5 Minutes Read

Parliament Monsoon Session Highlights: Lok Sabha, Rajya Sabha adjourned till tomorrow amid Opposition uproar

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

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Summary

Parliament Monsoon Session Highlights: Lok Sabha was adjourned for the day on Monday after passage of two bills without discussions amid relentless protests by Opposition members who raised slogans and showed placards on the Pegasus snooping row and farmers’ issue. Stay tuned for all the updates

Parliament Monsoon Session Highlights: Lok Sabha was adjourned for the day on Monday after passage of two bills without discussions amid relentless protests by Opposition members who raised slogans and showed placards on the Pegasus snooping row and farmers’ issue. As soon as the House met at 3 pm after repeated adjournments during the day, Lok Sabha took up the Factoring Regulation (Amendment) Bill, 2020, and the National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021, separately.

Proceedings in Rajya Sabha were also repeatedly disrupted on Monday before being called off for the day as opposition members protested on the alleged phone-tapping and other issues and demanded discussions on them in the House. Soon after the House paid glowing tributes to the martyrs of the Kargil war and congratulated Mirabai Chanu for winning a silver medal in Tokyo Olympics, MPs belonging to the Congress, Trinamool Congress and other opposition parties rushed into the Well raising slogans against the government

Stay tuned for all the updates

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

 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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Tokyo Olympics: Indian archers knocked by top seed Korea in men’s team quarterfinals

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

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Summary

Indian archers faltered at crucial moments against the mighty Koreans to make a quarterfinal exit from the men’s team event at the Tokyo Olympics on Monday. After beating Kazakhstan 6-2, the Indian trio of Atanu Das, Pravin Jadhav and Tarundeep Rai lost in straight sets against the top seeds at the Yumenoshima Park. The Korean team of Kim Je Deok, Oh Jin Hyek and Kim Woojin were on song in the first two sets, shooting 10 perfect 10s out of 12 to apply early pressure.

Indian archers faltered at crucial moments against the mighty Koreans to make a quarterfinal exit from the men’s team event at the Tokyo Olympics on Monday. After beating Kazakhstan 6-2, the Indian trio of Atanu Das, Pravin Jadhav and Tarundeep Rai lost in straight sets against the top seeds at the Yumenoshima Park. The Korean team of Kim Je Deok, Oh Jin Hyek and Kim Woojin were on song in the first two sets, shooting 10 perfect 10s out of 12 to apply early pressure.

The Indians, who won a silver medal at the 2019 World Championships, responded well in the second set with a series of four 10s but Das faltered with an 8 in the last arrow, as Koreans looked on a roll. India were let down by Guatemala City World Cup gold medallist Das who failed to repeat his brilliant show earlier against Kazakhstan. He could not find a single 10 in three sets.

Olympic debutant Jadhav on the other hand was brilliant with five 10s, while veteran Rai in his third Games appearance also stepped it up with three 10s, but that was simply not enough. Earlier, Das had drilled in six perfect 10s to play a crucial role in the team’s win 6-2 win over Kazakhstan in their opening round.

India’s hope for their first-ever medal in archery in the Olympics will now rest in the individual section where the men’s trio along with world number one Deepika Kumari will take to the field on Wednesday.

Against Kazakhstan, the Indians were strong, especially Das who drilled in six perfect 10s to play a crucial role in the team’s win. The Kazakhstan troika of Denis Gankin, Ilfat Abdullin, Sanzhar Mussayev showed flashes of brilliance. They took the third set with one point margin.

Das made all the difference by hitting six perfect 10s including two Xs to make up for some inconsistent show by the Army duo of Rai and Jadhav. Das showed tremendous resilience to bounce back after finishing a lowly 35th, four places behind Olympic debutant Jadhav, in the ranking round on the opening day.

The poor finish had resulted in Das’ removal from the mixed team where his wife Deepika Kumari paired up with Jadhav and made a quarterfinal exit following defeat against Korea on Saturday. Trailing by two points at the halfway mark of the first set, Jadhav and Das finished with two superb arrows, drilling in X each to edge out their Kazakhstan rivals by one point.

