Month: May 2020

Mutual funds invest Rs 1,230 crore in equities during lockdown; maintain high liquidity for possible redemptions

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

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Mutual funds have invested just Rs 1,230 crore in stock markets during the lockdown and industry experts believe they are still waiting for a good “entry point” and maintaining high liquidity for any possible redemptions by corporate houses.

Going ahead, the primary factor that will determine mutual fund (MF) investment into equity will be their own inflows from investors. This will be put to test as many retail investors are facing risk of pay cuts and job loss over the next quarter or so, said Vidya Bala, co-founder of Primeinvestor.in.

Overall, mutual funds have made a net investment of Rs 1,230 crore in stocks since the nationwide lockdown was announced on March 24 to tackle the coronavirus pandemic, latest data available with the Securities and Exchange Board of India (Sebi) showed.

MFs invested Rs 6,363 crore in stocks in the last week of March, while they pulled out Rs 7,965 crore in April. Reversing the selling trend in May, they put in Rs 2,832 crore, the data showed.

Anshu Jain, co-founder and CEO at Ashika Wealth Advisors, said mutual funds are not investing big amounts in equities as they are waiting for a good entry point, which he believes will come within two months.

In addition, MFs are keeping high liquidity for any possible redemptions by corporate house as post lockdown, the 44-player industry will face a lot of redemption pressure as corporates will withdraw a lot of money, he added.

In the entire month of March, MFs made an investment of over Rs 30,000 crore on attractive valuations as many stocks hit their 52-weeks lows.

Notably, foreign investors pulled out a massive Rs 61,973 crore from equities in March and Rs 6,883 crore in April amid fears of a coronavirus-induced global recession. However, they turned net buyers in May and invested over Rs 14,500 crore.

“We have traditionally seen MFs buy when FPIs are exiting and that played out in March with MFs buying on attractive valuations as many stocks hit their 52-week low in March.

“Post that with inflows slowing from retail investors in April and also investors redeeming on an uptick post the March hit, the momentum could not be sustained. May again saw some inflows that helped MFs pump into the market,” said Bala.

“We are likely to see a see-saw behaviour from MFs over the next several months,” she added.

Echoing the views, Himanshu Srivastava, Senior Analyst Manager Research, Morningstar India said this could be attributed to the rebalancing of the equity portion of allocation funds, particularly dynamic allocation and aggressive allocation funds.

Such funds would have increased their allocation to equities in March when the markets witnessed sharp correction, which resulted in equities being available at relatively attractive valuations.

“However, the surge in markets in April would have prompted them to cut their exposure in equities as a rebalancing activity in order to maintain an optimal equity allocation in their portfolios. This could have caused a net outflow by mutual funds in equities in the month of April,” he added.

Meanwhile, mutual funds have also been witnessing net inflows in equity-oriented schemes. Such equity-oriented funds received a net inflow of Rs 11,723 crore from investors in March and Rs 6,213 crore in April.

“Given the market scenario, MFs would have taken some time to deploy these flows. This resulted in increased levels of absolute cash in their portfolio, which these funds would have been deploying now resulting in net inflow in equities in May,” Srivastava said.

Harsh Jain, co-founder and COO at Groww, said FPIs aggressively took money out of India and domestic investors infused money, seeing this as an opportunity.

Omkeshwar Singh, Head – RankMF, Samco Securities, said that risk adjusted returns expectations have become more important and inflows are getting limited to multi-caps and large-caps.

He said quality equity funds in large-cap and multi-cap space will see inflows and rest will have to wait till things normalise.

Jain said stocks in the automobile sector (mainly two-wheelers and four-wheelers barring commercial vehicles), healthcare, telecom and IT with focus on artificial intelligence would find favour in terms of investment.

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

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

Delhi govt ‘immediately needs Rs 5,000 crore’, Sisodia tells FM

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

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The Delhi Government on Sunday said that it has sought help from centre for about Rs 5,000 crore.

