Dr Oetker aims to make India one of its top 10 markets for Oetker Group

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

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German packaged foods maker Dr Oetker on Thursday said it expects India to be in the top 10 markets for the Oetker Group.

In an interview with Manisha Gupta, Oliver Mirza, managing director and chief executive officer of India & SAARC, said he expects mayonnaise, spreads and cake segment to fuel the growth for the company in India.

Mirza said the company has been growing in double digits in every quarter and in between, the number was a bit lower around 10-12 percent but now it is at 21 percent.

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Talking about growth globally, he said it was about 10 percent last year, while in India we have grown last year at 21 percent, “At present, the growth globally is in the single-digit number but we are still on a year to date basis double-digit with about 20 percent.”

According to Mirza, the maximum growth over the last few years was from the mayonnaise and spreads category. Dr Oetker was the number one in mayonnaise, “So mayonnaise and various spreads were the major drivers over the last few years and we believe they will continue to be a major driver.”

He believes that cakes are going to be a strong driver and that’s why Dr Oetker acquired small startup Kuppies which is based out of Noida, “So this acquisition will fuel the growth engine further along with spreads and with that, Dr Oetker has the ambition to enter the top 10 countries globally in the Oetker Group. At the moment, we are ranking in the top 20.”

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Closing Bell: Sensex, Nifty slump on expiry day; mid and smallcaps outperform

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

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The Indian equity benchmark indices slumped over half a percent Thursday as media, metal, and financial stocks witnessed selling pressure ahead of the monthly expiry of derivative contracts. However, the shares were on course for a fifth straight monthly rise.

The 30-scrip Sensex closed at 59,126, as it slumped 286 points and the Nifty50 index slipped 93 points to end at 17,618. The broader markets outperformed the benchmarks as both mid-caps and small-caps rallied a over half a percent higher.

Among the 50 stocks on Nifty, Bajaj Finsev, Bajaj Finance, NTPC, SBI Life, and Tata Motors lead the gains, as each scrip rose over 1 to 2 percent higher. Leading the losses were Power Grid, Asian Paints, Eicher Motors, Axis Bank, and Hero MotoCorp.

Among sectors on NSE, a strong rally was seen realty and consumer durable shares. Nifty Pharma and PSU Banks also closed the day in the green. However, Nifty Media and Metal slipped 1 percent, followed closely by Nifty Bank. Nifty Auto, Financial Services, and IT slumped over half a percent.

Also Read | Market looks risky; avoid momentum stocks: Ambit Capital

Indian equities have gained over 3 percent so far this month as accommodative monetary policy and easing COVID-19 restrictions kept investor sentiment underpinned.

However, concerns about a global economic recovery, heightened expectations of tighter US monetary policy, and risks from a power crunch in China and a possible default by debt-laden China Evergrande checked the advance of equities towards the end of the month.

Public sector banks advanced as much as 3 percent, driven by a 16 percent surge in Indian Overseas Bank after the country’s central bank took it out of the prompt corrective action framework over an improvement in its financial profile.

Real estate stocks rose about 1 percent, with Oberoi Realty jumping over 3 percent to lead gains on the sub-index. Energy stocks, however, declined after three straight sessions of gains, with ONGC leading the losses.

Zee Entertainment pulled the media index lower as it fell 1 percent after its top shareholders approached NCLT asking the company to hold an extraordinary general meeting.

With inputs from Reuters

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

Suryoday Small Finance Bank to shut down its ATMs from tomorrow; here’s what you can do

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

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Suryoday Small Finance Bank (SFB) has informed its customers that it is shutting down its automated teller machines (ATMs) from tomorrow. “Due to operational reasons Suryoday Bank’s ATMs will be discontinued w.e.f. 1^st October 2021,” the bank said on its official website.

Customers will be able to use their Suryoday Bank ATM/Debit Card at most ATMs of other banks for cash withdrawal. In addition to this, customers will also be able to use both internet banking and mobile banking 24X7.

The bank is planning to formulate a strategy where it would offer its customers five to seven free transactions per month when they use the ATM network of other banks to withdraw cash.

As of June 30, 2021, the SFB had a total of 555 banking outlets out of which liability-focused outlets were around 97 and the total employee count was nearly 5,072.

