Mamata Banerjee suffers injuries as chopper makes emergency landing

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

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National Conference (NC) leader Omar Abdullah wished a speedy recovery to West Bengal Chief Minister Mamata Banerjee after she was injured when the helicopter she was flying in made an emergency landing due to bad weather.

The former Jammu and Kashmir chief minister extended the wish to Banerjee, the Trinamool Congress (TMC) supremo, on behalf of his father Farooq Abdullah.

“I join my father in wishing @MamataOfficial ji a speedy recovery. We pray that she is blessed with a long and healthy life so that she may continue to work to improve the lives of the people of West Bengal and the rest of the nation,” Omar Abdullah wrote on Twitter.

Banerjee suffered ligament injuries in the left knee and left hip joint when she tried to deboard the helicopter that made an emergency landing at the Sevoke air base near Siliguri in the northern part of West Bengal due to bad weather on Tuesday afternoon.

She returned to Kolkata by a flight from the Bagdogra airport and was taken to the state-run SSKM Hospital where an MRI was conducted on her, an official said.

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

India returning to Ireland for three Twenty20 games in August

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

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India is returning to Malahide to play Ireland in a three-match Twenty20 cricket series in August. India, the world’s top-ranked men’s T20 lineup, will face Ireland on Aug. 18, 20 and 23.

“We’re delighted to welcome India back to Ireland for the second time in 12 months,” Warren Deutrom, chief executive of Cricket Ireland, said Tuesday.

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“We saw two sold-out matches in 2022, so to have a three-match series this year should give even more fans the opportunity to enjoy what is always a memorable occasion.”

India beat host Ireland 2-0 in a two-match Twenty20 series last year. India, which will embark on a tour to West Indies next month that will involve three tests and five T20 internationals, is set to host the 50-over World Cup starting Oct. 5.

Meanwhile, ICC announced the ICC Men’s ODI World Cup that will be held in India from October 5 – November 19. The Narendra Modi Stadium in Ahmedabad will host the final on November 19 whereas the Wankhede Stadium in Mumbai and the Eden Gardens in Kolkata will stage the two semi-finals on November 15 and November 16 respectively.

There was a lot of uncertainty looming over the India-Pakistan clash in the upcoming World Cup, which led to the delay in the announcement of the schedule of the tournament as well.

The initial point of contention was Pakistan’s reluctance to travel to India for the competition after BCCI secretary and Asian Cricket Council (ACC) president Jay Shah insisted that the Asia Cup 2023 will not be held in the neighbouring country.

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

Technical stock picks | HDFC AMC, LTIMindtree, Jindal Steel, ICICI Bank, Tech Mahindra on the radar

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

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Technical analysts Mitessh Thakkar of earningwaves.com and Shrikant Chouhan, Kotak Securities, along with Rajesh Palviya, VP-Technical and Derivative Research Axis Securities share their top stock picks for the day.

From Mitessh Thakkar

Mitessh Thakkar’s first buy call of the day is on HDFC AMC. He recommends this with a stop loss below Rs 2,000 for an upside target of Rs 2,150. Shares have gained more than 10 percent in the last month.

He recommends a buy call on LTIMindtree with a stop loss of Rs 5,100 for an upside target Rs 5,300. The stock is up more than 4 percent over the last month.

Jindal Steel and Power is another buy call from Mitessh Thakkar. He advises to keep a stop loss of Rs 573 for a target of Rs 600. Shares have gained more than 10 percent over the last month.

Lastly, Mitessh Thakkar recommends a buy call on Delta Corp. His recommendation comes with target of Rs 260 and a stop loss of Rs 243. The stock has gained more than 4 percent in the last month.

From Shrikant Chouhan

Chouhan finds a buying opportunity in ICICI Bank. He advises traders to keep a stop loss of Rs 925 and a target of Rs 960-965.

Tech Mahindra is another buy call from Shrikant Chouhan. Stop loss is to be placed at Rs 1,100 keeping a target of Rs 1,200.

Both the stocks, ICICI Bank and Tech Mahindra have remained flat over the last month.

From Rajesh Palviya

Rajesh Palviya has a buy call on Piramal Enterprises Ltd with a stop loss of Rs 890 and a price target of Rs 935-940 on the upside. The stock was up more than 18 percent in the past month.

Additionally, he also has a buy recommendation on Zydus Life with a stop loss of Rs 560 and for upside targets of Rs 600-610. Shares are up more than 10 percent over the last month.