Delhi’s Deputy Chief Minister and Finance Minister Manish Sisodia also said that he has written to the Union Finance Minister Nirmala Sitharaman highlighting that the lockdown has heavily eroded the revenue collections of the state.

“We have reviewed Delhi Government’s minimum expenses. According to that, we would need around Rs 3,500 crore every month to pay salaries to our employees and to meet other office expenses. The GST collections in the past two months have only been Rs 500 crore, and after combining it with other sources, we have managed to collect Rs 1,735 crore. But we actually need at least Rs 7,000 crore,” Sisodia said while addressing a digital press conference.

“I have written a letter to the Hon’ble Union Finance Minister in this regard seeking an immediate aid of Rs 5,000 crore to help us pay off salaries of the Delhi Govt. employees. Other states have received financial assistance from the Disaster Relief fund, but the Delhi government has not received any such aid yet. Even during usual times, Delhi does not receive any sort of aid from the Centre. But now as Delhi government’s revenue is severely affected due to the COVID-19 induced lockdown, it is about time we received some financial relief from the Centre to be able to pay salaries of our employees- teachers, doctors, engineers, civil defence personnel, and people involved in coronavirus relief work,” he added.

In this letter to the Union FM Nirmala Sitharaman dated May 26, Sisodia wrote that that “the government of NCT of Delhi has been managing all its development and infrastructure expenditure within its means. For the financial year 2020-21, the Delhi Legislative Assembly has passed the budget of Rs 65,000 crore. Out of which, Rs 35,500 crore constitutes committed expenditure towards establishment, devolution to Local Bodies and interest & loan repayment liability to Government of India. In the normal course, Delhi is not only confident in managing its budgetary requirement but also results in budgetary surplus. However, due to the extraordinary situation prevailing in the country as well as the world, due to COVID 19 pandemic, there is a valid need for immediate help from the Centre. The one time grant of Rs 5000 crore will thereby help Delhi tide over the immediate crisis. This will also facilitate the Delhi Govt. in releasing the grants to the Municipal Corporation of Delhi who largely depend on the Delhi Govt to pay salary and other establishment.”

According to the Deputy Chief Minister of Delhi, the Delhi government has also upgraded its hospitals to tackle COVID-19. PPEs, ventilators, testing kits, N-95 masks and sanitizers have been made available.

Apart from providing cooked food, free ration and shelter to the needy, the Delhi government has also been working tirelessly to send migrant workers back to their homes through Special Shramik trains.

The Delhi government is als bearing the cost of their tickets and traveling expenses, Sisodia wrote.

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

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

Real-time power market to go live today, delivery at midnight

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

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The real time market (RTM) for power will go live on Sunday night with electricity delivery at midnight, an Indian Energy Exchange (IEX) official said.

The RTM enables consumers, including distribution companies (discoms) and captive users, to buy power on exchanges just an hour before delivery.

“IEX is all set to launch RTM today evening. The first RTM trading session will be held at 10.45 PM on 31 May 2020 with delivery at 0000 Hrs on 1 June 2020 (Sunday midnight),” Shruti Bhatia, Head – Corporate Communications and CSR of IEX, told PTI.

She said the market will feature 48 auction windows of half-an-hour each during the day, with delivery of power within one hour of trading (session close).

Currently, consumers, including discoms and captive users, can buy power a day prior in the Day Ahead Market (DAM) on the power exchanges where trading is done for two hours daily from 10 am to 12 noon.

The main purpose of introducing a real time power market is to deal with renewables interference and better portfolio management by power generation companies (gencos), discoms and other consumers.

With more and more renewable energy capacity being added to power grids, there would be need for sudden ramp-up and downsizing of supply.

Consumers can plan their energy supplies in a better way and gencos would be able to increase or decrease their output accordingly using the RTM facility.

