Month: August 2021

Dalal Street investors richer by over Rs 31 lakh crore this fiscal so far

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

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Equity investors have witnessed a wealth addition of more than Rs 31 lakh crore (Rs 31,18,934.36 crore) in the first four months of the current fiscal, helped by an overall bullish sentiment in the market. The 30-share BSE Sensex has jumped 3,077.69 points or 6.21 per cent during April-July this fiscal.

Reflecting an upbeat sentiment in the market, the benchmark had reached its all-time high of 53,290.81 on July 16, 2021. It closed at its lifetime high of 53,158.85 on July 15. Thanks to the optimistic investor sentiment, the market capitalisation of BSE-listed companies has zoomed Rs 31,18,934.36 crore to reach Rs 2,35,49,748.90 crore — its record high level — on July 30.

“Money flow and liquidity are the key factors behind investors’ bullish sentiments,” said Rahul Sharma, Co-Founder, Equity99. Sharma added that markets have performed extremely well post the sell-off in 2020. The benchmarks have more than doubled from the lows of March 2020.

“Once the rally began, volatility dropped, and the bull market climbed significantly,” he said. In the entire 2020-21 fiscal, the market capitalisation of BSE-listed companies zoomed Rs 90,82,057.95 crore to Rs 2,04,30,814.54 crore. The 30-share BSE benchmark had jumped 20,040.66 points or 68 percent last fiscal, braving many uncertainties due to COVID-led disruptions.

VK Vijayakumar, chief investment strategist at Geojit Financial Services said, “First, it is important to appreciate the fact that this is a global bull market. Except a few markets like Egypt and Iran, all other markets are experiencing a bull run. The major factors powering this rally are huge liquidity that has been created by the leading central banks of the world, particularly the US Fed, the historically low-interest rates and unprecedented retail investor participation. Of this, the huge global liquidity factor is very important.” Analysts also said that Covid-19 vaccination drive is also adding to the bullish sentiment.

When asked if this market rally would continue, Vijayakumar said, “The biggest threat to the continuation of the rally is the excessive valuation in the market. At high valuations markets are vulnerable to corrections. Some presently unknown factor can trigger a correction, globally. If that does not happen, the global liquidity will keep markets resilient, or it may even take the markets forward.”

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

Boxing: Satish Kumar’s debut Olympics ends with loss to world champ Bakhodir Jalolov in quarterfinals

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

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A bruised Satish Kumar (+91kg) put up a gutsy performance against reigning world champion Bakhodir Jalolov but it was not enough to upstage the rampaging Uzbek as the Indian boxer made a quarterfinal exit from the Olympic Games on Sunday. Taking the ring with multiple stitches on his forehead and chin after sustaining cuts in the pre-quarters, Satish lost 0-5 but the scoreline was not reflective of his brave performance.

Satish sustained two cuts during his pre-quarterfinal showdown against Jamaica’s Ricardo Brown. The 32-year-old Army man stood his ground, occasionally managed to land a shot with his right hand but Jalolov dominated the proceedings all through, relying on his imposing demeanour and excellent counter-attacking game to sail through.

Satish’s forehead cut expectedly opened up during the third round but he fought through even with that. Jalolov, a 27-year-old footballer-turned-boxer, acknowledged his rival’s bravery at the end of the bout after securing his maiden Olympic Games medal. Satish had earlier scripted history by just qualifying for the Games as he was the first super heavyweight from India to achieve the feat.

Jalolov is also a three-time Asian champion, all those gold medals coming in succession to him since 2017. With today’s loss, the Indian men’s boxing campaign came to an end in the Games.

Lovlina Borgohain (69kg) remains the lone pugilist in the fray after having made the semifinals to secure India’s first and only boxing medal of the ongoing edition. On Saturday, it was a major disappointment for India when world number one Amit Panghal (52kg) bowed out of the event following a 1-4 loss to Rio Games silver-medallist Yuberjen Martinez of Colombia.

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

Reluctant to be vaccinated for COVID-19? Here are six myths you can put to rest

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

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South Africa’s COVID-19 vaccine rollout programme, outlined by the Ministry of Health, had three phases, starting with the most vulnerable population. Phase one included all the frontline healthcare workers. They received the Johnson and Johnson vaccine. Phase 2 vaccinated people over 60 years old and those in congregate settings. The third and final phase, now underway, covers the remaining South African population.

The programme got off to a shaky start in February 2021. It encountered a number of setbacks such as supply, logistics, and governance issues, but has gained momentum in recent weeks. As many as 200,000 doses are being administered daily. As of July 2021, almost 2.9 percent of the South African population had been fully vaccinated and 7.5 percent had their first of the two Pfizer doses. Despite this uptake, many South Africans are still hesitant to take the vaccine. The circulation of misinformation about it poses the danger of hampering efforts to control the pandemic. In this article, we aim to dispel some of the myths surrounding the COVID-19 vaccines.