There were gusts of wind in the second set and the Army duo of three-time Olympian Rai and debutant Jadhav were wobbly picking 8 and 7 each, but Das made up for it with a perfect 10 and a 9 to give the side a commanding 4-0 lead. It was some high class shooting in the third set after the Kazakhstan team stepped it up with three perfect 10s as the Indians too matched them riding on two 10s by Das but an 8 by Rai cost them the set.

The Kazakh team showed intent to bring the match on an even keel but the Indian trio did not concede an inch and sealed the issue with two 10s from Jadhav and Das.

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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Gold rate today: Yellow metal trades higher; may face resistance at Rs 47,900 per 10 grams

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

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Summary

Gold prices inched higher supported by easing US bond yields and concerns over rising Delta variant infections.

Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday tracking a positive trend in the international spot prices. Weak Indian rupee and safe-haven demand also lifted precious metal prices, analysts said.

At 11:00 am, gold futures for August delivery rose 0.33 percent to Rs 47,689 per 10 grams as against the previous close of Rs 47,534 and the opening price of Rs 47,647 on the MCX. Silver futures traded 0.47 percent higher at Rs 67,336 per kg. The prices opened at Rs 67,156 as compared to the previous close of Rs 67,024 per kg.

“The gold prices gained on rising concerns over Delta variant of coronavirus and easing US bond yields. The trend remains sideways to positive, hence buy on drops can be deployed. However, the Fed meeting will be in focus going ahead,” said Ajay Kedia, Director, Kedia Advisory.

“On MCX, gold may face resistance at Rs 47,920 and support is seen at Rs 47,350. Resistance for silver is placed at Rs 68,260 and support at Rs 66,400,” added Kedia.

International gold prices inched higher on Monday, supported by easing US bond yields and concerns over rising Delta variant infections, while investors focused on the Federal Open Market Committee’s meeting this week, said a Reuters report.

Spot gold rose 0.3 percent to $1,806.32 per ounce. US gold futures climbed 0.3 percent to $1,806.30.

Benchmark 10-year Treasury yields dipped, reducing the opportunity cost of holding non-interest bearing gold.

Meanwhile, the dollar index held close to a 3-1/2-month peak hit last week, weighing on the metal’s appeal. A stronger dollar makes gold more expensive for other currency holders.

Market participants now await the US central bank’s meeting on Tuesday and Wednesday. While no policy change is expected, investors will look out for clues on when the Fed might start reining in its easy monetary policies, the report added.

Meanwhile, a weak Indian rupee amid volatility in the domestic equity market supported the precious metals prices.

“Gold and silver are giving some pullback signal on the daily chart as well as 4 hourly charts, momentum indicator RSI also indicating the same. Silver is looking stronger than gold on the daily chart and creating a positive divergence in the daily chart. So traders are advised to create a long position in gold and silver near support levels, traders should also focus important technical levels for the day,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodities.

August Gold: Support 1 – Rs 47,300, Support 2 – Rs 47,000; Resistance 1 – Rs 47,780, Resistance 2 – Rs 48,101.

September Silver: Support 1 – Rs 66,500, Support 2 – Rs 66,000; Resistance 1 – Rs 67,525, Resistance 2 – Rs 68,000.

 

Here are gold rates across major cities:

Here are silver rates across major cities:

 

(Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.)

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

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

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Airports Authority of India records loss of Rs 2,948 crore in 2020-21 due to COVID disruption

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

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Summary

The losses were nearly half in 2019-20 when 91 of the AAI-run airports reported a total loss of Rs 1,368.82 crore. Also, most airports in tier-I and tier-II cities reported losses in the past three years.

The Airports Authority of India (AAI) incurred a cumulative loss of Rs 2,948.97 crore in 2020-21. Out of 136 airports operated by AAI, as many as 107 airports were running in losses due to COVID disruption, as per the data shared by VK Singh, Minister of State for Civil Aviation, in the Lok Sabha.

The losses were nearly half in 2019-20 when 91 of the AAI-run airports reported a total loss of Rs 1,368.82 crore. In fact, most airports in tier-I and tier-II cities reported losses in the past three years.