RTM will optimise generation resources and facilitate generators and discoms to sell surplus power efficiently with next day payment cycle, Bhatia added.

Apart from IEX, Power Exchange of India Ltd (PXIL) has also planned to launch RTM on its platform from June 1.

At present there are two power exchanges in India — IEX and PXIL.

The commencement of the new market segment is in line with power regulator CERC’s commitment to deepen the power market and offer new and innovative products to further the efficiency and savings for the market participants, Bhatia added.

Earlier in March, the Central Electricity Regulatory Commission (CERC) had decided to defer the implementation of real time power market till June 1 amid the coronavirus outbreak.

Initially, RTM was scheduled to start from April 1 this year. The government had imposed the coronavirus lockdown from March 25.

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

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

World No Tobacco Day: How to use lockdown as a catalyst to quit smoking

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

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Tobacco kills more than 1 million people each year in India, according to the World Health Organisation. While no organ is immune to the destructive effects of cigarette smoke, it has one of the worst impacts on lungs.

With the COVID-19 pandemic, the risk of respiratory problems for vulnerable populations has increased significantly, leaving smokers more exposed to negative health outcomes. The Foundation for a Smoke-Free World’s recent Covid-19 State of Smoking Poll surveyed tobacco and nicotine users in countries that quickly imposed strong policies or guidance urging residents to remain at home. The poll evaluated the mental and physical toll of social distancing on smokers globally, many of whom have increased their tobacco intake as a way to cope with pandemic stress.

The survey found that 48 percent of combustible tobacco smokers in India believe that smoking increases the risk of either contracting COVID-19 or becoming seriously ill from it. It also revealed significant concerns about the safety of families, job security, and economic opportunity. These mental and physical stresses are particularly harmful for smokers, who often use tobacco to relieve anxiety.

On the other hand, it is possible that the global crisis will awaken a new commitment to healthy living among those who are motivated to change. 66 percent of Indian smokers surveyed reported that they had considered quitting for health concerns amid the COVID-19 crisis, and 63 percent responded they had actually made a quit attempt. Yet, there still exist many smokers who intend to quit but are uncertain about the best way to do so.

The global observance of World No Tobacco Day on May 31 presents an opportunity to raise awareness around smoking risks, and to work with smokers to find effective strategies for quitting.

Dr. Sree T. Sucharitha, MD Fellow in HIV Medicine and Professor in a private medical college in Chennai, and Medical Director of Association for Harm Reduction Education and Research (AHRER), outlines four practices smokers should adopt during COVID-19 to manage their stress and anxiety in a healthy way.

Fitness and Exercise

We all know that exercise is important in our daily lives, but under the current circumstances, this habit may require extra motivation, as activity is often restricted to the home. During the COVID-19 crisis, tobacco and nicotine users in India have proven more likely than those in other countries to increase their use of healthy coping mechanisms (physical exercise, 64 percent; breathing exercises, 58 percent; meditation, 58 percent; yoga, 55 percent), as per The Foundation’s poll. Practicing mindfulness exercises such as yoga, meditation and deep breathing exercises with guided instructions from experts as in digital apps and videos will help in building core emotional resilience and also may strengthen immunity.

Healthy Diet

A healthy balanced diet, which gives the body the essential vitamins and dietary fibers for better metabolism, is crucial during the pandemic. Proper food habits must be maintained by following a diet plan that includes not only recommended consumption of calories, but also: fruits, vegetables, proteins and dairy products. A healthy diet will ensure that our tissues and cells get proper nutrition to function smoothly. Without proper nutrition, the body is more prone to infectious diseases due to poor immunity.

Take a break, get sleep, and rest

We want to control every aspect of our lives and stay updated on the latest developments, but in situations like these we must learn to accept some lack of control. People should take scheduled breaks and mentally disconnect from the overwhelming news and social media updates about the pandemic. Activities such as playing board games, solving puzzles, or playing with children and pet animals will help you to revitalize for the days ahead. Adequate rest and sleep for 6-8 hours will help minimize the effect of the pandemic on mental wellness.