Finally, he recommends buying ICICI Prudential Life Insurance Company Limited with a stop loss of Rs 568 and a target of Rs 610. Shares have gained more than 25 percent in the last month.

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.

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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

Indian markets have had a bull run like no other in the last 23 years

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

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India’s equity markets have had a bull run like no other global market has had since the turn of the millennium. The benchmark Nifty 50 index hit a record high in today’s trading session. So far, the index has gained nearly 4 percent this year after reversing all of its losses from March.

The 50-stock index has not only gained this year but has delivered positive returns to shareholders for the eighth year running. The last instance of the index delivering negative returns in a calendar year was back in 2015.

No other global market, including the Nasdaq, Dow Jones or Japan’s Nikkei have had a run as long as the Nifty 50 has had so far and continues to do so since 2000.

The index has survived multiple events like demonetisation and the goods and services tax regime in 2016, and the global COVID-19 pandemic in 2020. It made 52-week lows in 2020 but staged a strong rally in the second half of the year to end in positive territory.

Since January 1, 2016, the Nifty 50 index has gone from 7,963 to nearly 19,000. The rally seems even bigger if we consider the bounceback the index has had from the March 2020 lows of 7,511. The 30-stock Sensex has also more-than-doubled since 2016, going from levels of 26,000 to nearly 63,000 currently.

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In its note in April, Goldman Sachs said it was expecting the Nifty 50 to hit levels of 20,000 over the next 12 months. Back then, Timothy Moe of Goldman Sachs recommended buying India on every dip as valuations had returned back to reasonable levels.

Morgan Stanley had also upgraded India to equal weight in March due to a narrowing valuation premium and a resilient economy. The brokerage has a Sensex target of 68,500 with an eventual target of 1 lakh.

India will be the first few markets globally which will hit an all-time high, according to Atul Suri of Marathon Trends-PMS, who sees a potential upside of 15 percent from current levels.

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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

Nifty 50 hits record high – Reliance, ITC, ICICI Bank among top contributors

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

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The Nifty 50 index hit an all-time high of 18,908 in today’s trading session. The index crossed its previous record high of 18,887.6, which it had made on December 1 last year. Since then, it has taken 142 trading sessions for the index to hit a new record high.

With this, the Nifty 50 index has now gained over 2,000 points in three months. The index has been in an uptrend ever since it reversed from its recent swing low of 16,828 on March 20 this year.

The Nifty 50 index has now gained 11 percent from its March 20 low. 48 out of the 50 index constituents have gained during this period. Among the top gainers since March 20 are Tata Motors, HDFC Life and Adani Enterprises.

The two underperformers since March 20 are Infosys (down 8.8 percent) and UPL (down 4.8 percent).

When it comes to point contributors that have led the Nifty 50’s surge from the March 20 lows are Reliance Industries, which incidentally also has the highest weightage on the index, along with other heavyweights like ITC and ICICI Bank.

If we take a look at the timeframe from December 1 till date, Tata Motors and ITC emerge as the top gainers here as well, both having gained over 30 percent each. The Adani twins – Enterprises and Ports, along with Infosys are the top losers during this period.

When you compare points contributions from December 1 last year, ITC still emerges as the top point contributor during this period for the Nifty 50 upside. Larsen & Toubro, Tata Motors are the other major point contributors.

On the other hand, Infosys and Adani Enterprises are among the top point contributors to the downside from the December 1 period.

Atul Suri of Marathon Trends PMS said that the Indian market will be the first few markets to reach a record high. He also said that there is another 15 percent potential upside in store for the index going forward.

Laurence Balanco of CLSA said that the Nifty 50 index is currently testing resistance in the 18,363 – 18,988 zone, which is provided by the highs in 2021 and 2022. He expects more uncertainty at higher leves and rangebound activities in the upcoming sessions.

“I don’t think that the market has that much steam to propel the markets much higher. This is not a expanding bull market, it is something that is likely to peter out in the medium term. So in the short term if the Nifty 50 were to go above 18,887, I see a maximum potential of about 19,350,” Jai Bala of cashthechaos.com said.

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SEBI crackdown on front running of FPI trades, raids six entities in Kolkata and Mumbai

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

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Market regulator SEBI has raided six entities connected to a large market operator for front running the trades of foreign portfolio investors (FPIs). Among those raided by SEBI, five brokers are from Kolkata and one was from Mumbai, sources told Zee Business.

The raids were conducted last week. The market operator, who SEBI believes could be behind the entities, has faced severe action of the regulator in the past and is known to use benami fronts to trade in the market, the sources said.