According to the government data, tier-II airports such as Chandigarh, Dehradun, Bhopal, Belgaum, Aurangabad, Delhi (Safdarjung), Imphal, Gaya, Dimapur, Dibrugarh, and Hubli recorded losses during FY19, FY20, and FY21. This was despite the government’s push to connect smaller airports through the regional connectivity scheme.

New Delhi’s Indira Gandhi International Airport (IGIA), the country’s busiest airport, also incurred a loss of Rs 317.41 crore in FY21. Similar was the case with Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA), the second busiest, which reported a loss of Rs 384.81 crore in FY21. In contrast, the Pune airport registered profits in the last three financial years. Despite the outbreak of COVID-19 in March 2020, the Pune airport reported a profit of Rs 16.09 crore during 2020-21.

Meanwhile, the ‘India Airports Review FY2021’ report — released by aviation consultancy firm Capa India on July 25 — stated that Indian airport operators registered a cumulative loss of Rs 7,000 crore in FY21. It added that the total passenger traffic at Indian airports fell by a massive 66.3 percent in FY21.

The Capa India report pointed out that besides COVID disruption, frequent changes in travel restrictions also contributed to airport losses. “Total traffic could have been 7-10 million passengers higher, were it not for frequent changes to travel restrictions, which caused confusion and deterred travel,” the report said.

Not just losses, the operating revenue of airports dropped too in FY21. The total operating revenue of Indian airports declined by an estimated 64.1%, added the Capa India report. However, the aviation consultancy firm said that the second half of the ongoing financial year (2021-22) can lead to a turnaround with a significant rise in air traffic.

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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Extreme weather renews focus on climate change as scientists update forecasts

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

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Summary

As scientists gather online to finalize a long-awaited update on global climate research, recent extreme weather events across the globe highlight the need for more research on how it will play out, especially locally. Scientists had long predicted such extremes were likely. But many are surprised by so many happening so fast with the global atmosphere 1.2 degrees Celsius warmer than the preindustrial average. The Paris Agreement on climate change calls for keeping warming to within 1.5 degrees.

As scientists gather online to finalize a long-awaited update on global climate research, recent extreme weather events across the globe highlight the need for more research on how it will play out, especially locally.

The list of extremes in just the last few weeks has been startling — unprecedented rains followed by deadly flooding in central China and Europe, temperatures of 120 Fahrenheit (49 Celsius) in Canada, and tropical heat in Finland and Ireland, the Siberian tundra ablaze, monstrous US wildfires, along with record drought across the US West and parts of Brazil.

“Global warming was well projected, but now you see it with your own eyes,” said Corinne Le Quere, a climate scientist at the University of East Anglia.

Scientists had long predicted such extremes were likely. But many are surprised by so many happening so fast with the global atmosphere 1.2 degrees Celsius warmer than the preindustrial average. The Paris Agreement on climate change calls for keeping warming to within 1.5 degrees.

“It’s not so much that climate change itself is proceeding faster than expected — the warming is right in line with model predictions from decades ago,” said climate scientist Michael Mann of Pennsylvania State University. “Rather, it’s the fact that some of the impacts are greater than scientists predicted.”

That suggests that climate modeling may have been underestimating “the potential for the dramatic rise in persistent weather extremes,” Mann said.

Over the next two weeks, top scientists with the Intergovernmental Panel on Climate Change (IPCC) will finalize the first installment of its sixth Assessment Report, which will update the established science around greenhouse gas emissions and projections for future warming and its impacts. Government representatives are also taking part in the virtual two-week meeting.

The report will expand on the last such IPCC report in 2013 by focusing more on extreme weather and regional impacts.

When released on August 9, the report will likely serve as a guide for governments in crafting policies around the environment, greenhouse gas emissions, infrastructure, and public services. The report’s release was postponed several months due to the coronavirus pandemic.

While climate modeling has evolved over decades to where scientists have high confidence in their projections, there are still uncertainties in how climate change will manifest — particularly at a local scale. Answering these questions could take many more years.

The June heat wave that killed hundreds in Canada would have been “virtually impossible” without human-caused climate change, scientists from the World Weather Attribution network determined.