Connect with people

Humans are indeed social animals. During trying times of uncertainty and fear, it is therefore very important to stay connected with others. Isolation and fear can negatively affect mental health, which can lead to severe anxiety or depression. As per the Foundation’s poll, close to 36 percent of Indian tobacco and nicotine users stated that social distancing has had an adverse effect on their mental health. While a majority of respondents normally turned to tobacco or nicotine products to manage stress (58 percent), 46 percent of respondents have decreased their use during social distancing. Mental health experts have suggested that reducing stress about the lockdowns, spending quality time with family, and indulging in creative activities can help you overcome feelings of depression and vulnerability during this crisis.

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

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

Kapoor vs Kapur saga ends as Madhu Kapur is no longer Yes Bank promoter, Rana Kapoor holds only 900 shares

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

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In a major development for Yes Bank, which has of late been through tumultuous times, co-founder Ashok Kapur’s wife, Madhu Kapur and her family Shagun Kapur Gogia and Gaurav Ashok Kapur along with a Madhu Kapur Group entity Mags Finvest Pvt Ltd will no longer be classified as the promoters of the bank.

In a regulatory filing, Yes Bank said that the Madhu Kapur Group has consented to reclassify their shareholding in the bank as “non-promoters” or public shareholders

Madhu Kapur and family had been trying to gain a bigger share in the functioning of the Yes Bank since the demise of Ashok Kapur in 2008, and eventually was able to get powers such as board control and a selection of directors last year.

As of March 31, Madhu Kapur holds over 14 crore or 1.12 per cent shares and Mags Finvest holds at over 3.72 crore or 0.30 per cent shares in the bank.

“This is to inform that the Bank has received a letter dated May 28, 2020 (Received on May 29, 2020) from (i) Madhu Ashok Kapur; (ii) Shagun Kapur Gogia; (iii) Gaurav Ashok Kapur; and (iv) Mags Finvest Private Limited (collectively referred to as “Madhu Kapur Group”) consenting to reclassify their shareholding in the Bank as ‘non-promoter shareholders’ (i.e. public shareholders),” the bank said in a regulatory filing on Saturday.

The consent brings to an end a dramatic battle stretching over several years between Madhu Kapur and family and Rana Kapoor, the co-promoter over control over the bank’s board.

The decision by Madhu Kapur and the family comes about three months after the Reserve Bank of India superseded the bank’s board and a State Bank of India-led equity consortium bailed out the lender with capital infusion of Rs 10,000 crore.

After the investment, SBI has the highest shareholding of 49 percent. Prashant Kumar , former chief financial officer (CFO) of SBI, is the current CEO of Yes Bank.

Rana Kapoor, the other promoter and former CEO of Yes Bank is currently under the scanner of the Enforcement Directorate. Although classified as a promoter, Kapoor holds only a token 900 shares in the bank.

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

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

‘I can’t breathe’ protests heat up as curfews imposed in several US cities

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

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Civil unrest flared and curfews were imposed in several major US cities on Saturday as demonstrators took to the streets to vent outrage at the death of a black man shown on video gasping for breath as a white Minneapolis policeman knelt on his neck.

From Los Angeles to Miami to Chicago, protests marked by chants of “I can’t breathe” – a rallying cry echoing the dying words of George Floyd – began peacefully before turning unruly as demonstrators blocked traffic, set fires and clashed with riot police, some firing tear gas and plastic bullets in an effort to restore order.

The sight of protesters flooding streets fueled a sense of crisis in the United States after weeks of lockdowns due to the coronavirus pandemic, which has seen millions thrown out of work and has disproportionately affected minority communities.

In the nation’s capital, hundreds of demonstrators assembled near the Justice Department headquarters shouting, “black lives matter.” Many later moved to the White House, where they faced off with shield-carrying police, some mounted on horseback.