Myth 1: The COVID-19 vaccine will affect a woman’s fertility

This myth was sparked when a social media post was shared in December 2020 by Dr Wolfgang Wodarg, a physician and former chief scientist for allergy and respiratory therapy at Pfizer, and Dr Michael Yeadon, a pulmonologist. They claimed that the spike protein on the coronavirus was the same as the spike protein that is responsible for the growth and attachment of the placenta during pregnancy. The fear was that, as a result of the vaccine, the immune system would not be able to differentiate between the two spike proteins and would attack the placental protein. This is untrue. The overall makeup of the placental protein is very different from the coronavirus spike protein.

Additionally, during the Pfizer vaccine tests, 23 women volunteers became pregnant after taking the vaccine. Furthermore, the benefits of being vaccinated outweigh the risks of infection for pregnant women.

Myth 2: I’ve had COVID-19, so I don’t need a vaccine

Reinfection with SARS-CoV-2, the virus that causes COVID-19, can occur even in individuals who have previously contracted the virus. But receiving the vaccine can provide protection against severe COVID-19 complications. The level of protection that is achieved from natural immunity after being infected by the virus is unknown. But scientists believe that the vaccine provides better protection than natural infection.

Myth 3: COVID-19 vaccine side-effects are dangerous

Several studies have been conducted since the start of the pandemic that has measured South Africans’ perceptions of vaccine issues. A recent study by the University of Johannesburg and the Human Sciences Research Council of South Africa found that of the respondents who did not want to be vaccinated, 25 percent were concerned about side-effects.

Most of the side effects of the COVID-19 vaccine are mild. They include low-grade fever, sore arm and fatigue, and these usually subside after one to three days. Rare side effects such as blood clots have been reported from the Johnson and Johnson vaccine. The chances of experiencing this side effect are low. The risks of blood clots as a result of COVID-19 infection are 8-10 times higher than risks associated with the vaccine. Doctors are aware of this concern and are trained to identify and treat the condition quickly.

A recent article by Healthline a medically reviewed and fact checked website compared the benefits and risks of being vaccinated with those of contracting COVID-19. Lung damage is a complication of COVID-19 while muscle fatigue can be a side effect of the vaccine. This risk-benefit decision is left to the individual to make, but vaccinations have been proven to be safe.

Myth 4: Vaccines have a microchip that will track and control an individual

This conspiracy theory has been propagated by anti-vaxxers who believe that the American business magnate, investor and philanthropist Bill Gates will implant microchips to track people’s movement, using the vaccine as the method of delivery. This is untrue and has been clarified by Gates in the media.

This myth gained traction when a video was shared on Facebook making false claims about the optional microchip on the syringe’s label of the COVID-19 vaccine. This microchip’s purpose is to confirm that the injectable and the vaccine are not counterfeit and haven’t expired. It will also confirm if the injection has been used. People commenting on the video appeared to have misinterpreted the technology as an injectable. But the microchip is part of the syringe label and not the injectable substance itself.

Myth 5: The COVID-19 vaccine development was rushed, so it may not be effective

The vaccine was developed very quickly. This was possible because the vaccine technology had been in development for many years. When the genetic information of SARS-CoV-2 was identified, the process could begin quickly. There were sufficient resources to fund the research and social media made it easier to recruit participants for the clinical trials. Because SARS-CoV-2 is contagious, it was easy to tell whether the vaccine worked or not.

Myth 6: The COVID-19 vaccine can alter my DNA

The messenger RNA vaccine (Pfizer) and the viral vector vaccine (Johnson and Johnson) cause your body to develop protection, so that when you are infected by SARS-CoV-2, your body is prepared to fight the virus. DNA is located in the nucleus of your cells and the vaccine material does not enter the nucleus. So it does not alter the DNA.

Social media plays a huge role in propagating myths and conspiracy theories. Before you share any information, you should ensure that it is from a scientific and reputable source.

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

Rajya Sabha lost 40 working hours in first 2 weeks of Monsoon Session

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

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Due to continued disruptions by opposition parties, Rajya Sabha lost 40 of its 50 working hours and the productivity of the House fell to 13.70 percent in the second week of the ongoing Monsoon Session, officials said. The Upper House clocked productivity of 32.20 percent during the first week and the overall productivity was 21.60 percent for the first two weeks. Of the total 50 working hours available, 39 hours and 52 minutes were lost due to disruptions, the officials said.

The House, however, sat for 1 hour 12 minutes beyond the scheduled time, but for which the productivity would have been much lower, they said. During the nine sittings of the first two weeks, Rajya Sabha could have only 1 hour 38 minutes of Question Hour which is primarily meant for ensuring the accountability of the executive to Parliament.

