5 Minutes Read

Explained: 5 Factors shaping the future of the Insurance Industry

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

 Listen to the Article (6 Minutes)

Summary

With a greater reach of smartphones, digital literacy and customisation, Insurance may move slowly towards being a ‘buy’ sector than a ‘push’ sector, only time will tell.

Over the last few quarters, the COVID-19 pandemic that brought widespread disruption in almost every industry hasn’t spared Insurance industry either. It has certainly triggered a transformation where multiple aspects of Insurers are being re-examined – from product creation, distribution to operations. These changes are underpinned by the need to go remote, digital and contactless.

The pandemic has also influenced how people now view insurance. As per a recent survey∗ of 1000 participants across Mumbai and Bangalore conducted by the leading reinsurance provider, Swiss Re Group, people are now increasingly cognizant of the need for life and health insurance.

The survey also found that 1 in 3 people now searched for new policies and 1 in 4 purchased a new policy during the three-month period from April to June 2020.

We can broadly categorise the transformations within the insurance business into five areas:

  1. Products  

Insurance products have always been perceived to be complicated with little clarity on what’s included or excluded for customers. Consumers now demand products that are specific to their needs and want to cover only the elements of risk that are relevant to them. In addition to an unexpected medical situation, recent business slowdown, job losses, event cancellation has got consumers to think on specific need-based policies than versus broad-based plans.

People are now paying greater attention to how the policy has been worded and are trying to understand the implications of the terms & conditions, exclusions listed, etc. In the future, customers will start seeking products that are more direct to their risks and needs, rather than being forced to buy a generic product that leaves room for interpretation.

This is putting greater pressure on insurance providers to revisit their product portfolio and offer simple relevant and on-demand protection products.

2. Distribution

Distribution being the ‘king’ is a no-brainer within the Insurance industry too, and Agency force has always been the kingmaker. Although we have been observing a small shift towards direct to digital channels over the last few years; yet Covid has certainly fast-tracked consumer behaviour to seek out products online. Insurers have now well-stocked the digital channels not just with simple auto-approval products but have included multi-risk product variants to the mix. Further, to keep Agency channels active and involved, new digital B2B2C tools with curated leads and customer data are now being harnessed for joint sales efforts. In the future, however, high-performance agencies may potentially demand privileged customer support services to differentiate and keep themselves attractive. Insurers will need to do a balancing act by managing both ‘traditional high performers’ and ‘data-driven digital’ channels.

3. Evolving digital-driven ecosystem

We’re seeing a certain degree of commoditisation of insurance products where customers may not be overly concerned about the insurance provider but will rather align with e-commerce or a digital distributor for ease of access, simple features and effective services. In the future, customers may gradually prefer buying Insurance products through platforms like Amazon, Flipkart, Practo, etc. Henceforth, Insurers will need to rely heavily on ecosystem partners to bolster their portfolio and will have to offer a broader range of services and privileges to customers.

4. Operations

Insurance operations have tested the rough waters during COVID. With Insurance classified as essential services, most Insurers had resorted to working from home model. Starting from Claims to Call centre, most of the operations were being managed remotely. There is a growing push for smart technologies to enable contactless services or near-real-time claims settlement. Mobile apps that allow customers to click photographs of a damaged car to uploading medical records, digital enablement is the need of the day. Of course, all these calls for integrations with robust fraud detection, cyber policing & waste abuse assessment tools.

5. Technology

Any disruption in the Insurance industry is only possible with strong technology platforms at the core. If we look at the technology adoption journey of a typical insurer over the past few decades, we can break it down into three distinct phases. In the first phase, insurance companies adopted computing to support their operations, product development and tools that could assist a simple hub and spoke operating model. In the next phase, insurers adopted technology to focus on enabling and connecting with agents, bank partners & customers – thus came data portals, e-communication tools and so on.

Now, in what we can call ‘Digital 3.0’, the sector has woken up to the potential of technology-driven by mobile digital technologies, data-driven ecosystem partners & automation enabled services. A seamless two-way engagement with all stakeholders is the order of the day. This has brought tremendous scope for high degree customization and co-creation of products, services, and offerings for their customers.