But those temperatures — as much as 4.6 degrees Celsius higher than the previous record in some places — might also have resulted from new atmospheric changes that are not yet captured by climate models.

“In the climate models, this does look like a freak event,” said the study’s co-author Friederike Otto, a climate scientist at the University of Oxford. “The climate models do simulate such rare events and don’t suggest there is something else going on, but of course that could mean the models are just not correct. This is really something we and the scientific community need to look into.”

One area of mystery is how the Earth’s four main jet streams respond to shifting temperatures. The jet streams are fast-flowing air currents that circle the globe — near the poles and the tropics — driving many weather patterns. They are fueled by temperature variations. Some studies have suggested climate change may be slowing down parts of the northern polar jet stream, especially during the summer.

That can cause heat waves by trapping heat under high-pressure air, as seen in Canada in June, or it can stall storms for longer in one place, potentially causing flooding.

A key research challenge is the fact that extreme events are, by definition, rare events so there is less data.

There is “tantalizing evidence” that the warming has introduced new, unexpected factors that have amplified climate change impacts even further than previously understood, but more research is needed, said Ken Caldeira, an atmospheric scientist at the Carnegie Institution for Science’s Department of Global Ecology.

“From my perspective, the jury is still out on that,” he said. “Whichever the answer is, the policy prescription is the same. We need to get ourselves off of CO2 emissions as soon as is practical.”

More immediately, though, countries need to realize that extreme events are here to stay, even if the world can rapidly reduce emissions, scientists say.

“There’s almost no strategy for adapting to a changing climate,” Le Quere said. “Governments are not prepared.”

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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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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Wockhardt expects Rs 3,500 crore topline in FY22; says India business looking strong

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

 Listen to the Article (6 Minutes)

Summary

Wockhardt posted its Q1 earnings on Thursday, reporting a consolidated net loss of Rs 6.58 crore for the quarter ended on June 30, 2021. The company had posted a net profit of Rs 759.75 crore for the corresponding period of the previous fiscal. While the company’s India business looks very strong, but the US and Emerging Markets have been sluggish.

Wockhardt posted its Q1 earnings on Thursday, reporting a consolidated net loss of Rs 6.58 crore for the quarter ended on June 30, 2021. The company had posted a net profit of Rs 759.75 crore for the corresponding period of the previous fiscal. While the company’s India business looks very strong, but the US and Emerging Markets have been sluggish.

On India business, Habil F Khorakiwala, Chairman, Wockhardt, said, “India business has grown very well and that has been our basic strategy of divesting acute portfolio versus chronic portfolio. We are basically into diabetes, Nephrology, Neurosciences in India, and our team has really focused on that.”

On UK business, Khorakiwala said, “Our UK business has grown 69 percent over the last year and 40 million pounds compared to 27 million pounds last quarter. This is a sustainable business because UK government is continuing to manufacture from our facility. They have started supplying AstraZeneca- Oxford vaccine to Europe now, and we believe this UK vaccine business will be sustainable over next one year or so or even more.”

“One important thing to note is 50 percent of all vaccinations in UK have taken place from our facility. We are already talking to two other manufacturers of vaccine for fill and finish and we are creating additional capacity which will get commissioned early next year,” he further mentioned.

On the US business, Khorakiwala said, “We would be filing for our India facility H14 and inviting US regulator to come and visit us.”

On growth in FY22, he said, “We should be able to maintain our EBTDA performance of this quarter in the coming quarters, in fact we might improve on that as far as the bottom line is concerned. As far as the topline is concerned, we should be looking at around Rs 3,500 crore topline, basically out of existing activities that we are doing.”

For full management commentary, watch the video.

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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Rolex Rings to open issue on July 28; fixes IPO price band at Rs 880-900 per share

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

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Summary

Gujarat-based Rolex Rings, one of the leading manufacturers of forged and machined components, is set to launch its initial public offering (IPO) from July 28- 30. The company has fixed its IPO price band at Rs 880-900 per share.

Gujarat-based Rolex Rings, one of the leading manufacturers of forged and machined components, is set to launch its initial public offering (IPO) from July 28- 30. The company has fixed its IPO price band at Rs 880-900 per share.

