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Bajaj Auto advises dealers to self-invoice vehicles before BS4 deadline

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

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Summary

Regional sales managers have asked dealers to reach out to FADA representatives to ensure their “sold but unregistered” vehicles are part of the affidavit the dealers’ body will submit in court on April 3.

Pune-based motorcycles and three-wheeler manufacture Bajaj Auto has advised dealer partners to ensure that all BSIV vehicles are billed by end of day (March 31).

The company’s regional sales managers have written to dealers to reach out to their nearest FADA representative to ensure that their “sold but unregistered” vehicles are part of the affidavit that the dealers’ body will submit in the Supreme Court on April 3.

According to a March 27 SC order, only those BSIV vehicles sold before March 31, and those mentioned in the FADA affidavit to the court will be allowed to be registered until April 30.

Bajaj Auto said that dealers can file such cases with the local Regional Transport Office (RTO) as an affidavit for consideration under the SC order.

The company, like other OEMs, has issued clear instructions to dealers to bill BSIV vehicles in stock to the dealership or to a staff-member, as post March 31, 90 percent of the unbilled vehicles will turn to scrap.

In the VAHAN dashboard and for OEMs, a vehicle is considered sold once it is billed by the dealership. For dealers, however, these vehicles are a liability until they are sold to the retail customer in the second-hand market, which fetches a lower value for the product.

Bajaj Auto told CNBC-TV18 that the company expects to have zero BSIV stock by April 1.

However, CNBC-TV18 has learnt from sources that as of March 31, there were close to 30,000 Bajaj Auto units at dealerships, concentrated mostly in certain smaller towns in Madhya Pradesh, West Bengal and Uttar Pradesh.

While the company has unsold units in the commuter segment, its Pulsar and Avenger models in the urban markets have performed well and are stocked out.

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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Covid-19: Telecom infra firms say they face issues with tower installation to meet demand, dial DoT

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

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Summary

Telecom infrastructure companies cite regulatory and logistical issues for installation of new towers to meet the increased demand as the lockdown due to COVID-19 pushed companies to make employees work from home.

Telecom infrastructure companies cite regulatory and logistical issues for installation of new towers to meet the increased demand for data as the lockdown due to COVID-19 pushed companies to make employees work from home.

The Tower and Infrastructure Providers’ Association (TAIPA) on Tuesday moved the office of the Telecom Secretary Anshu Prakash citing regulatory and logistical issues in augmenting the telecom infrastructure to cope with the spike in demand.

The TAIPA, in a letter, has sought an urgent intervention from the Centre to help bring various states on board with the RIght of Way Policy of 2016 to facilitate setting up required upgrade of infrastructure urgently.

The letter comes amid an unprecedented surge in data consumption as the lockdown pushed companies to make employees work from home. Estimates have pegged the surge in data consumption by 30 percent at a pan-india level.

Meanwhile, urban clusters of Hyderabad and Bengaluru have seen spikes of 70 percent in terms of online traffic. This strain on telecom networks had led telecom companies’ appealing to various online video content providers such as Netflix and Amazon to switch from HD to SD.

Citing the increased pressure on network capacity, TAIPA has urged the DOT to help in augmenting infrastructure. In the letter, TAIPA has pointed out that out of 36 states and UTs, only 16 have aligned policies and guidelines with the Right of Way Policy of 2016.

The Right of Way rules were notified in November of 2016 to allow a policy framework for approving setting up of new towers and laying of fibre cables.

The telecom infrastructure companies association has highlighted the lack of compliance with the ROW Polciy of 2016 is coming in the way of installing fresh infrastructure, which in turn is coming in the way of seamless connectivity, especially in times of heightened demand.

The TAIP argued many states have no guidelines for installation of new towers. It also complained that many states have restrictive policies on towers in residential and coastal areas, etc.

The TAIPA also urged states such as Kerala charge its exorbitant fees for allowing the companies to lay optic fibre.

T R Dua, Director-General, TAIPA, said, “To keep the data usage and smooth functioning of telecom services 24/7, the telecom sector needs critical robust infrastructure. With more than 3 years gone, only 16 states out of 36 States/UT’s have broadly aligned their policy with Row policy 2016. Such policy anomaly in the states have deprived citizens and especially and others, from seamless network and internet connectivity and would impede rollout of new technologies like 5G, M2M/IoT etc. in the States.”