US President Donald Trump said on Saturday that if protesters who gathered the night before in Lafayette Square, across from the White House, had breached the fence, “they would have been greeted with the most vicious dogs, and most ominous weapons, I have ever seen.”

The full Minnesota National Guard was activated for the first time since World War Two after four nights of arson, looting and vandalism in parts of Minneapolis, the state’s largest city, and its adjacent capital, St. Paul.

Minnesota governor Tim Walz said the deployment was necessary because outside agitators were using protests over Floyd’s death to sow chaos.

“We are under assault,” Walz, a first-term governor elected from Minnesota’s Democratic-Farmer-Labor Party, told a briefing on Saturday. “Order needs to be restored.”

Separately, US Attorney General William Barr also pointed the finger at extremist instigators, though he and Walz – neither offering evidence to support their assertions – suggested opposite ends of the political fringe were to blame.

National discontent reflected

Civil rights activists said video of Floyd’s arrest on Monday – captured by an onlooker’s cellphone as he repeatedly groaned, “please, I can’t breathe” before he died – triggered an outpouring of rage long simmering over persistent racial bias in the US criminal justice system.

But the rapidly spreading protests also coincided with a deep-seated national discontent over the social claustrophobia and economic carnage wrought by the coronavirus pandemic.

In a surreal moment for Miami on Saturday, police sirens and lights flooded downtown neighborhoods as fireworks began crackling and booming over Biscayne Bay to honor healthcare workers fighting the pandemic. Hundreds of police in riot gear swarmed the area, threatening to arrest anyone, including media, who ventured onto the streets.

Curfews were imposed in several major cities rocked by civil disturbances in recent days, including Atlanta, Los Angeles, Philadelphia, Denver, Cincinnati, Portland, Oregon, and Louisville, Kentucky. Protests also flared on Saturday in Dallas, Chicago, Seattle, Salt Lake City and Cleveland.

In an extraordinary move, the Pentagon said it put military units on a four-hour alert to be ready if requested by the Minnesota governor to help keep the peace.

National Guard units also were mobilized by the governors of Ohio, Missouri, Wisconsin and Tennessee.

The streets of Minneapolis were largely quiet during the day on Saturday. Several armored National Guard vehicles were seen rolling through town and authorities later closed major highways leading in and out of Minneapolis-St. Paul.

At dusk, as the curfew went into effect, police confronted some 500 protesters milling around a burned-out bank and opened fire with tear gas and plastic bullets, sending the crowd scurrying.

Tina Harrison, 32, gasping and coughing as she and two companions poured milk over their faces after being pepper-sprayed, insisted they were present to voice legitimate grievances as protesters, not to incite lawlessness.

“We came here as white women … to protect people of color,” Harrison said while they took cover inside an apartment lobby.

It marked the fifth night of such clashes, the second since Friday’s announcement that Derek Chauvin, the policeman seen kneeling on Floyd’s neck, had been arrested on murder charges in Floyd’s death.

Floyd, who had worked security for Minneapolis nightclubs, had been suspected of trying to pass counterfeit money to buy cigarettes on Monday evening. Police said he was unarmed. A store employee who had called for help had told a police dispatcher that the suspect appeared to be intoxicated.

Three other officers dismissed on Tuesday from the police department with Chauvin, who was known to have worked off-duty security at one of the same nightclubs as Floyd, are also under criminal investigation in the case, prosecutors said.

‘Could’ve killed them’

Anger stoked by Floyd’s death was widespread.

Thousands flooded Chicago streets for a second day of protests. Cellphone footage shared with Reuters showed an overturned SUV, a patrol car on fire, a person burning the American flag and a skirmish between demonstrators and police.

In the Brooklyn borough of New York City, video footage recorded by onlookers showed a police squad car driving into a crowd of protesters during a second day of violence after more than 200 arrests were made on Friday.