According to the company’s Red Herring Prospectus, the offer comprises a fresh issue of equity shares aggregating up to Rs 56 crore and an Offer For Sale (OFS) by Rivendell PE LLC – a shareholder in the company – of up to 75 lakh equity shares.

The NSE now has information on its public offering, however, the details have yet to be added. Investors may also access it through the NSE website. Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the book lead managers on the issue. Equity shares are proposed to be listed on the BSE and NSE.

The net proceeds from the new issuance will be used to support long-term working capital requirements as well as general business purposes.

Rolex Rings is a global manufacturer and supplier of hot rolled forged and machined bearing rings and automotive components for two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles, electric vehicles, industrial machinery, wind turbines, and railways, among other segments.

For the fiscal year ended March 31, 2020, the company’s profit stood at Rs 52.94 crore compared to Rs 59.04 crore in the previous fiscal year. The revenues from operations stood at Rs 666 crore year-on-year (YoY) as against Rs 904.32 crore in the previous fiscal.

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

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

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Rupee slips 4 paise to 74.44 against US dollar in early trade

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

 Listen to the Article (6 Minutes)

Summary

The Indian rupee depreciated 4 paise to 74.44 against the US dollar in opening trade on Monday, as investors are awaiting cues from the US Fed’s policy decision, due this week. At the interbank foreign exchange, the rupee opened at 74.43 against the dollar, then fell further to 74.44, registering a fall of 4 paise over its previous close.

The Indian rupee depreciated 4 paise to 74.44 against the US dollar in opening trade on Monday, as investors are awaiting cues from the US Fed’s policy decision, due this week. At the interbank foreign exchange, the rupee opened at 74.43 against the dollar, then fell further to 74.44, registering a fall of 4 paise over its previous close.

On Friday, the rupee had settled at 74.40 against the US dollar. “As markets brace up for the FED meeting on July 28, all currencies are consolidating in their respective small ranges,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

USD/INR is expected to keep a range of 74.30 to 74.70 for the day, Bhansali said, adding that “importers to buy cash near the lower end of the range while exporters to sell at the higher end”. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading down 0.05 percent at 92.86.

“Investors will be closely eyed to assess the timing of the next bond taper, especially since labour market data is suggesting that economic recovery may have peaked,” Reliance Securities said in a research note. Moreover, other data like durable goods orders and US GDP data for the second quarter could also drive markets, the note added.

Global oil benchmark Brent crude futures fell 0.59 percent to USD 73.66 per barrel. On the domestic equity market front, BSE Sensex was trading 34.98 points or 0.07 percent higher at 53,010.78, while the broader NSE Nifty advanced 14.50 points or 0.09 percent to 15,870.55.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 163.31 crore, as per exchange data.

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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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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 5 Minutes Read

UAE extends travel ban for Indians leaving expats stuck abroad

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

 Listen to the Article (6 Minutes)

Summary

The United Arab Emirates has extended a suspension for those travelling from India and several other South Asian countries due to COVID-related guidelines. The extension does not include UAE citizens, diplomats or those holding the nation’s investor visa. Nor does it include fully vaccinated travellers that hold a residency visa and have taken three tests since June 23rd. However, those who fall outside this bracket and hope to conduct business or travel for leisure to the UAE will have to continue to wait for the restrictions to be lifted.

The United Arab Emirates has extended a suspension for those travelling from India and several other South Asian countries due to COVID-related guidelines. According to Etihad Airlines, the ban will be in place until July 31st. However, other airlines have said this is pending government review.

The extension does not include UAE citizens, diplomats or those holding the nation’s investor visa. Nor does it include fully vaccinated travellers that hold a residency visa and have taken three tests since June 23rd. However, those who fall outside this bracket and hope to conduct business or travel for leisure to the UAE will have to continue to wait for the restrictions to be lifted.

Since April, expats in India have been left in limbo overseas, with many forced to re-evaluate their options. The need to have alternative solutions has become more apparent than ever for those facing limited mobility, not only impacting business but jeopardising family safety.