It identifies states of Karnataka, Andhra Pradesh, Gujarat, Goa, Tamil Nadu, Telangana, Kerala, Punjab, and Chhattisgarh where the problem is acute.

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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The growing attack on the WHO’s coronavirus leadership is driven by politics, not principles

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

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Summary

For besieged leaders in Beijing and Washington, there’s good reason to turn attention from their failures in battling the pandemic on to nationalism.

“Eradicate malaria”, read the posters that sprang up across rural India in the late 1950s, showing a monster-sized mosquito being fought by peasants armed with pesticide. In an act of subversiveness, or perhaps resignation, the unknown artist who designed the poster for the Ministry of Health clad his distinctly under-muscled malaria heroes only in kacchas: there was no point pretending the warrior for Indian socialist progress was the bicep-bound superman of Soviet propaganda.

The author RK Narayanan recorded the malaria campaign didn’t exactly fire the minds of the millions. “No wonder the people get malaria in those countries”, he has one peasant say in Malgudi Days of the gargantuan propaganda mosquitos. “ ‘Our own mosquitoes are so tiny that they are harmless’, which depressed the lecturer on malaria so much that he remained silent for ten minutes”.

Now, as the Wuhan virus rages across the world, the World Health Organization (WHO) has come under the most sustained assault it has faced since the collapse of its founding project, that great war against the mosquito. Tedros Adhanom Ghebreyesus, the WHO’s director-general, is accused of having covered up the seriousness of the epidemic at China’s urging—in essence, placing the superpower’s concerns over those of the world.

There’s no doubt some in the WHO have demonstrated an almost bizarre Beijing-philia: Ghebreyesus’ advisor, Bruce Aylward, evidently panicked and hung up on an interviewer who asked about Taiwan, a country China has successfully excluded from the global health body.

An easy target

Like with most things to do with nation-states, though, the real battle is about geopolitical influence and power—not the ethics of the WHO’s conduct. Faced with criticism of their governance skills from their publics, leaders in Beijing and Washington are scrambling to find scapegoats. The WHO’s leadership is an easy target.

In spite of its profile, the WHO is something of a bit-part in global health. The reason why isn’t a mystery. “The WHO’s budget for the biennium 2018–2019”, scholars Srikanth Reddy, Sumaira Mazhar and Raphael Lencucha have noted, “hovered around $4.421 billion, while the annual healthcare and social services budget of Quebec, a Canadian province in which we live is approximately $33 billion”. Indeed, the WHO had less funding “than the budget of many major hospitals in the United States”.

This year, the WHO’s budget is about $4.5 billion; the United Kingdom’s National Health Service alone has budgeted to spend some $133 billion. For the developing world, most dependent on the WHO, this has significant consequences.

Faced with the Ebola epidemic in 2014, the WHO was criticised for a slow, inept response. That was true—but the fact was the organisation’s outbreak and response budget, the allocations needed in the crisis, had dropped from $469 million in 2012-2013, to $228 million in 2014-2015.

Each of the WHO’s 194 members are meant to pay an assessed contribution, based on their income. In addition, both member-states and private-sector trusts pay voluntary donations, either for specific projects or emergencies. But as major governments began slashing funding after the Cold War, the WHO survival became increasingly tenuous.

Led by the United States, international institutions were seen, after World War II, as a means to consolidate liberal capitalism across the world—using progress as a tool. In 1948, the WHO came into existence, and soon found itself at the frontlines of a gargantuan global effort to eradicate malaria across the world. Based on the United States armed forces’ experiences in east Asia with the new pesticide, DDT.

From the outset, in 1955, some were sceptical about the campaign. No-one, they argued, knew how to effectively administer such a programme in the more under-administered regions of the world. The sceptics were proved right: As malaria resurged, in the 1960s, in areas it was claimed to have been eradicated, the campaign was terminated.

The Soviet Union, supported by many developing countries, now campaigned for universal primary healthcare, scholar Indira Chakravarthi has recorded. Halfdan Mahler, the WHO’s then-Director, saw the Soviet medical-driven system as useless for the developing world, and instead pushed for an alternate primary health system centred around the provision of food, drinking water and immunisation.

Donor pressure

From the 1990s, the WHO became increasingly dependent on voluntary contributions—often from private donors with their own agenda. In developing countries, criticism soon began to mount against what were seen as West-driven policies, which critics argued were inappropriate to regional and local needs. In India, for example, the WHO was charged with promoting excessive focus on polio immunisation, over the demands of other epidemic diseases. Elsewhere, there was concern over the WHO’s retreat from non-communicable diseases, and global rules to curb harmful foods.

