IT companies’ revenues to grow up to 9% in FY22: Icra

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

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Demand for digital technologies and resumption of normal economic activities will drive sales for IT companies, and the sector will post a revenue growth of up to 9 percent in 2021-22, a report said on Thursday.

Rating agency Icra gave a “stable” outlook for the sector, whose size is pegged at over $180 billion by industry lobby Nasscom, including the business process outsourcing business.

The IT services sector’s revenues will rise between 7-9 percent in rupee terms and between 5-8 percent in dollar terms in 2021-22, it estimated. It can be noted the pandemic has dented activities across sectors and the IT business is one of the few isles of growth. All the top IT companies have reported a handsome performance for the third quarter of 2020-21 and make optimistic guidance.

Nasscom stopped an over two decade old practice of giving an aspirational growth target for the industry two years ago. “Growth in INR expected to be 7-9 percent while in US dollar terms it will be 5-8 percent growth for FY2022, demand for digital technologies and resumption of normal economic activity will drive growth,” Icra said.

Icra’s vice president Gaurav Jain said: “Demand for IT services has been mildly impacted due to COVID-19 pandemic on all end-user industries though some sectors like travel/hospitality, retail, oil/gas have been impacted more severely,” Jain added that higher adoption of digital services has mitigated the impact to a large extent with companies ensuring that nearly 95 percent of their staff transition to work-from-home.

The BFSI (banking financial services and insurance) vertical was initially impacted as modifications were required in confidentiality agreements with clients while the BPO vertical was impacted due to infrastructure constraints, he added.

The pace of conversion of earlier deal wins into revenues picked up pace after some moderation during June quarter of this fiscal year, while the focus of new deals is now on cost take-outs, cloud transformation, virtualisation and digital customer experience, he said.

The pricing pressure mostly seen in legacy work during contract renegotiations too has been compensated by new digital transformation deals, he said. There will be little impact on growth and profitability for the companies, he said, adding that margins will be in line with pre-COVID-19 levels, in 2021-22 for such companies.

The key risks for the companies in the sector continue to be increase in minimum wages, changes to eligible occupations, frequency and restrictions in issuance for H-1B visas, he said. The rating agency said 82 percent of the 52 companies it rates in the sector are in the investment grade category, indicating healthy cash flow generation led by higher margins and low working capital requirements, it said.

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Air ‘severe’ in Ghaziabad, Noida, Faridabad

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

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Air quality plunged to “severe” levels in Ghaziabad, Noida, Greater Noida and Faridabad, while it was “very poor” in Gurgaon, according to a 24-hour data issued by a government agency on Thursday.

Pollutants PM 2.5 and PM 10 remained prominent in the air of the five immediate neighbours of Delhi, according to the air quality index (AQI) maintained by the Central Pollution Control Board (CPCB).

According to the index, an AQI between zero and 50 is considered ‘good’, 51 and 100 ‘satisfactory’, 101 and 200 ‘moderate’, 201 and 300 ‘poor’, 301 and 400 ‘very poor’, and 401 and 500 ‘severe’. The average 24-hour AQI at 4 pm on Thursday was 429 in Ghaziabad, 410 in Greater Noida, 412 in Noida, 447 in Faridabad and 364 in Gurgaon, according to CPCB’s Sameer app.

On Wednesday, it was 388 in Ghaziabad, 398 in Greater Noida, 348 in Noida, 367 in Faridabad and 276 in Gurgaon. On Tuesday, it was 324 in Ghaziabad, 312 in Greater Noida, 278 in Noida, 260 in Faridabad and 213 in Gurgaon.

The CPCB states that an AQI in the”severe” category affects healthy people and seriously impacts those with existing diseases, while “very poor” may cause respiratory illness on prolonged exposure. The AQI for each city is based on the average value of all stations there. Ghaziabad and Gurgaon have three such stations, while Noida, Greater Noida and Faridabad have two stations each, according to the app..

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Sputnik V’s official Twitter account briefly blocked

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

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The official Twitter account of Sputnik V was blocked briefly on Thursday over unspecified unusual activity, according to a statement by the vaccine developer.

The Sputnik V said it has not been informed by the Twitter the reason behind the suspension of the account, “Sputnik V account @spitnikvaccine has been restricted. We are looking into the reasons for this.”

In a statement, it said, “We have shared all the information and is open and transparent on how the vaccine works, “We have offered AstraZeneca to use one of the components of Sputnik V and agreed on joint clinical trials.”

It urged all the subscribers to write to Twitter asking them to restore the access.

The Sputnik V is an adenovirus-based vaccine developed by the Gamaleya National Research Center for Epidemiology and Microbiology of Russia’s health ministry

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Gold ticks higher as weak US data boosts stimulus bets

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

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Gold edged up in choppy trade on Thursday as data showing a weak U.S. labor market bolstered bets for more government stimulus, buoying bullion’s appeal as an inflation hedge and countering pressure from a resilient dollar.

Spot gold was up 0.2% at $1,847.36 per ounce at 10:56 a.m. EST (1556 GMT), while U.S. gold futures fell 0.4% to $1,846.70.