In all of these, technology is playing a key role in driving the renewed transformation of the insurance sector. With a greater reach of smartphones, digital literacy and customisation, Insurance may move slowly towards being a ‘buy’ sector than a ‘push’ sector, only time will tell.

—The author Pradeep Satya is the Founder & CEO of Synergy Strategic Solutions. Views are personal

FE

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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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

Govt extends benefits of tax refund scheme to all export goods

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

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Summary

“Taking a major step to boost exports, the government has decided to extend the benefit of the scheme for RoDTEP to all export goods with effect from January 1, 2021,” the finance ministry said in a statement.

Giving a relief to exporters, the government on Thursday said it has decided to extend the benefit of tax refund scheme RoDTEP to all goods, with effect from Friday.

In March, the government approved the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) for reimbursement of taxes and duties to exporters, with a view to give a boost to the country’s dwindling outbound shipments.

“Taking a major step to boost exports, the government has decided to extend the benefit of the scheme for RoDTEP to all export goods with effect from January 1, 2021,” the finance ministry said in a statement.

The scheme, it said, would refund to exporters the embedded central, state and local duties and taxes that were so far not being rebated or refunded and were, therefore, placing India’s exports at a disadvantage.

“The refund would be credited in an exporter’s ledger account with customs and used to pay basic customs duty on imported goods. The credits can also be transferred to other importers,” it added.

It added that the RoDTEP rates would be notified shortly by the Department of Commerce, based on the recommendation of a committee chaired by G K Pillai, former commerce and home secretary.

The final report of the committee is expected shortly, it said. “An exporter desirous of availing the benefit of the RoDTEP scheme shall be required to declare his intention for each export item in the shipping bill or bill of export,” the statement said.

The RoDTEP would be allowed, subject to specified conditions and exclusions, it said. The notified rates, irrespective of the date of notification, shall apply with effect from January 1, 2021 to all eligible exports of goods, the statement added.

Commenting on the development, Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf said notification of RoDTEP rates is crucial as it would help an exporter to decide prices of their products.

He said incentives under the MEIS (Merchandise Export from India Scheme) should be extended to those goods for which the rates have to be notified from time to time. The country’s exports declined 17.76 percent to $173.66 billion during April-November this fiscal.

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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In pics | How India ordered food in 2020

22 Biryani orders per minute! Let’s have a look at what else India ordered during in 2020.
You might not like Veg Biryani all that much, but we have a clear winner. Sorry, numbers don’t lie.
Whoever said food is a real stress-buster knew what they were talking about.
And that’s how stress reflects in real lives, guys.
Now we know where all those Momos went.
The question is, who sold what at Rs 10?
The Pizza love never grows old, whatever be the year.
Zomato, can we get the address?
Yeah, this is a reminder post. Biryani is the best.
 5 Minutes Read

Can Farmer Producer Organizations (FPOs) help realise the true benefits for farmers?

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

 Listen to the Article (6 Minutes)

Summary

If implemented appropriately, these three reforms have the potential of driving the agriculture sector to the next level by bringing in productivity and efficiency and infusing the much-needed investments and advanced technologies in the industry.

The agriculture sector is at the cusp of transformation, driven by multiple initiatives started by the Government of India over the last six years, latest being the three reforms namely Farmer’s Produce Trade and Commerce (Promotion and Facilitation) Act 2020, Farmer (Empowerment and Protection) Agreement of Price Assurance and Farm Services Act, 2020 and the Essential Commodities (Amendment) Act, 2020.

If implemented appropriately, these three reforms have the potential of driving the agriculture sector to the next level by bringing in productivity and efficiency and infusing the much-needed investments and advanced technologies in the industry.

 We think that the implementation need not be in a traditional manner of top-down, extension services drive mode, but needs to be conceived in a way where farmers are partners in implementation. Farmer groups and FPOs could be the entities driving the implementation on the ground.

Currently, there are approx. 5000 to 6000 FPOs operating with varying degrees of viability in the agriculture sector, with 10,000 more FPOs expected to be developed in the next five years.

FPOs can be involved across the value chain in delivering the desired results viz. pre-harvest, harvest, and post-harvest. In the pre-harvest, FPOs can be involved in setting up of seed and soil testing laboratories, DNA fingerprinting laboratories as a hub-and-spoke model in PPP mode, and extension of Seed Bank scheme for benefitting FPOs.