“We realised that far too many customers were not using our ATMs, we could not make it a profit center, and hence we decided that we give customers free transactions on other bank ATMs rather than continuing with these machines,” R Bhaskar Babu, MD, Suryoday Small Bank Finance was quoted as saying by Economic Times.

Suryoday Bank will be now focusing on strengthening its doorstep banking facilities, digital offerings, and business correspondent network. In its annual report, Bhaskar Babu said that the bank’s core mission for the next three years will be to build financial robustness for their customers using digital channels, which will be easy to operate and will provide holistic product options for wealth-creating and super user experience.

The bank currently has a network of more than 5,000 business correspondents, which is expected to increase substantially. It also has more than 500 branches across the country.

SFB holds a strong presence in Maharashtra, Tamil Nadu, and Odisha. It had reported Rs 48 crore loss in the quarter ended June 30, 2021, on account of a write-off, provision on restructuring as well as the earnings impact on account of lower disbursements due to the second wave of the COVID-19 pandemic. It had earlier reported a net profit of Rs 27 crore in the year-ago quarter.

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

COVID-19 vaccine shots won’t last a lifetime, say experts; here’s why

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

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The debate around the need for COVID-19 booster shots has already gained much steam in the West. In India too, those who received both doses of the vaccines early on are now seeking to understand whether the shots will provide lifetime protection against contracting the disease.

Studies are being conducted across several nations to ascertain if vaccine protection wanes and if so, how long the protection lasts.

What we know so far

According to experts, the effect of the COVID-19 vaccine cannot be compared to the vaccines of other diseases like measles, mumps, or rubella that provide lifetime immunity. The shots for measles and chickenpox use replicating viruses and therefore, providing lifelong immunity.

COVID-19 vaccines, on the other hand, have non-replicating adenovirus. Moreover, diseases like measles, mumps, rubella and chickenpox don’t have mutations but SARS-CoV-2, the virus that causes COVID-19, has at least eight identified variants. This makes it more difficult for COVID vaccines to provide lifetime immunity.

A study conducted by the United States’ Centers for Disease Control and Prevention (CDC) found that the COVID-19 vaccine was almost 100 percent effective among vaccinated individuals for at least six months. The researchers added that even after six months, the efficacy of the vaccine wouldn’t suddenly drop by a third or half.

The current COVID-19 vaccines would provide protection for at least a year, say experts.

Does every vaccinated individual need a booster shot?

While it is proven that booster shots provide an extra layer of protection from COVID-19, it is still disputed whether taking a booster dose is absolutely essential.

Scientists say that the need for a booster dose doesn’t arise due to the ‘fading’ impact of the administered COVID-19 vaccine but due to the emergence of new variants of the virus. So, the need for follow-up shots depends on the global vaccination push.

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New variants of COVID-19 have been emerging in unvaccinated individuals. Therefore, if countries succeed in vaccinating all citizens at a faster pace, it is likely that the virus would stop mutating, thereby, reducing the need for booster shots.

Why are vaccinated individuals are getting infected?

Researchers blame new variants for vaccinated people contracting the virus. However, they maintain that vaccinated individuals have a very low chance of catching the virus, and even if they do, they are usually asymptomatic or have mild symptoms.

For vulnerable individuals (those with comorbidities) living in towns where COVID-19 cases are on the rise and new variants are surfacing, getting a booster shot may be a good idea, say experts.

Also Read: COVID-19 vaccination picks pace in India; these states have outdone several nations

Besides vaccination, following COVID-19 norms like wearing a mask, practicing social distancing, and washing hands are also key factors that reduce the likelihood of an individual contracting the virus.

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

Market looks risky; avoid momentum stocks: Ambit Capital

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

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Dhiraj Agarwal, co-head of equities at Ambit Capital, on Thursday, said that the market looked a bit risky now. Agarwal also advised avoiding momentum stocks at the moment.

“It’s difficult to predict a correction in these kinds of markets but it is looking a little risky. In fact, the stocks, which have moved up in the last month or two, absolute microcaps, absolute smallcaps and sometimes companies without any strong fundamentals and appealing in terms of earnings or profitability ratios, so, it’s looking a bit risky looking at the nature of the stocks and segments of the market, which have done strongly in the last month or two,” Agarwal said in an interview to CNBC-TV18.