The number of Americans filing first-time applications for unemployment benefits surged last week.

“This significant jump is reminding everyone that the labor market situation is still dire, and it’s going to warrant more stimulus,” said Edward Moya, senior market analyst at OANDA, adding that concerns over the ongoing coronavirus pandemic remained supportive for gold.

But the biggest uncertainty for the precious metal will be the direction of U.S. Treasury yields, Moya said.

While gold is considered a hedge against the inflation and currency debasement that can result from widespread stimulus, a recent jump in bond yields has challenged that status as it increases the opportunity cost of holding non-yielding bullion.

Treasury yields shot higher in the past week through Tuesday on expectations for the fresh stimulus.

President-elect Joe Biden is scheduled to unveil a stimulus package proposal on Thursday that could exceed $1.5 trillion.

Federal Reserve Chair Jerome Powell’s participation in a virtual event at 12:30 p.m. EST (1730 GMT) on Thursday is also on investors’ radar.

But looking ahead, “both a stronger dollar and higher interest rates are going to be a negative factor for precious metals,” said Chris Gaffney, president of world markets at TIAA Bank.

On the technical front, $1,890 posed key resistance for gold, he added.

Meanwhile, the dollar also held onto gains versus other currencies.

In other metals trading, silver gained 1.7% to $25.57 an ounce, platinum climbed 1.5% to $1,109.98 per ounce and palladium was up 0.3% at $2,391.08.

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

Assessing availability, decision on COVID vaccines supply to other countries ‘may take some time’: MEA

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

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India on Thursday said it is still assessing production schedules and availability of the COVID-19 vaccines, and any decision on their supply to other countries “may take some time”.

This was stated by the Ministry of External Affairs Spokesperson Anurag Srivastava. The remarks come in the backdrop of media reports that Brazil is sending an aircraft to procure doses of the coronavirus vaccine from the Serum Institute of India (SII).

“In so far as requests from countries for vaccines from India, you would recall that Prime Minister (Narendra Modi) has already stated that India’s vaccine production and delivery capacity would be used for the benefit of all humanity in fighting this crisis,” he said in response to questions on supply of vaccines to neighbouring countries and reports that Brazil is sending a plane for procuring vaccine doses. “As you know, the vaccination process is just starting in India. It is too early to give a specific response on the supplies to other countries as we are still assessing production schedules and availability to take decisions in this regard. This may take some time,” he said at an online briefing.

India’s drugs regulator has approved Oxford COVID-19 vaccine Covishield, manufactured by the Serum Institute, and indigenously developed Covaxin of Bharat Biotech for restricted emergency use in the country. Prime Minister Narendra Modi will launch India’s COVID-19 vaccination drive on January 16 via video conferencing.

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

Anna Hazare writes to PM Modi; to launch hunger strike on farmers’ issues in Delhi

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

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Activist Anna Hazare on Thursday wrote a letter to Prime Minister Narendra Modi and reiterated his decision to launch “the last hunger strike” of his life on farmers’ issues in Delhi by January end. The letter came as farmer unions are agitating on Delhi borders against the Centre’s new farm laws.

Speaking to reporters later, Hazare said the new farm laws do not conform to “democratic values” and people’s participation is necessary in the drafting of legislations. He will stage a fast in the national capital by month-end, 83-year-old Hazare said in the letter to the PM, without specifying the date.

On December 14, Hazare had written to Union Agriculture Minister Narendra Singh Tomar, warning of a hunger strike if his demands including the implementation of the M S Swaminathan Committee’s recommendations on agriculture were not met. Another demand made by him was grant of autonomy to the Commission for Agricultural Costs and Prices.

“On the issue of farmers, I have had correspondence (with the Centre) five times, however, no response came. “As a result, I have decided to go on the last hunger strike of my life,” said Hazare in his missive to the prime minister on Thursday.

He wrote four letters to the concerned authority to seek permission to stage hunger strike at the Ramlila Maidan in Delhi but no response came from their side too, he said. Hazare, who was in the forefront of anti-corruption movement in 2011, reminded that when he went on a hunger strike at the Ramlila Maidan, the then UPA government had called a special session of Parliament.

“In that session, you and your senior ministers (leaders of the BJP, which was then in opposition at the Centre) had praised me, but now despite giving written assurances over the demands, you are not fulfilling them,” he said. He was enclosing a video of opposition MPs praising him in Parliament then, Hazare said.

Speaking with a local news channel later, Hazare also commented on the farmers’ agitation on Delhi borders, saying people should be involved in the process of drafting of laws. “These (farm) laws are not in keeping with democratic values. If the government allows people’s participation in the drafting of bills, it would be able to make laws the way people want them to be,” he added.

He also termed the Supreme Court’s stay to the implementation of the laws as a “moral defeat” of the government, and praised the farmers for protesting in a peaceful manner. “If the farmers carry on the agitation in a non- violent way, the government would not be able to do anything.