FPOs on their own may not be able to perform these activities and hence, a nodal agency like SFAC, and other key stakeholders at apex level like National Bank for Agriculture and Rural Development (NABARD), and National Cooperative Development Corporation (NCDC) may develop common frameworks, business plans, standard operating procedures (SoPs), and capacity-building tools.

Identification of such activities to be performed by the nodal agency needs to be based on the economies of scale & scope, and principles of natural monopoly.

 FPOs play an instrumental role in increasing farm mechanisation where India lags far behind countries like the USA, China, or even Brazil. For example, there are various apps available using which FPOs/farmers can get farm equipment for harvesting and post-harvesting on rent and pay as per the usage.

FPOs can be both the purchaser and the provider of these services. Some of the implementing agencies may also be able to act as facilitators to catalyse the interoperability across apps as well as penetration among farmers through awareness generation and facilitated adoption.

 FPOs can also be the quality assaying agencies and part of the logistics provider network in terms of ensuring last-mile connectivity, including the role of freight forwarding and loading/unloading.

Further, nodal agencies could provide the know-how, standard operating procedures and capacity building training to FPOs for running the quality assaying labs. These labs can be started with commodities like oilseeds which are easier to assay with instantly visible benefit, thereby contributing to enhanced credibility of the system.

Further, development and expansion of these centres on the franchise model for a wide-ranging set of commodities would not only provide necessary back-up for demanding premium prices but also create a brand value with improved credibility.

 Development of new mandis would be another area for State /regional level consortium of FPOs to participate in. Electronic software, standard operating procedure, and capacity building required in this regard can be developed by a nodal agency and shared with the federation of FPOs. Recently, one such mandi has become operational in Pune with the support of the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED).

 FPOs can also be instrumental in introducing new technologies. Many of the technology firms are already working and need to be connected with farmer groups for availing benefits. Nodal agencies can make use of already existing schemes like Sub Mission on Agricultural Mechanization (SMAM) and devise a plan to provide both technical and financial assistance to FPOs in adopting these technologies and make it cost-efficient.

 Therefore, FPOs may be at the forefront of the business opportunities germinating out of these reforms. We expect that appropriate implementation shall lead to leapfrogging towards doubling farmers income. It will also lead to the development of an entirely innovative and technology-driven eco-system (assaying, logistics, weighing, loading-unloading, freight forwarding, among others.) when FPOs are partners in implementation. 

—The authors, Neelkamal Darbari is MD at Small Farmers’ Agribusiness Consortium (SFAC), and Satyam Shivam Sundaram is Partner at Government and Public Sector, EY India. Views are personal. 

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

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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?

In Pics: Indian Foreign Policy in 2020; From tensions at LAC with China to health diplomacy in pandemic

Health diplomacy: India, known as the pharmacy of the world, commercially supplied Hydroxychloroquine and active pharmaceutical ingredient of HCQ to 82 countries, including the US. Moreover, India has so far exported more than 20 million PPE and over 40 million N-95 masks.

 

 

 

 

 

 

 

 