On investment, he said, “My recommendation would be to avoid names, which are going up because of momentum. In the last two months, we have seen the so-called dips resurfacing and stocks actually in the microcap or smallcap space running 50-100 percent within a span of 4-8 weeks’ time. Therefore, just avoid getting trapped into some of those names.”

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According to him, utilities and power are making a comeback purely on valuations. “Utilities and power are still struggling; was completely ignored and which is coming back. We have seen many other sectors do the same earlier this year and metals being one prime example, which was completely ignored for 4-5 years and trading below price level and there are still a lot of names in that space, for example; meanwhile, we don’t cover utilities, we like OMCs, trading below book and with strong earnings levers coming back,” said Agarwal.

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He further said Ambit Capital keeps favourable view on TVS Motor Company and Eicher Motors. He added that Tata Motors and Ashok Leyland are the top picks of the brokerage in the auto space. The firm is bullish on Titan and Barbeque Nation from the consumption space, he said.

For the entire interview, watch the video

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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

AI: From a knowledge-based economy to automation-based economy

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

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The COVID-19 pandemic has no doubt accelerated the use of automation both in our day-to-day lives as well as from a business standpoint. Businesses across verticals have been quick to adopt or augment their technology infrastructure to meet the requirements that the new normal demands.

In fact, technology has grown to the extent that it has almost become synonymous with businesses, especially those that specialise in providing innovative, cutting-edge solutions that will automate jobs that previously required immense manpower and resulted in additional cost. AI is serving businesses as a support tool rather than replacing human intelligence and integrity. When it comes to functions that can be automated, such as supervising, security, etc., AI has been instrumental in optimising the human resources as well as the cost involved, enabling businesses to increase efficiency.

The shift from knowledge-based economy to automation-based economy

The importance of knowledge and technology has grown manifold since integrating technology in almost every alternative field. A knowledge-based economy is one wherein knowledge is the key asset. Faster creation of new knowledge and improved access to various knowledge constitutes the main resource for higher efficiency and competitiveness in a knowledge-based economy. A knowledge-based economy comprises four steps: collecting data, deriving information, creating a knowledge base, and making decisions.

Also read | View: Are our fears of artificial intelligence justified?

However, given the rate at which data is getting created whether it’s an online or offline environment it’s really difficult for human resources to identify information and gain knowledge on top of it.

With the limit of the human brain to process every information, we are perceiving an automation-based economy that is likely to prevail for the foreseeable future. An automation-based economy, in a nutshell, is one automation and AI further segregate the data available for analysis to the extent beyond human capability. Integration of AI helps firms with competitive data analysis helping them stay ahead of their competitors. From production to customer relationship management, artificial intelligence plays a vital role in transformation.

How has AI helped offline businesses?

The paradigm shift from being a knowledge-based economy to an automation-based economy has not only helped online businesses. Still, it has paved the way for accelerated growth among offline businesses. According to a report by Forrester, the Indian retail market was valued at the whopping US $883 billion and has been projected to grow further.

Also read | Humans, feelings, and artificial intelligence – Understanding user intent

When we talk about the retail market, it comprises both online as well as offline stores. While the online stores have already put AI to work, a majority of the Indian retail market remains offline despite the pandemic forcing many of them to shift online. According to the IMF, India’s GDP is expected to reach US $4 trillion by 2024-25 at the current growth rate. If we analyze the impact of automation on the economy, increased automation is certainly beneficial in several ways.

For instance, let us consider the example of retail stores. When we talk about online businesses they have the luxury of collecting the entire customer’s journey data and process it for knowledge base creation which in turn assists in better decision making. Online businesses are capable of collecting the entire customer journey through different software cookies and process it through powerful AI tools.

On the other hand, a large part of the real-world business is offline business, (let’s consider retail shops). The data collection at these offline businesses is human-driven or through traditional technologies for example footfall calculation (through sensor), sales data, etc.

But can we collect the data about demography analysis along with footfall, can we identify the premium customer at the store (before he buys anything), can we perform planogram analysis so that we can better know about our customer’s preferences? Can we know the queue time? The answer is yes, through the state of art video analytics technology many companies are making it possible.

Increased efficiency of operations

Large-scale adoption of AI-based technologies like Machine Learning (ML) and RPA (Robotic Process Automation) will help increase efficiency and security while saving time and cost. AI, which was once feared to lead to joblessness, is no longer viewed as the enemy as businesses, employees, and consumers have understood that it can be used to create more jobs in the market, especially for developers and intelligent automation architects. Newer jobs and increased efficiency will no doubt increase economic development in the years to come.