It is learned that SEBI had information and prima facie evidence that these brokers and entities close to them were front running the trade of large foreign portfolio investors (FPIs), the sources said.

Front running involves trading based on non-public, price-sensitive information obtained in advance. Having advanced knowledge of significant buy or sell orders from institutions is a privileged position, as the magnitude of such trades can impact market prices. Front running encompasses entering into equity trades, options, futures contracts, derivatives, or security-based swaps to exploit advance knowledge of pending transactions that are expected to influence the price of the underlying security.

The entities that SEBI raided were known to trade on advance knowledge of the FPI trades, the sources 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

National Insurance Awareness Day 2023: A look at recent regulatory moves to boost this investment avenue

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

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National Insurance Awareness Day is celebrated on June 28 every year in India to make people aware of the benefits of investing in an insurance plan. The day also serves as a reminder to people to check if all their insurance payments (or renewals) are up to date. While insurance companies run advertisement campaigns on the National Insurance Awareness Day, the origin of this day remains a mystery.

Importance of insurance

Insurance is an assurance against uncertainty. It reduces the effect of loss caused by certain kinds of risk. Buying insurance early in life is advisable as it becomes a more expensive proposition as one grows older.

According to Mahesh Balasubramanian, Managing Director, Kotak Mahindra Life Insurance Company, insurance is necessary for financial inclusion and is essential for protection and progress.

“As our country’s per capita income increases and aspirations rise, it’s essential we recognise insurance’s role as Plan B – a safety net that empowers us to move forward with confidence. The first step towards financial stability is securing life and health, and the rest follows,” he said.

Seconding his views, Tarun Chugh, MD and CEO at Bajaj Allianz Life Insurance, said the industry is continuously innovating and the regulator is also enabling a more empowering environment for the customers as well as the industry.

“In this encouraging environment, as the industry continues to become more dynamic, products are becoming simpler, transparent and tailored to fulfil a variety of long-term financial goals. Customers today are undeniably more prudent and better informed with ease of access to relevant information. They must continue to ask all the pertinent questions while buying insurance, align the purchase to their financial goal and profile, and most essentially stay invested to fulfil their goals,” he said.

Insurance penetration and recent moves

The Indian insurance sector is at the cusp of change like never before. With a slew of extensive reforms coupled with digital transformation, Mayank Gupta, Co-Founder & COO at Zopper, said the sector is striving towards building a financially resilient nation.

“The insurance sector is undergoing a tech-driven transformation that has the potential to have a huge positive impact on both policyholders and insurers,” he said.

Notably, the Insurance Regulatory and Development Authority of India (IRDAI) has recently made a number of announcements aimed at further driving insurance penetration, enhancing customer centricity and leveraging the growing digitisation of the industry.

Here’s a look at recent IRDAI moves aimed at increasing insurance penetration:

Firms can launch group ULIPs, combi plans without regulator’s approval

IRDAI has expanded the scope of the current ‘use and file’ procedure, while allowing insurance companies to launch unit linked insurance plans (ULIPs) and combi plans (combination of life and health insurance plans) without seeking prior approval from the regulator. The recent changes aim to facilitate the insurance industry in promoting insurance penetration.

Composite licence for insurers

The regulator has proposed several amendments aimed at opening up the sector, driving penetration and enabling greater customer convenience. One of the proposed amendments is a composite licence for insurers, which would allow a life insurance company to sell non-life products and vice versa.

The amendment would allow cross-entry of life, general and standalone health insurance companies into each other’s respective business categories — which means life insurance companies would be permitted to enter general insurance business or a sub-segment of general insurance business like health insurance and vice versa.

Distribution of other financial products

The government has proposed that insurance companies should be permitted to distribute other financial products such as mutual funds, loans, credit cards, and bank deposits. This would enable insurance companies to diversify their financial offerings to their existing customer base.

Dematerialisation of insurance policies

The regulator urged insurance companies to open e-insurance accounts (eIAs) for their customers, which would act as the first step towards dematerialisation of insurance policies. IRDAI has asked firms to dematerialise existing/old policies by December 2023.

Dematerialisation means converting a physical policy document into a modifiable online object. It means that a person will no longer need to indulge in paperwork at the time of renewing the policy. It is aimed at reducing transaction costs and also ensuring swift modifications in policies.

Setting up of Bima Sugam

IRDAI is likely to launch Bima Sugam, a one-stop insurance platform where all life and general insurance policies will be listed by August 1. According to experts, this could prove to be the biggest reform in the insurance sector in the days to come.