Tedros’ unprecedented 133-50 triumph in the first WHO election where all members had an equal vote was, in key senses, a rebellion against this order of things. The developing world wanted a say in how the WHO was run, and what it ought do.

Last year, Tedros placed universal healthcare back at the centre of the WHO’s agenda, and outlined plans to have voluntary funds placed in a central pool, not donor-driven programmes. “I do not believe in perpetual reform”, the WHO director-general said, pushing back against further funding cuts. “I think WHO staff are reformed out.”

Looking out at the more bizarre assertions of his critics, it’s hard to miss the sense that at least some in the West are looking to settle the score: Tedros, some tellings of the story have it, is tainted by a Marxist past, ideologically beholden to Beijing. Foreign minister of Ethiopia from 2012-16, and Health Minister from 2012, Tedros’ was part of the Ethiopian People’s Revolutionary Democratic Front, and at one point, a Marxist group with close links to the Soviet Union. The story’s thrilling—but also pure fiction.

Following the collapse of the Soviet Union, the EPRDF reinvented itself. In the wake of 9/11, it led Ethiopia into a strategic partner of the United States’ Global War on Terrorism. As a member of prime minister Meles Zenawi and Hailemariam Desalegn’s cabinets, there’s little doubt Tedros would have known of Ethiopia’s provision of military bases to the USA, and even Central Intelligence Agency-run secret prisons, to combat jihadists in the Horn of Africa.

China’s investments in Ethiopia have indeed boomed, with the country building highways, ports, telecommunications infrastructure, railways and dams. But since 9/11, those investments have been dwarfed by assistance from the United States, which has consistently been the largest donor to the country. Ethiopia under Tedros’ foreign policy stewardship played all sides—just like all developing countries must.

Downplaying Wuhan virus

Beijing and Tedros weren’t, moreover, the only one downplaying the Wuhan virus threat. President Donald Trump ignored specific warnings from his own intelligence community in January and February—warnings that came in on the back of epidemic threat assessments delivered to him in 2017, 2018 and 2019, calling for more infrastructure to be built. There’s a long list of European countries, from the United Kingdom to Italy, which behaved in much the same manner.

Lawrence Gostin, among the experts who wanted a public health emergency declared earlier, told the BBC that “it was only a short delay and I don’t think the timing had any impact on the trajectory of Covid-19”.

There’s no great mystery to why bureaucrats stalled: the economic consequences of the drastic action a pandemic would have required were gigantic, and few wanted to be responsible for the fallout. Notably, Tedros’ predecessor, Margret Chan, was slammed for declaring an emergency when confronted with Swine Flu in 2010—leading countries to stock up on supplies and medication they did not eventually need.

Tedros’ experience in Ethiopia likely serves as a model for his conduct. The United States, not Beijing, is the WHO’s largest single national financier—but its support is, at best, uncertain. Even as the pandemic raged across the world, President Trump proposed slashing $3 billion from the United States’ international health aid, and having its $50 million contribution to the WHO. Beijing is the next largest donor, paying $25 million—and the WHO director-general knows his words of support are likely to be repaid with interest, in cash.

For besieged leaders in Beijing and Washington, there’s good reason to turn attention from their failures in battling the pandemic on to nationalism. Tedros and the WHO are scapegoats for far larger failings in global health infrastructure and preparedness.

For India, it is critical to avoid getting trapped in a New Cold War, and instead focus on building a blueprint for the credible global health system the developing world desperately needs.

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

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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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Small savings shock for citizens: Govt cuts PPF, NSC, other rates by 0.7-1.4%

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

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Summary

The government has cut the small savings interest rate on a number of instruments from anywhere between 70 basis points to 140 basis points. A basis point is a hundredth of a percent.

The government has cut the small savings interest rate on a number of instruments from anywhere between 70 basis points to 140 basis points. A basis point is a hundredth of a percent.

The government cut the rate on the Public Provident Fund (PPF) for the April-June period by 80 bps, or from 7.9 percent to 7.1 percent.

It slashed the National Savings Certificate (NSC) rate by 110 bps from 7.9 percent to 6.8 percent.

The rate on Kisan Vikas Patra has been slashed by 70 bps, from 7.6 percent earlier to 6.9 percent.