So far, automation leads to efficiency in production at the backed and improved customer experience on the front end. More and more adoption of AI will help create high-skilled jobs leading further to more economic development opportunities.

Better user experience

AI is now increasingly being used by public and government sector undertakings to ensure the accelerated digital transformation of human touchpoints. The integration of intelligent automation enhances user experience, which the human workforce lacks to a certain extent. Reduced paperwork and better user experience, in turn, will improve human life leading to economic growth and development. However, it’s also important to remember that while AI can increase efficiency and optimise cost, it cannot match the human brain. AI and humans working in tandem will be the ultimate progress for humankind.

The article is authored by Atul Rai, Co-Founder & CEO of Staqu. Views expressed are personal.

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

3 Mins Read

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

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

This Rakesh Jhunjhunwala-owned stock has surged 45% in a month, made him richer by Rs 160 crore

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

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The share market has risen more than three percent this month, with the Sensex gaining altitude to cross the 60,000 mark for the first time. However, the headline index’s return is nothing compared to that of a stock owned by ace investor Rakesh Jhunjhunwala. It is up 45 percent this month, beating the 30-scrip index by a huge margin.

Delta Corp shares were near Rs 262 in intraday trade on Thursday, having begun the month at Rs 181. The stock price has increased by Rs 81 during the month — a return of about 45 percent. Delta Corp is a gaming and hospitality corporation. It owns and operates casinos and hotels under different brands.

Jhunjhunwala, often called India’s own Warren Buffett, owns asset management firm Rare Enterprises and is one of the most sought after traders in the country. He owns about two crore Delta Corp shares. So the rise in the stock actually added Rs 162 crore to his wealth.

On Thursday, the stock rose as much as two percent to Rs 264.4, outperforming the Sensex, which struggled in a narrow range around the flatline, as well as the overall hospitality gauge, which was down one percent.

Delta Corp has consistently outperformed Sensex in the past year, surging over 130 percent, again easily beating the 30-scrip index’s 55 percent. In 2021 so far, the stock has risen more than 60 percent, and the Sensex 24 percent.

Meanwhile, Delta Corp group chief financial officer Hardik Debar told CNBC-TV18 the company is looking to raise around $30-40 million for its online gaming business.

Earlier this month, it had received approval from the Goa government to reopen casinos. While casinos and other offline facilities were closed due to the coronavirus situation, the company’s online business arm has contributed nicely to its topline.

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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

Britain says fuel crisis under control, but some gas pumps still empty

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

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Britain said on Thursday that the gas station crisis caused by an acute shortage of truck drivers was back under control but many pumps remained closed in London leaving motorists searching or queuing for hours to fill their tanks.

In a chaotic week where fights broke out at gas stations and people filled up old water bottles with gasoline, British ministers have repeatedly said the crisis is easing though they ordered soldiers on Wednesday to start driving fuel tankers.

“That crisis is now absolutely something which is back under control,” Chief Secretary to the Treasury Simon Clarke said.

Reuters reporters visited seven petrol stations in London and surrounding areas on Thursday. Two were open. A line of dozens of drivers snaked back from one of the open stations with staff attempting to direct the queue.

The Petrol Retailers Association (PRA), which represents independent retailers who account for about two-thirds of all the 8,380 UK filling stations, said on Wednesday that 27 percent of members reported being out of fuel and it expected the situation to further improve in the next 24 hours.

Also Read: Explained: Why and how the UK is experiencing a fuel crisis

The gas station crisis has provoked scorn in some other European capitals with senior politicians suggesting that the trucker shortage was a clear consequence of the 2016 referendum decision to leave the European Union.

British ministers have repeatedly denied Brexit played a role, though tens of thousands of EU truckers left during the Brexit maelstrom, and have cited the COVID lockdowns which prevented tens of thousands of trucker tests.

Asked if Britain would be in a better position had it not left the single market, Clarke said, “I really don’t accept that.”

“The idea that this is about Brexit is to try and take us back into what is really I’m afraid quite a negative conversation around opportunities foregone,” he said.

“If you look at the situation in Germany, if you look at the situation in Poland, if you look at the situation in France, they share these problems too,” he 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