“They could’ve killed them, & we don’t know how many they injured,” US Representative Alexandria Ocasio-Cortez wrote on Twitter, demanding the NYPD officers be brought to justice.

At a late-night news conference, New York Mayor Bill de Blasio suggested protesters were to blame.

“The video was upsetting, and I wish the officers hadn’t done that,” de Blasio said. “But I also understood that they didn’t start the situation. The situation was started by a group of protesters converging on a police vehicle, attacking that vehicle.”

The mayor said flare-ups of violence were primarily instigated by small numbers of outsiders determined to goad police into confrontations, a phenomenon authorities said was playing out across the country.

Protesters in Los Angeles clashed with police in the city’s Fairfax district, where crowds tried to force their way into the CBS Television City studios but were repulsed by law enforcement and security officers, the Los Angeles Times said.

Looters broke into stores at The Grove shopping center in Fairfax, TV reported, as well as into shops along the famed Rodeo Drive of wealthy Beverly Hills.

Los Angeles Mayor Eric Garnett told reporters, “This is no longer a protest. This is vandalism … this is destruction.”

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

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

Income Tax Dept notifies ITR filing forms for 2019-20

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

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The income tax department has notified forms for filing income tax returns for the financial year 2019-20. The Central Board of Direct Taxes (CBDT) has notified Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for the assessment year 2020-21.

The department has revised the I-T return forms for the financial year 2019-20 to allow assessees to avail benefits of various timeline extension granted by the government following the COVID-19 outbreak.

The government has extended various timelines under the Income Tax Act, 1961, through the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020.

Accordingly, the time for making investment or payments for claiming deduction under Chapter-VIA-B of IT Act that include Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim) and 80G (Donations) for the financial year 2019-20 had been extended to June 30, 2020.

ClearTax founder and CEO Archit Gupta said, “The new forms require a separate table to disclose tax saving investment made in the first quarter of 2020 for availing them in FY 2019-20. Taxpayers must assess their tax liability for FY 2019-20 and make sure they are maximising their Section 80C benefits if not already done so.”

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

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

Herd immunity as COVID-19 strategy risky, countries must make timely interventions: CSIR DG

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

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Banking on developing herd immunity to fight coronavirus is too large a risk for any nation and only timely interventions can mitigate the spread of COVID-19, Director General of the Council of Scientific and Industrial Research (CSIR) Shekhar Mande said.

Herd immunity is achieved when the majority of population becomes immune to an infectious disease, either because they have become infected and recovered, or through vaccination.

When that happens, the disease is less likely to spread to people who aren’t immune, because there just aren’t enough carriers.

Responding to a question on whether it is viable for India to achieve herd immunity, Mande said, “It is too large a risk for any nation.

“Herd immunity, typically works when 60-70 per cent population of a country has been affected and it’s too large a risk to take for any nation. What one would do is to take intervention before so that the infection does not spread,” he told PTI in an interview.

Mande said several theoretical modelling that people have conducted across the world and also in India seem to suggest that there could be few waves of COVID-19 and people need to be prepared for them.

“The number of cases will go down and people need to be prepared as there can be a second wave of COVID-19,” he said.

On US President Donald Trump terminating the country’s relationship with the World Health Organization (WHO) as he blamed it and China for the deaths and destruction caused by the COVID-19 pandemic across the globe, Mande said it is “not a good sign”.

“WHO is a valuable body which has played an important role. It has been involved in smallpox elimination, polio virus elimination and it has worked very well with countries. The termination of ties is not a good sign,” he said.

Mande further said that the CSIR has adopted a five-pronged approach in the fight against COVID-19 focusing on, surveillance, diagnostic, intervention through development of new therapies, hospital assistive devices and supply chain model.”

On the vaccine development front, he said three different approaches are being adopted.

“One is immune boosting vaccine that improves the host’s immunity — that is under trial in three different locations in the country and the results are expected in the next 15 days.”