The rate on 5-year recurring deposit has been cut by 140 bps from 7.2 percent to 5.8 percent while that on time deposits has been slashed by 100 bps, from 7.7 percent to 6.7 percent.

Rates on small savings schemes are revised on quarterly basis.

The government walks a tightrope to balance the interest of savers and borrowers while deciding on the interest rate for savings schemes: very low interest rates hurt savers while high-interest rates make it difficult for banks to cut their own rates on instruments such as fixed deposits. Since banks to continue to pay high interest to their savers, they are effectively not able to lower their lending rates as well.

The MPC in its February Bi-monthly Monetary Policy Statement said that while there is a need for adjustment in interest rates on small saving schemes, the external benchmark system introduced from October 1 last year has strengthened the monetary transmission.

Department of Economic Affairs Secretary Atanu Chakraborty had recently hinted at a revision in small savings rate next quarter, in line with market rate, a development that could lead to speedier transmission of monetary policy rate.

“In India, right now we have about Rs 12 lakh crore in small savings schemes and roughly Rs 114 lakh crore in bank deposits. So the liability side of banks is getting affected by Rs 12 lakh crore. When banks say this, it seems a bit of a tail wagging the dog situation,” Department of Economic Affairs Secretary Atanu Chakraborty had said last month.

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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COVID-19 impact: Nykaa suspends operations days after raising Rs 100cr

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

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Summary

Beauty products and cosmetics retailer Nykaa has told vendors and partners to expect a delay in payments as the business has been disrupted in the lockdown due to the COVID-19 crisis.

Beauty products and cosmetics retailer Nykaa has suspended operations and also informed vendors and partners to expect a delay in payments as the business has been disrupted in the lockdown due to the COVID-19 crisis.

This comes even as the company raised Rs 100 crore in funding just a few days ago. As per regulatory filings sourced from paper.vc, Nykaa raised Rs 100 crore from Steadview Capital on March 24.

Nykaa informed vendors on Tuesday that the company’s cash flow and income have been impacted as it had had to shut operations, which could lead to a delay in making payments of outstanding invoices.

The communication sent to vendors was shared with CNBC TV 18 by the All India Online Vendors Association (Aiova).

The company has not responded to queries.

Ecommerce operations have been allowed to run only for essential services under the lockdown, with even etailers such as Flipkart and Amazon only delivering groceries and hygiene products.

“We have suspended our operations and temporarily shut down all our retail stores, our corporate offices, warehouses pan India. The lockdown has already impacted business across industry, and this will have significant impact on the business cycle including cash conversion cycle,” Nykaa said in its letter to vendors.

“Like all consumer-facing businesses, we now face a situation where our cash
flow and income are impacted, but on the other hand, our expenses remain constant. In light of this, we find it prudent to update you that there will be a delay in making payments of outstanding invoices to all vendors and partners. We are trying our level best to address this and will keep you posted on the matter,” the company added.

The e-tailing sector in India is estinated to have lost $400 million in saleslast week, and is estimated to lose $1 Billion through the lockdown, as per market research company Forrester.

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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Domestic gas price cut by 26.01% to $2.39 per MMBTU, lowest in 5 years

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

 Listen to the Article (6 Minutes)

Summary

The revision in price will impact the revenue of domestic gas producing companies like ONGC, OIL, private and joint venture players and discourage exploration in India.

In line with the cut in natural gas prices globally, the government has revised domestic gas prices by 26.01 percent downwards to $2.39 per MMBTU for the April to September 2020 period. This was priced at $3.23 per MMBTU from October 2019 to March 2020.

The government has lowered the ceiling price by 33.45 percent for gas produced from deepwater, ultra-deepwater and high pressure, and high-temperature areas. The gas price ceiling for April-September 2020 is set at $5.61 per MMBTU on a gross calorific value basis against the earlier price of $8.43 per MMBTU for October 2019 to March 2020.

Reduction in domestic gas prices will be positive for the fertilizers, electricity, CNG sectors and consumers with piped gas connections will benefit from the price cut.

Domestic gas production declined in India by 8.8 percent, while consumption increased by 25.4 percent, and LNG import was 67.7 percent higher in February 2020 compared to the corresponding month last year. India’s import dependency based on consumption for gas was at 52.5 percent until February FY20.