Prime Minister Narendra Modi had earlier said that India’s vaccine production and delivery capacity will be used to help all humanity in fighting this crisis. Recently, the Ministry of External Affairs (MEA) had organised a visit of 64 foreign envoys to leading biotech companies in Hyderabad –Bharat Biotech and Biological E — displays India’s vaccine diplomacy and achievements, besides reach-out efforts to ensure future cooperation on the Covid-19 front.
Evacuation of citizens: The diplomatic efforts and priorities of the Indian government shifted to healthcare and evacuating its citizens from the COVID-19-affected regions. Nearly 4 million Indians have returned from abroad after the government launched the ‘Vande Bharat’ evacuation mission on May 7 in view of the coronavirus pandemic.
PM Narendra Modi
Foreign visits versus virtual summits: PM Narendra Modi did not take a single foreign trip for the first time since taking office in 2014. But the PM held several virtual summits with leaders in Sri Lanka, Bangladesh, Australia, Luxembourg, European Union, Uzbekistan, and Denmark. He also made extensive phone calls to keep in touch with world leaders in the absence of in-person meetings.
PM at G20 calls for reform in multilateral organisations to ensure better global governance
Multilateralism: India pushed for the resurrection of old multilateral forums like SAARC and NAM to coordinate regional preparation and chart out plans to contain the pandemic. The PM attended several virtual multilateral summits including G20, India-ASEAN Summit and BRICS. India also hosted the Shanghai Cooperation Organisation’s (SCO) Council of heads of government summit in November.
COVID-related humanitarian aid: India has also provided economic aid to many countries including the Maldives and Sri Lanka to mitigate the impact of coronavirus. In September, India handed over financial assistance of USD 250 million to the government of Maldives as budgetary support to mitigate the economic impact of the Covid-19 pandemic. New Delhi had finalised a $400-million currency swap facility for Sri Lanka under the SAARC framework to mitigate the impact of Covid-19.
A man walks inside a conference room used for meetings between military commanders of China and India, at the Indian side of the Indo-China border at Bumla, in the northeastern Indian state of Arunachal Pradesh, November 11, 2009. REUTERS/Adnan Abidi/Files
India-China relations: Beijing-New Delhi ties have nosedived amid the ongoing standoff in the Ladakh between the PLA and the Indian Army. The ties between the two Asian powers nosedived significantly following a fierce clash in the Galwan Valley that left 20 Indian soldiers dead in mid-June. The Chinese side also suffered casualties but it is yet to give out the details. According to an American intelligence report, the number of casualties on the Chinese side was 35.
India-Pakistan ties: New Delhi-Islamabad relations remained unchanged as Pakistan continued with its support to cross border terrorism to create instability in Jammu and Kashmir while India maintained a policy of hot pursuit to deal with the menace. India also continued its diplomatic offensive against Pakistan on the issue of terrorism and remained firm on not having any talks with Islamabad until it stops cross border terrorism.
US President Trump at Sabarmati Ashram
India-US ties: The ties between New Delhi and Washington saw major expansion with the two countries elevating it to a “comprehensive global strategic partnership” during the two-day visit to India in February by President Donald Trump. In October, India and the US sealed the long-pending BECA (Basic Exchange and Cooperation Agreement) agreement to further boost bilateral defence ties. The pact provides for sharing of high-end military technology, logistics and geospatial maps between the two countries. India expects the relations to grow further under Joe Biden’s presidency as he is known to be a strong proponent of closer India-US ties since his days as a senator in the 1970s.
Nepal-China
India-Nepal relations: Relations with Kathmandu came under some strain after Defence Minister Rajnath Singh inaugurated an 80-km-long strategically crucial road connecting the Lipulekh pass with Dharchula in Uttarakhand in May. Nepal claimed the road passed through its territory. The relations appeared to be back on track to a significant extent following visits to Kathmandu by Foreign Secretary Harsh Vardhan Shringla and Army Chief Gen MM Naravane in November. Meanwhile, New Delhi closely keeps a tab on the growing ties between Beijing and Kathmandu.
Subrahmanyam Jaishankar
Quad Meet 2020: As Chinese actions in key maritime channels fueled greater concerns, foreign ministers of India, the US, Australia and Japan held extensive in-person talks under the framework of the Quadrilateral coalition or Quad in Tokyo on October 6, signalling serious resolve to work vigorously towards a collective vision for a free, open and inclusive Indo-Pacific.
UN Security Council: In another important development, India scored a major diplomatic victory in June to become a non-permanent member of the UN Security Council for the 2021-22 term. India won 184 votes out of 192 valid votes in the elections held for the vacant non-permanent seats.
 5 Minutes Read

Here’s what key voices from business and markets world told CNBC-TV18 on the last day of the year

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

 Listen to the Article (6 Minutes)

Summary

Here is what market gurus and industry captains said about the near-term trajectory on the last day of 2020.

A lot of it is happening because of cut of stamp duty and cut of interest rates. We will have to see how that lasts because I am seeing this as a short-term phenomenon and things will go back to slightly earlier rates unless housing prices fall down. I don’t think a massive increase in transactions is sustainable. Watch here.

Deepak Shenoy, Founder, Capitalmind

*************

Last year, in 2019, the registrations of homes in Mumbai region were about 67,000 units odd and this year, 2020, we are closing it at more than 64,000 units, which means ever since the stamp duty cut was declared, the rise in registrations has been fabulous. Watch here.