Bima Sugam will be responsible for sales, servicing and claims from the insurance policies. Aggregators like PolicyBazaar, brokers, banks and insurance agents will act as facilitators or bridges in terms of selling insurance policies through Bima Sugam to individuals.

Establishing Bima vahaks

The regulator recently issued draft guidelines for the establishment of ‘bima vahaks.’ These guidelines aim to establish a dedicated distribution channel in every gram panchayat (village administrative unit) to improve insurance coverage and promote awareness among the population.

Launch of state insurance plan

To bring India’s insurance penetration and density on par with global standards, IRDAI has set a goal of 100 percent insurance by the 100th year of India’s Independence.

To achieve this, Bikash Choudhary, Chief Actuarial and Governance Officer at India First Life Insurance, said IRDAI has launched a state insurance plan to improve the penetration of insurance by involving the insurers and state governments where every insurer is a lead insurer in a particular state.

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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

Marketbuzz Podcast with Vivek Iyer: Nifty 50 eyes record high again

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

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Indian benchmark indices — Sensex and Nifty 50 — are set to open higher on June 28, following gains on Wall Street after witnessing broad-based buying in the previous session, with the benchmark blue chip Nifty 50 inching towards an all-time high.

India’s NSE stock futures listed on the Singapore Exchange were up 0.25 percent at 18,858, as of 08:08 am. The Nifty 50 is less than half a percent shy of its all-time high level.

On Tuesday, there was a very sharp surge in both the HDFC Bank and HDFC Limited on the back of comments from Deepak Parekh that the merger is now nearing and the company had decided on the record date as well.

On the back of that, there was also a significant surge in names like LTI Mindtree and JSW Steel, given they could be likely candidates that could come into the Nifty.

Meanwhile, the derivatives June series contracts is expiring today. So, some volatility can be expected towards the latter half of the trading session.

The US market, on the other hand, bounced back from the previous day’s lows and in fact, the tech stocks that bore the brunt of selling pressure, actually led the US markets higher.

Back home, the Securities and Exchange Board of India (SEBI) board meeting is scheduled today to discuss the proposed total expense ratio changes, the FPI disclosure norms and the mutual fund total expense ratio. All of this will have a significant impact especially in the mutual fund universe and a few listed stocks from the mutual fund space.

Tune in to Marketbuzz Podcast for more cues and news ahead of today’s session

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

Weather update highlights: IMD issues orange alert for districts of Maharashtra

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

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Weather update today LIVE: IMD issues orange alert for five districts of Maharashtra including Mumbai, Pune and Thane. Orange alert has also been issued for three districts for Friday, June 30, 2023. Also, IMD has issued yellow alert for seven districts today. The IMD has also issued an orange alert in the city which has witnessed significant downpours and waterlogging. According to the weather department, light to moderate rainfall is expected in the town during the day.

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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

Google layoffs: Fresh job cuts at mapping app Waze months after search engine let go 12,000 employees

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

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Alphabet-owned Google is going for a fresh round of job cuts at mapping app Waze as it merges the app’s advertising system with Google Ads technology, the search engine announced on June 27.

“In order to create a better, more seamless long-term experience for Waze advertisers, we have begun transitioning Waze’s existing advertising system to Google Ads technology. As part of this update, we have reduced those roles focused on Waze Ads monetisation,” Google, which acquired Waze for about $1.3 billion in 2013, said.

This development comes months after Google laid off 12,000 employees across the world as part of which nearly 450-480 employees from various departments in India were also affected in February.

The layoffs came as Alphabet was struggling with slowing growth and recession risks. CEO Sundar Pichai had told employees that layoffs were done in a bid to act decisively amid a slowdown in the company’s growth.

Also Read | Google layoffs: ‘Financial plans ruined, laid off despite good work’, ex-employees share heartbreaking stories

Pichai said that he had consulted with the company’s founders before deciding on laying off 6 percent of the company’s workforce.

Meanwhile, Google had in December said that it will merge Waze and Google Maps teams to consolidate processes, making it a part of the Google Geo division, its portfolio of real-world mapping products that include Google Maps, Google Earth, and Street View.

The news was first reported by CNBC earlier in the day, citing an email from Chris Phillips, who leads the Geo division. He said Google will notify advertisers and partners about the move on Wednesday.

Also Read: Google CEO Sundar Pichai unveils plans for fintech hub in GIFT City, Gujarat

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