“Another one is monoclonal antibody that CSIR has funded a collaborative programme between NCCS (National Centre For Cell Science) Pune, IIT Indore and Bharat Biotech. Third one is convalescent plasma therapy whose trials are going on in Kolkata,” he said.

He further said that Indian companies are “very deeply involved” in the process of vaccine development.

India registered its highest single-day spike of COVID-19 cases on Sunday with 8,380 new infections reported in the last 24 hours, taking the country’s tally to 1,82,143, while the death toll rose to 5,164, according to the Union Health Ministry.

India is the ninth worst-hit nation by the COVID-19 pandemic.

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

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

Maharashtra to issue new lockdown rules today; only few relaxations likely

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

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The Maharashtra government is likely to issue detailed guidelines for the fifth phase of the lockdown today, with the country’s worst-hit state expected to offer few relaxations as it battles to flatten the coronavirus curve.

CNN-News18 reported quoting a source as saying the rules will be issued in the evening today, adding that “the lockdown will likely continue the way it is at present.”

“There will only be a few relaxations in terms of opening of a few standalone shops and allowing some outdoor physical activities,” said a source who is aware of the thinking within the state government.

The Home Ministry issued lockdown extension guidelines yesterday, doing away with the concept of green, orange and red zones, only making the distinction between containment and non-containment zones.

In terms of activity, the MHA said that phase-wise relaxations would come in, with malls and restaurants, for instance, starting on June 8. States have been allowed to tighten these rules further depending on their assessment.

With the concept of colour coding gone now, Maharashtra also is expected to focus on containment and non-containment zones, the source said.

Chief Minister Uddhav Thackeray was also expected to meet with school education minister and education department officials today afternoon to discuss the way forward for opening of schools and education institues.

Maharashtra has seen roughly 65,000 COVID-19 cases and over 2,000 deaths — accounting for more than a third of the country’s tally. Mumbai, the state capital and the country’s commercial capital — is the worst-hit.

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

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

Reliance diverts Alok Industries into making PPE; cuts down cost to one-third

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

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Reliance Industries has converted its newly acquired textiles and apparel fabrics maker Alok Industries into a PPE manufacturer, helping produce COVID-19 protective gears at one-third the cost of those imported from China.

The company has redeployed Alok Industries’ manufacturing facilities in Silvassa, Gujarat for exclusively manufacturing personal protective equipment (PPE) to safeguard doctors, nurses, medical staff and other frontline workers engaged in fighting the COVID-19 pandemic, sources said.

Capacity has been scaled up to produce more than 1 lakh PPE kits per day and cost has been slashed to nearly Rs 650 per unit from the about Rs 2,000 apiece imported price, they said.

The facility can also be used for exporting PPE in future, they added.

Reliance integrated technology, raw material from its petchem plants and 10,000 tailors after re-engineering the plant.

Production started in mid-April and has been quickly ramped up to now constitute close to a fifth of India’s daily PPE production capacity.

Other PPE kit manufacturers include JCT Phagwara, Gokaldas Exports, and Aditya Birla.

India was importing most of its PPE requirement till manufacturing started within the country in the aftermath of the coronavirus crisis.

The availability of high quality and low cost PPE from Reliance is expected to significantly boost India’s effectiveness in handling the COVID-19 emergency.

Sources said the Silvassa unit is manufacturing PPE coverall suits — a single piece zip-up suits — and these are covered with anti-microbial tape.

High grade polypropylene is the raw material used to produce the equipment, lending it more opacity while keeping it light weight.

A PPE suit consists of coveralls, gloves, shoe covers, three-ply or N95 face masks, head gear and face shield.

According to the World Health Organization (WHO), the protective equipment consists of garments placed to protect the health care workers or any other persons. These usually consist of standard items — gloves, mask and gown.

For blood or airborne high infections, it will include face protection, goggles and mask or face shield, gloves, gown or coverall, head cover and rubber boots.

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

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