.45 per cent, effective from April 10.

Another public sector lender Union Bank of India said it has reduced its MCLR by 25 bps across all tenors.

Its one-year MCLR will be revised to 7.75 per cent, down from 8 per cent from April 1.

The new benchmark rates will also be applicable to the customers of Andhra Bank and Corporation Bank, which will be amalgamated into Union Bank of India with effect from April 1.

PNB also said it has further reduced its term deposit rates in various maturities bucket with maximum rate of 5.80 per cent for deposits maturing in one year and above.

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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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?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

RBI EMI moratorium: Retailers allege banks not proactive, seek RBI intervention 

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

 Listen to the Article (6 Minutes)

Summary

The Retailers Association of India (RAI), a body representing over 13,000 retail establishments in India, has sought the Reserve Bank of India’s intervention in availing immediate moratorium benefits from banks following Friday’s announcement.

The Retailers Association of India (RAI), a body representing over 13,000 retail establishments in India, has sought the Reserve Bank of India’s intervention in availing immediate moratorium benefits from banks following Friday’s announcement.

“Banks are not willing to take any action on this front,” the statement released by RAI said in its letter to the RBI, urging the regulator to issue “a firm and clear directive to all banks for implementing the moratorium”.

RBI announced a three-month moratorium on all term loans, and also permitted a three-month deferment in interest payment on all working capital loans for borrowers impacted due to the Coronavirus related lockdown, last Friday.

“As most stores are shut, retailers have zero revenue. They still have to pay overheads such as salaries, electricity, and rentals. The cash inflow of the industry has come to a standstill, while the fixed operating costs remain intact. With this background, the moratorium will provide some relief” the association said in its statement.

Retailers Association of India has further sought these additional relaxations from RBI:

1. Extend the moratorium to 9 months from 3 months, as demand will take much longer to stabilize and the industry is sitting on huge inventory positions.
2. Mandate banks to lend ad-hoc working capital loans of 25% more than current limits so that critical payments like salaries and wages can be made.
3. Announce a 4% interest subvention for 9 months to reduce the burden of interest.
4. Extend moratorium to non-fund sources of capital like Bills Discounting and Letters of Credit.
5. Request RBI to recommend SEBI to relax share pricing norms for QIP and Preferential Allotment to help companies raise capital. Significant Relaxation is also required for Rights Issues.

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
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
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?