Since the onset of the pandemic, there has been a spike in demand for second citizenship as a tool that can be leveraged to diversify assets whilst also providing a safety net during times of uncertainty. According to data, there have been as many as 5,000 high net-worth Indians who have left the country since 2020.

In conjunction, there has been a sharp incline in interest for Citizenship by Investment (CBI) a process that confers citizenship to an applicant and additional dependants once an economic contribution is made to a host country.

“As governments become more insular and impose stricter visa controls, the opportunity to travel and do business globally is considerably hampered. So, Citizenship by Investment is a wonderful way to reverse that as it gives the Indian national better access to travel and business opportunities,” says Micha Emmett, CEO of CS Global Partners a global investor immigration firm specialising in providing citizenship solutions.

Since 1993, Dominica has welcomed Indian investors, among others, to become citizens of the Caribbean nation. The country’s CBI programme offers successful applicants a trusted route to second citizenship with benefits such as increased travel freedom to over 140 destinations, access to top tier educational institutions and alternative business prospects. The programme has also been ranked as the world’s best offering for second citizenship by an annual independent study conducted by experts at the Financial Times.

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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10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
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What coins do you think will be valuable over next 3 years?

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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Buy, sell, or hold ICICI Bank shares post Q1 earnings? Here’s what brokerages say

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

 Listen to the Article (6 Minutes)

Summary

Shares of ICICI Bank were trading as much as 1.3 percent on Monday on the BSE after the private sector lender reported a 78 percent increase year-on-year in standalone net profit to Rs 4,616 crore for the quarter ended June 30,

Shares of ICICI Bank were trading as much as 1.3 percent lower on Monday on the BSE after the private sector lender reported a 78 percent increase year-on-year in standalone net profit to Rs 4,616 crore for the quarter ended June 30, 2021, owing to higher net interest come and lower provisions. The net profit stood at Rs 2,599 crore in the corresponding quarter last fiscal.

Net interest income (NII) for the quarter rose 18 percent year-on-year to Rs 10,936 crore from Rs 9,280 crore YoY.

Provisions (excluding tax provision) fell to Rs 2,852 crore in the June quarter from Rs 7,594 crore in the year-ago quarter.

ICICI Bank said it has changed its policy on non-performing loans during the June quarter to make it more conservative. “The policy change resulted in a higher provision on non-performing advances amounting to Rs 1,127 crore (US$ 152 million) for aligning provisions on outstanding loans to the revised policy,” it said.

Here’s what brokerages have to say about ICICI Bank’s Q1 earnings and stock:

Morgan Stanley

The brokerage has an ‘overweight’ call on the stock with the target at Rs 900 per share. It noted that the lender remains its top pick in the banking sector. It further added that while slippages elevated above estimates, the net slippages are in line with estimates given strong recoveries. The brokerage further noted that provision write-backs helped manage credit costs for the lender.

CLSA

The brokerage has a ‘buy’ call on the stock. According to the brokerage, the lender is now consistently delivering sector-best growth in loans/core pre-provision operation profit.

With the normalisation of retail credit costs in 2HFY22, we expect credit costs to settle 90bps over FY23/24. With 1%-6% higher earnings estimates we expect RoRWA of 2.7 percent which is 30 percent higher than the last upcycle. We thus increase our target price from Rs 825 to Rs 940 on a new 2.75x multiple (previously 2.5x) and a Rs 197 per share in subsidiary value, the brokerage said.

Bernstein

The brokerage has an ‘outperform’ rating on the stock with the target at Rs 790 per share. It noted that the company has a digital focus leading to granular loan growth. It added that the bank’s margin is at an all-time high aided by a low cost of funds.

JP Morgan

The brokerage has an ‘overweight’ rating on the stock with the target at Rs 675 per share. The brokerage firm believes the coming quarters should be better for the lender in terms of growth and asset quality.

Nomura

The brokerage has a ‘buy’ call on the stock with the target at Rs 790 per share. It said the leader has a strong core pre-provision operating profit but its asset quality has surprised negatively. The brokerage also said that ICICI Bank is positioning towards right customer selection and working towards having a greater share of profit and payment pools.

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
Start Quiz Now
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?