Gulam Zia, ED, Knight Frank

*************

The nation is powering ahead with solar energy and the government has decided that in the spirit of ‘Atmanirbhar Bharat’, the modules that are going to generate the energy and the cells which are the active ingredients in the modules should be made in India. When the module is in India, the other very important component of the module is solar glass on which the whole module comes into existence. It so happens that we are the only manufacturers of solar glass in India and therefore we have a chance of being able to meet the requirement of the module maker in India by supplying solar glass from our company. Watch here.

Pradeep Kheruka, Chairman, Borosil

*************

The housing sector which has been in the doldrums again is showing up very nicely with the support of the government initiatives both local and central. So we are in a very sweet spot on fundamentals. Globally, also the environment is very supportive in terms of recovery so with vaccine also kind of coming through the next 6 months could further board well for the sentiment and for the growth. Watch here.

S Krishna Kumar, CIO-Equity, Sundaram Mutual Fund

*************

The Nifty is up 15 percent for the year which is our long-term average annual return from the Nifty. I am not sure if COVID is eradicated next year, then maybe this is not one of those extreme bubble movements. I think with the next four-five years, we are set up for a massive earnings recovery and if that plays out, then this 15 percent return is very possible going forward. Watch here.

Susmit Patodia, Associate Director and Fund Manager-PMS, Motilal Oswal AMC 

*************

The sectors that I am positive about is real estate and technology. Real estate is a very strong theme that will play out for the next 6-12 months. Within that, either look for financer or the developer themselves directly. Oberoi can be one play for playing the Mumbai micro market and DLF as a larger one. Within lenders, the top idea there is HDFC. Watch here.

 Suveer Chainani, Market Expert

*************

The thing to focus on is not whether the economy is recovering or not but investors should focus on the strength of a franchise, its ability to grow earnings, its ability to protect itself from wider forced such as COVID, inflation and thus generate value for shareholders. Watch here.

Saurabh Mukherjea, Founder, Marcellus Investment Managers

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.
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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

EPFO begins crediting 8.5% interest for 2019-20, to reflect in EPF accounts from January 1

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

 Listen to the Article (6 Minutes)

Summary

Retirement fund body EPFO has retained 8.5 per cent interest rate on employees’ provident fund (EPF) for 2019-20 for its over six crore members as decided earlier, and also began crediting the same into their accounts on Thursday.

Retirement fund body EPFO has retained 8.5 percent interest rate on employees’ provident fund (EPF) for 2019-20 for its over six crore members as decided earlier, and also began crediting the same into their accounts on Thursday.

A large number of the members of the Employees’ Provident Fund Organisation (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent interest for 2019-20, from Friday, a senior official told PTI.

The official further said the labour ministry has already sent the direction to credit the 8.5 percent interest on EPF for 2019-20 to the EPFO, and the body has already started crediting interest into the members’ account for the last financial year. Labour Minister Santosh Gangwar said, “We had said that it would be our endeavour to provide 8.5 per cent interest rate on EPF for 2019-20. We have issued a notification to provide 8.5 per cent rate of interest on EPF for 2019-20. We have also began the process to credit the said rate of interest into subscribers’ account.” The minister added that he has asked to ensure that all those members who are retiring on December 31 also get 8.5 per cent rate of interest for 2019-20.

The process for capital gains for a payment of 0.35 per cent interest for 2019-20 has also been completed, he added. The EPFO in September 2020 decided to retain 8.5 percent interest rate. But, it had spilt the rate of return into two components of 8.15 percent (from debt income) and 0.35 per cent (from capital gains) from the sale of ETFs (exchange-traded funds), subject to their redemption by December 31, 2020.

The EPFO had earlier planned to liquidate some of its investment in ETFs to provide 8.5 per cent interest for the last financial year. However, it could not do so because of the choppy market conditions amid the lockdown, induced by the COVID-19 pandemic. The official said the market conditions are more than favourable these days.

Earlier in the day, Gangwar approved the 8.5 per cent interest rate for last financial year after receiving the finance ministry’s concurrence. Thereafter, the direction was sent to the EPFO for crediting the interest on EPF into the subscribers’ accounts.