India’s domestic gas production stood at 27,931 MMSCM until February in FY20 and ONGC was the largest domestic producer with 21,841 MMSCM. The revision in price will impact the revenue of domestic gas producing companies like ONGC, OIL, private and joint venture players and discourage exploration in India.

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

Coronavirus crisis: Mumbai’s vacant properties to turn into quarantine centres

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

 Listen to the Article (6 Minutes)

Summary

The BMC has authorised its assistant commissioners to requisition vacant residential buildings, lodges, hotels, dharamshalas, clubs, exhibition centres, colleges, hostels, dormitories, cruise ships, banquet halls and gymkhanas with immediate effect.

With the rise in the number of coronavirus cases in the city, the Brihanmumbai Municipal Corporation on Tuesday said it will use vacant properties in residential buildings, lodges, clubs and exhibition halls to quarantine suspected patients.

The civic body issued a circular stating that vacant properties will be used to quarantine those who are suspected to have been exposed to coronavirus.

The BMC has authorised its assistant commissioners to requisition vacant residential buildings, lodges, hotels, dharamshalas, clubs, exhibition centres, colleges, hostels, dormitories, cruise ships, banquet halls and gymkhanas with immediate effect.

As per the circular, officials will provide food and make basic arrangements at these quarantine facilities.

The civic body also warned action against property owners, who refused to adhere to its orders.

Officials may initiate action under section 188 (disobeying an order issued by a public servant) of the Indian Penal Code against those who refuse to comply with the BMC’s directive, it read.

These vacant properties will be used for 14-day quarantine of people who were in close contact with COVID-19 patients, especially those living in slums, chawls and other densely populated areas, a civic official said.

“The BMC will provide food and other facilities at these quarantine centres,” he 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

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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Coronavirus lockdown: Here’s how Ixigo plans to survive; home grown gaming startups see demand spike

In a blog titled ‘The Darkest Hour for Travel’, Aloke Bajpai, the founder of travel & hotel booking platform Ixigo shared how his team has been fighting to keep the business above water.

Estimates suggest — it could take anywhere between 12-18 months for the travel industry to return to any sense of normalcy. India too, is under a complete lockdown until April 14. With all travel at a complete stand still, how will travel companies keep their businesses running? What’s the survival plan? To discuss this, CNBC-TV18’s Startup Street team spoke with Aloke Bajpai.

It’s week two of the nationwide lockdown, people are spending all their time inside their homes, which means their screen time is hitting the roof. Online gaming in India has particularly seen a huge spike and startups are witnessing a surge in user engagement. For instance, PUBG Mobile, this week surpassed a milestone of 600 million total downloads as it celebrates its two-year anniversary and 50 million daily active users, which excludes China.

To talk more about the impact on home-grown gaming startups, CNBC-TV18 spoke with Abhay Sharma co-founder of GamingMonk and Nitish Mittersain CEO & Founder of Nazara – a global interactive gaming & sports company.

 5 Minutes Read

You either get good news or good prices. Right now, it’s the latter

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

 Listen to the Article (6 Minutes)

Summary

History has taught us that in times like these it is very critical for long-term investors to maintain their asset allocation discipline.

Since the last week of February, the coronavirus outbreak has sent shivers down the spine of equity markets across the globe. Although the virus was first reported from Wuhan, China, on December 31, 2019, it took a toll on markets when it spread across Asia, the Middle-East, Europe and the Western world. Markets continued to panic as the situation worsened with each passing day.

Although the situation is evolving, governments and financial regulators worldwide sprung into action to provide economic support by providing liquidity and stimulus.

Asset allocation discipline is the key

History has taught us that in times like these it is very critical for long-term investors to maintain their asset allocation discipline. In fact, there could be opportunities to re-balance the asset allocations.

In many portfolios, the allocation weight of equity as an asset class would have reduced by default due to a ~25 percent sell-off across the equity indices and thereby calling for a time to re-balance by shifting the assets from overweight debt/real estate to underweighted equities during such scenarios.

Domestic economy

In today’s era of globalization, China has been at the forefront by virtually becoming the “Factory of the World”. Clearly, most of the supply chains will have their roots or at least some connections with the Chinese manufacturing industry. Therefore, it is very natural that there are going to be supply disruptions and possibly some demand shocks too within China and this will affect the economies of other countries as well.

But the key (multi-million dollar) question is, how long will it take the world to get to normalcy? Clearly, from the initial reports, many parts in China are now getting back to higher activity (85 percent of Starbucks stores are open, road traffic congestion in Shanghai is higher, activities at ports have begun).