It also had only 1 hour 24 minutes for legislative business to pass four bills with seven members intervening. The House spent only one minute of Zero Hour and another four minutes on Special Mentions. Covid-related issues were discussed for 4 hours 37 minutes during the first week and the minister for IT laid a statement on the Pegasus spyware issue during the first week, the officials said. For the first time, the RS Secretariat has started reporting in the daily bulletins, the business of the House that could not be taken up. During the first two weeks of the current session, 130 Zero Hour Submissions and 87 Special Mentions through which the members raise issues of public importance could not be taken though they were admitted by the Chairman.

Among the bills passed are The Marine Aids to Navigation Bill, 2021; The Juvenile Justice Amendment Bill, 2021; The Factoring Regulation (Amendment) Bill, 2021 and The Coconut Development Board (Amendment) Bill, 2021. The Limited Liability Partnership (Amendment) Bill, 2021 and The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 were among the four bills introduced in the Rajya Sabha.

Chairman M Venkaiah Naidu, during the all-party meeting ahead of the session and the Business Advisory Committee meeting during the first week, has urged the government and the leaders of various parties to discuss the legislative and other business to be taken up in the House and also has been talking to them separately to enable smooth functioning of the House.

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

Odisha relaxes COVID curbs; malls, cinema halls to reopen from today

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

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With an improvement in the COVID-19 situation, the Odisha government on Saturday announced the reopening of shopping malls, parks and cinema halls among several relaxations in all the districts, barring three cities where coronavirus caseload is relatively high. The administration granted the relaxations for a month starting from 6 am on Sunday, Special Relief Commissioner (SRC) PK Jena said, adding that the existing 10-hour night curfew from 8 pm will be in place in all the districts.

“The new guidelines will be enforced for a month till 6 am on September 1,” he said. The SRC said the unlock measures will not be implemented in Bhubaneswar, Cuttack and Puri where the pandemic situation is worrisome. The weekend shutdown will remain in force in the three cities. “There has been a significant improvement in the COVID situation in 27 districts, though Khurda Cuttack and Puri are reporting more than 100 cases every day,” he said. Khurda district comprises the state capital Bhubaneswar. All weekly and monthly markets, shopping malls and parks are allowed to reopen across the state from Sunday but the restrictions on social and political gatherings are not withdrawn.

Offices, both government and private, are also permitted to function with half the manpower, the SRC said. The state government asked the district administrations to decide on the reopening religious places, except Shree Jagannath temple in Puri and Shree Lingaraj temple in Bhubaneswar, he said. Malls, restaurants, roadside eateries, bars, theatres, and cinema halls are also allowed to operate with 50 percent seating capacity and strict adherence to COVID-19 protocols. People have been allowed to only take away food from eateries till Sunday and were not permitted to avail of dining facilities.

“Those who have received both doses of the COVID vaccine will be allowed to enter these facilities in Bhubaneswar, Cuttack, and Puri,” he said, adding that authorities of shopping malls, restaurants, and theatres will have to ensure enforcement of health safety protocols on their premises. An official notification said educational institutions, including coaching centres, museums, tourist places, zoos, and archaeological monuments across the state will reopen with adherence to COVID protocols. Bus operators are also permitted to resume services, allowing passengers only up to seating capacity, it said.

The public transport authorities have decided to restart bus services across Bhubaneswar from Monday. Capital Region Urban Transport general manager Dipti Mahapatro said the — Mo Bus (My bus) — services will be available on 25 routes from 7 am to 7 pm on weekdays. The authorities will run 194 buses, she said, adding that the service will continue to remain suspended on the weekends. Indoor or outdoor shootings for films are also granted, Jena said, adding that home delivery by e-commerce companies is also allowed.

He, however, said there is “no relaxation” in marriages and funeral functions. Marriages will be permitted with the maximum limit of 25 guests, and the number of people participating in thread ceremonies and funerals should not exceed 20, he said. All official meetings will be allowed with a maximum of 100 participants but the highest number of 30 people will be permitted to take part in programmes such as inauguration and laying of the foundation stone of projects, Jena said.

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

3 Mins Read

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

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

First Zika virus case found in Maharashtra, officials say no need to panic

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

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The first Zika virus infection case in Maharashtra has been reported from Pune district, officials said on Saturday, while also appealing people not to panic. The woman patient who was diagnosed with the infection has recovered completely, the state health department said.

“She and her family members do not have any symptoms,” it said in a statement. The 50-year-old woman, a resident of Belsar village in Purandar tehsil, received her test report on Friday. The report said that besides Zika infection, she was also infected by Chickungunya.

A government medical team visited the village on Saturday and met the sarpanch and gram panchayat members and instructed them about preventive measures, the statement said. Zika virus spreads through the bite of the aedes aegypti mosquito and most patients do not have symptoms.

The typical symptoms include fever, body ache and conjunctivitis, and pregnant women should be more careful, the statement said.

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

3 Mins Read

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

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