In March this year, the EPFO’s apex decision making body Central Board of Trustees, headed by Gangwar, approved 8.5 per cent interest rate on EPF for 2019-20. In September 2020, the EPFO had decided to split the 8.5 per cent interest rate into two. But, later in December, the ministry decided to credit the entire 8.5 per cent into subscribers’ accounts in one go.

 

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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 -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
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Sebi extends date for applicability of NAV from January 1 to February 1, 2021

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

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Summary

“Upon consideration of the subsequent representation received from AMFI regarding operational challenges, it has been decided to extend the date of applicability of the aforementioned provision to February 1, 2021,” Sebi said in its recent circular.

Due to operational challenges presented by AMFI, the markets regulator Sebi on Thursday has extended the date of implementation of uniformity in applicability of NAV on realisation of funds to February 1, 2021 from January 1, 2021.

“Upon consideration of the subsequent representation received from AMFI regarding operational challenges, it has been decided to extend the date of applicability of the aforementioned provision to February 1, 2021,” Sebi said in a circular.

According to the new rules which was announced in September, investors will purchase NAV of the day when investor’s money reach AMC, irrespective of the size of the investments.

With respect of the purchase of units of mutual fund schemes (except liquid and overnight schemes), closing NAV of the day shall be applicable on which the funds are available for utilisation irrespective of the size and time of receipt of such application. These rules would not apply to liquid and overnight funds.

Under existing rules, the NAV of the date of purchase is considered for investments of less than Rs 2 lakh, even if the money does not reach the asset management company (AMC), provided the purchase order is places within the cut-off time.

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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Yearender 2020: Controversial statements by Indian politicians this year

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

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Summary

The year 2020 has been a tumultuous year as Citizenship Amendment Act protests, COVID lockdown and new agriculture laws disrupted normalcy in the country. Amid these disruptions, many politicians made unsavory statements and these comments triggered furore and dominated political discourse in 2020.

The year 2020 has been a tumultuous year as Citizenship Amendment Act protests, COVID lockdown and new agriculture laws disrupted normalcy in the country. Amid these disruptions, many politicians made unsavory statements and these comments triggered furore and dominated political discourse in 2020.

1) Sanjay Raut (Shiv Sena spokesperson): “Kangana Ranaut is har**khor.”

Shiv Sena leader Sanjay Raut called Kangana ‘haramkhor’. In a new video, Ranaut slammed Raut for his mindset and criticised Mumbai Police’s investigation into Sushant Singh Rajput’s death case.

2) Kamal Nath’s “item” jibe at BJP woman candidate

Senior Congress leader and former Madhya Pradesh CM Kamal Nath in the run-up to Madhya Pradesh legislative assembly by-polls, stirred a political storm when he called BJP minister Imarti Devi as an “item”.

3) Farooq Abdullah (Former Jammu & Kashmir chief minister): They’d (Kashmiris) rather have China rule them.”

Farooq Abdullah stirred controversy as he made a statement in an interview with The Wire that Kashmiris rather love to be ruled by China.

4) Anurag Thakur: ‘Gun down traitors of country’

During the Delhi Assembly elections campaign, BJP leader Anurag Thakur caught on camera saying “Gun down traitors of country”.

5) Ashok Gehlot (Rajasthan chief minister): ‘Sachin Pilot is ‘nikamma, nakara’

Talking to reporters, Gehlot said Sachin Pilot is ‘nikamma’, ‘nakara’ (slothful and wastrel) he was only making people fight.

6) Suman Haripriya (Assam BJP MLA): ‘Gaumutra’ and ‘Gobar’ to cure Coronavirus

While the world was grappling with novel coronavirus outbreak, Assam BJP MLA Suman Haripriya has made a bizarre statement on the cure for coronavirus.

“We all know that cow dung is very helpful. Likewise, when cow urine is sprayed, it purifies an area… I believe something similar could be done with ‘gaumutra’ and ‘gobar’ to cure Coronavirus (disease),” she said during a discussion on the first day of the budget session of the Assembly.

7) Rahul Gandhi is like a student eager to impress the teacher, but lacks aptitude and passion: Barack Obama in his memoir

Former US president Barack Obama i his memoir said Congress leader Rahul Gandhi has a “nervous, unformed quality” about him like a student eager to impress the teacher but lack aptitude and passion to master the subject.

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

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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?