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.”

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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

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.

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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

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.

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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

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.

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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.

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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

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

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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

North, central India to receive intense rainfall over next four days: IMD

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

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Parts of north and central India will witness intense rainfall activity over the next four days, the India Meteorological Department (IMD) said on Saturday.

Due to a well-marked low pressure area and a monsoon trough, fairly widespread to widespread rainfall with isolated heavy to very heavy rainfall is likely over east Madhya Pradesh on July 31-August 1 and over Chhattisgarh and east Uttar Pradesh on July 31.

Widespread rainfall with isolated heavy to very heavy falls are very likely to continue over east Rajasthan and west Madhya Pradesh during from July 31 to August 4 with peak activity during July 31 to August 3. Isolated extremely heavy falls likely over east Rajasthan and west Madhya Pradesh during July 31-August 2.

The IMD has issued a red alert over parts of Rajasthan and Madhya Pradesh. Fairly widespread to widespread rainfall with isolated heavy to very heavy falls very likely over west Uttar Pradesh between August 1-2 .

The current spell of fairly widespread to widespread rainfall activity is very likely to continue over parts of north India with isolated heavy falls over Jammu and Kashmir on July 31, Punjab on August 1, Himachal Pradesh till August 2 and Uttarakhand and Haryana till August 4, the IMD said.

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

Long COVID-19 affects 10 percent to 30 percent of all COVID-19 patients: Report

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

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As the Delta variant of COVID-19 has led to a resurgence in new infections across the world, reports suggest that between 10 and 30 percent of all COVID-19 patients are likely to suffer from another form of long-term symptoms.

Long COVID is when patients suffer from symptoms over a long period of time. Symptoms can persist for longer than a year in some cases and can often be debilitating.

“Even if it’s not as striking as people dying, you ignore it at your peril. In terms of healthcare burden or healthcare cost, we’re on track for this being as big a problem to us as rheumatoid arthritis, the biggest autoimmune disease in the world,” said Danny Altmann, professor of immunology at Imperial College London, told The Wall Street Journal.

COVID-19 cases are surging globally and experts suggest that the spike may lead to a large number of people getting affected by long COVID.

Common symptoms of long COVID include difficulty in maintaining concentration, fatigue, shortness of breath, memory loss,, and sometimes even a persistent loss of smell. A Lancet study associated a total of over 200 symptoms with the disease.

A recent study conducted in the UK found that potentially two million individuals in the country could be suffering from long COVID symptoms. “Estimates ranged from 5.8% of the population experiencing one or more persistent symptoms post-COVID-19 (corresponding to over 2 million adults in England), to 2.2% for three or more persistent symptoms (just under a million adults in England),” the researchers noted.

The mechanisms and pathways of long COVID are not yet understood but the point to the fact is that the deadly disease is not an infection that targets just the respiratory system.

While more research is needed, there are hopes that soon a diagnosing test may be available to check whether patients suffer from long COVID or not.

Altmann’s research team in the Imperial College is part of the study to develop a diagnosable test for long COVID. The researcher was confident that such a test can be developed within the next 6 months.

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

Banking wrap: Earnings show signs of rising retail stress, small biz face disruptions as banks freeze current accounts

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

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Burnt by the large bad loan pile-up in the corporate segment after the lending boom of 2004-2008, Indian banks turned aggressively to retail loans to lower risks over the last few years.

Every bank, big and small, touted retail as the “growth engine”, prompting a central banker to remark, “Whatever has happened in the corporate financial world in the past couple of years, probably now everyone is moving towards retail lending. But retail banking cannot be a panacea for credit growth.” That was 2015.

Cut to 2020-2021, and the pandemic has turned this bet on its head. The disruption in lives and livelihoods has had a deep impact on the loan repayment capability of small borrowers. And this is very clearly visible from the earnings reported by major banks so far.

From ICICI Bank, Union Bank of India HDFC Bank, Axis Bank, Yes Bank to LIC Housing Finance and Mahindra Financial Services, there’s hardly a lender who has not been bruised.

ICICI Bank recently reported Rs 7,231 crore of fresh bad loans for the first quarter. Of this, Rs 6,773 crore was from retail and business banking. Axis Bank narrated a similar story. Eighty-four percent of bad loans during the quarter came from retail loans. Union Bank of India had Rs 7,049 crore of new bad loans to report for the quarter, the bulk of which was from retail and business loans.

Mahindra Finance, which lends in the auto, tractor, car, CV segments across rural and semi-urban regions, saw gross non-performing assets (NPAs) shot up 15.46 percent in June 2021 from 9.19 percent a year ago. Yes Bank said its retail NPAs jumped by 40 basis points in a quarter to 3.3 percent of the portfolio, while the overall gross NPA ratio stood at 15.6 percent. You get the idea.

God forbid if we see a third wave or if the situation prolongs, the aggressive retail lending bet may turn into an even bigger worry.

While the pandemic rages on, another storm is brewing in the financial world. Lakhs and lakhs of businesses, small and large, are facing disruptions as they suddenly find their current accounts frozen or closed down by banks.
It’s not exactly sudden. Banks were given almost a year to comply with RBI’s new current account rules (we’ll get to those in just a bit), including an extension granted earlier this year. Banks also gave notice to the impacted customers, but alas, like all other work that only gets done when the deadline nears, this too was done in a hectic frenzy over the past few days, leaving many customers confused, helpless.

Back to the RBI rules. The central bank simply said that borrowers should route payments to and from current accounts maintained with banks that have the highest loan exposure to them. RBI does not want Mr X to have a loan account with Bank of Apples, and maintain a current account for all his receivables and transactions with Bank of Oranges. This way, Bank of Apples has no clear picture of what Mr X’s cash flows are, and RBI believes, this is one of the key reasons for frauds, fund diversion, and NPAs in the system. Hence, the new rules in August 2020 that said (1) banks simply cannot open a current account for any borrower who has an existing cash credit or overdraft (CC/OD) facility, (2) banks can open current accounts for borrowers with no existing CC or OD facilities, provided they have overall system exposure of under Rs 5 crore. Above Rs 5 crore upto Rs 50 crores, only lending banks can open current accounts. Non-lending banks cannot, (3) for borrowers with total loans of over Rs 50 crore from the banking system, only such a bank that has a minimum 10 percent of the exposure can open the borrower’s current account.

Now there are several reasons why borrowers want to have current accounts in banks where they may not have a loan account. It could be that they have had a current account with a particular bank for a long time and want to keep it there, or that a bank offers better cash management facilities and the latest tech so more convenience, or simply because they don’t want their lender bank to be able to directly access their cash. Either way, with the deadline to comply with these rules ending on July 31, banks had no option but to close such current accounts or face action from RBI.

Many aggrieved customers have taken to social media to express their anguish, finding their accounts frozen or closed overnight. These are mostly small businesses who can’t receive or make payments from their accounts anymore until their accounts are reconciled, transferred to a nodal bank etc.

One can barely blame the regulator for trying to clean up the system, put rules in place to ensure better monitoring of funds. Banks have dragged their feet for months hoping for another deadline extension, and the customers are now in a soup.

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