The moment it turns violent, the government will crush it,” the Gandhian activist said. Hazare also said he does not see any immediate end to the impasse between the government and farmers as both sides are “adamant” on their stands.

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

First consignment of COVID vaccines reaches Arunachal by road from Assam

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

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The first consignment of 32,000 doses of COVID-19 vaccine arrived in Arunachal Pradesh in a vaccine van from Guwahati on Thursday, ahead of the country- wide inoculation drive to start on January 16, an official of the National Health Mission’s (NHM) said.

The vaccines were dispatched from Itanagar to 25 districts of Arunachal Pradesh by road, NHMs state immunisation officer, Dr Dimong Padung, said.

“This first consignment is meant for defence personnel deployed in the state and the 23,505 frontline health workers,” he said. Details of those who would get the vaccine in the first phase are being uploaded on CoWIN, a digital platform created for real-time monitoring of COVID-19 vaccine delivery and distribution.

There are more than 2,600 frontline health workers in the Capital Complex region alone, he 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

COVID vaccination in Delhi: 75 sites for Covishield, 6 for Covaxin, say officials

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

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Two days ahead of the COVID-19 vaccination rollout, authorities on Thursday released the list of 81 sites that will be part of the immunisation exercise here, with a senior official saying Covishield will be administered at 75 centres, while Covaxin will be given at the remaining facilities.

The sites, with nearly an even split of government and private hospitals, include six central government facilities — AIIMS, Safdarjung Hospital, RML Hospital, Kalawati Saran Children Hospital and two ESI hospitals.

The rest 75 centres, spanning all 11 districts of Delhi, include Delhi government-run facilities, such as LNJP Hospital, GTB Hospital, Rajiv Gandhi Super Speciality Hospital, DDU Hospital, BSA Hospital, Delhi State Cancer Institute, ILBS Hospital, and private facilities include Max Hospital, Fortis Hospital, Apollo Hospital and Sir Ganga Ram Hospital. A senior official in the Delhi Health Department, when asked, however, did not clarify which of these hospitals will be the six centres where the vaccine made by Bharat Biotech will be used.

“Delhi has now a total of 81 session sites, 75 for administering Covishield vaccine and six for Covaxin, on the vaccination rollout day,” a senior official said. Addressing an online media briefing, Chief Minister Arvind Kejriwal on Thursday said the city government has received in total 2.74 lakh doses of the vaccine so far from the Centre, which would be sufficient to cater to 1.2 lakh healthcare workers.

The first batch of Oxford Covishield vaccine containing 2.64 lakh doses had reached the Delhi’s central storage facility at Rajiv Gandhi Super Speciality Hospital on Tuesday amid high security, officials earlier said. Amid a three-layer security cover, 20,000 doses of the COVID-19 vaccine Covaxin made by Bharat Biotech, had arrived at the RGSSH on Wednesday, officials said.

Kejriwal also said the Centre has given 10 per cent extra in stock, in case of any mishappening, like damage to vials. The Delhi government is all set for the first phase of the immunisation exercise with healthcare workers being put in the front line to get the dose.

India’s drugs regulator has approved Oxford COVID-19 vaccine Covishield, manufactured by the Serum Institute, and indigenously developed Covaxin of Bharat Biotech for restricted emergency use in the country. Ahead of the media interaction, Kejriwal took a review meeting on the vaccination rollout plan of the Delhi government.

He said he has taken stock of the situation and all the teams are ready for the COVID-19 vaccination programme, and people of Delhi are also ready for this exercise.

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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

Delhi govt extends COVID guidelines for UK returnees till Jan 31

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

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The Delhi government has extended till January 31 its earlier order asking people coming from the UK to undergo institutional quarantine in the wake of the new variant of coronavirus.

The Delhi Disaster Management Authority (DDMA) in its order had prescribed mandatory seven days institutional quarantine even for those UK passengers testing negative for coronavirus. The order was issued after a mutant of the virus having high transmissibility has been reported in UK. An order issued by Vijay Dev, chief secretary and chairperson of executive committee of DDMA on Tuesday, said the January 8 order will be extended up to January 31.

“The situation has now been reviewed and to contain the increased transmissibility of new variant, it has been decided that aforesaid DDMA Order No 347 dated8.01.2021 may be further extended till 31.01.2021,” said the latest DDMA order. The DDMA in its January8 order had issued direction that all travellers coming from United Kingdom (UK) to India would be mandatorily subjected to self-paid RT-PCR tests on arrival at the airport.

Those who are found positive will be isolated in an institutional isolation facility in a separate (isolation) unit as per existing laid down protocol. Those who are found negative will be kept in compulsory institutional quarantine for a period of seven days followed by seven days of home quarantine, the DDMA order had stated. A total of 17 Delhi residents have tested positive for the new coronavirus strain first detected in the UK till Saturday.

Further, strict surveillance will be kept on the persons who are in home quarantine after completion of mandatory institutional quarantine, it had directed. The January 8 DDMA order was issued on a trial basis for a period of one week ending on January 14. It stands extended up to January 31 now, the latest DDMA order 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