Interestingly, in the last couple of months, we are seeing selective positive feelers from the domestic economy. The monsoons have been quite good & wide-spread, which has increased the groundwater levels & reservoir water levels, helping the sowing for Rabi crop.

Higher agriculture yields and also better price realisations for agriculture commodities should increase the incomes in the rural economy, in turn reviving the aggregate demand growth for the domestic economy. This is also demonstrated by Q3 GDP data wherein agriculture grew by 3.5 percent in real terms and 13.7 percent in nominal terms.

Secondly, RBI has been reducing interest rates and also pushing liquidity into the system. Outstanding balances parked by banks under the Liquidity Adjustment Facility stand at Rs3,37,204 crore. In the recent RBI credit policy there is a clear push to the targeted sectors like Auto, MSME & Real estate (selectively). These measures should definitely get growth back in the economy.

The Purchasing Managers’ Index (PMI) has indicated better activity in the last couple of months both for manufacturing and services sectors. The GST collections for the four consecutive months too have now crossed Rs 1 lakh crore, clearly showing higher activity at the ground level.

Not to forget the fall in crude oil prices from $65/ barrel to $25/ barrel, which helps in improving margins for a number companies and also helps the government to maintain the deficit target to some extent.

Clearly at this point in time world is grappling with an unprecedented event, at the same time asset prices (many equity stock valuations) have also become quite cheap, therefore investors who are ready to sit through such challenging times and believe that sunny days will be back, will in all probability make decent returns in equities.

Sachin Shah is Fund Manager at Emkay Investment Managers Limited

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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 5 Minutes Read

62 special flights carried over 15,000 kg of medical supplies in 5 days

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

 Listen to the Article (6 Minutes)

Summary

Domestic airlines, cargo operators and Indian Air Force aircraft carried 15.4 tonne of medical supplies on 62 special flights between March 26 and March 30.

Domestic airlines, cargo operators and Indian Air Force aircraft carried 15.4 tonne of medical supplies on 62 special flights between March 26 and March 30.

The cargo essentially included COVID-19 related reagents, enzymes, medical equipment, testing kits and personal protection equipments, masks, gloves and other accessories of HLL and cargo requisitioned by state and union territories and postal packets.

Terming these lifeline services, the ministry has created cargo hubs at Delhi, Mumbai, Hyderabad, Bengaluru, Kolkata and these Hubs feed to spokes at Guwahati, Dibrugarh, Agartala, Aizwal, Imphal, Coimbatore and  Thiruvananthapuram.

Air India and SpiceJet operated two flights each on March 26 and 13 flights were operated by Air India and regional arm Alliance Air on March 27. The number of special flights and cargo transportation also increased on March 28 with 18 flights including four from Air India, eight from Alliance Air and six from IndiGo.

On March 29, a total of 20 flights were operated to Ladakh using four flights of Air India, 10 of Alliance Air and six of Indian Air Force.

Cargo flights operated to carry medical supplies to southern, eastern and north east regions on March 30. An Air India A320 operated on Mumbai-Delhi-Bengaluru-Mumbai route and carried HLL consignment of 6593 kg, consignments of Kerala and Karnataka, consignment of Bipaps for Meghalaya and consignment of ministry of textiles for Coimbatore were also transported.

Similarly, an Indian Air Force flight also operated on March 30 on Hindon-Dimapur-Imphal-Guwahati and carried consignments of HLL and ICMR kits for Shillong.

“Private airlines such as Indigo, SpiceJet and Blue Dart are also operating flights on commercial basis,” the government said. Among private airlines, IndiGo, SpiceJet and GoAir all had expressed interest in ferry of essential items and medical supplies.

In its attempt to remove bottlenecks in supply of essential items and medical equipments, the civil aviation ministry created an Air Cargo Management Group last week for COVID-19 with a dedicated team for smooth movement of cargo.

A dedicated Medical Air Cargo related website has also been launched but it will be fully functional from April 1, 2020. The link is available on the MoCA website (www.civilaviation.gov.in).

All domestic passenger flights have been suspended from March 25 till April 14 in the wake of COVID-19 outbreak and the government has allowed the operation of cargo flights and special evacuation flights only.

The entire country has been under a 21-day lockdown since March 24 and the supply of essential services has been hit in several parts of the country.

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

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

Answer Anonymously

Should Elon Musk be able to buy Twitter?